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From Inking Multiple Deals To Record Revenue Growth, U Power Had A Busy First Half Of 2024

Benzinga

By Meg Flippin, Benzinga U Power Limited (NASDAQ: UCAR), the Chinese EV power solution company making a name for itself thanks to its advanced UOTTA technology, shared a financial update for the first half of 2024, with revenue growing 595.7% year-over-year to RMB13.2 million. U Power attributes that growth to increased usage from existing and new customers as the economy in China continues to recover following the COVID-19 pandemic. U Power’s UOTTA technology enables consumers and fleet operators to replace dead EV batteries with fully charged ones in under five minutes. The company also offers companies a battery-swapping ecosystem from building the infrastructure to managing it. “We've been successful in transforming our vehicle sourcing business to provide EV battery power solutions in China,” said Jia Li, Chief Executive Officer and Chairman of U Power. “We believe that this shift has enhanced our competitiveness, and we expect it to expand our future revenue growth potential." Revenue Shifts To Product Sales Of the RMB13.2 million in revenue U Power earned during the first half of 2024, 93.9% came from product sales. In the year-ago first half, U Power had no product revenue. U Power said that positive change was thanks to the improving economy, which enabled it to sell more battery stations. Meanwhile, sourcing services revenue of RMB0.1 million was down 0.6% year-over-year. However, U Power confirmed that was because the company focused more on its charging and swapping-related products. Meanwhile, battery-swapping services revenue of RMB0.7 million was up year-over-year from RMB0.5 million, driven by the deployment of U Power’s second battery-swapping station, which went live in March 2023 and remains operational. As of March 2023, U Power had a vehicle sourcing network of about 100 wholesalers and 30 dealers across China’s lower-tier cities. Last year it sold and delivered six battery-swapping stations to four customers. All told it has already sold eleven battery-swapping stations. "Our financial results for the first half of fiscal year 2024 demonstrate our commitment to responsible financial management while simultaneously making strategic investments for our future growth,” said Bingyi Zhao, Chief Financial Officer of U Power. “Our R&D expenses decreased as we have successfully completed several key projects, and we remain committed to innovation and have strategically allocated resources to new and high-potential research initiatives. Our improved credit management practices have yielded positive results, as we generated an expected gain on credit of RMB0.5 million in the first half, compared to a loss in the same period last year.” U Power ended the first half with RMB40.5 million in cash and cash equivalents, up from RMB36.2 million at the end of 2023. Deal Making On Display In addition to reporting record revenue in the first six months of the year, U Power inked deals that give it inroads into other geographies. Take its deal with Velo Labs Technology Ltd., the global fintech company for starters. In August, the two entered into a memorandum of understanding to establish a battery infrastructure investment ecosystem in Thailand. The idea is to create a battery bank asset and fund trading platform based on Velo’s blockchain technology. Through the platform, U Power and Velo Labs hope to attract external funding to promote the large-scale development of the battery bank industry. A battery bank is a collection of batteries that are connected and store energy together. The collaboration’s idea is to create battery bank stations for EVs around the country where drivers quickly swap out dead batteries for new ones. The trading platform would integrate battery assets from various UOTTA battery bank scenarios, including batteries for four-wheel and two-wheel electric vehicles, batteries from various battery swap stations and batteries used in energy storage projects. Prior to that deal, U Power signed a memorandum of understanding with Pattaya AI Terminal Co., Ltd. to jointly drive the strategic development of green logistics and electric vehicle infrastructure in Thailand. Another key deal for U Power is its deal with UNEX, which was also inked during the first half of the year. Through the partnership, the two will provide battery-swapping vehicles and swapping station services to Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros (ANTRAL). ANTRAL is an association of companies in Portugal, representing public passenger road transport companies operating light vehicles designated as taxis. Through their collaboration, UNEX and ANTRAL aim to significantly reduce greenhouse gas emissions in the transport sector by 2030, in line with the European Union's decarbonization targets and Portugal’s regulatory requirements for taxi vehicles. “We believe we are well-positioned with the necessary working capital and strong foundation to support our growth plans, including the launch of operations in multiple international markets, and we are confident in the current financial state of the business,” said Zhao. Featured photo by Denys Nevozhai on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

