Snow Lake Capital Limited, a leading Asian alternative investment management firm with over US$3 billion in assets under management, today sent a letter to the MGM Resorts International (NYSE: MGM) (MGM or the Company) Board of Directors urging them to sell 20% of their MGM China Holdings Limited (HKEX: 2282 HK) (MGM China) business to a Chinese company as a strategic investor.
Snow Lake beneficially owns 7.5% of the outstanding shares.
Snow Lakes letter to the MGM Board of Directors can be found below and linked here: https://www.snowlakecap.com/Letters.
Open Letter to Board of Directors, MGM Resorts International
January 6, 2021
Attn: Board of Directors MGM Resorts International 3600 S Las Vegas Blvd Bellagio Hotel & Casino Las Vegas, NV 89109
Dear MGM Resorts International Board of Directors,
Snow Lake Capital is an Asian investment management firm with over US$3 billion in assets. We invest capital on behalf of global institutional clients, including university endowments, foundations, family offices, sovereign wealth funds and pensions. Funds managed by Snow Lake Capital beneficially own 285.4 million common shares of MGM China Holdings Limited (HKEX: 2282 HK), constituting approximately 7.5% of the outstanding shares. These holdings place Snow Lake Capital as the largest public shareholder of MGM China.
We have been long-term investors in the Macau gaming industry. We think it is in MGM Resorts Internationals (NYSE: MGM) best interest to introduce a leading Chinese consumer internet or travel & leisure company as a 20% strategic shareholder in MGM China. As discussed previously with MGM Resorts International Chief Executive Officer, William Hornbuckle, we believe such a transaction will create a win-win transaction for all parties involved and deliver significant shareholder value to both companies.
There are six main reasons:
1. The new strategic investor will bring significant non-gaming resources to both MGM China and Macau, which is a crucial factor for the gaming concession re-tendering in 2022;
2. The potential partnership between MGM China Co-Chairman Pansy Ho and the new strategic investor can play a significant role in Macaus diversification and Greater Bay Area integration;
3. With a more certain outlook of securing a new gaming concession, MGM China will be rerated and unlock value for all shareholders;
4. The transaction provides MGM Resorts International enough capital to fully commit to its Osaka, Japan gaming integrated resort project as the only U.S. operator;
5. MGM Resorts International can be an important partner for the strategic shareholders future internationalization efforts, especially in outbound consumer services to the U.S. and Japan;
6. The MGM China stake provides MGM Resorts International financial flexibility to pursue M&A in the secular growth market of online sports betting and gaming.
1. Introducing a leading Chinese consumer internet or travel & leisure company as a 20% strategic investor will significantly increase MGM Chinas exposure to non-gaming and can be instrumental in diversifying Macaus tourism economy
In 2002, the Macau government ended the gaming monopoly and granted three operating concessions to Galaxy Entertainment Group (HKEX: 27 HK), SJM Holdings (HKEX: 880 HK) and Wynn Macau (HKEX: 1128 HK). Three subconcessions were subsequently authorized by the Macau government to Las Vegas Sands (NYSE: LVS), Melco Crown (NASDAQ: MLCO) and MGM China. The six concessions will expire in June 2022.
The Macau government plans to start revising Macaus gaming law by the first quarter of 2021, and to complete the task by the fourth quarter of the same year. A finalized draft bill will be submitted to the Legislative Assembly and is necessary for a public re-tender process of the gaming concessions. Macaus Chief Executive Ho Iat Seng has already publicly announced that there will no longer be subconcessions.
As one of the six concessionaries and one of the three majority-owned by a U.S. parent company, MGM China needs to consider all options to maximize its chance of obtaining a new concession in 2022. A scenario of not being able to achieve this goal will be disastrous for both MGM China and MGM Resorts International.
