Park Energy Services Appoints Tim Knox as President and COO

OKLAHOMA CITY–(BUSINESS WIRE)–Park Energy Services, LLC (“Park”), a portfolio company of Rock Hill Capital, announced that it has appointed Tim Knox as President and Chief Operating Officer effective August 19th, 2019.

“We are very excited to announce the addition of Tim Knox to the team. As Park Energy continues to exceed our growth objectives, we knew Park needed someone with Tim’s caliber and experience to continue our drive to build the leading wellhead horsepower compression company in the industry,” said John Seldenrust, Chairman and CEO of Park Energy Services.

Tim Knox brings over 28 years of experience in the natural gas compression space, including 15 years serving in executive leadership functions, most recently as Vice President of Contract Compression at Enerflex Energy Systems, Inc., and prior to that, Mr. Knox served as President and Director of CSI Compressco LP, and President & COO of Compressor Systems, Inc.

“It is a privilege to join Park Energy Services and to serve alongside this talented management team,” said Tim Knox. “Park Energy has done an amazing job of becoming a leader in wellhead compression and I look forward to being a part of the next phase of growth and continuing exceptional service to our customers.”

About Park Energy Services

Park Energy Services, (www.parkenergyservices.com), headquartered in Oklahoma City, Oklahoma, operates a fleet of lower horsepower compressor units focused on wellhead compression, including vapor recovery units and gas lift, throughout the Northeastern United States, Northern Colorado, Oklahoma, New Mexico and Texas.

About Rock Hill Capital

Rock Hill Capital, founded in 2007 and headquartered in Houston, Texas, is a private equity firm that invests in small-to-lower middle market companies located in the South and Southeast United States. Rock Hill is currently investing out of its third committed capital fund totaling $150MM focusing on companies in the industrial products and services industries. Take a deeper look at Rock Hill Capital and what makes our investments successful by visiting www.rockhillcap.com.

Contacts

Park Energy Services

405.896.3169

John Seldenrust

jseldenrust@parkenergyservices.com

Tim Knox

tknox@parkenergyservices.com

BAI annonce les finalistes des prix Global Innovation Awards 2019

CHICAGO–(BUSINESS WIRE)–BAI a annoncé les finalistes des prix Global Innovation Awards 2019, de BAI, le programme de récompenses le plus prestigieux du secteur, qui célèbre à l’échelle mondiale les solutions transformatives dans le domaine des services financiers.

Les Global Innovation Awards, de BAI, qui en sont maintenant à leur neuvième année, récompensent de grandes organisations de services financiers, à l’échelle mondiale. À partir de centaines d’applications, l’Innovation Circle, un panel de leaders mondiaux en termes d’innovation dans les services financiers, a soigneusement examiné chaque candidature et déterminé les meilleures soumissions.

Les juges ont évalué chaque innovation en fonction de son originalité et de son impact sur les clients et le secteur. Les finalistes de cette année révèlent ce qu’accomplissent les meilleurs innovateurs en matière de services financiers dans toutes les régions du monde, afin d’offrir une valeur supplémentaire aux clients et aux employés, tout en améliorant les efficiences et la rentabilité de leur organisation.

Voici la liste des finalistes des prix Global Innovation Awards 2019, de BAI :

Meilleure application de technologie avancée dans un produit ou un service

  • Emirates NBD, Dubaï, Émirats arabes unis : Emirates NBD Blockchain, Centre d’excellence pour les paiements
  • ISBANK, Istanbul, Turquie : Assistant personnel « Maxi » basé sur l’IA
  • Shenzhen OneConnect Smart Technology Co., Ltd., Shanghai, Chine : Réseau Blockchain de financement commercial FiMAX
  • Yapı Kredi, Istanbul, Turquie : Analyse corrective de documents financiers

Innovation en matière de modèles d’affaires

  • CaixaBank S.A., Barcelone, Espagne : Place de marché voyage
  • DenizBank, Istanbul, Turquie : DenizBank Banking en tant qu’initiative de plateforme
  • KASIKORNBANK PCL, Bangkok, Thaïlande : Plateforme de carte de fidélité K PLUS
  • Royal Bank of Canada (RBC), Toronto, Canada : RBC Ventures

Innovation en matière de capital humain

  • Alior Bank S.A., Varsovie, Pologne : Smartphonisation
  • DenizBank, Istanbul, Turquie : Plateforme de crowdfunding, Fonosentez
  • HDFC Bank, Mumbai, Inde : Hackathon de recrutement
  • ISBANK, Istanbul, Turquie : Atelier agile d’Isbank
  • Ping An Insurance, Shenzhen, Chine : Système d’entretien basé sur l’IA

Innovation en matière d’expérience client

  • CaixaBank S.A., Barcelone, Espagne : Reconnaissance faciale au niveau des distributeurs
  • Commonwealth Bank of Australia, Sydney, Australie : Transformation de l’expérience client via l’IA
  • Emirates NBD, Dubaï, Émirats arabes unis : Mois de l’expérience client
  • FNB Insurance, Johannesburg, Afrique du Sud : Excellence en matière de réclamations
  • The Bank of East Asia, Limited, Hong Kong : i-Planner

Innovation en matière de marketing

  • CaixaBank S.A., Barcelone, Espagne : salle de marketing agile numérique imaginBank
  • Elevate Credit, Fort Worth, Texas, États-Unis : Campagne Elevate Credit 2019
  • Fifth Third Bancorp, Cincinnati, Ohio, États-Unis : Campagne Momentum
  • ISBANK, Istanbul, Turquie : Plateforme de jeu E-sports maximale
  • Pelican State Credit Union, Baton Rouge, Louisiane, États-Unis : Pelican State of Mind

