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AMESBURY, Mass. , Dec. 2, 2024 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") PVBC , the holding company for BankProv (the "Bank"), today announced that its Board of Directors has adopted a new stock repurchase program. Under the repurchase program, the Company may repurchase up to 883,366 shares of its common stock, or approximately five percent of the current outstanding shares. The repurchase program was adopted following the receipt of non-objection from the Federal Reserve Bank of Boston . The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b -18 of the Securities and Exchange Commission and other applicable legal requirements. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares. About Provident Bancorp, Inc. Provident Bancorp, Inc. PVBC is the holding company for BankProv, a full-service commercial bank headquartered in Massachusetts . With retail branches in the Seacoast Region of Northeastern Massachusetts and New Hampshire , as well as commercial banking offices in the Manchester / Concord market in Central New Hampshire , BankProv delivers a unique combination of traditional banking services and innovative financial solutions to its markets. Founded in Amesbury, Massachusetts in 1828, BankProv holds the honor of being the 10th oldest bank in the nation. The Bank insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com. Forward-Looking Statements This news release may contain certain forward-looking statements, such as statements of the Company's or the Bank's plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as, "expects," "subject," "believe," "will," "intends," "may," "will be" or "would." These statements are subject to change based on various important factors (some of which are beyond the Company's or the Bank's control), and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management's analysis of factors only as of the date on which they are given). These factors include: general economic conditions; interest rates; inflation; levels of unemployment; legislative, regulatory and accounting changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve Bank; deposit flows; our ability to access cost-effective funding; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; changes in consumer spending, borrowing and savings habits; competition; our ability to successfully shift the balance sheet to that of a traditional community bank; real estate values in the market area; loan demand; the adequacy of our level and methodology for calculating our allowance for credit losses; changes in the quality of our loan and securities portfolios; the ability of our borrowers to repay their loans; our ability to retain key employees; failures or breaches of our IT systems, including cyberattacks; the failure to maintain current technologies; the ability of the Company or the Bank to effectively manage its growth; global and national war and terrorism; the impact of the COVID-19 pandemic or any other pandemic on our operations and financial results and those of our customers; and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents that the Company files from time to time with the Securities and Exchange Commission, including Annual and Quarterly Reports on Forms 10-K and 10-Q, and Current Reports on Form 8-K. Investor contact: Joseph Reilly President and Chief Executive Officer Provident Bancorp, Inc. jreilly@bankprov.com View original content to download multimedia: https://www.prnewswire.com/news-releases/provident-bancorp-inc-adopts-stock-repurchase-program-302320082.html SOURCE Provident Bancorp, Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.None
Cohen & Steers executive vice president sells $712,462 in stock
(BPT) - Has it been a while since you purchased a new TV? You might be surprised by how far TV technology has come since you bought your last set! Today's smart televisions offer dramatic improvements in picture quality and home screens that are far easier to navigate. Plus, they come with a host of cool features like voice control that you may not even know about. It's time to discover what you've been missing — and if you're asking yourself where to start, the Fire TV Buyer Insights Report can help. This independent study surveyed over 2,000 recent purchasers of smart TVs to learn everything from where they did their product research to why they decided to buy. With the holidays almost upon us, the insights in this report can help guide you as you kick off your seasonal shopping. Whether you're buying a gift, hosting a holiday gathering or looking for the perfect game-day screen, read on to find the best TV for your needs. How do you find the right TV? Here's how recent purchasers did it. When it comes to buying a new TV, there are several factors you'll want to consider, starting with who's going to be using it. The study found that spouses (36%), kids (13%), and even grandparents (1%) were involved in the purchase process, so be sure to keep your home's audience in mind. Beyond that, you'll also want to think about: Room size Smart TVs range in size from a 32-inch screen all the way up to a whopping 100 inches or more. To determine the right screen size for your room, follow this guideline: Small rooms: 32"–43" screen Medium rooms: 43"–55" screen Large rooms: 55+" screen As for viewing distance, divide the screen's diameter by 8 to get the ideal viewing distance in feet. For example, a 32-inch screen should be