Chinas State Council published Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area in February 2019 and clearly articulated the long-term goal of developing Macau into a global world-class travel and leisure destination. Chief Executive Ho Iat Seng has reiterated the goal of accelerating the development of a moderately diversified economy. The six gaming concessionaries have also been consistently evaluated based on their non-gaming contributions. For MGM China, having a leading Chinese consumer internet or travel & leisure company as a significant shareholder and business partner will be a key differentiating factor.
We see several suitable candidates as their businesses are highly synergistic with Macaus tourism industry as well as MGM China specifically, including Chinese travel and local service focused internet platforms such as Meituan and Trip.com, leading Chinese hotel chains such as Huazhu Group, and leading culture & tourism project operators such as Sunac China.
Meituan (HKEX: 3690 HK; Market Capitalization: HK$1.7 trillion) Meituan runs one of Chinas largest consumer services internet platforms. It offers over 200 service categories including dine-in, on-demand delivery, hotel booking, bike-sharing, car-hailing and other entertainment and lifestyle services across 2,800 cities and counties in China. In the 12 months prior to June 30th, 2020, Meituans annual transacting customers have reached 460 million, and active merchants on its platforms reached 6.3 million.
Trip.com Group (NASDAQ: TCOM; Market Capitalization: US$19.8 billion) Trip.com is Chinas most successful online travel agency. It is the go-to internet platform for Chinese consumers to plan a trip, book tickets and hotel rooms, and share their travel experiences. It also has the highest market share in high-end and luxury hotel booked room nights in China.
Huazhu Group Limited (NASDAQ: HTHT; Market Capitalization: US$14.4 billion) Huazhu Group is the best and one of the fastest growing multi-brand hotel group in China. As of June 30, 2020, the company has 6,187 hotels in operation and is developing an additional 2,375 hotels. It has accumulated 153 million loyal and engaged members in the largest hotel loyalty program in China. It has also built industry-leading technology infrastructure that enhances customer experience and increases operational efficiency.
Sunac China Holdings Limited (HKEX: 1918 HK; Market Capitalization: HK$133.6 billion) Sunac China is a top-4 property developer in China and the largest holder and operator of culture & tourism projects. It purchased 13 mega scale projects from Wanda Group for over RMB 50 billion in 2017-2018. At the end of 2019, Sunac Culture & Tourism operates 10 projects, 4 tourist resorts, 12 cultural & tourism towns, 39 theme parks, 24 commercial properties and 70 high-end hotels across China.
With established consumer service scale in mainland China, any of the above-mentioned enterprises will be able to directly contribute to Macaus tourism recovery through its industry-leading customer base and leisure demand traffic. Introducing one of Chinas top consumer internet platforms as a significant strategic shareholder for MGM China creates a win-win transaction, as it distinguishes MGM China by bringing non-gaming capabilities and resources to Macau at the industrys post COVID-19 low.
On the other hand, these companies will also benefit from the strategic investment in MGM China. Macau is the well-positioned to possibly surpass Hong Kong and become the top destination for Chinas outbound tourism, given Hong Kongs recent struggles with protests and the pandemic. Chinese tourists accounted for 27.9 million visitations to Macau in 2019, growing at 8.1% compound annual growth rate since 2015. Macau is the second largest tourist destination for mainland Chinese, while Hong Kong is the largest at 43.8 million visitations in 2019, down 14.2% from 2018.
Its clear that the Macau government understands how critically important its tourism industry is: it took immediate and decisive actions from the get-go when COVID-19 virus emerged, including shutting down all the casino resorts for 15 days in early February 2020. Cumulatively, Macau only had 46 COVID-19 cases with 0 deaths and hasnt had any locally transmitted case since April 2020.
As a result, Macau has decoupled from Hong Kong and was able to establish a travel bubble with mainland China, first with Guangdong province in August 2020 and then with the rest of the Individual Visit Scheme cities in September 2020. Within the next several years, we project Macaus mainland visitations to potentially exceed Hong Kong, elevating its tourism industry to a new level. Investing in the premium integrated resort assets of MGM China at the cycle bottom makes strategic sense for these four companies too.
