Month: January 2024

Select Highlights include –

• Net Income of $29.5 million for the year ended December 31, 2023 represents an increase of $5.1 million, or 21.0%, as compared to $24.4 million for the year ended December 31, 2022
• Net interest margin of 3.78% for the year ended December 31, 2023 represents an increase of 26 basis points, or 7.4%, versus the year ended December 31, 2022
• Total Assets grew $198.1 million, or 8.7%, to $2.5 billion at December 31, 2023 as compared to the prior year end
• Total Loans grew $177.6 million, or 11.3%, reaching $1.8 billion at December 31, 2023 versus prior year end
• Total Deposits rose $64.4 million, or 3.3%, reaching $2.0 billion at December 31, 2023 as compared to prior year end
• Book value per share increased $4.78, or 19.5%, reaching $29.26 at December 31, 2023 as compared to $24.48 at December 31, 2022
• Trust and investment advisory income rose $1.0 million, or 11.2%, to $10.3 million, for the year ended December 31, 2023 from $9.3 million for the year ended December 31, 2022.

MIDDLETOWN, NY / ACCESSWIRE / January 31, 2024 / Orange County Bancorp, Inc. (the "Company" – Nasdaq:OBT), parent company of Orange Bank & Trust Co. (the "Bank") and Hudson Valley Investment Advisors, Inc. ("HVIA"), today announced net income of $29.5 million, or $5.24 per basic and diluted share, for the year ended December 31, 2023 as compared to $24.4 million for the year ended December 31, 2022. This represents an increase of 21.0%, or $5.1 million. The increase in full year earnings was the result of continued strong growth in net interest income, including interest income associated with loans and cash balances, as well as a reduction in expense related to provision for credit losses. For the quarter ended December 31, 2023, the Company earned $8.1 million, or $1.44 per basic and diluted share, as compared to $9.1 million, or $1.61 per basic and diluted share, for the quarter ended December 31, 2022. This decrease was primarily due to increased interest expense associated with the rising rate environment during 2023.

Book value per share rose $4.78, or 19.5%, from $24.48 at December 31, 2022 to $29.26 at December 31, 2023. Tangible book value per share also increased $4.84, or 20.8%, from $23.28 at December 31, 2022 to $28.12 at December 31, 2023 (see "Non-GAAP Financial Measure Reconciliation" below for additional detail). These increases were due primarily to earnings growth during the year coupled with a decrease in unrealized losses in the investment portfolio attributed to interest rate changes in the fourth quarter 2023.

"I am very pleased and excited to report record full year earnings for 2023," said Orange Bank President and CEO Michael Gilfeather. "It was an extremely challenging year for the banking sector, with the Federal Reserve’s inflation fighting efforts resulting in four interest rate increases through July, before turning less hawkish. Though economic activity in our operating markets remained strong throughout the year, loan demand was gradually tempered by the rising costs of lending. Throughout the year, we remained laser-focused on our low-cost deposit base, which is closely linked to our cash management services. This attention to account relationships has been a key driver of our business success and market leading net interest margin.

Our management team’s ability to execute on our "trusted advisor" strategy in response to these complex market dynamics laid the foundation for our success in 2023. The combination of experience and execution resulted in record earnings for the year, with net income up $5.1 million, or 21.0%, to $29.5 million primarily due to strong net interest margin and effectively managed growth of loans and deposits.

For the year, total loans grew $177.6 million, or 11.3%, to $1.8 billion at December 31, 2023. Though marginally slower than in prior periods, we intentionally managed loan growth lower in response to elevated market uncertainty. As a result, the average yield on our loan portfolio for full year 2023 rose 92 basis points, or 19.2%, to 5.72% versus 4.80% for the year ended December 31, 2022. As competitors backed away from loan origination, we still seized the opportunity to initiate and further build relationships with some of the region’s most established businesses, strengthening our foundation for long-term, high-quality growth. And with economic activity across our operating regions continuing to remain strong, we are optimistic additional opportunities will continue to present themselves.

