ROSH HA‘AYIN, IL / ACCESS Newswire / June 17, 2025 / Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy” or the “Company”) (Nasdaq:BNRG), a leading global provider of Thermal Energy Storage (“TES”) solutions for industrial and utility customers, today announced that a reverse share split of its issued and outstanding ordinary shares, no par value per share (the “Ordinary Shares”) at a ratio of 5-for-1 is expected to be implemented after market close on June 18, 2025. The Company’s Ordinary Shares will begin trading on the Nasdaq Capital Market on a post-split basis at the market open on June 20, 2025 under the Company’s existing trading symbol “BNRG”.
The reverse share split was approved by the Company’s shareholders at the Company’s Special General Meeting of Shareholders held on December 5, 2024 (the “Meeting”).
Following the reverse share split, the Company’s outstanding Ordinary Shares will be reduced from 13,629,259 Ordinary Shares to 2,725,852 Ordinary Shares, proportionate to the approved reverse split ratio. The Company’s authorized share capital will not be impacted by the implementation of the reverse share split and will remain 150,000,000 ordinary shares following the consummation of the reverse share split. No fractional shares will be issued as a result of the reverse split. In accordance with the Company’s Articles of Association, all fractional shares will be rounded to the nearest whole Ordinary Share such that only shareholders holding fractional consolidated shares of more than half of the number of shares which consolidation constitutes one whole share shall be entitled to receive one consolidated share.
About Brenmiller Energy Ltd.
Brenmiller Energy helps energy-intensive industries and power producers end their reliance on fossil fuel boilers. Brenmiller’s patented bGen™ ZERO thermal battery is a modular and scalable energy storage system that turns renewable electricity into zero-emission heat. It charges using low-cost renewable electricity and discharges a continuous supply of heat on demand and according to its customers’ needs. The most experienced thermal battery developer on the market, Brenmiller operates the world’s only gigafactory for thermal battery production and is trusted by leading multinational energy companies. For more information visit the Company’s website at https://bren-energy.com/ and follow the company on X and LinkedIn.
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements when discussing the implementation of the reverse share split. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this press release. Factors that may affect the Company’s results include, but are not limited to: the Company’s planned level of revenues and capital expenditures; risks associated with the adequacy of existing cash resources; the demand for and market acceptance of our products; impact of competitive products and prices; product development, commercialization or technological difficulties; the success or failure of negotiations; trade, legal, social and economic risks; and political, economic and military instability in the Middle East, specifically in Israel. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 4, 2025, which is available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Georgia-Based Startup is Redefining How Everyday Americans Reclaim Forgotten Assets from Institutions That Lost Touch
ATLANTA, GA / ACCESS Newswire / June 17, 2025 / GovRecover, a licensed, tech-enabled asset recovery service, announced today it has surpassed $16.2 million in recovered funds-less than a year after its founding in June 2024. Making a meaningful difference for everyday Georgians, the bootstrapped startup is modernizing one of the most outdated and overlooked areas of personal finance using cutting-edge tools and human-first support.
GovRecover is shining a light on a financial blind spot many Americans don’t even realize exists-a hidden ecosystem of forgotten bank accounts, uncashed checks, insurance payouts, and dormant assets that quietly transfer to institutional holding accounts after periods of inactivity. These funds often fall through the cracks due to outdated addresses, name changes, or administrative oversight. Once assets are deemed abandoned, they’re frequently held by institutions-including government agencies and state departments-that rarely notify the rightful owners and, in many cases, are allowed to hold onto the money indefinitely.
“Most people have no idea they’re owed money-sometimes thousands of dollars-because the system isn’t designed to proactively return it,” said Ricky Maldonado, Co-Founder and CEO of GovRecover. “For everyday Americans, that money can mean groceries, rent, or a sense of financial security. We created GovRecover to fix a broken process and bring it into the modern era. With powerful technology, clear communication, and zero upfront costs, we’re turning what used to be a bureaucratic black hole into something empowering, transparent, and human.”
GovRecover offers a risk-free, no-upfront-cost model powered by proprietary search tools, SMS support, and a streamlined digital-first experience. Recovering funds is as simple as verifying your identity and letting GovRecover’s team handle the paperwork-through to the moment a check arrives in your mailbox.
Here’s how it works:
Discovery – Funds are identified through deep searches of institutional and government-held databases.
Outreach – GovRecover contacts the rightful owner or responds to inbound inquiries.
Verification – Identity is confirmed to prevent fraud.
Processing – The GovRecover team manages all filings and paperwork.
Recovery – Once the claim is approved, the individual receives the funds. Only then does GovRecover collect a commission-if you don’t get paid, they don’t get paid.
By removing friction, risk, and red tape, GovRecover is transforming what was once a painful and opaque process into a secure, seamless experience.
“GovRecover helped me to get back a life insurance policy that I thought was long gone,” said Michelle G. from Atlanta.
To learn more, or for people in Georgia, find out if you’re owed forgotten funds, visit www.govrecover.org.
About GovRecover GovRecover is a licensed, tech-driven service dedicated to helping individuals reclaim dormant bank accounts, unpaid insurance policies, and other overlooked assets. By combining advanced technology, no-upfront-fee policies, and SMS inquiry support, GovRecover continues to make the recovery process secure, transparent, and user-friendly-proving that reclaiming lost money can be both legitimate and straightforward. For more information, visit www.govrecover.org.
Media Contact: Contact: Ricky Maldonado, Co-Founder Email: media@govrecover.org Phone: 6785510236
Get ready to experience the future of real estate. It is Epique!
HOUSTON, TX / ACCESS Newswire / June 17, 2025 / The most advanced and agent-centric real estate brokerage in history, Epique Rea;ty, is celebrating its second annual, industry-changing event – 2025 Epique PowerCON. Happening from June 25-27 at the iconic Gaylord Opryland in Nashville, TN, this exclusive, high-energy event will unveil groundbreaking updates and more than 20 brand-new benefits designed to supercharge agent success.
This is the moment the Epique family comes together – the movers, the builders, the believers – all in one place, for one purpose, in one powerful movement. With only 1,000 spots available, this isn’t just a conference-it’s a catalyst for change. Unheard of in the industry, the event is entirely free and open to all Epique agents.
The event will feature world-renowned keynote speaker Simon T. Bailey, a former Disney leader and inspiration to millions, who will bring his brilliance and strategy to help attendees unlock their full potential.
The conference comes on the heels of a year of unprecedented growth for Epique Realty, which saw its agent count explode from just under 500 to nearly 4,000 and its home sales volume skyrocket from $117 million to over $4.2 billion in 2024 alone. This meteoric rise is a testament to the company’s revolutionary agent-first model.
The financial impact of Epique’s model on its agents is staggering. In 2024, the company provided over $2.1 million in free photography, $1.7 million in free signs and installations, and saved agents over $70,000 in tech fees with its proprietary AI virtual staging platform. This is in addition to industry-first benefits like a healthcare program that provided over a thousand free doctor’s appointments and a prescription program that saved agent families over $72,000.
“We are proving that a brokerage can be both wildly profitable and unconditionally generous,” stated Janice Delcid, CFO and Co-Founder of Epique Realty. “Our commitment to the agent is absolute, and the numbers speak for themselves. We increased our revenue share payouts from $161,000 in 2023 to over $6.3 million in 2024. When we say we are agent-first, we mean it on the balance sheet. Our agents’ prosperity is the single most important metric of our success.”
Joshua Miller, CEO and Co-Founder of Epique Realty, described the foundational philosophy that has driven this success. “We started with a simple, profound question: ‘What would it look like if a brokerage worked for the agent instead of the other way around?’ That question is the bedrock of everything we do. PowerCON is the ultimate expression of that principle, where we don’t just celebrate our agents’ success, we pour directly back into it, providing the tools and inspiration to build the future of this industry together.”
Epique’s revolutionary approach is built on a robust framework of unmatched support and technology. The company’s Area Leader program has expanded to over 250 industry-leading professionals, providing over 100,000 hours of free one-on-one coaching and mentoring. This ensures that no agent is ever left behind.