October 30, 2024 08:45 AM Eastern Daylight Time

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Luxy Hair Launches in the U.S. Amazon Premium Beauty Store

Luxy Hair

Luxy Hair, the #1 leading clip-in hair extensions brand, is proud to announce its debut in the U.S. Amazon Premium Beauty Store. Luxy Hair, part of the Beauty Industry Group portfolio, is expanding its reach by providing easy access to its high-quality, ethically sourced products through one of the world’s largest e-commerce platforms. “We are thrilled to collaborate with Amazon to continue our mission of empowering women to feel confident in their own hair,” said Amy Sveda, President of Luxy Hair. “We are excited to bring our ethically sourced, premium-quality hair solutions to a larger audience, helping more women regain confidence and embrace their hair identity.” Amazon customers can now explore and shop Luxy Hair’s extensive shade range, including hair swatches for easy color-matching. Luxy Hair’s storefront will feature best-selling items including the Classic Clip-In Extensions, Seamless Clip-In Extensions, and Halo® Extensions; customer-loved accessories such as Signature Hair Curler, and TikTok favorite Luxy Hair x Acquired Style Collection; and the newer and fastest growing solutions-based products including Scalp Hair Fill-Ins and Thinning Hair Fill-Ins, directly in Amazon’s U.S. Premium Beauty Store. Since its inception in 2010, Luxy Hair has gained recognition for delivering natural-looking, premium quality, do-it-yourself hair extensions made from 100% ethically sourced Remy human hair. The brand is renowned for its dedication to exceptional customer service and its award-winning shade range that meets various hair needs—from adding instant volume and length to addressing hair thinning and loss. Luxy Hair sets itself apart through its exceptional craftsmanship, unwavering commitment to transparency, and dedication to sustainable practices. By fostering open dialogue about hair loss and challenging the stigma surrounding hair extensions, Luxy Hair creates an inclusive space where women feel empowered, supported, and confident throughout their unique hair journeys. For more information, please visit www.luxyhair.com or @luxyhair on social media. Explore the full range of products at www.amazon.com/luxyhair. About Luxy Hair: The #1 rated hair extensions brand in the world, Luxy Hair is on a mission to take the guesswork out of natural-looking beautiful hair. Made from 100% ethically sourced Remy human hair, Luxy Hair creates premium quality hair extensions for all of life’s moments. Having amassed over 250K customers in more than 165 countries, with a large loyal following, Luxy Hair is renowned for its exceptional customer service and engagement. Luxy Hair is the do-it-yourself solution for anyone, any day, anywhere. About Beauty Industry Group: BIG, established in 2004, is the global market leader for professionally installed hair extensions and related beauty products. BIG's professional products are sold in more than 1,300 stores throughout North America and its collective brands service more than 30,000 salons across 165 countries. BIG has offices in four countries and is headquartered in Salt Lake City, UT. Contact Details Six One Agency Camryn Carlson camryn@six-one.com Luxy Hair Gillian Fetters gillianf@luxyhair.com

October 30, 2024 08:03 AM Eastern Daylight Time

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CONSENSUS HEALTH CHIEF EXECUTIVE OFFICER MICHAEL LOVETT NAMED 2024 EXECUTIVE OF THE YEAR-FOR PROFIT CATEGORY BY NJBIZ IN BUSINESS OF THE YEAR AWARDS

