Category Archives: Fiscal Freedom

Capitol Talk: Budget Puzzle, Lawsuits, And The Limits Of Public Input

The many moving parts of the state budget have pushed lawmakers to extend the session but Montana's Legislature isn't the state's only busy branch.

Montana Attorney General Austin Knudsen has filed yet another lawsuit against the Biden Administration. At the same time, prominent Montanans are suing Gov. Greg Gianforte over his effort to directly appoint judges.

And, as a racist social media post by a Republican lawmaker resurfaces, Montanans are learning that overwhelming public opposition to legislation does not guarantee a bill's defeat.

Listen now onCapitol Talkwith Sally Mauk, Holly Michels and Rob Saldin.

Sally Mauk Holly, the House Appropriations Committee this week approved a $12 billion budget, but that's only the first step of many to come before a final budget is approved.

And there are so many pieces of the puzzle yet to be fitted into that, like revenue from recreational marijuana and the federal COVID relief money. It's so in flux that they've actually extended the length of the session to deal with it all.

Holly Michels Yeah, what they've done is decided they're not going to come in on Saturdays which is something they typically do later in the session to be able to be here through about mid-May. And that's in part to give them time to have more ability to look at this federal coronavirus aid that's coming from the American Rescue Plan Act.

One of the really tricky pieces of that money is a lot of the rules that determine how it can be spent aren't actually written yet, so the more time the Legislature's here, they're hoping for more clarity.

But what this is doing is it's basically throwing a second budget creation process on top of the regular one that you talked about, a House bill to which the full House is set to debate soon (House Bill 2). They're trying to coordinate those two as much as possible to offset state spending with this federal money wherever they can.

But they're doing it halfway blindfolded without those rules and even with the extended schedule, they're still just about 35 legislative days left to do it all. And like you said, there are some pretty major pieces that are becoming a little more clear.

We got the first glimpse this week at a recreational cannabis bill (House Bill 249). There's a 20% proposed tax on that that would bring in what's estimated really conservatively to be about $52 million in revenue to the state. But at this point, it's a lot moving really quickly and not a ton of detail solidified.

Mauk There's also the moving target of the governor's proposed tax cuts, and the fact that the federal COVID relief money cannot be used to offset revenue loss to tax cuts. And the governor says he's not sure what that may mean:

"We're still trying to get clarity on this. This is one of the problems, that things are moving quickly in Washington and here in the state."

And one hopes, Holly, they get clarity soon.

Michels Yeah, the question did come up in a hearing at the start of this week and a legislative fiscal staffer actually said that they wanted an attorney to weigh in to get some clarity because it is such a confusing but pretty important issue.

We've talked about this before: Gianforte has a pretty big tax reduction plan. It includes a cut in the top income tax rate, cutting the number of businesses that pay the business equipment tax. There's also a trigger bill that could further cut taxes if a series of fiscal performance measures are met.

Some budget watchers say that the provision with this federal COVID aid, it just has to balance out with new revenues or a net positive. And they're pointing to revenue creators this session, notably recreational marijuana, to say that when you combine it all, we will come out ahead.

But there still isn't a lot of clarity, and one of Gianforte's bills the income tax cut actually was amended this week so that the tax cut's a little greater, and it would be, I think in the 2023 fiscal year, about a $84 million hit to the general fund. So a lot of lack of clarity as this is moving through, and hopefully some of these pieces will get more information on soon.

Mauk Rob, Attorney General Austin Knudsen is in the news again because of another lawsuit he's filed against the Biden Administration, and this time over President Biden's order to revoke the Keystone Pipeline construction permit.

And this follows a previous lawsuit that we've talked about before that Knudsen joined over the new administration's immigration policy. That's a lot of litigation for your first three months in office.

Rob Saldin Yeah, yeah it is, Sally. The gist of the lawsuit is that President Biden's move to kill the pipeline is unconstitutional because the president doesn't have the authority to regulate foreign and interstate commerce, only Congress does.

And that's basically the same rationale that was used to push back against President Trump when he green lighted the project two years ago. So we'll certainly have to keep an eye on this as it moves through the legal system.

But as you suggest, Sally, I mean, for Knudsen, this is another high-profile legal challenge. He's even getting a little national attention on this one, and that's certainly good for him in the sense that it raises his profile and once again, unmistakably places him on the correct side of this issue insofar as his base is concerned.

Apart from the legal arguments on this, it's probably worth noting that the core objection to the pipeline is that it could cause considerable environmental damage. There are also tribal treaties in play, but proponents including, of course, Knudsen but also Gianforte and the congressional delegation argue that the pipeline is important to Montana.

And indeed, I think it is easy to empathize with the economic challenges that are facing the areas in Eastern Montana that we're talking about here. Tax revenue is one part of the anticipated benefit, but it's the jobs created by the pipeline that always get top billing and it's certainly true that building the pipeline would create a lot of jobs.

But the thing that often goes unmentioned is that nearly all of those jobs would be temporary, and so you've got skeptics that are going to note that this is more of a Band-Aid plan because once that pipeline is built, those jobs are finished. And I suppose you could say that, well, temporary employment is better than no employment, but these kinds of one-off, short-term jobs aren't really a path toward the kind of sustainable career opportunities, the kind of economic vitality, that can lay a long-term foundation for thriving and healthy communities.

Mauk Speaking of lawsuits, Holly, there are several well-known figures suing Gov. Gianforte over a bill he signed into law this week which allows him to appoint judges without going through a judicial nominating commission (Senate Bill 140). And the plaintiffs argue the new law violates the 1972 constitution.

Michels Yeah. This is pretty interesting. In my time at least up here, this is the fastest I've ever seen a lawsuit filed in response to a bill becoming law: There's less than a 24-hour turnaround here.

What this bill does, as you said, it eliminates the Judicial Nominating Commission, gives Gianforte the power to appoint state district court and Supreme Court justices when there's a vacancy.

So we heard the arguments against the bill are what are coming up in this lawsuit, too. And as it made its way through the process, we heard it conflicts with the intent of those who created the state's 1972 constitution.

In that document, it says the governor has the authority to make appointments through a process determined by the Legislature. Before that document, the governor did have direct appointment power, but those opposed to the bill and who are bringing this lawsuit say that overhaul nearly 50 years ago was intended to give the governor this power, but out of a pool selected by someone else, not an unlimited number of people.

The system that we have now was created by the 1973 Legislature, and the plaintiffs include a long-time lawmaker who was part of that 1973 session. [They] also include someone who was a part of that constitutional convention.

Gianforte, his administration is arguing that this recently signed bill now law is constitutional and that the Legislature does have the power to decide whatever system they want to let the governor make appointments.

One thing this lawsuit is looking at is the word "nominee" is pretty critical. The Constitution says that the governor should pick a replacement from nominees, and so this bill was actually amended to require that people who want to be judges submit letters of recommendation in an attempt to meet that definition of the nominee.

Part of the timeline of this lawsuit is that there's actually three judicial appointments for judges who are in place and have been doing their roles for some time now in Lewis and Clark, Cascade, and Gallatin County that were selected by former Democratic Gov. Steve Bullock. Those three judges just were scheduled for their first confirmation hearings in Senate committees that will be held next week. And the if Senate doesn't confirm those nominations, which they have rejected several from the former governor, then Gianforte would have the power to appoint to those three judicial positions.