Innovation en matière d’impact sociétal et communautaire

  • Absa Group Limited, Johannesburg, Afrique du Sud : Kongola
  • BMO Harris Bank et Springfour, Chicago, Illinois, États-Unis : BMO Harris – Partenariat SpringFour
  • JUMO.WORLD, Le Cap, Afrique du Sud : JUMO.WORLD
  • Union Bank of the Philippines, Pasig, Philippines : Project i2i

Innovation en matière d’accélérateur ou d’incubateur

  • Alior Bank S.A., Varsovie, Pologne : RBL_START
  • Citi Ventures, D10X, San Francisco, Californie, États-Unis : D10X
  • ISBANK, Istanbul, Turquie : Programme d’entrepreneuriat Workup
  • Royal Bank of Canada (RBC), Toronto, Canada : RBC Reach
  • Woodforest National Bank, The Woodlands, Texas, États-Unis : Woodforest Foundry

Points de contact innovants et expériences connectées

  • Aviva, Varsovie, Pologne : Plateforme de résolution automatisée des réclamations
  • mBank S.A., Varsovie, Pologne : Chat asynchrone omnicanal
  • Royal Bank of Canada (RBC), Toronto, Canada : DRIVE par RBC Ventures

Innovation en matière de processus internes

  • Alior Bank S.A., Varsovie, Pologne : Opérations intelligentes
  • CommunityAmerica Financial Solutions, LLC, Lenexa, Kansas, États-Unis : Dash360
  • D10X, Citi, Londres, Royaume-Uni : Proxymity
  • HDFC Bank, Mumbai, Inde : IA en tant que service
  • PKO Bank Polski, Varsovie, Pologne : x-Platform

Innovation en matière de technologies réglementaires

  • Hummingbird Regtech Inc, Walnut, Californie, États-Unis : Solution de technologies réglementaires
  • Moody’s Analytics, San Francisco, Californie, États-Unis : Suite RiskFoundation™, solution hébergée bancaire dans le cloud
  • Shenzhen OneConnect Smart Technology Co., Ltd., Shanghai, Chine : Empreinte vocale antifraude GAMMA
  • TSYS, Columbus, Géorgie, États-Unis : Foresight Score
  • Yapı Kredi, Istanbul, Turquie : Intégration numérique via assistants vidéo

Félicitations à tous les finalistes des Global Innovation Awards, de BAI. Pour en savoir plus, rendez-vous sur BAIGlobalInnovations.com.

À propos de BAI

En tant qu’organisation indépendante à but non lucratif, BAI offre les éclairages les plus exploitables sur le secteur des services financiers, permettant aux dirigeants de prendre chaque jour des décisions commerciales judicieuses. BAI a la passion des informations fiables et des outils puissants qui offrent aux dirigeants la clarté et la confiance nécessaires pour générer des changements positifs et faire progresser l’industrie des services financiers. Pour en savoir plus, rendez-vous sur www.bai.org.

Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.

Contacts

Holly Hughes

BAI, Chicago

hhughes@bai.org

+1 (312) 683-2305

Scion Asset Management Urges GameStop to Buy Back $238 Million of Stock with Cash on Hand

GameStop stock at all-time lows this month – Scion seeks full execution of March 2019 $300 million share repurchase authorization

CUPERTINO, Calif.–(BUSINESS WIRE)–On August 16th, Scion Asset Management sent a letter to the Board of Directors of GameStop Corp. urging the Board to direct the full execution of its March 4th, 2019 $300 million share repurchase authorization. GameStop’s market capitalization hovering around $310 million compares to $237.6 million remaining on the buyback authorization. Scion estimates GameStop has cash on hand in excess of $480 million, meaning the repurchase could be completed with less than half of the cash on hand. Scion points to the very high volume in GameStop stock magnifying the practical opportunity at present. Scion believes the opportunity for a game-changing buyback cannot be missed and recommends the Board act to ensure the completion of the authorized buyback in a timely manner.

As of August 19, 2019, Scion Asset Management and its affiliates own 3,000,000 shares, or 3.3%, of GameStop Corp. common stock:

August 16, 2019

Dear Members of the Board,

Scion Asset Management, LLC and its affiliates (“Scion”) own approximately 2,750,000 shares, or about 3.05%, of GameStop, Inc. (“GameStop”) common stock.

As mentioned in our previous letter to the board, we have concerns regarding capital management at GameStop. Given recent GameStop common stock prices under $4 per share, we must re-state that GameStop complete the remaining $237,600,000 share repurchase at once and with urgency.

Given the market capitalization of GameStop at $290 million at the close on August 15th, completing the authorization would retire over 80% of GameStop’s outstanding shares. Depending on the timing and quality of execution, such a repurchase would increase earnings per share dramatically – far more than any other possible action on a per share basis.

The numbers are striking and demand action. We estimate that GameStop now has in excess of $480 million of cash, more than enough to complete the share repurchase authorization and still invest in the business and pay down debt.

Through August 15th, a total of 11 trading days, 50,399,534 shares have traded. At this rate, for the month of August and for the third month in a row, the number of shares traded will exceed the total number of shares outstanding. Because of such high volume, we maintain that GameStop could pull off perhaps the most consequential and shareholder-friendly buyback in stock market history with elegance and stealth.

Shareholders staring at all-time lows in GameStop stock see little evidence that GameStop has effectively leveraged its elite position in the gaming universe as the new paradigm came into clear view over the last five years.

The unfortunate reality is that Amazon, not GameStop, bought Twitch in 2014. Instead, in 2014, GameStop started buying wireless store assets. And in 2017, Amazon, not GameStop, bought GameSparks – while less than a year ago GameStop reversed course and sold its wireless store assets. Shareholders are right to worry.

