Sand Hollow Leavitt Group Open

Sand Hollow Resort hosted the three day long 5th Annual Sand Hollow Leavitt Group Open.

Last week, Sand Hollow Resort hosted the three day long 5th Annual Sand Hollow Leavitt Group Open. The tournament players teed off on September 21st and the final round was played on the 23rd. The Sand Hollow Open event has become one of the region’s most important golf tournaments and is played on a spectacular, award-winning Championship Golf Course found on the Sand Hollow Resort property.

Each year the talent at the tournament seems to climb featuring players from all over North America and throughout the world. The tournament has consistently featured up and coming professional golfers boasting an impressive pay-out of nearly $100,000. The caliber of play is undoubtedly reflective of the tournaments reputation and the potential payout.

To commence the 5th annual open tournament, Sand Hollow hosted the Governor’s Charity Cup. Utah Governor Gary Herbert, former Governor Mike Leavitt, and political, media, and business leaders from both Utah and Nevada participated in the event, playing on behalf of an array of charities. The Governor’s Charity Cup pits four teams of 12 (two teams from Utah, and two from Nevada) against each other in a Ryder Cup-style format. One hundred percent of the tournament proceeds are donated to the aforementioned charities.

The Sand Hollow Leavitt Group Open is generously supported by the Utah Sports Commission, The Leavitt Group, WCF Insurance, Gilbert Development, Zion Bank and over a dozen other companies. Sand Hollow proudly hosts the Governor’s Charity Cup and The Sand Hollow Open.

 

Acorn International Welcomes New Director

Acorn International, Inc.’s board of directors proudly announced the appointment of the new Director of the Company, Ms. Jenny Hseau-Jean Wang.

Acorn International, Inc.’s board of directors proudly announced the appointment of the new Director of the Company, Ms. Jenny Hseau-Jean Wang. Ms. Wang was also appointed as chair of the Audit Committee and will serve on the Compensation Committee and Corporate Governance and Nominating Committee of Acorn.  

“We are pleased to enhance our board with the addition of Ms. Wang, a proven business leader and finance professional at large multinational companies operating in Asia. Her experience in business and corporate governance best practices will be invaluable to Acorn as we move forward with our plans to rebuild our business,” said Acorn International’s Executive Chairman.

Ms. Wang has a Bachelor’s degree in Business from Taiwan Providence University, a Master of Science in Accounting from the University of Houston and is a Certified Public Accountant in the United States.

Professionally, Ms. Wang adds over 30 years of experience in executive management, finance and business strategy for the Asia Pacific operations of several high-profile multinational organizations to the Acorn team. Ms. Wang has worked with companies such as Goodyear Tire and Rubber Company, Semiconductor Manufacturing International Company, Motorola’s Asia and Arthur Andersen.  She has held several positions with the aforementioned companies ranging from Vice President to Tax Manager.  

Acorn International Reports Results for the First Half of 2017

Acorn International, Inc. announced its unaudited financial results for the second quarter through a conference call lead by Acorn International’s Jacob A. Fisch.

Acorn International, Inc. announced its unaudited financial results for the second quarter ending June 30, 2017. The results were discussed through a conference call lead by Acorn International’s Jacob A. Fisch.

In the second quarter, Acorn continued to focus on its business turnaround strategy, delivering double-digit revenue growth, higher gross margins and a reduction in loss from operations due to management’s narrowed focus on core business and top performing brands.

Acorn International’s Management believes the performance of its core business improved substantially in the first and second quarters. Their medium-term goal is to achieve operating profitability to position the business for long-term, sustainable success. Management remains focused on maintaining healthy margins, managing expenses and generating additional cash flow.

In the first half of 2017, the Company reduced its stake in Yimeng Software Technology Co., Ltd., a publicly traded company in China, earning a pre-tax gain of approximately $9.1 million. Comparatively, in the first half of 2016, the Company recorded a pre-tax gain on the sale of Yimeng shares of $18.1 million and a $6.0 million pretax gain on the sale of non-core real estate.

Acorn intends to pursue increased revenue for the remainder of 2017 by growing sales of its proprietary-branded products as well as third-party branded products. The Company is placing an increased emphasis on its e-commerce channel and expects sales from this platform to play a bigger role in the business going forward.

Cara Summer Social

More than 300 guests attended the 5th Annual Cara Summer Social.

