Waterloo, Ontario – The press wire – September 3, 2021: SponsorsOne Inc., (CSE: SPO) (Frankfurt: 5SO), (OTC: SPONF) (CNSX: SPO.CN) The company that makes small brands BIG through large communities of authentic, engaged micro-influencers who buy and support the brands they love, announces an update on its no-middleman private placement. SPO issued 29,076,923 units at a price of $ 0.026 per unit to arm’s length parties for gross proceeds of $ 756,000.00. Each unit consists of 1 common share and 1 full warrant allowing its holder to acquire 1 common share at $ 0.05 per share for a period of 2 years. The funds are used for general working capital and inventory costs.

In addition, SPO issued promissory notes totaling US $ 200,000, bearing interest at 6% per annum, repayable in 121 days. The funds are used to cover inventory costs.

About SponsorsOne

SponsorsOne is the leader in the next evolution of branding and digital marketing through influencer marketing, storytelling and digital commerce with the SponsorCoin platform and its highly scalable smart contract-based digital currency. . Combined, this allows brands to create and manage exclusive and highly engaged communities of influencers (from pro to micro-influencers) within the social realm. The SponsorCoin platform offers data-driven marketing campaigns that will change the way brands connect with their customers. SponsorCoin is a tool that allows brands to inspire real movement around their products and services. Their most valuable customers become their best sellers, producing a much higher ROI than current methods of social media advertising. SponsorsOne, through its wholly owned subsidiary, SponsorsOne Media Inc., provides comprehensive brand creation / management services to all of our brands and manages the influencer communities for each brand. To grow the brand, our wholly owned subsidiary S1 Brands Inc. is building wholesale / retail distribution channels for the brand, acting as a primary distributor. S1 Brands provides brand-name sales and marketing to its extensive network of national wholesalers and retailers and provides order financing to help the brand fulfill every order. Premier Beverage Consortium LLC, is a wholly owned subsidiary and is building a brand for the global spirits market with its flagship “Ready to Drink” product called Doc Wylders. formula for building the next billion dollar mark. For more information, please visit www.sponsorsone.com

Contact: info@sponsorsone.com

ON BEHALF OF THE BOARD

Gary Bartholomew, Executive Chairman

For more information, please visit www.sponsorsone.com

The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this press release.

Forward-looking statements

This press release contains forward-looking statements and information which are based on the beliefs of management and reflect the current expectations of the Company. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict” , “May” or “should” and the negative of such words or variations or comparable terminology, are intended to identify forward-looking statements and information. These statements and information reflect the Company’s current opinion with respect to the risks and uncertainties that may cause actual results to differ materially from those contemplated in such forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or other future events to be materially different from results, or future achievements expressed or implied by these forward-looking statements. These factors include, among others, the following risks:

• – risks associated with the marketing and sale of securities

  – the need for additional financing needs and access to capital, the use of key personnel

  – the potential for conflicts of interest between certain officers or directors with certain other projects

  – volatility in the volume and price of common shares, failure of business strategy, integrity of the Company’s patents and proprietary intellectual property and competition.

The Company cautions that the above list of risk factors is not exhaustive and is subject to change and there can be no assurance that these assumptions will reflect the actual results of such items or factors. When relying on the Company’s forward-looking statements and information in making decisions, investors and others should carefully consider the above factors, as well as other uncertainties and potential events, including risk factors, set forth in the Company listing statement. The Company has assumed some progress, which may not materialize. It has also assumed that the important factors mentioned above will not cause these forward-looking statements and information to differ materially from actual results or events.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT ATTACH ANY IMPORTANCE TO FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY ON SUCH INFORMATION AT ANY OTHER DATE. ALTHOUGH THE COMPANY MAY CHOOSE, IT DOES NOT COMMIT TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED UNDER APPLICABLE SECURITIES LAW.

As the Office of Personnel Management continues its journey of IT modernization, it relies on a familiar and proven playbook.

Guy Cavallo has been with OPM for about 11 months, first as senior deputy director of information, then acting director of the agency’s IT in March. He got permanent job last month.

Now he’s building on the lessons he learned in the Small Business Administration, from moving to the cloud and adopting cybersecurity tools to re-skilling the IT workforce.

