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Cohen Institute Mental Health Conference in Evanston to Focus on Managing Stress

The Chicago School of Professional Psychology

The Naomi Ruth Cohen Institute for Mental Health Education (NRCI) at The Chicago School of Professional Psychology (TCSPP) will bring together the community and professionals on June 10, 2023 to discuss "Untying the Human Knot: Managing Stress & Anxiety in Today's World." The conference is set for 9:30am-3:30pm at Evanston Township High School (1600 Dodge Ave., Evanston, Ill., 60201). Registration is available at the door. The 90-minute opening panel presentation features Gabriela Diaz, Orson Morrison, PhD, and Paula R. Young, PhD, ACT. The panel will be moderated by Michael Horowitz, PhD, President of The Community Solution Education System. The panel will be followed by three rounds of professional-led breakout sessions as well as a post-event networking session. Lunch is included. Gabriela Diaz is a Chicago-based actor, teaching artist, and mental health advocate. She received her BFA at Webster University’s Leigh Gerdine College of Fine Arts. She has worked with The Art Institute, Steppenwolf Theatre, Firebrand Theatre, Jackalope Theatre, and others. Gabriela has found a creative home at Erasing The Distance (ETD), where she combines her passion for the arts and mental health. As a person living with anxiety, Gabriela finds immense joy in sharing her story to spark dialogue about the human experience. Orson Morrison, PhD, is a licensed clinical psychologist and the co-owner of LifeSpan Counseling and Psychological Services. He is also the Associate Director of Clinical Services for DePaul University Counseling & Psychological Services. He has worked in a variety of clinical settings including college counseling centers, community mental health centers, medical settings, private practice, and in academic-clinical research units. His professional interests and areas of expertise include psychotherapy with children, adolescents, adults, and families; racial and intergenerational trauma; psychological assessment; and contemplative practices. Paula R. Young, PhD, ACT, is a licensed clinical psychologist and senior clinical director at Rogers Behavioral Health. There, she leads the clinicians who are focused on adolescent and adult mental health. Dr. Young, who received her doctorate from Finch University of Health Sciences/The Chicago Medical School, has extensive experience working with those with depression and anxiety disorders. She has presented to numerous clinical and academic audiences across the country. Michael Horowitz, PhD, is the President of The Community Solution Education System. Dr. Horowitz leads The Community Solution and its system of nonprofit colleges and universities including The Chicago School of Professional Psychology (TCSPP). Dr. Horowitz received his Ph.D. in Clinical Psychology from Northwestern University in 1986. The professional-led breakout sessions include informative presentations on topics like managing stress and anxiety at different stages of one’s life, building resilience, developing healthy coping mechanisms, and other topics. The conference is open to all community members and offers CEUs to licensed mental health and other professionals. Tickets will be available for $45 (with an added $25 for those seeking CEUs). Partial and full scholarships are available. Since 2002, NRCI has hosted an annual community mental health conference in Evanston, Ill., to bring together those with lived experience, their caregivers, supporters, and treatment professionals as well as members of the community interested in learning more about a specific mental health challenge or issue. NRCI is committed to providing mental health education and training in the Chicagoland area, and reducing the stigma often associated with mental health challenges and suicide, a cause the organization’s founders, Larry and Marilyn Cohen, embraced after their daughter Naomi died by suicide after living with bipolar disorder. About The Chicago School of Professional Psychology: Integrating theory with hands-on experience, The Chicago School of Professional Psychology provides education rooted in a commitment to innovation, service, and community for thousands of diverse students across the United States and globally. Founded in 1979, the nonprofit, regionally accredited university now features campuses in iconic locations across the country (Chicago, Southern California, Washington, D.C., New Orleans, Dallas) and online. To spark positive change in the world where it matters most, The Chicago School has continued to expand its educational offerings beyond the field of psychology to offer more than 30 degrees and certificates in the professional fields of health services, education, counseling, business, and more. Through its engaged professional model of education, commitment to diversity and inclusion, and an extensive network of domestic and international professional partnerships, The Chicago School’s students receive real-world training opportunities that reflect their future careers. The Chicago School is proud to be a part of TCS Education System, a nonprofit, integrated system of colleges and universities that works collaboratively to advance student success and community impact. To learn more, visit www.thechicagoschool.edu. Contact Details Vivien Hao +1 323-893-4743 vhao@thechicagoschool.edu

