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Avid Technology Announces Q4 and Full Year 2017 Results and Issues Q1 and Full Year 2018 Guidance

Exceeded guidance for bookings and adjusted free cash flow, met guidance on all other metrics

Second consecutive quarter of sequential revenue and adjusted EBITDA growth

Positive free cash flow in 2017 and expect continued growth of free cash flow in 2018

BURLINGTON, Mass., March 15, 2018 (GLOBE NEWSWIRE) -- Avid® (NASDAQ: AVID) today announced its fourth quarter and full year 2017 financial results and provided guidance for its first quarter and full year 2018. The company posted its second consecutive quarter of sequential revenue and adjusted EBITDA growth and exceeded guidance for bookings and adjusted free cash flow while meeting guidance on all other metrics.

Highlights of Fourth Quarter 2017 Results

  • Bookings excluding Greater China were $140.8 million and Constant Currency Bookings were $145.9 million, both above guidance.
  • GAAP Revenue was $107.3 million, in line with guidance.
  • GAAP Gross Margin was 54.5%. Non-GAAP Gross Margin was 56.0%.
  • GAAP Operating Expenses were $53.7 million. Non-GAAP Operating Expenses were $48.2 million, in line with guidance.
  • GAAP Net Loss was $881,000.
  • Adjusted EBITDA was $15.0 million, in line with guidance.
  • GAAP Net Cash Provided by Operating Activities was $2.8 million.
  • Adjusted Free Cash Flow was $4.8 million, above guidance. This is the fifth consecutive quarter of positive Adjusted Free Cash Flow. For the full year 2017, Adjusted Free Cash Flow was up $59 million compared to 2016.

2017 Highlights

  • Grew total revenue backlog to $536.1 million as of the end of 2017, up 25% from $429.3 million the year prior.
  • Completed multi-year business transformation.
  • Launched strategic alliance with Microsoft to develop and market cloud-based solutions and services for the media and entertainment industry.
  • Generated positive free cash flow.

Avid Progressing on Strategic Growth Objectives

  • Enterprise: During the fourth quarter, Avid signed several large multi-year commercial agreements. As of December 31, 2017, total licenses for the MediaCentral platform were approximately 53,700, up 26% year-over-year.
  • Individual: Digital sales, primarily targeted at individual creative professionals, were up 24% year-over-year. Cloud-enabled software subscriptions are now over 93,500, up 54% year-over-year.

“Our strategy is yielding improved financial results as customers are embracing our products and solutions,” said Jeff Rosica, Chief Executive Officer and President of Avid. “Looking ahead, I’m excited about the opportunity before us and our plan to continue to improve business performance, while further leveraging the unique position we’ve established, including our ability to lead customers and the industry into the cloud.”

“We are pleased with our financial performance this year having met key objectives for 2017, including meeting or exceeding guidance on all metrics each quarter and delivering a substantial improvement in free cash flow generation,” said Brian E. Agle, Senior Vice President and Chief Financial Officer of Avid. “In the second half of 2017, our results showed improvement as we delivered two consecutive quarters of revenue and adjusted EBITDA growth, excluding the impact of pre-2011 amortization and elimination of implied PCS revenue. We look forward to building on this momentum in 2018, as we remain focused on growing revenue, managing expenses and further increasing free cash flow.”

First Quarter and Full Year 2018 Guidance
Avid’s first quarter and full year 2018 financial guidance is provided in the table below.  This guidance reflects the expected estimated impact of the adoption of the new revenue recognition standard ASC 606 as of January 1, 2018. In 2018, the Company will be refining its guidance practices to focus only on Revenue, Adjusted EBITDA and Free Cash Flow. Annual Free Cash Flow guidance will replace the Adjusted Free Cash Flow guidance previously provided quarterly.

  Guidance under ASC 606
(in $ millions) 2018 Q1 2018
Revenue $404 - $434 $95 - $105
Adjusted EBITDA $39 - $51 $3 - $9
Free Cash Flow (Annual) $2 - $14  
     

The adoption of ASC 606 as of January 1, 2018 is estimated to unfavorably impact revenue and Adjusted EBITDA by $11 million and $2 million in 2018 and Q1 2018, respectively. A reconciliation of guidance under the ASC 606 and ASC 605 standards is provided for comparison purposes in the supplemental tables included in this press release. 