“I’m leading a big push towards the cloud like I’ve done in my other two agencies,” he said. “I have an almost predefined 90-day approach on how to move an agency to the cloud in 90 days. I did it at the Transportation Security Administration. I did this SBA. Now I have refined it at OPM.

“We have established a cloud community of excellence,” he added. “We did our 90 day sprint. We have our initial architecture. We have our broadband connections in place. We are starting to activate cybersecurity tools in the cloud.

OPM still has several large legacy applications and mainframes, and its cybersecurity architecture to date is primarily on-premises. But Cavallo said OPM is gradually adopting more cloud-based cybersecurity tools, with the ultimate goal of running a mix of the two.

Ultimately, he wants to reduce the number of tools in OPM’s cybersecurity structure and make better use of the tools already in place.

“If I buy something, I try to use 100% of it, instead of buying five things and using 20% ​​of each and having that overlap,” Cavallo said. “There are a lot of tools in use at OPM today and I think we will be better off by reducing the footprint. “

This general philosophy also applies to Cavallo’s approach to training and developing OPM’s IT staff. Listening sessions with OCIO employees prompted him to look for more free online training sessions for IT staff.

“Not only at OPM, but I’ve heard this from other CIOs as well, there’s a strong belief that you have haves and have-nots,” Cavallo said. “You had favorite CIOs who could take training, and it could be $ 5,000 to $ 10,000 training. They could go and everyone would be told there was no money for training.

OPM has a corporate agreement with Microsoft. Cavallo said it has leveraged the deal and signed up for Microsoft’s enterprise skills initiative, which allows it to offer online training to every OCIO employee.

“It immediately leveled the playing field,” he said. “All the big cloud providers are doing it. There are many free, high-quality training available today from major vendors. “

He also instructed OCIO employees, from administrative assistants to contract managers, to complete a two-hour introduction to the cloud classroom.

“I want everyone to know what we’re talking about. I was happy to see people step in and do that, ”he said.

Where the cloud is a central part of an employee’s job, Cavallo said his office would reimburse staff for taking and passing certification exams. As a result, more people are getting cloud certifications than ever before, he said.

“I need my legacy workforce,” Cavallo said. “I can’t just tell everyone to go and put it all in the cloud when I’m running final mainframe code that can be decades old. The best thing is to train them enough so that I can pair them with a cloud specialist, and we can re-platform this app or rewrite it with the existing knowledge and also the latest technological knowledge.

Cavallo will also rely on another point of its IT modernization manual: playing nicely with the CFO.

“What I’ve learned throughout my career is that if the CIO doesn’t have a strong partnership with the CFO, you’re in trouble. The CFO controls your money. Something that I have always done is build this partnership. One of the first things I try to do is say, “On my current budget, if I can cut back on my own spending to invest in the cloud, will you let me keep the money?” If you have a bad relationship with your CFO, you will lose that money and they will suffer the cuts.

However, this approach will not cover all of OPM’s IT modernization needs, especially as the administration develops new cybersecurity requirements for agencies every month or so.

To help OPM better comply with the terms of the recent cybersecurity decree, for example, Cavallo said he had two pending applications with the Technology Modernization Fund Board, which would help OPM adopt cloud and zero trust solutions.

Agencies submitted just under 100 proposals for a share of the billion-dollar Technology Modernization Fund.

And to help OPM secure additional funding for IT modernization, Cavallo draws on another set of lessons he learned during his time at SBA.

The Biden administration is pushing Congress to establish new IT working capital, one of many recommendations the National Academy of Public Administration made earlier this spring in its report on improving the agency.

According to the proposal, OPM could transfer up to 3% of unspent salaries and expenses into working capital for IT modernization efforts.

So far, only the SBA has been able to secure congressional approval for its own IT working capital.

“We definitely took the language that we approved at the SBA, and reused it for OPM and said, ‘Hey you already approved this once, let’s do it again,’” Cavallo said.

A seven-bill minibus, which cleared the House at the end of last month, allows the OPM to create its own IT working capital in fiscal year 2022. The Senate has yet to weigh in on this matter , let alone presented a full set of 2022 appropriation bills.

