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RedAwning and Affirm Partner for Buy Now Pay Later Vacation Rentals

RedAwning

RedAwning, the leading hospitality platform for short term rentals, and Affirm, the better way to buy, today announced a new partnership to enable guests to book a vacation rental now and pay later, even after staying. Affirm offers flexible and affordable payment plans so that guests can rent their dream home at their dream destination, and not have to worry about paying for their trip all at once. RedAwning’s property collection, covering every major vacation destination in North America, represents the largest collection of vacation rental properties ever available on a pay over time basis. Property owners and managers participating in the RedAwning Network are already participating in this new program automatically with no action required. “We know vacation rental stays can be a large purchase for many travelers, so we are excited to offer this industry-first approach,” said Tim Choate, Founder & CEO of RedAwning.com. “Demand for vacation rental travel is increasing and our addition of a pay over time option enables even more guests to travel, rent a nicer home, or take a longer trip. This new offering further expands on our industry leadership for property owners and managers too.” RedAwning participating property owners and managers generate more revenue for less work, with their properties presented everywhere guests shop for travel online. Affirm adds to RedAwning’s long list of exclusive, industry leading benefits for property owners and managers to help them generate more revenue with less work. These include free professional photography with Meero, pricing optimization, distribution everywhere guests shop for travel, Amazon Prime Now delivery mapping, a mobile app, a web portal, 24/7 Reservations and Guest Services, payment processing with Stripe, Amazon Smart Concierge, and much more. To learn more about RedAwning’s industry-leading marketing, reservations, and hospitality platform, just visit www.redawning.com/list . Financing subject to eligibility. Affirm loans are made by Cross River Bank, Member FDIC. ###ENDS### About RedAwning RedAwning is the leading platform for short term rentals. RedAwning presents the world's largest collection of vacation properties to guests wherever they shop for travel. With over 35,000 properties represented on behalf of thousands of property owners and managers, RedAwning covers virtually every leisure destination in North America, and includes a comprehensive layer of services and support with every stay. RedAwning is the largest single U.S. supplier to every major travel website, including Booking.com, Expedia, HomeAway/VRBO, Airbnb, and the new Google Travel. RedAwning also operates exclusive vacation property booking websites, including RedAwning.com for travelers, and TravelPro Rentals, which enables 20,000 travel agents to book vacation properties. RedAwning has been a leading innovator in the vacation rental industry since 2010, with a mission to redefine the customer journey for guests, hosts and property managers alike, and to drive new approaches that make the booking and staying experience at short term rental properties more consistent, easier, safer and better for all. To browse and book the RedAwning Collection, visit www.redawning.com. Contact Details Johnathan Robinson +1 925-302-9593 johnathan@redawning.com

October 20, 2020 03:00 PM Eastern Daylight Time

Cyvatar Named Finalist in Computing Security Excellence Awards 2020

Cyvatar

Cyvatar today announced that it has been chosen as a finalist for the Small and Medium Enterprise (SME) Security Solution Award in Computing’s 2020 Security Excellence Awards . Computing celebrates the achievements of the IT industry's leading security companies, solutions, products, and personalities that keep every other part of the industry operating. Award categories include product-and project-related recognition, organizational achievements, and accolades for outstanding individual success. Computing selected Cyvatar for its cybersecurity-as-a-service (CSaaS) solution for SMEs , an all-in-one subscription-based offering that builds bespoke solutions for customers who are not large enough to invest in in-house security teams, do not have the runway to experiment with multiple security tools as they scale, or cannot compete against larger firms for the scarce number of skilled resources available. By pairing skilled security experts with market-leading technologies across the security spectrum and pricing based on consumption, Cyvatar can deliver guaranteed business outcomes and demystify the complexities inherent in cyber defense. “Every organization is different, but most vendors don’t treat them that way,” said Cyvatar Founder Corey White . “We work side by side with our customers--not across the table from them--to break down barriers that impede a strong protective posture and create a flexible, affordable environment that fosters positive security experiences. No other services provider matches the quality of our technology partners, the deep skills of our security experts, or the business outcomes we guarantee.” Cyvatar believes in the democratization of cybersecurity, ensuring that protection from breaches is accessible and affordable to SMEs--not just to enterprises with deep pockets and dedicated security teams. It also believes in teaching and training SMEs to get the most from every dollar they spend on cybersecurity without the shrouded black-box approach that requires vendor-specific support to operationalize. And Cyvatar lives its values. Its promise to SMEs states that it will never tell customers to buy unnecessary products or hire unneeded resources; will ensure customers make the best security investments for functionality and value; and will consistently deliver maintainable and sustainable business, compliance, and technology outcomes. What security challenges are you trying to solve? What barriers do you face? Visit https://start.cyvatar.ai/ to explore the ways Cyvatar can help. About Cyvatar Cyvatar.ai is a transformative cybersecurity company that operates at the intersection of our customers and technology to define what a cybersecurity solution should be: guaranteed business outcomes that are measurable. We break down barriers to create positive experiences for passionate companies globally. Cyvatar is headquartered in Irvine, California. Learn more at https://cyvatar.ai/ and follow us on LinkedIn and Twitter . Contact Details KC Higgins +1 303-434-8163 kc@cyvatar.ai Company Website https://cyvatar.ai/