On the funding side, total deposits rose $64.4 million, or 3.3%, to $2.0 billion at December 31, 2023 in comparison to year end 2022, despite the challenging rate environment. As a business-focused bank, we have managed liquidity needs and funding costs through FHLB borrowing and brokered deposits. This affords us the ability to better manage long-term funding costs and, in conjunction with our significant non-interest-bearing deposit base, is reflected in our consistently low cost of deposits. Average cost of deposits for the year ended December 31, 2023, stood at 94 basis points, up 73 basis points over 2022. Despite the challenges higher interest rates present in gathering new deposits, we believe our client-centric, business banking model enables us to lessen the impact of higher rates, grow core deposits, and reduce borrowing costs as markets and opportunities allow.

The combination of conservative, high-quality growth in our loan portfolio and higher, but managed deposit costs resulted in net interest margin increasing 26 basis points, or 7.4%, to 3.78% for the full year ended December 31, 2023. Though pleased with these results, we know our ability to increase net interest margin in the face of continued relative high interest rates will remain challenging. We believe, however, our consistently demonstrated ability to manage net interest margin pressure in 2023 reflects the quality and durable nature of our business model.

Our Wealth Management division also showed strong results for the quarter and year, providing the Bank with an additional stream of income ancillary to our core lending business. While outside the traditional bank model, wealth management has become an essential part of our service offering, providing businesses and high net worth individuals expertise that strengthens their relationship with the Bank. For the quarter and full year ended December 31, 2023, trust and investment advisory income rose $466 thousand, or 19.9%, to $2.8 million and $1.0 million, or 11.2%, to $10.3 million, respectively, versus the same quarter and full year ended December 31, 2022.

As previously mentioned, this past year has been one of the most challenging for the banking industry in recent history. This makes our strong quarterly and record full year results all the more impressive. It is the result of unwavering commitment to our clients, knowledge of the markets we serve, and diligent management focus on execution. These allowed us to respond to changing market dynamics, maintain margins and credit quality, and increase profitability. The true test of any business model isn’t just how well it performs in good times, but how well it performs when challenged. I am pleased to report ours performed admirably and again thank our employees for their outstanding efforts, our shareholders for their ongoing support, and our clients for their unwavering trust. Without all three, 2023 would have yielded lesser results."

Fourth Quarter and Full Year 2023 Financial Review

Net Income

Net income for the fourth quarter of 2023 was $8.1 million, a decrease of $948 thousand, or 10.5%, from net income of $9.1 million for the fourth quarter of 2022. This decrease represents a combination of lower net interest income and increased noninterest expenses versus the same quarter last year. Net income for the twelve months ended December 31, 2023 was $29.5 million as compared to $24.4 million for 2022.

Net Interest Income

For the three months ended December 31, 2023, net interest income fell $676 thousand, or 3.0%, to $22.2 million, versus $22.8 million during the same period last year. Although total interest income rose, the decrease was driven primarily by a $6.6 million increase in interest expense related to deposit and borrowing costs in the current period. For the year ended December 31, 2023, net interest income increased $10.3 million, or 13.2%, over the year ended December 31, 2022.

Total interest income rose $5.9 million, or 23.2%, to $31.6 million for the three months ended December 31, 2023, compared to $25.6 million for the three months ended December 31, 2022. The increase reflected 23.1% growth in interest and fees associated with loans, a 0.5% increase in income from taxable investment securities, and a 132.6% increase in income related to fed funds interest and balances held at correspondent banks. For the year ended December 31, 2023, total interest income rose $33.6 million, or 39.8%, to $117.8 million as compared to $84.2 million for the year ended December 31, 2022.

Total interest expense increased $6.6 million during the fourth quarter of 2023, to $9.4 million, as compared to $2.8 million in the fourth quarter of 2022. The increase represented the continued impact of rising interest rates and higher cost FHLB borrowings and brokered deposits as alternate sources of funding. Interest expense from FHLB advances during the current quarter totaled $2.6 million as compared to $599 thousand during the fourth quarter of 2022. Interest expense related to brokered deposits totaled $2.4 million during the fourth quarter of 2023 as compared to $108 thousand during the fourth quarter of 2022. Interest expense associated with savings and NOW accounts totaled $4.1 million during the fourth quarter of 2023 as compared to $1.8 million during the fourth quarter of 2022. During the year ended December 31, 2023, total interest expense rose $23.2 million, to $29.4 million, as compared to $6.1 million for last year.