2. MGM China will be well-positioned to leverage on the potential partnership between its Co-Chairman Pansy Ho and the new strategic investor to play a significant role in Macaus diversification and contribute to the development of the Greater Bay Area
MGM Chinas Co-Chairman, Ms. Pansy Ho, owns 22.5% of the company and had been instrumental in securing a subconcession for MGM China back in 2005. She has been a long-term advocate for Macaus transformation from a small gaming village to a global travel and leisure destination. From 1998 to 2001, she spearheaded the development of the 338-meter tall Macau Tower Convention and Entertainment Center (Macau Tower), the very first major diversification project in Macau. Under her management, MGM China has been actively involved in art exhibitions showcasing both local and China talents. She is also the Chairman of Shun Tak Group, whose ferry business remains a vital part of the transportation infrastructure across the Greater Bay Area.
Ms. Ho likely will again play a critical role in MGM Chinas bidding of a new concession in 2022. It was enormously helpful that she had publicly spoken out against Hong Kongs political protests in the United Nations in September 2019, depicting the real situation in Hong Kong to the world. She has also prominent and active roles in societal committees such as the Hong Kong Federation of Women, Chinese Peoples Political Consultative Conference and All-China Federation of Industry and Commerce.
The strategic investor can provide both the company and Ms. Ho the technology and resources required to achieve the long-term vision of Macaus economic diversification and Greater Bay Area integration. Internet platforms like Meituan and Trip.com can accelerate Macaus digitalization and enhance the tourism industrys global competitiveness. Huazhu Group and Sunac China can work with MGM China to bring in their tourism and leisure operating leadership and elevate customer experience.
A fruitful cooperation between one of the leading Chinese companies and one of the six Macau concessionaries run by a visionary owner/manager, such as Ms. Ho, sets a great example for Chinas Greater Bay Area development initiative. Coupled with the non-gaming boost discussed previously, MGM Chinas probability of securing a new concession will be greatly enhanced, which is the single most important event that will determine the companys long-term future.
3. MGM Chinas valuation is 20% to 30% lower than Macaus local operators due to the 2022 gaming concession overhang, the rerating from the disposal will result in a significant gain in market value of MGM China that offsets the sale
Among the six concessionaries, three operators are majority-owned and consolidated by U.S. listed companies: Sands China (HKEX: 1928 HK) is 70% owned by Las Vegas Sands, Wynn Macau is 72.2% owned by WYNN Resorts (NASDAQ: WYNN), and MGM China is 55.9% owned by MGM Resorts International. The capital markets have already started to reflect the concerns on U.S. owned concessionaries through trading performance and valuation.
SJM and Galaxy are the best performers in 2020. SJMs EV/2019 EBITDA are at 15.0X, the highest in the sector. On the other hand, Sands China, which had always had a sizable valuation premium over the other operators due to its mass business market share, scale advantage, and high profitability, now has a current valuation lower than Galaxy, after declining 16% in 2020.
Meanwhile, Wynn Macau and MGM China EV/2019 EBITDA valuations are at the bottom of the sector and trading at a significant discount to their local peers. Melco Resorts is the only Macau operator listed in the U.S. and has about 20% of EBITDA contribution from the Philippines, which has been valued much lower than its Macau business historically.
2020 share performance
|Total / average||
|* Calculated using December 2020 average share price|
The new 20% strategic Chinese partner will significantly enhance MGM Chinas outlook of securing a new concession in 2022, triggering a rerating of the stock. If MGM China trades to just the sector average of 11.6X EV/2019 EBITDA, the upside is 13%, and if it trades to Galaxys multiple of 13.4X, the upside will be 32%.
MGM Resorts International will remain the largest single shareholder, while Ms. Pansy Ho and the new strategic investor will be the second and third largest. MGM Resorts International will still be able to participate in the earnings recovery of MGM China through equity method accounting as Macaus tourism industry recovers from the COVID-19 pandemic.