“Our growth is not accidental; it is by design. A design centered entirely on agent empowerment,” said Christopher Miller, COO and Co-Founder of Epique Realty. “We have meticulously built an ecosystem of support that anticipates and meets the needs of our agents at every turn. From our expansive mentorship programs to our award-winning AI platforms that have automated over 100,000 conversations, every innovation is implemented with one goal: to free up our agents to do what they do best-build relationships and serve clients.”
Reflecting its commitment to inclusivity, the event will also feature a Spanish-language breakout session, making the cutting-edge content accessible to more of Epique Realty’s diverse agent population. And of interest to many participants, there will be at least five other breakout sessions, including Area Leaders, Lofty, PowerGirls, Realty.com, and Teams.
2025 Epique PowerCON is a groundbreaking event, the culmination of a year of historic achievements and the launchpad for the next era of real estate innovation. It’s where relevant conversations with important leaders create remarkable results.
About Epique Realty:
Epique Realty is the most disruptive and fastest-growing real estate brokerage in history. Built on an “agent-first” philosophy, Epique empowers its agents with a revolutionary model that includes extensive free benefits, unparalleled support, award-winning AI technology, and a culture of radical generosity. By questioning industry norms and putting agents at the center of its universe, Epique is not just transforming the real estate market-it is defining the future. #BeEpique
NEWPORT BEACH, CA / ACCESS Newswire / June 17, 2025 / Amaze Holdings, Inc. (NYSE American:AMZE) (“Amaze” or the “Company”), a global leader in creator-powered commerce, today announced the appointments of the following new Company officers: Aaron Day as Chief Executive Officer, Keith Johnson as Chief Financial Officer, Gwan Yip as Chief Product Officer, and Danielle Pederson as Senior Vice President of Marketing, effective June 13, 2025. The executive team will be responsible for running Amaze’s public company operations and delivering on the company’s corporate strategy.
“Amaze has the right leadership team in place to begin its next chapter as a public company,” said Amaze Vice-Chairman Mike Pruitt. “As Amaze expands its presence within the $408 billion e-commerce, we need exceptional leaders like Aaron, Keith, Gwan, and Danielle to grow the brand and accelerate progress. With these appointments, we have a group of leaders offering complementary skills and diverse perspectives to create a dynamic leadership foundation. We look forward to their contributions as we all strive to deliver exceptional value for our creator-powered commerce platform.”
Aaron Day, Chief Executive Officer
Aaron Day brings over two decades of executive leadership experience to Amaze, with a track record of successfully scaling companies across multiple industries, including technology and industrial manufacturing. Previously, Day served as CEO of several companies, including Trend, and held key leadership roles with organizations such as Canva, where he contributed to its growth within the digital design space. Day’s visionary leadership will be instrumental in driving Amaze’s strategic evolution into a leading player in the creator content ecosystem, empowering individuals to transform their passions into thriving businesses.
Keith Johnson, Chief Financial Officer
Keith Johnson is an accomplished senior executive and corporate officer with experience in business and technology management, accounting systems, financial controls, and business development. Most recently, Johnson served as Chief Financial Officer of Fresh Vine Wine. Prior to that, he held various leadership positions at Watertech Equipment & Sales, Hudson Technologies, Efficiency Technologies, and YRT. Additionally, Johnson serves on the board of directors for Amergent Hospitality Group Inc. and is the chairman of its audit committee and a member of its compensation committee. Johnson’s experience with Fresh Vine Wine will be instrumental at Amaze.
Gwan Yip, Chief Product Officer
Gwan Yip brings extensive experience in e-commerce, product development, and technology innovation to Amaze. Beginning his career establishing e-commerce divisions for fashion retailers in the early 2000s, Yip later founded a product-focused development agency before serving as CEO and Co-Founder of Core3D, a web-based 3D design platform that partnered with brands like Theory and Brooks Brothers. At Amaze, Yip oversees both product and engineering teams with a collaborative approach that drives rapid innovation, focusing on evolving Amaze’s ecosystem into a platform that empowers creators to sell anything from anywhere.
Danielle Pederson, Senior Vice President of Marketing
Danielle Pederson brings over 15 years of marketing leadership to Amaze, with deep expertise in brand development, demand generation, and community engagement. Prior to joining Amaze, she led strategic marketing initiatives across a range of industries, aligning creative vision with data-driven execution. At Amaze, she leads Marketing with a forward-thinking approach-building scalable systems that support creator success and expand the platform’s global footprint.
About Amaze: Amaze Holdings, Inc. is an end-to-end, creator-powered commerce platform offering tools for seamless product creation, advanced e-commerce solutions, and scalable managed services. By empowering anyone to “sell anything, anywhere,” Amaze enables creators to tell their stories, cultivate deeper audience connections, and generate sustainable income through shoppable, authentic experiences. Discover more at www.amaze.co.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements relate to future events and developments or to our future operating or financial performance, are subject to risks and uncertainties and are based estimates and assumptions. Forward-looking statements may include, but are not limited to, statements about the reverse stock split, our market opportunity and potential growth of that market, strategies, initiatives, growth, revenues, expenditures, our plans and objectives for future operations, and future financial and business performance. These statements can be identified by words such as such as “may,” “might,” “should,” “would,” “could,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or “continue,” and are based our current expectations and views concerning future events and developments and their potential effects on us.
These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those projected or otherwise implied by the forward-looking statement. These risks include: our ability to execute our plans and strategies; our limited operating history and history of losses; our financial position and need for additional capital; our ability to attract and retain our creator base and expand the range of products available for sale; we may experience difficulties in managing our growth and expenses; we may not keep pace with technological advances; there may be undetected errors or defects in our software or issues related to data computing, processing or storage; our reliance on third parties to provide key services for our business, including cloud hosting, marketing platforms, payment providers and network providers; failure to maintain or enhance our brand; our ability to protect our intellectual property; significant interruptions, delays or outages in services from our platform; significant data breach or disruption of the information technology systems or networks and cyberattacks; risks associated with international operations; general economic and competitive factors affecting our business generally; changes in laws and regulations, including those related to privacy, online liability, consumer protection, and financial services; our dependence on senior management and other key personnel; and our ability to attract, retain and motivate qualified personnel and senior management.
Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other future filings and reports that we file with the Securities and Exchange Commission (SEC) from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of the press release. Unless required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information or future events or developments.
BRIDGEWATER, NEW JERSEY / ACCESS Newswire / June 17, 2025 / Tharimmune, Inc. (NASDAQ:THAR), a clinical-stage biotechnology company developing a portfolio of therapeutic candidates for inflammation and immunology, today announced significant appointments to its executive leadership and board of directors, reinforcing its commitment to advancing its pipeline and strategic initiatives. The Company is advancing its lead candidate TH104 specifically designed through a buccal film formulation to deliver an opioid antagonist rapidly and predictably. This allows TH104 to be suitable for the temporary prophylaxis of respiratory and/or nervous system depression in military personnel and chemical incident responders who may be exposed to high-potency opioids, including weaponized fentanyl and its analogues.
The Company announced, effective in June 2025, Sireesh Appajosyula assumed the role of Chief Executive Officer. He previously served as Chief Operating Officer, a position he held since July 2023, while concurrently contributing as a member of the board of directors since July 2021. His prior experience includes serving as Senior Vice President, Corporate Development and Operations at a biopharmaceutical company specializing in rare and unmet medical needs. Over the course of the last decade or more, he has co-founded a biotechnology startup and has held various positions of increasing responsibility at Salix Pharmaceuticals until its acquisition by Bausch Health. Earlier, his career encompassed diverse roles at Amgen, Critical Therapeutics, (now Chiesi), and Aventis (now Sanofi). He earned both his Bachelor of Science and Doctor of Pharmacy degrees from Rutgers University.
