Stanford Graduate School of Business Names Kirsten Moss New Assistant Dean and Director of MBA Admissions and Financial Aid

STANFORD, Calif.–(BUSINESS WIRE)–Stanford Graduate School of Business (GSB) today named Kirsten Moss as the new Assistant Dean and Director of MBA Admissions and Financial Aid. In this role, Moss will oversee and manage Stanford GSB’s Admissions and Financial Aid team and map out a vision for reaching, recruiting and selecting top MBA candidates.

Moss previously served in several roles within the Stanford GSB MBA Admissions team, including Director of MBA Admissions and Associate Director of Evaluation. During her tenure, Moss managed the evaluation, marketing and operations teams and developed a new approach to assessing leadership capability.

Prior to joining Stanford GSB, Moss worked at Harvard Business School as Managing Director, MBA Admissions and Financial Aid. Moss has also held positions in corporate consulting and finance.

Stanford GSB selected Moss after conducting an extensive search. This process was chaired by Senior Academic Dean Yossi Feinberg and included interviews with faculty, staff, students and alumni. Moss’ appointment will begin June 1 and she will report to Feinberg.

“Kirsten has deep experience in admissions and leadership talent evaluation both inside and outside Stanford GSB,” Feinberg said. “Throughout our search process, Kirsten demonstrated her expertise and commitment to helping Stanford GSB continue to attract and develop the future leaders of tomorrow. I have every confidence that Kirsten will continue the MBA’s strong trajectory.”

Moss succeeds Derrick Bolton, who served as Assistant Dean for MBA Admissions and Financial Aid for 15 years before accepting a new position in September 2016 as Dean of Admissions for Stanford’s Knight-Hennessy Scholars Program.

“Kirsten has a strong understanding of our school’s vision and immediately impressed us with her ideas for connecting with the next generation of students making a positive, measurable difference in the world,” said Jonathan Levin, Philip H. Knight Professor and Dean of Stanford GSB. “Kirsten brings a wealth of knowledge and experience—from top-tier MBA admissions programs to business consulting—and will provide fresh insight as we achieve new levels of excellence.”

“Stanford GSB has a rich legacy of equipping students with the tools necessary to create change—individually, within organizations and throughout the world,” said Moss. “I’m thrilled to join the team in this new capacity as we work together to cultivate the next generation of leaders poised to make an impact.”

Moss earned a Bachelor of Arts degree from Harvard University, an MBA from Harvard Business School, and is currently pursuing a Doctorate of Psychology from William James College.

LegalShield CEO Jeff Bell Joined a Panel of Legal Experts at SXSW to Discuss Affordable Legal Services and Equal Access to Justice

AUSTIN, Texas–(BUSINESS WIRE)–Jeff Bell, Chief Executive Officer of LegalShield, one of North America’s leading providers of affordable legal plans and the IDShield identity theft solution for individuals, families and small businesses, moderated a panel session on Tuesday, March 14 at the South by Southwest (SXSW) Conference and Festivals in Austin, Texas. The session, titled “Affordable and Accessible Lawyers: Really?”, focused on the existing justice gap in the United States, where citizens are forced to play against law firms that are too expensive or simply trying to fill a capacity gap of billable hours.

The panelists included Michael Hunter, Attorney General of the State of Oklahoma, Judy Perry Martinez, chair of the American Bar Association Presidential Commission on the Future of Legal Services and Daniel B. Rodriguez, Dean of Northwestern University School of Law, who participated via video conferencing. All three participants spoke passionately about the need for affordable legal services, the need for law schools to enable students to better service those in need and how technology and the shared economy are transforming the way citizens access lawyers and law firms.

Hunter, the former Oklahoma Secretary of State and first assistant attorney general, was appointed to the position of attorney general in February 2017. He worked as chief legal advisor for the former administration, overseeing a staff of more than 200 lawyers, law enforcement agents and staff.

“There is going to be continuing disruption in the legal marketplace and increased competition,” he said. “You can do your research on the internet now and determine which law firms are good and will fit your needs, and that competition is going to cause rates to go down.”

