Company release
The full financial statement bulletin 2021 report in PDF can be found here.
LOUDSPRING IN BRIEF
Loudspring is focused on saving natural resources. We own a portfolio of Nordic growth companies that have the potential of making a big environmental impact globally. We have selected to use our resources to develop Eagle Filters, our fully owned daughter company that provides high performance air filters for the energy industry as well as personal protective equipment. With this strategy we see a clear path to a long term profitable and scalable business, transforming into an industrial company.
HIGHLIGHTS OF THE REVIEW PERIOD
JANUARY -
Figures below are unaudited estimates.
- Loudsprings' subsidiary Eagle Filters' revenue was
EUR 2.9 million (27% growth) -
Loudspring sold its ownership of 24.0% in
ResQ Club Oy . The sales price wasEUR 1.5 million and the impact on the result for the period wasEUR -76 thousand . - Loudspring increased its ownership in Eagle Filters to 100% in H2 2021.
-
Loudspring executed a directed share issue of
EUR 0.9 million in Q4 2021. -
Net loss for the review period was
EUR 1.6 million -
After the review period, Loudspring executed a rights issue of
EUR 2.5 million and sold almost half of its ownership in Nuuka forEUR 2.0 million . The transaction is expected to have a positive impact of approximatelyEUR 1.0 million on Loudspring's 2022 result
EUR '000 | 1-12 / 2021 (unaudited) | 1-12 / 2020 | 1-12 / 2019 |
Turnover | 180 | 185 | 204 |
Operating result | -671 | -820 | -913 |
Result for the financial period | -1 617 | -1 338 | -4 151 |
Operating result / turnover (%) | Neg. | Neg. | Neg. |
Cash at the end of the period | 43* | 650 | 450 |
Shareholders' equity at the end of the period | 9 498 | 10 215 | 6 606 |
Return on equity (%) | -16.4% | -15.9 % | -49.1 % |
Head count at the end of the review period | 4 | 5 | 5 |
Salaries | 264 | 290 | 356 |
*After the review period Loudspring executed a rights issue of approximately
CEO'S REVIEW
During 2021 we made the strategic decision to focus and transform Loudspring from an investment company to an industrial company built around Eagle Filters. This decision means that gradually all the available resources will be used to support growth of Eagle Filters. To put it more clearly, it means selling the other ownerships in a reasonable timeframe.
After making this strategic decision we have sold all of our ownership in
Capital that has been freed up this way will be used to support Eagle Filters in three ways: i.) investments to increase manufacturing capacity, ii.) investments to increase production of own filter materials, and iii.) regular operating capital. Beyond investments, operating capital is needed as Eagle Filters' customers are large energy companies whose payment schedules are typically long. In other words, payments are certain but, in many cases, slow.
On top of slow payment schedules, which is the norm, we have had challenges with material and component sourcing and transfer logistics. Also costs of materials and logistics have risen significantly. The driver for these is the still on-going pandemic that has affected global logistics chains considerably. Earlier on one could rely on just in time delivery, the new normal requires holding larger inventories to guarantee availability. All this ties up more capital.
Financial support to Eagle Filters during 2021 put heavy pressure on Loudspring's available financial resources. After the end of the year we decided to conduct a rights issue to bring in additional capital from the market. As you are now reading this, the rights issue is over and oversubscribed without guarantors. Well done in these market conditions I must say!
OUTLOOK FOR 2022
Year 2022 will present the completion of Loudspring's transformation into an industrial company Eagle Filters. Many of the activities have already been completed but work remains in the area of governance and market visibility and communication.
We target strong growth for Eagle Filters starting point being the strong backlog of signed agreements along with an all time high sales pipeline. Recent share issuance and partial sale of Nuuka Solutions have significantly improved our cash balance and thus our ability to support growth.
Nuuka Solutions is on a good growth track with the vast majority of growth coming from existing signed agreements. This year will also show whether Sofi Filtration is able to realize significant growth from existing sales pipeline, which is also at an all time high level.
During 2022 we will continue to focus our impact reporting on CO2 emission reduction only. Reason for this available better measurement data to guarantee more accurate outcome of the calculations.