“I am honored and excited to lead Tharimmune during this pivotal time as we continue to advance our innovative therapeutic candidates,” said Dr. Sireesh Appajosyula. “I look forward to working closely with our talented team, dedicated board, and strategic advisors to achieve our mission of delivering impactful treatments for high unmet needs.”
Vincent LoPriore, who has served as a member of Tharimmune’s board of directors since April 2025, has been appointed Executive Chairman of the Board.
Mr. LoPriore is a highly experienced financial professional with over 30 years in the investment banking industry. He began his distinguished career at Oppenheimer & Co. in 1989, followed by senior positions at Legg Mason, Inc., and a partnership at C.E. Unterberg, Towbin, where he notably led the special equities group and successfully completed over $150 million in private placement transactions. His leadership roles at various boutique and mid-sized investment firms have focused on capital raising and regulatory navigation. Currently, Mr. LoPriore is a Partner and licensed representative at President Street Global, LLC, a FINRA-registered broker-dealer, and serves as the investment manager of the Gravitas Capital LP Fund, known for its strong investment performance. His extensive relationships within the biomedical industry and philanthropic commitments to initiatives like Race to Erase MS and Cure Addiction Now further underscore his commitment.
“It is a privilege to take on the role of Executive Chairman at Tharimmune,” commented Vincent LoPriore. “I am enthusiastic about the direction of the company, and I am confident that our combined efforts will drive significant value for our shareholders and, most importantly, for the customers we aim to serve.”
Tharimmune also announced that James Gordon Liddy (CDR US Navy SEAL (Ret)) has been appointed to its Board of Directors.
Commander Liddy brings a distinguished career and unparalleled expertise in national security and preparedness. He previously served as the Senior Advisor to the Director for Strategy, Policy and Initiatives for the Office of the Assistant Secretary of Defense for Special Operations and Low Intensity Conflict, and as the Chief of Plans and Policy for the United States Special Operations Command’s Washington Office. Commander Liddy was the principal architect for the Navy’s Anti-Terrorism Force Protection Plan and led the Navy’s elite Antiterrorism Assessment Team (Red Cell). He also spearheaded the creation of DoD’s Anti-terrorism and Force Protection Plan DoD Directive 20012.H. Commander Liddy holds a master’s degree from the Johns Hopkins University School of Advanced International Studies (SAIS) and completed the Information Operations Curriculum at the National Defense University. He is also the co-author of the New York Times bestseller, FIGHT BACK, Tackling Terrorism Liddy Style. His deep expertise is particularly crucial as Tharimmune advances TH104 as a critical medical countermeasure against weaponized fentanyl and other high-potency opioids.
About Tharimmune, Inc.
Tharimmune is a clinical-stage biotechnology company developing a diverse portfolio of therapeutic candidates in immunology, inflammation and oncology. Its lead clinical asset, TH104, is being developed for a specific indication via a 505(b)2 pathway for respiratory and/or nervous system depression in military personnel and chemical incident responders who may encounter environments contaminated with high-potency opioids. The expanded pipeline includes other indications for TH104, such as chronic pruritus in primary biliary cholangitis and TH023, a new approach to treating autoimmune diseases along with an early-stage multispecific biologic platform targeting unique epitopes against multiple solid tumors through its proprietary EpiClick™ Technology. The Company has a license agreement with OmniAb, Inc. to access their antibody discovery technology for targeting specified disease markers. Tharimmune continues to position itself as a leader in patient-centered innovation while working to deliver long-term value for shareholders. For more information, visit: www.tharimmune.com.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, contained in this press release, including statements regarding the timing and design of Tharimmune’s future Phase 2 trial, Tharimmune’s strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “depends,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “target,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. Factors that may cause such differences, include, but are not limited to, those discussed under Risk Factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024 and other periodic reports filed by the Company from time to time with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this release. Subsequent events and developments may cause the Company’s views to change; however, the Company does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this release.
FLORENCE, IT AND WEST PALM BEACH, FL / ACCESS Newswire / June 17, 2025 / U.S. Polo Assn., the official brand of the United States Polo Association (USPA), returns to Florence for Pitti Uomo 108 with the launch of its Spring-Summer 2026 Collection which includes classic, sport-inspired apparel, shoes, bags, and accessories, and a once-in-a-lifetime 135th Anniversary Celebration. This summer, U.S. Polo Assn.’s exhibit at Pitti Uomo is taking place from June 17 to 20, at Booth 32 Cavaniglia with very special guests, sporty models, and an immersive presentation of the brand and its collection. The high-energy theme of the show, “PITTI BIKES” will transform the legendary Fortezza da Basso into a buzzing circuit of fashion and lifestyle, creating the perfect stage for U.S. Polo Assn., a brand rooted in sport, authenticity, and timeless American style.
U.S. Polo Assn. X Pitti Uomo 108
The Exhibit: An Immersive Experience
Pitti Uomo 108 also marks a key moment for U.S. Polo Assn., the celebration of 135 years of sport inspiration and a milestone that pays tribute to tradition, sport, and the unique spirit of polo for those “Born to Play.” Throughout the most important menswear trade show in the world, U.S. Polo Assn. will unveil a reimagined exhibition space, designed to offer an immersive experience that narrates the brand’s authenticity and heritage through a visual experience created to celebrate 135 years.
To celebrate the anniversary, the booth will host a presentation and media moment on Wednesday, June 18, with J. Michael Prince, CEO of U.S. Polo Assn. (USPA Global), and Lorenzo Nencini, CEO of INCOM S.p.A and member of the Pitti Immagine Board. Alongside Prince and Nencini, U.S. Polo Assn. Italian licensees Augusto Bonetto, representing Bonis, Andrea Zini, representing EastLab, and Franco Zuccon, representing EuroTrade, will proudly show their respective products and speak with partners, vendors, and other brand representatives.
An Unforgettable Night: “Play for the Moment, Live for the Legacy”
On the evening of June 18, U.S. Polo Assn. will host its invitation-only 135th Anniversary Celebration in the stunning Chiostro Grande at the historic Complesso di Santa Maria Novella. Guests from around the world will gather for this exclusive event to toast to the past, present, and future of a brand born from the sport of polo that dates back to 1890.
Hosted by renowned Italian actor and author Roberto Ciufoli, the evening begins with an invitation-only dinner, followed by a live performance from Italian music star Clara, concluding with an electric DJ set by the legendary Benny Benassi. Guests will also experience an immersive art performance curated by visionary artists Luca Agnani and Pietro Terzini, making this celebration a multi-sensory tribute to U.S. Polo Assn. that honors the brand’s legacy, while looking confidently toward the future.
The wines provided for the evening will be Marchesi Frescobaldi, a world-renowned company that embodies the very essence of Tuscany and its extraordinary aptitude for viticulture.
“I am thrilled to return to Florence, a city synonymous with art, craftsmanship, and timeless style, to represent U.S. Polo Assn. alongside our European partners at Pitti Uomo 108-the most iconic menswear trade show in the world,” said J. Michael Prince, President and CEO of USPA Global, the company that manages and markets the multi-billion-dollar global U.S. Polo Assn. brand. “This year, our presence in Florence takes on even greater significance as we celebrate the 135th Anniversary of U.S. Polo Assn. with a dynamic exhibition and an unforgettable party, featuring some of Italy’s most exciting names in music and art at such an iconic location.”
“It’s an extraordinary moment for our global brand to honor our sport-inspired heritage while celebrating U.S. Polo Assn.’s future-focused momentum on one of fashion’s most influential stages,” Prince added.
A Full Lifestyle Collection for Spring/Summer 2026
Presented by southwestern and central Europe licensee Incom, the U.S. Polo Assn. Spring-Summer 2026 ApparelCollection brings forward a contemporary heritage-inspired lifestyle wardrobe for men and women. Built around core capsules, the apparel collection blends quality materials, modern silhouettes, and vibrant seasonal palettes.