All guidance presented by the Company is inherently uncertain and subject to numerous risks and uncertainties. Avid’s actual future results of operations and cash flows could differ materially from those shown in the table above. For a discussion of some of the key assumptions underlying the guidance, as well as the key risks and uncertainties associated with these forward-looking statements, please see “Forward Looking Statements” below as well as the Avid Technology Q4 2017 Business Update presentation posted on Avid’s Investor Relations website.

Non-GAAP Financial Measures
Avid includes non-GAAP financial measures in this press release, including Adjusted EBITDA, Adjusted Free Cash Flow, Free Cash Flow, non-GAAP Operating Income (loss), non-GAAP Operating Expenses, non-GAAP Gross Margin, Adjusted EBITDA margin and Adjusted Free Cash Flow conversion of Adjusted EBITDA. The Company also includes the operational metrics of bookings, revenue backlog and recurring revenue bookings in this release. Avid believes the non-GAAP financial measures and operational metrics provided in this release provide helpful information to investors with respect to evaluating the Company’s performance. Unless noted, all financial information is reported based on actual exchange rates. Definitions of the non-GAAP financial measures are included in our Form 8-K filed today. Reconciliations of the non-GAAP financial measures in this release to the Company's comparable GAAP financial measures for the periods presented are set forth below and are also included in the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com, which also includes definitions of the operational metrics.

The earnings release also includes forward-looking non-GAAP financial measures, including Adjusted EBITDA, and Free Cash Flow. Reconciliations of these forward-looking non-GAAP financial measures are not included in the earnings release due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible at this time. As a result, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.

Conference Call
Avid will host a conference call to discuss its financial results for the fourth quarter and full year 2017 on Thursday, March 15, 2018 at 5:00 p.m. ET. The call will be open to the public and can be accessed by dialing 323-994-2083 and referencing confirmation code 7939066. You may also listen to the call on the Avid Investor Relations website. To listen via the website, go to the events tab at ir.avid.com for complete details prior to the start of the conference call. A replay of the call will also be available on the Avid Investor Relations website shortly after the completion of the call.

Forward-Looking Statements

Certain information provided in this press release, including the tables attached hereto, include forward-looking statements that involve risks and uncertainties, including projections and statements about our anticipated plans, objectives, expectations and intentions. Among other things, this press release includes estimated results of operations for the year ending December 31, 2018 and first quarter ending March 31, 2018, which estimates are based on a variety of assumptions about key factors and metrics that will determine our future results of operations, including, for example, anticipated market uptake of new products, realization of identified efficiency programs and market-based cost inflation. Other forward-looking statements include, without limitation, statements based upon or otherwise incorporating judgments or estimates relating to future performance such as future operating results and expenses; earnings; backlog; revenue backlog conversion rate; product mix and free cash flow; our future strategy and business plans; our product plans, including products under development, such as cloud and subscription based offerings; our liquidity and ability to raise capital and our liquidity. The projected future results of operations, and the other forward-looking statements in this release, are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to the effect on our sales, operations and financial performance resulting from: our liquidity; our ability to execute our strategic plan, and meet customer needs; our ability to retain and hire key personnel; our ability to produce innovative products in response to changing market demand, particularly in the media industry; our ability to successfully accomplish our product development plans; competitive factors; history of losses; fluctuations in our revenue based on, among other things, our performance and risks in particular geographies or markets; our higher indebtedness and ability to service it and meet the obligations thereunder; restrictions in our credit facilities; our move to a subscription model and related effect on our revenues and ability to predict future revenues; elongated sales cycles; fluctuations in foreign currency exchange rates; seasonal factors; adverse changes in economic conditions; variances in our revenue backlog and the realization thereof; and the possibility of legal proceedings adverse to our company. Moreover, the business may be adversely affected by future legislative, regulatory or changes, including tax law changes, as well as other economic, business and/or competitive factors. The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are set forth in our public filings with the SEC. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