Perry Martinez served as Vice President and Chief Compliance Officer of Northrop Grumman Corporation. Before being named CCO, Judy oversaw Northrop Grumman’s litigation for the western half of the country and was named to the Company’s Diversity and Inclusion Leadership Council. Prior to joining Northrop in 2003, she was a commercial litigator at the New Orleans law firm of Simon, Peragine, Smith & Redfearn for 21 years where she was a member of the management committee. Earlier this year, Judy retired from Northrop Grumman to pursue a full-time career in public service.

“One of the challenges and opportunities of the American Bar Association is to empower lawyers to be more efficient so they can spend more time doing what they do best, so they can help more people and do it at rates that will be affordable,” said Perry Martinez.

Rodriguez was appointed Dean and Harold Washington Professor at Northwestern Pritzker Law School in January 2012.

A nationally prominent law teacher and scholar, Rodriguez’s principal academic work is in the areas of administrative law, local government law, and constitutional law. He also has a special interest in the law-business-technology interface and its impact on the future of legal education. He is a leader in the application of political economy to the study of public law and has authored or co-authored a series of influential articles and book chapters in this vein.

“We are in the business of training students to become lawyers, but we are also in the business of advancing the rule of law,” said Rodriguez.

“LegalShield was founded over 45 years ago on the principle of providing all citizens with access to affordable legal services, and we were thrilled to have a high-profile platform at SXSW to share our insights on how technology and the shared economy are disrupting the legal profession,” said Bell.

About LegalShield

LegalShield is one of the North America’s leading providers of legal safeguards for individuals, families and small businesses. The company also offers one of the industry’s most affordable and comprehensive identity theft plans, IDShield. LegalShield plans provide protection to more than 4.2 million individuals, and IDShield provides identity monitoring and restoration services to more than one million individuals across North America. In addition, LegalShield and IDShield serve more than 141,000 businesses.

For as low as $20 per month, LegalShield members get access to attorneys with an average of 19 years of experience in areas such as family matters, estate planning, financial and business issues, consumer protection, tax, real estate, benefits disputes and auto/driving issues. Unlike other legal plans or do-it-yourself websites, LegalShield has dedicated law firms in 50 states and four provinces in Canada that members can call for help without having to worry about high hourly rates.

For more information, visit http://www.LegalShield.com or http://www.IDShield.com.

Residents of Beaconsfield Win 2017 Distinction Jacques Gaudreau Prize

BEACONSFIELD, QUEBEC–(Marketwired – March 23, 2017) – Beaconsfield Mayor Georges Bourelle is pleased and proud to announce that Beaconsfield’s residents have won Réseau Environnement’s 2017 Distinction Jacques Gaudreau award for their outstanding management of waste materials in 2016.

„I am all the more proud that our performance, all together, was achieved by adhering to a global approach to sustainable development for the benefit of present and future generations,” said Mayor Bourelle when the award was presented to the City yesterday as part of the Réseau Environnement’s Environmental Forum and International Environment Technologies Trade Show, held in Montreal.

Director General Patrice Boileau proudly received the award on behalf of the City. He emphasized that „the realization of this project has been made possible through various partners and, above all, through the exceptional contribution of City staff, specialists dedicated to its implementation and committed to providing improved services to Beaconsfield residents”.

The twelve Americana Awards are designed to recognize excellence and Quebec expertise in the field of environment. The City won the award ex aequo with EBI Environment. The City of Beaconsfield was recognized for the successful implementation of a waste collection system with an incentive tariff structure, while the private corporation EBI Environment was rewarded for the use of state-of-the-art technologies to improve the quality of plastic and glass materials recovered.

„For us, in Beaconsfield, it is even more remarkable because just three years ago, we were amongst the island’s worse polluters, and we are now leading the pack with the best because we have changed our habits and implemented new practices that reduced the quantity of waste going to a landfill by half,” says Mayor Bourelle.

Réseau Environnement is a coalition of more than 2,700 members, 350 businesses, 250 municipalities and 20 government and public sector organizations. Its mission is to promote environmental best practices and innovation focused on sustainable development, technological and scientific advancement, promotion of expertise and support of environmental activities.

Mayor Bourelle said that all the actions taken over the last three years have enabled the City to do better and do more by using new technologies without increasing costs for citizens.