“To present the Spring-Summer 2026 Collection of U.S. Polo Assn. here in Florence – my city, and the beating heart of fashion – is an emotion beyond words,” said Lorenzo Nencini, President of Incom S.p.A. “As a proud member of the Pitti Immagine Board and the exclusive apparel partner for this incredible global brand, I am proud to contribute to the 135th Anniversary of U.S. Polo Assn. and its celebration on such a grand and meaningful stage.”
“Incom brings not only product, but passion, to the Fortezza da Basso. And we do so with Italian hands and global vision. This moment is a tribute to everything U.S. Polo Assn. has built – and to all that is to come,” he added.
Apparel Collection
The new Men’s and Women’s Apparel Collection for the season is built around distinct capsules that reflect U.S. Polo Assn.’s core values of authenticity, functionality, and timeless style.
Heritage: A spirited tribute to the sport of polo, featuring bold stripes, signature prints, crochet accents, beading, and hand-embroidered logos in vibrant summer tones.
Premium: Sophisticated staples in linen, Supima cotton, and hemp jersey, finished with natural dyes for a refined summer look.
Tailored: Soft silhouettes in cotton-linen blends and elegant neutrals. Modern suiting, lightweight knits, and fresh shirting define a new relaxed elegance.
Seasonal Palette: Think classic red, white, and blue washed denim tones, elevated with pops of citrus, coral, sky blue, and lime – bringing Americana into a new era.
Handbag Collection
Eastlab’s Spring-Summer 2026 Bag Collection blends sport-inspired utility with summer-ready charm for both women and men.
Women’s Line: From sleek, ultra-light nylon styles to 2-in-1 convertible bags and equestrian inspired saddle shapes, the collection offers options for both everyday function and refined occasion wear. Standouts include the satin Ceremonial line and embroidered Beach styles in terry cloth and mesh.
Men’s Line: Launching the Tennis Backpack, a stylish, water-resistant design with functional pockets for life on the move. Other new entries include elevated business and casual bags, with a focus on versatility and detail.
Eco Focus: Special-Edition bags celebrating 135 years are available in red, white, and blue, with eco-conscious details like water bottle pockets.
Footwear Collection
Bonis redefines sporty chic with a Footwear Collection that fuses classic American heritage with today’s most-wanted streetwear looks.
For Her: Ibiza and Samoa espadrilles return with updated rhinestones and bold embroidery, while Jada and Milly sandals steal the show with clean lines and modern platforms.
For Him: Classic slip-ons are paired with new lace-up versions, and fresh silhouettes like the Swift running shoe and Seneka sneaker bring a vibrant, youthful edge.
Trends: From retro runners to urban sandals, the lineup embraces summer versatility without sacrificing comfort or performance.
Watch & Jewelry Collection
EuroTrade debuts a refined Watch and Jewelry Collection that captures the essence of summer sophistication with standout style and playful color.
Watches: Premium materials like satin and soft leather meet eye-catching details, including colorful dials in the Jayden Line and luxurious straps in the Vivian Collection.
Jewelry: A bold and expressive assortment featuring metallic finishes and joyful tones. From the cool blues of Maisie to the vibrant hues of Naomi, each piece is designed to elevate daily style.
In-Store Experience: EuroTrade also launches the USPA Watch Collection Case – a secure, anti-theft display now available in U.S. Polo Assn. stores, giving customers a tactile, inviting shopping experience.
U.S. Polo Assn.’s presence at Pitti Uomo 108 is more than just a showcase – it’s a milestone. With a bold, modern collection and a spectacular celebration in Florence, the brand continues to honor its roots in the sport of polo while riding confidently into the future of fashion.
About U.S. Polo Assn. and USPA Global
U.S. Polo Assn. is the official brand of the United States Polo Association (USPA), the largest association of polo clubs and polo players in the United States, founded in 1890 and based at the USPA National Polo Center in Wellington, Florida. This year, U.S. Polo Assn. celebrates 135 years of sports inspiration alongside the USPA. With a multi-billion-dollar global footprint and worldwide distribution through more than 1,100 U.S. Polo Assn. retail stores as well as thousands of additional points of distribution, U.S. Polo Assn. offers apparel, accessories, and footwear for men, women, and children in more than 190 countries worldwide. Historic deals with ESPN in the United States and Star Sports in India now broadcast several of the premier polo championships in the world, sponsored by U.S. Polo Assn., making the thrilling sport accessible to millions of sports fans globally for the very first time.
U.S. Polo Assn. has consistently been named one of the top global sports licensors in the world alongside the NFL, NBA, and MLB, according to License Global. In addition, the sport-inspired brand is being recognized internationally with awards for global and digital growth. Due to its tremendous success as a global brand, U.S. Polo Assn. has been featured in Forbes, Fortune, Modern Retail, and GQ as well as on Yahoo Finance and Bloomberg, among many other noteworthy media sources around the world.
Incom S.p.A, founded in Montecatini Terme (PT) in 1951, manages, as a licensee, the apparel for the U.S. Polo Assn. brand in Western Europe, which produces and distributes iconic clothing brands all over the world. In addition, Incom is one of the main suppliers of military and paramilitary clothing in the Italian State both for uniforms and for technical clothing. Since January 2008, it has been producing and distributing men’s, women’s, and children’s clothing in Western Europe under the U.S. Polo Assn. brand, with record sales results and growth. For further information visit www.incomitaly.com.
About Bonis S.P.A.
Bonis is the exclusive footwear licensee for U.S. Polo Assn. in Western Europe. Founded in 1970, Bonis is a leading company in the footwear business and is a partner selected by some of the most influential international brands. Located in the heart of the Asolo and Montebelluna footwear district, the home of the most important sport system brands. Bonis works with private labels, contracting, and licensing. Visit www.bonis-spa.com
About Eastlab S.r.l.
Eastlab S.r.l. is the exclusive licensee for U.S. Polo Assn. bags and accessories in Europe. Founded in 2015, Eastlab S.r.l. is now one of the leading Italian companies in the production and distribution of bags, accessories, and luggage. Its targeted response to market needs and passion for its work have quickly earned Eastlab strong credibility in the industry and the trust of major international partners. Visit www.eastlab.it
About EuroTrade s.r.l.
EuroTrade is U.S. Polo Assn.’s licensee in Western Europe for watches and accessories. Headquartered in Italy, EuroTrade was founded in 1987 and specializes in the creation and distribution of high-quality watches and accessories characterized by original design and innovative technology. EuroTrade offers the market an original and trendy accessory to wear on any occasion. Visit www.incomitaly.com/en/euro-trade-s-r-l/
VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / June 17, 2025 / Transoft Solutions, a global leader in transportation engineering, analysis, and operations software, is pleased to announce that it has acquired CGS Labs, developers of specialized software solutions for transport infrastructure design, weather information systems and environmental monitoring.
Transoft Solutions Acquires CGS Labs
CGS Labs’ Civil Solutions suite of BIM software for engineering design, construction and maintenance is an exciting addition to Transoft’s Civil & Transportation portfolio. While Transoft has had a long-standing relationship with CGS that involved several product collaborations, both companies have simultaneously been key competitors in the EMEA region with their respective AutoTURN and Autopath swept path analysis products.
“We highly anticipate the potential of synergy between CGS’s comprehensive design platform and Transoft’s existing products”, said Daniel Shihundu, CEO at Transoft Solutions. “Customers can expect a more robust and broad offering from Transoft’s road design solutions with the combined technologies from both companies and joint expertise of two seasoned teams who have both been major players in the market over the past thirty years. We are also very excited about adding a new dimension to Transoft’s current offerings with CGS’s rail and waterways design software and predictive road weather applications for environmental impact mitigation.”
CGS Co-founder, Matjaž Šajn, said “We are delighted to become part of the Transoft Solutions success story. Over the past 35 years, CGS Labs has developed unique software solutions trusted by users worldwide. By joining forces with Transoft, we will be able to create synergies and strengthen our position as one of the leading global software development players in the field of transportation. CGS Labs brings deep expertise in BIM and weather information systems to the combined company. We are also pleased to see that the values and visions of both teams are closely aligned. Looking ahead, we anticipate exciting new opportunities for learning, collaboration, and product innovation for all of us.”
