AMSTERDAM - November 8, 2022 - (Newswire.com)

Rockstart, global early-stage investor and accelerator, announces its co-investment in Biotic, a Rockstart Agrifood portfolio company. The € 2m round was led by Paseo Rosalez, UM6P Ventures, The Yield Lab Asia Pacific, Norfolk Green Ventures, Cambridge Agritech and TenNine.vc, alongside with Rockstart. The startup plans to use the funding to build a plant, optimize processes, and increase production capacity.

Biotic envisions a world where plastic is no longer a concern. Their mission is to produce bio-based and safe alternatives to fossil-based plastics, a ~ $500 bn market, at a competitive cost to fossil-based plastics. As a commodity manufacturer producing bioplastic flakes or pellets, their customers range across all industries. Biotic's thermoplastic polymers fit a wide range of plastic applications, from very flexible to very ruggedized products. Their polymers fit with existing production lines and industrial needs, ensuring a seamless transition. Biotic's process extracts the carbon source of biomass, macroalgae, which is naturally grown in every ocean all year long and has positive environmental effects in terms of CO2, is free of endotoxins, and does not compete with arable land. Biotic uses saline water in the process, reducing energy consumption and contamination risks.

Adi Goldman, CEO & Co-founder, Biotic, states:

"We have successfully accomplished multiple polymers' production scaling up, achieved non-sterile and continuous processes, and reduced process costs while conducting pilot projects with Fortune 500 companies. The Seed proceeds will be used to establish our pilot plant, expand the team, enhance process optimizations to increase efficiencies and yields, expedite our in-house capabilities of production to hundreds of kilograms of PHBV polymers monthly, increase the number of produced polymer types, and achieve market validation by strategic corporate partners. We are thrilled to have accumulated such a relevant, strategic, and diverse group of investors that have both the expertise and network to support our growth across regions and industries."

Commenting on the round, Mark Durno, Managing Partner AgriFood, Rockstart, also states:

"Plastic production has grown faster than any other material since the 1970s, a worrying trend in light of climate change. Adi and Eran have demonstrated that they understand the complexity of this challenge and the need for solutions that can fit our current manufacturing and user requirements. This is our third investment in Biotic, and we are proud to be supporting the company on their mission to enable the transition from fossil fuel-derived plastics."

Quote from Albert Douer, Paseo Rosales

"Food security and cost are indispensable for the well-being and survival of humankind. Plastics have become indispensable in our food supply chain, while also generating a huge disposal problem. Solving the problems generated by plastics needs to be done without increasing food waste or incrementing food costs. It is indispensable that solving the plastic problem does not affect the poorest sectors of society. Biotic does just that by developing a cost-effective material that replaces petroleum-based plastics with a natural, bio-degradable material that can be used for existing food packaging applications. We bring industrial and market expertise that will help Biotic quickly scale as it develops its technology. Paseo Rosales already has several investments in the Israeli enviro-tech sector, including UBQ Materials, where it was also an early investor and has played a key part in its growth."

"UM6P Ventures is excited to provide both capital and scientific resources through our subject matter experts and Material Sciences Lab as Biotic continues to increase its processes, production capabilities, and talent pool. We look forward to seeing not only their expansion, but the continuance of their positive impact on the environment," said Yasser Biaz, CEO, UM6P Ventures.

Uros Lekic, Founder TenNine.vc comments:

"Plastics are indispensable for humanity's progress, and this will not significantly change. Biotic is pioneering a promising technology to commoditise biodegradable plastic materials for a span of most relevant present and future applications. TenNine's community invests in societal missions. Eliminating plastic waste certainly qualifies as one."

Claire Pribula, Managing Director. The Yield Lab Asia Pacific, also comments:

"Biotic's mission is to reach a zero-plastic future.  With its unique fermentation innovation based on easily grown seaweed, it not only produces completely biodegradable and compostable plastic substitutes, but by ocean farming seaweed, precious arable land may be freed to be used for nutritional food crop production purposes. This is sustainable agriculture at its finest", says Claire Pribula, Managing Director of The Yield Lab Asia Pacific. "For the packing and food industry, it is important that any plastic replacement easily fit within their own production process, Biotic's innovation does this while being completely biodegradable and leaving no chemicals in the soil. 400M tons of plastic enter our global waste system annually with 11M tons flowing into our Oceans, and if we do nothing, this could triple by 2040. We salute the founders Adi Goldman and Eran Perlstein and their team as they work to achieve Biotic's vision."

