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Apical’s Entry to Sustainable Aviation Fuels Takes Flight with Cepsa to Build the Largest 2G Biofuels Plant in Southern Europe

SINGAPORE – Media OutReach – 17 April 2023 – Apical, through its renewable energy subsidiary Bio-Oils located in Huelva, Spain, has established a joint venture with Cepsa to produce second generation (2G) biofuels by constructing the largest plant in southern Europe. The alliance marks Apical’s entry to the sustainable aviation fuels (SAF) market and a key milestone in RGE’s strategy to produce a range of fuels to decarbonise aviation, maritime and land transportation. Apical, a leading vegetable oil processor, is a member of the Singapore-headquartered RGE group of companies.

Caption
Photo caption:
The new joint venture was announced at La Rábida Energy Park with the participation of Juan Manuel Moreno Bonilla, President of the Regional Government of Andalusia; Maarten Wetselaar, Cepsa CEO (fourth from the left); Oscar Garcia, Bio-Oils CEO (second from the right); Dato’ Yeo How, President, Apical (fourth from the right); Pratheepan Karunagaran, Executive Director, Apical (third from the left); and Lamberto Gaggiotti, Head, Green Energy, Apical (first from the left).

The new plant, which is scheduled to begin operation in H1 2026, can produce up to 500,000 tons of SAF and/or renewable diesel annually, enabling the reduction of CO2 emissions by up to 90 percent, as compared to traditional fuels.

SAF is often viewed as a tool to a zero-emissions future. However, the key global challenge to the production of SAF is access to feedstock (renewable waste and residue raw materials). As a large global integrated processor of vegetable oils, Apical is able to efficiently and sustainably extract waste and residue from its supply chain and its processes in a transparent and traceable manner.

Through the joint venture, the plant will secure the majority of its feedstock supply from Apical’s agricultural waste and residue through a global, long-term agreement. Cepsa will contribute its technical expertise and experience in the development of large industrial projects and fuel production; and knowledge of the European market and the decarbonisation goals of its customers in the transport sector. The facility will be located at Cepsa’s La Rábida Energy Park in the Spanish province of Huelva.

Dato’ Yeo How, President of Apical, said: “Apical’s ample supply of high quality second generation feedstock is key to ensuring that the new joint venture delivers on our shared vision to reduce greenhouse gas emissions across air, sea and land transport. The wider use of SAF and renewable diesel provides significant benefits on a global scale, both in terms of mitigating the effects of climate change and promoting sustainable economic growth. Apical, through Bio-Oils, will ensure the supply of raw materials and contribute our own expertise in biofuels production.”

The new facility will feature the latest technology for the production of second generation biofuels. Designed as a digital native plant, the new operation incorporates state-of-the-art technology including the latest industry advances in artificial intelligence, internet of things (IoT) and data analysis to maximise process efficiency, and ensure the highest standards of safety and environmental protection. By leveraging innovation, Apical is accelerating its sustainable operations in line with Apical2030’s Pillar 3 (Green Innovation) of its strategic sustainability roadmap.

Pratheepan Karunagaran, Executive Director, Apical, said: “Aviation emissions account for 2-3 percent of global energy-related CO2 emissions and are expected to grow by 300-700 percent by 2050[1]. To reduce the direct carbon emissions of flying, SAF can be an immediate solution. A next-generation low-carbon fuel produced from 100% renewable waste and residue raw materials, it works seamlessly with existing aircraft engines and fuelling infrastructure. As the availability of waste and residue grows in tandem with the expansion of Apical’s global footprint and capacities, we are able to create value-added partnerships for our waste stream in various parts of the world, especially in Asia.”

With regard to the development of the SAF industry in Asia, Pratheepan commented: “SAF in Asia has much potential for growth and development. The good news is: as more countries begin to recognise the importance of sustainable practices and environmental responsibility, there is likely a greater focus on promoting the adoption of SAF throughout the aviation industry,” he added.

Juan Manuel Moreno Bonilla, highlighted in his speech: “Cepsa has been investing in Huelva and Andalusia for almost 60 years and has been an active part and main player in the progress experienced in our land. Cepsa has made an outstanding contribution to our progress and to the creation of employment, with almost 8,000 direct and indirect jobs. Big bets like Cepsa’s confirm that we are on the right track.”

Maarten Wetselaar noted: “This alliance is a decisive step in our strategy to lead biofuels in Spain and Portugal and positions Andalusia as a European benchmark in sustainable energy production and circular economy. Second-generation biofuels are an immediate solution to support our customers’ energy as they can be used in conventional engines, while enabling local development and increased energy autonomy in Europe.”

