COSTA MESA, Calif., September 30, 2019 (Newswire.com) –
Despite the smart door lock market being saturated by brands like August, Schlage, and Google’s Nest, Wikibox Inc. is showing that there is still room for technological improvements for smart door locks.
Wikibox Inc.’s JIIPKEY utilizes patented sound technology to create digital SoundKeys™. These are essentially encrypted sound files that the JIIPKEY lock master and guests can use to safely unlock doors. SoundKeys™ are also extremely convenient since they can be used even if JIIPKEY is not connected to the Internet or phone via Bluetooth. SoundKeys™ can be sent from the JIIPKEY app via text messages or other third-party messaging apps and can be accessed instantly by guests without having to download the app.
When connected to the internet, JIIPKEY can:
- Generate and send new SoundKeys™ to family members, friends, and other guests
- Allow the door lock master(s) to view the access history
- Allow the door lock master(s) to unlock the door remotely
JIIPKEY has been competitively priced and provides more value than other smart door locks. Limited Early Bird rewards are still available and start at $99 for just the JIIPKEY and $132 for the JIIPKEY and a keypad. More information can be found on JIIPKEY and a list of doors it is compatible with can be found on its Kickstarter page.
Source: Wikibox Inc.
Get In On The Hottest Investment Trend Today: SPACs
The hottest new investment trend right now are SPACs, or special purpose acquisition company. It’s how Nikola Motor Company, which plans on making both electric and hydrogen-powered trucks, went public virtually overnight.
With the IPO market cooling, it has become an appealing alternative for private companies looking for a quicker and easier path to being publicly traded.
Now billionaires are tripping over themselves to create SPACs as quickly as possible. They need to do so if they want to get in on the gold rush.
What are SPACs?
SPACs are commonly referred to as a “blank check” company and with good reason: they are created to go around gathering a bunch of money from investors with the only goal to buy an existing business within a specific time frame, usually 18 to 24 months.
The management team essentially has a blank check to go out and buy any business it sees fit. Some are created with a specific acquisition in mind. Others are created simply to have the money in place and ready to go when the opportunity arises.
The structure is very similar to private equity deals or leveraged buyouts. Also, private equity firms, hedge funds, and other “smart money” investors sponsored the creation of many SPACs.
Many of these SPACs are publicly traded. So, if the idea of having “smart money” go around hunting for the best deals on your behalf sounds appealing, you can typically invest in them through your normal brokerage account.
Here’s a short list of SPACs that you can either buy today or can buy very shortly once they go public. Be aware, many of these SPACs are just a few weeks old. So, there isn’t much history to judge their performance by.
Pershing Square Tontine Holdings (PSTH.U)
Fresh off a billion-dollar payday in March, Pershing Square Capital Management’s Bill Ackman just launched a $4 billion SPAC, the largest in history after overwhelming interest from investors.
Ackman has the right to put in another billion, giving the company access to a total of $5 billion to hunt for what Ackman calls a “unicorn” with “significant long-term growth potential that will be likely candidates for inclusion in the S&P 500 index.”
“Our thesis is by having a $5 billion cash pile in a public company; it’s our own version of a unicorn. It’s a one-of-a-kind entity,” Ackman said during an interview with Yahoo Finance. “So, we’re looking to marry a unicorn. So we’re prettying ourselves up for the most attractive possible partner.”
Churchill Capital IV (CCIV.U)
While not publicly traded yet, this will be founder Michael Klein’s fourth SPAC. Two of them have acquired companies and one has yet to find an acquisition target. To highlight investor demand for SPACs, Klein raised $1.8 billion for his fourth SPAC. This figure stands at 80% more than what he originally planned.
With his latest SPAC, Klein is looking for a company with excellent long-term growth prospects, a strong competitive advantage, recurring revenue, attractive free cash flow. He is also looking for a company that is in an industry where consolidation opportunities exist.
Dragoneer Growth Opportunities (DGNR.U)
Like Churchill Capital, this SPAC is not yet publicly traded. The company is lead by CEO Marc Stad, who appeared multiple times on Fortune magazines “40 Under 40” list. Also, other directors include David Ossip, CEO of Ceridian HCM Holding, and Sarah Frier, CEO of neighborhood social network Nextdoor.
Stad has a strong pedigree, having backed a number of very successful companies in the past, including Spotify and Uber Technologies. Dragoneer will focus on six areas: software, internet, media, consumer/retail, healthcare IT, and financial services/fintech.
East Resources Acquisition (ERESU)
Current Buffalo Bills and Buffalo Sabres owner Terry Pegula started East Resources targeting the energy industry in North America.
It makes sense given Pegula’s history, having sold his company, East Resources, to Royal Dutch Shell for $4.7 billion in 2010.
Now Pegula is back, looking for operational control of a company that has long-lived assets with low fixed costs, that is producing oil and gas and generating free cash flow, but is operating below full capabilities.
With Pegula’s extensive knowledge of the oil and gas industry, he could find multiple opportunities in a short period of time.