Provision for Credit Losses

As of January 1, 2023, the Company adopted the current expected credit losses methodology ("CECL") accounting standard, which includes loans individually evaluated, as well as loans evaluated on a pooled basis to assess the adequacy of the allowance for credit losses. The Bank seeks to estimate lifetime losses in its loan and investment portfolio by using expected discounted cash flows and supplemental qualitative considerations, including relevant economic considerations, portfolio concentrations, and other external factors, as well as evaluating investment securities held by the Bank.

The Company recognized a provision for credit losses of $462 thousand for the three months ended December 31, 2023, as compared to $1.0 million for the three months ended December 31, 2022. This decrease reflects the impact of the methodology associated with estimated lifetime losses and types of loans closed during the quarter. The allowance for credit losses to total loans was 1.44% as of December 31, 2023 versus 1.39% as of December 31, 2022. For the year ended December 31, 2023, the provision for credit losses totaled $7.9 million, as compared to $9.5 million for the year ended December 31, 2022. The 2023 provision includes the effect of a $5 million reserve associated with the write-off of an investment in Signature Bank subordinated debt. No additional reserves for investment securities were recorded during 2023.

Non-Interest Income

Non-interest income rose $662 thousand, or 21.5%, to $3.7 million for the three months ended December 31, 2023 as compared to $3.1 million for the three months ended December 31, 2022. This growth was related to increased fee income within each of the Company’s fee income categories, including investment advisory, trust, and service charges on deposit accounts. For the year ended December 31, 2023, non-interest income increased approximately $1.4 million, to $13.4 million, as compared to $12.0 million for the year ended December 31, 2022.

Non-Interest Expense

Non-interest expense was $14.7 million for the fourth quarter of 2023, reflecting an increase of $1.4 million, or 10.1%, as compared to $13.4 million for the same period in 2022. The increase in non-interest expense for the current three-month period was the result of continued investment in Company growth. This investment consists primarily of increases in compensation, occupancy, information technology, and deposit insurance costs. Our efficiency ratio increased to 56.9% for the three months ended December 31, 2023, from 51.7% for the same period in 2022. For the year ended December 31, 2023, our efficiency ratio remained level at 55.8% as compared to year end 2022. Non-interest expense for the year ended December 31, 2023 reached $56.8 million, reflecting a $6.5 million increase over non-interest expense of $50.3 million for the year ended December 31, 2022.

Income Tax Expense

Provision for income taxes for the three months ended December 31, 2023 was $2.6 million, compared to $2.5 million for the same period in 2022. The increase was directly related to required provisions associated with the company’s earnings for the quarter. For the year ended December 31, 2023, the provision for income taxes was $7.7 million, as compared to $5.9 million for the year ended December 31, 2022. Our effective tax rate for the three-month period ended December 31, 2023 was 24.1%, as compared to 21.3% for the same period in 2022. Our effective tax rate for the year ended December 31, 2023 was 20.7%, as compared to 19.5% for 2022.

Financial Condition

Total consolidated assets increased $198.1 million, or 8.7%, from $2.3 billion at December 31, 2022 to $2.5 billion at December 31, 2023. The increase reflected continued growth in loans, deposits, and cash during the year.

Total cash and due from banks increased from $86.1 million at December 31, 2022, to $147.4 million at December 31, 2023, an increase of approximately $61.3 million, or 71.2%. This increase resulted primarily from increases in deposit balances and borrowings. The increase in borrowings reflected a strategic decision to bolster and maintain higher cash levels during 2023.

Total investment securities fell $38.6 million, or 7.1%, from $543.0 million at December 31, 2022 to $504.5 million at December 31, 2023. The decrease represented a combination of investment maturities and sales, changes in fair value, and a write-off associated with Signature Bank subordinated debt resulting from that bank’s failure during the first three months of 2023.

Total loans increased $177.6 million, or 11.3%, from $1.6 billion at December 31, 2022 to $1.8 billion at December 31, 2023. The increase was due primarily to $161.3 million of commercial real estate loan growth and $14.7 million of commercial and industrial loan growth. PPP loans decreased to $215 thousand at December 31, 2023 from $1.7 million at December 31, 2022.