October 20, 2020 08:34 AM Eastern Daylight Time

Global Maritime Information Coalition formed in response to SHIPPINGInsight 20/20 Call for Collaboration Amongst Stakeholders

SHIPPINGInsight

In response to last week’s repeated calls for industry collaboration at SHIPPINGInsight Fleet Optimization and Innovation Conference and Exhibition , its Chief Evolution Officer, Carleen Lyden Walker, announced the formation of the Global Maritime Information Coalition (GMIC) designed to address the lack of unified messaging to the public about the maritime industry. “The recent crew change crisis has illuminated the maritime’s low awareness in the public’s consciousness”, stated Walker. “Despite the importance of the maritime industry to global society, seafarers were not deemed ‘essential workers’ alongside firemen, policemen, medical personnel, and other worthy groups. Much of this is due to the lack of understanding how dependent the world’s community is on shipping, providing it with food, energy, medical supplies and more.” “Since its inception, the maritime industry has been in the forefront of globalization as the literal ‘engine of global trade’, carrying more than 90% of the world’s goods and energy” stated Walker. “Because of its siloed roots, however, this essential service remains nearly invisible to the public. The Global Maritime Information Coalition intends to be a global resource to benefit the industry and communicate its value proposition to the public.” While this lack of awareness has been identified for decades, there has been little achieved to overcome it. “Individual groups have attempted to reach the public, but there has been no global, unified organization chartered to create awareness of the maritime sector and deliver key messages to the public about its role and importance” observed Walker. “Leveraging today’s communication tools along with a unification of the global maritime community, the Global Maritime Information Coalition will enable our industry to increase our visibility, communicate our value proposition, improve the public’s perception of our activities, and deliver targeted messages to global society.” The objective of the GMIC is to develop a unified platform for the global maritime community to raise the awareness of the global maritime industry and its value amongst the public, improve society’s image of the sector, provide unified messaging about the industry, be a resource for governments to learn about the industry, act as a portal for groups to communicate with the maritime industry, inform students and the public about career opportunities available in the industry. The next steps in the formation of the Coalition is to recruit global, national and regional industry organizations, government agencies, corporations and NGOs to join the GMIC and establish a work program for the organization. It is anticipated there will be four major areas of engagement: value proposition of the industry, its commitment to decreasing maritime’s environmental impact, industry’s technological advances, and maritime as a career opportunity. For more information, contact Carleen Lyden Walker, c.walker@shippinginsight.com . Originally established in 2012, SHIPPINGInsight has grown steadily each year. Focusing on fleet optimization and innovation, the event provides a forum for fleet managers and solution providers to exchange ideas and discuss challenges in facing the transformation of the industry. More than 300 delegates from 19 countries attended the 2019 event, including 76 shipping company executives. With the virtual platform, this year’s event will reach globally. For more information, please visit www.shippinginsight.com . Contact Details Carleen Lyden Walker +1 203-260-0480 c.walker@shippinginsight.com

October 19, 2020 07:00 PM Eastern Daylight Time

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CMMC Center of Excellence Announces Memorandum of Understanding with Parava Security Solutions LTD