CORE HOLDINGS
Loudspring's effective ownership in its core holdings
Effective ownership* | |
100.0 % | |
42.3 %** | |
Sofi Filtration | 19.6% |
7.1 % |
*Effective ownership takes into account both direct and indirect ownership in the portfolio firms. Exit and dividend proceeds from portfolio companies may differ from ownership percentages, both in positive or negative direction, due to different share classes and provisions in shareholder agreements. Stock option plans and share issues may dilute ownership in the future.
** After the review period Loudspring agreed to sell a part of its ownership in Nuuka for
EAGLE FILTERS OY
Eagle Filters is a material science company, applying the latest technology for developing and producing filtration materials and products for improved performance, energy efficiency, reliability and cost reductions.
Eagle Filters provides advanced air filtration solutions for energy utilities, which increases the efficiency of gas turbines. The technology significantly reduces CO2 emissions and increases profitability. Eagle's technology is being used by some of the world's largest energy utilities.
Eagle's proprietary filtration media provides improved and reliable filtration efficiency, with significantly reduced pressure loss at competitive cost. These proprietary materials provide opportunities to expand to several new filtration application areas, including HVAC, automotive as well as industrial filtration, providing further opportunities for improving performance and energy efficiency.
Eagle has also entered the PPE market and launched the production of FFP2&3 respirators.
Loudspring has increased its ownership in Eagle Filters to 100.0% during the review period and made a strategic decision to transform into an industrial company through Eagle Filters as its core business.
Eagle Filters companies comprises the parent company
BUSINESS UPDATE
Key highlights:
- Revenue 2021 grew appx 27% to
EUR 2.9 million (unaudited estimate) -
The sales and order backlog for 2022 was
EUR 2.1 million at the time of reporting -
After the reporting period, Eagle received a 4-year order from a
South-America utility, totalling appxEUR 0.75 million (out of whichEUR 0.25 million is expected revenue recognition for 2022) - Advances in material development enabled increased margins in late 2021 and further improvements in margins and product performance are targeted during 2022
- The production of industrial products was moved in-house
-
Eagle's quality system was issued ISO 9001 and 14001 certifications.
KEY FIGURES AND FINANCIAL PERFORMANCE
Key figures (EUR '000) | 1-12/2021 (unaudited) | 1-12/2020 |
Revenue | 2 925 | 2 295 |
Revenue growth | 27,4 % | 1,9 % |
EBITDA | -2 413 | -1 556 |
In 2021,
In 2021
TARGETS AND OUTLOOK FOR 2022
The target for 2022 is
Eagle Filters targets an average annual revenue growth of more than 30% and an average annual EBITDA-% of more than 20% in the mid- to long term.
Revenue targets for 2022 | (EUR '000) |
Revenue high target | 6 000 |
Revenue low target | 4 500 |
NUUKA SOLUTIONS OY
Nuuka is a Finnish PropTech company helping major real estate owners and developers, retail chains, and whole cities to deliver a great indoor climate, save energy, reduce operating costs, cut emissions and increase property lifetime value.
The real estate industry has a major strategic drive to become carbon neutral. Therefore, the demand for novel digital solutions addressing sustainability is increasing rapidly. Nuuka diagnoses and optimizes HVAC and energy systems using AI and machine learning. Furthermore, Nuuka's solution is hardware agnostic, having the capability to execute the solution across various systems in all existing and new buildings alike.
