text:
Travelzoo Inc. (NASDAQ:TZOO)
Q2 2009 Earnings Call
July 27, 2009 11:00 am ET
Holger Bartel - Chief Executive Officer
Wayne Lee - Chief Financial Officer
Christopher Loughlin - Executive Vice President - Europe
Edward Woo - Wedbush Morgan Securities
Melinda Davies - Susquehanna Investments
Good morning, everyone and welcome to the Travelzoo second quarter 2009 financial results conference call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Holger Bartel, Travelzoo's Chief Executive Officer. Please go ahead, sir.
Holger Bartel
Thank you, Operator. Good morning and thank you all for joining us today for Travelzoo's second quarter 2009 financial results conference call. I am Holger Bartel, Chief Executive Officer, and with me today are Wayne Lee, the company's Chief Financial Officer; and Chris Loughlin, our Executive Vice President Europe.
Wayne Lee
Hello, everyone. Welcome to our conference call.
Christopher Loughlin
Good morning, everyone.
Holger Bartel
Before we begin, Wayne will walk you through today's format.
Wayne Lee
First, we will discuss the company's second quarter 2009 financial results. Then we will provide additional information on the company's growth in subscribers and growth strategy. We will then conclude with a question-and-answer session.
Before we discuss the company's financial results released earlier today, I would like to remind you that all statements made during this conference call that are not statements of historical fact constitute forward-looking statements and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could vary materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements are described in our forms 10-K and 10-Q and other periodic filings with the SEC.
An archived recording of this conference call will be available on the Travelzoo investor relations website at www.travelzoo.com/ir, beginning approximately 90 minutes after the conclusion of this call.
I will now turn to Holger for an overview of the company's Q2 2009 results.
Holger Bartel
Today Travelzoo announced its results for the second quarter of 2009. We reported record revenues of $24.3 million. That's an increase of 12% over revenue of $21.8 million in the same period last year. Diluted loss per share for Q2 2009 was $0.01, down from diluted earnings per share of $0.08 in the prior year period.
Subscribers to our publications grew to 16.7 million. That's up 1.3 million versus the end of Q1 2009, and this is the largest quarterly increase in the company's history.
I will now turn to Wayne to discuss additional information for the group and for our three business segments, North America, Asia-Pacific, and Europe. That will include headcount, expenses and operating results.
Wayne Lee
Thank you, Holger. Our North America business segment revenue in Q2 2009 was $19.7 million, an increase of 3% year over year. Our Europe business segment revenue in Q2 2009 was $4 million, an increase of 57% year over year. In local currency terms, revenue increased 100% year over year. Our Asia-Pacific business segment generated $642,000 of revenue in Q2 2009, compared to $90,000 of revenue in the prior year period.
I would like to add that revenues, costs, and income from fly.com, our new meta search engine, are reported within the results of the respective business units of North America and Europe.
In terms of revenue concentration, Travelzoo did not have any groups of advertisers under common control that accounted for 10% or more of revenue in Q2 2009.
Travelzoo's operating income in Q2 2009 was $1.6 million, slightly down from Q2 2008 operating income of $1.7 million.
Operating margin in Q2 2009 was 6.4%, down from 7.7% in Q2 2008.
Travelzoo's net loss in Q2 2009 was $191,000, down from Q2 2008 net loss of $1.2 million. The company recorded $1.6 million of income tax expense on income from our operations in the U.S. The $3 million loss from our Europe and Asia-Pacific business segments were treated as having no recognizable tax benefit and as a result, our effective income tax rate was 113%.
DSOs, that's days sales outstanding, as of June 30, 2009 was 49 days, down from 50 days as of March 31, 2009.
Total cash and cash equivalents as of June 30, 2009 was $15.5 million, down slightly from $15.6 million as of March 31, 2009.
In terms of headcount, Travelzoo had 216 employees as of June 30, 2009. This is up from 191 employees as of June 30, 2008 and up from 206 employees as of March 31, 2009. At the end of Q2 2009, 109 of our employees were in North America, 42 employees were in Asia-Pacific, and 65 employees were in Europe.
Average annualized revenue per employee in Q2 2009 was $450,000, down from $456,000 in the same period last year.
Let's now look at the expense line items of our three business segments.
For our North American business segment, which consists of our operations in the U.S. and Canada, total sales and marketing expense in Q2 2009 was $9.6 million, up from $7.6 million in Q2 2008. Sales and marketing expenses as a percentage of revenue increased to 48.6% in Q2 2009 from 40% in Q2 2008. The increase in sales and marketing expense from Q2 2008 was primarily due to a $914,000 increase in marketing for fly.com, a $722,000 increase on subscriber acquisition campaigns, and a $619,000 increase in marketing for SuperSearch, offset by a $215,000 decrease in trade and brand marketing campaigns.
In North America, general and administrative expense increased to $4.3 million in Q2 2009, from $4 million in Q2 2008 due primarily to a $244,000 increase in legal and professional services expense.
North America operating profit for Q2 2009 was $4.5 million, down from $6.9 million for the same period last year.
Operating margin for Q2 2009 was 22.6%, compared to 36.1% for the same period last year.
For our Asia-Pacific business segment, which consists of our operations in Australia, China, Hong Kong, Japan, and Taiwan, total sales and marketing expense in Q2 2009 was $1.2 million, down from $1.9 million in Q2 2008. The decrease in sales and marketing expense was due primarily to a $567,000 decrease in spending on subscriber acquisition campaigns.
Asia-Pacific general and administrative expense in Q2 2009 was $1.2 million, down from $1.4 million in Q2 2008.
Travelzoo began operations in Hong Kong, Japan, China, Australia, and Taiwan in 2007.
Our Asia-Pacific business segment incurred an operating loss of $1.8 million in Q2 2009, compared to an operating loss of $3.2 million in Q2 2008.
In Europe, total sales and marketing expense in Q2 2009 was $3 million, which was unchanged from Q2 2008.
Total general and administrative expense increased to $2 million in Q2 2009 from $1.6 million in Q2 2008, due primarily to a $518,000 increase in salary and employee related expenses.
Travelzoo began operations in Germany in September 2006, in France in March 2007, and in May 2008 began publishing a weekly top 20 list in Spain, after having operated a sales force in Barcelona since November of 2006.
Our Europe business segment incurred an operating loss of $1.1 million in Q2 2009, compared to an operating loss of $2 million in Q2 2008.