KARACHI: Friesland Campina Engro Pakistan Limited (FCEPL) announced its financial results for the six-month period ended June 30, 2021. The company reported revenue of Rs 24.6 billion, growing 22% from last year, thanks to enhanced distribution and increased availability. of products, in addition to continued investments in brands.

The consecutive quarterly growth reflects a broader footprint of our brand portfolio across Pakistan.

The business climate remained difficult with record inflation leading to a sharp increase in commodity prices. The company was able to offset these peaks and improve the gross margin by 350 basis points compared to last year through several innovation and economy initiatives spanning the entire value chain. The resulting profit after tax shows an improvement of 430 basis points compared to last year, mainly due to a reduction in finance costs of 47%, thanks to reduced rates and efficient management of the fund. rolling.

DAIRY PRODUCTS AND BEVERAGES: With the gradual lifting of restrictions and blockages, the segment recorded sales of Rs 21.4 billion, up 17.6% from the same period last year. The improvement was led by Olper’s, which has seen steady growth through strong investments in the brand and trade. The segment continues to grow and invest in new channels to effectively serve consumers.

With a focus on improving accessibility and sustainability, the Olpers Budget Pouch was launched at a price of Rs50 in Pakistan. This innovative multi-portion packaging offers a strong value proposition that allows consumers to experience the natural benefits of milk in a safe, healthy and affordable way. Other recent launches include Olper’s Flavored Milk, Olper’s Full Cream Milk Powder (FCMP), Olper’s Cream, Olper’s Pro-Cal, Tarang Tea Whitening Powder (TWP), and Tarang Elachi, all of which have gained healthy market share in little time. of time. time despite strong competition from established players. The company will continue to leverage Friesland Campina’s global expertise to introduce new products and innovations as a key driver for the company’s future growth.

ICE CREAM AND FROZEN DESSERTS: preventive out-of-home activities and an early start to summer led to our highest volumes ever recorded in the first half of the year, with growth of 63.6% year-on-year last and revenues of Rs3 148 million against a turnover of Rs1.924 million in the same period last year. The business segment aroused enthusiasm by launching 4 new products and its buzz-generating “summer blockbuster” and “wow bhara bite” campaigns. The increased use of e-commerce continues to improve the breadth and depth of our customer base.

FUTURE PROSPECTS: The dairy industry welcomes the government’s initiative to restore the zero rate on milk through the recent finance law. At Friesland Campina Engro Pakistan Limited, our goal is to transform the health and well-being of Pakistanis today and for generations to come. This change allows us to better serve our purpose by developing new products, improving accessibility and availability, and investing in public awareness campaigns – in partnership with the Pakistan Dairy Association and the Government of Pakistan, to accelerate converting to safe, hygienic and nutritious packaging. milk, and thus improve public health.

This government support also allows us to further contribute to our dairy development program, which is designed to ensure inclusive growth of our national network of dairy farmers, by providing knowledge and training in yield management, best agricultural practices and veterinarians, as well as support for capital investment that cumulatively translates into better livelihoods for our farmers; an essential component of our corporate purpose.

With higher yields to farmers and increased acceleration in conversion to packaged milk, the company anticipates long-term and sustainable growth in both capital expansion and value creation for our shareholders.

The company remains committed to the highest standards of hygiene, food safety and sustainability, and will continue to leverage its global expertise and 150 years of experience to deliver safe, affordable and affordable dairy products every day. nourishing millions of Pakistanis.-PR

Copyright Business Recorder, 2021

Kerala Financial Corporation, one of the leading state-owned lending institutions, has announced a comprehensive funding program of up to 10 crore yen for start-ups to support them at all stages of their growth – from proof of concept to prototype development, product testing, market entry, commercialization and scaling.

Called “KFC Start-up Kerala”, it is also considering a risky debt program as well as a provision to finance purchase orders received by start-ups. Those registered with the Kerala Start-up Mission or the Department of Industrial Policy and Promotion (DIPP) and headquartered in Kerala are eligible.

Various ways of use

The loan will be extended to: set up the workshop, buy the necessary machines, computers, servers, software and infrastructure; buy raw materials; use for working capital or working capital; fund cloud-related expenses; obtain licenses or permits; cover consulting costs, marketing costs, preliminary and preoperative costs; and pay interest during the implementation period, among other things.