Nuuka delivers lifecycle value to owners of commercial and public building portfolios, with instant return on investment. Nuuka has proven in 8 million square meters, in 8 countries, in various kinds of public and commercial buildings. Its technology with cities including the
BUSINESS UPDATE
Key highlights:
- SaaS revenue grew 23% to
EUR 1.0 million and total revenue grew 5% toEUR 1.37 million (unaudited estimates) -
In
February 2022 , Nuuka's SaaS invoicing wasEUR 94 thousand - The importance and value of digital and sustainable solutions is increasing for real estate owners
- Sharply increased energy prices accelerate this development further
-
Nuuka continues to invest in R&D with the target of being a forerunner in building AI
KEY FIGURES AND FINANCIAL PERFORMANCE
Key figures (EUR '000) | 1-12/2021 (unaudited) | 1-12/2020 |
Revenue | 1 370 | 1 310 |
Revenue growth-% | 5% | 17% |
SAAS-revenue | 1 010 | 827 |
SaaS-revenue growth-% | 23% | 57% |
EBITDA | -1 409 | -586 |
Despite the pivot and the pandemic, Nuuka's total SaaS revenue 2021 is estimated to have grown 23% to
During Q4 Nuuka's total quarterly revenue grew 50% to
FINANCIAL TARGETS AND OUTLOOK 2022
Full year 2022 Nuuka drives ambitious growth targets for ARR (Annual Recurring Revenue) to reach
Revenue targets for 2022 | (EUR '000) |
Revenue high target | 2 500 |
Revenue low target | 2 000 |
Annual recurring revenue | 1 600 |
Loudspring owned at year end 2021 42.3% of Nuuka issued shares, and 37.3% fully diluted. Loudspring sold 18.1% ownership in Nuuka in
SOFI FILTRATION
Sofi Filtration provides efficient water filtration technology. The company's self-cleaning filter enables cost efficient micro filtration of large amounts of water. The technology can be applied in several industrial applications and enables energy savings and reduced use of freshwater.
BUSINESS UPDATE
Key highlights:
- Sofi Filtration's revenues in 2021 were
EUR 115 thousand (unaudited estimate). Revenues decreased by 19% compared to 2020. - The pandemic has had a significant negative impact on Sofi as existing and potential new customer deliveries have been stalled.
-
Sofi has agreed a sale of a filtration system to a new customer in the
USA . The delivery is scheduled for H1/2022. This is the first significant order for Sofi since COVID-19 froze the market. -
Sofi has started development of a larger scale system. First customer pilots are targeted to start in Q2/2022 in the
USA . -
The number of laboratory tests, field pilots and customer negotiations are increasing.
KEY FIGURES AND FINANCIAL PERFORMANCE
Key figures (EUR '000) | 1-12/2021 (unaudited) | 1-12/2020 | Change (%) |
Revenue | 115 | 142 | -19% |
EBITDA | -420 | -584 | 28% |
FINANCIAL TARGETS AND OUTLOOK
Loudspring does not set its own revenue targets for Sofi Filtration.
BUSINESS UPDATE
As a Nasdaq First North listed company,
OTHER HOLDINGS
Loudspring's other effective ownerships
Other holdings | Effective ownership* |
0.3 % | |
1.8% | |
10.3 % | |
15.0% |
*Effective ownership takes into account both direct and indirect ownership in the portfolio firms. Exit and dividend proceeds from portfolio companies may differ from ownership percentages, both in positive or negative direction, due to different share classes and provisions in shareholder agreements. Stock option plans and share issues may dilute ownership in the future.
RESULT FROM BUSINESS OPERATIONS
The company's revenue for the review period 1 January to
Personnel costs during the review period 1 January to
The company's operating loss for the review period 1 January to
Financial income in the review period 1 January to
The net loss of the review period 1 January to
SIGNIFICANT INVESTMENTS AND DIVESTMENTS DURING THE REVIEW PERIOD
FINANCIAL POSITION
Balance sheet total at the end of the review period was
At the end of the review period, the company's net debt amounted to
During H1 2021 Loudspring negotiated the repayment schedule of the NEFCO loan, delaying the first amortization from
To execute Eagle Filters growth-strategy, management are actively evaluating ways for more effective use of capital. Therefore, the company may renegotiate the repayment schedule of its debt obligation and may raise additional funding to further accelerate growth.
At the end of the review period Loudspring had the following financing arrangements and balance sheet items:
- Cash
EUR 194 thousand , taking into accountEUR 151 thousand (current) untapped credit limit from Nordea. -
Listed shares in
Enersize Oyj with a fair value31.12.2021 ofEUR 0.4 million *.
*
During
PERSONNEL, MANAGEMENT AND GOVERNANCE
The company went through the following personnel changes during the review period: Anders Lundström resigned from the board on 12th of August.
ANNUAL GENERAL MEETINGS
The Annual General Meeting of Loudspring was held on the 23rd of
The AGM resolved that five members be elected to the Board of Directors and re-elected the current members of the Board of Directors Mr.
