Corporate America April 2015 by AI Global Media

NEW ACTIVE AND WELLNESS SOLUTIONS + 2015 AUDI A3 CABRIOLET

Corporate America APRIL 2015 • WWW.CORPORATEAMERICA-NEWS.COM

Real Estate 2015 Trends:

Fewer to Move, More to Renovate

PLUS: VALUATION IN THE FAIR VALUE ERA!

We spoke to Greg Forsythe, Director and Centre of Valuation Excellence Leader.

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Contents 20

Feature

Valuation in the fair value era!

We caught up with Greg Forsythe, Director and Centre of Valuation Excellence Leader.

12 Personnel Profile

It’s About Thyme!

About Thyme is a full service catering company, established in the Los Angeles area. We spoke to owner, John Kinderman, about how he’s created a catering buzz

Company Profile

Kohl’s Delivers New Active and Wellness Solutions to Families Nationwide

4 News

24 Deals

28 28 Out of Office

Exclusive Oxegeno System Facial

We visit Loretto Spa, One of only two US spas to offer this state of the art system!

Out of Office

2015 AUDI A3 Cabriolet

The A3 Cabriolet offers two engine and powertrain options for open air enjoyment! Join us as we take it for a spin

34 Calendar/ Planner

On the Cover Feature Real Estate 2015 Trends: Fewer to Move, More to Renovate! We find out why Americans are more likely to stay put, but Californians and New Yorkers will still move more frequently. Page 5

April 2015 • CorporateAmerica • 3

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News

Pantheon UK Reveal Plans for US Expansion of Their Network

DL Media Unveils New Website for Branson AirExpress

There are many ties that bind the United States to our cousins in the United Kingdom, both historical and cultural, among them a deep-rooted love for business and entrepreneurism. We live and work in an increasingly global market, but entrepreneurs should see this as opening up a world of opportunities, rather than an unwelcome challenge. And there’s one market above all that can be particularly lucrative and inviting for UK entrepreneurs: right here in the United States. Here, Pantheon UK reveals their plans for expansion on this side of the Atlantic. “American expansion has been in our plans for a while, and to this end we’ve been building up contacts in the United States,” said Boyd Parker, director of Pantheon UK. “Our plans have now come to fruition, and we’re pleased to announce that we’ll be expanding our organizational ties into New York as we move further into 2015. This expansion of our international network will see us build on the success that we’ve enjoyed in the UK, and will bring real benefits to our clients, both at home and abroad.” The famous American dream is based upon the vision that people can build a business from nothing, changing their life forever. It’s essential for these US entrepreneurs to promote their products and services within a crowded market. This is why direct marketing can be just as effective in the US as it is in the UK. Having a great track record in the United Kingdom can help open doors in America. Businesses can see the benefits that your clients have achieved, even though it has been in another country. The lack of a language barrier is another reason why the United States can be so attractive to entrepreneurs from the UK. Added to this is the fact that the US economy is beginning to grow again, and is still the largest economy in the world. It’s no surprise that so many entrepreneurs are looking towards Uncle Sam in 2015. “We’ve had a great reception from contacts in New York, and they’re enthusiastic about the services we can provide for them,” said Boyd Parker. “American business people are smart, they realise that direct marketing is still the most cost effective way of getting great results, fast. From March, we’ll be the stars of our very own American dream.” Pantheon are experts in customer acquisition and brand growth, and they’ll be using their direct marketing campaigns to help clients in both the UK and the US.

DL Media has announced the launch of the new Branson AirExpress DL Media has announced the launch of the new Branson AirExpress website at BransonAirExpress. com. The new, responsive website features the new destinations for Branson AirExpress, a user-friendly flight information search function and online booking capabilities. With a responsive design, it allows users to make travel plans on any device desktop, tablet or smartphone. “Technology, and the way people interact with it, is constantly changing. The success of your business depends on your ability to keep up with those changes. DL Media is diligent about making sure our clients’ websites are user-friendly, interactive and accessible across all platforms,” said Dianne Davis, president of DL Media. “Creating an app for your company may seem like a good idea, but it usually strips down the information on your website. Investing that same money in a responsive website that works on all devices is a much more effective use if your company’s resources.” A mobile responsive website is a design approach aimed at providing an optimal viewing experience for customers, no matter what type of device they are using to access the website. Images and text automatically scale to optimal viewing on any device. Responsive design is now Google’s preferred format notated by a recently implemented notation of ‘mobile-friendly’ in their search engine results. “We are so pleased with the new Branson AirExpress website created by Dianne Davis and her team at DL Media. This new, responsive site is very easy to use and has been a huge hit with our customers. I would highly suggest a responsive website, as it serves the same purpose as an app with the high cost associated with building an app,” said Rachel Wood, Deputy Director of Marketing and Air Service Development for the Branson Airport and Branson AirExpress. Founded in 1997, DL Media is a full-service digital marketing and advertising agency headquartered in Nixa, Mo. The agency works to advance clients’ businesses by helping solve marketing challenges through relevant, engaging and compelling communications. For more information about DL Media visit dlmedia.com.

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News

Americans are more likely to stay put, though Californians and New Yorkers will move more frequently Green home improvement projects are on the rise, but fewer Americans want to DIY 27.8 million Americans, or 12% of the population, plan to move this year, down from last year’s 16%, according to the latest American Express Spending & Saving Tracker. Though more are staying put, two of the country’s most densely populated states, California and New York, are setting a more aggressive pace, with 19% and 17% of their residents making a move, respectively. Overall, the survey findings reflect the housing market’s continued recovery. Fewer people say it’s a buyer’s market, while a quarter now feel we’re in a seller’s market, a significant increase from just three years ago. More to Trade New Houses for Improved Homes; Ditch DIY for Contractors As more Americans decide to stay in their current housing, widespread home improvements will continue (75% vs. 73% in 2014), spending about the same as last year, on average, for projects ($4,100 vs. $4,000 in 2014). While there’s little change in the amount of people doing home improvements, there’s a shift in who will complete them. More are turning to contractors to make their home improvement vision a reality (21% vs. 15% in 2014), over opting for the DIY approach. Those that say they will commit the time and energy to DIY declined significantly this year (65% vs. 72% in 2014). “Retailers can expect to see more interest in home-related purchases - everything from furniture and fixtures to paint and plants,” said David Rabkin, SVP of Consumer Lending Products, American Express. “While fewer people are planning to move this year, they are investing in home improvement projects, and more are turning to professionals for help.”

Real Estate 2015 Trends: Fewer to Move, More to Renovate

In general, Americans will focus more on remodelling indoor spaces instead of outdoor (65% vs. 39%) Top projects this year include: For Americans embarking on home improvement projects this year, home design TV shows provide homeowners with their biggest source of inspiration (37% vs. 38% in 2014). Similarly online magazines and DIYthemed blogs (32% vs. 30% in 2014) as well as social media sites (22% vs. 19% in 2014) also serve to inspire.