4. With the proceeds from selling the 20% stake in MGM China, MGM Resorts International will have enough cash cushion to fully commit to the integrated resort opportunity in Osaka, Japan, and become the biggest winner of the Japanese gaming opportunity
Japan started the process of legalizing gaming in 2018. The initial plan was to issue 3 licenses, and the prospective cities to build the integrated resorts included Osaka, Yokohama, Nagasaki, and Wakayama. The Japanese government was scheduled to release the basic policies on the license by January 2020, and the prospective cities would select the integrated resort operator by 2H2020 and submit the final proposal by 1H2021, after which the official licenses would be issued.
However, the entire process has been delayed due to the bribery scandal at the end of 2019 and the subsequent outbreak of COVID-19. Our understanding is that the official policy document will be further delayed by 6-12 months from today. Meanwhile, Las Vegas Sands and WYNN Resorts have officially dropped out of the competition for a gaming license in Japan. Currently, Galaxy, Melco and Genting remain active as the Yokohama projects potential operator.
MGM Resorts International had formed a consortium with Orix Corporation in March 2019 to bid for the Osaka project, and became the only accepted bidder for the project in February 2020. According to the most recent estimate from Orix, the integrated resorts total projected cost will be around US$12 billion, 50%-50% financed by equity and debt. Orix and MGM Resorts will each take 40% equity stake while a consortium of local companies takes up the remaining 20%. The 3 large Japanese banks have agreed to the project financing with MGM Resorts Internationals 40% participation as a pre-condition. The projects total GFA will be 1.3 million square meters, with 4 hotel towers totaling 3600 rooms, and a 3% area for gaming. With a 5-year construction period, its opening date should be around 2027 to 2028.
MGM Resorts International will need to invest US$2.4 billion equity into the Osaka project, if the total project cost is indeed US$12 billion. Selling 20% of MGM China will generate US$1.3 billion cash at current stock price, providing MGM Resorts with additional financing to fully commit to the Osaka opportunity. The Japanese government has always favored the top U.S. operators as the ideal partners for its integrated resorts, and with LVS and WYNN having pulled out, MGM Resorts will be the only game in town. Its fair to say that MGMs commitment is crucial to the success of the Osaka project, and possibly also to the success of the development of the whole Japanese gaming industry.
MGM Resorts negotiation power will likely also be significantly enhanced, if it were to stay committed to Japan despite the negative impact on its domestic operations due to the virus. It will likely gain a tremendous amount of goodwill both from central/local governments, as well as its Japanese partners. Its possible that it can even gain an upper hand in the overall industry policy formulation. The initial parameters on the license include a 3% cap on gaming space, a 10-year license period including construction time, and potentially a 30% gaming tax plus corporate profit tax. Post COVID-19, these parameters might be re-examined given the long-term impacts on consumer and business behaviors, and the potential changes can be favorable to the return on investment of the Osaka project.
Gaming was illegal in Japan before 2018, but the existing pachinko industry has around 4 million pachinko machines that generated about US$31 billion revenue (a similar concept to gross gaming revenue), compared to US$36.2 billion gross gaming revenue from Macau in 2019. The long-term market potential for the gaming industry in Japan is likely very significant. From the examples of the Venetian in Macau and Marina Bay Sands in Singapore, the first integrated resort to open in a large, untapped market enjoys significant first-mover advantages in terms of occupying consumer mind share and establishing brand power.
5. MGM Resorts International can be an important partner for the strategic investors internationalization efforts, especially in outbound consumer services to the U.S. and Japan; the cooperation between the two sides will be a great fit and mutually beneficial
MGM Resorts International is a world leading gaming operator in terms of hotel rooms in integrated resorts. It has 45,000 rooms across 19 properties in U.S. and Macau, including 9 in Las Vegas and 8 in other parts of the U.S. It also operates the largest number of hotel rooms in Las Vegas (over 36,000 incl. CityCenter).