We will now turn back to Holger who will provide more information on the growth of our reach and our growth strategy.
Holger Bartel
Thank you, Wayne. During the second quarter, Travelzoo added a total of 1.6 million new subscribers to its e-mail publications. Net growth in subscribers during the quarter was 1.3 million. In North America, we acquired 885,000 subscribers at an average cost of $2.15 per subscriber in Q2 2009. That compares to 720,000 subscribers that we acquired at an average cost of $2.29 in Q1 2009.
In North America, our Top 20 Newsletter and our Newsflash e-mail alert service now have a net unduplicated total of 12.4 million subscribers as of June 30, 2009. This is an increase of 12% versus the same time last year.
In Asia-Pacific, now we acquired 321,000 subscribers at an average cost of $2.12 in Q2 2009, compared to 183,000 subscribers at an average cost of $2.23 per subscriber in Q1 2009. In Asia-Pacific, Travelzoo's Top 20 Newsletter and Newsflash e-mail alert service had a net unduplicated total of 1.5 million subscribers as of June 30, 2009. This represents an increase of 69% versus the same time last year.
Finally in Europe, we acquired 408,000 subscribers at an average cost of $2.74 per subscriber, compared to 295,000 subscribers at an average cost of $3.09 in Q1 2009.
In Europe, Travelzoo's Top 20 Newsletter and Newsflash e-mail alert service had a net unduplicated total of 2.8 million subscribers at the end of Q2 2009. That's an increase of 50% versus the same time last year.
The costs of our subscriber acquisition in North America, Asia-Pacific, and Europe are all expensed as incurred.
In 2005, Travelzoo began its growth strategy of expanding into selected international markets. We still believe that going global represents an attractive opportunity to increase shareholder value in the long-term. Markets in Asia-Pacific and Europe are new revenue opportunities for Travelzoo and we see a competitive advantage from being able to cross-sell advertising globally.
Another competitive advantage is our improved ability to source the best travel deals and perform a very high quality review by leveraging the local expertise. We have built a unique global network of producers and sales staff in 11 countries in North America, Europe, and Asia-Pacific. Our plan is to aggressively leverage this global network to bring Travelzoo users the very best information available.
During Q2 2009, we began accelerating subscriber acquisition in all three business units and are taking advantage of attractive prices for media in the countries we operate in.
We have in the past found that audience and subscriber growth are a key driver of future revenues and profits. More subscribers and a larger reach allow us to promote more advertisers or to charge higher rates.
In 2008, we added a second element to our growth strategy by starting to publish deals on entertainment, including shows, events, and other activities in North America. We are now replicating this strategy in other countries as well in our Europe and in our Asia-Pacific business segments.
The third element to our growth strategy is the launch in February 2009 of our meta search engine at fly.com. During the month of June, users performed over 2.4 m searches on fly.com. That's an increase of approximately 85% over the previous months.
During the next two quarters, we plan to continue our strategy of investing significantly into subscriber acquisition, particularly in the U.S. and in Europe. We will also continue to invest in fly.com. We have begun cross-promoting the two brands, Travelzoo and fly.com, and we hope to do even more so during the remainder of the year.
Travelzoo's consistent practice is not to provide guidance for future periods because of the dynamics of the industry. Therefore, this will conclude our prepared discussion. I now turn back to the Operator now for questions and answers.
Question-and-Answer Session
(Operator Instructions) We'll take our first question today from Edward Woo with Wedbush.
Edward Woo - Wedbush Morgan Securities
Yes, good quarter -- on the operating cost control, do you see that improving or do you see your investment in fly and other initiatives to add subscribers offsetting your operating cost improvement in international?
Holger Bartel
Good morning, Ed. Wayne will take that question.
Wayne Lee
Yes, hi, Ed. So as we've mentioned in prior calls, you know, management, we are making a concerted effort to control our operating costs and that in turn has allowed us, has freed up more money for us to invest in subscriber acquisition and also promoting fly.com. I can't comment in terms of what our plans are in the future. One of the things on subscriber acquisition, it's difficult to predict, especially depending on if we find a really good investment opportunity, we might decide that quarter to spend more.
Holger Bartel
You will probably notice, Ed, that our numbers on subscriber acquisition are very, very positive. We achieved very low costs per signed up subscriber. We are very pleased about that and we want to take advantage of that opportunity and it's not only the cost of new subscribers -- we are also measuring, of course, the quality of new subscribers that we sign on and the quality is good across the board as well. So we see this as an opportunity to really grow the audience right now and as I stated earlier, we hope that this will translate into higher revenues and profits in the future.
Edward Woo - Wedbush Morgan Securities
Good, and the other question I have is have you seen much improvement in the travel market as it seems like the economy seems to be getting a little bit more stable?
Holger Bartel
Let me maybe talk about North America and then I will pass over to Chris to say a few words about Europe. In North America, the down economy has different effects on our business. On the one hand, there are travel businesses that are looking to promote more deals, they are looking to attract more guests. In particular, we see that in the hotel industry, but also some hotels are running out of cash. They are cutting their spend, so you cannot say across the board that it's beneficial for us.
We see that the mood among the hotels and among some other segments of the travel industry is improving. In other areas like the airlines, that's not so much the case.
Chris, how is that in Europe?
Christopher Loughlin
I think it's very similar, and if you look at the different countries, it does change a little bit. So in France, we don't really see much change on last year. In Spain, of course, occupancy at the hotels is rather weak. This time last year hotels in the Canary Islands and [Tenner] Reef were sold out. This year they are sitting at 30%, 40% is what we are hearing. That of course presents a great opportunity for Travelzoo to promote these hotels and stimulate incremental room nights.
But we are also doing these things on a transcontinental basis as well. We just helped in the U.K. -- so just from the U.K. audience, we helped a Las Vega resort hotel take 4,200 room nights. That was without airfare. So consumers in the U.K. and Germany, France, Spain, they want to travel. I think they are looking for a deal and they are self-packaging, they are finding the deals, the asset holders are putting the deals out there for us, so those are all positive and I think that's reflected in the numbers you see here in Europe this quarter.
Edward Woo - Wedbush Morgan Securities
Great. Thank you.
Your next question comes from the line of Melinda Davies with Susquehanna Investments.
Melinda Davies - Susquehanna Investments
Good morning. I have a question about Europe and then a question about Orbitz. So first of all, was the sequential growth in Europe due to a particular advertising campaign that might be a little bit more lumpy over the rest of the year?