Kerala Financial Corp declares moratorium on loans to MSMEs

The program combines the funds provided in the form of a reduced rate loan with an option of conversion to equity provided that Kerala Financial Corporation’s share does not exceed 30 percent.

Venture Capital Debt Option

Once the start-up obtains a firm purchase order, it becomes eligible for loans of up to 10 crore for the fulfillment of the order. Entities that have undergone due diligence by a SEBI-registered venture capital fund can also apply for venture capital debt of 10 crore, a company spokesperson said here.

Kerala Financial Corp records record portfolio

“This program is the first of its kind where all start-up steps are taken into account for loans ranging from ₹ 25 lakh to ₹ 10 crore. Kerala Financial Corporation will provide mentoring and support to start-ups and there will be liberal exit options, ”said Sanjay Kaul, chairman and managing director.

“Viable models welcome”

All viable projects with a scalable business model and high potential for job creation or wealth creation will be considered under KFC Start-Up Kerala, added Sanjay Kaul.

Stage-related assistance will be made available as follows: 25 lakh for production; ₹ 50 lakh for marketing and ₹ 1 crore for scaling. This will be subject to a maximum of 90 percent of the cost of the project at each stage, said Sanjay Kaul.

The loans will be made at concessional interest rates of 7 percent without any collateral. The repayment period will be 60 months, including the moratorium period of maximum 12 months. Start-ups must apply online at www.kfc.org. The head office will process it and a committee of experts will decide on the sanction.

Lack of capital, credit

“The scarcity of capital and the insufficient availability of credit are major problems facing start-ups. These entrepreneurs should be encouraged with incentives and assistance on easy terms, ”Kaul observed.

The state government had, through the 2021-2022 budget, declared a six-point program to encourage start-ups. There are 3,900 registered start-ups in Kerala and the government plans to add 2,500 more.

KOCHI: Kerala Financial Corporation (KFC) has announced a full program of funding up to Rs 10 crore for startups.
The program, “KFC Startup Kerala”, will support startups at all stages of their growth, from proof of concept to prototype development, product testing, market entry, commercialization and deployment. At scale.
In addition, there will be a risk debt program and a provision to fund purchase orders received by startups.
Startups registered with the Kerala Startup Mission or the Department of Industrial Policy & Promotion (DIPP) and headquartered in Kerala will be eligible.
Viable projects with a scalable business model and high potential for job creation or wealth creation will be considered under the program.
The aid will be Rs 25 lakh for production, Rs 50 lakh for marketing and Rs 100 lakh for scaling up. This will be subject to 90% of the cost of the project at each stage.
The loans will be granted at concessional interest rates of 7% without any collateral. The repayment period will be 60 months including a moratorium period of 12 months maximum.
Startups must apply online at www.kfc.org. The processing will be centralized at the head office and the sanction will be examined by a committee of experts.
The scarcity of capital and the insufficient availability of credit facilities are the major problems facing startups. Start-up entrepreneurs should be encouraged with incentives and assistance on easy terms.
The government of Kerala in the budget speech declared a six point program to encourage startups. There are currently 3,900 registered startups in Kerala and the government’s plan is to add 2,500 more.
The loan will be extended to set up the workshop, buy the necessary machines, computers, servers, software, set up the infrastructure, buy raw materials, working capital, working capital, expenses costs, licenses, permits, consulting fees, marketing expenses, preliminary and pre-op fees, interest during the implementation period, etc.
The loans will be sanctioned as subsidized loans, with an option of conversion to equity, provided that KFC’s share does not exceed 30%.
Once startups get a firm purchase order, they are eligible for loans up to Rs 10 crore for order fulfillment. Entities subject to due diligence by a venture capital fund registered by SEBI may also obtain venture capital debt of Rs 10 crore.
This is the first program of its kind where all stages of startups are taken into account, with loans ranging from Rs 25 lakh to Rs 10 crore. KFC will provide mentorship and support to startups and there will be liberal exit options.