Consensus Health

Consensus Health, a leading New Jersey-based healthcare organization with a physician-led medical group and an Independent Physician Alliance (IPA), announced today Chief Executive Officer Michael Lovett was named a 2024 Business of the Year—Executive of the Year (For-Profit category) honoree by NJBIZ. Annually, NJBIZ Business of the Year Awards recognize the state’s most dynamic companies and leaders who share a commitment to professional excellence, business growth and their communities. This year, more than 50 organizations and only three individuals will be honored for their significant contributions to helping the state’s business community grow and prosper. "This recognition reflects Mike’s exceptional focus on leading with integrity, fostering local impact, and elevating the patient experience. His approach resonates with our mission to build a collaborative environment where both patients and providers thrive. Mike’s leadership is a key asset to our value-based care journey, and we’re honored to celebrate this achievement with him,” shared Dr. Nedal Shami, chief executive officer of CareAbout Health, a value-based care managed services organization supporting Consensus Health. Lovett commented on the acknowledgement from NJBIZ: “This honor is a tribute to Consensus Health’s 700+ team of professionals who – each and every day – positively impact healthcare across New Jersey. It is their dedication and unrelenting care for our patients’ health and wellness that allows Consensus Health to stand out. “I want to extend my deepest gratitude to our team for their contributions, our leadership for their confidence in me and the judges who took note of our impact on elevating patient care statewide. It’s truly a privilege to accept this prestigious accolade on behalf of our entire growing enterprise,” Lovett concluded. The awards will be bestowed in a ceremony hosted by NJBIZ on Thursday, December 12, 2024 to be held at The DoubleTree by Hilton Somerset. About CareAbout Health CareAbout Health provides management, resources, value-add services, technology, and other support to its portfolio of medical groups and healthcare focused companies. CareAbout Health is helping align incentives to create a world where patients, providers, and payers work together in a seamless, coordinated manner toward common goals: higher quality, lower costs, better outcomes, and healthier communities. For more information, please visit www.careabout.com. About Consensus Health Marlton, New Jersey-based Consensus Health is a leading physician-owned and -governed medical group comprised of New Jersey-based independent primary care providers and specialty doctors. Consensus Health affords its 169 member physicians across 56 practices and 69 locations clinical autonomy, which enables them to focus on the delivery of high levels of patient care within the local markets they each serve. Currently, Consensus Health provides medical care statewide throughout 18 New Jersey counties. For more information, visit www.consensushealth.com or connect with the Company on LinkedIn. Contact Details PAIRELATIONS, LLC Susan J. Turkell +1 303-766-4343 sturkell@pairelations.com Company Website https://www.consensushealth.com/

October 30, 2024 08:00 AM Eastern Daylight Time

Avenue Z Launches New Public Affairs Practice to Help Clients Navigate Complexities of Modern Advocacy

Avenue Z

Avenue Z, a media and technology company, today announced the launch of its Public Affairs Group, a multidisciplinary, strategic practice designed to shape client outcomes in public and private advocacy, shareholder activism and ESG, philanthropy and civil society, and regulatory environments. In response to the growing power and control from big media companies and tech companies, Avenue Z’s new Public Affairs Group leverages a blend of communications, media, creative, and technology to affect meaningful change. The company’s approach supports clients to achieve consensus and desired outcomes by connecting highly targeted content to the right audiences at the right time, building trust. “The way the public is gaining information and forming perspectives has changed, and organizations need to engage their audiences across all channels in new ways,” said Nneka Etoniru, Avenue Z’s EVP of Global Brand Strategy and lead of the new Public Affairs Group. “Our solutions are uniquely positioned to help clients achieve lasting influence by guiding them through critical moments, enhancing their public image, and accomplishing their goals.” “Making a quantifiable impact in public affairs, akin to brand marketing or reputation management, requires both human and technology-informed approach,” said Jeffrey Herzog, Avenue Z founder and CEO. “Our strength lies in blending storytelling, media, and data to create influential connections across channels - from the Wall Street Journal to TikTok." Avenue Z’s Public Affairs practice is tailored to serve a diverse range of clients, including: Private Sector: Helping corporations gain consensus among decision-makers and standard bearers, secure contracts and public-private partnerships, and win necessary approval. Public Sector: Assisting municipal, state, and federal agencies with raising awareness, launching public health initiatives, combatting electoral misinformation, and developing educational campaigns across demographics. High-Profile Public Figures: Assisting in navigating public opinion, counter-influencing harassment campaigns, managing crises, and curating strategically engaging online conversations to protect their reputation. Charities and Philanthropies: Supporting non-profits in raising funds, advancing agendas, enhancing prestige, and navigating challenges to maximize organizational impact. Trade Organizations and Industry Groups: Helping industry-specific organizations advocate for their members' interests, inform external audiences on policy impact, and shape public perception of their industry. Along with the practice launch, Avenue Z has released an insightful trends report, offering a deep dive into the latest shifts shaping public policy and communication, helping organizations stay ahead of the curve. Public Affairs Trend Report 2024: Shaping Perception and Driving Outcomes in High-Stakes Environments covers trends impacting key sectors from healthcare to fintech, venture capital, emerging tech, manufacturing, and more. Read the full report, here. Avenue Z’s ability to lead high-stakes special situations is built on a foundation of expertise lasting more than 25 years. The company’s heritage dates back to 1998, when digital visionary and entrepreneur Jeffrey Herzog pioneered search engine marketing and later, sold iCrossing, his first digital media company, to Hearst Magazines for $450 million. Avenue Z is a media and technology company breaking traditional boundaries between marketing, advertising and PR to increase client revenue and elevate their reputation. From the Wall Street Journal to TikTok, PR to social and search, we create narratives that drive commerce, connections, and conversion, across all channels. With experts, tech and teams based in New York, Orlando, Miami and global reach - we drive influence. Visit www.avenuez.com Contact Details Avenue Z Rachael Zahn +1 407-637-2833 press@avenuez.com Company Website https://www.avenuez.com/