Interoperability Clearinghouse

The Cybersecurity Maturity Model Certification Center of Excellence ( CMMC COE ), hosted by the Information Technology Acquisition Advisory Council (IT-AAC), a public-private partnership serving the public and private sectors for more than 15 years, is proud to announce a Memorandum of Understanding with Parava Security Solutions Ltd in the UK, and the establishment of the CMMC COE EU. This unique partnership will extend efforts to advance the goals and objectives for improving the cyber and supply chain security and resilience of the US Department of Defense (DoD) global Defense Industrial Base (DIB) network of contractors, suppliers, and vendors. The executed MOU establishes a cooperative agreement between Parava Security Solutions Ltd. and CMMC COE to partner in the furthering of their respective and complementary missions and objectives regarding the adoption, use, and expansion of CMMC based cybersecurity practices for the DIB contractor community and the information and communications technology community creating a broader CMMC ecosystem to improve security and resilience. Specific actions will include: The co-development of CMMC advisory services, cyber training and education programs to accelerate CMMC certification, increase cyber adoption and improve cyber protection & resilience. Co-sponsor symposiums, training programs and podcasts leveraging their combined cyber and IT expertise. Host regular working groups, with other partners, to enable collaboration and communications. Source qualified CMMC/ cyber professionals to serve as cyber advocates. Establish an independent Industry Cyber Security Advisory Council with peer organizations to advise and educate leaders across government and industry on the continued evolution and effectiveness of CMMC. The CMMC-COE ( www.cmmc-coe.org ) and the CMMC COE EU ( https://cmmc-eu.com/ ) will focus on bringing together the many disparate cyber and national security communities of interest to reduce complexity, improve awareness, and accelerate industry effort to become more cyber resilient against the growing threats from nation states and criminal enterprises. The CMMC-COE partner network will share a wide range of capabilities from member organizations, including; cyber standards frameworks, education, solution architectures, cyber mentoring, workforce, and other elements needed to scale to the demands of the entire DIB market place in the US and abroad (approximately 400,000 contractors). The CMMC-COE is establishing both a Market Place and Knowledge Clearinghouse that includes resources supporting the overall effort, including white papers; tutorials; recorded webcasts; presentations; and more.. to help reduce the cost and burden on small/medium size contractors already struggling from the impact of COVID. “This is a momentous occasion for us” , said Mr. John Weiler, Chairman of the Board at CMMC Center of Excellence , “Our European center will further help advance the goals and objectives for improving the supply chain security and resilience of the US Department of Defense (DoD) beyond North America”. For more information on the CMMC COE, please visit Americas: http://cmmc-coe.org email info@CMMC-COE.org or call +1-703-863-3766 Europe: https://cmmc-eu.com/ email andy@cmmc-eu.com or call +44 (0) 7734 113952 For more information on Parava Security Solutions, Ltd., please visit https://www.parava.org/ About Us ---------- CMMC-COE.ORG is a unique non-profit public-private partnership, with a vision to accelerate Cybersecurity Maturity Model (CMM) adoption, and reduce time & cost for security compliance for our partners by leveraging commercial best practices, CMMC standards, and innovative solutions for a measurable success. Our mission, focused on DOD mission objectives, cost containment and expeditious CMMC compliance, is to help the DIB improve cyber posture and resilience, and simplify its acquisition. The CMMC-COE is hosted by the Information Technology Acquisition Advisory Council (IT-AAC), a public/private partnership (P3) chartered in 2007 as an honest broker to reach outside the confines of the Federal IT advisories that lack dynamic reach into the Global IT Market, and dedicated to the adoption of commercial IT management standards of practice and innovations emanating from the Global IT market. Team IT-AAC has already demonstrated the value of its decade long investment, and provides a unique value to agencies seeking to achieve accelerate the transformation of legacy processes and systems. Our Just-in-Time SMEs apply an innovative suite of Technology Business Management and Agile Acquisition Processes needed to assure the business value of commercial IT. The Interoperability Clearinghouse (ICH), is the managing partner that make up the 24 NGO/SDO organizations that make up the IT-AAC. ICH provides the contract vehicles, clearances, and critical resources proven to guide sustainable, measurable and repeatable processes needed to drive better investment decisions as the speed of mission need, while aligning existing processes, methods and workforce with IT reform mandates contained in Clinger Cohen Act, FITARA, IT MGT Act, EO13838. Parava is a cyber security advisory firm, with experience in providing strategic, tactical, and operational cyber security, risk oversight, and assurance services to Government agencies and private companies in Europe. For more information on Parava Security Solutions, Ltd., please visit https://www.parava.org/ For more information on the CMMC COE EU, please visit https://cmmc-eu.com/ Contact Details Bob Dix +1 703-975-6633 bob.dix@it-aac.org Company Website https://cmmc-coe.org