CGS is headquartered in Ljubljana, Slovenia with three additional offices in Germany, Serbia, and the Czech Republic. With a highly qualified team of around 25 employees and contractors, CGS is a strong cultural fit with Transoft, each similarly being in operation for around three decades.
CGS’ strong representation in Eastern Europe complements Transoft’s distribution in Western Europe. Together, the companies expect to grow sales of each other’s products in their respective regions.
About Transoft Solutions Transoft Solutions develops innovative and highly specialized software for aviation, civil infrastructure, and transportation professionals. Since 1991, Transoft has remained focused on safety-oriented solutions that enable transportation professionals to work effectively and confidently. Our portfolio of planning, simulation, modeling, and design solutions are used in over 150 countries serving more than 50,000 customers across local and federal agencies, consulting firms, airport authorities, and ports. We take pride in providing the highest quality of customer support from our headquarters in Canada, and through our offices in Sweden, Slovenia, the United Kingdom, the Netherlands, Australia, Germany, India, Belgium, France, Spain, and China.
For more information on Transoft’s range of aviation, civil design, planning, and transportation safety and operations solutions, visit us at: transoftsolutions.com
Askeladden Shares Replay of Town Hall Showcasing Nominees’ Specific and Relevant Experience
AstroNova’s New Incentive Targets Riddled With Loopholes, Including Exclusions for MTEX and Goodwill Impairments
AstroNova Director Alexis Michas Claims Scheduling a Phone Call with Samir Patel is “Too Complicated”
1,000+ Aerospace Transactions Underscore Strategic-Alternatives Opportunity – Do Incumbents Prioritize Fiduciary Duty or Their Paycheck?
FORT WORTH, TX / ACCESS Newswire / June 16, 2025 / Dear AstroNova Shareholders,
Askeladden’s recent town hall offered shareholders something the incumbent Board won’t: direct, transparent engagement and a detailed plan for building a better AstroNova. A recorded replay is available here:
More information, including our Building a Better AstroNova presentation, can be found at askeladdencapital.com/astronova and in filings with the SEC.
We welcome all shareholders – large or small – to reach out to us directly. AstroNova’s directors have a fiduciary duty to serve you. Please ask both sides your toughest questions, assess who offers a clear, evidence-based, and intellectually rigorous path to addressing AstroNova’s failures and maximizing shareholder value, and vote accordingly.
While our town hall remained professional, polite, and focused on key issues, AstroNova’s panicked communications have veered into ad hominem language and misleading characterizations.
We would prefer to focus solely on facts and solutions, but it’s important to set the record straight. Below, we address five of the incumbent Board’s more egregious claims, providing shareholders with the facts that AstroNova appears determined to obscure.
1. Shareholders Deserve Hands-on Board Engagement 2. AstroNova’s New Incentive Plans: All Loopholes, No Accountability 3. Mr. Michas Claims Scheduling a Simple Phone Call is “Too Complicated” 4. Why Are AstroNova’s Board Members Refusing To Evaluate Strategic Alternatives? 5. Incumbent AstroNova Directors Lack Print Industry Experience
1: Shareholders Deserve Hands-On Board Engagement
AstroNova’s recent shareholder letter and presentation call Askeladden’s proposed hands-on governance “appalling overreach.” What’s truly appalling isn’t robust oversight: it’s the incumbent Board’s abdication of responsibility as shareholder value has imploded.
We interviewed over 20 former AstroNova employees and other industry veterans, many of whom have expressed harsh criticism about AstroNova’s mismanagement – including the company’s “dinosaur” marketing strategy, poor quality culture, and dysfunction directly attributable to the CEO and the Board.1 After years of shareholder value destruction, highly engaged governance is critical to righting the ship.
It’s hardly unprecedented for an activist to propose or implement detailed operational changes based on extensive research. In 2014, activist fund Starboard Value famously published a nearly 300-page report on Darden Restaurants (the parent company of Olive Garden), analyzing operational details as specific as the number of breadsticks served per table and the lack of salt in the pasta water.2
After winning 12 Board seats with the backing of both ISS and Glass Lewis,3 Starboard implemented many of these proposals, while spearheading other successful initiatives such as discounted wine for patrons waiting to be seated, though they remained flexible (ultimately deciding to leave the pasta water unsalted). Starboard’s highly engaged, research-backed approach delivered measurable results: 18 months later, Darden had delivered six straight quarters of positive same-store sales and a nearly 60% increase in shareholder value.4 To be clear: we are making no predictions or assurances of a similar result here.
Askeladden’s nominees do not intend to manage day-to-day operations. Our role is to ensure the right strategy, the right leaders, and a culture of accountability. As the company’s largest shareholder, we have the most to lose – or gain – from AstroNova’s performance. As discussed in our public plan and during our town hall, we will prioritize a small number of high-impact initiatives to avoid overwhelming the organization’s capacity for change. Several of these (such as modernizing the marketing strategy) have been advocated by AstroNova employees for years, but have fallen on deaf ears.
While the entrenched board repeatedly refers to our plan as “Samir’s plan,” this mischaracterization ignores the breadth of our nominees’ experience. Our plan was jointly developed by our entire slate, meshing my extensive primary research with Mr. Oviatt’s perspective as a public-company CEO and Board member, Mr. Kravetz’s background in strategy consulting, extensive experience as a micro-cap investor, and public Board experience, Mr. Roberts’ experience in integrating and growing a key business unit, and Mr. Sands’ hands-on experience turning around dozens of businesses, including a Boeing supplier twice the size of AstroNova Aerospace.
The incumbent Board’s characterization of our proposals as “overreach” or “disruptive” reflects Mr. Woods’ fear of oversight that finally prioritizes shareholders and refuses to tolerate excuses. We indeed intend to disrupt incumbents’ historical approach of rubber-stamping Mr. Woods’ agenda despite breaking promise after promise. Mr. Woods:
Promised at the end of FY22 that ink issues were nearly resolved – they weren’t. The issues dragged on for two more years, costing millions and causing brand damage.5
Promised in 20236 that inventory would come down – it did not. Q1 FY26 inventory days on hand now exceed FY23 year-end levels and remain ~50% above FY18 and FY19.7
Promised EBITDA growth in FY25 and FY268 – and delivered declines instead. FY26 EBITDA is now expected fall below FY24 levels.
Promised MTEX was a profitable, growing business9 – it was not. Instead, MTEX has lost money every quarter and recorded a $13.4 million goodwill impairment less than a year after its acquisition.10
Promised MTEX had built a “strong backlog”11and results would meet original expectations – instead, revenues remained at less than half of original expectations, and have declined sequentially since Q3 FY25.
Many of AstroNova’s claims lack basic intellectual rigor. They claim the MTEX integration is “substantially complete“12 and needs no further review. Meanwhile, their Form 10-Q discloses that MTEX lost over $1 million in Q1 FY26. If AstroNova defines a $1 million quarterly loss as a complete and successful integration, we’d hate to see their definition of failure.
Similarly, AstroNova dismisses our proposed listening tour as too extreme – even though engaging directly with customers and employees is a well-established best practice for new leadership.13 Classifying a known best practice as “disruptive” epitomizes the Board’s unwillingness to take even the most basic steps toward operational excellence. We recently spoke to a TrojanLabel customer who was happy to take our call – the real “disruption” he faced was the 400,000 misaligned and therefore unusable labels delivered by AstroNova, which threatened to shut down his production line and severely disrupt his business.14 Zeroing in on key customer and employee concerns is the first step to building a better AstroNova for all stakeholders.
2: AstroNova’s New Incentive Plans: All Loopholes, No Accountability
AstroNova touts a new three-year incentive program as evidence of good governance and management alignment. Yet the company has missed every Short-Term Incentive Plan target since FY2020 – five of eight earned 0%.15 It defies logic to present yet another new incentive plan as the solution; moreover, long-suffering shareholders deserve improvements sooner than three years from now.