October 30, 2024 07:48 AM Eastern Daylight Time

VidAU Unveils Revolutionary AI-Powered Video Analytics Platform, Revolutionizing Video Data Processing for Business

Rev Up Marketers

VidAU, a leading pioneer in video analytics tech, has introduced an industry-changing AI-powered video analytics platform to transform how businesses use video data to gain critical insights. It’s an advanced platform that integrates the latest artificial intelligence for real-time analysis and delivers users with precise information they can act on. This development is a major step forward for video analytics and gives companies a new way to understand customer behavior, improve operational efficiency, and increase security measures. VidAU platform answers the increasing demand for sophisticated video analytics solutions in industries that necessitate immediate data analysis. With VidAU's deployment of AI into video data processing, we have devised a system that enables businesses to receive detailed insights in seconds, turning raw footage into usable data for decision-making. Users of all technical expertise levels will appreciate the user-friendly interface that makes the platform mainstream and suitable for use by organizations across. Perhaps most notably, the VidAU platform offers real time feedback to companies allowing them to react quickly to emerging trends and potential problems. The platform’s analytics are flexible and suitable for use in many industries, like retail and finance, security, and public spaces. By designing the technology around flexibility and accuracy, VidAU has raised the bar for reliability in data interpretation of video, delivering a new recommendation in the field. VidAU's latest platform also includes more advanced customization options so users can modify parameters and outputs to fit the needs of a particular organization. This gives businesses the opportunity to set optimal settings based on what they want to achieve; whether it is maximizing customer engagement, minimizing operational bottlenecks, or improving the on site security. According to this, VidAU provides customizable solutions for its clients. A link to video demonstration is available for those who want a complete view of the platform’s capabilities, highlighting the simplicity of integration and the new video analytics solution VidAU dynamic features. The goal of this demonstration is to give potential users a clear idea of what the platform looks like and how it can serve various industry uses. VidAU has always believed that innovative AI could be leveraged to create digital tech solutions that transform businesses. The launch of this new platform supports VidAU's goal to empower organizations through the delivery of the tools necessary to make massive amounts of video data actionable. As a company with a focus on innovation and customer success, VidAU maintains its leadership in the industry, developing solutions that meet the needs of today’s modern business. As the need for video data analytics increases, VidAU’s platform will be a necessary tool for companies that seek to fully exploit their video assets. This solution does not only allow companies to analyze customers' behavioral trends and operational trends in an effective way, but also helps to proactive spot problems that might otherwise remain unnoticed, and present the data with good readability and a manageable size that even a young learner could read. About VidAU: VidAU is a leading innovator in AI-powered video analytics, dedicated to transforming how businesses harness video data. With a focus on delivering advanced technological solutions, VidAU enables organizations to make informed decisions through insightful data analysis. The company’s commitment to innovation and customer success has positioned it as a trusted partner for businesses seeking to maximize the value of their video assets. For more information about the platform and to view the demonstration, visit https://www.vidau.ai Contact Details Nate Leigh pr@aestheticsmarketing.com Company Website https://aestheticsmarketing.com/