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We are a firm established in 1940 in Mexico City, with more than 70 members specialized in consulting, assistance and providing legal and technical services in Intellectual Property including the development of comprehensive strategies to ensure the protection, defense and conservation of all the rights that cover this subject in Mexico and in foreign countries. Our services also comprise themes in specialized areas such as Copyright, related Rights, Corporate Law, Information Technologies, Anti-Counterfeiting, as well as the drafting and elaboration of Franchise Agreements, appraisals of both brands and patents in compliance with the Financial Information Standards (NIF).

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News

WideOrbit Names Robert S. Tesler as General Counsel WideOrbit Inc., the leading provider of advertising management software for media companies, is pleased to announce that Robert S. Tesler has joined the company as General Counsel. In this new role for the company, Mr. Tesler will provide legal support to the company and its board of directors.

American Homeowner Preservation to Sponsor LendIt

With 20 years of legal experience, Tesler joins WideOrbit from Aruba Networks where he served as Vice President of Legal and Strategic Business Partnerships and most recently, spearheaded legal matters in connection with Aruba’s proposed sale to Hewlett-Packard Company. Also during his tenure with Aruba, he was responsible for all legal aspects of public company reporting, mergers and acquisitions, strategic business partnerships and entity management. Prior to Aruba, Tesler was Of Counsel with Silicon Valley’s premiere law firm, Wilson Sonsini Goodrich & Rosati, P.C., where he advised corporate clients on a wide variety of transactions including mergers and acquisitions, public equity offerings and private company financing. Tesler began his legal career as a litigator with the firm of Whitman Breed Abbott & Morgan in New York. He earned his Juris Doctorate from the University of Southern California’s Gould School of Law and his Bachelor of Arts from Cornell University’s College of Arts and Sciences. “I am thrilled to have the opportunity to join an established, rapidly growing Technology Company with WideOrbit’s sterling reputation for client satisfaction and its outstanding management team,” said Tesler. “WideOrbit’s impressive customer base speaks volumes about the quality of the company’s solutions and its customer-first culture. I’m pleased to join such a progressive, dynamic organization.” “We are delighted to have an attorney of Bob’s caliber join the WideOrbit team as our General Counsel,” said Eric R. Mathewson, Founder and CEO of WideOrbit. “As we continue to expand our business domestically and internationally, we are confident that Bob’s strength, experience and wisdom will help us drive the expanded scope and objectives of our operations.”

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I am thrilled to have the opportunity to join an established, rapidly growing Technology Company

American Homeowner Preservation will sponsor LendIt USA, the largest online lending platform conference in the world. In addition, AHP’s Founder and CEO, Jorge Newbery, will moderate the Residential Real Estate Platforms panel. LendIt USA is the industry’s annual flagship conference and brings together every major online lending platform from around the world. Financial innovators, investors and pioneers from all over the world will convene in New York City on April 13 through 15. Over 1,500 attendees are expected to attend for an opportunity to learn from market leaders, form key business alliances, and showcase and launch industry-moving products and services. Since the first LendIt conference in 2013, LendIt USA has grown to become an essential event for anyone conducting business within the online lending community. Acknowledging the worldwide growth of online lending, LendIt conferences are now also held in Europe and China. Featured speakers include Renaud Laplanche of Lending Club, Ron Suber of Prosper, and Lawrence Summers, the former U.S. Treasury Secretary. Panels will include discussions on online lending for loans for consumers, small businesses, students, real estate investment, mortgages, receivables and energy. AHP’s Newbery will moderate the real estate panel chockfull of real estate crowdfunding’s heavy hitters, including Jason Fritton of Patch of Land, Brett Crosby of PeerStreet, Matt Humphrey of LendingHome, Christian Faes of LendInvest, and Nav Athwal of RealtyShares. “LendIt’s is a must-attend event for platform operators, investors, bankers, and service providers – anyone involved in online lending,” said Newbery. “I am looking forward to sharing American Homeowner Preservation’s experience and learning from others as we all build a better lending ecosystem.”

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What:

We partner with high technology companies to assist in developing intellectual property assets, formulating and executing strategic plans for achieving maximal value for our clients. Our clients have achieved over $1.6 Billion (USD) in market value, either through financing rounds, merger and acquisition, licensing or litigation awards. To achieve this success, we combine professional and technical skills with level-headed business principles and experience. Or practice is devoted to supporting our client’s intellectual property asset development, commercialization and, when necessary, enforcement.

Planning:

The focal point of an intellectual property plan is to secure maximum value for intellectual property assets. This is achieved by first defining the business objectives to be achieved.

Strategy:

Once the IP plan has been identified, a management team, including business, technology and legal expertise, reviews the business objectives, considers the congruence between the plan and the objectives, then pressure tests the plan against identified opportunities to challenge that the intellectual property assets will achieve those objectives. Being dynamic, the plan will be consistently and constantly assessed, revised, and reassessed as new objectives are identified, new opportunities are presented or new challenges arise. A coherent IP strategy will include IP landscaping to identify and analyze existing IP rights and players in the relevant technology space. The white space opportunities will be identified and an evaluation of the coherence between the IP plan and the white space analysis will be completed. In addition, IP forecasting may be undertaken to predict, based upon a third party’s prior IP behavior, what are the likely IP protection pathways a third party will be pursuing with their IP portfolio. Additionally, licensing and collaborative research and development opportunities may be undertaken, “blue sky” evaluation for next generation products and/or superseding technology and opportunities for developing IP in those areas, freedom-to-operate issues relevant to the pre-commercial products under development to minimize the risk of material liability in litigation should be undertaken and processes for dynamic and real time IP tracking within the technology space, may be implemented.

Who:

Members of the firm have scientific training and regularly work across a spectrum of technologies including pharmaceuticals, medical devices, biotechnology, therapeutics, diagnostics, nanotechnology, organic and inorganic chemistry, biochemistry, materials science, agricultural chemicals, plant breeding, environmental protection systems, semiconductor processing, industrial and medical lasers, computer hardware and software, digital and analog electrical systems, water purification systems, evaporative cooling systems, skin care products, clothing, motor vehicle assemblies and systems, and general mechanical and electrical technologies.

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We combine professional and technical skills with level-headed business principles and experience.

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Address: 1480 Techny Road Northbrook, Illinois 60062 Tel: 847-770-6000 Fax: 847-770-6006

info@RosenbaumIP.com www.rosenbaumip.com

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News

WrestleMania Shatters Records WrestleMania 31 became the highest grossing live event in its history and broke the attendance record for Levi’s Stadium. WWE’s annual pop-culture extravaganza grossed $12.6 million, as 76,976 fans from all 50 states and 40 countries converged on the home of the San Francisco 49ers. The previous attendance record for Levi’s Stadium was 70,799, and WrestleMania 29 at MetLife Stadium in 2013 held WWE’s prior record for gross revenue at $12.3 million. “On behalf of the cities of Santa Clara and San Jose, we would like to thank all the fans that came from around the world to be part of WrestleMania 31,” said Santa Clara Mayor Jamie Matthews. "We congratulate both WWE and Levi’s Stadium on their historic achievement."