October 19, 2020 06:00 PM Eastern Daylight Time

The Safest Mask is the One You Wear…..and Trust: How To Pick And Wear A Face Mask

YourUpdateTV

The CDC Director recently clarified that the COVID virus is airborne and therefore the usage of masks is now essential to protect you and those around you. Furthermore, the Director has said that masks may offer a higher level of protection against COVID than a vaccine. Therefore, it is essential is to actually use a mask which works and that you can trust. Currently, the vast majority of people are using either basic cloth masks or 3 ply surgical masks. However, these masks offer limited, if any, protection. Therefore, we wanted to let you know about the AirQueen which is a FDA 510K cleared N95 substantial equivalent medical mask that is so safe it is approved for use during surgical procedures. A video accompanying this announcement is available at: https://youtu.be/xkjxA6WeKxU The AirQueen is made with a highly advanced nano-fiber material to provide extreme protection with a minimum of 95% protection and an average in excess of 97% particle filtration (see the Nelson Labs reports on the website for more details). The nano-filter allows extreme breathability and comfort which, in addition to the excellent protection provided, is one of its strong value propositions. Another major advantage of the AirQueen mask is that it can be cleaned up to 10 times with a simple ethanol spray wash (also available on AirQueen.com) making it the most protective mask available which is also affordable. Even better is that the AirQueen is allowed to be sold to the general public which means you can provide the highest level of protection for you and your family and loved ones. Lastly, there is also a highly protective kids version, the Airbon mask, which is made from the same filter and manufacturing process as the AirQueen making it one of the safest masks for children on the market. During the nationwide media tour Dr. Bob Arnot discussed: The benefits of wearing a mask and why choosing the right one is important The proper way to wear a mask The availability of masks Technology behind the AirQueen mask, a FDA 510K cleared N95 substantial equivalent Please go to AirQueen.com to learn more about the AirQueen adult and Airbon kids masks and help the world put an end to this pandemic safely. About YourUpdateTV: YourUpdateTV is a social media video portal for organizations to share their content. It includes Health and Wellness, Lifestyle, Media and Entertainment, Money and Finance, Social Responsibility, Sports and Technology. Contact Details YourUpdateTV +1 212-736-2727 yourupdatetv@gmail.com

October 07, 2020 12:15 PM Eastern Daylight Time

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Cyvatar Launches All-in-One Cybersecurity-as-a-Service to Disrupt the Industry with $3 Million Seed Round