MILAN, Aug.3 (Reuters) – Car maker Stellantis on Tuesday announced it was raising its annual adjusted operating profit margin target after strong first-half results, which included record margins in North America and progress in cost savings.

Stellantis, formed in January by the merger of Fiat Chrysler and manufacturer Peugeot PSA, said it was aiming for an adjusted operating profit margin of around 10%, against a previous forecast of between 5.5% and 7.5%.

Milan-listed stocks in the world’s fourth-largest automaker rose 5.3% and were the best performers on the Italian Blue Chip Index (.FTMIB).

“The market was taken by surprise and did not expect the results to be so good,” said a Milan-based trader.

The company said it achieved approximately € 1.3 billion in net merger-related cash savings in the first half of the year. CFO Richard Palmer said he was confident the group would meet its long-term goal of € 5 billion in annual savings and aim to reach 80% of that goal by 2024.

The margin forecast assumes no further deterioration in the global semiconductor shortage that affected the entire industry, and no further blockages in Europe and the United States. Read more

Last month CEO Carlos Tavares, who won praise for increasing his margins while in charge of PSA, warned that the global semiconductor shortage would easily spill over into next year. Read more

Palmer said the group did not expect an improvement in chip supply until the last quarter of this year, with an expected total production loss of around 1.4 million vehicles in 2021.

He added that a surge in commodity prices also remains a challenge, with its impact being felt more in the second half of the year.

In the January-June period, Stellantis’ pro forma adjusted profit before interest and taxes (EBIT) totaled 8.622 billion euros, exceeding the 5.938 billion euros forecast by analysts in a Reuters poll.

The group posted an EBIT margin of 11.4% in the first six months, with North America at a record 16.1%.

Pro forma industrial free cash flow was negative at 1.163 billion euros, “reflecting the negative impacts on working capital due to unfulfilled semiconductor orders, offsetting the positive net synergies,” he said. .

Another sign of efficiency gains under Tavares, luxury brand Maserati announced adjusted operating income of 29 million euros in the first half after two years in the red.

Stellantis pledged last month to invest more than 30 billion euros by 2025 in the electrification of its range of vehicles, just days before the European Union proposed an effective ban on the sale of new petrol and diesel cars from 2035. read more

The group said on Tuesday it would launch 11 new battery-electric vehicles and 10 plug-in hybrid vehicles over the next 24 months.

Writing by Giulio Piovaccari; additional reporting by Giancarlo Navach; edited by Agnieszka Flak and Tomasz Janowski

Our Standards: Thomson Reuters Trust Principles.

There are around 60 million Micro, Small and Medium Enterprises (MSMEs) operating in India today, contributing significantly to India’s GDP and the country’s employment. But a major obstacle to their growth has been the ease of obtaining credit – today, around 40 percent of total MSME credit demand is still served by informal sources of credit. This underserved market represents enormous potential for MSME lenders and digital players, with innovative business models tailored specifically to the needs and behavior of this segment. Across India, the MSME lending landscape is changing, with formalization and digitalization disrupting the market.

Digital lenders, in partnership with traditional lenders, solve key lending challenges through cost levers managed at every step of the value chain. India’s API infrastructure now makes it easy for lenders to leverage other data sources for faster and better underwriting. This has accelerated further with the outbreak of the Covid-19 pandemic, supported by the continued push for government measures to move the country forward towards a digital economy. For India to become a $ 5,000 billion economy, loans must be made on a large scale to ensure the growth of MSMEs, the backbone of the Indian economy. Many examples can be given of how MSME growth can stagnate without access to the right finance at the right time.

Here is an example. Mr. Bipin Gada started a western casual clothing store in Mumbai in the mid-2000s. In 2019, when he was ready to open his second store, he was in dire need of working capital. However, due to the lack of a formal credit history, he was unable to obtain a loan from traditional banks. It was then that Bipin learned that digital lending platforms offer small unsecured loans to small business owners like him. Based on his daily transactions on the POS machine, he obtained a business loan of Rs 5 lakhs from NeoGrowth.

Over a decade or more, there are many inspiring examples in various types of small businesses, where new generation NBFCs have supported entrepreneurship. Many early-stage MSME lenders have shifted from “street-level” approaches to digital models that extract greater efficiency from existing market segments not addressed by formal funding sources.