Total deposits increased $64.4 million, to $2.0 billion at December 31, 2023 from approximately $2.0 billion at December 31, 2022. This increase was due primarily to $140.1 million of growth in time deposits associated with brokered deposits which the Bank utilized to increase cash balances and support loan growth during the year. Deposit composition at December 31, 2023 included 49.3% in demand deposit accounts (including NOW accounts). Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 37% of total deposits at December 31, 2023, as compared to 43% of total deposits at December 31, 2022.

Stockholders’ equity increased $27.2 million, or 19.7%, to $165.4 million at December 31, 2023 from $138.1 million at December 31, 2022. The increase was due primarily to $29.5 million of net income during 2023 and an approximately $4.1 million decrease in unrealized losses on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) ("AOCI"), net of taxes.

At December 31, 2023, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital-to-average-assets ratio was 9.42%, both common equity and Tier 1 capital-to-risk-weighted-assets were 12.91%, and total-capital-to-risk-weighted-assets was 14.16%.

Wealth Management

At December 31, 2023, our Wealth Management Division, which includes trust and investment advisory, totaled approximately $1.6 billion in assets under management or advisory as compared to approximately $1.3 billion at December 31, 2022, reflecting an increase of approximately 24.2%. Trust and investment advisory income for the year ended December 31, 2023 totaled $10.3 million and represented an increase of approximately 11.2%, or $1.0 million, as compared to $9.3 million for year ended December 31, 2022.

The breakdown of trust and investment advisory assets as of December 31, 2023 and December 31, 2022, respectively, is as follows:

Loan Quality

At December 31, 2023, the Bank had total non-performing loans of $4.4 million, or 0.25% of total loans. Total non-accrual loans represented approximately $4.4 million of loans at December 31, 2023, compared to $6.1 million at December 31, 2022.

Liquidity

Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $100,000, brokered deposits, FHLBNY advances, and other borrowings. As of December 31, 2023, the Bank’s cash and due from banks totaled $147.4 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of December 31, 2023, the Bank’s investment in securities available for sale was $490.0 million, of which $135.7 million was not pledged as collateral. Additionally as of December 31, 2023, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $613.6 million, of which $108.0 million was used to collateralize municipal deposits and $234.5 million was utilized for overnight and long term FHLBNY advances. As of December 31, 2023, the Bank’s unused borrowing capacity at the FHLBNY was $271.1 million. The Bank also maintains additional borrowing capacity of $25 million with other correspondent banks. Additional funding is available to the Bank through the Bank Term Funding Program ("BTFP") and discount window lending by the Federal Reserve. The Bank maintains approximately $102.2 million of collateral under the BTFP but did not utilize this funding source during 2023. The BTFP will expire in March 2024 and no longer be an additional source of funding.

The Bank also considers brokered deposits an element of its deposit strategy. As of December 31, 2023, the Bank had brokered deposit arrangements with various terms totaling $172.4 million.

About Orange County Bancorp, Inc.

Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.5 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

Forward Looking Statements
Certain statements contained herein are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, the continuing effects of the COVID-19 pandemic, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

For further information:
Michael Lesler
EVP & Chief Financial Officer
mlesler@orangebanktrust.com
Phone: (845) 341-5111

SOURCE: Orange County Bancorp, Inc.

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New webinar featuring ARIA Cybersecurity and former Pfizer security architect addresses OT cybersecurity risks faced by manufacturers

BOSTON, MA / ACCESSWIRE / January 31, 2024 / ARIA Cybersecurity Solutions, a CSPi business (NASDAQ:CSPI), has warned of the rapidly escalating cybersecurity risks facing companies with operational technology (OT) in the manufacturing sector. In a new webinar, "How to Safeguard Your OT Environment", Gary Southwell, chief executive of ARIA Cybersecurity is joined by Jim LaBonty, formerly Global Head of Automation Engineering at Pfizer Inc. They discuss how current passive and active cloud-based cybersecurity solutions are failing to guard against a new era of AI-enabled attacks-creating substantial financial, regulatory, and reputational risks in manufacturing sectors such as pharmaceuticals.

