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.......................................x MONITOR ___________________ Aquisition EMERGE Acquires truLOCAL, the Market Leader in Direct-to-Consumer, Meat Subscriptions for up to $16.8M
Marc Lafleurs truLOCAL is EMERGE's 5th acquisition, largest deal to date, and is expected to be immediately accretive to earnings; truLOCAL generated revenue of approximately $19.8 million (unaudited) in the twelve months ended December 31, 2020, representing over 130% growth year-over-year EMERGE Commerce Ltd. announced that it has closed the acquisition of all the issued and outstanding shares of truLOCAL Inc. ("truLOCAL") effective December 31, 2020 (the "Transaction"). truLOCAL is a market leading, direct-to-consumer, locally sourced meat subscription service in Canada, with a growing presence in the US. truLOCAL was recently ranked as Canada's 14th fastest growing Company for 2017-2019 in Canada by the Globe and Mail (2020). The total purchase price for the Transaction is up to $16.8 million. The initial consideration payable by EMERGE in connection with the acquisition of truLOCAL consisted of the following: (i) $6.5 million paid in cash upon closing of the Transaction; and (ii) 4,666,667 common shares of EMERGE. Two years from the date of the Transaction, EMERGE will pay deferred cash consideration of $1.5 million so long as certain key employees, including Marc Lafleur, remain with truLOCAL. In addition, a contingent earn-out of up to $4.5 million may be payable based on overall operating performance of truLOCAL over a two year period following closing, with up to $1.5 million in cash in Year 1, and up to $1.5 million cash and up to $1.5 million in EMERGE shares(1) in Year 2. The Transaction was funded with cash on hand and drawing the final $3.0 million available from EMERGE's debt facility. more ... Government providing entrepreneurs with a new “How to” guide The Ontario government is supporting home-based food businesses by providing a guide on how to start a home-based food business, which includes an overview of public health requirements that need to be followed as a food operator. To further support these entrepreneurs, the government has also made regulatory changes to allow more flexibility to sell low-risk, home-prepared foods. These supports are part of the government's continued efforts to help small, independent businesses succeed and contribute to Ontario communities during COVID-19. "For many local entrepreneurs, they start with a love of food and a cherished family recipe, whether it's grandma's apple pie or that new take on homegrown pickles, jams and preserves, and try and turn their passion into a successful business," said Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction. "Our government applauds them for their vision and effort and we are doing everything we can to help them seize new opportunities without compromising Ontario's high standards for food safety." Low-risk foods are considered non-hazardous and do not require refrigeration. They include items such as baked goods, pickles, jams and preserves, chocolates, hard candies and brittles, fudge and toffees, granola, trail mix, nuts and seeds, and coffee beans and tea leaves. more ... Framework will guide vaccine prioritization in future phases of the province’s implementation plan The Ontario government has released an Ethical Framework for COVID-19 vaccine distribution which was developed in partnership with the COVID-19 Vaccine Distribution Task Force to guide further vaccine prioritization and distribution across the province. The province continues to vaccinate vulnerable populations and those who care for them through Phase One of its three-phase implementation plan as additional vaccines become available. Details were provided today by COVID-19 Vaccine Distribution Task Force members Dr. Dirk Huyer, Ontario's Chief Coroner and Coordinator, Provincial Outbreak Response, and Dr. Maxwell Smith, bioethicist and assistant professor at Western University. "This ethical framework is a clear demonstration of our commitment to Ontarians to be transparent," said General Rick Hillier (retired), Chair of the COVID-19 Vaccine Distribution Task Force. "We know that people are eager to get vaccinated and this framework helps ensure that we do it in an ethical, effective and compassionate way." Phase One of Ontario's three-phase vaccine implementation plan began on December 15, 2020 at two hospital sites, and increased to 17 additional sites the following week, with the delivery of 90,000 Pfizer-BioNTech doses. With Health Canada's recent approval of Moderna's COVID-19 vaccine, the province can expect about 50,000 additional doses before the end of the month. more ... Knowledge dies when starved of criticism - By Caitlin Rose Morgante
Fact-checking takes us past the spin and straight to the truth. Or maybe not. A closer look at almost every fact-checking organization shows a great deal of politics and vested interests involved. Years ago, I went to Snopes.com whenever someone sent me an email thread I wasn’t sure about. I even recommended to others that they do the same. As time went on, I became less confident of Snopes. Sometimes the conclusion they reached (true, partly true or false) didn’t match the evidence they laid out – especially when it had to do with right-wing politics. Snopes’ married co-founders, David and Barbara Mikkelson, divorced and had legal battles over their company. Disclosures in court led the Daily Mail to present the first meaningful scrutiny to the fact checkers themselves. As it turned out, there was plenty of disingenuousness. more ...