“We are thrilled that WrestleMania 31 has set the standard for all future events held at Levi’s Stadium. None of this success would have been possible without the support of Mayor Matthews, Mayor Liccardo and the San Francisco 49ers, as well as our public and private sector partners that worked tirelessly to support all of our regional WrestleMania Week activities," said John P. Saboor, WWE Executive Vice President, Special Events. "We now turn our attention to the Dallas/ Arlington region for what will surely be a historic WrestleMania 32.” About WWE WWE, a publicly traded company (NYSE: WWE), is an integrated media organization and recognized leader in global entertainment. The company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed

to family friendly entertainment on its television programming, pay-per-view, digital media and publishing platforms. WWE programming reaches more than 650 million homes worldwide in 35 languages. WWE Network, the first-ever 24/7 over-the-top premium network that includes all 12 live pay-per-views, scheduled programming and a massive video-on-demand library, is currently available in more than 175 countries. The company is headquartered in Stamford, Conn., with offices in New York, Los Angeles, London, Mexico City, Mumbai, Shanghai, Singapore, Dubai, Munich and Tokyo.

April 2015 • CorporateAmerica • 9

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News

Investors Act On Double Edged Sword Strong Dollar Environment Despite the Swiss Franc grabbing the headlines recently, the US dollar will continue to make gains over other major currencies in 2015, say deVere Group strategists. Investors must factor-in the impact of the new era of a stronger dollar into their investment strategies, according to a leading global analyst at one of the world’s largest independent financial advisory organisations. The comments from Tom Elliott, International Investment Strategist at deVere Group, which has US$10bn under advice, follow a generally sustained dollar surge throughout 2014 and into 2015. “Despite the Swiss Franc grabbing the headlines, on account of the ending of the CHF 1.20/Eur peg, the US dollar will continue to make gains over other major currencies in 2015,” Said Elliott. “It is difficult to see the end of the dollar rally as the Federal Reserve has signalled it will raise interest rates this year unlike the ECB and the Bank of Japan and investors, typically, pile into whichever currency is paying the best short-term rates.

“In addition, and amongst other factors, the dollar’s ascent is driven by stronger than expected US economic growth compared to that of other major economies (such as those of China, Japan and the Eurozone), and by the rapidly shrinking American current account deficit.” “As ever there will be winners and losers. I would suggest that those who need to rebalance their portfolios most urgently are those with significant exposure to stock markets and currencies of countries with considerable current account deficits, as capital repayments and interest will become relatively more expensive.” Investing in small and mid-cap US-focused stocks and global consumer goods companies with strong US exposure would be worth considering at this point, says Elliott. “In the longer term, investors could look to make use of the strong dollar by re-investing dollar cash into weaker currencies. Core Eurozone stock markets and selected emerging markets could offer long-term value opportunities.” As ever, investors need to bear in mind that reassessing portfolios is an essential element of risk reduction, Elliott said, adding that, as such, it is now worth taking advantage of the strong dollar by reinvesting accumulating dollars into non US assets.

New ‘Google Plus Made Easy’ Course to Provide Jumpstart for Businesses My Google Plus Guides courses are continually gaining attention online because of the straightforward and concise approach. The easy how-to guides provide a jumpstart for offline and online businesses to effectively take advantage of the Google+ social network. My Google Plus Guides has launched courses introducing Google+ and Google +1 Button. The easy how-to guides provide a jumpstart for offline and online businesses to effectively take advantage of the Google+ social network. As an upgrade to the basic PDF course, high-quality videos are also available to help clients learn from a powerful source.

The marketing trend in both offline and online businesses today has become interesting and at the same time challenging for business owners. This is the reason why instructional videos and training guides are necessary to ensure that the business has positioned itself effectively. However, not all howtos and online gurus are effective enough to actually help and assist the business owners. Others have promoted their products and services but have not effectively lead the business to its potential growth. My Google Plus Guides is aware of this shortcoming that it is why they provided this comprehensive Google+ Made Easy training guide for offline and online business.

Unfortunately, not everyone understands how the Google+ marketing techniques work to increase sales and customer loyalty. Novice players in the business need a step by step guidance to introduce the powerful tool in their business. My Google Plus Guides saw this need and has published a concise instructional approach designed specific for Google+. The importance and advantages of using Google+ for promoting businesses has increasingly caught the attention of the online audience; reason why potential customers are considering the full video Google+ Made Easy training guide.

Google+ has proven of how much help it can be to businesses. Google has actually enhanced many of its online properties, the reason why 70% of marketers are now considering to learn more about Google+ and 40% are actually using the online tool already. Marketers are now increasing their Google+ activities, which gives new players in the business to believe in its potentials. Moreover, Google+ pages allow brands, companies, and organizations to build their position online which is a perfect opportunity for offline and online businesses to promote their presence in the World Wide Web.

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Personnel Profile

It’s About Thyme! About Thyme Catering is a full service catering company that has quickly established itself among the elite in the greater Los Angeles area. In just eight short years, John Kinderman, owner of About Thyme, has created a buzz in the catering world worthy of the Hollywood A-Listers he now counts among his clients. Specializing in innovative dishes and culinary fusions usually found only in higher end restaurants (such as his signature lamb lollipops in a raspberry mole, or Alaskan halibut baked in a saffron shallot cream reduction and topped with an orange and carrot top confit), About Thyme has built an award-winning reputation of excellence, whether catering to small private functions or larger corporate events.