October 30, 2024 06:57 AM Eastern Daylight Time

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Cure Alzheimer’s Fund Receives Donation from Bourque Family Foundation Golf Fundraiser

Alzheimer’s Disease Research Foundation

Boston Bruins legend, Ray Bourque, and his family have selected Cure Alzheimer’s Fund to benefit from the annual Bourque Family Foundation annual charitable golf tournament. Bourque Golf is an annual celebrity golf tournament hosted by the NHL Hall of Famer at The Golf Club of New England in Stratham, New Hampshire. This year, the tournament was held on August 22 and raised more than $50,000 for Cure Alzheimer’s Fund, 100% of which will be used to support research into the disease. “We are deeply grateful to Ray, his family and the Bourque Family Foundation for joining us in the fight against Alzheimer’s Disease,” said Meg Smith, CEO of Cure Alzheimer’s Fund. “Developing effective, accessible therapies requires deep understanding of the complex causes and pathologies of Alzheimer’s. The scientists CureAlz supports are pursuing high-risk, high-reward research vital for future prevention and treatment of this devastating disease. This gift helps make progress possible.” About the Bourque Family Foundation In 2017, Ray, his wife, Christiane, and children, Melissa, Christopher, and Ryan, wanted to combine their charitable efforts to make a greater difference in the community and founded their own public charity, the Bourque Family Foundation. The Foundation is a registered 501(c)(3) non-profit organization that strives to continue the impact made through Ray’s leadership by supporting a wide variety of organizations, individuals, and communities in need. Since inception, the Foundation has donated nearly $1.4 million to 58 worthy charities and educational endeavors. To learn more, visit bourquefamilyfoundation.org. Cure Alzheimer’s Fund is a nonprofit dedicated to funding the most promising research to prevent, slow or reverse Alzheimer’s disease. Since its founding in 2004, Cure Alzheimer’s Fund has provided 889 grants to more than 300 of the world’s leading researchers and contributed $212 million to research. Its funded initiatives have been responsible for many key breakthroughs in understanding the causes and pathology of Alzheimer’s disease. Cure Alzheimer’s Fund has received a 4-star rating for more than 12 consecutive years from Charity Navigator. Our Board of Directors, Trustees and a core group of other donors direct their donations to CureAlz overhead expenses so that 100% of general donations go to our research program. For more information, visit CureAlz.org. To learn about the impact of Alzheimer’s on women and women working toward a cure, visit WomenandAlzheimers.org. Contact Details Barbara Chambers +1 781-304-4510 BChambers@CureAlz.org Company Website https://curealz.org

October 30, 2024 06:00 AM Eastern Daylight Time

Callan Family Office Named to the 2024 Forbes/SHOOK List of America’s Top RIA Firms