The AgriFood fund is Rockstart's first fund launched in 2019. Rockstart AgriFood has 41 portfolio companies to date, with 37 investments in 2022 alone making Rockstart one of the most active AgriFood investors in the world. The Rockstart AgriFood portfolio companies have collectively raised more than €40m in total thus far.

Contact Information:
Kaoutar Sellami
Project Manager
[email protected]
212662377896

Einat TRUGER
Business Development & Marketing Manager
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+972 54-673-1267


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Original Source: Biotic Raises €2m Seed Round to Commodify Biodegradable Plastic Materials

NEW YORK - November 7, 2022 - (Newswire.com)

You may have heard that the IRS is adjusting its tax income brackets for next year. Tax consolidation is the reason behind these changes. The IRS is trying to simplify the tax code.

What does this mean for you? The adjusted tax brackets should make it simpler for you to figure out how much you owe. It should also make it easier and faster for the IRS to process tax returns, and it will allow you to pay less in taxes. 

Let's get into a little more detail about these tax bracket changes, so you'll know what to expect next year.

How Do Tax Brackets Work in the U.S.?

The U.S. has what is called a graduated or progressive tax system in place. That's the opposite of a flat tax rate or system.

You're taxed at different rates depending on how much you make each year. Currently, the rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. These are referred to as brackets or thresholds. 

How Will 2023's Tax Rates Differ from 2022's?

In 2023, the amount of money you can get paid before you ascend into a higher tax bracket will rise. That's good news for you since you'll likely have to pay less in taxes, even if you're making more money next year.

Again, the reason the federal government wants to make this change is to simplify the tax code, but it's also to provide families and individuals with relief who are feeling the pinch because of inflation. The cost of many goods and services are rising, and this action should help to counteract that.

An Example of This Change

Let's look at an example of how your 2022 tax rate might differ from next year's. In 2022, we'll say you're a single filer, and you make $41,776. That is as much as you can make to qualify for the bracket where you must pay 22% in taxes.  

In 2023, you can make as much as $44,726, and you'll still qualify for that 22% bracket. That means you can make an additional $2,950, and you will not have to pay more tax on it in 2023 than in 2022. 

You can pocket those savings in any of the tax brackets. The more money you make, the more you'll potentially save under the new tax code. 

What About If You File Jointly?

If you file your taxes jointly, you can still benefit from changes to the tax brackets next year. For instance, using the 22% tax bracket as a threshold again, if you file jointly in 2022, you can stay in that threshold up to $83,551. Next year, you can make a joint amount of up to $89,451 and remain in that 22% bracket. That's a difference of $5,900. 

These Changes Mean You'll Keep More of Your Money

All this might sound a little confusing, but the main takeaway is that when the IRS changes the tax code next year and adjusts each of the brackets, you can keep more of your money. No matter which adjusted tax bracket you fall into, you'll have to give the IRS less.

If you go to the IRS website, you'll find detailed tables that show the tax brackets as they stand right now and how they will change in 2023. You can probably estimate how much you'll make next year. When you do, you can apply that number to the table and estimate how much more of your money you'll be able to keep.

In the face of inflation, a bear market, and other economic concerns, it's nice to know that the IRS is taking steps to alleviate some pain for the average American. The money you pocket from paying less in taxes next year could amount to hundreds of dollars or even thousands. 

Contact Information:
Keyonda Goosby
Public Relations Specialist
[email protected]
(201) 633-2125

Carolina d'Arbelles-Valle
[email protected]
+1 305 849 8443


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Original Source: Credello: The IRS Just Adjusted Its Tax Income Brackets — Are You Ready?

NEW YORK - November 7, 2022 - (Newswire.com)

Attorneys General in GOP-led states have introduced a bill to prevent President Biden's student loan debt forgiveness program from helping millions of Americans. Why are they doing this, and can they succeed?

What is President Biden's student loan forgiveness program?

President Biden's Student Loan Forgiveness Program would allow millions of Americans with student loan debt to have their payments reduced or eliminated. This program would be available to borrowers with outstanding loans to have $10,000 to $20,000 of their debt canceled, depending on the loan. Applications for forgiveness are now live via the Department of Education's website, with forgiveness set to begin in January 2023.

Why are Republicans trying to block the President's student loan forgiveness program?

There are a few reasons why Republicans may want to block President Biden's student loan forgiveness program. One reason is that they may not believe that the President should be able to reduce or eliminate someone's debt without going through the bankruptcy process first. President Biden issued the forgiveness plan via Executive Order, and many Republican Congresspeople feel he should've proposed legislation to be voted on instead.

Another reason is that they may think the President's student loan forgiveness program will be too costly for taxpayers. The Department of Education's website estimates that the program will cost taxpayers $400 billion over the next 30 years.