The webinar, which occurred on January 24, 2024, demonstrates how ARIA Cybersecurity’s breakthrough solution for protecting OT environments, AZT (ARIA ZERO TRUST) PROTECT, would stop the SolarWinds attack and other recent high-profile attacks on critical infrastructure where existing defences have failed.

"ARIA’s AZT PROTECT deploys quickly, requires no rebooting, and supports the legacy operating systems common in the pharma industry," notes Jim LaBonty. "It automatically protects their production applications and operating systems without the need for security patches."

The webinar covers:

• Why today’s cybersecurity solutions need to be augmented in the OT world. Passive solutions are required but are unable to stop zero-day and sophisticated attacks, while cloud-based next-generation antivirus (NGAV) solutions, imported from the IT world, are proving insufficient to protect complex OT environments from the sophisticated attacks. This is leaving OT open to supply chain-based attacks, sophisticated intrusions, and application-level attacks.
• Why constant patching is unsustainable and ineffective? Patching is the only current defense against application-level exploits , but patching disrupts production and only guards against known common vulnerabilities and exposures (CVEs). As patches are only available for less than half the known CVEs at any point in time, and cannot address unpublished exposures, this large unpatched surface is leaving OT production applications highly exposed.
• Why the SolarWinds attack was a watershed moment. Existing IT/OT protections were powerless to stop the havoc caused across the SolarWinds supply chain in 2020. Software-based supply chain attacks of this nature have proliferated in the period since, now running at around 700 per year.
• How "Dark AI" is being harnessed to exploit new vulnerabilities at great speed. Sophisticated attackers are using so-called "Dark AI" to rapidly iterate the indicators of compromise (IOCs) within their cyberattacks, allowing them to become polymorphic and able to bypass NGAV defenses.
• Why OT cybersecurity defenses must prepare for the unknown. For example, security researchers recently highlighted a set of completely new process injection techniques targeting the Windows OS. These were found to be fully undetectable when tested against five of the leading cloud based NGAV solutions. By contrast, AZT PROTECT stops them all out-of-the box, without requiring updates.

Launched in July 2023, AZT PROTECT is being deployed in industrial settings that use OT to manage production infrastructure supporting functions such as energy, utilities, manufacturing, and distribution. A major Fortune-500 chemical manufacturer recently rolled out AZT PROTECT to protect its critical production applications. The solution is also being deployed by a western intelligence agency to protect its critical intelligence gathering and analysis operations from cyberattack.

Unlike leading NGAV and endpoint detection response (EDR) solutions, AZT PROTECT is custom-built for OT environments, offering protection against the most advanced zero-day and supply chain attacks, without the need for daily cloud updates and constant security patching. It reduces the risk of application vulnerability exploits to near zero by neutralizing attacks in real time before they cause harm, using a revolutionary AI-driven patented technique for analyzing executable code, scripts, and processes.

"Our latest webinar explores the challenges of securing OT environments such as the production floors of pharmaceuticals, which typically feature legacy OS equipment, limited computing capacity, and cannot be taken offline monthly," says Gary Southwell. "Existing solutions are proven to not fully protect these valuable OT assets from a new style of cyberattack, as well as being complex to deploy and update. AZT PROTECT is the perfect complement to these existing defenses; it is up and running within minutes, requires no staff training or expertise, and provides protection against all forms of cyberattack, both known and unknown."

To access the full webinar, please visit:

https://info.ariacybersecurity.com/webinar-safeguard-ot-environments

ABOUT ARIA CYBERSECURITY SOLUTIONS

ARIA Cybersecurity Solutions, a business of CSPi Inc., recognizes that better, stronger, more effective cybersecurity starts with a smarter approach. Our solutions provide new ways for organizations to protect their most critical assets-they can shield their critical applications from attack with our AZT solution, while monitoring internal traffic, device-level logs, and alert output with our ARIA ADR solution to substantially improve threat detection and surgically disrupt cyberattacks and data exfiltration. Customers in a range of industries rely on our solutions to accelerate incident response, automate breach detection, and protect their most critical assets and applications-no matter where they are stored, used, or accessed. Learn more at ARIACybersecurity.com

CONTACT:

ARIA Cybersecurity Media Contact
Gary Southwell
info@ariacybersecurity.com

SOURCE: CSP Inc.