And then also, is Orbitz's new marketing newsletter, in which they compile top 10 deals and e-mail them out, is that competitive with yours or is it something -- or should we think about it as something different? Thanks.
Christopher Loughlin
I'll just comment on Europe, first of all -- Holger, is that okay?
Holger Bartel
Yes, go ahead, please.
Christopher Loughlin
Okay. No, in fact the growth in Europe this quarter really stems from just everything coming together. You have to remember that we started these businesses -- you know, they didn't all start in one go in May 2005. We started Spain and we just put a country manager down in Spain, so we started Spain a year ago, put a country manager down there in January, February this year and of course, we get great leverage when we put a senior executive into a market. And so now you see much better productivity coming out of Spain.
In Germany, we appointed a new country manager about six months ago and again, you see great results from having such a strong leader in the market.
Also the other thing you're seeing in Europe is just really inflection points in audience growth. When you are selling advertising and you've only got 200,000 subscribers in the market, of course you don't have much leverage but as soon as you have say 500,000 or -- in fact now in Germany we have 500,000, in France we have 600,000, Spain 200, the U.K., over a million. These are big numbers and they are very attractive for travel companies, particularly principals who intend to stimulate a response.
The last thing about Europe is, of course, it is seasonal and the run-up to July/August is the biggest booking period in Europe. So that also could have an influence on the results.
Melinda Davies - Susquehanna Investments
Thank you.
Holger Bartel
Melinda, regarding your question on newsletters of OTAs, I don't want to comment on a specific company but if you look around, all the online travel agents for years -- actually for over a decade have been sending out emails with travel deals. In fact, not only the online travel agents but airlines, any kind of travel business seems to send out some deals and special offers, even some airlines sent out emails with deals on cruises. So that competition has always existed and it will continue to exist and the shape and format of these emails will change over time. Some of them might look closer to what we do.
In essence, it's really about the quality of the email. It's interesting -- just yesterday I sent an email to my staff because I saw online some notes of how users had commented on the content of travel deals newsletter of another company. The users were very disappointed. They said this is a bogus offer. It doesn't exit. They said this deal is really not great. I can get it much cheaper on the other side.
So you know, at first glance, all these travel deals, newsletters look very similar and you think you know, it's easy to just sign up a subscriber, send them deals and people will book. That's just simply not the case. Over the years, our subscribers have learned that the quality of our newsletters is very good. We operate several [test] booking centers across the world that verify that offers exist. We also do the most diligent research on travel deals before we email them out. We verify they are really the best in the market. We are very hard, if you speak with our advertisers, we are very hard on our advertisers, not to email anything out that we don't consider a fantastic deal. And we believe that strategy will pay off in the long run and it's something that is very difficult to replicate by other companies.
Christopher Loughlin
I think just to add to Holger's point, I'm the guy here who's launched the business into four markets in Europe and I can tell you, it's not been easy to do that on our own with all the internal knowledge we have ourselves. And I worked in the U.S. business for quite a few years before I came over here, so if we find it difficult ourselves to execute when we are starting these businesses up and you can see it takes a few years to get going, good luck to the other guys who try to copy us.
Holger Bartel
Let me maybe add one more thing about Europe, mainly because I am reading often or I'm hearing from investors what's going on with their investments in Europe and Asia-Pacific, you are still not making a profit, what's doing on there?
We are actually rather pleased with what Chris achieved in Q1 and Q2 in Europe. You see revenues in local currency terms have grown in both quarters 100%, and I think what is important to understand is that if the business in Europe, for example, is going very well then of course we are more inclined to invest more into subscriber acquisition to drive future revenues and the situation we have in our business segment like that is that the costs typically the costs of your staff, the sales staff, the production staff doesn't increase as quickly as revenues increase as a result of an increase in audience.
So the strategy in Europe, for example, this quarter, investing more into subscriber acquisition is one that really is in our opinion a very smart one. Yes, it results in the short-term again in a loss that we reported for the quarter in Europe because the subscriber acquisition expenses are incurred as expenses, but we believe it really creates a solid foundation for growth in the future and for future profitability. Of course we want to achieve profitability as quickly as we can but if we have fantastic opportunities as we do have right now in Europe to acquire high quality subscribers at relatively good cost, we would be stupid not to take advantage of that opportunity.
Melinda Davies - Susquehanna Investments
Thank you.
And now I'd like to turn the call back over to Mr. Bartel.
Holger Bartel
Ladies and gentlemen, we thank you very much for your support. We look forward to speaking with you again next quarter then. So have a nice day.
Thank you, ladies and gentlemen. This concludes today's teleconference. You may disconnect your lines at this time and have a nice day.
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Subsurface Occurrence of Mirabilite in a Mollisol of Southern Alberta, Canada: A Case Study
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An efflorescent mineral, occurring at about 1 m depth in a moderately well-drained soil of southern Alberta, had a chemical composition which corresponded to that of mirabilite, a hydrated sodium sulfate mineral. The x-ray diffraction analysis of dehydrated crystals identified the anhydrous sodium sulfate mineral thenardite. The mirabilite crystals occurred in unsaturated soil beneath a melting frozen layer. Saturation extracts of bulk soil samples identified two zones of high ionic concentration, at the depth of mirabilite occurrence and below the water table. The dominant ions in these zones were sulfate and sodium and, to a lesser extent, magnesium. All saturation extracts and soil solutions from below the frozen layer and the groundwater were found to be saturated with respect to calcite, dolomite, and gypsum. Only the soil solutions from the 90 to 120 cm depth showed saturation with mirabilite. Mirabilite formation was attributed to the low soil temperatures, high soil water contents, and concentration of ions below the frozen layer.
Copyright © .

subset: commoncrawl


text:
BA French and German (RR12)
2016 entryFind a course
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Typical offer for BA French and German
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text:
28 CFR 61.8 - Classified proposals.
Beta! The text on the eCFR tab represents the unofficial eCFR text at ecfr.gov.
§ 61.8 Classified proposals.
If an environmental document includes classified matter, a version containing only unclassified material shall be prepared unless the head of the office, board, bureau or division determines that preparation of an unclassified version is not feasible.


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8 posts tagged with social and women.
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Offending People Everywhere, No Idea How
People think I'm a big b-word. I'd like to change this recurrent situation I'm finding myself in, without pandering or being manic and fake. [more inside]
I don't enjoy hanging out with women.