Can Republicans succeed in blocking the President's student loan forgiveness program?

Currently, the Republicans have won a temporary hold. A U.S. appeals court has temporarily blocked the Order from moving forward. A U.S. District Judge previously rejected the lawsuit to block the forgiveness, saying the suit lacked legal standing. However, the GOP-led states that filed the original suit appealed the ruling, which allowed the 8th U.S. Circuit Court of Appeals to prevent the forgiveness plan from continuing while the request is considered.

It is possible that they can permanently block President Biden's student loan forgiveness program, but it is unlikely. The current number of Republicans in the House of Representatives is not large enough to pass a bill preventing the President's program from going into effect. However, they may be able to slow down or stop the program's implementation by attaching amendments to bills passed by Congress.

It's also possible they may issue legislation that will override the Executive Order if they win the House and Senate majority. However, new Senators and Representatives will be sworn in on January 3rd, when the forgiveness will already have been well underway.

What can I do?

If you're concerned about the President's student loan forgiveness program, you can contact your local Representative and Senators and let them know you support the program. You can also sign petitions or write letters to the editor of your local paper to voice your opinion.

It's also essential you vote in this and any upcoming election. The more people who stand up and speak out, the more likely the Republican Party will back down.

However, you should also consider what your backup plan will be to pay off your student loan debt should the GOP successfully block forgiveness altogether. It's difficult to say whether or not you can expect to have student loan debt relief next year at the federal level, so don't stop making your payments until the courts finalize their ruling.

The bottom line

It's essential to stay informed about the Republican Party's plans to block President Biden's student loan forgiveness program. Let your state and federal representatives know where you stand on this issue, and make it a priority to vote this November to ensure your voice is heard.

Contact Information:
Keyonda Goosby
Public Relations Specialist
[email protected]
(201) 633-2125

Carolina d'Arbelles-Valle
[email protected]
+1 305 849 8443


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Original Source: Credello: This Group is Trying to Block Student Loan Debt Relief

NEW YORK - November 7, 2022 - (Newswire.com)

401Ks can be both valuable and versatile. You can take out a 401K loan to pay off debt in some instances. You might also sit on your 401K and make contributions into it every year, planning for your eventual retirement.

You should also know that there's a deadline every year for putting money in your 401K. Beyond that deadline, you can't put in any more money, and you'll have to wait to contribute more the following year. Let's talk about that deadline and what it means for you. 

What is a 401K?

Before we go any further, we should make sure you understand what we mean when we use the term "401K." A 401K is a kind of investment account that is specifically geared toward your eventual retirement. Most people want to retire from work at some point, and a 401K is a financial tool that should set you up nicely when you're ready to do that.

A 401K is similar to an IRA. However, an IRA is a retirement account that you open on your own. A 401K is a retirement account you set up through your job.

Some employers allow you to set up a 401K with them. To encourage you to contribute to it from your regular paychecks, they may match your contributions up to a certain point. Essentially, your employer is giving you free money and helping you invest for your future. Some employers might match 1-3% of what you put in, but more generous ones may give you as much as 5%.

Why is There a Deadline Every Year for 401K Contributions?

The IRS wants to impose a deadline for 401K contributions each year for simplicity's sake. Luckily, that deadline is not difficult to remember. It is Dec. 31, 2022, the last day of the year.

You have until the year's end to contribute as much to your 401K retirement account as the law allows. Doing so should be a priority if you want to put money away in anticipation of your work life's eventual conclusion.

How Much Can You Put in Legally Each Year?

Assuming you're thinking about retirement, you probably want to know how much money you can put into your 401K each year. The IRS will let you put in up to $20,500 in 2022. If you are 50 or older, though, you can put in an extra $6,500, sometimes referred to as a catch-up contribution.

Why Contribute to a 401K?

Other than the obvious reason of saving for your retirement, there are also tax benefits if you contribute to a 401K. When you put part of your paychecks into a 401K plan, that contribution comes from your pay before the government collects any income tax. In other words, your taxable income is less, lowering your total tax bill.

Contribute as Much as Possible Before the Year's End

Some people who are hard up for cash cannot put any money into a 401K. For instance, you might be reluctant to lock any of your current income away if you have any urgent debts you're trying to pay off.

If you can afford to put any money into your 401K, though, it's definitely worth it. For one thing, it will reduce your tax burden. Also, your employer might match what you put in up to a certain point, and that's free money.

Understand the total amount you can put in this year, and consider doing so if you haven't yet. You have until Dec. 31 to make that contribution and start building up a financial cushion to use during your Golden Years.   