Cyvatar

Cyvatar today announced that it has raised $3 million in seed funding from Bill Wood Ventures to launch its all-in-one cybersecurity-as-a-service (CSaaS) offering. The company will use the capital to disrupt the $130 billion cybersecurity industry with guaranteed business results, to speed customer adoption of subscription-based security services, and to fuel the development of its outcomes-driven solution, Genesis Platform. Cyvatar Co-Founders Corey White , former chief experience officer at Cylance, and Craig Goodwin , former chief trust and risk officer at Fujitsu, formed the company to combat decades of wasteful spending in the industry—waste generated by an overabundance of point products that do not integrate quickly or easily into most security environments and too much noise from security vendors whose genuine differentiation can be difficult to determine. There are also staffing shortages exacerbated by a prolonged skills gap. Cyvatar leads a fundamental shift in the market, offering holistic, tailored security solutions rooted in best-of-breed technologies from across the industry. “It’s no secret that CISOs and their teams are the losers in today’s cyber arms race,” said investor Bill Wood. “In fact, most organizations use less than half of the functionality in the technology solutions they own. Cyvatar has developed a winning CSaaS model by combining customer-centric strategies with skilled security experts and market-leading technologies to deliver guaranteed business outcomes.” The Cyvatar approach is rooted in proprietary ICARM (installation, configuration, assessment, remediation, maintenance) methodology that delivers smarter, measurable security solutions and enables small and medium-size businesses to achieve security compliance and cyber-attack protection faster and more efficiently. And in the crowded and noisy security space—where more than 4,500 security solutions are currently available—the need for organizations to show value from their security stacks is a top priority. “As a longtime builder of successful security programs, I understand the difficulty many organizations face trying to get all the tools in their security stack to work together effectively and provide sufficient risk controls,” said Al Valerio, head of IT and cybersecurity at Virtualitics. “Cyvatar’s all-in-one offering gave us a comprehensive security framework—not just a few pieces—enabling us to remediate vulnerabilities in record time, achieve synergy among all of our security tools, maintain compliance standards required by our government customers, and reduce user friction. If it weren’t for Cyvatar’s vision and execution, completing our mission quickly and within budget would have been impossible.” The company’s strategy includes a robust partner network to bring bespoke solutions to customers who are not large enough to invest in in-house security teams, do not have the runway to experiment with multiple security tools as they scale, or cannot compete against larger firms for the scarce number of skilled resources available. Cyvatar’s partner ecosystem spans nearly two dozen companies. “We believe in the democratization of cybersecurity,” said Cyvatar Founders Corey White and Craig Goodwin . “Protection from threats and breaches should not be accessible only to organizations with deep pockets and dedicated security personnel, and it shouldn’t be delivered in a shrouded black-box approach understood only by the vendor. We’re on a mission to demystify cyber defense by offering an all-in-one subscription-based service that provides organizations of any size the ability to achieve measurable security outcomes that drive quicker time-to-value without sacrificing their security postures or compliance standards.” Whether customers need to meet intricate compliance requirements in order to grow their sales pipelines, to remediate after a breach, to prevent future incursions, or to respond to a third-party risk assessment, Cyvatar helps them achieve outcomes quickly, without the noise, complexity, or hurdles in traditional security approaches. What security challenges are you trying to solve? What barriers do you face? Visit https://start.cyvatar.ai/ to explore the ways Cyvatar can help. About Cyvatar Cyvatar.ai is a transformative cybersecurity company that operates at the intersection of our customers and technology to define what a cybersecurity solution should be: guaranteed business outcomes that are measurable. We break down barriers to create positive experiences for passionate companies globally. Cyvatar is headquartered in Irvine, California. Learn more at https://cyvatar.ai and follow us on LinkedIn and Twitter . About Bill Wood Ventures Based in Austin, Texas, Bill Wood is one of the most experienced venture capitalists in Texas. His track record spans over three decades and parallels the emergence of Austin as one of the world's strongest technology-driven economies. He has provided start-up financing, board-level guidance and mentoring to dozens of start-ups, several of which have sustained multibillion dollar market capitalizations. Bill is a past recipient of the Ernst & Young Entrepreneur-of-the-Year award. He was also the winner of the Austin Technology Summit's "Pillar of the Community" award, recognizing his lifetime contribution to the community. Finally, he was the inaugural inductee into the Austin Technology Hall of Fame. Contact Details Aileen Casmano +1 323-300-4927 aileen@cyvatar.ai Company Website https://cyvatar.ai/

October 06, 2020 08:15 AM Eastern Daylight Time

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Monster Energy’s Sam Reynolds Takes Second in Speed & Style and Monster Army’s Charlie Harrison Takes Third in Downhill at Crankworx Innsbruck