watched from about 4 feet away, while you'll want to be about 8 feet away from a 65-inch screen. Usage How you plan to use your new TV should play a large part in your decision-making process. If you're always looking for the latest show or movie to watch, your smart TV should offer optimal access to the latest streaming services. Gamers will experience better play on a TV with a high refresh rate, while sports enthusiasts will want to watch the big game on a set with smooth motion handling. Connected TV experience One of the most important considerations is how you'll use TV. In the study, 83% of TV purchasers said that easy access to content was one of the things they liked best about their new TV. But beyond being an all-in-one source for entertainment, your smart TV should also play well with other smart home devices. For instance, Fire TV allows you to pair compatible devices seamlessly like video doorbells, smart home devices, and more. And with select models, Fire TV's Ambient Experience can turn the biggest screen in your home into a beautiful, always-on smart display rotating through beautiful art, personal photos, and glanceable information like calendars and reminders. Knowledge is power Before you land on the perfect TV, you'll need to do a little research first. The study found that only 12% of shoppers bought their TV on an impulse, while 65% engaged in some form of product research. Most (82%) respondents conducted some or all of their research online for instant access to smart TV reviews and feature comparisons. In fact, over half of respondents who searched online mentioned digital retailers like Amazon as a great source for honest ratings and buyer reviews. Timing is everything According to the study, the time from research to purchase takes about two weeks, so plan ahead — especially if you're thinking about giving a TV as a holiday gift. There are also some great deals available during this time of year, so keep an eye out for sales and promotional offers. The big picture A new TV is a big purchase, so don't make it an impulsive one. Take the time to do your research and remember that everyone takes a different path to finding the perfect TV. Whether your search begins online, offline, or with a mix of both, it will end with a next-level viewing experience that's just right for the way you watch.None
NEW YORK (AP) — U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far. The S&P 500 edged up by 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average slipped 76 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier. AT&T rose 4.6% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 8%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla sank 1.6% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. All told, the S&P 500 rose 2.73 points to 6,049.88. The Dow fell 76.47 to 44,705.53, and the Nasdaq composite gained 76.96 to 19,480.91. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could remain out of a recession that many investors had earlier worried was inevitable. The yield on the 10-year Treasury rose to 4.23% from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump’s preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group. Lower rates can give the economy more juice, but they can also give inflation more fuel. The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October. Based on trading in the options market, Friday’s jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital. In financial markets abroad, the value of South Korea’s currency fell 1.1% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he’d lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.6% drop for SK Telecom. Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs , including for goods coming from China . Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications. The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China. In China, stock indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy. In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris , where the government is battling over the budget. AP Business Writers Yuri Kageyama and Matt Ott contributed.SAO PAULO (AP) — Brazil’s federal police on Thursday formally accused former President Jair Bolsonaro and 36 other people of attempting a coup to keep him in office after his defeat in the 2022 elections. Police said their sealed findings were being delivered Thursday to Brazil’s Supreme Court, which will refer them to Prosecutor-General Paulo Gonet, who decides either to formally charge Bolsonaro and put him on trial, or toss the investigation. Bolsonaro told the website Metropoles that he was waiting for his lawyer to review the accusation, reportedly about 700 pages long. But he said he would fight the case and dismissed the investigation as being the result of “creativity.” The former right-wing president has denied all claims he tried to stay in office after his narrow electoral defeat in 2022 to his rival, leftist President Luiz Inácio Lula da Silva. Bolsonaro has faced a series of legal threats since then. Police said in a brief statement that the Supreme Court had agreed to reveal the names of all 37 people who were accused “to avoid the dissemination of incorrect news.” Dozens of former and current Bolsonaro aides also were accused, including Gen. Walter Braga Netto, who was his running mate in the 2022 campaign; former Army commander Gen. Paulo Sérgio Nogueira de Oliveira; Valdemar Costa Neto, the chairman of Bolsonaro’s