The trend continues during the Covid era, but in a different way.

In May 2020, Ujjwal Parikh, a medical representative in his 30s working in Mumbai, lost his job due to the economic freeze caused by the pandemic. After graduating in pharmacy, he decided to open a pharmacy in Ahmedabad, his hometown. We checked his credit history and supported his business. Today he has a thriving business and the memories of uncertainty, helplessness and unemployment have faded.

The above examples illustrate how NBFCs and next-gen fintechs are now reaching out to small store owners in major Indian cities. The usual ticket size for loans can vary between Rs 1 lakh and Rs 75 lakh – depending on the credit history of the entrepreneur and the needs of the business.

With lockdowns imposed across the country, many customers and their businesses have been affected by the pandemic. Many businesses weren’t digitized or operated on any platform or offered home delivery of the services available. So the confinement hit them hard.

While digital lending has not helped these businesses recover their losses per se, next-generation NBFCs have provided them with timely bridging loans to meet working capital needs. Most NBFCs and digital lenders have extended loan terms and offered access to several other services to help digitize their business. Looking at how digital lenders fared during the Covid-induced lockdowns, the entire industry faced enormous challenges. However, as things settled into a ‘new normal’, some unique opportunities also arose around product and business model innovation and around ecosystem collaboration in our industry.

The multiple initiatives of government and regulators – in the form of UPI, Digi Locker, Digital KYC, C-KYC, AePS, BBPS, GSTN, TreDs, etc. helped lay the foundation for flow-based digital lending. Several well-funded start-ups from neo-banking, supply chain technology and accounting segments have also contributed to the digitization of small businesses. From point-of-sale machines and electronic billing ledgers to digital accounting applications, next-generation NBFCs and fintech start-ups today have the ability to use alternative data to understand business needs and business needs. small business cash flow trends and serve their loan requirements with solutions at various stages of the business cycle.

Some companies have launched innovative products such as “anti-foreclosure loans”, “Sanjivni loans” with flexible repayment plans and “Digital Lending 2.0”, “Insta Loans”, offering contactless loans to affected companies. In addition, several payment and investment fintechs have expanded their offerings to include lending solutions such as P2P loans, quick payout loans, and easy loan facilities for small businesses to help them navigate the market. situation.

Digital lenders are increasingly turning to end-to-end loan approval and disbursement with instant loan approvals. Some of the lenders process loan applications by comparing the customer to pre-qualified customer profiles. Some even use IndiaStack, an open API stack that allows lenders to process loans in a less present, paperless, and cashless way. Beyond conventional means of assessing creditworthiness through credit scores, lenders are now increasingly testing users’ willingness to pay using artificial intelligence-based algorithms that now take into account counts transactional information and alternative (surrogate) data to reduce turnaround time. for final approval and disbursement.

FinTechs are also launching a suite of lending solutions to enable businesses to digitize and use analytics-based platforms to deliver seamless lending to customers. Some digital lenders have also launched raffle coupons to encourage timely repayments for small businesses. All of these initiatives will undoubtedly help accelerate the growth of small businesses.

Many encouraging regulatory steps have also been taken, with RBI legitimizing the process of video customer identification to verify new customers and to enable onboarding via KYC video authentication. Digital signature and equivalent electronic documents have also been authorized by the government to complete the digital KYC process. This will once again help small businesses to benefit from digital loans seamlessly. Even NeoGrowth uploaded the KYC video, along with SBI, YES Bank, IDFC First Bank, and many other digital lenders.

In my opinion, the entire digital lending ecosystem now facilitates better access to finance for excluded segments, especially when it comes to small businesses that benefit from faster and cheaper loans, based on their business fundamentals. and supported by technology. The exponential impact of these loans on lives and livelihoods cannot be overstated. Will such easy financing provide the necessary impetus for first-generation entrepreneurs to take the plunge or invest in growth? I certainly think so.

The author is CEO of NeoGrowth Credit Pvt. Ltd.

DISCLAIMER: Opinions expressed are those of the author and Outlook Money does not necessarily endorse them. Outlook Money will not be liable for any damages caused to any person / organization directly or indirectly.