The Annual General Meeting resolved that the auditor's fees are paid according to the auditor's invoice approved by the company. The Annual General Meeting elected auditing firm
Three main authorizations were given: 1) authorizing the Board of Directors to decide on issuance of shares, 2) authorizing the Board of Directors to decide on issuance of options and 3) authorizing the Board of Directors to decide on acquisition of the company's own shares.
The Extraordinary General meeting was held on 25th of
The AGM and EGM decisions are available in detail on the company website at: https://www.loudspring.earth
SHARE, SHAREHOLDERS AND SHARE-BASED INCENTIVE SCHEMES
At the end of the review period the company had a total of 47 761 691 shares, divided into 4 308 594 series K shares each having 20 votes at shareholders' meetings, and 43 453 097 series A shares each having one vote at shareholders' meetings.
Loudspring board members and the management team owned on
The shares owned by board members and the management team represent approximately 24,75% of the company's all outstanding shares registered on
Loudspring had 4 638 registered shareholders according to the share register on 31st of
The number of class A shares, which are traded on First North, at the end of the financial period was 43 453 097 and the market cap on 31st of
The company has a liquidity provision agreement with
Stock option program 2/2016
Based on the authorization granted by the Extraordinary General Meeting on
On
In
The share subscription period shall not begin for stock option 2-2016A prior to the trade volume weighted average quotation of the company's class A share on First North Finland has been not less than
The share subscription price based on these options is
Stock option program 1-2020
Based on the authorization granted by the Annual General Meeting on
On
Following current and former members of the Board of Directors received in total 250,000 stock options:
The share subscription price based on these options is
Stock option program 1-2021
Based on the authorization granted by the Extraordinary General Meeting on
Former holders of stock options belonging to the stock option program 2013 have subscribed for the stock options as follows:
The share subscription price based on these options is
RISKS AND UNCERTAINTIES
- The Portfolio Companies of the Company are start-up and growth companies, and Company's value depends heavily on the future development of these companies and the Company's ability to realize the value of its investments. The Company and the Portfolio Companies are associated with significant risks and uncertainties including but not limited to: 1) risks related to financial position and availability of additional financing that they dependent on, 2) risk related to Portfolio Companies' acquisitions, expansions and ability to sustain growth, 3) risks related to competition and technological development, 4) risks related to protection of intellectual property rights, 5) dependence on a limited number of key employees, 6) various business related risks, such as dependence on a limited number of clients, technical and warranty risks, credit loss risk and currency fluctuation risk, 7) insurance risks and 8) economic, political and regulatory risks in various markets.
- There can be no assurance that the Company or its Portfolio Companies will become profitable, which could impair the Company's and the Portfolio Companies' ability to sustain their operations or obtain any required additional financing. Even if the Company or its Portfolio Companies would become profitable in the future, they may not necessarily be able to deduct the previous losses in taxation and sustain profit in subsequent periods.
-
Amendments to the laws and regulations and interpretations of laws and regulations relating to the Company's or
Portfolio Company's business may involve negative effects to the Company or to thePortfolio Company in question. In the event of any litigation, authoritative or administrative proceedings, risks related to financial sanctions and/or limitation of business opportunities may occur.
In addition, the Company is associated with inter alia the following risks that relate to its business operations as a development and investment company:
- The Company's ability to make profit fully depends on the potential exit proceeds and cash flows it may receive from its Portfolio Companies and all acquisitions and disposals of assets are subject to uncertainty. There is a risk that the Company will not succeed in selling its holdings in the Portfolio Companies at the price the shares are being traded at on the market at the time of the disposal or valued at in the balance sheet.
- The Company may be affected by liquidity risk if liquidity will not be available to meet payment commitments due to the fact that the Company cannot divest its holdings in Portfolio Companies quickly or without considerable extra costs.
-
The Company does not independently control its Portfolio Companies, other than its subsidiary
Eagle Filters Oy , and there may occur potential interest conflicts with the other shareholders and stakeholders exercising influence over each respective Portfolio Companies' operations or the information provided by aPortfolio Company to the Company may not be accurate or adequate. Furthermore, an investment in aPortfolio Company may be affected by the existence of shareholders agreements or articles of associations containing provisions restricting transferability of the Portfolio Companies' shares or otherwise having an impact on the value of said shares.