Liberal Party; and his veteran former adviser, Gen. Augusto Heleno. Other investigations produced formal accusations of Bolsonaro’s roles in smuggling diamond jewelry into Brazil without properly declaring them and in directing a subordinate to falsify his and others’ COVID-19 vaccination statuses. Bolsonaro has denied any involvement in either. Another probe found that he had abused his authority to cast doubt on the country’s voting system, and judges barred him from running again until 2030. Still, he has insisted that he will run in 2026, and many in his orbit were heartened by the recent U.S. election win of Donald Trump, despite his own swirling legal threats. But the far-reaching investigations already have weakened Bolsonaro’s status as a leader of Brazil’s right wing, said Carlos Melo, a political science professor at Insper University in Sao Paulo. “Bolsonaro is already barred from running in the 2026 elections,” Melo told the The Associated Press. “And if he is convicted he could also be jailed by then. To avoid being behind bars, he will have to convince Supreme Court justices that he has nothing to do with a plot that involves dozens of his aides. That’s a very tall order,” Melo said. A formal accusation of an attempted coup means the investigation has gathered indications of “a crime and its author,” said Eloísa Machado de Almeida, a law professor at Getulio Vargas Foundation, a university in Sao Paulo. She said she believed there was enough legal grounds for the prosecutor-general to file charges. Bolsonaro’s allies in Congress have been negotiating a bill to pardon individuals who stormed the Brazilian capital and rioted on Jan. 8, 2023 in a failed attempt to keep the former president in power. Analysts have speculated that lawmakers want to extend the legislation to cover the former president himself. However, efforts to push a broad amnesty bill may be “politically challenging” given recent attacks on the judiciary and details emerging in investigations, Machado said. On Tuesday, Federal Police arrested four military and a Federal Police officer, accused of plotting to assassinate Lula and Supreme Court Justice Alexandre de Moraes as a means to overthrow the government following the 2022 elections. And last week, a man carried out a bomb attack in the capital Brasilia . He attempted to enter the Supreme Court and threw explosives outside, killing himself.
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Alabama A&M fires football coach Connell Maynor after 7 seasonsLondon, United Kingdom, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Tavia Acquisition Corp. (the “Company”) announced today the pricing of its initial public offering of 10,000,000 units, at a price of $10.00 per unit. The units are expected to commence trading on December 4, 2024 on the Nasdaq Global Market under the symbol “TAVIU.” The Company is strategically focused on sectors pivotal to advancing sustainability and innovation, including energy transition and critical materials, circular economy initiatives, and innovative agricultural and food technologies. Each unit consists of one ordinary share and one right entitling the holder thereof to receive one-tenth of one ordinary share upon the completion of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on the Nasdaq Global Market under the symbols “TAVI” and “TAVIR,” respectively. EarlyBirdCapital, Inc. is serving as the sole book-running manager of the offering. The underwriters have been granted a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on or about December 5, 2024, subject to customary closing conditions. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission (the “SEC”) on December 3, 2024. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting EarlyBirdCapital, Inc. at 366 Madison Avenue, 8th Floor, New York, New York 10017, Attention: Syndicate Department, by telephone at 212-661-0200. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Tavia Acquisition Corp. Tavia Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, or reorganization or engaging in any other similar business combination with one or more businesses or entities. The Company is led by Chief Executive Officer Kanat Mynzhanov and Chief Financial Officer Askar Mametov, along with independent directors, Christophe Charlier, Darrell Mays, and Marsha Kutkevich. The Company’s team brings substantial expertise in deal sourcing, investing, and operations. The Company may pursue a business combination with a target in any industry or geographic location it chooses, although it intends to primarily direct its attention on target businesses in North America and Europe focused on energy transition, the circular economy, and food technologies. The Company believes these areas are critical to addressing environmental challenges, demographic shifts, and the transition towards sustainable practices. Forward-Looking Statements This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the initial public offering and the anticipated use of the proceeds thereof, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in the risk factors section of the registration statement and preliminary prospectus for the Company’s initial public offering. Copies of these documents can be accessed through the SEC’s website at www.sec.gov . No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law. Media Contact: Tavia Acquisition Corp. info@tavia.co
Eagles WR DeVonta Smith (hamstring) ruled out vs. Rams