Mauk Rob, some recent actions by some elected officials have me wondering where the line is drawn for professional versus unprofessional behavior.

The Daily Montanan reported that at a stop in Butte recently, Congressman Matt Rosendale allegedly got into a shouting match with some union workers protesting his visit. And according to two of the protesters, he also flipped them off though a spokesman for Rosendale strongly denies that.

And then also this week, a Facebook repost by Ronan Republican Rep. Joe Read surfaced, and here's what that repost says:

"If you can pretend Bruce Jenner is a woman and Kamala Harris is black and Biden is sane, you can pretend I'm wearing a mask."

You know, elected officials, Rob, represent not just their constituents, but the whole state to the world. I'm not sure this represents Montana very well.

Saldin Well, no, it doesn't Sally. At the very least, these incidents are aggressive, they're confrontational, they're often mean-spirited and it certainly is unprofessional. This stuff, of course, isn't isolated to Montana as anyone who witnessed the last five years could attest but we do seem to have more than our fair share.

I think it's also reasonable to note that this isn't a bipartisan affair. The marked increase that we're seeing in this sort of behavior, it's concentrated in the Republican Party. One striking thing to me about that is it's just so out of step with what used to be, at least, a pretty prominent pillar of the conservative movement. And that is the kind of disposition that many conservatives and Republicans thought that it was important to uphold.

And that disposition was characterized by a kind of dispassionate calmness and even-keeled reasonableness that placed great importance on one's professional comportment, on treating people with respect, civility, being honest, common decency these kinds of things and this conservative disposition understood itself at least as being very much in contrast with the left's tendency to be overly emotional and strident and angry.

Now of course, there were certainly plenty of Republican leaders who never embraced that understanding of what it was to be a conservative. The point is that it was out there in Republican circles as at least one prominent understanding of how you should conduct yourself. And you could see it here in Montana, you know, a generation ago in figures like Marc Racicot and Bob Brown and even more recently in someone like Tim Fox.

But there was also always a critique of that disposition that was especially prominent on conservative talk radio, among other places, and that critique held that it was that kind of disposition that was the reason why Republicans lost: It was weak. The Democrats and the left play dirty and we have to do the same.

And it's that kind of mentality, I think, that's become just far more prominent among elected Republicans in recent years and that is very much on full display in these recent incidents.

Mauk Lastly Holly, bills we've mentioned before that seek to limit LGBT rights drew way more opposing testimony than testimony in favor, and drew a large crowd to a pro-gay-rights rally. Democratic House Minority Leader Kim Abbott told the crowd their efforts make a difference:

"You guys have shown up week in and week out in hostile committee hearings to tell your stories, and the stories of your families and the stories of your communities. And I have to tell you that it makes a difference: It moves people."

But I'm not sure, Holly, those bills they oppose are not going to be signed into law.

Michels Yeah, it's an interesting dynamic. Opposition to bills doesn't necessarily sway votes by legislators.

Looking at these two bills at the Senate Judiciary Committee heard this week: On House Bill 112 that's the bill that would not let transgender women plan women's sports teams there's been nearly 2,000 email and phone call messages to lawmakers against it. Just about 600 for it. House Bill 427, which is the one that bans certain gender affirming surgeries there's been about 460 calls or messages against and about 140 for it.

There is a limit, I think we're seeing this session, to people can reach out and have an impact. But these bills are advancing on party lines with Republican support, and some of the other ones that were also subject at this protest, the governor has indicated he'll sign, including the Religious Freedom Restoration Act (Senate Bill 215).

Mauk Rob and Holly, we're out of time. I'll talk to you next week. Have a great weekend.

Saldin Thanks Sally.

Michels Thanks Sally.

Capitol Talk is MTPR's weekly legislative news and analysis program. MTPR's Sally Mauk is joined by Lee Newspapers State Bureau Chief Holly Michels and UM Political Science Professor and Mansfield Center Fellow Rob Saldin. Tune during the legislative session Fridays at 6:44 p.m., via podcast, or listen online.

Excerpt from:

Capitol Talk: Budget Puzzle, Lawsuits And The Limits Of Public Input - MTPR

On Feb. 12, the Biden administration made the case in a 15-page document to Congress that the White House intends to issue an emergency presidential determination to reset the U.S. refugee resettlement program because of grave humanitarian concerns and the public interest. The Biden administrations subsequent failure over the last five weeks to address what is, in its own words, an emergency is both perplexing and harmful.

At a time of the largest displacement crisis in human history compounded by a global pandemic, with 80% of the worlds refugees hosted by countries already affected by acute food insecurity and malnutrition, the United States must, as President Joe Biden declared in his inaugural address, lead by the power of our example. Biden inherited from former President Donald Trump a refugee resettlement program that is not just weak, but harmful in its discriminatory approach.

The percentage of Muslim refugees resettled into the U.S., for example, plummeted from over 45% of the caseload in fiscal 2016 to under 20% every year after fiscal 2017. What is lesser known is that the number of Christian refugees shrank as well, from 37,512 Christians resettled in 2016 to 23,754 Christians resettled in pre-pandemic 2019.

With the stroke of a pen, Biden can reverse the harm that Trump has caused the U.S. Refugee Admissions Program, raise the refugee ceiling from its current all-time low and, most importantly, end discriminatory policies barring refugees based on national origin. Yet, in spite of the good intentions expressed on Feb. 12, Biden has merely continued all of the Trump administrations refugee resettlement policies.

When Washington Post columnist Catherine Rampell asked the White House about the reason for the delay, the White House responded with what she aptly describes as a content-free statement.

By expressing a commitment to refugee resettlement and then doing nothing, the Biden administration has raised the expectations of refugees who now must linger in dangerous places even after having been vetted and approved by the Department of Homeland Security. Sadly, this administration has made a bad situation even worse, further undermining Americas credibility with the most vulnerable refugees, the countries that host them, and the organizations that help them.

For example, thousands of refugees who were vetted, interviewed and approved for refugee status by the DHS are literally prevented from traveling to the U.S. by Trumps refugee policy, which left no slots for most refugees from Africa or the Middle East. And, with Biden keeping all of Trumps anti-Muslim and anti-African policies in place, 715 refugees who were literally booked on flights by the Biden administration have had those plane tickets rescinded.

Those refugees are now in an even worse situation, having left their homes with no place to go. Approved refugees who need medical attention are not able to travel either. For example, among the refugees HIAS, the global Jewish nonprofit that protects refugees, was preparing to welcome was a pregnant refugee who entered her third trimester after her canceled travel date. She and her family must either separate or remain grounded until after she delivers the baby and recovers from childbirth.

This past Wednesday was the 41st anniversary of President Jimmy Carter signing the Refugee Act of 1980. To mark the occasion, he issued the following statement reflecting on the importance of the Refugee Act:

Americans know the heart of the stranger. The colonies that became the United States were founded by refugees from religious persecution, and our religious traditions call on us to welcome the stranger.

During my presidency, the world faced the greatest refugee crisis since the Second World War as people fled political persecution and crushing poverty in many places. Desperate refugees were drowning and dying from exposure at our doorstep, yet the United States lacked a legal structure to receive them in an orderly way.