Contact Information:
Keyonda Goosby
Public Relations Specialist
[email protected]
(201) 633-2125

Carolina d'Arbelles-Valle
[email protected]
+1 305 849 8443


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Original Source: Credello: The 401K Contribution Deadline is Coming Soon. Are You Ready?

NEW YORK - November 7, 2022 - (Newswire.com)

Many individuals trying to determine how to pay off student loans fast were overjoyed to hear about President Biden's partial loan forgiveness plan. The idea that they could get $10,000 or more forgiven if they met the qualifications sounded like a real lifesaver.

There's an application process you have to go through to see if you're eligible for that student loan forgiveness program. It's in what's called a "beta period" right now. We'll talk about what that means in the following article.

What's the Student Loan Forgiveness Beta Application Process?

The student loan beta application process is a period during which you can apply for partial or total student loan forgiveness if you think you meet the qualifications. You can go to the website the federal government set up. There, you'll fill out a simple application. Once it has been processed, you should receive a notification regarding whether your eligibility has been accepted or not.

The most crucial thing to know about the beta application process is that even though it's still in beta, meaning there's a modified version coming out at some point, an application you submit will still be processed. In other words, even though this program is still in beta and the federal government is working the kinks out, your application still counts, and you won't have to submit another one.

That's great news for any individuals who have already submitted an application. More than 8 million people have sent one in through the website so far, proof that this idea is wildly popular with Americans who still have student debt.  

What Are the Qualifications for Student Loan Forgiveness?

You could be eligible if you're single and make less than $125,000 per year. If you're one-half of a married couple, and you and your spouse jointly make less than $250,000 per year, you could be eligible as well.

Your adjusted gross income will determine your eligibility. However, keep in mind that you only qualify for debt relief if you took out student loans from the federal government. If you took out private loans, that does not fall under the category the federal government can forgive.

How Much Debt Will Be Forgiven?

Each current or former student who meets the qualifications we mentioned can have as much as $20,000 forgiven, provided they received a Pell Grant in college. If you didn't receive a Pell Grant but still borrowed money for college from the federal government, you can qualify for up to $10,000 in forgiven debt. The total amount the U.S. government might forgive through this program could be as much as $500 billion.

What's This About the Program Being Blocked?

You may also have heard that within the past couple of days, opponents of the debt forgiveness plan have mounted a legal challenge. A federal appeals court has halted the program to investigate its legality.

No debt will be erased until this process concludes. However, most legal experts feel the program will move forward eventually.

What Does All This Mean for You?

If you have outstanding student debt and borrowed money from the federal government, looking into the student loan application process that's currently in beta is definitely worth your time. Even though the program is currently being paused until the legal issues are resolved, it seems likely the program will move forward eventually.

If you've already applied to the program through the beta application process, you can wait until you hear word regarding your acceptance, which should arrive through email after the legal issues have been resolved. If you haven't applied yet, you can do so through the website. Getting some of your debt erased, assuming it eventually happens, should improve your financial outlook.   

Contact Information:
Keyonda Goosby
Public Relations Specialist
[email protected]
(201) 633-2125

Carolina d'Arbelles-Valle
[email protected]
+1 305 849 8443


Press Release Service by Newswire.com

Original Source: Credello: This is What You Need to Know About the Student Loan Beta Application Process

Product emerged among thousands as voted on by panel of international judges.

LAS VEGAS - November 7, 2022 - (Newswire.com)

The Jeep®-branded Edition by ADDAX™ Overland Trailer was recognized with a 2022 Global Media Award this week at the SEMA Show in Las Vegas for its new overlanding trailer co-launch. 

"We are thrilled that the Jeep-branded Edition by ADDAX Overland Trailer has been recognized as a global game changer at SEMA," said ADDAX CEO Kirk Jowers. "We look forward to continuing to engage with the Jeep brand in engineering more award-winning overlanding products that appeal to the brand's international community."

"There are hundreds of aftermarket innovations on the SEMA show floor this week, and from them all, we're proud that the Jeep Branded Edition by ADDAX Overland Trailer is a 2022 SEMA Global Media Award winner because it's authentic to the Jeep brand," said Jim Morrison, senior vice president and head of Jeep Brand North America. "Our Jeep enthusiasts are always looking to go further and do more, and this award-winning overlanding trailer will allow them to go further and stay longer as they continue to push the boundaries of adventure."

Inspired by the U.S. military's all-but-indestructible surveillance trailers and engineered by the team that set a world land speed record at the Bonneville Salt Flats, the Jeep-branded Edition has set the new benchmark for off-road overlanding performance, capability and comfort.