We expect GameStop’s business will perk up a bit during 2020 and 2021 as the new console cycle, with associated software updates and introductions, finally gets underway. But what is happening now in the stock is about more than late cycle doldrums or even the streaming paradigm – shareholders do not have faith in current management, and have not been inspired by new leadership policies.

Notably, as of July 31st, 2019, Bloomberg reports short interest in GameStop stock at 57,226,706 shares – this is about 63% of the 90,268,940 outstanding GameStop shares at last report.

We submit that when share prices are at or near all-time lows and more than 60% of the shares are shorted despite cash levels much higher than the current market capitalization, lack of faith in management’s capital allocation is the default conclusion.

All of this creates the opportunity to enter 2020 with a dramatically reduced share count along with multi-fold greater impact per share for every single other achievement of management. Consider as just one example that if the turnaround is successful, and if GameStop were able to shrink its shares outstanding to 30 million through the share repurchase, the $157 million dividend that was just eliminated would pay out around $5.25 per share.

The Board deemed up to $6.00 per share a good price for a buyback less than two months ago, and the price of the stock today is nearly half that amount.

We again advise the Board to represent shareholders well, and to ensure the execution of the remaining repurchase authorization in full.

Sincerely,

Dr. Michael J. Burry

Contacts

Jon Hallam, info@scionasset.com

Scion Asset Management Urges Tailored Brands to Repurchase Shares with Sale Proceeds

Tailored Brands stock at 25-year lows – Scion seeks re-evaluation of capital allocation strategy

CUPERTINO, Calif.–(BUSINESS WIRE)–Scion Asset Management sent a letter today to the Board of Directors of Tailored Brands Inc. In light of the sale of the Corporate Apparel business, this letter follows up and reaffirms Scion’s August 1, 2019 letter to the Board of Tailored Brands. Scion believes the Board should re-consider its capital allocation strategy in light of the quarter-century lows in the common stock price. Scion views Tailored Brands as a resilient business that has experienced substantial same store sales declines in the past and recovered. However, Scion believes the shares are substantially undervalued in good part due to past poor capital allocation decisions. It is time for the Board of Tailored Brands to recognize the substantial value that can be created for shareholders through significant repurchases of the common stock.

Scion Asset Management and its affiliates own about 2,375,000 shares, or 4.7%, of Tailored Brands common stock:

To the Board of Directors:

Scion Asset Management and its affiliates (“Scion”) are shareholders of Tailored Brands, Inc. (“Tailored”). Scion currently owns approximately 2,375,000 shares, or about 4.7%, of the 50,519,133 common shares outstanding per Bloomberg.

Thank you for the information on the sale of Corporate Apparel for $62 million in total consideration, and we appreciate the improved guidance for the quarter. We hope the negotiations with a buyout group led by Tailored’s own executives were conducted at arm’s length, and that the price received is a true representation of the value of that $235.4 million sales division. Any information you can share regarding the financing of the transaction would be helpful to shareholders.

We stand by our letter of August 1, 2019. Given the quarter-century lows in the common stock, we believe the best use of funds from the sale, in good part or in full, is for a share repurchase.

We reiterate that share buybacks are the most efficient manner in which to reward long-term shareholders when the share price is heavily discounted. The stock currently trades at an earnings yield greater than 20% and at a free cash flow yield much greater than that. A $50 million share buyback at the current 1994 vintage stock prices could retire about 20% of the outstanding shares.

We acknowledge and appreciate the $425 million in debt Tailored has paid down over the last two years out of free cash flow alone. However, the terrible long-term performance of the stock is largely a consequence of poor capital allocation, and those mistakes must not be made again.

If Tailored feels that it absolutely must use funds from the sale of Corporate Apparel to pay down debt, then we wonder why Tailored continues to pay over $36 million a year toward the dividend.

We recommend the Board of Directors prioritize a substantial buyback along with continued aggressive debt reduction. If necessary, the dividend should be eliminated or reduced in order to facilitate these more urgent and timely allocations of capital.

Sincerely,

Dr. Michael J. Burry

Contacts

Jon Hallam, info@scionasset.com

 

ADDING MULTIMEDIA Simon Data Raises $30 Million to Expand Data-Driven Customer Experiences in the Enterprise

Fast-Follow Investment to Drive Data Science and Continued Growth; Major Customers Include Albertsons, ASOS, Equinox, Venmo, WeWork

NEW YORK–(BUSINESS WIRE)–Simon Data, the market-leading enterprise Customer Data Platform (CDP), today announced the close of a $30 million Series C funding round to expand its mission of unlocking the power of data to deliver the next generation of customer experiences. The funding follows a $20 million Series B round in late 2018, and was again led by Polaris Partners with continued participation from .406 Ventures and F-Prime Capital. The company has raised $59 million to date.


“This is a business whose explosive growth is driven by putting their clients at the center of everything they do,” said Dave Barrett, Managing Partner at Polaris Partners. “Simon Data pairs a disruptive new data science-fueled technology with a partnership approach that’s designed to help enterprises deliver a new generation of customer experiences. They’ve emerged as a clear category leader, and this investment is all about extending that position.”

The modern customer’s expectations have increased pressure on enterprise brands to deliver a differentiated customer experience beyond email. This pressure has compelled brands to confront the reality of their outdated or unworkable martech stacks for the first time. The growing consensus is that data is often the limiting factor, and Simon’s approach represents the first coherent solution.

“There’s a massive opportunity for businesses of all sizes to drive better customer experiences through data,” said Jason Davis, Co-Founder and CEO of Simon Data. “Yet so many businesses today – in particular those at scale – are unable to leverage the heavy investments they’ve made in data science and infrastructure. We built Simon in partnership with high-growth, data savvy businesses that are defined by their ability to create amazing customer experiences. Our enterprise partners are now realizing the benefits of that approach.”