Covid-19 pandemic and
EVENTS AFTER THE REVIEW PERIOD
After the review period the following events have taken place:
- Loudspring arranges a rights issue of approximately
EUR 2.5 million to strengthen Eagle Filters' financial position. The rights issue was oversubscribed, and the subscriptions amounted to 124% of the offered amount. -
The board also resolved on a directed share issue of
EUR 0.6 million . -
Loudspring entered into an agreement to sell 18,1% ownership in Nuuka in
February 2022 forEUR 2 million . After completion of the transaction the remaining shareholding of Loudspring in Nuuka Solutions is 24,2%. - Eagle Filters received the FFP2 certification for its Saana 300 product line.
Russia 's attack onUkraine may have negative effects on Eagle Filters material sourcing, customers and financing. Although the company does not have any assets nor significant customers inRussia /Ukraine , the general disturbance to the global energy market may affect customer demand. Also, the disturbances in material prices and availability may have an impact on production and margins.
GENERAL MEETING AND FINANCIAL COMMUNICATION 2022
The 2021 annual accounts with management report and the auditor's report will be available on the company's website at loudspring.earth/share/general-meetings before the end of
The Annual General Meeting will be held on
The half-year report for the period 1 January -
ACCOUNTING PRINCIPLES OF THE SEMI-ANNUAL ACCOUNTS
Semi-annual accounts have been prepared following generally accepted accounting principles and applicable laws. The half-year figures for 2020 and 2021 and full year figures for 2021 of the review have not been audited. The full year figures for 2020 of the profit and loss statement, balance sheet and statement of cash flows are audited. The figures presented are rounded.
INCOME STATEMENT
EUR '000 | 1-12 / 2021 | 1-12 / 2020 | 7-12/ 2021 | 7-12/ 2020 |
Turnover | 180 | 185 | 90 | 90 |
Materials and services | -75 | -11 | -29 | -2 |
Personnel expenses | -264 | -327 | -121 | -155 |
Depreciation and amortizations | -2 | -33 | -1 | -1 |
Other operating expenses | -510 | -634 | -206 | -338 |
Operating loss | -671 | -820 | -267 | -406 |
Financial income and expenses | -946 | -518 | -393 | -433 |
Result before taxes | -1 617 | -1 338 | -660 | -839 |
Taxes | 0 | 0 | 0 | 0 |
Result for the financial period | -1 617 | -1 338 | -660 | -839 |
Basic earnings per share (EUR) | -0.04 | -0.04 | -0.01 | -0.02 |
Diluted earnings per share (EUR) | -0.04 | -0.04 | -0.01 | -0.02 |
BALANCE SHEET
EUR'000 | ||
ASSETS | ||
Non-current assets | ||
Tangible assets | 11 | 12 |
Investments | ||
Holdings in group undertakings | 6 323 | 5 531 |
Holdings in participating interests | 4 931 | 6 538 |
Other shares and similar rights of ownership | 374 | 1 336 |
Receivables from group undertakings | 3 624 | 0 |
Total non-current assets | 15 263 | 13 418 |
Current assets | ||
Long term receivables | ||
Receivables from participating interests | 40 | 40 |
Short term receivables | ||
Accounts receivables | 37 | 161 |
Loan receivables | 0 | 3 |
Other receivables | 60 | 56 |
Accrued income and prepaid expenses | 2 | 12 |
Cash and cash equivalents | 43 | 650 |
Total current assets | 182 | 922 |
TOTAL ASSETS | 15 446 | 14 340 |
EUR '000 | 31.12. 2021 | 31.12. 2020 |
EQUITY AND LIABILITIES | ||
Equity | ||
Share capital | 80 | 80 |
Revaluation reserve | 1 958 | 1 958 |
23 862 | 22 962 | |
Retained earnings | -14 786 | -13 447 |
Result for the financial period | -1 617 | -1 338 |
Total equity | 9 498 | 10 215 |
Liabilities | ||
Non-current liabilities | ||
Loans from financial institutions | 2 800 | 2 800 |
Other long term liabilities | 792 | 0 |
Current liabilities | ||
Loans from financial institutions | 1 649 | 1 100 |
Accounts payable | 18 | 50 |
Other liabilities | 552 | 67 |
Accrued expenses and deferred income | 137 | 108 |
Total liabilities | 5 948 | 4 125 |
TOTAL EQUITY AND LIABILITIES | 15 446 | 14 340 |
STATEMENT OF CASH FLOW