„The result of our joint actions allowed us to significantly increase the volume of value-added materials recovered. This award is a beautiful public recognition of the innovative and beneficial actions for the environment undertaken by our community,” concluded the mayor of Beaconsfield.

iXsystems Sees Record Growth in 2016, Charges Into 2017

2016 was the „Year of the Petabyte,” fueled by expansion of sales channels, additional product releases for the enterprise market, and customer growth

SAN JOSE, CA–(Marketwired – March 23, 2017) – iXsystems, the leader in Enterprise Storage and Servers driven by Open Source, had record growth in 2015 and 2016 and is on track to continue this growth in 2017 thanks to significant increases in storage revenue, growth of worldwide customers in every segment, expanded channel presence, and new product releases.

In 2016, iXsystems nearly doubled storage deployments, and significantly increased the number of servers sold. So far in 2017 there have been several products introduced by iXsystems to continue this growth. iXsystems released FreeNAS Corral, an Open Source storage solution for building a hyper-converged infrastructure. iXsystems was also the first vendor to ship a 10TB all-flash array for less than $10,000, addressing the needs of SMBs and others for economical all-flash storage.

Much of iXsystems’ growth in 2016 came from supplanting incumbent vendors and increasing its share of the $20+ billion enterprise storage and server market. 2016 also saw the TrueRack converged enterprise data center solution added to the iXsystems product lineup. The FreeNAS Mini XL was also added, aimed at bringing enterprise-grade storage technology to the small office and home office user. iXsystems also shifted sales of storage products exclusively through its channel of resellers and also added the same products to the U.S. Government’s General Services Administration (GSA) purchasing program.

iXsystems storage revenue grew 50% in 2016, as did the number of new customers. In 2016, new storage deployments in vertical markets, including Education, Government, and Media and Entertainment, more than doubled. Much of this growth was due to a 400% increase in TrueNAS enterprise storage deployments of over half a Petabyte.

iXsystems saw multiple large deployments in the education market, including Ben Franklin Charter School in Arizona with multiple servers and over half a Petabyte of storage, and McGill University with nearly 2.5 Petabytes of storage capacity. TrueNAS and FreeNAS systems were also deployed in every branch of the US armed forces.

Throughout multiple storage expansions and Operating System updates, and generally putting TrueNAS through the wringer, we have never lost any data,” said Ron Simpson, Operations Supervisor at McGill University. „That demonstrates how stable and reliable ZFS is as a file system and logical volume manager.”

This momentum did not go unnoticed by the press, with iXsystems earning a „Gold” award in the Best in Biz Product Line of the Year competition, mutiple „Recommended” ratings in the 2016-17 DCIG Buyer’s Guide, and a glowing review of the TrueNAS Storage Appliance in The Register.

2016 was also iXsystems’ strongest year for adoption of its Open Source products, with the release of FreeNAS 10 Beta and the launch of TrueOS (formerly PC-BSD). iXsystems has contributed over one million lines of code to various Open Source projects, including FreeBSD and the OpenZFS file system. Between its TrueNAS deployments and the nearly nine million downloads of FreeNAS, iXsystems has put ZFS into more data centers and homes than any other source.

In order to accommodate headcount growth and to make room for additional growth in the future, iXsystems expanded its San Jose headquarters by 30% and opened a new office in Tennessee to house additional Engineering and Support staff.

Finally, 2016 saw record tradeshow and community event participation by iXsystems, culminating with its hosting and organization of the fifth MeetBSD California conference at the University of California, Berkeley. The biennial event was 25% larger than its predecessor and featured talks by community luminaries like FreeBSD co-founders Jordan Hubbard (iXsystems CTO) and Rod Grimes (OpenZFS expert), author Allan Jude, and bhyve expert Michael Dexter. In addition to having its experts speak at professional events including two Storage Networking Industry Association conferences, iXsystems hosted its largest VMworld booth yet.

„We characterized 2016 as the year of the petabyte. We give customers tightly-integrated custom hardware and Open Source software that helps them meet their ever-growing, yet ever price-sensitive enterprise storage demands. We saw intense demand for our storage and server products from customers, due in large part from expanding our channel and making further inroads with Government customers,” said Brett Davis, iXsystems Executive Vice President.