Monster Energy

Monster Energy celebrates two podium results from the Crankworx festival in Innsbruck, Austria this weekend. Sam Reynolds takes second place in Speed & Style and Monster Army’s Charlie Harrison takes third in Downhill. Under stormy and changeable conditions in the Austrian Alps, the Crankworx World Tour festival organized a successful and safe event for the best in Europe to compete in the multi-discipline elite events. Throughout a thoroughly windy and rainy day, the Speed & Style qualifying rounds saw UK’s Reynolds bag the fastest race results and a 2nd place finish overall. The conditions deteriorated through the day and under consideration for the athlete’s well-being, the decision was made to cancel the final and award the results based on the qualifying runs. Reynolds was the only rider to cross the finish line in under 24 seconds and was the fastest of the day but was just over-scored by the winner Thomas Lemoine on tricks. This marks the 4th podium for Reynolds in the Speed & Style discipline and he was stoked to be back competing: “It was great to be back at the sharp end competing with the guys,” said Reynolds. Everyone did a great job at Crankworx to make an event happen with everything going on, and it was awesome to see the huge efforts just to make it happen.” In the final day of competition, the iXS Innsbruck Downhill took place under wet and muddy conditions that proved eventful for the competitors. For Monster Army’s Harrison, the weekend was a great stomping ground to get the race jersey back on and feel the heat of competition once more. “It was a solid weekend, super grateful to have had a warm-up race before World’s,” said Harrison. It’s just really nice to be back with the team to get back into that race mindset and get to race some fast guys and see where I’m at in terms of speed.” The course tested the riders’ skill and technical ability with challenging conditions after a deluge of rain and some of the athletes were getting untuck on the corners at the bottom of the course. Harrison nailed these key sections and finished just +1.870 off the fastest time set by Austrian, David Trummer, and finished in a strong 3rd place podium finish. In the end, Harrison was just happy to be able to test his speed against the competition and find his feet against the clock once more, after the extended break from events. “It’s been such a long time since I’ve raced, pretty much everyone’s in the same boat,” said Harrison. “So, it’s good to get back into it and kind of use it to try and get a check on how everything’s feeling and dial in the little race routines before World Champs this week.” Download high res photos for editorial use. Up next–stay tuned for more details on the Mountain Bike team as they head to the World Championships in Leogang, Austria October 9-11. For more on Reynolds, Harrison and Monster Energy’s Mountain Bike athletes visit www.monsterenergy.com Follow Monster Energy on YouTube , Facebook , Instagram and Twitter . ### About Monster Energy Based in Corona, California, Monster Energy is the leading marketer of energy drinks and alternative beverages. Refusing to acknowledge the traditional, Monster Energy supports the scene and sport. Whether motocross, off-road, NASCAR, MMA, BMX, surf, snowboard, ski, skateboard, or the rock and roll lifestyle, Monster Energy is a brand that believes in authenticity and the core of what its sports, athletes and musicians represent. More than a drink, it’s the way of life lived by athletes, sports, bands, believers and fans. See more about Monster Energy including all of its drinks at www.monsterenergy.com . Contact Details Kimberly Paige Dresser +1 949-300-5546 kim.dresser@indiepragency.com Company Website https://www.indiepragency.com

October 06, 2020 06:00 AM Eastern Daylight Time

Monster Energy’s Mitch Ropelato Takes First Place in Dual Slalom at Inaugural Strait Acres Slalom Invitational in Alpine, CA

Monster Energy

Monster Energy rider Mitch Ropelato t ook the top spot at this weekend’s inaugural Strait Acres Slalom Invitational event in Alpine, California featuring the who’s who of America riders. For the first time, Dual Slalom made its debut at Strait Acres where the top 16 men and top eight women qualified to compete in the finals. Racers faced a short and fast course with tight berms, a rhythm section, a couple of fast left and rights, and finished with classic loose flat dirt turns. The dual slalom track was on the longer side of about 30 seconds long with open turns, a few back-to-back S berms, stall wall and a rhythm lane. Racing was fast and furious with riders blasting through corners faster than they were able to process what was happening in the next lane. As soon as they made it past the last set of berms, it was head to head in a good old-fashioned flat, loose dirt gate bashing session. With the ground hard and dry, it was surprisingly slippery and more than one big name was taken out on the dry decomposed gravel where Ropelato’s rival in the finals and event host, Kyle Straight, slid out in the last corner handing Ropelato an advantage going into the second and final run. Ropelato who had qualified in second place, raced smart all day, pushing where he could and not making any mistakes using his slalom experience cutting through the field to take the win in the end. “Before I arrived, it was my mindset that the event was going to be low key fun little event, but then as the week progressed things got a little serious and while it was still fun, the intensity level went up on every run and I had to keep focus all the way to the end, said Ropelato. This was one of the sickest events I’ve raced in a long time! The course was fun, well organized and racing was awesome- stoked to have picked up the win!” Download High Res Images for Editorial Use. For more on Ropelato and Monster Energy’s Mountain Bike athletes visit www.monsterenergy.com Follow Monster Energy on YouTube , Facebook , Instagram and Twitter . ### About Monster Energy Based in Corona, California, Monster Energy is the leading marketer of energy drinks and alternative beverages. Refusing to acknowledge the traditional, Monster Energy supports the scene and sport. Whether motocross, off-road, NASCAR, MMA, BMX, surf, snowboard, ski, skateboard, or the rock and roll lifestyle, Monster Energy is a brand that believes in authenticity and the core of what its sports, athletes and musicians represent. More than a drink, it’s the way of life lived by athletes, sports, bands, believers and fans. See more about Monster Energy including all of its drinks at www.monsterenergy.com . Contact Details Kimberly Paige Dresser +1 949-300-5546 kim.dresser@indiepragency.com Company Website https://www.indiepragency.com