View the original press release on accesswire.com

OTTAWA, ON / ACCESSWIRE / January 31, 2024 / Braille Energy Systems Inc. (formerly Mincom Capital Inc.) (TSXV:BES) ("BESI" or the "Company") is pleased to provide the following updates on its operations and business activities:

Braille Battery Inc.

BESI’s subsidiary Braille Battery Inc. (Sarasota, FL) reports that significant technical and operational requirements for expansion activities into European markets were completed in 2023 and revenue activities in the European market are now expected to begin with the spring/summer 2024 performance racing season. In the last few months of 2023, Braille Battery developed two new industry-leading battery capacity products designed to meet the needs of the important and growing powersports market. These products, which will be available to consumers starting in February 2024, broaden Braille’s product offering in this space and complement its successful G30H product. As these new higher capacity products provide a solution that is not currently available with lithium batteries, Braille expects them to be met with widespread demand in the US market.

Meanwhile, Braille’s G30H product has been selected and utilized by the factory race team for the largest powersports manufacturing company in the US.

"2023 was a dynamic year for Braille Battery as it focused on investments in operations and targeted new verticals, including the powersports market, and partnerships with OEMs," said Lindsay Weatherdon, President and CEO of BESI. "In addition, the company is in discussions with a number of organizations to provide contract manufacturing lithium battery solutions."

Braille Energy

BESI’s ELECTRAFY RESIDENTIAL AND INDUSTRIAL BACK-UP POWER SYSTEM (Electrafy) is in the commercial selling phase, with active discussions taking place with key partners to bring Electrafy to the North American market. The company has achieved another milestone with its first test installation of an Electrafy System in a Canadian residence that was approved and certified by the local authorities.

"Having our first Electrafy System installed, operating, and approved by the authorities is a major accomplishment for our company and opens the door to expanding to other provincial jurisdictions and the US," said Mr. Weatherdon. "We are booking orders in Q1 ’24 for delivery in Q2 ’24."

Early Alert^tm Lithium Battery Fire Detection System: Early Alert, formerly FireBulb, addresses the safety issues related to lithium battery fires that have caused widespread concern as the adoption of lithium battery technology grows. Early Alert is now in the final stages of its commercial development, and the Company plans to launch its first product focused on electric bikes and scooters by Fall 2024.

"Instances of E-bike and E-scooter lithium battery fires are well documented and, in some cases, have led to the destruction of property when stored and charged within homes and apartment buildings," said Mr. Weatherdon. "We are pleased that we will soon be able to offer a proven system that can detect potential fires related to these battery applications. We also plan to develop and launch additional versions of Early Alert for various other lithium battery applications, including industrial lithium battery applications, in the near future."

About Braille Energy Systems Inc.

Braille Energy Systems Inc. holds an 89.95% equity interest in Braille Holdings Inc., which holds a 100% equity interest in Braille Battery Inc. Braille Battery is an established battery-manufacturing and energy storage company supplying batteries to the professional motor sports industry and the pioneer of a complete line of lightweight high powered battery systems for the transportation market. Braille Energy Systems (BESI) will expand its market penetration into a wider range of market segments that require lightweight, high-performing energy solutions, using the most scientifically advanced materials. For additional information about BESI and Braille Battery products, please visit our website at www.brailleenergy.com or www.braillebattery.com.

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.

This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.

Braille Energy Systems Inc. Investor Contacts

Kimberly Darlington
Communications, Braille Energy Systems Inc
kimberly@refinedsubstance.com

Judith Mazvihwa-MacLean
CFO
(613) 581-4040
jmazvihwa@grafoid.com

SOURCE: Braille Energy Systems Inc.

View the original press release on accesswire.com

NEW YORK, NY / ACCESSWIRE / January 31, 2024 / Ares Capital Corporation ("Ares Capital" or the "Company") (NASDAQ:ARCC) announced today the tax treatment of the Company’s 2023 common stock distributions (CUSIP #: 04010L103).