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Personnel Profile

Winning rave reviews, all five-stars across the on-line sites, and the 2014 Best of Los Angeles Award, About Thyme is clearly setting a new standard. Kinderman s client list includes the L.A. Law Library’s Annual Gala, The Natural History Museum, A.P.L.A., Y.P.O. (Young Presidents Organization), Santa Anita Race Track, Western States Garden Club, SAG, and Stanford University, to name a few. About Thyme has, also, partnered with Knot Magazine (one of the largest and most respected wedding publications) at their Los Angeles event and provided the catering for numerous A-List clients’ weddings (including the recent wedding of Nora Ephron’s son, attended by the likes of superstar filmmaker, Steven Spielberg, and pop star, Ke$ha). If you think About Thyme only caters to a privileged elite, it is important to know that John has made a point of making sure his company reflects his own strong social conscience. As a result, About Thyme frequently helps non-profit companies, donates food to food banks, partners with Union Rescue Mission to provide food for shelters and lends their services to several local charity events. About Thyme’s success is easily measured in their undeniable financials, and the company’s profit margin has doubled each year. With all of this in mind, it’s no surprise that John Kinderman is widely regarded as one of the most innovative names on the business landscape. One only has to read the reviews, taste the food, admire the artistry of the beautiful presentations, or note the company s growth and profits, to understand why, in the competitive world of highend catering, John Kinderman’s Thyme has come... and it’s About Thyme! Phone: +1 323 924 1031 Fax: +1 323 924 1031 Email: catering@aboutthymela.com Web: www.aboutthymela.com Address: 5162 W. Jefferson Blvd. Los Angeles, CA 90016 USA

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Company Profile

Kohl’s Delivers

New Active and Wellness Solutions to Families Nationwide

Through brand launches, product expansions, new partnerships and unique integrations, Kohl’s provides families access to and inspiration for a healthier lifestyle Kohl’s Department Stores has announced an expanding assortment of exclusive active and wellness offerings, new credible partnerships and unique social integrations that further the company’s commitment to active and well lifestyles promoted under the Make Your Move initiative launched earlier this year. Michelle Gass, Kohl’s chief customer officer said, “We understand families have busy schedules and we are providing easy ways to balance family and wellness. This spring, Kohl’s will offer new fitness gear that gets them energized, tips on how to change things up and try new activities, details on great yoga poses from Gaiam and Two Fit Moms, and so much more. No matter what next step, Kohl’s is committed to making a healthy lifestyle accessible to families everywhere.” Kohl’s holistic approach to making active and wellness accessible to customers spans across a wide assortment of must-have national brands including, Nike, Fitbit, NutriBullet, adidas, FILA SPORT and ASICS, continuous active and wellness product launches and expansions, and new innovative partnerships and integrations throughout 2015.

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Company Profile

April 2015 • CorporateAmerica • 15

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Company Profile From Studio to Street, Kohl’s Makes Yoga Accessible Kohl’s is partnering with Gaiam, a leading yoga, fitness and wellness company, to launch an exclusive women’s apparel collection on April 23. Designed specifically for the Kohl’s customer, the collection is priced from $30-$65 and will offer quality yoga apparel including yoga fit tops and bottoms that are perfectly designed to balance comfort, performance and style. Kohl’s customers can currently shop Gaiam accessories including, yoga mats, blocks, straps and more, which launched in fall 2014, at Kohl’s stores nationwide and Kohls.com. Timed to the launch of Kohl’s exclusive Gaiam collection, Kohl’s is partnering with the popular yoga mom duo, Two Fit Moms, to be the face of the brand and engage customers. Laura Kasperzak and Masumi Goldman of Two Fit Moms have not only attested to the fit, style and performance of the exclusive apparel collection, but will also offer Kohl’s customers motivation and provide tips for new and experienced yogis on Kohl’s Facebook, Twitter, Instagram and YouTube. Kohl’s will also gift an exclusive yoga training DVD by Two Fit Moms with purchase of two Gaiam apparel items in Kohl’s stores nationwide and on Kohls.com, bringing yoga to homes across the country. Fitness Fun for the Family Kohl’s serves as the exclusive department store retail partner for The Color Run in 2015 with select Kohl’s stores serving as the packet pick-up location. Kohl’s has a social presence at each race and encourages participants to take and share celebratory photos at the finish line with their friends and family across social accounts using #MakeYourMove. Get Motivated Kohl’s is partnering with FitFluential, a leading blogger network of highly influential fitness enthusiasts, to shine a spotlight on all the ways that living well can be easy and fun. Kohl’s partners with a select group of new bloggers from FitFluential each quarter to provide tips, motivation and inspiration through videos, social posts and more. FitFluential bloggers are integrated into future Kohl’s wellness events including select Color Run races and at the Kohl’s Gaiam launch event. For dynamic content from the selected fitness bloggers, visit Kohl’s social channels including, Facebook, Twitter, Instagram, Pinterest and YouTube.

Kohl’s is a leading specialty department store with 1,164 stores in 49 states. With a commitment to inspiring and empowering families to lead fulfilled lives, the company offers amazing national and exclusive brands, incredible savings and inspiring shopping experiences in-store, online at Kohls.com and via mobile devices. Committed to its communities, Kohl’s has raised more than $274 million for children’s initiatives nationwide through its Kohl’s Cares® cause merchandise program, which operates under Kohl's Cares, LLC, a wholly-owned subsidiary of Kohl's Department Stores, Inc. 16 • CorporateAmerica • April 2015

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Kohl’s is the go-to destination to Make Your Move, and we have inspired thousands of families to embrace a more active and well life -- but we’re not stopping there!

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Company Profile

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Feature

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Feature

What Lessons Can Your Business Learn From Sport? We Spoke to Gumball Promotions to Get a Few Tips Everyone loves to watch a big sporting event, whether it’s the World Cup final, the Olympic Games, or the tennis final at Wimbledon. We’ve also just witnessed one of the biggest global sporting events and one of the most thrilling finishes as well, with the advent of the 2015 Super Bowl. A recent article in Entrepreneur magazine looked at the things that business can learn from the world of American Football. Here, Gumball Promotions review the article, and reveal what they’ve learned from sport. “I’m a real sports fan, so I always stay up late to watch the Super Bowl,” said Callum Boyle, director of Gumball Promotions. “The spectacle is hard to beat, and this year the sporting action was amazing too, as the New England Patriots clinched a last gasp win over the Seattle Seahawks. Whether you like American Football, or prefer the English version, there’s certainly a lot that sport can teach entrepreneurs.” The first lesson we can learn from the NFL, and sport in general, is the importance of leverage. Both sides are desperate to win, so the smart coach takes time preparing for the big game. They’ll know their own team’s strengths, and their opposition’s weaknesses. It’s the same in business, where preparation is all important. Know how to make the most of your strengths, and the most of your competition’s weaknesses. Once you reach your goals, don’t think the work is done. Take new challenges, and aim even higher. It’s important to start strong, but it’s even more essential to finish strong, as the New England Patriots showed. When you start a venture, always have the end goal in mind, and do all you can to reach out. Entrepreneurs, and their workforce, should be giving it their all, every day. As every sports coach knows, games are won in the trenches, and business success is won in the trenches as well. Make sure that you recognise the great work that your team are doing, and give them the rewards they deserve. “There are some great points in this article, and the main thing entrepreneurs can learn from sporting stars is dedication,” said Callum Boyle. “To get to the very top of the NFL or Premier League, sports stars work hard every single day, and putting in the extra hours can reap big rewards. It’s the same in business, where entrepreneurs have to work long hours, but can gain real benefits.” Entrepreneurs in all sectors can benefit from the bespoke marketing campaigns of Gumball Promotions. They help companies attract new customers and enhance brand awareness.