October 06, 2020 05:00 AM Eastern Daylight Time

UK SMEs lose £2.2bn as customers fall into administration during lockdown

Stockwood Strategy

SMEs across the UK are counting the cost of the lockdown as they prepare for a testing final quarter of 2020. Risktech business Nimbla , surveyed* 2,000 UK SMEs and found that £2.2bn in revenue (for goods and services provided during lockdown) has been lost because those customers fell into administration. A number that is set to increase dramatically over the course of the next year. More than a third (38%) of SMEs are still waiting to be paid an average of £59,013, for work they completed before the lockdown. Worryingly, a fifth (21%) of these companies believe they will never recover the full amount, losing on average £24,903 because those customers have gone into administration. Looking at the bigger picture, this is worth £2.2bn in revenue across all SMEs (with outstanding payments) that will not be realised. Lost time and revenue Businesses reported, on average, 6 invoices go unpaid every year with half of these worth £41,193 written off due to their customers becoming insolvent. Yet, surprisingly, only 4% of business owners take out trade credit or invoice insurance, which protects the supplier against their customers’ insolvency. Business owners do spend time thinking about a potential insolvency event with their customers. In the event that happened, most of them (83%) would continue trading but the impact on cash flow would lead to changes in asking customers for deposits, requesting shorter payment terms, declining larger projects and fear their credit scores falling. Business owners spend, on average, two weeks chasing an invoice payment which eventually was never paid because the customer became insolvent. Flemming Bengtsen, CEO at Nimbla commented: “The impact the lockdown has had on SMEs, who are the heart and soul of the UK economy, is astonishing. Many have survived several attacks during the pandemic and, now, knowing they won’t get paid for the work they did is another huge body blow. There could be more bad news on the horizon for smaller businesses as high street chains face difficulties and potential insolvencies.” Looking ahead Businesses anticipate making, on average, £263,000 revenue between now and the end of the year. However, as customers seek longer payment terms from 30 to 60 days to settle invoices, three in five (60%) business owners are nervous about not getting paid at all with expectations that one in six customers will become insolvent before the end of the year. This is a major issue as more than a third (36%) of businesses were heavily concentrated, reporting that more than two-thirds of their revenues came from a handful of customers. Overall, business owners reported 61% of their customers said they were doing well in terms of their revenue, going steady with sales and generally content with the business environment. Yet, business owners were sceptical about their buoyant spirit, with only a quarter (26%) believing what they say. Flemming Bengtsen added: “The current uncertain economic environment means doing business isn’t easy, it’s made all the more difficult with SMEs anxious about getting paid. Trading on trust and confidence has deteriorated. It is time, as a collective, to bring this back. Business owners cannot afford to bury their heads in the sand; they should protect themselves and insure against the potential insolvency of their customers.” ENDS Notes to the Editor *Research findings based on a survey of 2,000 UK companies (who are employers with a minimum turnover of £250,000) conducted for Nimbla in September 2020 by LM Research & Marketing Consultancy (Market Research Society approved partner and ESOMAR corporate member). About Nimbla Nimbla makes sure businesses get paid for their hard work, even if a customer becomes insolvent. Founded in 2016, the risktech company is on a mission to give SMEs the confidence to trade with a peace of mind using invoice insurance. Nimbla’s digital insurance platform backed by expert risk analysts, allows businesses to check a buyer’s ability to pay and insure individual invoices against non-payment in a fast and affordable way. This will enable business owners to safeguard against insolvent customers, expand into new and existing markets and secure better borrowing terms. The platform can be accessed directly ( www.nimbla.com ) and through partnerships with Barclays and Starling Bank. Based in London, Nimbla aims to bring the trade credit industry into the 21st century. Challenging traditional insurance models, the cover is flexible and adapts to fit your business — whether it’s a one-off invoice or multiple transactions. Contact Details Bilal Mahmood +44 7714 007257 bilal.mahmood@nimbla.com Company Website https://www.nimbla.com/

October 06, 2020 04:00 AM Eastern Daylight Time

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