I AM a woman. I don't generally like hanging out with women. Suggestions? [more inside]
Am I being oversensitive?
Do people (especially men) tend to assume that a newly single woman of >45 must be desperate for a new partner, or am I misinterpreting normal conversational gambits? [more inside]
I need help locating an article about how single men are more successful than married men.
Looking for an article regarding the fact that single men are responsible for more social breakthroughs than are married men/fathers. [more inside]
How can I balance the various needs of support group members?
I would like to learn to better facilitate a stress support group. [more inside]
How do I meet female friends who're like me?
Where's a good place to meet women like me, in my area, online or in real life? [more inside]
I find it hard to maintain friendships with women
I find it hard to maintain friendships with women. What's up with me? [more inside]
The Single Mum's Guide to Social Enterprise
Socially conscious business ideas for a funky media-savvy single mother? [more inside]
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Tag: "rum"
Rum Squares with BaconOctober 6th, 2014
Adapted from Epic Meal Time, these rum squares are topped with sugar and bacon to give a memorable look and flavor. Yield: 16 servings more »
Spiced Banana MuffinsJune 20th, 2013
Yet another variation on banana bread, this one has a spiced taste that is a little unusual. If you've got a few bananas sitting around and you're looking to change it up a little, give this a shot. Yield: 16 muffins more »
Coconut Rum Rice PuddingJanuary 3rd, 2013
I think rice pudding is officially a dessert, but in my family growing up this was classed as a breakfast. It's super easy to make and is very satisfying. See this recipe for plain rice pudding. Yield: 10 servings more »
Ginger Ganache CandyApril 12th, 2012
These candies have a mild taste that really hits during the after taste. Give them a try and you won't be disappointed. Yield: 72 candies more »
Coconut Blackberry Rum CakeJune 26th, 2010
This yellow cake combines the flavor of coconut with blackberries to make a tasty, sweet treat that everyone will love. It's almost as fun to bake from scratch as it is to eat the food afterwards. more »


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Antler Resort and Marina
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... br> We waited until the light was right, swimming in the pool. Two other guys were fishing in the pool below. Finally, it was time to get the shot, taking 4 rolls of almost the same shot to make sure i had captured it.
We ended that day with some awesome burgers and craft beers on tap.
We liked it so much we stayed another day. This day was a rest day for Jen, to watch TV, relax, and not move.
Exploring the mountain
We did hike Panther Meadows, a short loop trail through sparse forest, rocks from the 70s Avalanche, a meadow also created by the avalanche, and some streams from a spring somewhere. Very pleasant although rocky trails aren't my favorite. We found a good Jeep ride on a cross country ski trail. On our way back to ...
To Mt. Shasta
The new tires and alignment made for a smoother quieter ride! Super happy about that. On our drive we kept watching for smoke from the fires but it seems to have disapated. We're staying in a KOA park close to town and noticed a railroad track not far away. See how that goes tonight! The dust around our site and the park, horrid! It billows with every step. While getting set up and trying ...
First time in California
Well we left Florence Oregon at 9:33 am on the 26th of August and arrived in Mt Shasta, California at 4:48. Lee drove 330 miles today and it seemed like a really long day. We were going to stop and camp and go down to the Redwood Forest but, the smoke was so bad we just kept on going. Lee drove about 150 miles more to get out of the ...
Nudists, Trail magic, and Rattle snakes, oh my
... with ideas, drugs.
I stay at the site for over an hour..I let my legs soak in the hot water that comes from a mountain spring, and then jump into the cool water beside the Springs. I do this about 4 times, do some yoga, talk to the locals, take in all that there is to see at this odd stop on the PCT and then I am off to hike another 10 miles. A few hikers leave with me, but only to get to the road 3 miles ahead, so ...


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- 02-02-2014, 12:53 PM Thread Author #1
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A Sound profiles app that can toggle SMS vibration?
Spring Galaxy S4 running Android 4.3
I've used Quick Profiles and tried a few others, but can't seem to accomplish the following:
1. Enable a profile that turns on SMS Vibrate.
2. Then later, enable a profile that turns off SMS Vibrate.
So basically, if you have vibrate on during the day, and then go "phone only" mode at night, your phone will still vibrate with incoming SMS's.
Can anyone guide me to an app or solution to automate toggling Vibrate for SMS (or any other app) ?
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Texas A&M University officials cleared the way for concealed-carry permit holders to cart their guns into classrooms with "few major restrictions," according to the new policy. Chancellor John Sharp and the A&M system's legal team gave the go-ahead for the policy switch. The only exceptions are certain spots at Prairie View A&M, Texas A&M International University and A&M-Corpus Christi because …Read More »
Recent Posts
South Dakota second in nation for conceal carry permits
More than one in eight adults in South Dakota boasts a permit to carry a concealed weapon, enough to make the state one of — if not the most heavily permitted in the nation. That's according to a 2015 report by a pro-gun research organization, the Crime Prevention Research Center, which found only Alabama to have a higher percentage of …Read More »
Concealed carry not authorized on FLW
An individual detained with a concealed weapon on Fort Leonard Wood is a reminder that the post's firearms rules and regulations apply to all service members, Department of the Army civilians, contractors, visitors and their Family members, once they enter the boundary of the installation. "If you live off the installation, there is no Missouri requirement to register your firearms," …Read More »
Concealed weapons, no permits? Bill filed for Louisiana
A proposal to amend the Louisiana Constitution to allow Louisiana residents over the age of 21 to possess a concealed gun without a permit has been pre-filed by state Rep. Barry Ivey, R-Baton Rouge. It will be considered during the regular legislative session beginning in March.. Ivey also pre-filed a second bill that would have the same outcome by changing …Read More »
Amendments could alter WV concealed-carry bill
West Virginia House of Delegates members will take up at least five amendments Monday intended to temper a bill that would allow adults over 21 to carry concealed firearms without a state permit, background check or gun safety training (HB 4145). The bill was advanced Friday to a third reading with amendments pending, a timesaving measure for legislators heading …Read More »
Concealed Carry License.