In response, Congress passed the bipartisan Refugee Act of 1980, which I signed into law on March 17. The law established a framework to resettle refugees and extend asylum to those fleeing persecution. Implementation of the new law relied not just on the U.S. government, but also on civil society and faith-based communities in a public-private partnership.

In the final year of my presidency, the United States resettled 207,112 refugees. Since then, we have resettled more than 3 million refugees and granted asylum to over 700,000 people. Today, millions are taxpaying Americans who have contributed greatly to our communities and to our economy.

On this 41st anniversary of the Refugee Act, we as Americans can reflect on our decision as a nation to welcome the stranger and renew our commitment to remaining a beacon of hope for freedom-loving people everywhere.

As a nation of immigrants and refugees, we now wait for Biden, who as a young senator was a co-sponsor of the Refugee Act, to restore the promise of the act and the American tradition of being a welcoming country.

Mark Hetfield is president and CEO of HIAS (the American Jewish communitys refugee agency).

The rest is here:

On the anniversary of the Refugee Act, Biden needs to act - The Dallas Morning News

ALBANY Two proposed measures in the state Legislature would amend New Yorks Open Meetings Law and ensure municipalities provide proper access to public documents and data especially in the wake of the COVID-19 pandemic, officials said.

Bill No. A.1228/S.01150 would require all documents used or discussed during a public municipal meeting to be posted online at least 24 hours beforehand. It would also require municipalities to stream the meeting on the governmental bodys website to a practicable extent, post a video of the meeting on its website within five business days, and require the public body to keep recordings for at least five years.

Instead [the phrase] has been used as a way to abate the law, bill sponsor Assemblymember Amy Paulin, D-Scarsdale, said Monday. There cant be that many times where its not practicable to make those documents available. We want to have documents available because the public is smart and the public can offer insightful views that help steer the public process in a positive way. They can only offer insightful views if they have information on which to judge.

Current law requires public bodies as best as practicable to post meeting documents online prior to a meeting occurring. Paulins legislation removes the as best as practicable language and mandates any public body with a website to post meeting documents online.

The bill was referred to the Governmental Operations Committee on Jan. 7.

A.4677/S.4863 eliminates the fee government and public agencies charge people for obtaining records through a Freedom Of Information Law request when a digital copy exists.

The public should not be charged, New York Coalition For Open Government President Paul Wolf said of officials sending documents electronically. That speaks to making sure the public has access to information and can be a valuable player in government.

The bill was referred to Governmental Operations on Feb. 4.

Current law allows government officials to charge a per-page copying fee. Many records are now available in an electronic format and can be provided without the need to make photocopies.

Sen. Anna Kaplan, D-Carle Place, co-sponsors both bills in the Senate.

Public bodies are evading it thats the impetus, Paulin said.

Many New Yorkers have started to watch or engage with video recordings of public meetings online especially after the majority of municipal meetings were held digitally since the coronavirus pandemic started last March.

So many people are paying attention now you dont want to lose that, she said.

Paulin served as a local elected municipal official and president of a chapter of the League of Women Voters being elected to the state Legislature, she said, and recalled attending a meeting in person, but not being given a copy of the discussed materials.

Not only could you not follow along, you could only tell what [they] were talking about when the information was discussed, she said.

Paulin discussed the proposed measures with New Yorks Coalition For Open Government during a virtual press conference Monday to mark the start of Sunshine Week a mid-March tradition to highlight the importance of government transparency, the press and organizations or groups that advocate for governmental accountability and the swift release of public records.

It coincides with National Freedom of Information Day on March 16 and James Madisons birthday, today.

Sunshine Week was started in March 2005, by the American Society of News Editors to educate the public about the importance of open government and the dangers of excessive and unnecessary secrecy, according to the coalition.

One of the complaints is there is a lack of penalties or lack of enforcement and it is different in other states when citizens file a complaint, Wolf said. He added that in some areas, the state attorney general will investigate or can fine elected officials who impede a FOIL request.

In New York, no entity has such enforcement, he said. Hopefully, we can build some momentum with the passage of these bills and thats something we can strive toward.

State lawmakers will likely pass the measures later this session, Paulin said, as representatives remain preoccupied with the 2021-22 Fiscal Year budget due April 1.

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Proposed legislation would increase government transparency | Top Story | thedailynewsonline.com - The Daily News Online

Dear Members of Congress:

We, the undersigned organizations, representing millions of Americans and thousands of state and local officials, write to express our profound concerns with provisions in the American Rescue Plan Act of 2021. Elements of this recently adopted legislation fundamentally threaten the principles of federalism and fiscal responsibility.

The American Rescue Plan Act includes $350 billion in State and Local Fiscal Recovery Funds. This is despite early reports that show total state and local revenue actually increased in calendar year 2020, and many states currently have significant surpluses. These funds also are in addition to the hundreds of billions in federal assistance to state and local units of government through the CARES Act and other measures in 2020. Over the past year, our organizations raised concerns around the many public policy problems created by a federal bailout of state and local government budgets. Additionally, hundreds of state legislators voiced their numerous policy concerns.

Now that this bailout of state and local governments has been signed into law by President Biden, there is perhaps an even more troubling element than any of us could have anticipated. As the editorial board of The Wall Street Journal recently pointed out, states appear to be prohibited from using these new federal funds to directly or indirectly reduce net state tax revenue through 2024. With the fungible nature of budgeting, and absent any clarifications from the Department of Treasury, the incredibly ambiguous language involving indirect net revenue reductions means that any tax relief at the state level could potentially be called into question by aggressive federal action. This will undoubtedly harm state taxpayers and the future economic competitiveness of states.

To address this glaring policy mistake, U.S. Senator Mike Brauns Let States Cut Taxes Act would allow states more flexibility in the way they can use federal funds, if they choose to take the money. We understand Congressman Dan Bishop plans to propose policy reforms as well. Absent reforms like these, states will be pressured into using federal funds to grow government and baseline spending totals. We watched this play out more than a decade ago with the Obama-era American Recovery and Reinvestment Act of 2009 (ARRA) and those infamous shovel ready projects. Growing state government bureaucracy with federal funds would create massive state budget challenges as the money disappears, but the federal requirements live on for years to come.

Using federal coercion to artificially elevate state tax burdens at a time when small businesses and hardworking American taxpayers need real tax relief is nonsensical. Our groups have spent decades working with state policymakers and watching them achieve more economically competitive business climates through pro-growth tax and economic reforms. Having the federal government use the power of the purse in an attempt to curtail the use of competitive federalism is incredibly damaging to our American system of government.

We will work to protect the fundamental principle of federalism and allow states to continue their progress in pursuing economic gains as the laboratories of democracy. Restricting states from providing pro-growth net tax relief tips the scales of federalism inexorably toward central planning and micromanagement by the federal government.

We applaud Senator Mike Braun and Congressman Dan Bishop for taking on this important fight to shield states and their hardworking taxpayers from burdensome federal overreach. We stand ready to assist you as you work to expose the numerous areas of harmful policy implemented by the American Rescue Plan Act.

