House Supplemental Appropriation Bill, H.R. 5230, Would Compound the Border Crisis, Warns FAIR Jul 29, 2014 06:56PM

WASHINGTON, July 29, 2014 /PRNewswire-USNewswire/ -- Instead of resolving the ongoing border crisis, the House Supplemental Appropriations bill, H.R. 5230, would merely perpetuate it at great expense to American taxpayers and American security, charged the Federation for American Immigration Reform (FAIR).

H.R. 5230 adds new layers of procedure before illegal alien minors can be removed from the country. Consequently, far from deterring additional flows of illegal aliens to the United States, the measure being offered by the House Republican leadership creates and even longer process for all unaccompanied minors, including Mexican nationals. Not only would the bill not result in the expedited return of Central American illegal immigrants, it would likely touch-off a new wave of unaccompanied minors from Mexico.

Even more importantly, H.R. 5230 does nothing to rein-in President Obama's abuse of executive discretion to ignore countless immigration laws Congress has already passed, or any enforcement requirements in this bill. The House Republican leadership's bill is being offered against the backdrop of an imminent threat by the Obama administration to grant de facto amnesty and work authorization to an estimated 5-6 million illegal aliens.

"It is clear what needs to be done to end the immigration chaos that is spiraling out of control: Congress must put an end to the president's dangerous and unconstitutional policies that are at the root of this crisis," declared Dan Stein, president of FAIR. "Instead, what the House leadership is offering are meaningless gestures designed to deceive the American public into believing that they are dealing seriously with a state of lawlessness that threatens our national sovereignty.

"House Republicans would better serve the public interest by doing nothing rather than passing a bill that would incentivize even more minors to cross our borders illegally, while failing to end the president's unilateral assault on U.S. immigration enforcement," concluded Stein.

About FAIRFounded in 1979, FAIR is the country's largest immigration reform group.  With over 250,000 members nationwide, FAIR fights for immigration policies that serve national interests, not special interests.  FAIR believes that immigration reform must enhance national security, improve the economy, protect jobs, preserve our environment, and establish a rule of law that is recognized and enforced.

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Cielo - 17.9% Increase in Financial Volume and Net Income of R$797 Million in 2Q14 Jul 29, 2014 06:53PM

BARUERI, Brazil, July 29, 2014 /PRNewswire/ -- Cielo S.A. (BM&FBOVESPA: CIEL3 / OTCQX: CIOXY) announces today its results for the second quarter of 2014. The Company's consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and in accordance with the accounting practices adopted in Brazil.


  • Transaction financial volume totaled R$125.3 billion, up 17.9% year-on-year, or R$19.1 billion; and increase of 4.8% compared to 1Q14, or R$5.8 billion;
  • Net Operating Revenue of R$1.8 billion, up 13.6% or R$221.0 million year-on-year and increase of 1.3% or R$23.0 million quarter-on-quarter;
  • Net revenue from Prepayment of Receivables* totaled R$218.1 million, up 52.4% or R$75.5 million year-on-year and 14.2% or R$27.1 million quarter-on-quarter;
  •  Prepayment of Receivables reached 17.9%, over the financial volume of credit, up 1.8 p.p. year-on-year and down 0.8 p.p. quarter-on-quarter;
  • EBITDA of R$955.5 million, up 9.3% or R$81.6 million year-on-year and reduction of 4.6% or R$45.9 million quarter-on-quarter;
  •  EBITDA margin at 51.9%, down 2.0 p.p. year-on-year and 3.2 p.p. quarter-on-quarter;
  • Cielo's net income totaled R$796.8 million, up 25.9% or R$163.7 million year-on-year and down 0.7% or R$5.9 million quarter-on-quarter;
  • Cielo's net income margin at 43.3%, up 4.2 p.p. year-on-year and down 0.9 p.p. quarter-on-quarter;
  • Cielo and Linx sign a Memorandum of Understanding aimed at setting up a joint venture for the creation and development of an integrated and unique solution (IPOS), which includes commercial automation, management software and electronic payments platform for the Brazilian small retail market.
  • Cielo and Smiles sign for a commercial agreement to expand loyalty program in retail;
  • By 8th consecutive time Cielo reaches 1st place in the Services category in the ranking from "Maiores e Melhores da Revista Exame" (Biggest and Best from Exame Magazine);
  • 2nd place among the Most Innovative Companies in Brazil in the ranking from INFO Exame magazine;
  • 16th place in the ranking of Most Valuable Brands in Brazil, prepared by Istoe Dinheiro magazine in a partnership with BrandAnalytics/Milward Brown. Among the 10 brands that have valued the most in 2013;
  • Cielo is considered one of the 100 most prestigious brands in Brazil according to the Epoca Negocios magazine;
  • Chosen, by 4th consecutive time, among the Best Companies to Start a Career in the Voce S/A magazine guide - Awarded by 4th consecutive time;
  • Cielo accompliches 2nd place in the ranking of "The 100 Best in Brazil according to the IGC," of Corporate Governance Index, published by the America Economia magazine.