Callan Family Office

Callan Family Office, a registered investment advisor serving ultra-high-net-worth families across the United States, today announced it has been named to the 2024 Forbes/SHOOK list of America's Top RIA Firms, marking its second straight year the firm has been included on this ranking. “We are honored to once again be included on the Forbes/SHOOK list, which recognizes the nation’s top RIAs,” said Jack Ginter, Chief Executive Officer of Callan Family Office. “At Callan Family Office, we have deep experience exclusively working with ultra-high-net-worth families across the country, so we understand that effectively managing substantial wealth requires strategic thinking, careful planning, and access to a vast range of unique solutions. It is wonderful to receive this independent and prestigious recognition.” Callan Family Office was launched in 2022 to provide objective advice and counsel to ultra-high-net-worth families, foundations, and endowments, fueled by innovation, research, technology, and education. The firm and its 23 partners focus on solutions that help families work together to successfully manage their future, achieve their purpose, and realize their full potential as individuals and families. Over the first three quarters of 2024, Callan Family Office has reached several milestones, including: Crossing $6 billion in assets under administration Launching a business & transaction advisory unit to support business owners considering transacting or transitioning their businesses Expanding service offerings under its Endure family governance and education program Launching financial administration services for ultra-high-net-worth families “This has been a dynamic year for our company, so it is especially gratifying that our growth and innovation has been recognized with inclusion on this prestigious list,” Ginter said. The 2024 Forbes/SHOOK Top RIA Firms list consists of 250 firms collectively managing over $1.6 trillion in assets. SHOOK screened 46,212 nominations, conducted 21,417 telephone interviews, and reviewed thousands of RIAs through in-person or virtual exchanges. Neither Forbes nor SHOOK received a fee from Callan Family Office in exchange for rankings. About Callan Family Office Independently owned and operated, Callan Family Office was founded by experienced wealth professionals to provide investment management, thoughtful personalized advice, and holistic financial planning to ultra-high-net-worth families, family offices, foundations, and endowments. The firm's principals have spent their careers serving ultra-high-net-worth clients, family offices, and institutions. Callan Family Office has agreements with Callan LLC to use the Callan® tradename in providing investment advisory services to the ultra-high-net-worth market segment and to access Callan's institutional quality research, education, and investment guidance experience. Callan Family Office and Callan LLC are independent, unaffiliated investment advisory firms separately registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. About the Forbes/SHOOK 2024 List of Top 100 RIA Firms The Forbes ranking of America’s Top RIA Firms, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone, virtual and in-person due diligence interviews, and quantitative data. The algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices and approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings. Callan Family Office (CFO) is the exclusive trademark licensee of Callan LLC. Callan LLC provides products and services to CFO. Clients of CFO are not clients of Callan LLC, and the parties are not affiliated. CALLAN, CFO and the other Callan trademarks and service marks are registered and/or unregistered trademarks of Callan LLC and may not be used without its permission. INVESTMENT ADVISORY SERVICES AND PRODUCTS PROVIDED TO CLIENTS OF CFO ARE PROVIDED SOLELY BY CFO AND NOT BY OR ON BEHALF OF CALLAN LLC. REPRESENTATIVES OF CFO ARE EMPLOYEES AND AGENTS OF CFO AND NOT EMPLOYEES OR AGENTS OF CALLAN LLC. Contact Details Christina Diabo +1 201-400-7239 cdiabo@vocatusllc.com Company Website https://callanfamilyoffice.com/

October 29, 2024 03:04 PM Eastern Daylight Time

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News Release

NuggMD is Providing Free Medical Cannabis Evaluations to Veterans on Veterans Day