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Feature

Valuation in the Fair Value Era: How higher Quality Can Help Companies

Reduce Risk and Enhance Shareholder Value We recently spoke to Greg Forsythe, Director and Centre of Valuation Excellence Leader at Deloitte and Chairman of the International Valuation Standards Council Professional Board about how publicly listed companies with significant fair value requirements in their financial reporting can address audit and regulatory risks, enhance their credibility in the investment community, and, ultimately, increase their enterprises’ value in the marketplace.

Greg is a director in Deloitte Financial Advisory Services LLP. In his role as the Center of Valuation Excellence leader, Greg is dedicated to developing a knowledge sharing community, enabling professionals to provide consistent service in an evolving valuation industry. Greg has held a number of leadership positions and is currently the Chairman of the Professional Board of the International Valuation Standards Council. How companies establish the fair value of assets, liabilities, and equity for financial reporting purposes has been the subject of growing attention and major change since the turn of the millennium. • In the 1990s, the accounting profession and investors started the transition from a historical cost accounting model to one incorporating certain fair value measurements without a clear definition of what constituted “fair value.” • Many egregious valuations of “In-Process Research and Development” assets in the late 1990s technology boom and bust period raised the antenna of the US Securities and Exchange Commission (SEC) to the practice of valuation and certain of its shortcomings. • New accounting standards related to business combinations, goodwill, and asset impairment, to name a few, came into play in the early 2000s, leading to the current mixed-attribute accounting model. • Massive US accounting scandals occurred almost simultaneously in this ever-changing environment, and the financial crises that followed—just when a principles-based standard on how to measure fair value was being put into play—gave momentum to legislation, rulemaking, and regulations. This rapid evolution is now compelling public companies to provide higher quality fair value measurements than in the past measurements and disclosures that are more consistent, supportable, and auditable. 20 • CorporateAmerica • April 2015

Meeting these demands isn’t easy. Fair value measurements can be complex and confounding, particularly when no market analog exists that can be used to help estimate the fair value of an entity’s assets, liabilities, or equity. Meanwhile, regulators are scrutinizing financial statements. This attention is creating pressure that pushes throughout the corporate financial structure to an entity’s management, board of directors, valuation specialists, and auditors, who can find themselves hopelessly at odds on certain issues. A concern has been growing in recent years and is shared by many regulators, standard-setting bodies, and accounting and valuation professionals: Are financial statement preparers, their valuation advisers, and auditors equipped and qualified to engage in the various aspects of estimating and auditing fair value measurements in this new world? The increasing complexity of the financial marketplace adds to the difficulty of answering such a question. Educating the various stakeholders regarding key issues associated with fair value measurements is increasingly important. Higher quality, more consistent fair value measurements provided by company management to auditors should help address some of the issues that currently lead regulators and investors to challenge companies’ financial reports. Widespread education about fair value should enhance the ability of auditors to audit certain fair value measurements, increase the stature of the valuation and audit professions, and influence the standard-setters’ and regulators’ future agendas. In addition, educating business leaders and company executives regarding valuation should help them understand the need for, and value of, qualified fair value specialists when developing fair value estimates, whether employed internally or engaged externally. Mitigating such regulatory and credibility risks can ultimately enhance shareholder value.

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Regulators, as well as accounting and valuation professionals, recognize that raising the quality and consistency of fair value measurements is necessary to improve the reliability of financial reporting for investors and to serve the public interest

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April 2015 • CorporateAmerica • 21

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Feature Securities regulators In early 2014, SEC enforcement head Andrew Ceresney suggested that, with work on financial crisis-era litigation “virtually past,” financial reporting and audit fraud are the “next frontier” for securities regulators. These topics are also increasingly being discussed elsewhere in the world within national regulatory agencies that, like the SEC, are members of the International Organization of Securities Commissions (IOSCO).

Valuation profession initiatives The private sector is engaged in valuation standard-setting and the development of the valuation profession in the United States and globally through various independent standard-setting and professional organizations. Such nonprofit organizations include the IVSC, the Appraisal Foundation (TAF), the American Institute of Certified Public Accountants (AICPA), and the American Society of Appraisers (ASA), among others.

Ceresney’s prediction came on the heels of a string of SEC enforcement matters in 2012–2013 focusing on alleged flaws and fraud in connection with valuation issues.2 The Commission brought action against businesses for infractions including overstating assets, defrauding investors by inflating property valuations, and repurchasing stock at severely undervalued prices. Also in 2013, the SEC announced the formation of the Financial Reporting and Audit Task Force, a body dedicated to detecting fraudulent or improper financial reporting.

With members and sponsors that include professional service providers, standard-setters, and valuation professional organizations, including those above, the IVSC is focused on developing high-quality international valuation standards and elevating the performance and stature of the valuation profession globally.

The backdrop to this were remarks made in 2011 by Paul A. Beswick, then SEC deputy chief accountant, which brought the issue of valuation professional credentialing to the fore. Beswick said valuation professionals “. . . stand apart from other significant contributors in the financial reporting process for . . . their lack of a unified identity.”4 Noting that US professionals can gain credentials from several organizations, Beswick said the “fragmented nature of the profession creates an environment where expectation gaps can exist between valuators, management, and auditors, as well as standard-setters and regulators.” Receiving less publicity are recent actions by the SEC staff, which have been referenced in SEC speeches. These actions are aimed at identifying the potential for material misstatements in financial reporting due to material weaknesses in internal controls over financial reporting, even when the identified material weaknesses did not result in a material misstatement. Fair value measurements fall squarely into the category of topics where significant internal controls are necessary. An emerging concern for regulators is that such controls are neither routinely being put into place and evaluated for their effectiveness by company management, nor flagged sufficiently in audits when a material weakness exists. Audit regulators The Public Company Accounting Oversight Board (PCAOB), a nonprofit corporation created by the Sarbanes-Oxley Act of 2002 and operating under the authority of the SEC, seeks to protect US investors and the public interest through oversight of public company audits. According to PCAOB Chairman James R. Doty, “The PCAOB and foreign audit regulators have identified compliance with auditing requirements related to fair value measurements as an area of continued concern.” As Doty noted, growing concern regarding fair value measurements and disclosures extends beyond the United States. A 2013 member survey conducted by the International Forum of Independent Audit Regulators (IFIAR) found fair value measurement to be one of the highest inspection themes in audits of publicly listed companies. Further evidence of the growing importance of addressing the quality and consistency of fair value measurements in financial reporting came in December 2013 when Sir David Tweedie, Chairman of the International Valuation Standards Council (IVSC), was invited to join the PCAOB’s Standing Advisory Group (SAG) for a three-year term. In summer 2014, the PCAOB sought public comment on a Staff Consultation Paper concerning the board’s standard-setting activities related to auditing accounting estimates and fair value measurements. As discussed in its paper, the PCAOB staff is currently considering developing “a single standard on auditing accounting estimates and fair value measurements for the Board to consider proposing, which would replace existing standards.”8 The paper suggests that such a standard “could provide a more comprehensive approach to auditing accounting estimates and fair value measurements that could promote more consistent auditor performance.” Accounting standards International Financial Reporting Standard 13 (IFRS 13) Fair Value Measurement provides guidance globally for measuring fair value and making disclosures concerning those measurements. Issued by the International Accounting Standards Board (IASB) [and in the US by the Financial Accounting Standards Board (FASB) as ASC 820] in 2011, Fair Value Measurement is a converged global standard. 22 • CorporateAmerica • April 2015