To learn more about iXsystems or to obtain a no-risk quote on a configuration, visit www.iXsystems.com, email sales@iXsystems.com, or call us at 1-855-GREP-4-IX.

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New Private Lender Network in Cambridge

Cambridge, ON — (SBWIRE) — 03/23/2017 — Cambridgemortgageexperts.ca has a new network of private mortgage lenders in Cambridge. These are individuals or enterprises who want to help property owners with poor credit or facing foreclosure to access a mortgage even when banks have disqualified them. Since they are not so strictly regulated by the government Cambridge private mortgage lenders have a wide range of services to offer including second mortgages, bad credit mortgages, home equity loans and even education loans to name but a few.

Private Lenders of Bad Credit Mortgages in Cambridge

Cambridgemortgageexperts.ca has several mortgage agents under their wing, who work hard to connect clients with ideal loans. Anyone with bad credit can approach a licensed mortgage agent who will negotiate with private lenders on their behalf. Private lenders are invested in real estate and do not care much for a credit score. The main factor is the equity in property which helps them determine its worth as an investment. Cambridgemortgageexperts.ca staff request multiple quotes from lenders in their network and compare them before reaching a decision on behalf of the clients.

Services and Mortgage Types offered by Private Lenders

Private lenders are more versatile and offer a wider range of services compared to banks. They can listen to the client’s specific needs and tailor them to the loan agreement. Home equity, second and bad credit mortgages are some of the loan types often provided by private lenders. Cambridge private lenders also provide debt consolidation services and business investing loans that help individuals achieve their entrepreneurship goals.

Second Mortgages from Private Lenders

Private mortgage lenders in Cambridge, ON offer second mortgages to help clients actualize their financial goals. It is possible to have the first, subsequent and third mortgage on a property as long as there is sufficient equity. To determine exactly how much each client should receive, staff at Cambridgemortgageexperts.ca must calculate Loan to Value (LTV) ratio of the property presented as security. If LTV on a home exceeds 85% few private mortgage lenders in Cambridge will even, consider the mortgage application. This is a risk mitigation measure taken to protect private lenders because proceeds from a power of sale may not be sufficient. The Ontario Mortgage Act requires that if a property in default is sold, lenders may recoup their investment.

Private Funding to Stop a Power of Sale

A registered mortgage gives lenders the power to sell a property in default. It is nearly impossible to stop a power of sale once activated but some private lenders have a way to do that. Upon receipt of the notice, a homeowner must respond promptly to try and stop it before it is too late. For a private lender to help, a client must have all documents in place including the eviction notice, writ of possession and statement of claim. With these, the company’s experienced staff can help resolve a power of sale and even save the client from paying hefty fees and penalties.

New Private Lender Network in Cambridge

Cambridge, ON — (SBWIRE) — 03/23/2017 — Cambridgemortgageexperts.ca has a new network of private mortgage lenders in Cambridge. These are individuals or enterprises who want to help property owners with poor credit or facing foreclosure to access a mortgage even when banks have disqualified them. Since they are not so strictly regulated by the government Cambridge private mortgage lenders have a wide range of services to offer including second mortgages, bad credit mortgages, home equity loans and even education loans to name but a few.

Private Lenders of Bad Credit Mortgages in Cambridge

Cambridgemortgageexperts.ca has several mortgage agents under their wing, who work hard to connect clients with ideal loans. Anyone with bad credit can approach a licensed mortgage agent who will negotiate with private lenders on their behalf. Private lenders are invested in real estate and do not care much for a credit score. The main factor is the equity in property which helps them determine its worth as an investment. Cambridgemortgageexperts.ca staff request multiple quotes from lenders in their network and compare them before reaching a decision on behalf of the clients.

Services and Mortgage Types offered by Private Lenders

Private lenders are more versatile and offer a wider range of services compared to banks. They can listen to the client’s specific needs and tailor them to the loan agreement. Home equity, second and bad credit mortgages are some of the loan types often provided by private lenders. Cambridge private lenders also provide debt consolidation services and business investing loans that help individuals achieve their entrepreneurship goals.