Worse yet, AstroNova’s Compensation Committee has established a plan riddled with alarming “adjustments” – i.e., loopholes. These “adjustments” provide management and the Board a sweeping license to redefine success after the fact. Footnote 2 in the recent shareholder letter states their Adjusted EPS measurement will:
“exclude the impact of non-recurring items, as approved by the Committee, such as restructuring charges, impairment charges, and unbudgeted gains or losses outside the control of management”
Under this language, losses from another value-destroying deal like MTEX – which triggered a $13.4 million impairment less than a year after a $20+ million acquisition – would be swept under the rug. Similarly, “unbudgeted gains or losses outside the control of management” is an exclusion so thoroughly vague that it renders the exercise useless: any deviation from budget can be deemed “outside the control of management” and thus ignored.
The company’s short-term plan for FY26 is no better. Page 4 of AstroNova’s recently filed 8-K provides the following laundry list of “adjustments” to its operating cash flow:16
“adjusted to exclude MTEX-related acquisition expenses, inventory step-up costs and restructuring charges, each net of taxes, and such other items as may be approved by the Committee.”
Once again, “such other items” is a broad and vague exclusion. It appears “Adjusted Operating Cash Flow” may bear little relation to actual cash flow, and instead be whatever figure the Committee deems convenient.
3: AstroNova Uninterested In Meaningful Engagement with Askeladden; Mr. Michas Claims Scheduling a Simple Phone Call is “Too Complicated”
AstroNova’s recent shareholder letter made false and misleading claims about their engagement with Askeladden. They reference a text sent by Alexis Michas to Samir Patel on Tuesday, June 10; below is the full, time-stamped exchange.17 We invite shareholders to review these texts for themselves and decide who attempted to engage in good faith.
9:42 AM CT / 10:42 AM ET
Michas: “Samir this is Alexis Michas. [REDACTED] gave me your number. Do you have some time to talk to Darius [Nevin] and me today at noon New York time?”
11:53 AM CT / 12:53 PM ET:
Patel: “Hi Alexis, thanks for reaching out. I’m unavailable today and most of this week. Does Friday afternoon or Monday afternoon work for you and Darius? I will need to check schedules with Shawn [Kravetz] as well as he’ll be joining the call from our side. Probably also easier to coordinate by email.”
12:27 PM CT / 1:27 PM ET:
Michas: “Unfortunately I am on a plane to Europe Thursday night. Can you talk tomorrow or Thursday? I am only offering to talk to you at this point.”
2:07 PM CT / 3:07 PM ET:
Patel: “Alexis – I understand your travel schedule but I had repeatedly requested the Board in March to collaboratively engage with Askeladden to address our concerns, with no response over the past several months. As mentioned, I am tied up most of this week and cannot rearrange my schedule on such short notice, so perhaps we can connect Friday afternoon, over the weekend, or sometime next week.
I suggested that Shawn join the call given that you were planning to have Darius join as well. I’m fine excluding Shawn; however, may I suggest that Mr. Baltay and Mr. Hitchcock [AstroNova and Askeladden’s counsel, respectively] join instead? At this stage, I think it’s in both of our best interests to avoid any verbal statements being misconstrued. We certainly remain open to a collaborative and amicable approach to addressing AstroNova’s performance and governance challenges that could spare both sides further time and cost, and we look forward to a hopefully mutually productive exchange of perspectives with you and your colleagues in the near future.”
4:15 PM CT / 5:15 PM ET:
Alexis Michas: “No worries. This all sounds too complicated. I just thought it would have been helpful to have a quick call to give you my perspective on all of this.”
Note Mr. Michas’ statement that he was calling simply to offer “my perspective,” rather than expressing any interest in understanding our concerns as AstroNova’s largest shareholder. The company’s latest shareholder letter now suggests that Mr. Michas was, in fact, calling on behalf of the company.
This is not how serious engagement works. Formal matters of corporate governance during a proxy contest should not be handled via text message. After we informed the company of our intent to nominate directors, AstroNova made no contact with us for nearly three months, then Mr. Michas abruptly proposed a call on roughly an hour’s notice. Beginning eighteen minutes later (at 11 AM ET), I had a two-hour call with the CEO of another Askeladden portfolio company, which had been planned for weeks, overlapped the proposed timeslot, and could not be rescheduled at a moment’s notice for Mr. Michas’s convenience.
With respect to Mr. Michas’ specific points: Askeladden had numerous prior commitments over the next several days, including our ISS presentation, our previously-announced town hall, and another company’s earnings report. I nonetheless responded to both of Mr. Michas’s texts within several hours, providing him with my soonest availability and clearly communicating Askeladden’s eagerness to constructively and amicably engage with AstroNova to resolve the ongoing proxy contest. To avoid any doubt on this topic, we will, shortly after publication of this letter, once again email AstroNova to reiterate our openness to a collaborative and amicable approach to improving AstroNova’s performance and governance. Mr. Michas may be unavailable in Europe, but we never heard from Mr. Nevin, who was also supposed to be on Mr. Michas’ proposed call and who presumably is not out of the country.
If Mr. Michas had reached out even a few days earlier, I could have cleared time to speak to him on Tuesday. Perhaps planning ahead is simply too much for AstroNova’s directors – they doubled down on Memjet exposure by acquiring Astro Machine less than two years prior to acquiring MTEX to diversify away from Memjet.18
While claiming his travel schedule prevented conversation after Thursday – as if internet and cell service are unavailable in Europe – Mr. Michas made no attempt to connect us with any of AstroNova’s five other directors for a call after Thursday, as we proposed. Instead, he lamented, “this all sounds too complicated.” If scheduling a simple phone call is “too complicated” for Mr. Michas to handle, what does that imply for his capability to discharge his other, vastly more serious responsibilities as a director of AstroNova? This is not how serious boards operate.
AstroNova continues to accuse us of being a “distraction” – yet they are clearly making no effort to engage with us to arrive at a mutually agreeable solution, even though in March, we repeatedly requested them to take a collaborative, behind-the-scenes approach.
Our concerns about being misconstrued during a verbal conversation without the presence of additional witnesses appear well founded, since AstroNova subsequently chose to present this exchange in a very slanted way.
As for the referenced call with director Richard Warzala on March 14, we discussed this in detail in our proxy statement: the call was originally requested in February. We were originally informed that AstroNova would not communicate with shareholders until April, well after the nomination deadline, despite publicly promising a comprehensive update in March. Neither Mr. Warzala nor any other director responded to our emails after we communicated our intention to nominate directors, until Mr. Michas sent a text on June 10.
Shareholders should ask what really motivated AstroNova’s quickly-abandoned effort to “engage” with us the week of ISS presentations and Askeladden’s town hall. Their outreach – which they gave up on merely hours later as “too complicated” despite Askeladden expressing genuine interest in working towards an amicable solution – appears designed less to foster collaboration and more to check a procedural box so they could publicly claim they had reached out. Perhaps they even aimed to distract us from our own time-sensitive preparations for meetings with ISS and other shareholders.
Despite the company’s misrepresentation of what actually occurred, we remain open to genuine engagement, as we clearly communicated to Mr. Michas last week, and will once again communicate directly to the company today.
4: Why Are AstroNova’s Board Members Refusing To Evaluate Strategic Alternatives?
AstroNova disingenuously claims that our strategic alternatives proposal is based on a single comparable transaction. Instead, as we have communicated many times, our rationale begins with a simple fact: AstroNova operates two unrelated businesses, and its corporate overhead as a public company consumes a significant portion of segment-level profitability. In FY25, AstroNova generated over $20 million in segment-level operating income excluding the $13.4 million MTEX goodwill impairment, but this was substantially offset by $15.8 million in corporate expenses. We believe an acquirer could achieve substantial synergies at the segment level while also eliminating substantial corporate overhead – an acquirer would immediately obviate audit fees, listing costs, and of course Board and CEO compensation, which are generating negative ROI for shareholders given years of shareholder value destruction.