About Avid
Through Avid Everywhere™, Avid delivers the most open and efficient media platform, connecting content creation with collaboration, asset protection, distribution, and consumption.  Avid’s preeminent customer community uses Avid’s comprehensive tools and workflow solutions to create, distribute and monetize the most watched, loved and listened to media in the world—from prestigious and award-winning feature films to popular television shows, news programs and televised sporting events, and celebrated music recordings and live concerts.  With the most flexible deployment and pricing options, Avid’s industry-leading solutions include Media Composer®, Pro Tools®, Avid NEXIS®, MediaCentral®, iNEWS®, AirSpeed®, Sibelius®, Avid VENUE™, Avid FastServe™, Maestro™, and PlayMaker™. For more information about Avid solutions and services, visit www.avid.com, connect with Avid on FacebookInstagram, TwitterYouTubeLinkedIn, or subscribe to Avid Blogs.

© 2018 Avid Technology, Inc. All rights reserved. Avid, the Avid logo, Avid Everywhere, Avid Artist | DNxIV, Avid NEXIS, Avid FastServe, AirSpeed, iNews, Maestro, MediaCentral, Media Composer, PlayMaker, Pro Tools, Avid VENUE, and Sibelius are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries.  All other trademarks are the property of their respective owners.  Product features, specifications, system requirements and availability are subject to change without notice.

 

 

AVID TECHNOLOGY, INC.                  
Condensed Consolidated Statements of Operations                  
(unaudited - in thousands, except per share data)                  
                     
      Three Months Ended   Twelve Months Ended  
      December 31,   December 31,  
        2017       2016       2017       2016    
                     
Net revenues:                  
  Products   $   56,481     $   59,269     $   209,461     $   283,110    
  Services       50,777         56,026         209,542         228,820    
    Total net revenues       107,258         115,295         419,003         511,930    
                     
Cost of revenues:                  
  Products       32,128         29,174         112,606         111,579    
  Services       14,734         14,702         56,481         59,828    
  Amortization of intangible assets        1,950         1,950         7,800         7,800    
    Total cost of revenues       48,812         45,826         176,887         179,207    
                     
Gross profit       58,446         69,469         242,116         332,723    
                     
Operating expenses:                  
  Research and development       16,308         18,773         68,212         81,564    
  Marketing and selling       25,776         21,311         106,257         110,338    
  General and administrative       10,624         13,112         53,892         61,471    
  Amortization of intangible assets       362         363         1,450         2,498    
  Restructuring costs, net       595         4,959         7,059         12,837    
    Total operating expenses       53,665         58,518         236,870         268,708    
                     
Operating income       4,781         10,951         5,246         64,015    
                     
Interest and other expense, net       (5,203 )       (4,622 )       (18,668 )       (18,671 )  
(Loss) income before income taxes       (422 )       6,329         (13,422 )       45,344    
                     
Provision for (benefit from) income taxes       459         1,108         133         (2,875 )  
Net (loss) income   $   (881 )   $   5,221     $   (13,555 )   $   48,219    
                     
Net (loss) income per common share - basic and diluted   $   (0.02 )   $   0.13     $   (0.33 )   $   1.20    
                     
Weighted-average common shares outstanding - basic     41,216       40,637       41,020       40,021    
Weighted-average common shares outstanding - diluted     41,216       40,746       41,020       40,176    
                     

 

AVID TECHNOLOGY, INC.                    
Reconciliations of GAAP financial measures to Non-GAAP financial measures            
(unaudited - in thousands)                    
    Three Months Ended   Twelve Months Ended    
    December 31,   December 31,    
Non-GAAP revenue     2017       2016       2017       2016      
GAAP revenue   $    107,258     $    115,295     $    419,003     $    511,930      
Amortization of acquired deferred revenue       -         -         -         594      
Non-GAAP revenue       107,258         115,295         419,003         512,524      
Pre-2011 Revenue       78         2,268         985         24,772      
Elim PCS       -          8,100         1,700         52,900      
Non-GAAP Revenue w/o Pre-2011 and Elim       107,180         104,927         416,318         434,852      
                     