9.6 million Chinese tourists visited Japan in 2019, accounting for 30% of Japans total in-bound visitations. Since the Japanese government relaxed its visa policy in 2015, Chinese visitations has grown at a 5-year compound annual growth rate of 31.8%. The integrated resort in Osaka, one of the must-visit cities in Japan, is very well positioned to become a must-visit destination.
A deeper cooperation with MGM Resorts International makes great sense for any of the four Chinese companies, since their core focus is on the travel, leisure and entertainment demand of Chinese consumers. The large customer base matches very well with MGM Resorts Internationals resources in dining, boarding, entertainment and MICE in U.S. and Japan.
6. MGM Resorts International will benefit from the financial flexibility provided by capitalizing on its MGM China stake and could use the proceeds to make a more attractive bid for Entain PLC, its joint-venture partner in U.S. online sports betting and gaming business and help MGM Resorts International pursue M&A in a secular growth market
MGM Resorts International and Entain PLC launched a 50/50 joint venture, BetMGM, in July 2018. BetMGM has been doing exceedingly well in the U.S., gaining significant market shares in both online iGaming and online sports betting. It currently has secured market access in 20 states and is live in 11 states.
The U.S. sports betting and online gaming market is projected to be worth over US$20 billion by 2025, and BetMGM is expecting to obtain a 15%-20% overall market share. BetMGM is run separately by a management team from Entain PLC, which is one of the worlds largest online sports betting and gaming groups. Entain PLC operates multiple brands across more than 20 countries and has about 6% global online market share.
At the end of 2020, Entain PLC was valued at US$9.1 billion (GBP 6.6 billion). Media reported that MGM Resorts International recently made an US$10 billion all-cash offer and subsequently an all-stock offer at US$11.1 billion to acquire Entain PLC. Both were rejected by Entain PLC.
We think an acquisition of Entain PLC makes tremendous sense for MGM Resorts International as the U.S. online market represents a key long-term growth opportunity. Entain PLCs in-house technology platform meshes very well together with MGM Resorts Internationals prime resorts assets and 34 million M Life Rewards database. MGM Resorts Internationals largest shareholder, InterActiveCorp., is also actively supporting the transaction as BetMGM was one of the key reasons it had invested US$1 billion to acquire a 12% ownership stake in MGM Resorts International. The proceeds from reducing MGM China stake will provide MGM Resorts International with much-needed cash to aggressively pursue the M&A and reduce the potential dilution MGM Resorts International shareholders will face. With a successful deal, MGM Resorts International can position itself well in a secular growth market.
For the aforementioned reasons, we strongly urge MGM Resorts Board and management team to seriously pursue a strategic transaction with a leading Chinese consumer internet or travel & leisure company to best position the MGM Resorts shareholders for future success in Macau.
Very truly yours,
Sean Ma Founder & Chief Investment Officer
Snow Lake Capital (HK) Limited, together with its affiliates (collectively, Snow Lake) is an investment manager and adviser to funds and managed accounts that are in the business of providing investment management and advisory services which include buying and selling securities and other financial instruments. Snow Lake currently holds type 4 (Advising on Securities) and type 9 (Asset Management) licences granted by the Hong Kong Securities and Futures Commission.
Snow Lake currently has a long position in MGM China securities (stocks, bonds and/or options, swaps, and other derivatives related to such stocks or bonds).
Snow Lake may profit if the trading price of MGM China securities goes up and may lose money if the trading price of securities of MGM China decreases.
Snow Lake may change its views about or its investment positions in MGM China at any time, for any reason or no reason. Snow Lake may buy, sell, cover or otherwise change the form or substance of its MGM China investment. Snow Lake disclaims any obligation to notify the market of any such changes.