Record Date	Payable Date	Total Paid Per Share	Ordinary Income Per Share		Long Term Capital Gains per Share (2)	Interest – Related Dividends (3)
			Ordinary Rate	20% Rate (1)
3/15/2023	3/31/2023	$0.4800	$0.47257	$0.00743	$0.0000	76.8425%
6/15/2023	6/30/2023	$0.4800	$ 0.47257	$0. 00743	$0.0000	76.8425%
9/15/2023	9/29/2023	$0.4800	$0.47257	$0. 00743	$0.0000	76.8425%
12/15/2023	12/28/2023	$0.4800	$. 0.46847	$0. 00736	$0.00417	90.9876%
		$1. 9200	$1.88618	$0.02965	$0.00417
% of Total Dividends Paid Per Share		100.0000%	98.238542%	1.544270%	.217188%

1. The Company hereby designates these distributions as amounts eligible for treatment as qualified dividend income in accordance with IRC section 854(b) as well as eligible for the dividends received deduction available to certain U.S. domestic corporations.
2. No portion of the Company’s distributions is designated as an amount eligible for treatment as a capital gain dividend in accordance with IRC sections 852(b)(3) and 854(a).
3. The Company hereby designates the above percentages of each of the total dividends by payment date as "interest-related dividends" within the meaning of IRC section 871(k).

This press release is not intended to constitute tax, legal, investment, or other professional advice. This is general information and should not be relied upon for tax purposes. Stockholders should consult their tax advisor for tax guidance pertinent to specific facts and circumstances.

ABOUT ARES CAPITAL CORPORATION

Founded in 2004, Ares Capital is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital’s objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which often leads to economic growth and employment. Ares Capital believes its loans and other investments in these companies can generate attractive levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company ("BDC") and is the largest publicly traded BDC by market capitalization as of December 31, 2023. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE:ARES), a publicly traded, leading global alternativeinvestment manager. For more information about Ares Capital, visit www.arescapitalcorp.com.

FORWARD-LOOKING STATEMENTS

Statements included herein or on the webcast/conference call may constitute "forward-looking statements," which relate to future events or Ares Capital’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital’s filings with the Securities and Exchange Commission. Ares Capital undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

CONTACT:

Ares Capital Corporation
Carl G. Drake
John Stilmar
888-818-5298

SOURCE: Ares Capital Corporation

View the original press release on accesswire.com

NEW YORK, NY / ACCESSWIRE / January 31, 2024 / Ares Commercial Real Estate Corporation (NYSE:ACRE) (the "Company") today announced the 2023 tax treatment for the Company’s common stock distributions (CUSIP # 04013V-10-8).

Form 1099
Reference:						(Box 1a+2a)			Box 1a			Box 1b			Box 2a			Box 2b			Box 5
Record Date	Payment Date		Cash Distribution Per Share			Distribution Allocable to 2023			Taxable Ordinary Dividends			Taxable Qualified Dividends(1)			Total Capital Gain Distribution			Unrecaptured Section 1250 Gain(2)			Section 199A Dividends(1)
12/30/2022	1/18/2023		$	0.3500	(3)	$	0.0000		$	0.0000		$	0.0000		$	0.0000		$	0.0000		$	0.0000
3/31/2023	4/18/2023		$	0.3500		$	0.3500		$	0.3500		$	0.0007		$	0.0000		$	0.0000		$	0.3493
6/30/2023	7/18/2023		$	0.3500		$	0.3500		$	0.3500		$	0.0007		$	0.0000		$	0.0000		$	0.3493
9/29/2023	10/17/2023		$	0.3300		$	0.3300		$	0.3300		$	0.0007		$	0.0000		$	0.0000		$	0.3293
12/29/2023	1/17/2024		$	0.3300	(4)	$	0.3300		$	0.3300		$	0.0007		$	0.0000		$	0.0000		$	0.3293
Totals						$	1.3600		$	1.3600		$	0.0028		$	0.0000		$	0.0000		$	1.3572

1. Boxes 1b and 5 are subsets of, and included in, Box 1a
2. Box 2b is a subset of, and included in, Box 2a
3. The entire distribution of $0.3500 per share was treated as taxable in 2022 pursuant to Section 857(b)(9) of the Internal Revenue Code
4. The entire distribution of $0.3300 per share is treated as taxable in 2023 pursuant to Section 857(b)(9) of the Internal Revenue Code

The amounts indicated above are not classified as excess inclusion income. Stockholders are encouraged to consult with their own tax advisors as to their specific tax treatment of the Company’s distributions.