Non-GAAP gross profit                    
GAAP gross profit       58,446         69,469         242,116         332,723      
Amortization of acquired deferred revenue       -         -         -         594      
Amortization of intangible assets       1,950         1,950         7,800         7,800      
Stock-based compensation       (305 )       (48 )       242         440      
Non-GAAP gross profit       60,091         71,371         250,158         341,557      
Pre-2011 Revenue       78         2,268         985         24,772      
Elim PCS       -          8,100         1,700         52,900      
Non-GAAP gross profit w/o Pre-2011 and Elim       60,013         61,003         247,473         263,885      
                     
Non-GAAP operating expenses                    
GAAP operating expenses       53,665         58,518         236,870         268,708      
Less Amortization of intangible assets       (362 )       (363 )       (1,450 )       (2,498 )    
Less Stock-based compensation       (2,741 )       (1,847 )       (8,069 )       (7,475 )    
Less Restructuring costs, net       (595 )       (4,959 )       (7,059 )       (12,837 )    
Less Restatement costs       (558 )       (109 )       (1,284 )       (295 )    
Less Acquisition, integration and other costs       (266 )       (129 )       (163 )       (587 )    
Less Efficiency program costs       (931 )       (967 )       (3,985 )       (4,305 )    
Non-GAAP operating expenses       48,212         50,144         214,860         240,711      
                     
Non-GAAP operating income                    
GAAP operating income       4,781         10,951         5,246         64,015      
Amortization of acquired deferred revenue       -         -         -         594      
Amortization of intangible assets       2,312         2,313         9,250         10,298      
Stock-based compensation       2,436         1,799         8,311         7,915      
Restructuring costs, net       595         4,959         7,059         12,837      
Restatement costs       558         109         1,284         295      
Acquisition, integration and other costs       266         129         163         587      
Efficiency program costs       931         967         3,985         4,305      
Non-GAAP operating income       11,879         21,227         35,298         100,846      
                     
Adjusted EBITDA                    
Non-GAAP operating income (from above)       11,879         21,227         35,298         100,846      
Depreciation       3,093         3,997         13,087         15,181      
Adjusted EBITDA       14,972         25,224         48,385         116,027      
Adjusted EBITDA margin     14 %     22 %     12 %     23 %    
Pre-2011 Revenue       78         2,268         985         24,772      
Elim PCS       -          8,100         1,700         52,900      
Adjusted EBITDA w/o Pre-2011 and Elim       14,894         14,856         45,700         38,355      
Adjusted EBITDA w/o Pre-2011 and Elim margin     14 %     14 %     11 %     9 %    
                     
Adjusted free cash flow                    
GAAP net cash provided by (used in) operating activities     2,833         (270 )       8,936         (49,195 )    
Capital expenditures       (1,752 )       (1,322 )       (7,877 )       (11,003 )    
Free Cash Flow        1,081         (1,592 )       1,059         (60,198 )    
                     
Non-Operational / One-time Items                    
Restructuring payments       2,599         1,959         12,139         10,940      
Restatement payments       455         153         834         153      
Acquisition, integration and other payments       120         24         313         1,841      
Efficiency program payments       500         1,412         3,863         6,942      
Sub-Total Non-Operational / One-Time Items       3,674         3,548         17,149         19,876      
                     
Adjusted free cash flow   $    4,755     $    1,956     $    18,208     $    (40,322 )    
Adjusted free cash flow conversion of adjusted EBITDA     32 %     8 %     38 %     -35 %    
                     
These non-GAAP measures reflect how Avid manages its businesses internally. Avid’s non-GAAP measures may vary from how other companies present non-GAAP measures. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with, disclosures required by generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP.    
     