June 01, 2023 12:00 PM Eastern Daylight Time

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THE ASSOCIATION OF PICKLEBALL PLAYERS PARTNERS WITH KITTCH TO CREATE THE BEST CULINARY EXPERIENCE IN SPORTS

APP

The Association of Pickleball Players (APP) is excited to announce a groundbreaking partnership with Kittch, the leading culinary platform, combining the worlds of sport and gastronomy like never before. The collaboration aims to ensure that pickleball, the only sport with a "kitchen," offers the finest food experience in the sports world. The APP / Kittch partnership was launched on Memorial Day, 2023, live on Good Morning America, ABC’s iconic morning show. On the show, Kittch Founder and chef Elana Karp and fellow chef Chad Rosenthal were joined by APP pro players Parris Todd, Alix Truong, and Hunter and Yates Johnson live on air to try examples of the range of the food offerings Kittch will serve at the APP events, and help GMA host Michael Strahan enjoy playing pickleball for the first time. The key aspects of this innovative partnership will be the rebranding of the APP’s kitchen area – the seven-foot, non-volley zone in front of the net – to become "The Kittch'n" and the creation of the Kittch’n Court, a unique food festival atmosphere at key tournaments that showcases the best local and national culinary talent. This dynamic new space will be backed by influential culinary sponsors and brings together food enthusiasts, professional chefs, and athletes in a unique and engaging environment. “We are thrilled to join forces with Kittch to bring together two such complementary and rapidly growing worlds - sport and gastronomy," said Tom Webb, Chief Marketing Officer of the APP. "The Kittch'n will elevate the culinary experience at APP events, providing fans with unforgettable memories and an enhanced appreciation for the sport." Brian Bedol, CEO of Kittch, added, "Many of the world’s greatest sports events are synonymous with iconic food and drink - from the Kentucky Derby and the Mint Julep, to strawberries and cream at Wimbledon - and now Kittch and the APP are bringing this to pickleball. Our partnership with the APP is a game-changer for our platform. We're excited to create a unique, food-centric experience for pickleball players and fans, while showcasing the best local and national culinary talent at APP events." The APP recently unveiled its latest round of pickleball participation research which shows that nearly 50 million Americans 18+ have played the sport in the last 12 months, a 35% increase since August 2022, with an average age of 35. That research also shows that pickleball players are very conscious of their food and drink choices, with 72% preferring organic foods, 62% more likely to eat out than at home, and 69% wanting to try new restaurants and bars, further reinforcing the value of the partnership between Kittch and the APP. The Kittch activation will be unveiled at APP Tour events later this year. For more information about the partnership and the upcoming APP tour schedule, visit TheAPP.Global. Follow Kittch and the APP on social media for updates on this thrilling collaboration. About Kittch Founded in 2022, Kittch is a leading culinary platform dedicated to revolutionizing the "what to eat" decision for millions of food lovers around the world. Named one of the most innovative companies in the world by Fast Company in 2023, Kittch connects fans, brands, and chefs through unique livestreaming technology, transforming the dining decision-making process from a frustrating one to a joyful one. By partnering with prestigious culinary events and providing exclusive content, Kittch strives to celebrate the art of cooking and inspire people to explore the endless possibilities of the culinary world. About the APP The Association of Pickleball Players (APP), founded in 2019, serves professional, senior professional, amateur and recreational pickleball players in the fastest growing sport in the USA. The first and only tour officially sanctioned by USA Pickleball, the 2023 APP Tour slate has 16 announced tournament stops, in addition to international and collegiate series events. The APP also prides itself on developing the next generation of pickleball champions through its Next Gen series and other youth initiatives. To stay updated on the APP, visit theapp.global, and follow us on Instagram, Twitter, TikTok, Facebook and LinkedIn. Contact Details The APP Daniel Sagerman +1 847-800-8182 dsagerman@theapp.global Company Website https://theapp.global

June 01, 2023 11:00 AM Central Daylight Time

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Boundery Launches Bug Bulb Zapper Light as New Rechargeable Mosquito Killing Trap Lantern