Over the last year or more, the IVSC, through its Professional Board, has issued three particularly important documents in relation to the items discussed in this article: a discussion paper, “Proposal to Develop International Professional Standards for Professional Valuers”; a policy paper, “Global Regulatory Convergence and the Valuation Profession”; and “A Guide to the Audit Process for Professional Valuers.” •

The discussion paper identifies the need to develop and issue, in the public interest, a series of high-quality international standards on the education, development, assessment, and conduct of professional valuers. This significant project is now under way.

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The policy paper discusses the importance of regulatory convergence relating to the global financial system and the valuation profession’s vital role in producing the financial information that investors and other stakeholders use to make decisions in the financial markets.

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The guide is intended to help equip valuation professionals who are providing valuations to assist reporting entities in statement preparation or entity auditors and their fair value specialists in auditing fair value measurements.

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Those in the valuation profession charged with enhancing valuation quality, particularly when it is in the public interest, need to continue to work together to enhance the public perception of the profession. The challenges of meeting expectations The considerable attention and growing urgency being given to improving the quality and consistency of fair value measurements in financial reporting are placing increasing demands on valuation professionals, auditors, and the organizations they serve. As the evolution from historical cost to a mixed-attribute model to, perhaps, ultimately full fair value accounting continues, an increasingly regulated auditing profession worldwide is racing to enhance its understanding of fair value and how to audit in a principles-based world. The risk of material misstatement is an important principle driving SEC and PCAOB oversight, and fair value measurements are a prime potential source for such problems, whether through inadequate knowledge, error, or fraud. Accordingly, expectations regarding the quality and supportability of fair value measurements are higher than ever, requiring the comparatively small community of valuation professionals performing fair value analyses for publicly listed companies to double their efforts. Stress on the system—the fair value effect For various reasons, when developing the concepts underpinning fair value measurements for financial reporting purposes, the accounting standard-setters focused primarily on frequently traded financial instruments. These fair value measurements, referred to as “Level 1” as mentioned earlier, largely involve quoted prices in active markets. “Level 2” measurements leverage market data from similar assets and indirectly observable data. The complexities associated with estimating fair value are sometimes apparent in Level 2 measurements—for example, with thinly traded securities—but often occur in “Level 3” measurements. Such assets aren’t bought and sold in the marketplace, there are no direct market analogs that can be used in the fair value measurement process, and there can be great difficulty in finding and supporting unobservable inputs. Methods to value some of these assets,

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Feature liabilities, and equity instruments are also still evolving in many instances as the valuation profession tries to mimic how the marketplace would value such assets and liabilities when there is no market for them! It is easy to see why significant measurement uncertainty and inconsistency can arise in fair value measurements in this category, and why stresses can build up in the financial reporting system due to the difficulty in auditing such measurements. Further, the accounting framework itself has caused additional stresses to arise. For example, consider the goodwill impairment test.14 In this analysis, assume that the carrying value of an entity’s reporting unit, which is not publicly traded, is $100 million. A fair value estimate of the reporting unit is required for comparison with the carrying value. From an accounting viewpoint, the goodwill is potentially impaired if the value is below $100 million; at $100 million or above it isn’t. Fair value measurements can often only be estimated within a reasonable range, and sometimes the reasonable range for the fair value of the reporting unit can straddle the $100 million carrying value. The need for a point estimate in such a situation to comply with the accounting standard can create additional stresses that can reverberate throughout an organization, from auditors to valuation providers to executives who ultimately stand accountable for the conclusions. Another increasing concern for regulators, investors, and other users of financial statements is the potential for management bias in fair value measurements, particularly in Level 3. With the heightened focus on fraudulent activity in recent years and the gradual understanding that many variables go into a fair value measurement—variables that are often provided by company management or based on “professional judgment” of the valuation professional employed by the company—heightened professional scepticism should be employed by auditors and their fair value specialists when auditing fair value measurements. Education—where vital interests converge Regulators, accountants, auditors, and valuation specialists share the desire and need for greater clarity and understanding of fair value requirements and processes, interests often expressed as a call for standards. But standards are not a panacea. Unless those who perform, review, and use valuations are properly educated, the process will remain vulnerable to error and misapplication. Accountants and auditors can better understand valuation and fair value. Many valuation providers can be more qualified for their roles and apply established valuation techniques more consistently. And government authorities can recognize the potential stresses—including unintended consequences—potentially re-

sulting from the rules they impose on businesses. This convergence of interests offers significant common ground for these groups to strive for higher quality fair value measurement in financial reporting through appropriate standard-setting and regulatory actions. Corporate stakeholders, particularly chief financial officers, controllers, and audit committees, can also benefit from increasing their understanding of the workings of valuation. By doing so, they can be better equipped to determine whether internal resources are qualified to perform valuations, assess the qualifications of external valuation providers, and establish appropriate internal controls required to help enterprise leaders recognize and provide quality valuation work to auditors. The benefits of enhancing fair value quality Scandals, crises, and growing accountability demands have triggered an unstoppable march toward higher quality fair value measurements, provided by better qualified valuation practitioners. The consistent application of valuation standards is an important foundation for achieving this goal. However, fully understanding the expectations of the environment within which fair value measurements are used is crucial for those wishing to be involved. Much has been achieved in the last decade toward improving the quality of fair value measurements. Much more, however, is required and must be strived for in the coming years. Importantly, by focusing attention on these issues, publicly listed companies with significant fair value requirements in their financial reporting can address audit and regulatory risks, enhance their credibility in the investment community, and, ultimately, increase their enterprises’ value in the marketplace. This is especially relevant for the senior executives of publicly traded companies who are responsible for tasking others in the organization to perform fair value measurements; providing information to external providers; providing such fair value measurements to their auditors, confident in the knowledge that they are reasonable and well supported; and ultimately signing off on those financial reports. Importantly, by focusing attention on these issues, publicly listed companies with significant fair value requirements in their financial reporting can address audit and regulatory risks, enhance their credibility in the investment community, and, ultimately, increase their enterprises’ value in the marketplace.