The information, analysis and opinions expressed in this presentation (the Presentation) are based on, among other things, publicly available information about MGM China and MGM Resorts International, third-party buy-side or sell-side research, our own due diligence, and inferences and deductions through our analysis. Snow Lake does not guarantee in any way that it is providing all of the information that may be available. Snow Lake recognizes that there may be non-public information in the possession of MGM China, MGM Resorts International or others that could lead MGM China, MGM Resorts International or others to disagree with Snow Lakes analyses, conclusions and opinions.
The Presentation may include forward-looking statements, estimates, projections and opinions prepared with respect to, among other things, certain legal and regulatory issues MGM China faces and the potential impact of those issues on its future business, financial condition and results of operations, as well as, more generally, MGM Chinas anticipated operating performance, access to capital markets, market conditions, assets and liabilities, as well as of those of MGM Resorts International. Such statements, estimates, projections and opinions may prove to be substantially inaccurate and are inherently subject to significant risks and uncertainties beyond Snow Lakes control.
Although Snow Lake believes the Presentation is substantially accurate in all material respects and does not omit to state material facts necessary to make the statements therein not misleading, Snow Lake makes no representation or warranty, express or implied, as to the accuracy or completeness of the Presentation or any other written or oral communication it makes with respect to MGM China or MGM Resorts International, and Snow Lake expressly disclaims any liability relating to the Presentation or such communications (or any inaccuracies or omissions therein). Thus, shareholders and others should conduct their own independent investigation and analysis of the Presentation and of MGM China, MGM Resorts International and other companies mentioned. Snow Lake recommends that every investor conduct its own due diligence before buying or selling any security.
The Presentation is not investment advice or a recommendation or solicitation to buy or sell any securities. Except where otherwise indicated, the Presentation speaks as of the date hereof, and Snow Lake undertakes no obligation to correct, update or revise the Presentation or to otherwise provide any additional materials. Snow Lake also undertakes no commitment to take or refrain from taking any action with respect to MGM China, MGM Resorts International or any other company.
As used herein, except to the extent the context otherwise requires, Snow Lake includes its affiliates and its and their respective partners, directors, officers and employees.
About Snow Lake Capital
Snow Lake Capital (HK) Limited is a leading Asian alternative investment management firm with over US$3 billion in assets under management. The firm was founded in 2009 and has offices in Hong Kong and Beijing. With a firmwide headcount of more than 50 professionals, Snow Lake manages capital mainly for global institutional clients including university endowments, foundations, family offices, sovereign wealth funds and pensions.
Jonathan Gasthalter/Kevin FitzGerald
Gasthalter & Co.
Schechter Investment Advisors Adds Michael B. Schoffman as a Senior Advisor
BIRMINGHAM, Mich., March 1, 2021 /PRNewswire/ — Schechter Investment Advisors (“SIA”), an independent registered investment advisor firm, has announced the addition of Michael B. Schoffman, CFP®, CDFA®, CRPC® as a Senior Advisor.
Schoffman is a senior investment services professional with more than 15 years of experience and an extensive background in client relationship management, working with high-net-worth executives, entrepreneurs, and retirees in several business markets such as real estate, aviation, and entertainment.
At Schechter, Schoffman will provide SIA clients with dedicated investment management and financial planning guidance tailored to their unique financial goals. Schoffman's addition will also enable Aaron Hodari, Managing Director, Chief Investment Officer, to dedicate more time to the development of new investment opportunities and portfolio strategies for Schechter clients.
Schoffman has held financial advisory roles with Retirement Planners of America (RPOA), USAA Financial Planning, UBS, and Merrill Lynch. In addition, Schoffman has continually built on his technical proficiency by earning certifications including a Certified Financial Planner (CFP®) designation, a Certified Divorce Financial Analyst (CDFA®) designation, and a Chartered Retirement Planning Counselor (CRPC®).
“We are thrilled to attract such a seasoned professional who shares our firm's mission of placing our clients' interests first while providing thoughtful, customized, and comprehensive financial planning,” Hodari said. “Michael will be essential in helping shoulder the strong growth we continue to experience.”