 

AVID TECHNOLOGY, INC.            
Condensed Consolidated Balance Sheets            
(unaudited - in thousands)            
             
    December 31,   December 31,    
      2017       2016      
ASSETS            
Current assets:            
  Cash and cash equivalents   $   57,223     $   44,948      
  Accounts receivable, net of allowances of $11,142 and $8,618             
  at December 31, 2017 and December 31, 2016, respectively        40,134         43,520      
  Inventories       38,421         50,701      
  Prepaid expenses       8,208         6,031      
  Other current assets       10,341         5,805      
        Total current assets     154,327       151,005      
             
  Property and equipment, net       21,903         30,146      
  Intangible assets, net       13,682         22,932      
  Goodwill       32,643         32,643      
  Long-term deferred tax assets, net       1,318         1,245      
  Other long-term assets       10,811         11,610      
        Total assets   $   234,684     $   249,581      
             
LIABILITIES AND STOCKHOLDERS' DEFICIT            
Current liabilities:            
  Accounts payable   $   30,160     $   26,435      
  Accrued compensation and benefits       25,466         25,387      
  Accrued expenses and other current liabilities       31,549         34,088      
  Income taxes payable       1,815         1,012      
  Short-term debt       5,906         5,000      
  Deferred revenues       121,184         146,014      
        Total current liabilities     216,080       237,936      
             
  Long-term debt     204,498       188,795      
  Long-term deferred tax liabilities, net       -         913      
  Long-term deferred revenues       73,429         79,670      
  Other long-term liabilities       9,247         12,178      
        Total liabilities     503,254       519,492      
             
Stockholders' deficit:            
Preferred stock, $0.01 par value, 1,000 shares authorized; no shares issued or outstanding       -          -       
Common stock, $0.01 par value, 100,000 shares authorized; 42,339 shares issued, and 41,356 shares and 40,727 shares outstanding at December 31, 2017 and 2016, respectively       423         423      
  Additional paid-in capital       1,035,808         1,043,063      
  Accumulated deficit       (1,284,703 )       (1,271,148 )    
Treasury stock at cost, net of reissuances, 983 shares and 1,612 shares at December 31, 2017 and 2016, respectively       (17,672 )       (32,353 )    
  Accumulated other comprehensive loss       (2,426 )       (9,896 )    
        Total stockholders' deficit     (268,570 )     (269,911 )    
        Total liabilities and stockholders' deficit   $   234,684     $   249,581      
             
             
             
             
             
   

 

AVID TECHNOLOGY, INC.            
Condensed Consolidated Statements of Cash Flows            
(unaudited - in thousands)            
                     
          Twelve Months Ended      
          December 31,      
            2017       2016        
                     
Cash flows from operating activities:            
  Net (loss) income $   (13,555 )   $   48,219        
  Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:            
    Depreciation and amortization     22,337         25,479        
    (Recovery) provision for doubtful accounts     (340 )       886        
    Stock-based compensation expense     8,311         7,916        
    Non-cash provision for restructuring     3,191         1,137        
    Non-cash interest expense     8,951         9,620        
    Unrealized foreign currency transaction losses (gains)     7,336         (2,599 )      
    Benefit from deferred taxes     (873 )       (1,842 )      
    Changes in operating assets and liabilities:            
      Accounts receivable     3,800         14,321        
      Inventories     12,280         (2,628 )      
      Prepaid expenses and other assets     (7,567 )       (1,839 )      
      Accounts payable     3,606         (18,959 )      
      Accrued expenses, compensation and benefits and other liabilities     (8,189 )       (6,280 )      
      Income taxes payable     800         (9 )      
      Deferred revenues     (31,152 )       (122,617 )      
Net cash provided by (used in) operating activities     8,936         (49,195 )      
                     
Cash flows from investing activities:            
  Purchases of property and equipment     (7,877 )       (11,003 )      
  Increase in other long-term assets     (36 )       (30 )      
  Decrease (Increase) in restricted cash     1,790         (4,544 )      
Net cash used in investing activities     (6,123 )       (15,577 )      
                     
Cash flows from financing activities:            
  Proceeds from long-term debt     16,694         100,000        
  Repayment of debt     (6,735 )       (3,750 )      
  Proceeds from the issuance of common stock under employee stock plans     445         6,184        
  Common stock repurchases for tax withholdings for net settlement of equity awards     (1,329 )       (941 )      
  Proceeds from revolving credit facilities     -         25,000        
  Payments on revolving credit facilities     -         (30,000 )      
  Payments for credit facility issuance costs     (700 )       (5,041 )      
Net cash provided by financing activities     8,375         91,452        
                     