April 2015 • CorporateAmerica • 23

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Corporate America /Deals

Deals

24 • CorporateAmerica • April 2015

Here at Corporate America, we like to keep you up to date with what’s happening in your industry, giving you the lowdown on the need-to-know sales, mergers and acquisitions taking place across the US. Which is why we’d like to welcome you to our regular monthly roundup of the biggest, most newsworthy deals from the past month.

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Corporate America /Deals

GoodData and Autopilot Partner to Deliver Powerful Insights into Marketing Performance New functionality closes the loop between marketing, sales, and leadership. Less than one month after unveiling general availability of its multi-channel marketing automation platform, Autopilot is announcing a new partnership and integration with GoodData aimed at empowering marketers to solve one of their biggest challenges: mapping marketing activities to business results. Autopilot, which aims to fill the gulf in the market between mailing solutions like MailChimp and complex marketing software like Marketo, partners with best-in-breed cloud applications such as Salesforce, Segment, Twilio, InsideView, and Lob. The modern marketer knows that customer data lives everywhere within the product, on social media, in CRM, Google Analytics, and a billion other places and access shouldn’t be limited to data scientists. GoodData for Autopilot helps marketers be everywhere their customers are by tracking, collecting, and analysing key marketing touch points to nurture relationships, map activity to ROI, and drive business results. “Marketers today face big challenges when it comes to painting a complete picture of their customer using data that is silo’d across many tools,” said Autopilot Co-founder and CEO Mike Sharkey. “We believe that the best kind of marketing shouldn’t feel like marketing because it’s so personal, relevant, and attractive. And in order to really learn who your customer is you must be everywhere they are. With GoodData and Autopilot, we’re making it way easier for companies to connect the dots and creating a handshake from leads to revenue, marketing and sales, and leadership and results.” With the power of personalized marketing automation from Autopilot, coupled with easily accessible analytics integrated from GoodData, customers can now: •

Know Where Their Customers Are: Autopilot’s universal tracking script allows companies to view in real time how known or anonymous contacts are visiting and engaging their websites, blogs product, or more - then target them with personalized marketing campaigns.

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Track KPIs: Track activity and engagement across channels including open rates, click rates, and clicks per unique opens.

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Measure Sales Velocity: See how quickly leads convert to opportunities and closed deals by measuring the performance of customer journeys and sales processes impacting sales velocity.

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Corporate America /Deals

Three Deals Announced By SARES-REGIS Group For Douglas Park At Long Beach Airport SARES-REGIS Group completed an agreement with Burnham USA Equities Inc. of Newport Beach for 26 acres for a planned hotel and retail center in Douglas Park, a master-planned mixed-use business district on the northern border of Long Beach Airport. In addition to the Burnham deal, 2.5 acres were purchased by Nautilus International Holding Company – parent to Metro Ports, one of the West Coast’s oldest terminal operators and stevedore companies. Construction is under way by SRG on the 40,000-square-foot headquarters building. The company is relocating from Wilmington, its headquarters since 1922.

Larry Lukanish, Senior Vice President of SRG Commercial Development, said:

“Douglas Park is the South Bay’s last tract of prime commercial land, and it’s attracting a lot of companies and investors who are planning for growth.”

The third deal was a two-acre land sale to 2H Construction of Signal Hill, which is planning to build industrial facilities totalling 40,000 square feet.

Tetherow Lodges Partners with Stash Hotel Rewards With Luxury Boutique Hotel Now Part of Award Winning Loyalty Program Tetherow Lodges, Bend’s premium outdoor recreation resort, announced that it has partnered with Stash Hotel Rewards, the largest point-based loyalty program for independent hotels across the U.S. As a result of this new partnership, Stash members are now able to earn and redeem points at Tetherow, a year-round luxury resort perfect for outdoor and adventure enthusiasts of all ages. “Tetherow is a truly unique choice for travelers visiting Bend,” said David Lenke, Hotel General Manager at Tetherow Lodges. “We take pride in creating a one-of-a-kind experience for all of our guests, and being able to offer an innovative program like Stash is the perfect addition to that overall experience.” The closest luxury hotel to the Mt. Bachelor ski resort, and minutes from downtown Bend, Tetherow is the ideal basecamp for a Central Oregon vacation. Guests will enjoy luxurious accommodations, an award-winning 18-hole golf course designed by David McLay Kidd, and two delectable dining options, Tetherow Grill and The Row. And for those who are looking for a more in-depth Bend experience, the on-site Adventure Concierge is available to assist in creating the perfect trip. Whether looking to play outside – golfing, fishing, hiking, paddleboarding, biking, and skiing are all nearby – or exploring the town of Bend and its 15+ micro-breweries, Tetherow has you covered. “From golf with incredible views to local microbrews on tap, Tetherow introduces Stash members to a luxurious and laid-back experience of the best of Central Oregon,” said Jeff Low, Founder and CEO of Stash Hotel Re26 • CorporateAmerica • April 2015

wards. “It’s the kind of place that becomes a tradition: you’ll want to come back year after year.” Guests of Tetherow Lodges can join Stash for free online. Stash members earn five points for each dollar spent on eligible room rates and can redeem them at one-of-a-kind independent hotels across the U.S. Stash points never expire, and redemption is simple, without blackout dates or category restrictions found in many chain programs. Stash partner hotels also provide members with exclusive travel deals.

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Corporate America /Deals

Dow and Olin Corporation Create an Industry Leader in Chlor-Alkali and Derivatives with Revenues Approaching $7 Billion Transaction is highly complementary to the strategic objectives of both companies, with substantial synergies and significant potential to enhance value for both sets of shareholders. Transaction is highly accretive to Dow and Dow shareholders, with a tax efficient consideration of $5 billion, and a taxable equivalent value of $8 billion. The strategic relationship between Dow and Olin resulting from this transaction will enable Dow to continue to benefit from its integration efficiencies in chlorine for key downstream applications; Olin will expand its downstream portfolio of chlorinated products and benefit from the opportunity provided by low-cost ECU production on the U.S. Gulf Coast. Olin will become a leading, low-cost global player in chlor-alkali and derivatives while enhancing its existing

presence in key geographies; Olin will more than double its scale and drive incremental growth as a result of the combined companies’ product and process technologies, networks, logistics, creating substantial customer value

Andrew N. Liveris, Dow’s Chairman and Chief Executive Officer said:

“By combining Dow’s world-class assets and people with Olin, we are creating a premier company with the scope and capabilities to optimally leverage long-term growth opportunities in the marketplace and generate significant shareholder value.”