RACHEL Reeves will today call for a “businesslike” reset with Europe as she seeks to rebuild post-Brexit ties with the bloc. The Chancellor will slam the Tories’ “division and chaos” on Europe, vowing: “It will not define us.” In the first visit by a UK Chancellor to EU finance ministers’ talks since Brexit , Ms Reeves will promise a new era of “trust, mutual respect, and pragmatism.” She will urge leaders in Brussels to “put behind us the low ambitions of the past” and focus on shared goals like boosting trade, tackling global challenges like Ukraine , and strengthening economic links. The Chancellor will say: “We want a relationship built on trust, mutual respect, and pragmatism. "A mature, businesslike relationship where we can put behind us the low ambitions of the past and move forward, focused instead on all that we have in common. Read More on Politics “And all that we might achieve together to keep our countries safe, secure and prosperous.”INDIANAPOLIS — Only the coldest of hearts won't empathize with Michael Andretti, who has been sidelined from his namesake motorsports organization and won't have any role with the the Formula 1 program he spent the last four years desperately trying to launch. His effort to get a program partnered with General Motors into F1 was approved last week , roughly a month after Andretti stepped aside from leading his race teams. F1's decision to expand its grid for Cadillac F1 came amidst a federal antitrust investigation into why Liberty Media refused to admit Andretti Global as an 11th team — and after Andretti partners Dan Towriss and Mark Walter took controlling interest of the effort. “The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team,” Andretti posted on social media. “I’m very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!” The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team. I’m very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you! While he will have no role with the F1 team, it is unclear what his regular involvement will be with his IndyCar team. His famous father, 1978 F1 champion Mario Andretti, will be on the board of the F1 team and an ambassador. What changed F1's position on Andretti — an application it basically mocked in its January denial — is not known. Few have said much beyond noting GM's increased commitment to take a larger role beyond engine supplier. Mohammed Ben Sulayem, the president of F1's governing body, had championed the GM bid from the start and Andretti's application was the only one of seven to receive approval from the FIA. In an interview with The Associated Press, he called F1's decision to finally allow the GM team a spot in the sport “a win for all of motorsports” but also sympathized with Michael Andretti. “I feel he should be proud because he's the founder who started this thing with his partners,” Ben Sulayem said. "We did the proper due process, we never favored anyone, and it is only because his application ticked all the boxes that the FIA approved it. Michael is a lovely person and I do not feel this was personal against Michael Andretti. “The other teams? For them, it was about the money. They don't want the money to go from split between 10 teams to split between 11 teams," he added. "But it was only a matter of time before General Motors was going to be approved and I feel it is incorrect to say it happened because Michael stepped aside. What did Michael do? Why would people not want him? Because he spoke publicly? He didn't break any rules. He didn't abuse anyone. If people want to see it as personal, it is up to them. He doesn't annoy me." What likely did annoy F1 and Liberty Media, its commercial rights holder, was the Justice Department investigation. Liberty announced it was under investigation this summer, not long after Mario Andretti visited Washington to discuss the F1 snub with lawmakers. The FBI was allegedly at last month's Las Vegas Grand Prix and Ben Sulayem confirmed to AP he was interviewed by federal investigators. “It is the department that protects the interest of the United States and the FIA has nothing to hide,” Ben Sulayem said. “I was proud to speak to them and they were very polite and understanding. I wanted this to be cleared: I wanted GM in F1 because it is good for business.” F1 currently has just one American team, owned by California businessman Gene Haas, despite a series-high three races in the United States. Should the Cadillac F1 team make it to the grid in 2026 as scheduled, there will be two American teams and Ford will officially join Red Bull that season as a technical partner. This Andretti-less F1 effort will be led by TWG Global, the investment company founded by Walter, who as CEO of Guggenheim Partners is the controlling owner of the Los Angeles Dodgers and Premier League club Chelsea, and Towriss, who became involved in motorsports initially as a sponsor for Andretti and took an ownership role in Andretti Global in 2022. Towriss is now the majority owner of the Andretti race teams and work on the F1 team will continue in Andretti's Indiana shop, its recently opened satellite factory in Silverstone and GM’s facilities in North Carolina and Michigan. Towriss is the CEO of TWG Global’s motorsports arm. There is no indication who the drivers will be for the F1 team, although Valtteri Bottas indicated last weekend he'd like to be considered and the original Andretti effort targeted current IndyCar driver Colton Herta, who is sponsored by Towriss' company, Gainbridge.