Second Mortgages from Private Lenders

Private mortgage lenders in Cambridge, ON offer second mortgages to help clients actualize their financial goals. It is possible to have the first, subsequent and third mortgage on a property as long as there is sufficient equity. To determine exactly how much each client should receive, staff at Cambridgemortgageexperts.ca must calculate Loan to Value (LTV) ratio of the property presented as security. If LTV on a home exceeds 85% few private mortgage lenders in Cambridge will even, consider the mortgage application. This is a risk mitigation measure taken to protect private lenders because proceeds from a power of sale may not be sufficient. The Ontario Mortgage Act requires that if a property in default is sold, lenders may recoup their investment.

Private Funding to Stop a Power of Sale

A registered mortgage gives lenders the power to sell a property in default. It is nearly impossible to stop a power of sale once activated but some private lenders have a way to do that. Upon receipt of the notice, a homeowner must respond promptly to try and stop it before it is too late. For a private lender to help, a client must have all documents in place including the eviction notice, writ of possession and statement of claim. With these, the company’s experienced staff can help resolve a power of sale and even save the client from paying hefty fees and penalties.

New Private Lender Network in Hamilton

Hamilton, ON — (SBWIRE) — 03/23/2017 — There is a new network of private mortgage lenders servicing the Hamilton market. Hamiltonmortgageoffice.com can link its clients to the network of lenders who are willing to offer loans without regard to credit score. Unlike banks, private mortgage brokers have more freedom that allows them to loan to people who couldn’t qualify for bank loans or those that simply want more flexibility. Private lenders can provide several services and loans including, debt consolidation, second mortgages, renovation loans and business investing loans among others.

Private Lenders of Bad Credit Mortgages in Hamilton

Banks cannot issue a loan to individuals with bad credit as they present huge risks that the financial institutions do not wish to take on. Without access to bank mortgages individuals with bad credit can turn to private lenders of bad credit mortgages in Hamilton. These businesses or individuals are interested in properties and will only consider the loan to value ratio when approached for a mortgage. Loans secured against properties are much preferred by these lenders who know they have the power of sale to help them recover their money if a borrower fails to repay as agreed. Hamiltonmortgageoffice.com staff are happy to listen to a client’s needs and negotiate a good deal from private mortgage lenders on their behalf. With help from experienced professionals, clients with bad credit can get a reasonable loan amount which is also easy to repay.

Types of Loans and Services of a Private Mortgage Lender in Hamilton

A private lender may decide to deal in a specific niche but their primary role is servicing the hard to place loans by banks. Owing to greater flexibility, private mortgage lenders offer custom services to meet the needs of individual clients. With help from Hamiltonmortgageoffice.com, it is possible to get a second mortgage, bad credit mortgage, home equity loan, home renovation loan or construction draw mortgage. These are examples of mortgages offered by private lenders who only mind the equity in a home and not credit score much valued by institutional lenders.

Second Mortgages from Private Lenders

This refers to any loan on a property after the initial mortgage. Hamilton private mortgage lenders offer second mortgages but only where there is sufficient equity left. A member of the Hamiltonmortgageoffice.com can help the client understand the best offer they will get from a private lender by calculating its loan to value ratio. The maximum lending threshold for most private lenders is 85% LTV but some will lend up to 90% LTV on a residential property in special circumstances.

Private Funding to Stop a Power of Sale

Lenders will invoke a power of sale if the borrower fails to pay fees as agreed. Private lenders can provide the funding needed to avert the power of sale but note that once activated, it is impossible to reverse a power of sale. This is a time sensitive process for which the client must be adequately prepared. All documents pertaining to a power of sale must be presented on time for a private lender to stop a power of sale. With the writ of possession, notice of eviction, statement of claim and other important documents, a private lender can provide money fast enough to prevent the sale of properties in default.