Respectfully,

Lisa B. NelsonCEO, American Legislative Exchange Council (ALEC)

Grover NorquistPresident, Americans for Tax Reform

Steve MooreEconomist and Cofounder, Committee to Unleash Prosperity

Adam BrandonPresident, FreedomWorks

David McIntoshPresident, Club for Growth

Tom SchatzPresident, Council for Citizens Against Government Waste

David WilliamsPresident, Taxpayers Protection Alliance

Carrie LukasPresident, Independent Womens Forum

Heather HigginsCEO, Independent Womens Voice

Kent LassmanPresident & CEO, Competitive Enterprise Institute* (in his individual capacity)

Bob CarlstromPresident, Association of Mature American Citizens Action

Alfredo OrtizPresident and CEO, Job Creators Network

Phil KerpenPresident, American Commitment

Garrett BessVice President of Government Relations and Communications, Heritage Action for America

Brandon ArnoldExecutive Vice President, National Taxpayers Union

Brent Wm. GardnerChief Government Affairs Officer, Americans for Prosperity

Daniel GarzaPresident, The Libre Initiative

Mario H. LopezPresident, Hispanic Leadership Fund

Brian GarstVice President, Center for Freedom & Prosperity

Lori RomanPresident, American Constitutional Rights Union Action

Saulius Saul AnuzisPresident, 60 Plus Association

The Honorable Tim JonesFrmr. Speaker, Missouri House of Representatives; Chairman of the Missouri Center-Right Coalition

Douglas CarswellPresident & CEO, Mississippi Center for Public Policy

Carl BeardenCEO, United for Missouri

Joseph G. LehmanPresident, Mackinac Center for Public Policy

Chris IngstadPresident, Iowans for Tax Relief

Dave TrabertChief Executive Officer, Kansas Policy Institute

Jonathan SmallPresident, Oklahoma Council of Public Affairs

See the article here:

Coalition Letter: Fix the Ban on State Tax Cuts - Independent Women's Forum

Imperium Bus

New models include the Imperium Bus, targeting the rapidly growing US electric bus market.

New models include the Imperium Bus, targeting the rapidly growing US electric bus market.

SURREY, British Columbia, March 18, 2021 (GLOBE NEWSWIRE) -- DSG Global, Inc. (OTCQB: DSGT)("DSGT" or the "Company") is pleased to announce multiple new models of electric vehicles (EVs) added to its growing product lineup. The Company also began taking $100.00 refundable reservation deposits for the Skywell ET5 SUV, URBEE 4s and the new T-01 Personal Mobility Vehicle.

DSG Global subsidiary Imperium Motor Corp. is expanding its T01personal vehicle line with a new mobility model. This model allows the user to control turning, braking, turn signals, horn and acceleration all from the handlebar without the use of foot pedals, a great option for those who need or wish to drive the T-01 with hand controls only.

Having already generated strong interest in the T-01, we are excited for the opportunity to begin to take new orders for the mobility model in the second quarter. Our goal is to facilitate freedom and independence for a segment of the population that historically been unable to drive due to high costs of adaptive vehicles. While it typically costs $500 - $2000 to modify a car to allow for hand controls, we are pleased to be able to offer the Adaptive Mobility Control T-01 model at NO additional cost. We plan to offer additional models for this segment in the future. Our partner, Jonway Group, has the ability to develop and perfect specialized vehicles at a faster pace than most other low-speed vehicle manufacturers, and we are delighted to have them as part of our team, stated Rick Curtis, President of Imperium Motor Corp.

3.6 million Americans do not leave their home because they are disabled or housebound. As a result, only 20% of people 18 to 64 work full or part time as compared to 75% of their non-disabled peers participating in the workforce.

In December, the U.S. Department of Transportations National Highway Traffic Safety Administration (NHTSA) proposed a rule to expand mobility for people with disabilities. This rule will make it easier for individuals with disabilities to achieve greater mobility and freedom in their lives, said U.S. Transportation Secretary Elaine L. Chao.

Also, arriving early in the second quarter will be our new Imperium 12 Meter Class Bus, offered in 35 to 60 seat arrangements with a maximum capacity of 95 passengers. Our electric bus has a 322-kWh battery and is liquid cooled with air suspension on all axles and includes two ADA compliant wheelchair tiedown positions with electric roll out ramp for ease of access.

The Imperium Bus has Better Ride Dynamics through itsmonocoque construction, which integrates the chassis and body as one part, providing better handling and performance compared to traditional body frameconstruction. The floor pan can be placed much lower usingmonocoque construction, giving the vehicle a lower center of gravity. This allows the vehicle to be more agile in terms of handling and provides easier entry for passengers.

DC Fast Charging is standard on the bus allowing extra-fast charging as well as heating and air conditioning as standard equipment as well. These are known to be one of the most reliable buses in the industry and are in demand worldwide.

The US electric bus market is anticipated to grow from $469 million in 2019 to $1.5 billion in 2024 and demand is expected to continue to outpace production capabilities.

Electric buses are generating fast growing demand across the U.S., primarily driven by support of federal and state governments (in form of subsidies and grants) for the adoption of zero-emission buses. Plug-in hybrids are expected to play a lessening role in the U.S. electric bus market, mainly due to their manufacturing complexity, high cost, and tailpipe emissions.

These bus models are extremely well priced compared to the other Electric Buses offered in this segment and with five dedicated assembly plants, our production time should be second to none. continued Curtis.

U.S. Electric Bus Demand Outpaces Production as Cities Add to Their Fleets

About DSG Global

DSG Global is an emerging global technology company with an array of interconnecting businesses in some of the fastest growing market sectors. With roots in the golf industry in which it specializes in fleet management with patented analytics, mobile touch screen engagement and electric golf carts under the Vantage Tag Systems (VTS) brand, the company is moving quickly with road-ready electric vehicles for sale in the first quarter of 2021 through its Imperium Motor Company subsidiary.

About Vantage Tag Systems

Vantage Tag Systems (VTS) provides patented electronic tracking systems and fleet management solutions to golf courses and other avenues that allow for remote management of the course's fleet of golf carts, turf equipment and utility vehicles. Its clients use VTS's unique technology to significantly reduce operational costs, improve the efficiency plus profitability of their fleet operations, increase safety, and enhance customer satisfaction. VTS has grown to become a leader in the category of Fleet Management in the golf industry, with their technology installed in over vehicles worldwide. VTS is now branching into several new streams of revenue, through programmatic advertising, licensing, and distribution, as well as expanding into Commercial Fleet Management, PACER single rider golf carts, and Agricultural applications. Additional information is available athttp://vantage-tag.com/

About Imperium Motor Company

Imperium Motor Company (IMC) is an EV sales and marketing company that offers a wide variety of affordable vehicles equipped for the North American market with emphasis on great design, a green mindset, performance, and functionality. Vehicles will include high speed, mid-speed, and low speed electric vehicles including cars, trucks, SUVs, vans, buses, and scooters. For additional information about Imperium Motors' product lines, please visitwww.imperiummotorcompany.com.

Company Contact:

Dave GentryRedChip Companies, Inc.Phone: (407) 491-4498dave@redchip.com

Brokers and Analysts:Chesapeake Group+1-410-825-3930info@chesapeakegp.com

Safe Harbor for Forward-Looking Statements

This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipated", "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes but is not limited to the Company's ability to secure manufacturing facilities and supply chains, the benefits the Company expects to derive from existing and planned products, and the Company's ability to achieve production and sales targets, generally.

Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors which could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes, delays in the Company's expansion plans, regulatory changes, and the impact of and risks associated with the ongoing COVID-19 pandemic including the risk of disruption at the Company's facilities or in its supply and distribution channels. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.

Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year 2020 and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

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DSG Global Expands EV Lineup with Two New Models Available in the Second Quarter - GlobeNewswire

As universities go, Ashoka University is still young. But it is, sadly, already in decline. It took only about seven years for its founders and trustees to let down the fundamental idea that animated its institution. It was, in its own words, a pioneer in its focus on providing a liberal education at par with the best in the world a private non-profit university, an unprecedented example of collective public philanthropy in India committed to maintaining the highest intellectual and academic standards. The resignation of Pratap Bhanu Mehta puts a question mark on those claims and credentials. One of the countrys pre-eminent scholars and public intellectuals, who unsparingly and courageously asks questions of power and the powerful, whoever they may be, whatever be their political colour The Indian Express is privileged to carry his columns on these pages has been compelled to step down, first as vice-chancellor and now as professor. The circumstances indict the universitys establishment as much as they point fingers at the political regime.

When it was set up, Ashoka University seemed to be taking an important step towards addressing a great deficit in higher education. The public university had long declined due to fiscal exhaustion and breakdown of the state system combined with the exit of the Indian elites from public institutions. That, over the last couple of decades or so, had led to the proliferation of private institutions, but mostly in professional education. In its stated commitment to the liberal arts, Ashoka seemed to make a prominent and welcome promise to harness the resources of private philanthropy to address failures and deficiencies of both the state and the market. Mehtas exit from its faculty is a seminal moment because it points to the universitys unwillingness and inability to protect the freedom of expression and ideas that is an inalienable part of that commitment. It is true that the challenge of institutional autonomy is sharpened terribly by the dominant political ideology that has shown a will to conquer all spaces, and which will not hesitate to weaponise the mandate to target dissent. It is also true that the larger environment is one in which the countervailing and unelected institutions that were supposed to, in the constitutional design, apply the check and maintain the balance, are not holding up. They are caving in.

And yet, Messrs Ashok Trivedi, Pramath Raj Sinha, Sanjeev Bikhchandani, Ashish Dhawan, Vineet Gupta, Rakesh Jhunjhunwala, Manish Sabharwal, to name just a few of the Universitys distinguished trustees, need to ask themselves: Where to, now? By bending when asked, they may have inaugurated the slide, and surrendered the possibilities of the universitys rise. Because vindictiveness feeds on cowardice. And because even though the institution cannot be equated with the individual, Mehtas departure sends out a signal much larger than him. As former Chief Economic Advisor and economist, Arvind Subramanian, who has also resigned saying he is devastated by Mehtas going, has put it: Ashoka can no longer provide a space for academic expression and freedom. Thats the message to students, faculty and to the next generation waiting to go to college. That a fancy campus and a bunch of glittering CVs does never an institution make.

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Crawling on campus - The Indian Express

Proposed legislation in the New Mexico House of Representatives would set up Education Freedom Accounts, an education savings account (ESA) program for New Mexico students. If passed, the ESAs would be available to parents of public school children to pay for tuition, curriculum, and fees at private and parochial schools. The funds could also be used to pay for textbooks, uniforms, tutoring services, computers and other approved hardware, instructional materials, and educational therapies and services. The ESAs could also be used to cover the fees required to take national standardized achievement tests, such as the SAT or ACT.

The accounts would be funded in the amount determined by the department to be equal to the average amount spent by the state and school districts on public school students. If a participating student has a disability or is an English language learner, a homeless student, a low-income student, an at-risk student or a special education student, the amount deposited to that student's education freedom account shall include any weighted funding that would have been provided to a public school for a similar public school student.

Copious empirical researchonschool choice programssuch as ESAs finds they offer families improved access to high-quality schools that meet their childrens unique needs and circumstances, and that these programsimprove academic performance and attainmentand deliver a quality educationatlower costthan traditional public schools. Additionally, these programsbenefit public school studentsand taxpayers by increasing competition,decreasing segregation,andimproving civic values and practices.

Research also shows students at private schools areless likelythan their public school peers to experience problems such as alcohol abuse, bullying, drug use, fighting, gang activity, racial tension, theft, vandalism, and weapon-based threats.There is also astrong causal linksuggesting private school choice programs improve the mental health of participating students.

It is probably for these reasons, and also because teacher unions have repeatedly played politics with school closings during the COVID-19 pandemic in direct conflict with students best interests, that ESAs are more popular with parents than ever before. Polling done by EdChoice released in December 2020 found81 percent supportfor ESAs among the general public and 86 percent among current school parents, the highest level of support the program has received in the organizations eight years of polling on the issue. This represents a 4-percentage point increase over 2019. These findings are mirrored in the American Federation for Childrens seventh-annualNational School Choice Poll,released in January 2021, which saw 78 percent support for ESA programs.

The school a child attends should not be determined solely by his or her ZIP code. However, this is currently the case for most children in New Mexico. The proposed ESA program would be the perfect first step in bringing choice options to New Mexico families.

The goal of public education in the Land of Enchantment today and in the years to come should be to allow all parents to choose which schools their children attend, require every school to compete for every student who walks through its doors, and make sure every child has the opportunity to attend a quality school. There has not been a time when providing these opportunities has been more urgent and more needed than right now. Legislators should recognize that and allow families as many options as possible to get their children the education they need and deserve.

The following documents provide more information about education savings accounts and education choice.

The 123s of School Choicehttps://www.edchoice.org/wp-content/uploads/2019/04/123s-of-School-Choice.pdfThis report from EdChoice is an in-depth review of the available research on private school choice programs in America. Areas of study include: private school choice program participant test scores, program participant attainment, parent satisfaction, public school students test scores, civic values and practices, racial/ethnic integration and fiscal effects.

A Win-Win Solution: The Empirical Evidence on School Choice (Fourth Edition)http://www.edchoice.org/wp-content/uploads/2016/05/A-Win-Win-Solution-The-Empirical-Evidence-on-School-Choice.pdfThis paper by EdChoice details how a vast body of research shows educational choice programs improve academic outcomes for students and schools, saves taxpayers money, reduces segregation in schools, and improves students civic values. This edition brings together a total of 100 empirical studies examining these essential questions in one comprehensive report.

Child Safety Accounts: Protecting Our Children through Parental Freedomhttps://www.heartland.org/_template-assets/documents/publications/CSAccountsPB.pdf

In thisHeartland Policy Brief, Vicki Alger, senior fellow at the Independent Womens Forum and research fellow at the Independent Institute, and Heartland Policy Analyst Tim Benson detail the prevalence of bullying, harassment, and assault taking place in Americas public schools and the difficulties for parents in having their child moved from a school that is unsafe for them. Alger and Benson propose a Child Safety Account program, which would allow parents to immediately have their child moved to a safe school private, parochial, or public as soon as parents feel the public school their child is currently attending is too dangerous to their childs physical or emotional health.

The Public Benefit of Private Schooling: Test Scores Rise When There Is More of Ithttps://object.cato.org/sites/cato.org/files/pubs/pdf/pa830.pdfThisPolicy Analysisfrom the Cato Institute examines the effect increased access to private schooling has had on international student test scores in 52 countries. The Cato researchers found that a 1 percentage point increase in the share of private school enrollment would lead to moderate increases in students math, reading, and science achievement.