EUR '000 | 31.12. 2021 | 31.12. 2020 |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Result before taxes | -1 617 | -1 338 |
Adjustments | ||
Depreciation and amortization | 2 | 33 |
Financial income and expenses | 946 | 518 |
Non-cash transactions | 82 | 0 |
Changes in working capital | ||
Change in interest free accounts receivable and other receivable | 124 | 190 |
Change in accounts payable and other liabilities | -45 | -192 |
Paid interests and other financial items | -416 | -279 |
Cash flow from operating activities | -924 | -1 068 |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Investments in tangible and intangible assets | 0 | 0 |
Investments in shares of group undertakings | 0 | -2 657 |
Investments in shares of participating companies | -21 | -1 164 |
Granted loans | -3 518 | -258 |
Repayments of loan receivables | 0 | 0 |
Proceeds from sale of shares | 1 991 | 0 |
Received interest from investments | 0 | 0 |
Received dividend from investments | 15 | 0 |
Cash flow from investing activities | -1 533 | -4 078 |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Share issue against payment | 800 | 4 947 |
Withdrawals of long term interest-bearing loans | 0 | 1 000 |
Repayment of long term interest-bearing loans | 0 | -100 |
Withdrawals of short term interest-bearing loans | 1 299 | 0 |
Repayment of short term interest-bearing loans | -250 | -500 |
Cash flow from financing activities | 1 849 | 5 347 |
CHANGE IN CASH AND CASH EQUIVALENTS | -607 | 200 |
Cash and cash equivalents at the beginning of the period | 650 | 450 |
Cash and cash equivalents at the end of the period | 43 | 650 |
STATEMENT OF CHANGES IN EQUITY
EUR'000 | Share capital | Revaluation reserve | Unrestricted equity reserve | Retained earnings | Result for the financial period | Total |
Shareholders' equity | 80 | 1 958 | 22 962 | -14 785 | 0 | 10 215 |
Share issue | 0 | 0 | 900 | 0 | 0 | 900 |
Result for the financial period | 0 | 0 | 0 | 0 | -1 617 | -1 617 |
Shareholders' equity | 80 | 1 958 | 23 862 | -14 785 | -1 617 | 9 498 |
EUR'000 | Share capital | Revaluation reserve | Unrestricted equity reserve | Retained earnings | Result for the financial period | Total |
Shareholders' equity | 80 | 1 958 | 18 015 | -13 447 | 0 | 6 606 |
Share issue | 0 | 0 | 4 947 | 0 | 0 | 4 947 |
Result for the financial period | 0 | 0 | 0 | 0 | -1 338 | -1 338 |
Shareholders' equity | 80 | 1 958 | 22 962 | -13 447 | -1 338 | 10 215 |
DEFINITIONS
EBITDA | Operating profit before depreciation and amortization |
Equity ratio (%) | (Total equity x 100) / total assets |
Net debt | Current and non-current loans from credit institutions, less cash and cash equivalents. |
Number of shares | Total number of shares at the end of the period |
Weighted average number of shares | Issue and conversion-adjusted weighted average number of shares |
Basic earnings per share (E) | Result for the (financial) period / Issue and conversion-adjusted weighted average number of shares |
Diluted earnings per share (E) | Result for the (financial) period / Issue and conversion-adjusted weighted average number of shares added by outstanding warrants |
Contact information:
Loudspring in brief
Loudspring is focused on saving natural resources. We own a portfolio of Nordic growth companies that have the potential of making a big environmental impact globally. We have selected to use our resources to develop Eagle Filters, our fully owned daughter company that provides high performance air filters for the energy industry as well as personal protective equipment. With this strategy we see a clear path to a long term profitable and scalable business, transforming into an industrial company.
The company group is listed on First North Growth Market Finland under the ticker LOUD and on First North Growth Market Stockholm under the ticker LOUDS.
www.loudspring.earth
LinkedIn: https://www.linkedin.com/company/loudspring/
Twitter: @loudspring
IG: @loudspring_earth
FB: @loudspringco
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