Concealed Carry License Welcome to Conceal Carry HQ! I created this site because I am dedicated to the rights of the individual, and their ability to protect themselves, their family, and their property. It is my sincere hope that the information on this website helps you make an informed decision about obtaining a concealed carry license in your state. On a philosophical level, it is my opinion that the Constitution of the United States is one of the finest documents ever created in this history of mankind, and it was carefully constructed by a group of men that had the courage to stand up for themselves, their families, and their rights. The first explicit right that these individuals decided was important enough to be explicitly protected from the federal government is collectively known as the "Bill of Rights", and protects an individual's freedom of speech, religion, and public gathering. Directly after these grouping of rights, the founding fathers said that the citizens of this new nation had the right to keep arms. "A well regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed." The founding fathers knew the right to self-protection was so important they wrote this right second in their list of amendments to the constitution of the United States, knowing that this basic human right would be amongst the first that a tyrannical government would seek to remove. Every responsible citizen should be practicing their right to a concealed carry license. Contrary to what some may try to convince you of, the second amendment does include the right to carry a personal firearm for the protection of self, family, and property. The founding fathers wrote most of the law that would set restraints on the newly born government of the United States from British Common Law, which makes sense as everyone in the United States were loosely affiliated with Britain while the colonies were a British Protectorate. In order to understand the purpose of the second amendment to the constitution, you have to understand a bit of history. During the reign of King James II of England, England was in the midst of a fierce religious rift between Catholics and Protestants. In an attempt to quell the fight between the two factions, he unilaterally decided to remove firearm ownership rights of certain groups, while allowing other groups to have firearms. The founding fathers knew that if allowed to, government would pick "winners and losers" (like they do in so many other instances) by drafting law to allow certain people to protect themselves, while making it illegal for others to have the same basic right. By placing this amendment so high on the constitution it shows that the founding fathers knew the basic right to self-protection allowed by a conceal carry license was of the utmost importance to personal liberty, prosperity, and freedom. Every state in the union has different laws that govern and dictate the process in which a citizen of that state can apply for a concealed carry license in their state. For whatever state you live in, you can visit our concealed carry license page at http://concealcarryhq.net/concealed-carry-license/ and access a detailed guide of the process for applying to receive a concealed carry license in the state which you live in. It is extremely important that you thoroughly understand the application process for your particular state, and the guide is an extremely valuable resource that includes links to your particular states licensing agency. Furthermore, if you have relatives in other states or are planning to move you can read about the process in those states as well! Each state recognizes other states concealed carry license, but not all states recognize each others. This is called concealed carry reciprocity, and we include a nifty map that shows all of the states that recognize reciprocity with each other. If you have a concealed carry license in one state and are traveling to another state, make sure you know all of the laws pertaining to that state, and see if they will recognize your home states concealed carry license. If the state does not recognize your concealed carry license, make sure you are not carrying on any premises where carrying of a firearm is restricted because your license will not apply. It is always a good idea to check with local laws and regulations before you travel with a firearm, however I always recommend traveling with the means to protect yourself, your family, and your property, because you never know when you are going to need it! Practically every single state in the Union requires that concealed carry license holders are trained with their firearm and know the safe operation and handling of the weapon. Some states even require you to be trained with your firearm before you are granted a license. Every state has multiple highly skilled, concealed carry license trainers that can help you know how to handle your firearm, and be better prepared to utilize your firearm in the unfortunate instance where you must utilize the tool for the protection of yourself and others. Taking a class in the proper handling of a concealed weapon is always a sound investment. Every concealed carry license holder should be well versed in the handling of their firearm and we recommend ensuring that your skill in handling the firearm is refreshed at least once a month. Practice carrying your firearm in a manner that ensures it stays concealed, unless you are open carrying, and practice being able to wield your firearm safely and efficiently. A concealed weapon does you no good if you cannot wield the weapon. Finally, as a responsible concealed carry license holder make sure that you understand all of the laws that dictate you carrying a concealed weapon. Laws vary from state to state, and locality to locality, so ensure that you stay up to date with the laws that govern where, and how, you can carry a weapon for personal protection. Conceal Carry HQ offers a Concealed Carry Law page that briefly discusses federal law that governs the carrying of a weapon. That page can be found here http://concealcarryhq.net/concealed-carry-law/ Thank you for visiting Concealed Carry HQ. We sincerely hope that the information contained on this page will motivate you to obtain a concealed carry license, and practice your second amendment rights! About Latest Posts concealcarry Latest posts by concealcarry (see all) University OKs concealed carry in classrooms - April 19, 2016 South Dakota second in nation for conceal carry permits - March 29, 2016 Concealed carry not authorized on FLW - March 25, 2016Read More »


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Novotel Thalassa Le Touquet: Find photos, reviews, information, amenities and compare prices for 4 stars hotels in Le Touquet, France.
Novotel Thalassa Le Touquet is situated in Le Touquet and features an indoor pool. The numerous facilities this traditional hotel offers include a hair salon, meeting rooms and a 24-hour reception.
Hotel description
Each traditional room at Novotel Thalassa Le Touquet comes with a flat-screen TV and cable/satellite channels, while the bathrooms offer bathrobes and hair dryers.
To start the day, guests can wake up to breakfast served by Novotel before heading off to discover what the local region has to offer.
Novotel is an ideal base to explore nearby Etaples Military Cemetery, as well as everything the local area has to offer. It is also within walking distance of Golf le Touquet.
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Unemployment hysteresis and the natural rate of vacancies
On the basis of macro data from 10 OECD countries, I find that the job vacancy rate outperforms the unemployment rate as a reliable measure of domestic inflationary pressure. Moreover, while the rate of unemployment affects inflation primarily through its difference, the vacancy rate operates through a level effect as well. In most countries, a unique equilibrium rate of vacancies seems to coexist with a drifting equilibrium rate of unemployment. I show that this result is consistent with existing theories of unemployment hysteresis that focus on depreciation of human capital and search activity during unemployment spells.
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Volume (Year): 27 (2002)
Issue (Month): 4 ()
Pages: 687-704
|received: October 1997/Final version received: June 2001
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|Web: http://www.springer.com/economics/econometrics/journal/181/PS2
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Yonder Mountain String Band's Sixth Annual Harvest Music Festival 2011 lineup revealed
We just glimpsed the lineup for the sixth annual Yonder Mountain String Band's sixth annual Harvest Music Festival -- taking place Thursday, October 13, through Sunday, October 16, at Mulberry Mountain in Arkansas (site of this weekend's Wakarusa Festival) -- and let's just say it may make you want to, uh, wander mountain a few states over, particularly if you're partial to the sort of music those Yonder Mountain fellers specialize in.