GAO-17-80, Defense Commissaries: DOD Needs to Improve Business Processes to Ensure Patron Benefits and Achieve Operational Efficiencies, March 23, 2017

What GAO Found

The Department of Defense (DOD) lacks reasonable assurance that it is maintaining its desired savings rate for commissary patrons. The Defense Commissary Agency (DeCA), which manages the commissaries, has a methodology for calculating the annual savings rate that patrons realize by shopping at commissaries rather than commercial grocery stores. In fiscal year 2015, the most recent data available at the time of our review, DeCA’s Board of Directors approved a desired average savings rate of 30 percent based on savings calculated for prior years using the methodology. However, GAO found weaknesses in this methodology. For example, the methodology does not use a random sample of overseas commissaries or account for seasonal and geographic variations in item prices. Because of these weaknesses, DOD’s methodology can potentially result in an inaccurate calculation of the actual savings rate that commissary patrons experience. DeCA officials stated that the agency plans to revise the savings methodology to address the limitations GAO identified. Because this effort is underway, it is too early to know whether the revisions will address the limitations GAO identified.

Differences exist between certain business processes used at the commissaries and those of commercial grocery stores.

First, DeCA tracks the sale of products at all commissaries but does not assess the contribution of the sale of each product to a given store’s total sales in determining which products to sell. According to DeCA officials, because commissaries are focused on providing a benefit rather than on maximizing profits like commercial grocery stores, commissaries do not always adjust products they carry based on customer demand. DeCA officials said that they would like to be more efficient, but have not developed a plan with achievable objectives, goals, and time frames regarding how to improve product management based on sales and customer demand. Without improving the management of products based on sales and customer demand as is done in commercial grocery stores, DeCA may be missing opportunities to increase sales, leverage efficiencies, and achieve savings in commissary operations. Second, DeCA has not conducted cost-benefit analyses for costs associated with (1) the use of stocking and custodial service contracts as compared with the use of in-house staff and (2) product distribution options across all commissaries. For example, DeCA uses services contracts at most commissaries, totaling about $137 million in fiscal year 2015, even though our analysis suggests that using in-house personnel for stocking may be more cost effective. Commercial grocery stores are generally sensitive to the cost of business operations, competition in their market, and the need to generate a profit. In addition, different product distribution options could result in significant savings impacting the price a commissary patron pays for a product. According to DeCA officials, DOD does not require cost-benefit analyses to compare alternative options for service contracts or for the distribution of products to commissaries. However, without conducting such analyses to guide its decision making on these business processes, DeCA is not positioned to determine whether it is using its resources most efficiently.

Why GAO Did This Study

DOD operates 238 commissaries worldwide to provide groceries and household goods at reduced prices as a benefit to military personnel, retirees, and their dependents. Since 2010, Congress appropriated an average $1.4 billion annually to help fund commissary operations.

Senate Report 114-49 included a provision for GAO to review aspects of commissary operations. This report (1) determines the extent to which DOD has assurance it is maintaining its desired savings rate for patrons and (2) identifies differences in business practices between commissary operations and commercial grocery store practices. GAO analyzed data on savings, sales, and costs. GAO also reviewed leading practices relevant for commissary operations; assessed the costs for service contracts and product distribution options; and conducted site visits to a nongeneralizable sample of 12 commissaries based on, among other things, location and sales.

What GAO Recommends

GAO is making three recommendations, including that DOD address limitations identified in its savings rate methodology; develop a plan with objectives, goals, and time frames to improve efficiency in product management; and conduct comprehensive cost-benefit analyses for service contracts and distribution options. DOD concurred with GAO’s first two recommendations and partially concurred with the third recommendation. GAO continues to believe the cost-benefit analysis recommendation is valid.

For more information, contact Brian J. Lepore at (202) 512-4523 or leporeb@gao.gov.

New Private Mortgage Lender Network in Oshawa

Oshawa, ON — (SBWIRE) — 03/23/2017 — Residents have a new network of private mortgage lenders in Oshawa, offering them alternatives that they couldn’t get from banks. Private lenders are not governed by the same rules as banks and can issue loans to any client regardless of credit score. This is because their main business is in real estate where property equity is more important than credit history. A private mortgage lender can provide various services including second mortgages, mortgage refinancing and stopping foreclosures and power of sales.

Private lenders if Bad Credit Mortgages in Oshawa

Owing to strict government control, banks in Canada cannot fund mortgages for people with bad credit. For these institutional lenders, anything below 600 points is too much of a risk to bear. Private lenders barely look at credit score when making a lending decision, as they are only interested in the property presented as security. A private lender’s clients are mostly people who did not qualify for bank loans due to bad credit. When they loan to bad credit, Mississauga private lenders prefer having property as collateral as they are allowed to sell it if a borrower fails to pay as agreed.