The Effects of School Choice on Mental Healthhttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=3272550This study from Corey DeAngelis at the Cato Institute and Angela K. Dills of Western Carolina University empirically examines the relationship between school choice and mental health. It finds that states adopting broad-based voucher programs and charter schools witness declines in adolescent suicides and suggests that private schooling reduces the number of times individuals are seen for mental health issues.

The Effects of the Florida Tax Credit Scholarship Program on College Enrollment and Graduation: An Updatehttps://www.urban.org/sites/default/files/publication/99728/the_effects_of_the_florida_tax_credit_scholarship_program_on_college_enrollment_and_graduation_0.pdfIn this update to a 2017 Urban Institute study, authors Matthew Chingos, Tomas Monarrez, and Daniel Kuehn find students participating in the Florida Tax Credit Scholarship Program are 99 percent more likely to enroll in a four-year college, and 56 percent more likely to graduate, than their public school peers.

The Effects of Statewide Private School Choice on College Enrollment and Graduation: Evidence from the Florida Tax Credit Scholarship Programhttps://www.heartland.org/publications-resources/publications/the-effects-of-statewide-private-school-choice-on-college-enrollment-and-graduation-evidence-from-the-florida-tax-credit-scholarship-programThis study from Urban Institute scholars Matthew Chingos and Daniel Kuehn shows Floridas Tax Credit Scholarship Program boosted college enrollment for participating students by 15 percent, with students enrolled in the program for four or more years seeing a 46 percent hike.

Fiscal Effects of School Vouchers: Examining the Savings and Costs of Americas Private School Voucher Programshttps://www.edchoice.org/wp-content/uploads/2018/09/Fiscal-Effects-of-School-Vouchers-by-Martin-Lueken.pdfIn this EdChoice study, Director of Fiscal Policy and Analysis Martin F. Lueken examined the fiscal impact of voucher programs across Americafrom their inception through fiscal year 2015to determine whether they generated costs or savings for state and local taxpayers. Lueken found these programs generated cumulative net savings to state and local budgets of $3.2 billion. This represents a $3,400 savings per voucher recipient.

Nothing in thisResearch & Commentaryis intended to influence the passage of legislation, and it does not necessarily represent the views of The Heartland Institute. For further information on this subject, visitSchool Reform News, The Heartland Instituteswebsite, andPolicyBot, Heartlands free online research database.

The Heartland Institute can send an expert to your state to testify or brief your caucus; host an event in your state; or send you further information on a topic. Please dont hesitate to contact us if we can be of assistance! If you have any questions or comments, contact Heartlands government relations department, atgovernmentrelations@heartland.orgor 312/377-4000.

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Publications - Research & Commentary: Time is Now for Education Freedom Accounts in New Mexico - The Heartland Institute

Freedom Foods' share remain suspended at its own request

Graham's departure marks another executive to leave the New South Wales business, which has been bogged down for almost a year investigating possible fraudulent activity in its accounts dating back to June, and more recently agreed a AUD200m (US$156.7m today) capital injection from its majority shareholder Arrovest, led by the Perich family, as part of a recapitalisation exercise.

Its share remain suspended on the Australian Securities Exchange (ASX) at Freedom Foods' request, and have not traded since last June. The company has repeatedly extended the suspension as it seeks to resolve the crisis at hand.

Freedom Foods producesconsumer-dairy products, dairy ingredientsand plant-based beverages. In December, the company announced the sale of its cereal and snacks division to local peerThe Arnott's Group, owned by US private-equity firm KKR, for AUD20m.

The financial saga at Freedom Foods resulted in the resignation of CEO Rory Macleod in June, the same month CFOCampbell Nicholas also quit the business, followed by vompany secretary Trevor Allen. Michael Perich is currently serving as interim chief executive.

Jose Lemoine, who stepped in as CFO when Nicholas departed, will now occupy the same executive position again with immediate effect.

"Ms. Lemoine has been working within the company's finance team since November 2020," Freedom Foods said in thefiling with the ASX. "The board of Freedom Foods Group thanks Ms. Graham for her service and commitment to the company and wishes her well in her future endeavours."

In January, Freedom Foods' chairman Perry Gunner noted in another ASX filing that the company was reviewing the potential disposal of its "Speciality Seafood" division, which would leave the business engaged in dairy and nutritionals and plant-based beverages.

Perich noted in the same document: "Wehave been reviewing every product line, every site, every sales channel and every market segment to ensure we are focused on those with the greatest potential. We are removing or repositioning products that are not delivering value and investing in the ones that are."

Those comments were issued on the back of Freedom Foods' financial results for the fiscal year to 30 June 2020, the most recent numbers. All of the company's 2019 accounts have been restated.

Revenue climbed 26% to AUD461.8m, but losses permeated the rest of the results. EBITDA was in the red to the tune of AUD96.7m, widening from the previous year's loss of AUD118.6m.

Net profit after tax was a loss of AUD174.5m, down from a corresponding loss of AUD145.8m. Net debt stood at AUD275.2m, up from AUD122m in the prior 12 months.

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Freedom Foods sees another CFO depart troubled Australian dairy business - just-food.com

The Senators introduced, "a bipartisan approach to adult-use marijuana legalization in Pennsylvania."

HARRISBURG, Pa. Two state senators from both sides of the aisle will introduce legislation to legalize recreational marijuana in Pennsylvania, according to a memo published Wednesday on the Pennsylvania State Senate website.

Sen. Daniel Laughlin (R-Erie) will join Sen. Sharif Street (D-Philadelphia) in introducing "a bipartisan approach to adult use marijuana legalization in Pennsylvania," the Senate memo said.

"Adult use of marijuana is supported by two-thirds of Pennsylvanians and has majority support in rural, suburban, and urban legislative districts," the memo states. "This bipartisan approach is grounded in safety and social equity."

According to the memo describing the legislation, the bill would set the minimum age for legal consumption of recreational marijuana at 21, and would also "provide the appropriate deterrence to keep marijuana out of the hands of anyone under age 21," the co-sponsors said in the memo.

The bill would also decriminalize marijuana "up to a certain limit as has been championed in a bipartisan fashion" and would expunge non-violent marijuana convictions, both for medical marijuana patients and other non-violent offenders, the senators said.

Such a move also has bipartisan support, according to the bill's co-sponsors.

The legislation would also provide the appropriate deterrence to keep marijuana out of the hands of anyone under age 21, give law enforcement the means to adjudicate driving under the influence, and provide police with the authority to "pursue and eradicate any illicit market," the sponsors said in the memo.

State Democrats have long supported legalization and Gov. Tom Wolf made the issue a priority in his 2021 budget address.

State Republicans, State Sen. Laughlin included, have opposed it.

Laughlin changed his mind, he said, because he believes a more open market is a decidedly Republican value.

"Republican government stands for less government and more freedom, and I dont know what would be more free than this," Laughlin said.

The bill would also ban any marketing of recreational marijuana directed at children and provide workplace requirements regarding marijuana use for those operating in good faith, the senators said.

The legislation would also address social equality by granting licenses to social and economic equity applicants while providing room for new and existing licensees to ensure demand in Pennsylvania is met.

"This is the morally right thing to do, this is the libertarian free market thing to do, this is the economically responsible thing to do. The time is right to move forward with cannabis legalization," State Sen. Street said.