*Net funding costs revenue (see explanation in management analysis of Prepayment of Receivables Revenue)

Click on the link below to open the earnings release:

2Q14 Earnings Conference CallJuly 30, 2014

ENGLISH10:30 a.m. (New York) | 11:30 a.m. (Brasilia)Toll free USA : +1-888-700-0802 Phone.: +1-786-924-6977            +55-11-3193-1001Code: Cielo

PORTUGUESE09:00 a.m. (NY) 10:00 a.m. (Brasilia)Phone.:+55-11-3193-1001           +55-11-2820-4001Code: CieloInvestor Relations DirectorRoberta


ATA Applauds Senate Adoption of Short-Term Highway Funding Patch Jul 29, 2014 06:51PM

ARLINGTON, Va., July 29, 2014 /PRNewswire-USNewswire/ -- Today, American Trucking Associations applauded the Senate for adopting a shorter term patch for the Highway Trust Fund in order to pass a long-term, well-funded highway bill sooner, rather than later and urged the House of Representatives to quickly follow suit.

"ATA believes the quickly passing a long-term, well-funded highway bill is in our national interest and we believe that a short-term patch to keep the Highway Trust Fund solvent is the best way to achieve that," said ATA President and CEO Bill Graves. "To that end, by adopting the amendment by Sens. Boxer, Corker and Carper to shorten that patch, the Senate has put Congress on a path to solving these issues this year.

"We urge the House to follow suit and to pass the Senate's Highway Trust Fund fix and then get on to the work of passing a long-term highway bill when Congress returns from recess," Graves said. "Continuing to manage our nation's infrastructure by crisis is no way to provide America's motorists and truckers with the world-class infrastructure they need. A December deadline averts near-term Highway Trust Fund default and provides ample time for lawmakers to resolve the long-term challenge facing the Trust Fund."

American Trucking Associations is the largest national trade association for the trucking industry. Through a federation of 50 affiliated state trucking associations and industry-related conferences and councils, ATA is the voice of the industry America depends on most to move our nation's freight. Follow ATA on Twitter or on Facebook. Trucking Moves America Forward 

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SOURCE American Trucking Associations

IMH Financial Corporation Restructures its Senior Debt; Appoints New Board with a Majority of Independent Directors; and Names Lawrence D. Bain as Chairman & CEO Jul 29, 2014 06:47PM

SCOTTSDALE, Ariz., July 29, 2014 /PRNewswire/ -- On July 24, 2014, IMH Financial Corporation (the "Company" or "IMH") entered into a series of agreements and transactions in connection with the refinancing of the senior secured convertible loan originally extended to the Company by NWRA Ventures I, LLC ("NWRA") on June 11, 2011 (the "Refinancing").

The Refinancing was generally comprised of three core components: 1) a $26.4 million convertible preferred equity tranche, led by Singerman Real Estate, LLC ("Singerman Real Estate") and Juniper Capital Partners, LLC ("Juniper"); 2) a $13.8 million contribution by the Company from its cash reserves; and 3) a restructuring of the existing senior loan with NWRA, which among other things, removed the loan's equity conversion rights and permits its payoff at $45 million.  In addition, as part of the Refinancing, the Company acquired into treasury, 319,484 shares of its common stock, which had previously been held by an affiliate of NWRA. 

The Company believes the Refinancing will provide for significant savings related to future interest expense, consulting fees and other related costs, and will ultimately allow the Company to borrow funds and obtain future financing on more favorable terms.

As part of the convertible preferred equity tranche, the Company issued and sold 5,595,148 shares of Series B-2 Preferred Stock to an affiliate of Singerman Real Estate, an experienced real estate investment firm that invests in both public and private companies. "Our company specializes in unlocking embedded value through ownership of real estate and real estate related assets," Singerman Real Estate President Seth Singerman said.  "We believe that IMH is well-positioned for significant growth in relation to its legacy assets and through the prudent allocation of capital into future investments.  We look forward to working with the IMH team to help further facilitate that growth."