Most CDPs either integrate crudely into enterprise data environments or poorly into existing marketing technologies. Simon differentiates by doing both well – offering seamless, comprehensive data integration paired with AI-driven orchestration and optimization. This enables customers to meet ever-increasing consumer demands, regardless of their current martech stack.

The problem is compounded in the enterprise, as most larger companies leverage a combination of legacy providers to deliver customer messaging. These “all-in-one” solutions cannot adapt to the sophisticated demands of modern marketing; ultimately, they require a CDP to make them work together. Simon directly integrates into all such providers, harmonizing disparate messaging channels to deliver a superior customer experience.

Simon’s unique platform and agnostic approach have been a primary driver of its ongoing success; current clients include Albertsons, ASOS, Equinox, Venmo, and WeWork.

“The confusion around what a CDP is and does makes it nearly impossible for brands to choose the right partner,” said Joshua Neckes, Co-Founder and President of Simon Data. “The space is fraught with pretenders, retreads, and also-rans – but the value is very real when properly delivered. Our focus has been pairing a clear set of capabilities with a partnership approach that helps companies deliver the outcomes they’re after. With over 250% growth and doubling our client count in each of the last two years, we think it’s working.”

About Simon Data

Simon Data is the enterprise Customer Data Platform (CDP) that empowers brands to deliver data-driven, personalized customer experiences anywhere. The platform leverages enterprise-scale big data and machine learning to power customer communications in any channel. Simon’s unique approach allows brands to develop and deliver incredible personalization capabilities without needing to build and maintain massive bespoke data infrastructure. For more information, visit www.simondata.com.

About Polaris Partners

Polaris Partners invests in exceptional technology and healthcare companies across all stages of their life cycles. With offices in Boston, San Francisco, and Dublin, we partner globally with an unparalleled network of entrepreneurs, top scientists and emerging innovators who are making significant contributions in their fields and improving the way in which we live and work. For more information, visit www.polarispartners.com.

Contacts

Hotwire on behalf of Simon Data

Jennifer Sricharoenchaikit

SimonData@hotwireglobal.com

M: +1 617-943-1710

DPW Holdings Reports Second Quarter Financial Results

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–$DPW #2ndQuarter2019–DPW Holdings, Inc. (NYSE American: DPW), a diversified holding company (“DPW” or the “Company”), today reported financial results for its second quarter, the three-month period ended June 30, 2019 on its Form 10-Q with the Securities and Exchange Commission.

Highlights

  • First half revenues up 3.5% from prior year period
  • First half gross profit up 22.7% from prior year period
  • Q2 2019 realizes a $3.3 million improvement in interest income (expense)

    • Q2 2019 interest income, net of $379,000
    • Q2 2018 interest expense, net of $2.9 million
  • Q2 2019 resulted in a $2.8 million or 41% improvement in bottom-line results primarily due to lower interest expense
  • Current liabilities, excluding operating lease liabilities which were recorded on January 1, 2019 upon adoption of new accounting standards, reduced by $4.7 million or 13% from year-end 2018

Revenues

Although revenues increased by 3.5% for the six months ended June 30, 2019 as compared to the six months ended June 30, 2018, our revenues decreased by $1,295,767, or 17.4%, to $6,148,067 for the three months ended June 30, 2019, from $7,443,834 for the three months ended June 30, 2018. Further, during the year ended December 31, 2018 we acquired 98.1% of the outstanding equity interests of I.AM and all the equity securities of Enertec. During the three months ended June 30, 2019 and 2018, these acquisitions represented $3,336,783 and $1,720.362, respectively, of our revenues. Excluding revenues from these acquisitions, we would have recognized revenues of $2,811,284 and $5,723,472, respectively, during the three months ended June 30, 2019 and 2018, a decrease of $2,912,188. The decrease of $2,912,188 from the three months ended June 30, 2018, was primarily due to a decrease in revenue from the manufacture of the Multiplex Laser Surface Enhancement (“MLSE”) plasma-laser system and from our cryptocurrency mining operations and, to a lesser extent, a decrease in revenue from customized solutions for the military markets caused by shortages in components required for the manufacture of these solutions. The following table shows revenue for the three months ended June 30, 2019 and 2018 generated from acquisitions completed during the year ended December 31, 2018.

For the Three Months Ended June 30,

Company acquired

Date of Acquisition

2019

2018

 

Enertec Systems 2001 Ltd.

 

May 22, 2018

 

$2,175,651

 

$1,217,870

I.AM, Inc.

May 23, 2018

1,161,132

502,492

 

 

 

 

$3,336,783

 

$1,720,362

Revenues, cryptocurrency mining

In January 2018, we formed Digital Farms, Inc. (“Digital Farms”), a wholly-owned subsidiary formerly known as Super Crypto Mining, Inc. Digital Farms was established to operate our cryptocurrency business, which is pursuing a variety of digital currencies. We are mining the top three cryptocurrencies for our own account, consisting of Bitcoin, Litecoin and Ethereum. The market prices of digital currencies were lower during the three months ended June 30, 2019 compared to the prior-year period; as a result we curtailed our mining operations, which resulted in a decrease in revenues of $462,641. Compared to the three months ended March 31, 2019, revenues from crypto-mining increased $227,312 or 789%.