Cosmic Wave

BOUNDERY LAUNCHES RECHARGEABLE BUG ZAPPING BUG BULB TO KEEP BACKYARDS MOSQUITO-FREE ALL SUMMER LONG Outdoor gadget uses combination of LED light and electric coils to eliminate mosquitos and other flying insects from indoor or outdoor spaces LOS ANGELES, California – May 30, 2023 – Outdoor gadget company Boundery has launched the Bug Bulb, a portable bug zapper featuring advanced technology to lure mosquitoes and kill them instantly. As part of a summer 2023 launch promotion, Boundery has reduced the price of the Bug Bulb to just $39.99 per zapper, with greater discounts available when buying multiple bug zappers. Boundery developed the Bug Bulb using a combination of advanced technology and minimalistic design. Each Bug Bulb features a bright LED light to attract mosquitos. Mosquitos and other pests fly towards the light believing it to be an easy food source. Then, before they reach the light, they encounter the electric coils, which zap and kill them instantly. Boundery launched the Bug Bulb with the goal of keeping families safe all summer long: “Mosquitos aren’t just annoying; they also carry harmful diseases and illnesses,” explains a Boundery spokesperson. “With the Bug Bulb, we created an effective solution to keep backyards safer and bug-free all summer long.” The Bug Bulb works indoors and outdoors, protecting all types of spaces without relying on toxins, chemicals, pesticides, or sprays. Some hang the Bug Bulb from patios, while others place multiple Bug Bulbs throughout the house and backyard for maximum protection. Because the Bug Bulb is wireless, it’s usable anywhere: “We incorporated modern, rechargeable battery technology into the Bug Bulb to enhance its usability. Many of our customers take the Bug Bulb camping or use it off-the-grid, for example, because of its rechargeable battery. Plus, there’s no need to fuss with AA or AAA batteries or long extension cords.” The Bug Bulb lasts 15 to 20 hours on a single charge, making it one of the longest-lasting bug zappers on the market. Although primarily designed for mosquitos, it also attracts and zaps flies, no-see-ums, gnats, and other flying insects. For a limited time, the Bug Bulb is priced at $39.99 per lantern, with greater discounts available when ordering multiple lanterns. Boundery typically sells the Bug Bulb at an ordinary retail price of $61.52. “We’ve worked with our manufacturer to reduce costs on our end, and we’re happy to pass big savings to our customers. We want to see Bug Bulbs protecting as many homes as possible by the end of summer.” With a combination of LED light, bug zapping electrical coils, and a long-lasting battery, the Bug Bulb aims to be the ultimate outdoor accessory to keep any home pest-free all summer. About Boundery: Boundery, also doing business as Etshera Housewares, is an outdoor gadget company based in the United States. The company is known for innovative outdoor tools, accessories, and products, including the Bug Bulb. For more information, visit ShopBugBulb.com. For product review questions or feedback, please contact healthnewsflashreviews@gmail.com Affiliate Disclosure: The links contained in this product review may result in a small commission if you opt to purchase the product recommended at no additional cost to you. This goes towards supporting our research and editorial team. Please know we only recommend high-quality products. Disclaimer: Please understand that any advice or guidelines revealed here are not even remotely substitutes for sound medical or financial advice from a licensed healthcare provider or certified financial advisor. Make sure to consult with a professional physician or financial consultant before making any purchasing decision if you use medications or have concerns following the review details shared above. Individual results may vary and are not guaranteed as the statements regarding these products have not been evaluated by the Food and Drug Administration or Health Canada. The efficacy of these products has not been confirmed by FDA, or Health Canada approved research. These products are not intended to diagnose, treat, cure or prevent any disease and do not provide any kind of get-rich money scheme. Reviewer is not responsible for pricing inaccuracies. Check product sales page for final prices. Contact Details Melissa Isabel +1 530-418-8423

June 01, 2023 11:55 AM Eastern Daylight Time

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Dads and Grads Gift Ideas

News Media Group, Inc.