Oscar Garcia said: “Cepsa has been Bio-Oils’ largest customer for many years. We share many operational advantages, such as the proximity and interconnection of our facilities and the use of the Reina Sofía berth for the charge and discharge of our products. This new joint venture is a natural evolution of our relationship”


[1] Source: International Civil Aviation Organisation

Hashtag: #Apical

The issuer is solely responsible for the content of this announcement.

Notes to Editors:

Apical is a leading vegetable oil processor with an expanding global footprint. Our vertically integrated mid-stream refining and value-added downstream processing makes us an integral supplier that supports the food, feed, oleochemicals and renewable fuel needs across industries. With integrated assets in strategic locations spanning Indonesia, China and Spain, Apical operates numerous refineries, oleochemical plants, renewable fuel plants and kernel crushing plants. Through joint ventures and strategic partnerships, Apical also has processing and distribution operations in Brazil, India, Pakistan, Philippines, Middle East, Africa, USA and Vietnam.

Apical’s growth is built on the foundations of sustainability and transparency, and motivated by our strong belief that we can make a more meaningful impact even as we continue to grow our business and deliver innovative solutions to our customers.

***

Cepsa
is a leading international company committed to sustainable mobility and energy with a solid technical experience after more than 90 years of activity. The company also has a world-leading chemicals business with increasingly sustainable operations.

In 2022, Cepsa presented its new strategic plan for 2030, Positive Motion, which projects its ambition to be a leader in sustainable mobility, biofuels, and green hydrogen in Spain and Portugal, and to become a benchmark in the energy transition. The company places customers at the heart of its business and will work with them to help them advance their decarbonization objectives.

ESG criteria inspire all of Cepsa’s actions as it advances toward its net positive objective. Over the course of this decade, it will reduce its Scope 1 and 2 CO2 emissions by 55% and its carbon intensity index by 15-20%, with the goal of achieving net zero emissions by 2050.

***

Bio-Oils was founded in 2005 to develop biofuels projects, with the strategic objective to become a leading industry player in the Spanish and European biodiesel market. A member of the Singapore-based Apical group of companies, Bio-Oils´ wholly owned “La Rábida” Biodiesel Plant, located in Palos de la Frontera (Huelva), began operations in 2008 and today is one the most efficient plants in Spain, benefitting from a strategic location, with pipeline connections to vessel and tanker loading docks.

Through an ambitious R&D program, Bio-Oils has obtained wide experience in the production of high-quality biofuels from a broad variety of oils. The plant currently uses all available first-use oils, and has been adapted to process other residual raw materials. Committed to operating at the highest levels of sustainability, Bio-Oils is a member of APPA (Association of Renewable Energy Producers), FOSFA (Federation of Oils, Seeds and Fats Associations), EBB (European Biodiesel Board), EABA (European Algae Biomass Association), and AIQBE (Association of Chemical Industries, Basic and Energy of Huelva).

***

RGE, headquartered in Singapore, is a group of resource-based manufacturing companies with global operations. We produce sustainable natural fibres, edible oils, green packaging and clean natural gas used to create products that feed, clothe and energise the world. We help improve billions of peoples’ lives through sustainable products they use every day. With more than US$30 billion in assets and 60,000 employees, we are creating a more recyclable, biodegradable and lower carbon future.

Committed to sustainable development, conservation and community development, we strive towards what is good for the community, good for the country, good for the climate, good for the customer, and good for the company. With current operations spanning across Indonesia, China, Brazil, Spain and Canada, we continue to expand and engage new markets.

GLOBALLY RECOGNIZED ROSEN LAW FIRM Encourages Sarepta Therapeutics, Inc. Investors to Inquire About Securities Class Action Investigation – SRPT

New York, New York – Newsfile Corp. – April 15, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, continues investigating potential securities claims on behalf of shareholders of Sarepta Therapeutics, Inc. (NASDAQ: SRPT) resulting from allegations that Sarepta may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Sarepta securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=1306 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On March 16, 2023, after market hours, the Company issued a press release which “announced that at its late cycle meeting for the SRP-9001 (delandistrogene moxeparvovec) biologics license application (BLA), the U.S. Food and Drug Administration’s Office of Therapeutics (OTP) has determined that an advisory committee meeting will be held for SRP-9001 in advance of the May 29, 2023 regulatory action date.”

As explained by the Investor’s Business Daily in an article entitled “Sarepta Crashes on an Unexpected Roadblock for Its Gene Therapy”, the Food and Drug Administration’s decision was a surprise. The article quoted a UBS analyst as saying that “given the announcement of the advisory committee decision, against a backdrop of the Office of Therapeutics communicating how capacity constrained it is at every public appearance, we do see a potential risk of (approval date) extension.”

On this news, the price of Sarepta’s stock fell $26.98, or 18%, to close at $122.69 per share on March 17, 2023, the next trading day.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

The issuer is solely responsible for the content of this announcement.