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Here’s why Colorado communities are opposing a proposed Utah railroad at the U.S. Supreme Court this weekAlabama A&M fires football coach Connell Maynor after 7 seasons
Indiana aims to limit turnovers vs. MinnesotaAfter a thrilling conference championship Saturday and a drawn-out reveal show Sunday, the inaugural 12-team College Football Playoff field is set. The first true tournament in FBS history has plenty to love -- and elements to loathe. What Went Right: Unique opening-round matchups Whether the first round proves to be more competitive than the four-team Playoff's often lopsided semifinal matchups remains to be seen. Until then, there is at least intrigue in the historic rarity of the four pairings. One opening-round matchup -- ACC automatic qualifier Clemson at Texas -- is a first-time encounter between two programs that combine for seven claimed national championships. Of the other three, the most recent contest occurred in 1996 when Tennessee topped Ohio State in the Citrus Bowl. The Vols and Buckeyes meet as the No. 9 and No. 8 seeds at Ohio State's Horseshoe, with the winner advancing to face top overall seed Oregon. SMU, a perhaps surprising final at-large selection given the Mustangs' dearth of high-profile wins, meets Penn State for the third time ever and first since 1978. The Nittany Lions scored a 26-21 come-from-behind win in Happy Valley, where they will again host SMU. The Penn State victory ended a 30-year stalemate after the first and only meeting in the 1948 Cotton Bowl produced a 13-13 tie. Here's hoping the third part of a 76-year trilogy is as closely contested as the initial two. Meanwhile, the matchup with the most previous installments is the closest in proximity -- less than 200 miles separate in-state counterparts Indiana and Notre Dame -- and the most lopsided. The Fighting Irish and Hoosiers last played in 1991, with Notre Dame's 49-27 win marking its sixth straight victory by multiple scores. Indiana's last win in the series came in 1950, a 20-7 Hoosiers victory in Bloomington. What Went Right: Boise State's big opportunity Although not the first outsider to reach or win a Bowl Championship Series game, Boise State's 2007 Fiesta Bowl victory over Oklahoma was arguably the most pivotal moment in building support for outsiders to compete for the national championship. The Broncos spent two decades knocking on the door, beginning with their perfect 2004 regular season, extending through two Fiesta Bowl wins, and withstanding the heartbreak of late-season losses in 2010 and 2011. The celebration in response to Boise State being part of the bracket -- and not just in, but as the No. 3 seed with a bye into the quarterfinals -- marked a culmination of generations of effort for just this opportunity. What Went Right: ‘Football weather' comes to the postseason From the birth of the bowl system with the first-ever Rose Bowl Game, college football's postseason has resided primarily in warm-weather destinations. This makes sense for the original purpose of bowl games as showcases and celebrations of a team's regular-season performance, but less so for the goal of crowning a national champion. After decades of playing what often amounted to road games in the postseason, northern teams get their opportunity to host. Three of the four first-round contests are in such climates -- though Indiana won't be particularly disadvantaged by weather when playing Notre Dame in South Bend. With average December highs in Pennsylvania in the 30s, SMU will need its heaters on the sideline at Penn State's Beaver Stadium. The more intriguing trip, however, is Tennessee's to Ohio State. Longtime college football fans know the arguments about SEC teams playing in Big Ten country late in the year. Pitting two high-quality teams from the two leagues head-to-head in such conditions is a highlight of this new postseason system. And, given Tennessee and Ohio State have two of the nation's best defenses, expect a style of play befitting what is often described as football weather. What Went Wrong: More teams means more politicking When Mack Brown seemingly spent as much time on TV campaigning in 2004 as that year's presidential candidates, George W. Bush and John Kerry, his Texas Longhorns were among a small collection of teams vying for BCS