NuggMD

NuggMD, the nation's leading telemedicine platform for cannabis, today announced that it is providing free online medical marijuana evaluations to veterans from Nov. 7 to Nov. 11. Rates of PTSD range from 10% to 30% among war-time vets and 31% struggle with chronic pain. Additionally, according to the U.S. Department of Veterans Affairs, fewer than 50% of veterans in need of mental health treatment end up receiving it. While cannabis remains illegal federally, 38 states and several U.S. territories have legalized cannabis used to treat qualifying medical conditions, among them PTSD and chronic pain. “Every adult deserves the freedom to use cannabis. That is what we stand for,” said Bobby Brock, vice president of marketing at NuggMD. “We urge our peers in the cannabis industry to use their resources to help veterans, because serving in the armed forces is one of the most selfless, patriotic things an American can do. We also invite policymakers to take seriously the potential that cannabis may have to improve the quality of life of those who choose to enlist, both as they serve and after they return home.” The free evaluations will be offered to all veterans who reside in the 28 markets that NuggMD serves, and who provide valid proof of service and their state-issued identification. The applicable states are listed on NuggMD’s website, and veterans can secure their appointment using NuggMD’s on-demand platform from 8 AM to 10 PM in their local time zone. In addition to providing free evaluations to veterans, the company is also offering a 25% discount to the spouses of veterans, under the same conditions. Since its launch in 2016, NuggMD's affiliated medical cannabis practitioners have helped over two million patients connect with qualified medical cannabis doctors. About NuggMD NuggMD is the nation's leading medical marijuana technology platform, serving patients in Arizona, California, Connecticut, Delaware, Florida, Georgia, Illinois, Iowa, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Jersey, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Texas, Vermont, Virginia, Washington, and West Virginia. They've connected over 2,000,000 patients face-to-face with their new medical marijuana doctors via their state-of-the-art telemedicine platform. They believe every human being has the right to explore the benefits of medical cannabis and are fully committed to helping each patient explore every option in their journey to wellness. For further information, visit https://www.nuggmd.com. Contact Details Andrew Graham +1 646-385-0189 andrew.g@getnugg.com Company Website http://www.nuggmd.com

October 29, 2024 02:50 PM Eastern Daylight Time

K3 Holdings and Alpine LA Properties Warn of Possible Unintended Consequences of Proposition 33 on Los Angeles Housing Market

K3 Holdings

K3 Holdings, a privately held real estate investment firm with extensive holdings throughout the United States and Alpine LA Properties, a leasing company providing newly remodeled apartments at affordable rates in Los Angeles voiced concern today about debate over California Proposition 33. Proposition 33 moves the decision of rent control laws into the hands of municipalities. While the proposal is intended to support vulnerable renters, via rent control and/or vacancy control solutions, many within the real estate and housing industries are raising concerns about its potential impact on housing availability. As municipalities create new legislation and regulations, many of these policies may have unintended negative consequences, especially for low-income families. Some experts are warning that Proposition 33 may result in fewer affordable housing options and discourage investment in new development, exacerbating the city's housing crisis. “As a property management company with deep roots in the Los Angeles community, we are committed to supporting renters and ensuring the availability of safe, affordable housing options,” stated Michael Kadisha, a Principal of K3 Holdings. “We have long been a resource to local leaders and policymakers, offering insights into the needs of renters and the realities of the housing market, and we look forward to further collaboration.” “While we understand and respect the goals behind Proposition 33, we are concerned that its unintended consequences will be harmful to the very communities it aims to protect. Proposition 33 could reduce the supply of housing options, especially for low-income families, by discouraging new development and forcing out existing property owners. This could exacerbate the housing crisis, not alleviate it,” Michael Kadisha continued. “By making it financially untenable for real estate owners and developers to operate, this proposal may inadvertently limit the number of available homes, leading to fewer choices for renters and higher prices in the long term,” Nathan Kadisha a K3 Principal added. “Surely this is not what local leaders, and the community is intending with these proposals.” “Our goal is to remain a partner in crafting balanced, effective housing policies that protect renters while also ensuring a healthy, sustainable housing market. We stand ready to work with city leaders to find solutions that benefit both renters and property owners alike,” Nathan Kadisha continued. While K3 does not endorse or reject any specific legislation and refrains from political involvement, its sole focus remains on building strong communities and helping renters thrive. About K3 Holdings and Alpine LA Properties K3 Holdings and Alpine LA Properties are committed to creating strong, vibrant communities through thoughtful property management and a focus on fostering neighborly connections. By hosting community events and providing quality living spaces, we strive to make our neighborhoods places where residents feel a sense of pride and belonging. ### For more information or to schedule an interview with a K3 spokesperson, please contact Dan Rene at 202-329-8357 or dan@danrene.com Contact Details K3 Holdings/Alpine LA Properties Dan Rene +1 202-329-8357 dan@danrene.com Company Website https://k3holdings.com/

October 29, 2024 02:00 PM Eastern Daylight Time

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