Revenues, related party

During the three months ended June 30, 2018, we recognized $1,765,875 in revenues from our purchase order with MTIX Limited, a company formed under the laws of England and Wales (“MTIX”). Due to working capital constraints, we did not recognize any revenues from MTIX during the three months ended June 30, 2019. MTIX was acquired by AVLP on August 22, 2017 and is therefore a related party. In March 2017, the Company was awarded a purchase order by MTIX to manufacture, install and service MLSE plasma-laser systems. Over the next several years, management believes that the MLSE purchase order will be a source of revenue and generate significant cash flows. The lack of revenue during the three months ended June 30, 2019, was due to an emphasis on reducing the debt obligations incurred in May 2018 to acquire Enertec. Payments, and the related manufacturing services, that otherwise would have gone to subcontractors of the MLSE plasma-laser system have been delayed in order to enable us to restructure and reduce our overall debt obligations.

Gross Margins

Gross margins increased to 25.4% for the three months ended June 30, 2019 compared to 18.3% for the three months ended June 30, 2018. The Company’s gross margins have typically ranged between 33% and 37%, with slight variations depending on the overall composition of our revenue. Our gross margins during the three months ended June 30, 2018, of 18.3%, were affected by the lower margin related party revenue of $1,765,875 from MTIX combined with negative margins on revenues of $718,757 at Digital Farms. The negative gross margins at Digital Farms resulted from monthly recurring fixed costs at our colocation facilities which temporarily exceed the revenues from our mining operations. Excluding the effects of Digital Farms and our contract with MTIX, then our adjusted gross margins for the three months ended June 30, 2018, would have been 36.8%.

Our gross margin of 25.4% recognized during the three months ended June 30, 2019, was also impacted by the negative margins at Digital Farms. Excluding the effects of Digital Farms, our adjusted gross margin for the three months ended June 30, 2019, would have been 37.4%. which is consistent with our historical average.

The Company also reported that its order backlog was $73.6 million, including $46 million of related party backlog (related-party backlog is delinquent in the production schedule), Digital Power Corp. which includes Power-Plus Technical Distributors, LLC and Digital Power, Ltd. (aka “Gresham Power”) with an order backlog of $5.1M while Microphase posted an order backlog of $8.7M as Enertec reduced its order backlog to $13.8M. The Company was pleased that Enertec continues to improve its order delivery and reduce its order backlog.

General and Administrative

General and administrative expenses were $4,634,151 for the three months ended June 30, 2019, compared to $4,387,974 for the three months ended June 30, 2018, an increase of $246,177. Our acquisitions of Enertec and I.AM represented an increase in general and administrative expenses for $1,018,295. Excluding the impact of acquisitions, general and administrative expenses decreased by $772,118 from the comparative prior period, mainly due to lower stock compensation expense and legal fees partially offset by an increase in cost attributed to the hiring of a Chief Accounting Officer and Senior Vice President of Finance. The remaining increase in general and administrative expenses is due to various costs, none of which are significant individually.

Operating Loss

The Company recorded an operating loss of $3,968,188 for the three months ended June 30, 2019, compared to an operating loss of $4,099,024 for the three months ended June 30, 2018. The decrease in operating loss is mostly attributable higher gross profit and lower selling and marketing expenses, partially offset by an increase in general and administrative expenses.

Interest Income

Interest income was $911,537 for the three months ended June 30, 2019 compared to $603,519 for the three months ended June 30, 2018. The increase in interest income for the three months ended June 30, 2019 is primarily related to an increase in interest income pursuant to the Loan and Security Agreement entered into on September 6, 2017, with AVLP, a related party.

Interest Expense

Interest expense was $532,255 for the three months ended June 30, 2019 compared to $3,490,310 for the three months ended June 30, 2018. The decrease in interest expense for the three months ended June 30, 2019 is primarily related to a reduction of amortization of debt discount resulting from original issue discount from the issuance of warrants in conjunction with the sale of debt instruments. During the three months ended June 30, 2019 and 2018, as a result of these issuances, non-cash interest expense of $185,544 and $2,727,960, respectively, was recorded from the amortization of debt discount and debt financing costs.

Loss on issuance of warrants

We recognized a loss on issuance of warrants of $1,763,481 for the three months ended June 30, 2019, based upon the fair value of the warrants issued in our April public offering (the “Offering”) in excess of the proceeds received from the Offering. The loss on issuance is a non-cash charge and in no event will we be required to make cash payments to the warrantholders upon settlement of the warrants.

Change in fair value of warrant liability

During the three months ended June 30, 2019, the fair value of the warrants that were issued in our Offering decreased by $946,825. The fair value of these warrants is re-measured at each financial reporting period and immediately before exercise, with any changes in fair value recorded as change in fair value of warrant liability in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

Geographic Segment Reporting

We conduct operations in several geographical markets and for three-month period-ended June 30, 2019 and 2018. Other than as shown, no foreign country or region contributed materially to revenues or long-lived assets for these periods:

For the three-month periods ended June 30:

2019

2018

Revenues:

North America

$ 3,320,231

 

$ 5,613,714

Middle East

2,175,651

1,217,870

Europe

481,566

 

377,933

Other

170,619

234,317

Total revenues

$ 6,148,067

 

$ 7,443,834

During the three months ended June 30, 2019 and 2018, our reported net loss included non-cash charges of $1,908,433 and $4,332,708, respectively. A summary of these non-cash charges is as follows:

For the Three Months Ended

June 30,

2019

2018

Interest expense – debt discount

$ 185,544

 

$ 2,727,960

Stock-based compensation

370,995

1,373,326

Depreciation and amortization

1,164,745

 

676,839

Amortization of right-of-use assets

29,124

Accretion of original issue discount on notes receivable – related party

(650,113)

 

(445,417)

Accretion of original issue discount on notes receivable

(8,518)

Fair value in excess of proceeds upon issuance of warrants

1,763,481

 

Change in fair value of warrant liability

(946,825)

Non-cash items included in net loss

$ 1,908,433

 