Contact Details News Media Group Jennifer Rivera +1 954-667-9647 jrivera@newsmg.com Company Website https://newsmg.com/

June 01, 2023 11:15 AM Eastern Daylight Time

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Bloomsbury Publishing "confident of meeting the board's expectations for the year"

Bloomsbury Publishing PLC

Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

June 01, 2023 11:06 AM Eastern Daylight Time

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Shubug Insect Repellent Launches to Create a Sad Bugs and Happy You Environment This Summer

Shubug Insect Repellent

Shubug Insect Repellent is proud to announce the launch of a new active-lifestyle brand, providing outdoor enthusiasts and fun-havers of all kinds with an effective and worry-free insect repellent. Born from the need for all-day, everyday insect protection, Shubug was founded by a group of avid outdoor lovers who are passionate about being outside without the bother of bugs and the worry of dangerous chemicals. Most notable of their three new products is an innovative Natural offering that is proven to work the entire day with just one spray. Unlike most other natural products that must be reapplied an average of every 90 minutes, Shubug Natural, as well as Shubug Kids have a state-verified certification for an unparalleled 10 hours of protection from mosquitoes and other pests. Additionally, it’s walnut and MCT oil base will help you feel good about what you’re putting on your skin. For those who just can’t wrap their head around the idea of an effective Natural insect repellent, Shubug also offers Shubug Active with a more traditional formulation, which is certified for 12 hours of protection when used as directed. Shubug Active is perfect for those who love to play, explore, fish, hunt, camp and even just relax outdoors. “One of the main objectives behind the creation of the brand Shubug was to offer a full spectrum of quality insect repelling solutions, with a line of naturals that competes with and even outperforms many synthetics,” said Mike Lyon, Shubug CEO. “We’re all about enablement; safe and comfortable access to the great outdoors, with whatever type of repellent makes you feel the most protected from insects and insect-borne diseases.” To represent the brand in media, the Shubug logomark comes to life as “Bugzy,” the “Incognito Mosquito.” Always wanting to “just hangout,” Bugzy has humanistic qualities and some serious FOMO (fear of missing out). He doesn’t seem to know he’s a mosquito and will be depicted in a series of commercials dropping this summer, trying to crash various outdoor settings, all ending in the Shubug slogan – Sad Bugs, Happy You. Shubug’s spirit of love for nature, inclusivity and enablement is present throughout the series. All Shubug products are made in the USA with the highest quality ingredients. Shubug also proudly offers a commission-based program for social media influencer partnerships to help get the word out about the brand, its commitment to nature and its quality natural solutions. Shubug products are available now for purchase in Walmart stores nationwide or online at www.walmart.com. For more information about Shubug Insect Repellent please visit www.Shubug.com. Shubug Insect Repellent is a brand committed to an active lifestyle and providing high quality, worry free insect repelling solutions. Shubug provides insect repellent products for the individual that is conscious about what they put on their or their children's skin. The current Shubug lineup consists of Shubug Active, Shubug Natural and Shubug Kids, with more products launching in the coming months. Contact Details Shubug Insect Repellent Toby Jolly +1 909-499-2535 toby@shubug.com Company Website https://shubug.com

June 01, 2023 08:04 AM Pacific Daylight Time

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Breaking News: WriteMyEssays And WriteMyPapers Merge. Learn More Here!