The bill, which is, of course, being headlined by Yonder Mountain, also includes Split Lip Rayfield, Trampled by Turtles, Great American Taxi, Greensky Bluegrass, Elephant Revival, Oakhurst and Reverend Peyton's Big Damn Band, among others. See full lineup below.
Yonder Mountain String Band Sixth Annual Harvest Music Festival 2011 Mulberry Mountain - Ozark, Arkansas October 13-16
Yonder Mountain String Band Bela Fleck & the Flecktones Railroad Earth 7 Walkers featuring Papa Mali & Bill Kreuztmann Emmitt Nershi Band Punch Brothers Cornmeal Split Lip Rayfield Traveling McCoury's Peter Rowan The Wilders Trampled By Turtles Reckless Kelly Todd Snider James McMurtry Sara Watkins Great American Taxi Dirtfoot Mountain Sprout Greensky Bluegrass The Greencards That One Guy David Lindley Jay Nash Danny Barnes Larry Keel & Natural Bridge Nathan Moore Reverend Peyton's Big Damn Band Mountain Standard Time Trishas Steep Canyon Rangers David Mayfield Parade Elephant Revival Darol Anger's Republic of Strings Big Smith Oakhurst Deep Fried Pickle Project Deadman Flats Truckstop Honeymoon P.K.B. - Pete Karsounas Band Alaska String Band Gleny Rae Virus & Her Tamworth Playboys Whistle Pigs Mountain of Venus Dumptruck Butterlips Charliehorse Honeyshine
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This review is from: Orico 2595SUS3-BK Aluminum Alloy Tool-Free 2.5" SATA to USB 3.0 & eSATA Hard Drive External Enclosure
Pros: Easy to use, take it off the hard drive and put it back. Very good metal cover.
Cons: USB 3 port is very low quality part. It impossible to fix it once it gone bad. Only e-SATA port is available.
Other Thoughts: If i were you, I wouldn't buy it.READ FULL REVIEW
This review is from: Orico 2595SUS3-BK Aluminum Alloy Tool-Free 2.5" SATA to USB 3.0 & eSATA Hard Drive External Enclosure
Pros: No screws, easy to use, fast and quality material.
Cable is strong, I love it. Also It's USB 3.0. I recommend this product .
Cons: Nothingso farREAD FULL REVIEW
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MBA Human Resources
"The top three reasons cited by our students for choosing the Baker MBA program were: (1) To enhance their promotion potential within their current organization, (2) To increase their level of education, and (3) To make them more marketable for a better job.
Graduates of our program can take pride in the fact that they earn a very respected and a very marketable MBA degree.
Our MBA program is very demanding yet flexible enough to accommodate the busy lifestyles of working adults. We offer multiple delivery options to meet the diverse needs of our students. Classes can be taken at several Baker campuses across the state of Michigan, at multiple corporate sites and online. It is possible to complete the entire MBA program online in just 18 months without setting foot on the Baker campus. As a result of the online option, over half of our students reside outside the state of Michigan."
This program has been designed for persons who work within the personnel or human resources area. In addition to the core business courses, students are exposed to very specific issues that confront the human resource manager every day. Students can expect to be exposed to practitioners in human resources, to the constantly changing roles of various human resource personnel within the field, and a variety of topics and issues highly relevant to the changing workplace. This program takes on an even greater significance as the world looks to well-trained human resource specialists to provide the kind of services needed by the workforce.


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Work From Home Assembly
- Last updated on October 14, 2015 at 3:04 am
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Lots of people genuinely believe that working from home is for those who are good at writing or who can do other items online. Visiting empower network products seemingly provides suggestions you should tell your father. But, there's also jobs that will fit all kinds of people. You might be interested in home based assembly jobs. These are jobs that are done from the comfort of your own home, and jobs that might fit you very well...
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2 Chainz sits down with his friend Corey Shapiro, founder of Vintage Frames, and tries on some wildly expensive sunglasses.
Category - Accessories
The new Valentino flap-front backpack features a camouflage colorway with stars overlaying the design. It is now on sale for $1,495 at Barneys.
Summertime Shootout Dad hats are available in, Camo, Denim, Red and Black on Blood's Thicker.
Travel in style in Balmain's new beige canvas and leather backpack. The bag is on sale on SSense for $2705. via SSense
Excited to reveal my campaign for the @PUMA Fierce, a lightweight trainer with zero excuses, available starting 4/1 on PUMA.com, PUMA retail stores, and select retailers worldwide. The next level starts here #ForeverFierce A photo posted by...
In honor of Super Bowl 50 New Era designed a black lambskin leather hat, featuring an 18k gold pin. Unless you've got $2,500 to spare and the connections to cop one of the 50 limited-edition lids, get your fix with this first look at the...
Maison Margiela released a new backpack featuring a reflective Python print. It features a leather grab handle, suede lining and Tonal stitching. It is for sale for $1695 on SSense.
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Versace releases a unique studded back for the Fall/Winter 2015. The backpack is made of Nylon, features the signature Medusa head plaque and retails for $2250.
McQ Alexander releases a backpack/tote bag for the Fall of 2015 for $515. via SSense


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The Latest
07 Mar 15
Syracuse Really Tried To Keep Fab Melo Eligible in 2012
It's almost as if Syracuse is operating a multi-million dollar basketball industry instead of student extracurriculars.
06 Mar 15
Mike Tirico: The "leaderless" NCAA is a "failed setup that is helping to ruin intercollegiate athletics"
The Syracuse alum was not pleased.
08 Feb 15
Jim Boehim Doesn't "Give a S---" If People Think His Program Is Dirty
Glad that's settled.
09 Oct 14
Jim Boeheim Felt Compelled to Mention Carmelo Anthony's Freshman Grades at Syracuse
Four C's and a D. Why mention that?


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Sri Lanka accuses Australian group of supporting terrorists
The Sri Lankan government is on the offensive against more than a dozen international Tamil organisations labelled as "financers of terrorism", including a community group in Australia. Beverley O'Connor speaks with Sri Lanka's High Commissioner to Australia, retired Admiral Thisara Samarasinghe.
Source: The World | Duration: 4min 23sec


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Call Us Today!
(607) 535- 6532
Stewart P. Wilson
About Us
Schuyler County, NY Diesel Fuel & Gas Station Services
Trust us with your auto fill heating fuel needs
Since 1962, Stewart P Wilson Inc has been serving
Montour Falls
, NY individuals and businesses with superior service. We are local people serving local people, our clients, friends and neighbors. Our
auto fill heating fuel
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Stewart P. Wilson
2050 State Route 14
Montour Falls, NY 1486 5
(607) 535-6532
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The War Diaries of a Panzer Soldier: Erich Hager with the 17th Panzer Division on the Russian Front
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This is your resource to discuss support topics with your peers, and learn from each other.