Types of Loans Offered by Private Mortgage Lenders

Private lenders have more leeway when it comes to loaning out their money. This way, they can offer more services than banks including helping customers stop foreclosures or power of sale. There are many types of loans available from private lenders and they are accessible through the help of Oshawamortgagegroup.ca Staff. Professional help is important if a credit seeker wishes to bag the best deal available. Mortgage agents can listen to the client and request multiple quotes on their behalf from the new private mortgage lender network in Oshawa. Home equity loans, debt consolidation loans, second mortgages or business funding loans are some types of loans that can be provided by the private lenders.

Second Mortgages from Private Lenders

If there is remaining equity in a property, individuals can request a second mortgage. Private lenders specialise in second mortgages to allow residents of Mississauga to exploit their equity for financial gain. Individuals need assistance from professionals who will arrange the private lender mortgages most suitable for their needs. The second mortgage from a private lender will only be issued for 85% LTV on a property and not higher because the lenders must protect themselves from losses. If they lend to properties with too many loans, private mortgage lenders are unlikely to recoup from a power of sale.

Private Funding to Stop a Power of Sale

If a borrower fails to repay the loan in full, a lender may be forced to sell the home to recover their money. Once the notice is given, the homeowner must hurry to reach a private lender for the funding needed to keep them from losing the property. A power of sale is a time-sensitive process so customers must have all documents in place for the lender to provide funding as fast as possible.

SpineGuard Reports Full-Year 2016 Financial Results

PARIS & SAN FRANCISCO–(BUSINESS WIRE)–Regulatory News:

SpineGuard (FR0011464452 – ALSGD), an innovative company that develops and markets disposable medical devices designed to make spine surgery safer, reported today its full-year 2016 financial results as approved by the Board of Directors on March 23, 2017.

€ thousands – IFRS Audited   Dec 31, 2016   Dec 31, 2015
Revenue   7 463   6 346
Gross margin   6 354   5 365
Gross margin (% of revenue)   85,1 %   84,5 %
Sales, distribution & marketing 6 643 6 514
Administrative costs 2 049 1 968
Research & Development 1 295 857
Operating profit / (loss)   -3 633   -3 974
Financial Result   -545   96
Net profit / (loss)   -4 178   -3 878
 

Pierre Jérôme, CEO and co-founder of SpineGuard, said: “2016 saw SpineGuard’s sales momentum continue and showed the great potential of our DSG™ technology platform. Our commercial organization keeps delivering double-digit growth via our PediGuard family of smart drilling probes, which we expanded with the successful launch of the PediGuard Threaded. At the same time, our R&D investments for the integration of the DSG technology into implantable devices such as pedicle screws has begun to bear fruit with first surgeries in Europe and FDA clearance early in 2017. The US is a key market for SpineGuard where we keep growing significantly year after year. Our focus on operating expenses also allowed the company to improve its operating result. We will continue to pursue this path as one of our corporate objectives for 2017.”

Operating income improves by 9%

In 2016, SpineGuard reported full-year revenue of €7,463k compared with €6,346k for 2015, an 18% increase both on reported basis and cc. 8,603 PediGuard units were sold compared with 7,449 in 2015, including 4,948 in the United States.

The gross margin improved by nearly €1M and 60 bps at 85.1% compared with the prior year of 84.5%, and remains strong. The improvement year-on-year is the result of a combined stability of average selling prices and more favorable country mix with an improved performance on manufacturing cost despite headwinds on currency vs. prior year.

Operating costs increased by €648k (+7%); mainly due to R&D expenses related to the clearance of both PediGuard Threaded and the DSG™ screw (€438k).

With the combination of an improved gross margin and the control of operating expenses, the operating result improved by +€340 k (or +9%) vs. prior year.

The Company reported a net loss of €4,178k for the full-year 2016 compared with a loss of €3,878k for the full-year 2015, impacted by the increase of financial costs related to lower Fx gains of €114k and an increase of interest on loans by €439k.