Farmers and craft crowers across the commonwealth would be able to "engage in the cultivation of marijuana in a manner that is safe and regulated" under the terms of the proposal, its co-sponsors said.

Laughlin and Street point to recent legislation passed in New Jersey that legalized adult use of marijuana, and noted that legislation in New York appears likely to pass in the future.

"It is our duty to taxpayers to seize the initiative and legalize marijuana concurrently with bordering states," the senators said. "Failure to do so risks permanently ceding hundreds of millions of dollars of new tax revenue as well as thousands of jobs at a time when taxpayers can least afford it."

In February 2021 Appropriations hearings, the senators noted, the Pennsylvania Independent Fiscal Office projected the legalization of marijuana for adult use will generate $400 million to $1 billion in new tax revenue for the Commonwealth.

Laughlin and Street called for the fellow senators to join them "in co-sponsoring a bipartisan and regulated approach to the legalization of adult use marijuana," the memo concludes.

Laughlin, who serves Senate District 49 in Erie County, serves as chair of the Pennsylvania Game and Fisheries Committee, vice-chair of the Banking & Insurance Committee, and is a member of the Appropriations, Community, Economic, & Recreational Development, Law & Justice, and State Government committees. A former construction company owner, he was elected to the State Senate in 2016.

Street, who serves the Senate District 3 in Philadelphia County, is minority chair of the Banking & Insurance and State Government committees, and also serves as a member of the Agricultural & Rural Affairs, Appropriations, and Local Government committees. He has served on the State Senate since his election in 2016. The son of former Philadelphia Mayor John Street, he is a supporter of criminal justice reform, environmentally-friendly energy production, cannabis legalization and equity education finance.

Street has called for the legalization of recreational marijuana before. In 2020, he joined fellow Democratic Sen. Daylin Leach in introducing Senate Bill 350, which is considered the "gold standard" for the legalization of recreational marijuana in the state.

State Rep. Jake Wheatley (D-Pittsburgh) introduced similar legislation in the House.

Neither bill came up for a committee vote.

While my colleague Senator Street and I come from different political parties, we see a bipartisan way forward on marijuana legalization that is premised on safety and social equity, said Laughlin in a press release Wednesday afternoon. As the marijuana movement reaches Pennsylvania, legalization must be done the right way. This bill ensures a legalized market in the Commonwealth is implemented safely and responsibly, with a thoughtful approach that provides opportunities to medical and recreational consumers, farmers, and small, medium and minority-owned businesses.

Pennsylvania Governor Tom Wolf and Lieutenant Governor John Fetterman have both called for legislation to legalize recreational marijuana use for adults in Pennsylvania.

The commonwealth passed legislation to legalize marijuana for medicinal use in the 2015-16 legislative session.

Im proud to join my Republican colleague and introduce this historic, bipartisan bill to legalize marijuana, said Street in the same release. In close collaboration with Senator Laughlin, key community groups and stakeholders throughout the Commonwealth, we developed a bill that will benefit communities across the Commonwealth. I look forward to working with my colleagues in the Legislature and with the Administration to build support for this critical legislation that aims to make Pennsylvanias cannabis market the most diverse and inclusive in the country while enabling those who have been harmed by prohibition to seal their records and rebuild their lives.

The Pennsylvania Family Institute issued a statement Wednesday opposing the new legislation.

"There are a host of reasons why full marijuana legalization is disastrous for our communities," the organization said. "It would mean dangerously-high potent marijuana with up to 99% THC consistently packaged in ways that attract youth - including ice creams, candies and flavored vaping products like Strawberry Cough and Mango Dream. It would create more pot shops than Starbucks and McDonalds combined.

"Despite legalized states placing bans on marketing to children, you still see colorful billboards for marijuana in states like California or Facebook pages touting their kid-friendly marijuana products. Its the Big Tobacco strategy for targeting teens and addicting lifetime customers, applied to marijuana. And Big Tobacco giants like Altria are right now huge investors in the push for states to commercialize marijuana."

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Senators from two parties introducing bill to legalize recreational marijuana in Pennsylvania - WNEP Scranton/Wilkes-Barre

LAKE FOREST, Calif.--(BUSINESS WIRE)--STAAR Surgical Company (NASDAQ: STAA), a leading developer, manufacturer and marketer of implantable lenses and companion delivery systems for the eye, today reported financial results for the fourth quarter and fiscal year ended January 1, 2021.

Fourth Quarter 2020 Overview

Full Year 2020 Overview

Our 2020 performance reflects the continued momentum behind STAARs commercial growth and product innovation. Consequently, we achieved strong fourth quarter results and met our original sales targets for the second half of 2020, despite the unprecedented global pandemic. Our momentum has continued into the first weeks of 2021, said Caren Mason, President and CEO of STAAR Surgical. For the full year 2020 ICL unit growth was up 11% as compared to a 21% decline in industry-wide refractive procedures.1 STAARs positive growth affirms the increasing adoption for our EVO ICL family of implantable lenses and illustrates that our lenses continue to capture refractive market share. We believe our lenses are likely to grow the overall market demand for refractive procedures. In 2021 we are confident that our strategies will continue to expand the ICLs position as a transformational pathway to Visual Freedom for patients seeking a life independent of glasses and frequent replacement contact lenses as we support a lens-based future of refractive vision correction.

Financial Overview Q4 2020

Net sales were $46.0 million for the fourth quarter of 2020, up 18% compared to $38.9 million reported in the prior year quarter. The sales increase was driven by ICL revenue and unit growth of 20% and 13%, respectively, as compared to the prior year period. Other Product Sales increased 10% compared to the prior year quarter due to increased injector parts sales. ICL revenue was 87% of total Net sales for the fourth quarter of 2020.

Gross profit margin for the fourth quarter of 2020 was 74.6% compared to the prior year period of 74.1%. Factors impacting gross margin in the fourth quarter of 2020, as compared to the prior year period, include geographic sales mix partially offset by inventory reserves taken on certain lower margin IOL products which are being discontinued, and manufacturing projects.

Operating expenses for the fourth quarter were $30.2 million compared to the prior year quarter of $26.5 million. General and administrative expenses were $9.5 million compared to the prior year quarter of $7.9 million. The increase in general and administrative expenses was due to increased salary-related costs, variable compensation, corporate insurance and facilities costs. Selling and marketing expenses were $11.8 million compared to the prior year quarter of $11.2 million. The increase in selling and marketing expenses is due to increased salary-related costs and advertising and promotional expenses, partially offset by decreased travel, sales meetings and trade show expenses. Research and development expenses were $9.0 million compared to the prior year quarter of $7.4 million. The increase in research and development expenses is primarily due to increased clinical expenses associated with our EVO clinical trial in the U.S., and increased salary-related expenses and variable compensation.

Net income for the fourth quarter of 2020 was $3.3 million or $0.07 per diluted share compared with net income of $6.4 million or $0.14 per diluted share for the prior year quarter. The year over year decrease is attributable to higher provision for income taxes as the result of a $0.07 per diluted share tax benefit in 2019. Adjusted Net Income for the fourth quarter of 2020 was $6.8 million or $0.14 per diluted share compared to $5.5 million or $0.12 per diluted share for the prior year quarter. The reconciliation between GAAP and non-GAAP financial information is provided in the financial tables included with this release.