bids. With the 12-team Playoff opening the top postseason opportunities to as many as 20 teams realistically, the political campaign ads that mercilessly ended in early November were replaced by the politicking of college football figures. Iowa State athletic director Jamie Pollard spent last week taking shots at SMU and other programs over strength of schedule -- a point neglecting that the Cyclones' losses came to unranked Texas Tech and sub-.500 Kansas. Arizona State's thorough dismantling of Iowa State in the Big 12 Championship Game solved that debate at the proverbial ballot box. However, brace yourself for an offseason of recount demands coming out of the SEC. Alabama's exclusion at 9-3, while 11-2 SMU landed the final at-large spot, is sure to play into the same controversy that South Carolina coach Shane Beamer leaned into last week. Beamer told The State (Columbia, S.C.) last week that his program may consider changing its nonconference scheduling in response to its seemingly inevitable Playoff snub. It's an odd position, given South Carolina's three losses all came in-conference, and the Gamecocks' nonleague slate included sub-.500 teams Old Dominion, Akron and FCS Wofford. But then again, how often are political campaign pitches rooted in logic? What Went Wrong: Quantity over quality? A more salient position in Beamer's case for South Carolina is that the Gamecocks scored quality wins during a season-ending, six-game streak. With its Rivalry Week defeat of Clemson, South Carolina added a victory over a Playoff qualifier to complement victories over Texas A&M and Missouri. Alabama, meanwhile, boasts wins over No. 2 overall seed Georgia and that same South Carolina team in contention. SMU's resume might be the most likely to draw ire, given the Mustangs received the last at-large berth. However, SMU beat nine- and eight-win Duke and Louisville, with two losses by a combined six points. Indiana should be the more contentious at-large choice, with the Hoosiers beating only one team that finished above .500: 7-5 Michigan. Indiana's only other matchup with an above-.500 opponent was a 38-15 blowout at Ohio State. That's something Alabama and South Carolina have in common with Indiana, as all three teams lost in routs. Alabama dropped a 24-3 decision late in the season at Oklahoma that presumably doomed the Crimson Tide's chances, while South Carolina lost to Ole Miss 27-3. To that end, there are arguments to be made for and against every team that was on the bubble. No system will ever appease all parties. What Went Wrong: Seeding conundrum Much of the Playoff's very existence flies in the face of college football tradition. One facet of how the field was set that upholds tradition in its own small way is rewarding teams for winning their conferences by reserving the four first-round byes for league champions. When this format was implemented, however, the committee could not have envisioned that two of the top five conference champions would not be ranked in the top 10. Because three-loss Clemson survived a furious SMU comeback in the ACC championship game, and Arizona State caught fire after underwhelming losses to Texas Tech and Cincinnati to win a weak Big 12, the committee was in the unusual position of having to slot a non-power conference champion and double-digit-ranked team in a top-four spot. This first edition of the Playoff seems likely to be the last to use this format, even if this scenario seems like an outlier. --Kyle Kensing, Field Level MediaMONROE TOWNSHIP, N.J., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced preliminary financial results for the second quarter ended October 31, 2024 (Q2FY25). The preliminary results included in this press release are subject to change and have not been audited or reviewed by our independent auditor. The Company expects to file its second quarter financial results and update in mid‐December. Preliminary Q2FY25 Financial Highlights (All figures are preliminary, unaudited, and subject to finalization): Revenue : Estimated to be greater than $2 million, compared to $0.9 million for the same period last year, representing a more than 2x increase. Net Loss : Anticipated net loss of approximately $4 million, compared to $7.2 million in the prior year period and representing a year-over-year decrease in net loss of more than 