We have highlighted Servotronics several times due to its relevance: it has similar revenues to AstroNova Aerospace, was a public company with years of underperformance, and still attracted multiple bidders in May 2025 despite macroeconomic concerns raised by tariffs. Yet Servotronics is merely one data point: there is a long and well-documented history of aerospace businesses achieving attractive multiples in transactions, which AstroNova’s Board should be aware of. A May 2025 report by Objective Investment Banking & Valuation cites 124 Aerospace & Defense transactions in Q1 2025 alone, with an average or median TEV/EBITDA multiple of 13.2x.19 This report cites over 1,000 transactions occurring between Q2 2022 and Q1 2025 with an average or median multiple ranging between 7x and 17.7x, although the median seems to be in the low double digits.
Similarly, another report from the Institute for Mergers, Acquisitons, and Alliances20 cites median Aerospace & Defense EV/EBITDA transaction multiples ranging from ~11.3x to ~15x from 2018 – 2023, although the lowest median multiples occurred during the COVID pandemic – if we exclude 2020 and 2021, the lowest median multiple was 12.3x.
Finally, earlier this year, publicly-traded aerospace components manufacturer Triumph Group announced a sale to Warburg Pincus and Berkshire Partners at approximately 16.6x EBITDA.21 Given the dominant market share, high aftermarket mix, and high margins of AstroNova Aerospace, we believe that it would achieve a competitive multiple at or above historical medians / averages if marketed.
According to AstroNova’s Form 10-K for FY25, AstroNova Aerospace generated over $11 million in segment operating income in FY25, with segment EBITDA of nearly $12.5 million; furthermore, significant royalty payments to Honeywell will expire over the next few years due to contractual terms agreed upon at the time of acquisition, regardless of any actions management is taking.22
Thus, if sold at a valuation in line with historical medians, gross sale proceeds for AstroNova Aerospace would comfortably exceed AstroNova’s entire current enterprise value, allowing AstroNova to repay all debt and distribute cash to shareholders roughly equivalent to the company’s current market capitalization.
Shareholders would then retain debt-free ownership of the Product Identification business – a ~$100 million business with 80% recurring revenue and roughly $10 million of segment-level profits (with $4 million of upside potential if MTEX-related losses are eliminated). We believe it would be attractive to a strategic acquirer with the strong go-to-market capabilities that AstroNova lacks. While we decline to speculate on multiples, we believe shareholders can do their own math and come to their own conclusions: even conservative assumptions suggest a compelling outcome.
We find it telling that incumbents dismiss our clear, evidence-based analysis. With AstroNova’s share price languishing around $9 – down roughly 50% since the Board approved the disastrous MTEX acquisition – shareholders should ask: is the Board’s priority to maximize shareholder value, or entrench themselves and continue earning a paycheck?
The Board was willing to budget $1 million and spend months of effort entrenching themselves through this proxy contest – rather than even responding to our emails in March suggesting we negotiate, at zero monetary cost, to identify mutually agreeable directors and make governance improvements. Conversely, the Board doesn’t even want to investigate whether shareholders could achieve substantial and immediate returns by selling one or both segments of the company.
As the company’s largest shareholder, I have committed to foregoing compensation if elected as a director – my sole motivation is to maximize value for all shareholders.
While the remaining Askeladden nominees deserve compensation for their time and expertise, they too share my single-minded focus on maximizing shareholder value – even if the best path to doing so is a sale of the company that results in the conclusion of their Board service, and thus their paychecks.
5: Incumbent AstroNova Directors Lack Print Industry Experience
AstroNova’s Board continues to criticize our nominees for lacking print-industry experience, yet glaringly fails to apply the same standard to itself. AstroNova’s own biographies presented in their proxy statement do not cite meaningful operating experience in the print industry, prior to joining AstroNova, for any current director. Mr. Nevin, their most recent appointee, appears to have none – his last operating role was as the CFO of security company Protection One. Ms. Schlaeppi’s only industry exposure was a legal role over a decade ago – not in an operating or commercial capacity. It seems the only print experience that other incumbents bring to the table is the trail of shareholder value destruction they’ve overseen at AstroNova – including the MTEX debacle.
Meanwhile, our slate has conducted deep due diligence – engaging with over 20 former employees and industry veterans to evaluate customer pain points, go-to-market failures, and technology risks. That’s far more research than the Board appears to have done before committing over $20 million of shareholder capital to a money-losing business operating in a new market segment with a very different business culture and a lack of reliability and business process apparently widely known in the industry.
Through our research, we have developed relationships with several former key leaders at AstroNova as well as other industry peers; we intend to continue to leverage those relationships – including by potentially appointing one or more of these individuals as strategic advisors – to align AstroNova’s operations with proven industry best practices.
If experience matters, shareholders should value those who learn rigorously – not those who repeatedly fail and call it expertise.
Conclusion
We could easily highlight many additional misrepresentations. For instance, slide 12 of AstroNova’s presentation proclaims “another record year in FY26” – a claim based on revenue, not profits. FY26 EBITDA and EBITDA margin are expected to decline versus FY24, despite the company’s deployment in FY25 of over $20 million of shareholder capital to acquire MTEX, and their announcement of $3 million of cost cuts. Touting success based on revenue growth – without analyzing measures such as free cash flow or return on invested capital – demonstrates a lack of commitment to shareholder value.
The Board continues to shift the goalposts rather than confront performance failures head-on. Incumbents make empty promises of future improvements, but their recent investor presentation contains not a single chart of the shareholder value destruction they have wrought, and glosses over their track record of broken promises. Instead of taking responsibility for their mistakes and attempting to collaborate with us to fix them, they malign us with personal attacks.
AstroNova’s Board has had years to deliver value – and failed. We’re asking for your support so shareholders can finally get the oversight they deserve. Our goal is to restore accountability, ensure an evidence-based strategy, and maximize shareholder value. This company’s performance, governance, and capital allocation must change – and the current Board has proven either unwilling or unable to do it.
Thus, we urge all shareholders to vote FOR all Askeladden nominees using the GOLD proxy card.
If you wish to ask questions, share your perspective, or better understand our research, we would love to speak to you directly. We believe shareholder engagement should be transparent, thoughtful, and two-sided. Sadly, the incumbent Board does not appear to agree.
This is your company. This is your vote. And this is your chance to demand the change AstroNova so clearly needs.
Sincerely, Samir Patel Founder and Portfolio Manager – Askeladden Capital samir@askeladdencapital.com (682) 553-8302
Samir Patel, Askeladden Capital Management LLC, Jeff Sands, Shawn Kravetz, Ryan Oviatt and Boyd Roberts (collectively the “Participants”) filed a definitive proxy statement and accompanying proxy card with the SEC on May 20, 2025, as amended on May 21, 2025, to be used in soliciting proxies in connection with the 2025 annual meeting of shareholders (the “Annual Meeting”) of AstroNova, Inc. (the “Company”). All shareholders of the Company are advised to read the Proxy Statement and other documents related to the solicitation of proxies, each in connection with the Annual Meeting, by the Participants, as they contain important information, including additional information related to the Participants, including a description of their direct or indirect interests by security holdings or otherwise. The Proxy Statement and an accompanying GOLD proxy card will be furnished to some or all of the Company’s stockholders and is, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov, or by contacting Samir Patel at 1452 Hughes Road, Suite 200 #582, Grapevine, TX, 76051.
6 May 2023 Sidoti Micro-Cap Virtual Conference – Call Transcript.
7 The inventory days on hand metric is referenced on page 31 of AstroNova’s Q1 FY26 Form-10Q, filed June 6, 2025. Data for prior years is sourced from the relevant Form 10-K.
8 AstroNova’s Q4 FY24 earnings release from March 22, 2024 provided guidance for FY25 and FY26. The Q4 FY25 earnings release disclosed that EBITDA declined in FY25, and newly-provided FY26 guidance is below levels reported in FY24, and substantially below original guidance then provided for FY26.