Im suffring from 9900 ... always it show that there is signal but the truth there is no signal.... many people had the same problem ... i had change my smartphone 8 time ... but its same ... now im using new 9810 and it the same .... i figure that it the Os 7 problem not the phone ... because my sister has 9800 with OS 6 without any problem ... the problem in all blackberry models which use OS 7.... we are spending a lot of money with out a point we need a solution for this problem
Hi and welcome to the forums!
Sorry your suffering maybe we can get you some actual data on the problem and we can address it. I suggest running the Mobile diagnostic and retain the log generated at least once a day to judge performance.
Well at least the tests will help take your mind of your suffering.!
Mobile Network Diagnostic Test.
KB13342 What is Connection Preference in Mobile Network
KB29379 What is the BlackBerry Device Analyzer
KB11727 Troubleshooting poor voice quality on the BlackBerry smartphone


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My recipe for Silky Chocolate Avocado Mousse is the perfect Valentine's Day dessert plan. And I know just what to pair it with! Find out my wellness date night idea, get a special offer and enter a giveaway.. (recipe video too!)
The perfect wellness date night for Valentine's Day or any day?.. Chocolate + a massage! I mean what more do you need in life? Well, ok, a lot. But for a perfect date-night-in, or Valentin'e Day plan, those two things are pretty perfect.
This Silky Chocolate Avocado Chocolate Mousse is dairy-free and packed with healthy fats, plant-based protein and antioxidant-rich chocolate. Talk about a feel good treat!..
So this Valentine's Day, whip up a decadent chocolate treat.
And learn a lifelong wellness skill...
Learn how to give a good massage.
I loooooove a good massage. I am a regular massage go-er and quite frequently request massages from my husband. But how awesome would it be to learn a few professional techniques and tips rather than just blindly pummeling your fists and guessing on a few strokes with your eyes metaphorically closed. "I hope this feels good..."
Why Get Massages?..
"Well-designed studies have shown that massage can reduce levels of stress hormones, such as cortisol, improve joint function and reduce pain in people with osteoarthritis, temporarily reduce muscle soreness after hard exercise, and speed healing of sore, overworked muscles by reducing inflammation and otherwise amplifying the muscle cells' repair process." - NYTimes
And massage doesn't need to be from a professional... "Dr. Field points out, massage techniques can be taught. "People within families can learn to massage each other," she said. "If you can teach parents to massage kids, couples to massage each other. This can be cost effective."" - WELL Blog NY Times
..cost effective! hooray! You mean I may not have to shell out $100-$200 for a massage sesh every time I want to experience some massage benefits? Yes, please.
Enter, Melt Massage Video Series. One way to learn professional massage tips and techniques is via the Melt Massage Video Series -- which I recently tried out for myself! I was initially like, no way, a video "massage" program sounds a bit sketchy. But I was pleasantly surprised when I checked out Melt. I watched one video. Then I had to watch another and another and another! The videos are packed with techniques, tips and really easy to digest video content.
Massage, like anything, is a skill and can be taught! So while I still love a good massage at a spa, I am super excited about the techniques and tips I have picked up from the Melt Video Series.
Some facts about the program:
- The Melt Video Series was created by Denis, who is an Australian professional massage therapist with 15 years experience. Denis has massaged everyone from Jared Leto to Pierce Brosnan.
- The videos are beautifully filmed, in short clips. Some videos are just a few minutes!
- These videos are professional - aka no nudity - no funny business - obviously, guys, but just to be clear -- these are teaching videos with a calming and serene mood to them.
- Over 10,000 couples have been taught how to give a great massage using Denis's program.
- My favorite part about the video series was learning about what most people are doing wrong when they give a massage. Whoops, I totally did most of the "mistakes" at some point in my massage giving history.
Bottom line. If you love yoga, meditation, wellness, spa-ing, green smoothies, juicing, aromatherapy and all that good stuff, these videos fit right in.
Special Offer for HealthyHappyLife readers!..
Melt Video Series is on Sale until Feb 14 – Valentine's Day. Receive lifetime access for only $89 (usually $147 in total). Nothing says I love you more than a lifetime of amazing back rubs!
Sale Ends Valentine's Day – Feb 14th - Click here to check it out!
Now that CHOCOLATE dessert too...
Vegan Chocolate Avocado Silk Mousse
Published 02/01/2016
Rich and creamy, healthy delicious dessert treat with chocolate and buttery avocado.
- 1 cup silken tofu
- 1 medium avocado
- 1/2 cup vegan chocolate chips, melted
- 2-3 Tbsp maple or agave syrup
- pinch of sea salt (optional)
- chopped vegan chocolate - topping
- Melt your chocolate chips. I use a double broiler warming method or when in a hurry, the microwave works too -- just be careful not to burn the chocolate! Tip: Adding a spoonful of coconut oil to the chocolate makes it extra rich and will make your mousse a bit firmer once it chills.
- Add the tofu, avocado and melted chocolate chips to a blender and blend from low to medium-high until smooth and silky. You want the mousse to be free of any lumps or bits -- silk.
- Do a quick taste test and add the sweetener and optional salt.
- Pour into serving cups and chill in the fridge for at least an hour before serving. Top with finely chopped or microplaned chocolate to serve.
Yield: serves 4Prep Time: 00 hrs. 05 mins.
Cook time: 00 hrs. 05 mins.
Total time: 10 mins.Tags: chocolate,avocado,vegan,dessert,tofu,date night,easy,vitamix,blender
Giveaway. And ALL good massages start with an AMAZING bodu oil. This is one of my favorites! Enter to win it..
a Rafflecopter giveaway
Some more details about the program..
The Basic Series starts with correcting some of the most common massage mistakes and showing you foundations of massage. You watch the short videos with a technique or tip in each, and it ends with a 5 minute follow-along massage routine.
The Highlight Series. This is where you learn to look for the sore spots and how to work them. The neck, shoulders, lower back, arms, head.. After you learn the 9 techniques from this series, there is a 15-minute massage routine.
The Deep Tissue Series comes at the end of the series with some amazing techniques and a 30-minute follow along massage routine.
Denis demonstrating massage techniques..