Working capital was €955k compared with €-65k for the full-year 2015. The increase is mainly due to the building of the inventory of the new products prior to their commercial launch (PediGuard Threaded and DSG modules for the screw), the anticipation of purchases with our Singapore-based manufacturing partner and the Fx Euro/dollar unfavorable impact on the manufacturing cost.

At December 31, 2016, cash and cash equivalents were €1,804k compared with €3,229k at December 31, 2015. The Company has the possibility under certain conditions to draw a €1.5M tranche of debt with IPF Partners.

2016: Excellent sales momentum and strategic objectives achieved

Sales; marketing and regulatory:

2016 was a year of significant breakthroughs in the United States:

  • Contracts with important hospital systems were either signed or consolidated;
  • A partnership agreement with OrthoPediatrics for the exclusive commercialization of PediGuard® in pediatric hospitals was signed;
  • A commercial agreement with Spartan, which is dedicated to veteran and military institutions;
  • The expansion to 36 spine teaching institutions using DSG-enabled devices in their curriculum;
  • A number of non-stocking distributors growing from 77 to 80;
  • The sales team was reinforced with the hiring of a Sr. Sales Manager for the South region and by repositioning a product specialist in the Northeast region;
  • FDA clearance of the PediGuard Threaded was received in June 2016, with a product launch in October 2016 at the North American Spine Society (NASS) congress.

In the rest of the world, the Company focused on procuring extensive training and marketing support to the network of distributors making significant progress in various markets:

  • PediGuard now used in 50% of the French spine teaching institutions (CHU);
  • more than 800 PediGuard units sold in Saudi Arabia through a tender;
  • over 70 surgeons participated to the PediGuard Threaded workshop at EuroSpine congress in Berlin in October 2016.

Clinical:

Eleven surgeons presented their experience with PediGuard in international scientific conventions and five new clinical studies were initiated:

  • 2 prospective mono-centric studies for the use of PediGuard in minimally invasive surgery in France and United Arab Emirates;
  • 1 retrospective mono-centric study for the PediGuard use in so-called bi-cortical techniques in the US;
  • 1 prospective randomized and mono-centric study comparing PediGuard to navigation in the US;
  • 1 study on specimen about the use of the DSG™ screw with Zavation in the US.

2017 perspectives:

After the FDA clearance in the US early 2017 for the DSG™ screw, SpineGuard intends to:

  • Foster adoption of the DSG™ technology through sustained efforts towards surgeons, distributors, teaching institutions and industrial partners;
  • Sign new deals to expand the commercial penetration of the DSG™-enabled screws;
  • Enlarge the scope of the DSG™ platform to other applications such as Bone Quality Measurement (BQM), combination with robotic, licensing agreements for non-spine (trauma, maxillo facial);
  • Continue to grow sales and improve its operating result.

Next financial press release: First Quarter 2017 revenue, on April 6, 2017.

About SpineGuard®

Co-founded in 2009 in France and the USA by Pierre Jérôme and Stéphane Bette, SpineGuard’s mission is to make spine surgery safer by bringing real-time digital technology into the operating room. Its primary objective is to establish its proprietary DSG™ (Dynamic Surgical Guidance) technology as the global standard of surgical care, starting with safer screw placement in spine surgery and then in other surgeries. PediGuard®, the first device designed using DSG, was co-invented by Maurice Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem, Biomedical Engineer. It is the world’s first and only handheld device capable of alerting surgeons to potential pedicular or vertebral breaches. Over 50,000 surgical procedures have been performed worldwide with DSG enabled devices. Numerous studies published in peer-reviewed medical and scientific journals have demonstrated the multiple benefits that PediGuard delivers to patients, surgical staff and hospitals. SpineGuard is expanding the scope of its DSG platform through strategic partnerships with innovative medical device companies and the development of smart instruments and implants. SpineGuard has offices in San Francisco and Paris. For further information, visit www.spineguard.com.

For further information, visit www.spineguard.com.

Disclaimer

The SpineGuard securities may not be offered or sold in the United States as they have not been and will not be registered under the Securities Act or any United States state securities laws, and SpineGuard does not intend to make a public offer of its securities in the United States. This is an announcement and not a prospectus, and the information contained herein does and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in the United States in which such offer, solicitation or sale would be unlawful prior to registration or exemption from registration.