40%. Operating expenses have been reduced by approximately 40%, including reduced external expenditures leading to a material reduction in third party spend. Cash Used in Operating Activities : Estimated to be less than $4.7 million, compared to $7.5 million in the prior-year period and representing a year-over-year decrease of approximately 40%. Business and Operational Highlights During Q2FY25, the Company completed the second set of exercises of the previously announced follow-on contract as a subcontractor to EpiSci and successfully deployed several WAM-V autonomous surface vehicles during the Mission Autonomy Proving Grounds (MAPG) as part of Project Overmatch. Project Overmatch is a United States Navy initiative aimed at achieving a seamless and highly integrated warfighting capability by leveraging advanced data networks, artificial intelligence (AI), and machine learning. Under this contract, OPT continues to ruggedize and enhance the operational capability of its autonomous maritime technologies to support the U.S. military and its allies. The first set of exercises was concluded over the summer and the completion of these most recent exercises contributed to the revenue recognition noted above. The Company delivered several vehicles to customers in Latin America for commercial survey services. The Company signed its first service contract for multi-year support services for vehicles. Since the end of the quarter, OPT has received the final permits to install the previously announced PowerBuoy equipped with AT&Ts 5G equipment in Monterey Bay. The Company reaffirms its previously issued guidance that it believes it will reach profitability (excluding unanticipated extraordinary expenses) during the fourth quarter of calendar 2025. Performance to date reflects strong demand for products, effective cost management, and progress in strategic initiatives. Recent achievements, including recently announced partnerships and operational milestones regarding successful exercises and continued customer deliveries, further support the Company’s trajectory toward achieving this stated objective. Philipp Stratmann, OPT’s CEO and President, stated “We believe our preliminary results underscore the success of our strategic initiatives, such as focusing on national security and critical infrastructure solutions, coupled with targeted international expansion and our ability to execute for our customers. We have seen a recent uptick in demand for our services domestically and overseas and will continue to convert our pipeline to bookings and ultimately to revenue through future deliveries and additional opportunities to deploy our assets, and we remain committed to delivering long-term value for our shareholders. The success of our most recent quarter leads us to reconfirm our pathway to profitability in late calendar 2025.” CONFERENCE CALL AND WEBCAST INFORMATION A conference call to discuss OPT’s financial results will be held on Tuesday, December 17, 2024 at 9:00 AM EDT. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call. The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345. Live webcast: Webcast | Ocean Power Technologies FY2025 Q2 Earnings Conference Call (choruscall.com) Call Replay: Call replay will be available by telephone approximately two hours after the call's completion. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 13748550. Webcast Replay: The archived webcast will be on the OPT investor relations section of its website. INDIVIDUAL MEETING INFORMATION In an effort to increase relations with institutional investors, OPT management has dedicated time to hosting individual meetings with portfolio managers and analysts. If you are interested in scheduling a meeting with OPT management, please contact: Email: InvestorRelations@oceanpowertech.com , or Call: 609-730-0400 x401 ABOUT OCEAN POWER TECHNOLOGIES OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets, including Merrows, which provides AI capable seamless integration of Maritime Domain Awareness Systems across platforms. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is in Monroe Township, New Jersey, with an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com . FORWARD-LOOKING STATEMENTS This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release or to provide further interim updates in the future.