More than 300 guests attended this past summer’s Cara Summer Social. 2017 marked Cara’s 5th Annual Summer Social and all proceeds benefited Cara’s work to alleviate poverty in Chicago. The event, hosted at the Loews Chicago Hotel, raised a record-breaking $68,000.

The theme of this year’s Summer Social was “A Taste of Gourmet. A Toast to Motivations,” and featured chef stations from some of Chicago’s most popular gourmet restaurants. Attendees enjoyed dishes prepared by chefs from Lobo Ray, Marchesa, Emilio’s Tapas Sol Y Nieve, The Dawson, Nonnina & Piccolo Sogno, Marchesa and Olive Mediterranean Grill.

The event theme reflected on one of Cara’s traditions known as “Motivations.”  Motivations include daily circles where Cara participants and community members get together to share personal stories of strength and perseverance. Motivations include group songs and focus questions designed to spark conversations that encourage participants to share thoughts and feelings from their various experiences.

“Motivations” are just one example of the many ways Cara helps empower impoverished individuals to transform their lives. Cara works with individuals facing homelessness, unemployment and poverty, some of whom have criminal records that hinder their ability to easily find employment and reliable housing. Cara’s mission is to help individuals break the cycle of poverty by providing both job and skills training, as well as working with program participants throughout the job placement process and beyond.

Catching Up With Wahlburgers

The Wahlburgers intended expansion into the Asia-Pacifc in partnership with Cachet Hospitality is discussed on AE series, Wahlburgers.

Earlier this year, Wahlburgers, the burger chain run by Mark, Donnie and Paul Wahlberg, announced their intended expansion into Asia. They formed a joint venture with Cachet Hospitality Group to expedite their growth.

Wahlburgers is headquartered in Massachusetts and currently operates locations across the United States and Canada. Cachet Hospitality plans to help Wahlburgers to reach their goal of expanding to 100 new locations throughout the Asia Pacific region.  

During last week’s episode of the Wahlburgers, the AE series providing a behind-the-scenes glimpse into the Wahlberg brothers, the family discussed their Asia-Pacific business plans. David Laris, Cachet Hospitality Group’s EVP of Global Food & Beverage and President of Wahlburgers Asia Pacific Joint Venture, was featured talking with Mark and Paul Wahlberg.

To watch the Wahlburger’s episode, sign in and view here.

Will The Debt Ceiling Be Raised?

Introduction of Robert Roche’s op-ed for Huffington Post on the United States current debt ceiling crisis.

Recently, Robert Roche authored an op-ed discussing the United States’ distinct need to raise the country’s debt ceiling. He noted that the United States’ Treasury Department projects the debt limit could be reached as early as September 29th. Should this happen, the government will be unable to borrow money to pay the bills for expenses it approved in last year’s budget.

Roche discusses why raising the debt ceiling is a must-pass scenario. The United States’ government is better off borrowing more to pay its outstanding bills than not paying them at all. For the benefit of the United States’ credibility, and for the millions of Americans relying on government services, Congress must pass a clean extension of the debt ceiling well in advance of the October deadline.

To view Robert Roche’s full Op-Ed on Huffington Post, click here.

Acorn International Sells Majority Stake in HJX Business

Acorn International reaches an agreement to sell majority stake in HJX business.

Acorn International, Inc. recently announced that they’ve reached an agreement to sell a majority stake in its HJX business which engages in direct sales of Ozing branded electronic learning devices. The agreement includes the formation of a joint venture. The third-party investor and operator responsible for purchasing the majority stake will consequently control and operate the joint venture.  

Acorn International’s Executive Chairman Mr. Robert Roche noted, “The agreement with HJX represents a positive move for Acorn as we realign our strategy and focus our attention on the markets that will drive profitable growth.”

The joint venture is expected to be operational in the coming months helping to liquidate a large stock of HJX inventory and transition select expenses on a pro rata basis to the joint venture.  Acorn has decided to move forward with the partial divestiture of HJX in an attempt to relinquish its daily management. This will increase Acorn’s focus on its already profitable businesses and brands, and will also increase the profitable growth of new business ventures.

“This joint venture marks one of our final key steps in turning around and restructuring the business away from loss-making legacy businesses to focus more closely on our brands and business areas that support our mandate for profitable growth,” Mr. Jacob Fisch, Acorn’s President concluded.