About Ares Commercial Real Estate Corporation

Ares Commercial Real Estate Corporation (the "Company") is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. The Company originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management Corporation. For more information, please visit www.arescre.com. The contents of such website are not, and should not be deemed to be, incorporated by reference herein.

Investor Relations:

Ares Commercial Real Estate Corporation
Carl Drake or John Stilmar
888-818-5298
iracre@aresmgmt.com

SOURCE: Ares Commercial Real Estate

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AUSTIN, TX / ACCESSWIRE / January 31, 2024 / Volcon Inc. (NASDAQ:VLCN), ("Volcon" or the "Company"), the first all-electric, off-road powersports company, today announced that it filed an amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-45 reverse stock split of its common stock. The reverse stock split will take effect at 11:59 pm (Eastern Time) on February 2, 2024, and the Company’s common stock will open for trading on The Nasdaq Capital Market on February 5, 2024 on a post-split basis, under the existing ticker symbol "VLCN" but with a new CUSIP number 92864V301.

As a result of the reverse stock split, every forty-five shares of the Company’s common stock issued and outstanding prior to the opening of trading on February 5, 2024 will be consolidated into one issued and outstanding share, with no change in the nominal par value per share of $0.00001. No fractional shares will be issued as a result of the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share will be entitled to the rounding up of the fractional share to the nearest whole number.

As a result of the reverse stock split, the number of shares of common stock outstanding will be reduced from approximately 52.5 million shares to approximately 1.2 million shares, and the number of authorized shares of common stock will remain at 250 million shares. In addition, the number of shares reserved for issuance under the Company’s equity compensation plan immediately prior to the reverse stock split will be reduced proportionately.

About Volcon

Based in the Austin, Texas area, Volcon was founded as the first all-electric power sports company producing high-quality and sustainable electric vehicles for the outdoor community. Volcon electric vehicles are the future of off-roading, not only because of their environmental benefits but also because of their near-silent operation, which allows for a more immersive outdoor experience.

Volcon’s vehicle roadmap includes both motorcycles and UTVs. Its first product, the innovative Grunt, began shipping to customers in late 2021 and combines a fat-tired physique with high-torque electric power and a near-silent drive train. The Volcon Grunt EVO, an evolution of the original Grunt with a belt drive, an improved suspension, and seat, began shipping to customers in October 2023. Volcon will also offer the Runt LT, a fun-sized version of the groundbreaking Grunt, better suited for small-statured riders, more compact properties and trails, or as a pit bike at race events, while still delivering robust off-road capabilities. The Brat is Volcon’s first foray into the wildly popular eBike market for both on-road and off-road riding and is currently being delivered to dealers across North America. Volcon is also currently delivering the Volcon Youth Line of dirt bikes for younger riders between the ages of 4 to 11. Volcon debuted the Stag in July 2022 and entered the rapidly expanding UTV market and previously announced that it expects to begin shipping the Stag to customers in the fourth quarter of 2023, which has been delayed as noted above. The Stag empowers the driver to explore the outdoors in a new and unique way that gas-powered UTVs cannot. The Stag offers the same thrilling performance of a standard UTV without the noise (or pollution), allowing the driver to explore the outdoors with all their senses.

Volcon Contacts

For Media: media@volcon.com
For Dealers: dealers@volcon.com
For Investors: investors@volcon.com
For Marketing: marketing@volcon.com
For more information on Volcon or to learn more about its complete motorcycle and side-by-side line-up, visit: www.volcon.com

Forward-Looking Statements

Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the timing and completion of the reverse split, when the Company can begin production of the Stag, and whether production of the Runt LT will occur. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website, www.sec.gov.

SOURCE: Volcon ePowersports, Inc.

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