Prior to his lengthy financial services career, Schoffman served in the U.S. Navy. His impressive roles included duty as a Pilot and Aircraft Commander, flying maritime patrol and surveillance missions around the world in the Navy's P-3 Orion aircraft. He also served as an Instructor Pilot, Operations Officer and Safety Department Head, with deployments throughout the Mediterranean, North Atlantic, Caribbean, and Central America. In his final active-duty tour of service, he managed $100M in military assets in support of the Mars Odyssey space mission.
“Michael's extensive and disciplined background, both in financial services and in military operations, is a perfect fit for our culture and brings a unique skill set in providing our clients with big-picture thinking and detailed day-to-day service,” Marc Schechter, Senior Managing Partner.
Schoffman earned a B.S. in General Engineering from the United States Naval Academy in Annapolis, MD. In his free time, he volunteers as an admissions liaison for the U.S. Naval Academy and supports other veteran causes.
Schechter is a boutique, third-generation wealth advisory firm. For over 80 years, we have been quietly advising wealthy families on financial matters including institutional quality investments, private capital, financial planning, income, and estate taxes, business succession, charitable planning, and advanced life insurance design. Our multi-disciplined team consists of JDs, CPAs, LLMs, CLTCs, CLUs, PFSs, CAPs, MBAs, CIMA participants®, CFP® practitioners, and CFA® charter holders.
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St. James Gold Corp. (TSX-V: LORD) Engages Independent Trading Group Inc. for Market Making Services
VANCOUVER, British Columbia, March 1, 2021 /PRNewswire/ — St. James Gold Corp. (TSX-V: LORD) (OTCQB: LRDJF) (FSE: BVU3), the “Company” is pleased to announce that it has subject to regulatory approval, has retained Independent Trading Group (ITG) to provide market-making services in compliance with the policies and guidelines of the TSX Venture Exchange (TSX-V) and other applicable legislation.
ITG will trade shares of St. James Gold Corp. on the TSX-V with the objective of maintaining a orderly market and improving the liquidity of St. James Gold Corp.'s common shares. Under the terms of the agreement, ITG will receive $5,000 per month payable on the first business day of each month. The engagement is effective March 1st, 2021, and has an initial term of three months. Thereafter, the engagement will automatically renew for successive one-month terms until terminated by either party upon 30 days prior written notice. There are no performance factors contained in the agreement, and ITG will not receive shares or options as compensation. St. James Gold Corp. and ITG are unrelated and unaffiliated entities, but ITG may provide investor relations services to St. James Gold Corp. and/or its clients which may have an interest, directly or indirectly, in the securities of St. James Gold Corp.
About Independent Trading Group (ITG)
ITG is an independent, privately held broker-dealer based in Toronto, Ont., that provides a wide range of financial and investment services, and is registered with the Canadian Securities Exchange, NEO, Toronto Stock Exchange and TSX-V along with the Investment Industry Regulatory Organization of Canada (IIROC).
About St James Gold Corp.
St. James Gold Corp. is a publicly traded company listed on the TSX Venture Exchange under the ticker “LORD”. The company is focused on creating shareholder value through the discovery and development of economic mineral deposits by acquiring prospective exploration projects with well delineated geological theories, integrating all available geological, geochemical and geophysical datasets, and funding efficient exploration programs. The Company currently holds an option to acquire a 100% interest in 29 claims covering 1,791 acres in the Gander gold district in north-central Newfoundland adjacent to New Found Gold Corp.'s Queensway North project, and an option to acquire a 100% interest in 28 claims covering 1,730 acres in central Newfoundland adjacent to Marathon Gold's Valentine Lake property.
George Drazenovic, CPA, CGA, MBA, CFA
Forward Looking Statements
The foregoing includes forward looking statements which by their nature are subject to risks and uncertainties. In particular there is no assurance that the Company will be successful in its search for high value gold assets in North America. The Company's ability to acquire such assets is subject to supply and demand in the market for such assets and the financial ability of the Company to acquire such assets or obtain financing needed to acquire such assets if identified none of which is certain or can be guaranteed
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
St. James Gold Corp.