9 MTEX Acquisition Announcement 8-K and MTEX Acquisition Call Transcript, May 9, 2024.
10 MTEX financial results are disclosed in the relevant Forms 10-Q for FY25 and FY26, with the goodwill impairment disclosed in the Form 10-K for FY25.
11 AstroNova Q2 FY25 Earnings Call Transcript, September 16, 2024. Refer to prior footnote as well.
12 AstroNova shareholder letter published June 13, 2025.
15 Please refer to AstroNova’s proxy statements from FY20 – FY25.
16 Form 8-K Item 5.02, Compensatory Arrangements, filed June 16, 2025. Page 2.
17 No other texts or emails have since been sent or received between Askeladden and AstroNova’s Board. We have redacted a shareholder’s name to protect their privacy, and added surnames and roles in brackets for clarity, but it is otherwise verbatim.
22 Refer to AstroNova’s Form 10-K for FY25 for segment reporting. AstroNova’s Form 10-Q filed December 7, 2017, explains on page 8 that “The Honeywell Agreement also provides for minimum royalty payments of $15.0 million, to be paid over the next ten years.” A more detailed explanation of royalty payments, payable through September 30, 2026, are discussed on pages 6, 7, and 8 of AstroNova’s Form 8-K filed October 4, 2017 disclosing contractual terms of the Honeywell Asset Purchase and License Agreement.
Featured as Sponsored Programming: FLOKI, BioVie Inc. (NASDAQ:BIVI), NRX Pharmaceuticals (NASDAQ:NRXP), and Vita Bella
NEW YORK CITY, NEW YORK / ACCESS Newswire / June 16, 2025 / New to The Street, a premier financial media platform, announces the nationwide broadcast of Show #672 airing tonight at 10:30 PM EST on the Fox Business Network. This nationally televised episode features long-form interviews with four dynamic companies, offering investors a front-row seat to market-moving innovation and growth.
Featured companies on tonight’s show include:
FLOKI – The popular Web3 ecosystem continues to lead with utility and community engagement. FLOKI’s highly anticipated Valhalla metaverse game officially launches on June 30, marking a major milestone for the project’s play-to-earn vision and cementing its role in the next generation of crypto gaming.
BioVie Inc. (NASDAQ:BIVI) – A clinical-stage biopharmaceutical innovator advancing treatments in neurodegenerative and liver diseases. With multiple Phase 3 trials underway, BioVie is positioned as a leader in the Alzheimer’s and hepatology therapeutic categories.
NRX Pharmaceuticals (NASDAQ:NRXP) – A cutting-edge life sciences company developing novel therapies for treatment-resistant depression and pulmonary disorders. NRX’s pipeline includes breakthrough-stage compounds with FDA fast-track designations and real-world impact potential.
Vita Bella – A rising name in health and lifestyle, Vita Bella delivers premium nutrition and wellness products tailored for modern consumers seeking vitality, beauty, and balance.
Each interview explores the companies’ strategic goals, innovation roadmaps, and value propositions, offering clarity and visibility to investors across retail and institutional markets.
“Show #672 highlights the diversity of innovation happening across Web3, biotech, and wellness,” said Vince Caruso, CEO and Creator of New to The Street. “With FLOKI’s Valhalla launch on the horizon and biotech milestones accelerating, this lineup demonstrates how vision meets execution.”
About New to The Street New to The Street is one of the longest-running business television platforms in the U.S., delivering sponsored content and earned media since 2009. Weekly broadcasts on Fox Business Network and Bloomberg Television reach over 220 million households, supplemented by 2.65 million YouTube subscribers and a combined social media audience of over 700,000 followers across LinkedIn, Instagram, Facebook, and X. Its proprietary ecosystem integrates national TV exposure, digital reach, NYC outdoor billboards, and earned media pickups on ABC, NBC, and CBS affiliate networks.
LOS ANGELES, CA / ACCESS Newswire / June 16, 2025 / In a world gripped by chaos, division, and spiritual longing, one author dares to offer a revolutionary new vision grounded in compassion, inner transformation, and collective empowerment. Courage to Love: A Spiritual Awakening by Will of the People is more than a memoir – it’s a mission, a movement, and a roadmap for awakening humanity’s dormant power through the unity of love.
This transformative book is a bold fusion of personal experience, spiritual philosophy, and a visionary call for healing. Chronicling his journey from poverty, trauma, and addiction to inner peace and service, Will of the People emerges as a modern spiritual guide. His voice is raw, reflective, and restorative – a rallying cry for those yearning to discover their highest truth.
A Revolutionary Spiritual Blueprint for Humanity
At its core, Courage to Love is a spiritual guide urging readers to rise above fear, isolation, and materialism. It calls us to embrace emotional healing, collective strength, and a love that transcends borders. The book blends memoir and self-help, weaving the author’s evolution with clear insights for global transformation.
“We are the true power,” says Will. “And when we realize that love is not a luxury but a necessity, we begin to co-create a world rooted in peace, prosperity, and purpose.”
Will introduces the concept of “Love Social” – a compassion-driven alternative to ego-based social media. In this model, love is not just a feeling – it becomes a force, a catalyst for personal and collective evolution.
From Rock Bottom to Spiritual Awakening
Raised in hardship and shadowed by addiction, Will’s spiritual breakthrough came not through external validation but deep inner revelation. His life story reveals how the darkest nights give birth to the brightest light. This emotional depth makes Courage to Love one of today’s most powerful books for spiritual healing and transformation.
His message is clear: healing begins in the heart. The journey from addiction to awakening is both deeply personal and universally resonant.
Why the World Needs Courage to Love Now
In an era marked by mental health crises, climate anxiety, and global uncertainty, this book provides urgent answers to essential questions: Who are we? Why are we here? How do we heal?
Readers learn to release limiting beliefs, shed false identities, and embrace their divine potential. It is as much a transformational journey book as it is a guide to spiritual enlightenment.
Will writes not from dogma but from direct experience – inviting readers to become sacred participants in building a better world.
A Guide for Personal and Collective Growth
Inside the pages of Courage to Love, readers will find:
A practical guide to mindfulness, emotional release, and spiritual realignment
Tools for rising from pain to purpose
Teachings on awakening soul-aligned leadership
An empowering call to collective action and conscious community
A vision of love as both remedy and revolution
Whether you’re just beginning your healing journey or are a seasoned spiritual seeker, this book offers nourishment for the soul and clarity for the path ahead.
About the Author: Will of the People
Will of the People is not just a name – it’s a mission. As an author, speaker, healer, and spiritual visionary, Will embodies his message. He has emerged from hardship with a purpose: to guide others toward trcuth, compassion, and inner freedom.
Having transformed his own pain into purpose, he now stands as a beacon for others seeking not just recovery, but full spiritual rebirth.
His first book, This Will of the People, sparked early waves of support; Courage to Love deepens the message. His story reminds us that true leadership begins within, and healing the world starts with healing ourselves.
A Sacred Invitation
Courage to Love: A Spiritual Awakening speaks to:
Readers of spiritual awakening books and memoirs
Those seeking emotional healing and heart-centered living
Leaders exploring consciousness and compassionate change
Individuals on the path to self-discovery and divine truth
Communities seeking tools for collective transformation
This is more than a book – it’s a movement toward unity, grace, and global rebirth.
Availability
Courage to Love: A Spiritual Awakening is now available in both print and digital formats. Order now on Amazon: https://www.amazon.com/dp/B0F2L6N11P
Name: William Albert Phone: (412) 303-2815 Email: wilalb31@verizon.net Title: Public Relations for Courage to Love Location: United States
Disclaimer: This press release is distributed by Evrima Chicago, the authorized media representative for Courage to Love: A Spiritual Awakening. The views expressed are those of the author. Evrima Chicago constructs editorial content based on cited sources and submitted materials. For interviews or press inquiries, contact PR@EvrimaChicago.com or visit www.evrimachicago.com.