$ 4,332,708

DPW’s CEO and Chairman, Milton “Todd” Ault, III said, “The first half of 2019 has been challenging as we targeted to reduce our short-term debt which has impacted our working capital. We have been successful by turning our net income expense into net interest income, now $379,282 instead of $2.9 million in expense. The Company has achieved a 41% improvement in our bottom-line results for this quarter and an increase in gross profit for the first half of 2019 compared to the first half of 2018. Stockholders won’t see the benefit of our lowered cost of capital or proportional revenue from MTIX, Ltd. until the third quarter of 2019 at the earliest. For the remainder of 2019, we anticipate Digital Power Corp’s. renewing the recognition of revenue from the MTIX, Ltd. MLSE contract and from our hospitality segment generating increasing revenues from I.AM due to drier, warmer weather in the seasons ahead. In summary, there are three important indicators that stockholders and investors should pay attention to: first, the reduction of outstanding debt; second, the continuing increase in sales; and thirdly, moderate growth in our backlog due to new customers and new orders.”

Ault continued, “I would like to reiterate our mission. We are a growth company seeking to increase our revenues through acquisitions. We continually assess acquisition opportunities and are exploring acquisitions in the financial sector. Over the recent past, we have provided capital and relevant expertise to fuel the growth of businesses in defense/aerospace, industrial, telecommunications, medical, crypto-mining, textiles and a select portfolio of commercial hospitality properties. Through our lending subsidiary, DP Lending, we have launched an online fintech portal, MonthlyInterest.com, that facilitates investments that pay monthly interest. As a holding company, we have been developing DP Lending to enable the capacity to fund entrepreneurs, our subsidiaries and partner companies. We believe MonthlyInterest.com will provide investors the opportunity to invest directly into companies and technology that will have a global impact, bypassing traditional banking and lending institutions. As a holding company, our business strategy is designed to increase shareholder value. Under this strategy, we are focused on managing and financially supporting our existing subsidiaries and partner companies, with the goal of pursuing monetization opportunities and maximizing the value returned to shareholders. We have, are and will consider initiatives including, among others: public offerings, the sale of individual partner companies, the sale of certain or all partner company interests in secondary market transactions, or a combination thereof, as well as other opportunities to maximize shareholder value. We anticipate returning value to shareholders after satisfying our debt obligations and working capital needs.”

For more information on DPW Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.DPWHoldings.com or available at www.sec.gov.

About DPW Holdings, Inc.

DPW Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies that provide a global impact. Through its wholly owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, crypto-mining, and textiles. In addition, the Company owns a select portfolio of commercial hospitality properties and extends credit to select entrepreneurial businesses through a licensed lending subsidiary. DPW’s headquarters are located at 201 Shipyard Way, Suite E, Newport Beach, CA 92663; www.DPWHoldings.com.

Forward-Looking Statements

This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the SEC including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.DPWHoldings.com.

Contacts

IR@DPWHoldings.com or 1-888-753-2235

 

BAI Anuncia a los Finalistas de los Premios a la Innovación Global de 2019

CHICAGO–(BUSINESS WIRE)–BAI anunció a los finalistas de los Premios a la Innovación Global 2019 de BAI, el programa de premios más prestigioso de la industria que revela las soluciones más transformadoras en la industria de servicios financieros a nivel mundial.

Ahora en su noveno año, los Premios a la Innovación Global de BAI reconocen a organizaciones líderes de servicios financieros a nivel global. De entre cientos de solicitudes, el Innovation Circle, un panel de líderes de innovación en servicios financieros globales que revisaron minuciosamente cada una de ellas, determinaron cuáles fueron las mejores presentaciones.

Los jueces examinan cada innovación según su originalidad e impacto en los consumidores y en la industria. Los Premios a la Innovación Global de BAI reconocen a líderes de la industria y presentan lo que los innovadores en servicios financieros líderes en todas las regiones del mundo están haciendo para ofrecer nuevo valor a los clientes y empleados, así como para mejorar la eficacia y la rentabilidad de sus organizaciones.

Los finalistas de los Premios a la Innovación Global 2019 de BAI son los siguientes:

Mejor aplicación de tecnología avanzada en un producto o servicio

  • Emirates NBD de Dubái, Emiratos Árabes Unidos: Centro de Excelencia para Pagos por Blockchain de Emirates NBD
  • ISBANK de Estambul, Turquía: asistente personal de inteligencia artificial (IA) “Maxi”
  • Shenzhen OneConnect Smart Technology Co., Ltd. de Shanghái, China: red de finanzas comerciales por Blockchain de FiMAX
  • Yapı Kredi de Estambul, Turquía: análisis correctivo de documentos financieros

Innovación en el modelo de negocios

  • CaixaBank S.A. de Barcelona, España: mercado de viajes
  • DenizBank de Estambul, Turquía: DenizBank Banking como iniciativa de plataforma
  • KASIKORNBANK PLC. de Bangkok, Tailandia: plataforma de tarjetas de fidelidad K PLUS
  • Royal Bank of Canada (RBC) de Toronto, Canadá: RBC Ventures

Innovación en capital humano

  • Alior Bank S.A. de Varsovia, Polonia: Smartphonización
  • DenizBank de Estambul, Turquía: plataforma de financiación colectiva, Fonosentez
  • HDFC Bank de Bombay, India: Hackatón de reclutamiento
  • ISBANK de Estambul, Turquía: taller agilizado de Isbank
  • Ping An Insurance de Shenzhen, China: sistema de entrevistas con IA

Innovación en experiencia del cliente

  • CaixaBank S.A. de Barcelona, España: reconocimiento facial en cajeros automáticos
  • Commonwealth Bank of Australia de Sydney, Australia: transformación de la experiencia del cliente por medio de la inteligencia artificial
  • Emirates NBD de Dubái, Emiratos Árabes Unidos: Mes de la Experiencia del Cliente
  • FNB Insurance de Johannesburgo, Sudáfrica: excelencia en reclamos
  • The Bank of East Asia, Limited de Hong Kong: i-Planner