Additionally, the Company issued a total of 2,604,852 shares of Series B-1 Preferred Stock to affiliates of Juniper.  "Juniper first became involved with IMH in 2011, as an investor in the original NWRA loan," Juniper Managing Member Jay Wolf said. "Since that time, our confidence in the Company has grown substantially.  Although the refinancing transaction provided Juniper with the option to be fully paid out on its original investment, we elected to reinvest our entire position into the new preferred equity.  We believe the Company's new capital structure will provide it with improved economic efficiencies and greater flexibility to grow its business.  We very much look forward to being a part of IMH's future."

In concert with the Refinancing, there were certain changes to the IMH executive team.  Effective on the closing of the Refinancing, William Meris resigned as the Company's Chief Executive Officer and President.  Effective the same date, the Company appointed Lawrence D. Bain to serve as the Company's new Chief Executive Officer.

Mr. Bain has served as the Company's lead strategic consultant for the past five years with responsibilities relating to, among other things, asset recovery and disposition, guarantor enforcement and collection, capital formation, legal strategy, and underwriting.  During that time, Mr. Bain was instrumental in advising the Company on the structuring and implementation of a majority of the Company's material corporate initiatives.  The Company believes that Mr. Bain's in-depth knowledge of its business and its assets, coupled with his 35 years of financial industry and investment experience, will position him to help the Company drive future profitability and growth in shareholder value.

The Company has also increased the Board of Directors from two members to seven members, and in addition to electing Mr. Bain to serve as Chairman of the Board of Directors, has elected Messrs. Singerman and Wolf to the Board of Directors, along with Independent Directors Leigh Feuerstein, Andrew Fishleder, M.D., Michael M. Racy, and Lori Wittman. Mr. Meris and Steven Darak, the Company's Chief Financial Officer, resigned from the Board of Directors.  Mr. Darak will continue to serve as the Company's Chief Financial Officer.

For additional information regarding the Refinancing and related transactions described herein, please see the SEC Form 8-K filed by the Company on July 29, 2014.

About IMH Financial CorporationIMH Financial Corporation is a Scottsdale, Arizona based real estate lender and investor.  As a public reporting entity, IMH Financial Corporation files periodic reports with the SEC. For additional financial and other important information pertaining to IFC, individuals can visit and reference CIK #1397403.

Forward-Looking Statements Our future plans and other statements in this release about expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts constitute forward-looking statements. In some cases, you can identify forward looking statements by terms such as "anticipate," "believe," "could," "estimate," "feel," "expect," "intend," "likely," "may," "plan," "potential," "should," "see," "hope," "view," and "would" or the negative of these terms or other comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, including without limitation the risk that we will be unable or otherwise decide not to make proposed future distributions and other risks and uncertainties related to the Company that can be found under the heading "Risk Factors" in IMH Financial Corporation's most recent annual report on Form 10-K and other filings with the SEC.

These forward looking statements are based on information currently available to us and actual results may differ as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in our forward-looking statements. These forward-looking statements are made only as of the date hereof and we undertake no obligation, and disclaim any duty, to update or revise any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. You should not place undue reliance on these forward-looking statements.

SOURCE IMH Financial Corporation

Alterra Power Announces Release Date for the Second Quarter 2014 Results Jul 29, 2014 06:47PM

VANCOUVER, July 29, 2014 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) announces that its results for the quarter ended June 30, 2014 will be released on Tuesday, August 12, 2014 after market close. A conference call and live audio webcast to discuss the results will be held on Wednesday, August 13, 2014 at 11:30 am ET (8:30 am PT).

Conference Call and Webcast Information for Second Quarter 2014 Results

Date:Wednesday, August 13, 2014

Time:11:30 am Eastern Time / 8:30 am Pacific Time

Dial-In Numbers:

North American toll-free number: 1-888-390-0546
Switzerland toll-free number: 0-800-561-289
UAE toll-free number: 8000-357-031-26
United Kingdom toll-free number: 0-800-028-6441
Other international: 1-416-764-8688

Conference ID:


Audio Webcast:

A live audio webcast can be accessed at:

Playback Available for One Week Following the Call:

North American toll-free and international: 1-888-390-0541 / 1-416-764-8677
Replay PIN: 495512

About Alterra Power Corp.

Alterra Power a leading global renewable energy company, operating six power plants totaling 568 MW of generation capacity, includingBritish Columbia'slargest run-of-river hydro facility and largest wind farm, two geothermal facilities in Iceland, and a geothermal plant inNevada. Alterra owns a 262 MW share of this capacity, generating approximately 1,300 GWh of clean power annually. Alterra has an extensive portfolio of exploration and development projects and a skilled international team of developers, explorers, builders and operators to support its growth plans.

The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.

SOURCE Alterra Power Corp.

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