Almost everyone agrees that grocery store workers should earn better wages, especially during a pandemic. In Canada, their hourly rate hovers around $15 an hour. New hires get about $13 an hour, while the highest paid earn almost $50,000 annually, or about $25 an hour. In a high-volume, low-margin world, salaries are what they are. But it’s difficult to accept such salaries when executives are pocketing near-record bonuses. Metro announced recently that its top-paid executives shared $3.48 million in annual bonuses for the fiscal year ending in September, including $1.43 million for CEO Eric La Flèche. The bonuses represent an increase of three to five per cent from 2019. La Flèche is considered by many to be one of the best CEOs in the business and his leadership has resulted in numerous awards over the years, and even a few this year. Even if these bonuses are likely deserved, they come in the wake of multiple employee compensation program cancellations. more ... Some 13,500 adults in 15 countries were asked if they would take the vaccine and, if not, why; In every country, between 57% and 80% of those who say they would not take a COVID-19 vaccine mention being worried about the side effects Contrary to public perceptions, spending on public schooling in Ontario increased by 10.6 per cent or $2.8 billion between 2013-14 and 2017-18 despite enrolment only increasing by 0.2 per cent, finds a new study by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank. “Contrary to what we often hear, spending is on the rise in Ontario’s public school system,” said Tegan Hill, an economist with the Fraser Institute and co-author of Education Spending in Public Schools in Canada, 2021 Edition. Per student spending on public schools in Ontario continues to surpass the national average. After adjusting for inflation, spending per student on public schools increased 2.9 per cent, and in 2017/18 reached $14,394, more than the national average of $13,798 per student. By comparison, spending on public schools in Quebec was $12,430 per student that same year. more ... By Jack Buckby
Pandemics have a way of changing the world. The Plague of Justinian hit the Mediterranean area in the 500s, not only killing millions but crucially weakening the Byzantine Empire and helping ruin its plans to reconquer western Europe from the barbarians. The Black Death of the 1300s wiped out over 100 million people in Europe and Asia. It sped the decline of the feudal system, engendered persecution of Jews, lepers and gypsies, and created a better economic life for the peasantry whose labour was now much more valuable. The Spanish flu of 1918-20 and its 50 million deaths helped the Allies defeat Germany in the First World War, increased government intervention in public health, and spurred the eugenics movement and the drive to rid society of its weakest members. Now that the development of vaccines has made it possible to dream of a world free from the threat of the COVID-19 epidemic, what consequences of this plague can we look forward to? more ...
In recognition of reduced recreational opportunities due to COVID-19 this winter, the City of Waterloo is increasing services levels in an effort to provide three additional walking/hiking opportunities. Residents can use the trails and roadway networks at Mount Hope Cemetery, Parkview Cemetery and Bechtel Park Woodlot, and Clair Creek Trail (located between Sundew Drive and Columbia Forest Blvd at Erbsville Rd). Washroom facilities will be open at the Parkview Cemetery and Bechtel Park Woodlot location and will be accessible at the Manulife Centre daily from 8 a.m. to 2:30 p.m.). Walkers/hikers are reminded to please maintain two metre physical distance when using trails and walkways throughout the city unless with members of the same household. Wearing a mask, even outdoors, is recommended. The cemetery locations both have relatively flat asphalt surfaces and benches to sit and rest when needed. The Clair Creek Trail is a longer (approximately 2 km), and more natural trail experience. more ... |