For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: +1 (800) 278-2152
Email: [email protected]
Social Commerce Leader, Longaberger, Continues Commitment To Support Women Entrepreneurs With Team Expansion
NEW YORK, March 1, 2021 /PRNewswire/ — Longaberger, a social commerce retailer and American home goods brand known for artisanal handcrafted products, today announces Scott Halversen will join the company as President of Sales. Making historic strides in the social selling space, Longaberger recently launched a new digital livestreaming platform, Longaberger LIVE, which has helped to firmly establish the brand as the digital-first platform for female entrepreneurs. Halversen will continue the successful expansion of the Longaberger community through his extensive background in leading many social selling companies.
Halversen joins Xcel Brands with an impressive background in the direct sales industry as a hands-on strategist, business developer, and results-driven leader. Over his 25-year career, Halversen has held leadership positions with global companies including Rodan + Fields, Tupperware Brands, Mary Kay and Jafra Cosmetics, Int'l. He has been responsible for consistently achieving growth targets for companies and divisions with annual revenues ranging from $100M to $850M. “Scott is a proven results-driven leader who will be responsible for driving growth, strategy, and implementation, with a laser focus on new Home & Lifestylist Influencers enrollment, sales, and training, as we continue to position Longaberger to be the leading social commerce company,” stated Robert W. D'Loren, Chairman and Chief Executive Officer of Xcel Brands.
Halversen was named President of Sales in February 2021 and in his role, he aims to move the brand forward by tapping into his passion for championing women's entrepreneurial success and implementing innovative solutions for companies to maximize the direct seller and customer experience. “By instilling confidence in women entrepreneurs in a new area of selling, we project to expand the Longaberger community of Home & Lifestylist Influencers by 100% in the next year,” says Scott Halversen, President of Sales of Xcel Brands.
The most recent launch of Longaberger LIVE, a platform that aims to enhance customers' experience by integrating live video shopping and utilizing live selling through a number of widely known hosts and mega-influencers, has catapulted the company to a digital-first platform that will roll out tools for its community. Tonight, Monday, March 1st, Rachel Longaberger will host the second Longaberger LIVE show with exclusive one night only deals. Visit here to tune in at 8PM EST.
About The Longaberger Company
The Longaberger Company, founded by Dave Longaberger in 1973, is an American home collectibles brand known for artisanal handcrafted products. For generations, the family has manufactured handmade maple baskets and other home products that have been collected by a loyal community of customers. In 2019, Xcel Brands acquired The Longaberger Company and launched with a new digital social selling business model, offering timeless and new modern décor products that will inspire a highly engaged community. To join the Longaberger Family as a Home & Life Stylist Influencer, visit longaberger.com/join and for more company information, visit the website at longaberger.com or on social media at @longaberger, #longaberger and #thelongabergerfamily.
About Xcel Brands
Xcel Brands, Inc. (NASDAQ:XELB) is a media and consumer products company engaged in the design, production, marketing, wholesale, and direct-to-consumer sales of branded apparel, footwear, accessories, jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. The company has sold in excess of $3BB US in retail sales through live streaming on TV. Xcel was founded by Robert W. D'Loren in 2011 with a vision to reimagine shopping, entertainment, and social media as one. Xcel owns the Isaac Mizrahi, Judith Ripka, Halston, and C. Wonder brands, and it owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC, pioneering a ubiquitous sales strategy which includes the promotion and sale of products under its brands through interactive television, brick-and-mortar retail, e-commerce and peer to peer channels. Headquartered in New York City, Xcel Brands is led by an executive team with significant livestream production, merchandising, design, production, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. With an experienced team of professionals focused on design, production, and digital marketing, Xcel maintains control of product quality and promotion across all of its product categories and distribution channels. Xcel differentiates by design. www.xcelbrands.com
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