Innovación en comercialización

  • CaixaBank S.A. de Barcelona, España: sala de comercialización digital agilizada, imaginBank
  • Elevate Credit de Fort Worth, Texas, EE. UU.: campaña Elevate Credit 2019
  • Fifth Third Bancorp de Cincinnati, Ohio, Estados Unidos: campaña Momentum
  • ISBANK de Estambul, Turquía: plataforma máxima de juegos y deportes electrónicos
  • Pelican State Credit Union de Baton Rouge, Louisiana, EE. UU.: blog Pelican State of Mind

Innovación en impacto social y comunitario

  • Absa Group Limited de Johannesburgo, Sudáfrica: Kongola
  • BMO Harris Bank y Springfour de Chicago, Illinois, EE. UU.: asociación de BMO Harris con SpringFour
  • JUMO.WORLD de Ciudad del Cabo, Sudáfrica: JUMO.WORLD
  • Union Bank of the Philippines de Pasig, Filipinas: Proyecto i2i

Incubadora o acelerador innovadores

  • Alior Bank S.A. de Varsovia, Polonia: RBL_START
  • Citi Ventures, D10X de San Francisco, California, EE. UU.: D10X
  • ISBANK de Estambul, Turquía: Programa de desarrollo del espíritu empresarial
  • Royal Bank of Canada (RBC) de Toronto, Canadá: RBC Reach
  • Woodforest National Bank de The Woodlands, Texas, EE. UU.: Woodforest Foundry

Puntos de contacto innovadores y experiencias conectadas

  • Aviva de Varsovia, Polonia: plataforma automatizada de resolución de reclamos
  • mBank S.A. de Varsovia, Polonia: Chat asincrónico omnicanal
  • Royal Bank of Canada (RBC) de Toronto, Canadá: DRIVE, un aplicación desarrollada por RBC Ventures

Innovación en procesos internos

  • Alior Bank S.A. de Varsovia, Polonia: operaciones inteligentes
  • CommunityAmerica Financial Solutions, LLC de Lenexa, Kansas, EE. UU.: Dash360
  • D10X, Citi de Londres, Reino Unido: Proxymity
  • HDFC Bank de Bombay, India: IA como servicio
  • PKO Bank Polski de Varsovia, Polonia: x-Platform

Innovación en tecnología regulatoria

  • Hummingbird Regtech Inc de Walnut, California, EE. UU.: solución de tecnología regulatoria
  • Moody’s Analytics de San Francisco, California, EE. UU.: RiskFoundation™, solución bancaria en la nube y alojada en paquetes
  • Shenzhen OneConnect Smart Technology Co., Ltd. de Shanghái, China: huella de voz contra fraudes, GAMMA
  • TSYS de Columbus, Georgia, EE. UU.: Foresight Score
  • Yapı Kredi de Estambul, Turquía: incorporación digital a través de asistentes de video

Felicitaciones a todos los ganadores de los Premios a la Innovación Global de BAI. Para obtener más información, visite BAIGlobalInnovations.com.

Acerca de BAI

BAI, en calidad de organización independiente y sin fines de lucro, ofrece las ideas más aplicables de la industria de servicios financieros, lo que les permite a los líderes tomar decisiones comerciales inteligentes todos los días. BAI siente pasión por la información de confianza y las herramientas poderosas que les brindan a los líderes la claridad y la confianza necesarias para impulsar un cambio positivo y lograr avances en la industria de servicios financieros. Para obtener más información, visite www.bai.org.

El texto original en el idioma fuente de este comunicado es la versión oficial autorizada. Las traducciones solo se suministran como adaptación y deben cotejarse con el texto en el idioma fuente, que es la única versión del texto que tendrá un efecto legal.

Contacts

Holly Hughes

BAI, Chicago

hhughes@bai.org

+1 (312) 683-2305

Posted in Uncategorised

Accenture Acquires Parker Fitzgerald, Enhancing Its Risk Advisory and Assurance Capabilities for the Financial Services Industry

Acquisition creates one of the largest risk and regulatory consulting practices in the U.K.

LONDON–(BUSINESS WIRE)–Accenture (NYSE: ACN) has acquired Parker Fitzgerald, a strategic advisor and consulting partner to leading global financial institutions, further enhancing the business and technology capabilities within its Finance and Risk practice. Terms of the transaction were not disclosed.

Founded in 2008 in response to the global financial crisis, Parker Fitzgerald advises financial services companies on financial and non-financial risk, regulation and financial technology. The firm provides strategic advice, independent assurance and market-leading solutions to help clients navigate risks, reduce operational complexity and improve their overall risk-adjusted performance.

Parker Fitzgerald’s advisory and assurance expertise and regulatory experience will complement Accenture’s consulting and technology capabilities and strengthen Accenture’s client response to the evolving risk landscape in financial services.

“Financial services companies continue to contend with the impact of economic and geopolitical uncertainties, regulatory challenges and digital transformation,” said Tara Brady, who leads Accenture’s Financial Services practice in the U.K. “Parker Fitzgerald has a successful track record helping clients navigate ever-increasing disruption and uncertainty, and the combination of their risk advisory and assurance expertise with Accenture’s consulting and digital capabilities will be a strong differentiator, enhancing our services to U.K. financial institutions.”

Scott Vincent, founder and CEO of Parker Fitzgerald said, “Helping clients optimize their performance in a rapidly evolving risk environment remains our utmost priority. Accenture’s tremendous scale and scope, coupled with their data- and technology-focused expertise in finance and risk, will enable us to expand our geographic reach and provide high-quality services to an even-broader client base.”