Happy Valentine's Day! <3
disclosure: This post is sponsored by Melt Video Series - but all opinions are my own and I seriously LOVE this DIY-Massage video course. I hope you check it out and let me know what you think.


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Let us know when your receive great advice so we can thank our lawyers and point others with similar questions in the right direction.Got it!
I have met with an attorney before and I have a pretty strong case. Its been a year since I've been divorced from my abuser. My question is, does being separated matter? We've been divorced for a year but we were separated prior to filing for divorce. It was in his best interest to stay married because he got Cost Of Living Allowance (COLA) and BHA (Basic Housing Allowance) he was in the Military. We would still be married now if I hadn't filed.
Remember also that the divorce must be related to the underlying reasons for the filing, i.e. the abuse. I agree with my colleague, need to retain an excellent immigration attorney who has experience doing these types of cases. Two ( 2 ) year period starts from divorce and not mere separation. Consult with an excellent attorney. Search Avvo, many give low cost consultations.
No attorney-client relationship is created or implied by this communication. To contact this attorney see his profile; attorney number: 281-733-2875.
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Makes 12 to 15 servings
+ Add To Shopping List
2 tablespoons rice wine vinegar
2 tablespoons fresh lemon juice
3/4 cup mayonnaise
2 to 3 tablespoons prepared horseradish
1 tablespoon dried basil
1 teaspoon seasoned salt
1 teaspoon freshly ground pepper
1 large cabbage, shredded
2 large carrots, grated
Combine first 7 ingredients in a small bowl; stir well with a whisk.
Toss together cabbage and carrot in a large bowl. Add dressing; toss to coat. Cover and chill.
Created date
March 2004


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Topic: Tesco Mobile
5 Awesome Branded Twitter Plays of 2013
Which companies made the list?
By Christopher Heine on Dec. 26, 2013 - 9:54 PM EST
For the second year in a row, Twitter was the clear-cut conversation vehicle of the online world in 2013, and brands were constantly trying to raise the bar when it…
Why Tesco Mobile's Hilarious Twitter Feed Is Actually No Joke
Serious strategy for gaining share
By Roo Ciambriello on Oct. 30, 2013 - 1:54 PM EDT
After our article on Monday about Tesco Mobile's trolling-the-trolls Twitter feed, the company's digital marketing agency, Jam, reached out—and we were able to meet the brainiacs behind the strategy. While the…
Is This the World's Chattiest, Cattiest Corporate Twitter Account?
Tesco Mobile can't shut up
By Roo Ciambriello on Oct. 28, 2013 - 3:22 PM EDT
When a product or service is less than stellar, people often take their complaints to Twitter instead of suffering through an automated call. While many brands respond with a buttoned-up…


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Gall on Speedwell plant
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Based in Mountain View, California, ChemoCentryx (NASDAQ:CCXI) scheduled a $60 million IPO with a market capitalization of $510 million at a price range mid-point of $15 for Wednesday, February 8, 2012.
CCXI is one of nine IPOs scheduled for this week (see our IPO calendar).
CCXI is a biopharmaceutical company focused on discovering, developing and commercializing orally-administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer.
However, CCXI needs to finish stage 2 clinical trials then move on the stage 3. Although the future appears promising, CCXI is risky at this stage, even though it has a strategic partnership with GlaxoSmithKline (NYSE:GSK), which began in 2006. Read more on page F-17
CCXI is a biopharmaceutical company focused on discovering, developing and commercializing orally-administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer.
CCXI's approach has been to target the chemokine system, a network of molecules including chemokine ligands and their associated receptors, as well as related chemo-attractant receptors, all of which are known to drive inflammation. Chemokine ligands concentrate at the site of an inflammatory event, serving as signals that attract and guide inflammatory cells to the tissue, where, based on the chemokine ligand and receptor combination, a specific inflammatory response is initiated.
The biotechnology and pharmaceutical industries are highly competitive, and CCXI faces significant competition from companies in the pharmaceutical, biotechnology and other related markets that are researching and marketing products designed to address IBD, chronic kidney disease, including diabetic nephropathy, rheumatoid arthritis, other autoimmune diseases and inflammatory disorders, and cancer.
Established pharmaceutical companies that currently sell or are developing drugs in CCXI's markets of interest include, for example, Abbott (NYSE:ABT), Amgen (NASDAQ:AMGN), AstraZeneca (NYSE:AZN), Biogen Idec (NASDAQ:BIIB), Bayer (OTCPK:BAYRY), Elan (NYSE:ELN), GlaxoSmithKline , Johnson & Johnson (NYSE:JNJ), Merck (NYSE:MRK), Merck Serono, Takeda (OTCPK:TKPHF), Novartis (NYSE:NVS), Pfizer (NYSE:PFE), Reata, Sanofi-aventis(NYSE:SNY) and Teva (NYSE:TEVA).
Pharmaceutical and biotechnology companies which are known to be involved in chemokine research and related drug development include Pfizer, GSK, Bristol-Myers Squibb (NYSE:BMY), Merck, Takeda, Sanofi-Aventis, Incyte (NASDAQ:INCY), and UCB Pharma among others.
CCXI is also developing small molecule therapeutics that will compete with other drugs and alternative therapies that are currently marketed or are being developed to treat IBD, chronic kidney disease and diabetic nephropathy, rheumatoid arthritis, other autoimmune diseases and inflammatory disorders, and cancer.
If approved for marketing by the FDA, Traficet-EN, CCXI's lead IBD drug candidate, would compete against existing IBD treatments such as Remicade, Humira, and other TNF-a inhibitors, immunomodulatory drugs and corticosteroids and potentially against other novel IBD drug candidates that are currently in development.
CCXI expects to net $53 million from the IPO from sale of four million shares. CCXI also expects to receive $7.0 million from the sale of shares of common stock in the concurrent private placement to GSK and $5.0 million from the sale of shares of common stock in the concurrent private placement to Techne, each at a price per share equal to the initial public offering price.
- $25.0 million to further develop CCX140, including the completion of the two Phase II clinical trials in diabetic nephropathy and additional Phase I clinical trials and related activities in anticipation of conducting end-of-Phase II meetings with the FDA and EMA;
- $10.0 million to advance CCX168, CCX832 and CCX662 through Phase II clinical proof-of-concept;
- $10.0 million to fund research and drug discovery activities related to additional drug candidates; and
- Remainder for working capital and general corporate purposes.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.