Halvorson Media Group

Recently, WriteMyEssays And WriteMyPapers signed a merger agreement. Find out what to expect from the changes, whether they will affect customers, and what new features are planned to be introduced. New York, May 28, 2021 — A few days ago, an academic writing company WriteMyEssays announced the acquisition of WriteMyPapers. This decision has been discussed for several months, and finally, there was official confirmation of the merger. Due to the inability to compete with other academic services, the WriteMyPapers brand decided to leave the market. In the past few months, the site has seen a surge in orders, and the staff has been unable to keep up with the influx. The departure of the company would have suffered great losses and the loss of valuable personnel. Thus, the decision to merge was the only correct one in this situation. The management bodies have already checked and approved the terms and conditions of the upcoming merger. What to Expect from The Merger? A merger is a complex business solution that takes time to set up internal processes. Of course, the company's management is going to consolidate high-quality academic writing in the industry and enter the international market. However, no one excludes the occurrence of difficulties, but first things first. At the moment, key stakeholders of both companies discussed several business benefits which can be expected in the near term. They are obvious, but are of great benefit to the company: Increasing the staff of the company. The staff of WriteMyPapers was more than 300 people. All writers pass under the control of the new owner. Thus, it means that the service will be able to process more orders and get more urgent assignments. Increasing the audience. Those customers who previously applied to WriteMyPapers are likely to start ordering essays and other assignments from a new company. Many students have been working with the same authors for several years, and they will be able to continue doing this under a new brand. Increasing monthly turnover. The more orders, the more income. This is a simple yet complex business rule. If the quality of the work performed remains at the same high level or becomes higher, the company will be able to increase income by 2-3 times. Moreover, this is a very significant indicator in the college writing industry. In the long term, the company expects the following positive changes: Entering the international market. In connection with scaling, it is planned to introduce new working languages. The managing department has ideas for covering European countries, China, and India. This will expand the audience by 5-6 times in the long run. Building a multi-level support system. Due to the increase in the audience, support representatives will need to be divided into several categories depending on the purpose: support for resolving payment issues, support for placing orders, support for submitting changes to orders, etc. Development of services in narrow areas. In a rapidly evolving environment, it is necessary to follow education trends. That is a real challenge to find specialists in AI engineering or bioinformatics with academic writing or teaching skills. However, this must be taken into account in order to be at the top of the best services. What Do The Experts Say? “The decision to merge was nothing short of a bold one for us. We expect to see results in two months. However, despite the encouraging results in the future, we understand that at first, the team may experience difficulties. Talks about a merger started early this year and we've more or less solidified the base to weather this challenging but promising time.” Harry Evans, WriteMyEssays Vice President “Our department will be the most heavily loaded, especially at the very start. We have developed an order distribution system that should help us not only cope with the number of incoming orders but also understand our strengths and weaknesses to improve the process. The scaling steps will be introduced smoothly, and we know we can adjust to new circumstances.” Emma Walker, Order Distribution Manager “We are pleased with the new changes and are ready to scale and introduce new services. Thanks to long-term planning and quick reaction to possible strategic changes, our company is moving into a higher orbit. We can call ourselves a company providing educational assistance services.” Caleb Ellington, Senior Manager About WriteMyEssays WriteMyEssays is an academic writing company that has been on the market for over 15 years. The company operates in the field of educational services, namely in writing papers of various formats for high school, college, and university students. The emphasis on "academic" demonstrates high standards of performance. At the moment, the company provides assistance in the following areas: academic writing, proofreading & editing, and problem-solving. These three services fully cover the needs of a broad student audience. The team assists with handling assignments of different levels: High School, Undergraduate, Bachelor, Master, and Professional. The company works in various fields: Mathematics, Literature, Chemistry, Architecture, Pharmacology, Law, and more than 30 other areas of study. The support service has every opportunity to select a performer with the appropriate education and academic writing skills. The list of services includes not only writing essays, but also making presentations, creating graphs and tables, writing speeches, typing, rewriting, performing mathematical calculations, helping with writing dissertations, conducting chemical, historical, mathematical, and literary analyzes, and much more. WriteMyEssays is often the choice of students due to the loyal pricing policy. Thanks to successful management and logistics, prices for services are kept below average. It allows students with a limited budget to place orders on the site. The company also often provides discounts and loyalty programs. With over 7,000 finished assignments, WriteMyEssays is one of the leaders in the professional student assistance industry. Most likely, new changes will lead this service to new achievements and the introduction of new services that meet the passage of time. On a Final Note The goal of the WriteMyEssays company is to remain competitive, gradually expanding the list of services, introducing new payment methods, and taking other equally important steps to be on top. The field of academic education is entering challenging times. It may not yet be obvious, but companies like WriteMyEssays will take on an inflated amount of workload to save education as a basic social sphere from a great collapse Contact Details Halvorson Media Group Edward +1 877-422-8205 edward@halvorsonmediagroup.com Company Website https://halvorsonmediagroup.com/

June 01, 2023 09:52 AM Eastern Daylight Time

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Is FORME (Nasdaq: TRNR) The Next Generation of At-Home Fitness Tech, Combining The Best Personal Training With On-The-Go Fitness – At The Right Price?