Effect of exchange rate changes on cash and cash equivalents     1,087         366        
Net increase in cash and cash equivalents     12,275         27,046        
Cash and cash equivalents at beginning of the period     44,948         17,902        
Cash and cash equivalents at end of the period $   57,223     $   44,948        
                     

 

AVID TECHNOLOGY, INC.                          
Supplemental Revenue Information                          
(unaudited - in thousands)                          
                             
    December 31,   September 30,   December 31,                
  Revenue Backlog*   2017     2017     2016            
                             
  Pre-2011 $   112   $   190   $   1,095                
  Post-2010 $   194,501   $   194,376   $   224,589                
  Deferred Revenue $   194,613   $   194,566   $   225,684                
  Other Backlog $   341,475   $   293,387   $   203,625                
    Total Revenue Backlog $   536,088   $   487,953   $   429,309                
                             
                             
  The expected timing of recognition of revenue backlog as of December 31, 2017 is as follows:                
                             
      2018     2019     2020   Thereafter   Total        
  Orders executed prior to January 1, 2011 $   112   $   -    $   -    $   -    $   112        
  Orders executed or materially modified on or  $   95,028   $   36,713   $   25,310   $   37,450   $   194,501        
  after January 1, 2011                          
  Other Backlog $   147,550   $   67,301   $   40,427   $   86,197   $   341,475        
    Total Revenue Backlog $    242,690   $    104,014   $    65,737   $    123,647   $    536,088        
                             
  *A definition of Revenue Backlog is included in the supplemental financial and operational data sheet available on our investor relations webpage at ir.avid.com.    
  Note: current estimates could change based on a number of factors, including (i) the timing of delivery of products and services, (ii) customer cancellations or change order, (iii) changes in the estimated period of time Implied Maintenance Release PCS is provided to customers, including as a result of changes in business practices.  
       
  **In connection with the adoption of ASU No. 2014-09, Revenue from Contracts with Customers, on January 1, 2018, which will require more of our product sales to be recognized as revenue upon delivery rather than over an extended period of time, we expect approximately $105 million of the deferred revenue component of revenue backlog recorded as of December 31, 2017 will be eliminated.    
         


AVID TECHNOLOGY, INC.              
Supplemental Information Related to Guidance            
(unaudited - in millions)              
               
2018 Guidance              
               
        ASC 605    
  2018 Guidance ASC 606 2018 Comparison Actual  
($M) Low High Add Back Low High  2017  
               
Revenue   $404   $434  $11   $415   $445  $419  
Revenue excl. Pre-2011 & Elim PCS   404   434  11   415   445  416  
Pre-2011 & Elim PCS   0   0     0   0  3  
               
Adjusted EBITDA   39   51  11   50   62  48  
Adj EBITDA excl. Pre-2011 & Elim PCS   39   51  11   50   62  46  
               
Free Cash Flow   $2   $14  $0   $2   $14  $1  
               
               
Q1 2018 Guidance              
               
  Q1 2018   ASC 605    
  Guidance ASC 606 Q1'18 Comparison Actual
($M) Low High Add Back Low High Q1 2017 Q4 2017
               
Revenue   $95   $105  $2   $97   $107   $104   $107
Revenue excl. Pre-2011 & Elim PCS   95   105  2   97   107   102   107
Pre-2011 & Elim PCS   0   0  0   0   0   2   0
               
Adjusted EBITDA   3   9  2   5   11   13   15
Adj EBITDA excl. Pre-2011 & Elim PCS   $3   $9  $2   $5   $11   $11   $15

 

Investor Contact:
                    Dean Ridlon
                    Avid
                    dean.ridlon@avid.com
                    (978) 640-3379
                    
                    PR Contact:
                    Jim Sheehan
                    Avid
                    jim.sheehan@avid.com
                    (978) 640-3152

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