Trump Wants Payroll Tax Cut, What That Means For You
The next stimulus bill proposal is expected to be released as early as this week. With this, one of the major battleground items in the bill will be a payroll tax cut.
As we mentioned on Friday, National Economic Council chief Larry Kudlow wants a payroll tax cut included to help spur economic growth. Kudlow views the tax cut as a wage subsidy the government would give to employers. These employers would, in turn, pass it on to their employees.
Treasury Secretary Steve Mnuchin would rather send another stimulus check. He believes that the Democrat-led House would never approve a payroll tax.
Yesterday, President Trump raised the stakes by saying that he would consider not signing the next stimulus bill if it doesn’t include a payroll tax cut.
“I want to see it,” Trump said during an interview with Fox News. “I’ll have to see but, yeah, I would consider not signing it if we don’t have a payroll tax cut, yes.”
So what is a payroll tax cut, and how would it benefit the average American?
What Is A Payroll Tax Cut
For working Americans, 7.65% of your earnings are subtracted from each paycheck to help pay for Social Security and Medicare (6.2% goes to Social Security; 1.45% goes to Medicare). Your employer also pays an equal amount of taxes.
The Social Security tax is only collected on the first $137,700 of earnings; however, if you earn more than $200,000 per year, an additional 0.9% Medicare tax is collected on wages over $200,000.
What hasn’t been determined yet is if President Trump is insisting on a 100% tax cut or a smaller percentage. Let’s assume it’s a 100% payroll tax cut. For someone making $25 per hour and working a standard 40 hour work week, the savings would be $76.50 per week. This goes for a little more than $300 per month.
It’s also unclear how long the tax cut would last. In previous comments, President Trump mentioned extending the tax cut through November or possibly the remainder of the year.
The goal of the tax cut would be to allow workers to keep more of their wages in each paycheck. This would give them more money to spend and help boost the economy. Critics say that the money wouldn’t get into the economy quickly enough with a tax cut. Instead, like Treasury Secretary Mnuchin, they prefer to send out stimulus checks that are available for immediate spending.
The other knock against a payroll tax cut is that it does nothing for those who aren’t collecting a paycheck, i.e. the tens of millions of unemployed Americans.
There is also concern about diverting money – at least temporarily – away from the chronically under-funded Social Security and Medicare programs. While the thought is to simply close the funding hole at a later date, there’s no framework in place to ensure that will occur.
We should know additional details of the plan this week when the proposal is released and we hear more from President Trump.
Trump Signs PPP Loan Extension, Labor Sec. Says ‘No’ To More Unemployment Benefits
Small business owners now have until August 8 to apply for a loan through the Paycheck Protection Program (PPP). This is thanks to a bill signed by President Trump on Saturday.
The deadline to apply was June 30. However, more than $134 billion in funding still available according to the Small Business Administration. With this, President Trump extended the deadline so more businesses could benefit from the program.
The bill signed by President Trump also separated the authorized limits for loan commitments from other lending programs offered by the Small Business Administration.
According to the SBA, the PPP had awarded more than 4.7 million forgivable loans for more than $518 billion as of June 27.
Officials in the Trump administration said on Thursday that they will begin releasing information on the companies that have received more than $150,000 from the program. This is in an effort to address complaints about large, well-funded companies. These large companies receive PPP loans while many small or independently-owned businesses struggled to receive funding.
According to the US Treasury, approximately 5,300 borrowers have received almost 2.5 million loans worth $228 billion. That is roughly 44 percent of total PPP spending.
The SBA made an effort to address another complaint by small businesses. It has lowered the percentage of the loan balance that must be used to keep employees on the payroll. Previously, if more than 25% of the loan balance was used for purposes other than keeping employees on the payroll, the loan would have to be repaid. That threshold has been reduced to 60% of the loan balance used on employee salaries to make the loan forgivable.
The Program’s Significance
President Trump credits the Paycheck Protection Program with keeping an estimated 50 million Americans employed when they would otherwise have lost their jobs, preventing the unemployment rate from worsening as the country faced an economic shutdown.
The extension of the Paycheck Protection Program had unanimous bipartisan support. However, the July 31 deadline to extend the enhanced unemployment benefits will be hotly contested.
The latest high-ranking cabinet member to come out against extending the benefits is Labor Secretary Eugene Scalia.
During an interview on Fox News Sunday, Scalia said PPP loans serve as an “essential” part of the recovery. However, he doesn’t believe that $600-a-week enhanced unemployment benefits are needed beyond their July 31.
“It was a really important thing to do as we were shutting our economy down. Americans across the country were basically being told, and we needed to take measures, but they were basically being told, you can’t go to work right now and so we needed that substantial unemployment benefit. There are some states where you can get on an annual basis $75,000 a year right now on unemployment. As we reopen the economy, I don’t think we need a benefit like that.” he said.
Scalia added, “During the so-called Great Recession 10, 12 years ago when we had a downturn, The added federal unemployment benefit was $25 a week. What we did in the CARES Act was $600 a week.”
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