FORME

By David Willey, Benzinga FORME is a digital fitness company that offers the best weight-based training to help people achieve their fitness goals. Its aim is to lead the next generation in fitness technology, giving people who want to prioritize their health cutting-edge technology and personalized training at a reasonable price. Health and wellness are a top priority for many in the U.S., and there are approximately 64 million gym memberships across the country. However, consumers have been turning to more convenient alternatives, including digital health – especially since COVID-19. The online fitness industry is now worth over $21 billion globally, with the U.S. forming the largest segment of this rapidly expanding online fitness market. Currently, around 86 million people use health and fitness apps to help track and accomplish their fitness goals. However, actually getting results isn’t easy. More than 90% will quit working out within three months of making a fitness commitment, and frequently the lack of accountability is a feature in their decisions. The inconvenience of a gym commute can also feature as part of the reason people may choose to forgo their fitness gains. FORME is a digital health and fitness service provider looking to marry the best in quality and choice for users. It believes its solutions give people the accountability and flexibility to achieve their fitness goals. Pairing Quality Trainers With Cutting-Edge Hardware FORME can help people train wherever they are, whether at home or on the road. Its digital service offering is available on iOS and Android apps, and is an all-in-one platform that provides users with personalized fitness plans, allows them to track their progress, and gives them accountability through training sessions with FORME’s top-quality trainers. Access to personal trainers is at the heart of FORME’s model. The company believes that no amount of digitalized programs and artificial intelligence can replace the human intelligence offered by a personal trainer. FORME touts trainers who are among the best in the industry, and all of whom are qualified and certified. FORME’s platform allows users to build real relationships with their trainers through live, 1:1 sessions, so their trainer understands them and can help them see progress in their workouts. Each trainer offers their own unique specializations so that users can be matched with a trainer specially equipped to meet their needs. FORME trainer specializations include cardiovascular training, stress management and recovery, pre/post natal training, nutrition coaching, injury prevention, and more. Users can also filter their trainer by coaching style, with styles like technical and analytical, laid back, or fun and entertaining, so users can work with a trainer whose style suits them best. Two FORME trainers who showcase the company’s talent are Nina and Bader. Nina M. is a leading FORME trainer and a founding trainer for the company. A former high-performing athlete, and with an extensive list of certifications including USA Track and Field coach, Nina’s coaching style is focused, efficient, and analytical. Nina describes her goal as inspiring and transforming the clients she works with, and her specializations include cardiovascular training, strength training and injury rehab amongst others. Bader S. brings more than 15 years of experience to his training sessions, and he describes his coaching style as fun and entertaining but also technical. Bader has a holistic approach to wellness and fitness training, and his specializations encompass stress management and recovery, weight loss, and general fitness. FORME also offers premium home gym hardware for people who want to get all the convenience of a gym in their home. FORME provides two products, its FORME Studio, an immersive home gym mirror, and its FORME Lift, a smart mirror that is integrated with strength-training capabilities. Both smart mirrors offer an immersive, 4k experience to facilitate live, two-way interaction with the trainer. Their stylish design, for which they won several awards including the Men's Health Home Gym Award 2023, allows them to be stored unobtrusively when they’re not being used. The Lift mirror includes artificial intelligence-regulated weights that allow resistance training of up to 200 pounds, while both touch-screen mirrors can be integrated with the FORME app for users to track their progress. Its comprehensive products look to make guided fitness training more affordable and convenient for users. Its personal training service offering is $149 per month, and Live 1:1 personal training programs are sold separately as an upgrade for $63 per session ($250 for a 4-pack). All Members participating in personal training have access to a VOD video library for free, or it can be purchased separately for $49 per month. The digital health space includes other companies like Lululemon Athletica Inc. (NASDAQ: LULU), Peloton Interactive Inc. (NASDAQ: PTON) Xponential Fitness, Inc. (NYSE: XPOF) Interested in learning more about what FORME is doing to help people meet their fitness goals and lead the industry? Visit its website. FORME is a digital fitness platform that combines premium connected fitness hardware products with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic at-home fitness experience through two connective hardware products: 1. The FORME Studio (fitness mirror) and 2. The FORME Studio Lift (fitness mirror and cable-based digital resistance). The Studios uniquely transform to host a variety of workouts and activities, returning to an elegant, full-length mirror when not in use. In addition to the Company's connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Contact Details TraDigital IR - Adam Holdsworth adam@tradigitalir.com Company Website https://formelife.com/