EU Promotes High-Quality Canned Peaches With Campaign “Peach Flavors Asia”

HO CHI MINH CITY, VIETNAM – Media OutReach – 17 April 2022 – Within the framework of the European-financed campaign “Peach Flavors Asia”, the EU has aimed to promote high-quality European canned peaches produced with the best food safety standards. Designed to reach as many consumers as possible, increase product awareness, and offer people in Asia the opportunity to savor the exceptional taste of European products, “Peach Flavor Asia” has implemented a series of promotion and information actions, and initiatives undertaken at an international level.

European canned peaches have been promoted in international exhibitions in Jakarta and Vietnam. At Sial Interfood Jakarta: 09-12 November 2022 and Food & Hotel Vietnam: 07-09 December 2022, visitors had the opportunity to learn about the delicious flavor of fresh, superior-quality European canned peaches from Greece. These peaches are naturally sweet with a unique aroma. Delicious and juicy, as they were just cut from the tree, these EU canned peaches can be a component of gastronomic and pastry choices.

This high-quality European product was, also, introduces to the Asian public through Product Presentations and Food Tasting Events at the Sheraton Saigon Hotel & Towers in Vietnam, as well as at Shangri-La Jakarta Hotel, in Jakarta, throughout February 2023. During these events, people could taste canned peaches, enjoy their freshness, and get informed about their numerous options to use the European product in their daily nutritional habits.

These actions are implemented within the EU-financed campaign “Peach Flavors Asia” in order to enhance public awareness of the high-quality European canned peaches.

For more information visit our website https://www.peachflavors.eu or find us on Facebook: https://www.facebook.com/peachflavors and on Instagram: https://www.instagram.com/peachflavors

Hashtag: #PeachFlavourofTheEuropeanUnion

The issuer is solely responsible for the content of this announcement.

RH INVESTOR NEWS: ROSEN, GLOBALLY RESPECTED INVESTOR COUNSEL, Encourages RH Investors With Losses to Inquire About Class Action Investigation – RH

New York, New York – Newsfile Corp. – April 15, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of RH (NYSE: RH) resulting from allegations that RH may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased RH securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=12982 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On February 3, 2023, after trading hours, RH filed a current report on Form 8-K with the Securities & Exchange Commission (“SEC”), which announced, in pertinent part, that its “previously unaudited financial statements for the three months ended April 30, 2022, the three and six months ended July 30, 2022, and the three and nine months October 29, 2022 should no longer be relied upon due to material unintentional errors in certain of these financial periods with respect to our calculation of basic and diluted net income per share.”

Further, RH announced that “in connection with the restatement, we determined that we had at least one material weakness in our internal control over financial reporting during the Non-Reliance Periods that continued to exist at January 28, 2023, the end of fiscal 2022. In connection with the material weakness, we have additionally concluded that our disclosure controls and procedures are also not effective.”

On this news, the price of RH’s stock fell $25.19, or 7.3%, on February 6, 2023.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

The issuer is solely responsible for the content of this announcement.

ROSEN, SKILLED INVESTOR COUNSEL, Encourages Fox Corporation Investors to Inquire About Class Action Investigation – FOX, FOXA

New York, New York – Newsfile Corp. – April 15, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, continues its investigation of potential securities claims on behalf of shareholders of Fox Corporation (NASDAQ: FOX) (NASDAQ: FOXA) resulting from allegations that FOX may have issued materially misleading business information to the investing public. The prospective class includes those who purchased FOX call options and/or sold put options.

SO WHAT: If you purchased FOX securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=13327 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: In the wake of the 2020 U.S. Presidential Election, Dominion Voting Systems sued FOX for defamation. Dominion’s lawsuit alleges that FOX defamed Dominion’s business by endorsing, repeating or broadcasting a series of “verifiably false yet devastating lies about Dominion.” Dominion claims that various statements that were made on FOX News, including that Dominion committed election fraud by rigging the 2020 election, that Dominion’s software and algorithms manipulated vote counts in the 2020 election, that Dominion was founded for the purpose of rigging elections, and that Dominion paid kickbacks to government officials who used its machines, were defamatory and false. Dominion seeks over $1.6 billion in damages, as well as additional punitive damages.

Beginning in February 2023, specific details emerged of internal discussions at FOX in the wake of the 2020 election, revealing that FOX’s senior leaders understood that claims to the effect that Dominion had rigged the 2020 election were false. As a consequence, FOX faces significant potential legal liability.

As a result of ongoing revelations about FOX’s legal exposure in the Dominion lawsuit, FOX’s Class A stock has declined from a closing price of $37.03 on February 17, 2023 to a closing price of $32.52 on March 15, 2023, a 12% decline. FOX’s Class B stock has declined from a closing price of $34.22 on February 17, 2023 to a closing price of $29.83 on March 15, 2023, a 12% decline.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

The issuer is solely responsible for the content of this announcement.