Financial Overview Full Year 2020

Net sales were $163.5 million for full year (FY) 2020, up 9% compared to $150.2 million reported in the prior year. The sales increase was driven by ICL revenue and unit growth of 9% and 11%, respectively. Other Products Sales increased 6% compared to the prior year. ICL revenue was 87% of total net sales for FY 2020.

Gross profit margin for FY 2020 decreased to 72.4% of total net sales compared to 74.5% of total net sales for FY 2019. The decrease in gross margin for the year is due to geographic sales mix, a voluntary pause in manufacturing at the Companys principal manufacturing facility commencing in March due to the pandemic, and period costs related to manufacturing projects.

Operating expenses for FY 2020 were $111.6 million compared to prior year of $100.1 million. The increase in operating expense is due to increased salary-related costs, variable compensation, corporate insurance and facilities costs, and increased clinical expenses associated with the Companys EVO clinical trial in the U.S.

Net income for FY 2020 was $5.9 million or approximately $0.12 per share compared with net income of $14.0 million or $0.30 per diluted share for the prior year. The year over year decrease in net income is due to lower operating income and a higher provision for income taxes as the result of a $0.07 per diluted share tax benefit in 2019. Adjusted Net Income for FY 2020 was $16.7 million or $0.35 per diluted share, compared with an Adjusted Net Income of $21.7 million or $0.46 per diluted share for FY 2019. The reconciliation between GAAP and non-GAAP financial information is provided in the financial tables included with this release.

Cash and cash equivalents at January 1, 2021 totaled $152.5 million, compared to $120.0 million at end of the fourth quarter of 2019. The Company generated $21.0 million in cash from operations for FY 2020.

1 Market Scope Refractive Surgery Report, January 2021.

Conference Call

The Company will host a conference call and webcast today, Wednesday, February 24 at 4:30 p.m. Eastern / 1:30 p.m. Pacific to discuss its financial results and operational progress. To access the conference call (Conference ID 7649387), please dial 833-350-1429 for domestic participants and 647-689-6661 for international participants. The live webcast can be accessed from the investor relations section of the STAAR website at http://www.staar.com.

A taped replay of the conference call (Conference ID 7649387) will be available beginning approximately one hour after the calls conclusion for seven days. This replay can be accessed by dialing 800-585-8367 for domestic callers and 416-621-4642 for international callers. An archived webcast will also be available at http://www.staar.com.

Use of Non-GAAP Financial Measures

This press release includes supplemental non-GAAP financial information, which STAAR believes investors will find helpful in understanding its operating performance. Adjusted Net Income excludes the following items that are included in Net Income as calculated in accordance with U.S. generally accepted accounting principles (GAAP): gain or loss on foreign currency transactions, stock-based compensation expenses, and valuation allowance adjustments. Management believes that Adjusted Net Income is useful to investors in gauging the outcome of the key drivers of the business performance: the ability to increase sales revenue and our ability to increase profit margin by improving the mix of high value products while reducing the costs over which management has control.

Management has also excluded gains and losses on foreign currency transactions because of the significant fluctuations that can result from period to period as a result of market driven factors. Stock-based compensation expenses consist of expenses for stock options and restricted stock under the Financial Accounting Standards Boards Accounting Standards Codification (ASC) 718. Valuation allowance adjustments can occur from time to time based on forecasted changes in operating results until all net operating loss carryforwards are fully utilized. In calculating Adjusted Net Income, STAAR excludes these expenses because they are non-cash expenses and because of the considerable judgment involved in calculating their values. In addition, these expenses tend to be driven by fluctuations in the price of our stock and not by the same factors that generally affect our other business expenses.

The Company also uses Constant Currency as a Non-GAAP financial measure to exclude the effects of currency fluctuations on net sales. The Company conducts a significant part of its activities outside the U.S. It receives sales revenue and pays expenses principally in U.S. dollars, Swiss francs, Japanese yen and euros. The exchange rates between dollars and non-U.S. currencies can fluctuate greatly and can have a significant effect on the Companys results when reported in U.S. dollars. In order to compare the Company's performance from period to period without the effect of currency, the Company will apply the same average exchange rate applicable in the prior period, or the "constant currency" rate to sales or expenses in the current period as well. Because changes in currency are outside of the control of the Company and its managers, management finds this non-GAAP measure useful in determining the long-term progress of its initiatives and determining whether its managers are achieving their performance goals. The Company believes that the non-GAAP constant-currency sales results measures provided in this press release are similarly useful to investors to give insight on long term trends in the Company's performance without the external effect of changes in relative currency values. The table below shows sales results calculated in accordance with GAAP, the effect of currency, and the resulting non-GAAP measure expressed in constant currency.

About STAAR Surgical

STAAR, which has been dedicated solely to ophthalmic surgery for over 30 years, designs, develops, manufactures and markets implantable lenses for the eye with companion delivery systems. These lenses are intended to provide visual freedom for patients, lessening or eliminating the reliance on glasses or contact lenses. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. STAARs lens used in refractive surgery is called an Implantable Collamer Lens or ICL, which includes the EVO Visian ICL product line. More than 1,000,000 Visian ICLs have been implanted to date and STAAR markets these lenses in over 75 countries. To learn more about the ICL go to: http://www.discovericl.com. Headquartered in Lake Forest, CA, the company operates manufacturing and packaging facilities in Aliso Viejo, CA, Monrovia, CA and Nidau, Switzerland. For more information, please visit the Companys website at http://www.staar.com.

Safe Harbor

All statements that are not statements of historical fact are forward-looking statements, including statements about any of the following: any financial projections, plans, strategies, and objectives of management for 2021 or prospects for achieving such plans, expectations for sales, revenue, margin, expenses or earnings, the expected impact of the COVID-19 pandemic and related public health measures (including but not limited to its impact on sales, operations or clinical trials globally), product safety or effectiveness, the status of our pipeline of ICL products with regulators, including our EVO family of lenses in the U.S., and any statements of assumptions underlying any of the foregoing, including those relating to our product pipeline and market expansion activities. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties related to the COVID-19 pandemic and related public health measures, as well as the factors set forth in the Companys Quarterly Report on Form 10-Q for the quarter ended April 3, 2020, and Annual Report on Form 10-K for the year ended January 3, 2020 under the caption Risk Factors, which is on file with the Securities and Exchange Commission and available in the Investor Information section of the companys website under the heading SEC Filings. We disclaim any intention or obligation to update or revise any financial projections or forward-looking statement due to new information or events. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the following: global economic conditions; the discretion of regulatory agencies to approve or reject existing, new or improved products, or to require additional actions before approval, or to take enforcement action; international trade disputes; and the willingness of surgeons and patients to adopt a new or improved product and procedure. The EVO version of our ICL lens is not yet approved for sale in the United States.

$ 152,453

$ 119,968

35,229

30,996

18,111

17,142

10,625

6,560

216,418

174,666

24,030

17,065

596

1,867

8,764

6,684

270

296

1,786

1,786

4,944

4,408

608

751

$ 257,416

$ 207,523

$ 1,379

$ 1,827

7,874

8,050

360

560

2,485

2,700

4,532

3,644

24,606

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STAAR Surgical Reports Fourth Quarter and Full Year 2020 Results - Business Wire