Pet Supplies Plus Partners with Franchise America Finance to Allocate $15 Million Toward Brand Expansion Pet Supplies Plus, the nation’s largest pet retail franchise with more than 300 locations in 25 Eastern states, is announcing a partnership with Franchise America Finance that will make $15 million available to qualified franchise candidates. “In addition to this recent partnership, our team has continued to build a strong business model for franchisees including increased support from our corporate headquarters, an optimized distribution process and a prototype designed for maximum unit-level economics” Franchise America Finance, a full service commercial franchise finance firm specializing in debt & equity placement, will work with qualified Pet Supplies Plus franchise candidates, as well as current franchise owners who are pursuing expansion, to offer a comprehensive solution for financing through a franchise lending program created specifically for the pet supply retailer.

Pet Supplies Plus will utilize this initiative to accelerate growth in Atlanta, Raleigh, Tampa, Minneapolis and St. Louis, while also introducing Denver, Houston, Nashville and Memphis to its friendly neighbourhood pet store feel.

“We are honoured to work with the well-respected team at Franchise America Finance as we continue to grow the Pet Supplies Plus franchise into new territories and expand our presence in current markets. The partnership with FAF will help qualified candidates accelerate the ownership process to get their stores open quicker,” said Alex Roberts, Vice President of Franchising.

April 2015 • CorporateAmerica • 27

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Out of Office

28 • CorporateAmerica • April 2015

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Out of Office

Spa at Loretto One of Only Two US Spas to Offer Stateof-the-Art Treatment Downtown Santa Fe’s award winning Inn and Spa at Loretto, by Destination Hotels & Resorts, is proud to announce it is one of only two spas in the United States to now offer the innovative OxyGeneo System Facials. Known as the “super facial,” the treatment is a new 3-in-1-skin treatment that combines all the benefits of microdermabrasion, chemical peels and oxygenating facials in one, providing immediate results.

EXCLUSIVE OXYGENEO SYSTEM FACIAL

EXFOLIATION: the OxyGeneo treatment exfoliates the upper skin layer without the use of a vacuum procedure, which is used in microdermabrasion and dermal infusion, making the treatment gentler on the skin. Skin will feel fresher brighter and more toned, while fine lines and pigmentation, sun damage, pore size and acne improve with continued treatments. Younger looking skin is evident after a single treatment. INFUSION: NeoBright or NeoRevive options for skin brightening or anti-aging, respectively, incorporate formulas that reduce skin pigmentation and sun damage while lightening the skin’s complexion. Agents such as Azelaic acid, for hyper pigmentation, decrease the activity of pigmented producing cells while Kojic acid, a naturally occurring agent produced by fungi, inhibits melanin production. These formulas smooth the appearance of fine lines and wrinkles and revitalize a dull complexion. OXYGENATE: OxyGeneo’s treatment produces CO2 bubbles, which gently burst on the skin surface, creating a physiological response and sending oxygen-rich blood to the area, increasing capillary flow and skin metabolism. The oxygenation process results in optimal absorption of all the active ingredients used in the facial treatment. April 2015 • CorporateAmerica • 29

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Out of Office

2015 AUDI A3 Cabriolet The A3 Cabriolet offers two engine and powertrain options for pure open air enjoyment! The 2015 Audi A3/S3 line earned World Car of the Year recognition for 2014 with the first integration of 4G LTE connectivity and advanced assistance features found in range-topping models. Highlights: The A3 models showcase every aspect of Audi expertise found in our full size luxury vehicles and make that technology available in an affordable premium compact vehicle including Audi side assist, Audi drive select, Bang & Olufsen® audio, and MMI® touch A3 Cabriolet models are available with two engine and powertrain options, the 1.8 TFSI® FWD or 2.0 TFSI® quattro® all-wheel-drive. The A3 Cabriolet’s top can be opened or closed electro-hydraulically in approximately 18 seconds while driving up to 31 mph, all at the press of a button. Takes the Audi connect® system to an all-new level with faster connections and faster, state-of-the-art graphics Specifications: • Engine performance ranges from 170 hp and 200 lb-ft. torque (A3 1.8 TFSI Cabriolet) to 220 hp, 258 lb-ft. torque (A3 2.0 TFSI Cabriolet) • Standard six-speed S tronic transmission • EPA mpg estimates (city/hwy/comb.) range from 24/32/26 (2.0 TFSI) to 24/35/28 (1.8 TFSI)* • 0-60 times range from 5.9 seconds (2.0 TFSI) to 7.4 seconds (1.8 TFSI)* • Curb weights range from 3,173 lbs. (1.8 TFSI) to 3,583 lbs. (2.0 TFSI)

The Audi A3 Cabriolet is an open invitation to style with its sleek design and inner interior beauty!

30 • CorporateAmerica • April 2015

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Out of Office

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Out of Office

Mandarin Oriental, New York

32 • CorporateAmerica • April 2015

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Out of Office

The Five-Star Mandarin Oriental, New York Redefines the Hotel Experience in Manhattan Mandarin Oriental, New York is located more than 280 feet above ground level, providing a stunning hotel arrival experience. The 244 spacious, elegant guestrooms and suites all feature with breathtaking views of the city skyline, Central Park or the Hudson River. All rooms offer guests user-friendly, state-ofthe-art in-room communications and entertainment systems. The 14,500-square-foot Five-Star Spa at Mandarin Oriental with a state-of-the-art fitness center and a 75-foot lap pool, is a prominent element of the hotel. Dramatic views provide a spectacular backdrop for the food and beverage outlets including Asiate, the hotel’s vibrant restaurant serving contemporary American cuisine with artistic touches, and the chic MObar, created by noted designer Tony Chi, as well as a Lobby Lounge. Exceptional banqueting and conference services, along with elegant rooms that incorporate the latest technology, make Mandarin Oriental, New York the location of choice for sophisticated events for up to 750 people. A 6,000-squarefoot pillar-less ballroom overlooking the park is the centerpiece of the event facilities. In addition, the hotel provides services to The Residences at Mandarin Oriental, New York, the 64 luxury apartments that are an integral part of the development. FANTASTIC FACTS Dale Chihuly is the creator of the two glass masterpieces installed in the hotel. The first is a chandelier weighing approximately 2,100 pounds, a unique collaboration with Waterford Crystal. The second installation, located on the 35th floor, is Mr. Chihuly’s first foray into glass gardens and is called Crystal Cranes. The lobby of Mandarin Oriental, New York is located 280 feet above the ground. Restaurant Asiate features a gleaming floor-toceiling glass cabinet which displays 1,350 bottles of wine. Leading New York fashion designer, Vivienne Tam designed the hotel’s signature fan, a delicate, modern fan displayed on property. The designer embodies Mandarin Oriental’s refined Asian flair, and her book China Chic sits on every suite’s coffee table. Within the Presidential Suite lies one of Mandarin Oriental, New York’s hidden treasures. Here, a 250year old parchment calligraphy book conveys a story of happiness and good fortune. April 2015 • CorporateAmerica • 33

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May 2015 / Planner

Trueman’s Day

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14 15

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Mother’s Day (US)

Armed Forces Day

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