ROSEN, A Top Ranked Law Firm, Encourages Techtronic Industries Company Limited Investors with Losses to Inquire About Securities Class Action Investigation – TTNDY

New York, New York – Newsfile Corp. – April 15, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Techtronic Industries Company Limited (OTC Pink: TTNDY) resulting from allegations that Techtronic may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Techtronic securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=12551 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On February 22, 2023, Jehoshaphat Research published a report alleging that the Company has been “inflating its profits dramatically for over a decade with manipulative accounting.” Specifically, Jehoshaphat Research accuses the Company of deceptively managing costs “[b]y stuffing billions of dollars’ worth of routine expenses into various asset accounts, year after year;” an accounting trick referred to as “snowballing.” Jehoshaphat Research observes that every year, Techtronic disposes of large amounts of tangible assets, such as Property, Plant & Equipment, at near-total losses on sale, signifying that the Company is capitalizing routine business expenses into assets. The report also accused Techtronic of ignoring its own accounting policy on bad debt provisions in order to delay expenses.

On this news, Techtronic’s stock price fell $3.55 per share, or 5.7%, to close at $58.70 per share on February 22, 2023.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

The issuer is solely responsible for the content of this announcement.

ROSEN, A Leading Law Firm, Encourages Horizon Bancorp, Inc. Investors with Losses to Inquire About Class Action Investigation – HBNC

New York, New York – Newsfile Corp. – April 15, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Horizon Bancorp, Inc. (NASDAQ: HBNC) resulting from allegations that Horizon Bank may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Horizon Bank securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=12953 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On March 10, 2023, after trading hours, Horizon Bank filed a current report on Form 8-K as well as a late filing notice with the Securities & Exchange Commission (“SEC”). In these filings, Horizon Bank announced that it had received a notice from NASDAQ as a result of failing to timely file its annual report, and that it had identified material weaknesses in its internal controls.

Specifically, the material weaknesses in internal controls issues related to “(i) accounting revisions of previously issued financial statements with respect to the classification of sold commercial loan participation balances, the reporting of indirect loan dealer reserve asset balances and related amortization expense and the classification of certain available for sale and held to maturity securities from private labeled mortgage-backed pools to federal agency mortgage pool, which revisions were previously disclosed in the Earnings Release and the Company’s Form 10-Q filings during 2022, in addition to errors in previously issued financial statement disclosures relating to the transfer of available for sale to held to maturity securities and the cash flow classification of repurchases of outstanding stock from an investing activity to a financing activity, which will be disclosed for the first time in the 2022 Form 10-K, and (ii) a calculation error in the Company’s public float as noted above.”

On this news, the price of Horizon Bank’s stock fell $1.43, or 10%, on March 13, 2023, the next trading day.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

The issuer is solely responsible for the content of this announcement.

ROSEN, A Top Ranked Law Firm, Encourages adidas AG Investors with Losses to Inquire About Securities Class Action Investigation – ADDYY, ADDDF

New York, New York – Newsfile Corp. – April 15, 2023 – WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of adidas AG (OTCQX: ADDYY) (OTCQX: ADDDF) resulting from allegations that adidas may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased adidas securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=12204 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On October 25, 2022, adidas ended its lucrative business partnership with Kanye West (under which it sold products designed by West under the brand name “Yeezy”) as a result of his anti-Semitic rhetoric.

On November 27, 2022, The Wall Street Journal published an article entitled “Adidas Top Executives Discussed Risk of Staff’s ‘Direct Exposure’ to Kanye West Years Ago.” According to the article, as early as 2018, adidas executives discussed ending the business partnership with West as a result of his behavior. Reportedly adidas feared continuing the relationship with West, as they feared it could “blow up” at any moment. The article added that West made anti-Semitic statements in front of adidas staff, and that he told adidas staff that he was considering naming an album after Adolf Hitler.

On February 9, 2023 adidas announced that “while the company continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock. This would lower revenues by around € 1.2 billion and operating profit by around € 500 million this year.” Further, “should the company irrevocably decide not to repurpose any of the existing Yeezy product going forward, this would result in the write-off of the existing Yeezy inventory and would lower the company’s operating profit by an additional € 500 million this year. In addition, adidas expects one-off costs of up to € 200 million in 2023. These costs are part of a strategic review the company is currently conducting aimed at reigniting profitable growth as of 2024. If all these effects were to materialize, the company would expect to report an operating loss of € 700 million in 2023.” adidas’ CEO stated, “[t]he numbers speak for themselves. We are currently not performing the way we should[.]”

As a result of these adverse disclosures the price of adidas securities have fallen, damaging investors.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

The issuer is solely responsible for the content of this announcement.