June 01, 2023 09:00 AM Eastern Daylight Time

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Fitch upgrades OYO's rating to 'positive' from 'stable'

OYO

Ratings agency Fitch has upgraded its outlook on global travel tech company OYO’s (Oravel Stays Limited) long-term foreign and local currency issuer default ratings (IDRs) to positive from stable, while affirming the ratings at ‘B-’. Fitch has also affirmed the rating on the USD 660 million senior secured term loan facility due 2026, issued by OYO's fully owned subsidiary, Oravel Stays Singapore Pte Limited, at 'B-'. The Recovery Rating is 'RR4'. The Fitch report further states that the term loan facility is unconditionally and irrevocably guaranteed by OYO and certain subsidiaries within the group and the guarantee covers 121% of the outstanding principal or up to USD 800 million, and Fitch considers this guarantee full and worthy. Fitch explains the rating change, “We expect OYO to deliver positive EBITDA and CFO in FY24, ahead of Fitch’s earlier forecast, led by a greater reduction in operating costs than we expected. We expect significant growth in its EBITDA in FY24, led by an ongoing demand recovery in the travel and tourism industry, the company’s stable gross margins, and reduction in operating costs. This follows positive EBITDA in every quarter of FY23, which is the first year of profits since OYO’s incorporation in 2012. The rating also reflects OYO’s adequate liquidity.” The rating by Fitch reflects OYO’s asset-light business model that benefits from minimal capex needs, largely exclusive distribution rights, pricing control over storefront inventory, fixed revenue share and strong long-term growth potential. Fitch expects the cost-reduction measures that OYO undertook in recent years to support its improving profitability in FY24. The report states that such reductions will not affect growth, as OYO has increased its business development staff to prioritise storefront additions. Fitch also expects travel and tourism industry conditions to continue to improve in OYO’s key markets in FY24, following a strong recovery in FY23 from pent-up demand for leisure travel after the easing of Covid-19 restrictions. The Indian hotel industry saw improving occupancy rates with a 73% increase in the number of air-traffic passengers in FY23. Foreign tourist arrivals also increased to 6.2 million in 2022 from 1.5 million in 2021, albeit still well below pre-pandemic levels. “OYO increased the number of storefronts and GBV per storefront in its European homes business in FY23 as leisure travel recovered, despite the cost-of-living crisis and reduced disposable incomes in the region. We expect this recovery to continue over the upcoming summer holiday and be further supported by a recovery in business travel, which initially picked up at a slower pace.” said Fitch. The rating agency estimates that OYO's unrestricted cash at FYE23 is sufficient to fund it’s the Fitch-estimated free cash flow deficit of around USD 7 million and annual debt repayment of around USD 6 million in FY24. Recently, global ratings agency Moody’s (Moody’s Investors Service) announced that it expects OYO to remain EBITDA positive for FY24 and its overall outlook to remain stable. Moody’s in its report said that OYO will generate around $50 million-$55 million EBITDA, after shared based payment expenses in fiscal 2024, supported by a strong demand recovery in the hospitality business, increase in the number of storefronts on OYO's platform, and cost optimisations. In March, OYO refiled its Draft Red Herring Prospectus (DRHP) with the stock market regulator SEBI under the recently introduced Confidential pre-filing route. A source close to the company said that the company will be “fine-tuning the issue size, basis the market conditions, to between $400 to 600 million, all of which will now be a primary issuance, to repay most of its debt.” The Confidential pre-filing route option was allowed by SEBI in November 2022 as part of bringing in progressive and globally popular practices. The company recently announced that it plans to double the number of premium hotels such as Townhouse, Collection O and Capital O in India in 2023 by adding approximately 1800 high street, upmarket hotels. The company’s UK business plans to add more than 50 properties to its UK portfolio in 2023 with a focus on cities such as London and Birmingham. OYO already has more than 150 hotels across the UK. The company is also planning to add over 100 hotels in the US in 2023. Contact Details Anupriya +91 97911 63065 anupriya.d@oyorooms.com Company Website https://www.oyorooms.com/

May 31, 2023 11:00 AM Eastern Daylight Time

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