Peter Beardshaw, who leads Accenture’s Financial & Risk practice in the U.K., said, “Parker Fitzgerald’s skills, approach to financial risk management and long-standing regulatory relationships are at the heart of the risk management agenda and will enable us to provide clients with an even greater level of risk and assurance services and solutions.”

About Accenture

Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world’s largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 482,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.

About Parker Fitzgerald

Parker Fitzgerald is an award-winning strategic advisor and consulting partner to the world’s leading financial institutions. Headquartered in London, our global network of senior industry practitioners, technical experts and change specialists is trusted by the leaders of the world’s largest financial institutions, regulatory authorities and government agencies. We are experts in all areas of financial and non-financial risk, regulation and financial technology. We provide strategic advice, independent assurance and market-leading solutions to help our clients navigate their most critical issues, reduce complexity and improve their overall risk-adjusted performance. Our unparalleled knowledge and experience in financial services, world-class thinking and excellence in delivery has seen Parker Fitzgerald recognized as one of the most dynamic and progressive consulting firms in Europe.

For more information go to www.parker-fitzgerald.com.

Forward-Looking Statements

Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations could be adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the changing technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture could face legal, reputational and financial risks if the company fails to protect client and/or company data from security breaches or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; as a result of Accenture’s geographically diverse operations and its growth strategy to continue geographic expansion, the company is more susceptible to certain risks; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; if Accenture is unable to protect its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; many of Accenture’s contracts include payments that link some of its fees to the attainment of performance or business targets and/or require the company to meet specific service levels, which could increase the variability of the company’s revenues and impact its margins; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent annual report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

Contacts

Melissa Volin

Accenture

+1 267 216 1815

melissa.volin@accenture.com

Jemena is Live on GTreasury for Risk Management, Hedge Accounting

Seamless workflow for managing complex instruments saves time and reduces error

SYDNEY–(BUSINESS WIRE)–Jemena, an $11 billion, Melbourne-based company that owns and manages some of Australia’s most significant gas and electricity assets, is now live on GTreasury to support its risk management and hedge accounting activities. GTreasury is a digital TMS platform for integrated treasury management and risk management.

“We wanted one, cloud-based TMS that could handle complex instruments, hedge accounting and compliance, and integrate easily with trading, data and settlement systems,” explains Jemena Treasury Manager Jean Feng. “Before implementing GTreasury, we spent so much time logging in and out of different systems, re-keying entries and keeping accounting records manually. Now we can easily execute a trade and back-to-back it down to our subsidiary structure, automatically.”

The Jemena team is using a range of GTreasury capabilities to manage their debt and hedging programs and comply with IFRS9 hedge accounting requirements as well as IFRS13 requirements for credit valuation adjustments (CVA). In addition, all facilities and guarantees are recorded and processed in the system. Jemena is also straight-through processing treasury-related payments and automating the creation of general ledger postings. GTreasury’s connectivity capabilities automate the loading of back-to-back FX forward and swap transactions, which are executed on an FX trading platform.

“We’re making treasury work easier for companies all over the world and are happy to have delivered on Jemena’s core treasury objectives. We’re thrilled to have energy/utility leader Jemena part of our global client community,” says Robert McGuinness, Director of Sales, APAC at GTreasury.

To find out more about GTreasury, please visit www.GTreasury.com or email Marketing@GTreasury.com.

About Jemena

Jemena is an $11 billion company that owns and manages some of Australia’s most significant gas and electricity assets. Jemena also part-owns the ActewAGL electricity and gas distribution networks in the ACT and United Energy, which supplies electricity to more than 600,000 customers across south-eastern Melbourne and the Mornington Peninsula.

More information on Jemena can be found at www.jemena.com.au

About GTreasury

GTreasury is a digital TMS platform that gives organizations cloud access to integrated treasury and risk management solutions. Its design leverages new technologies to connect treasury’s ecosystem, enabling the seamless flow of data across and beyond the enterprise for new and smarter ways of working. With GTreasury, organizations can implement any combination of integrated Cash Management, Payments, Financial Instruments, Accounting, Banking, Risk Management, and Hedge Accounting in one SaaS solution. GTreasury is headquartered in Chicago, with offices in North America, EMEA and APAC.

Contacts

Zoe Sochor, +1.646.581.3277, ZSochor@gtreasury.com

Dave Kleidermacher Joins ioXt Alliance Board of Directors

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–IoXt, the global standard for IoT security and preeminent IoT security alliance, announces the appointment of Dave Kleidermacher, VP, Android Security & Privacy at Google, to its board of directors. As a founding member of the ioXt Alliance, Kleidermacher has been instrumental in shaping ioXt’s work towards creating the internet of secure things.

“At a time when we’re interacting with more connected devices than ever before, the importance of security can’t be overstated,” said Kleidermacher. “I’ve always been impressed by the work the ioXt Alliance is doing to help guide this emerging industry and look forward to continuing to support them in their efforts.”

Kleidermacher’s responsibilities at Google include protecting the Android ecosystem, including the Play Store and Pixel devices. His expertise uniquely positions him to help lead the ioXt Alliance, a group that engages with major IoT stakeholders worldwide to develop verifiable IoT security requirements and enables global manufacturers to make compliant and secure devices.

The next ioXt Alliance conference is August 20-22, 2019, at the Meadowood Resort in Napa Valley, CA.

To learn more about the ioXt Alliance, visit www.ioXtalliance.org. Follow the ioXt Alliance on Facebook, LinkedIn and Twitter.

Contacts

Media Contact:

Chris Arbeitman

Press@ioxt.com