Boasting an unprecedented dry weight of just 850 pounds, Jeep adventure-seekers can now tow a 1,200-pound payload up previously unfathomable terrain—all without compromising a Jeep brand vehicle's signature stability and efficiency. The Jeep-branded Edition by ADDAX Overland Trailer's high-strength, lightweight engineering makes it the perfect companion for technical rock climbers and beginner off-roaders alike. Thanks to the Jeep-branded Edition's foldable tongue and compact 5-foot-by-6-foot dimensions, even those adventurers with limited garage space can always be ready to get off the grid.

The Jeep-branded Edition by ADDAX Overland Trailer's independent torsion axle trailer suspension system provides an aggressive 17 inches of ground clearance for maximum maneuverability, control and comfort. The 3/16-inch military-grade steel chassis and 14-gauge steel body are seamlessly bent, instead of welded, to deliver industry-leading durability.

The Jeep-branded Edition by ADDAX Overland Trailer comes standard with:

• robust 35 cubic feet of storage
• four 8,000-pound stabilizing corner jacks
• foldable tongue
• articulating hitch
• rear receiver hitch
• heavy-duty, custom rack for endless mounting possibilities

The SEMA Global Media Awards (GMA) Program recognizes those companies that manufacture specialty equipment products and accessories that would have mass appeal to consumers in countries outside the United States. The products are voted on by a prestigious group of international journalists who serve as judges. 

"Vehicle customization and personalization has been growing worldwide," said Linda Spencer, SEMA director of international and government relations. "The GMA program taps top international media experts to weigh in on which new products are likely to succeed in their home markets. The global automotive specialty-equipment market is made up of enthusiasts who are passionate about the hobby. This passion can be found not only throughout the United States but also in countless spots around the globe including in Dubai, United Arab Emirates; Melbourne, Australia; and Stockholm, Sweden." 

This year's program included 11 judges from seven countries. Each judge carefully reviewed and evaluated nearly 2,000 product entries at the SEMA Show before selecting the products that they felt would resonate and appeal most to consumers in their home countries. 

The Jeep Edition by ADDAX Overland Trailer was also selected as a "Featured Product" in SEMA's highly-coveted New Product Showcase. 

MOPAR, JEEP®, DODGE, HEMI, PLYMOUTH, RAM, SRT, CHRYSLER and related logos, vehicle model names and trade dress are trademarks of FCA US LLC and used under license by ADDAX Overland LLC.

About ADDAX Overland

Built upon a combined 60 years of off-road industry chops, ADDAX Overland is proud to create the world's most rugged, reliable, and trailblazing overlanding trailers. Our innovative spirit secured a world land speed record at the Bonneville Salt Flats. And our thirst for open-air freedom drives our uncompromising pursuit of the ultimate in overlanding performance. We're based in the backyard of Moab, Utah—Jeep's home away from home—and we pride ourselves in pushing our trailers to the limit on the iconic red-rock terrain. Forged in the U.S.A. Tested in Hell.™ For more information, visit www.addaxoverland.com.

Jeep Brand

Built on 80 years of legendary heritage, Jeep is the authentic SUV brand that brings capability, craftsmanship and versatility to people who seek extraordinary journeys. The Jeep brand delivers an open invitation to live life to the fullest by offering a broad portfolio of vehicles that continues to provide owners with a sense of security to handle any journey with confidence.  The Jeep vehicle range consists of the Gladiator, Grand Cherokee and Wrangler. The legendary Jeep brand's off-road capability is now being enhanced by a global electrification initiative, that is transforming 4xe into new 4x4 in pursuit of the brand's vision of accomplishing Zero Emission Freedom. A fully electric Jeep 4xe will be offered in every SUV segment by 2025.

About SEMA and the SEMA Show

The SEMA Show is a trade show produced by the Specialty Equipment Market Association (SEMA), a nonprofit trade association founded in 1963. Since the first SEMA Show debuted in 1967, the annual event has served as the leading venue bringing together manufacturers and buyers within the automotive specialty equipment industry. Products featured at the SEMA Show include those that enhance the styling, functionality, comfort, convenience, and safety of cars and trucks. Additional details are available at www.semashow.com or www.sema.org, 909/396-0289.

Contact Information:
Ellesse Balli
CMO
[email protected]
801-694-2009

Diane Morgan
Head of Marketing Communications, Stellantis
[email protected]
248.881.5742


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Original Source: Jeep®-branded Edition By ADDAX™ Overland Trailer Named 2022 Global Media Award Winner at the SEMA Show