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Judah Spinner, Founder of BlackBird Financial LP, Takes Large Stake in Natural Alternatives International — Calls for Urgent Action to Unlock Shareholder Value

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Toms River, NJ, 24th June 2025, ZEX PR WIREJudah Spinner, Founder and Chief Investment Officer of BlackBird Financial LP, has disclosed a significant stake in Natural Alternatives International, Inc. (NASDAQ: NAII), and is calling on the company’s leadership to stop destroying shareholder value and start acting like fiduciaries.

“NAII sits on over $80 million in tangible equity, yet year after year, management has failed to deliver anything remotely resembling an acceptable return for shareholders,” Spinner said. “Instead of aggressively returning capital to shareholders, management has spent years retaining and redeploying shareholder funds to expand a low-margin, commodity-type operation, including the ill-advised purchase of a new facility. The result? The stock trades at just a quarter of book value. That’s not good stewardship—that’s a textbook case of shareholder neglect.”

Spinner, known for his Graham-and-Dodd investment approach and no-nonsense style, said BlackBird Financial is pushing for major changes, including the possibility of a full-scale liquidation.

When a company consistently fails to earn an acceptable return on capital, the free market is signaling that the resources tied up in that business could be far better deployed elsewhere. It’s time for NAI to start winding things down. Redeploy the capital. Return it to shareholders. That’s how capitalism is supposed to work.”

Strategic Realignment: Shrink to Unlock Value

Based in Carlsbad, California, Natural Alternatives International operates manufacturing facilities across the U.S., Switzerland, and Japan. Spinner says the company is sitting on valuable real estate and underutilized assets that could—and should—be monetized.

  • Monetize Underutilized Assets: The company’s Carlsbad and Vista facilities are worth north of $30 million combined. They should be sold to unlock capital that is currently underutilized and generating suboptimal returns for shareholders.

  • Improve Profitability or Exit the Business: If management cannot chart a credible path to materially higher returns on capital, the only responsible course is to pursue an full-scale, orderly, liquidation and return the proceeds to shareholders. Continuing to operate without generating acceptable returns would constitute a fundamental breach of the board’s fiduciary duty.

“It’s time to start acting like true stewards of shareholder capital,” Spinner said. “Continuing to operate a business that fails to generate acceptable returns is a disservice to the very people you’re entrusted to serve. If management and the board intend to honor their fiduciary duty, the path forward is clear: liquidate the assets and return the capital to shareholders” Spinner said. 

Board Refresh and Shareholder Representation

BlackBird Financial intends to nominate independent directors with relevant experience to NAII’s board. These nominees will support a comprehensive review of operations and explore all strategic alternatives—including liquidation—if that’s what delivers the best outcome for shareholders.

“We’re not looking for a fight. We’re looking for accountability,” Spinner added. “This board needs to start living up to their obligations. We will work constructively with management—but we won’t sit back while shareholder’s capital is squandered.”

Next Steps and SEC Disclosure

If Spinner’s stake crosses the 5% threshold, BlackBird Financial LP will file a Schedule 13D with the Securities and Exchange Commission to outline its strategic intentions in greater detail.

About Judah Spinner and BlackBird Financial LP

Judah Spinner is the Founder and Chief Investment Officer of BlackBird Financial LP, a value-oriented hedge fund based in Toms River, New Jersey. Under his leadership, BlackBird has delivered exceptional returns, with year-to-date performance in 2025 exceeding 35%, dramatically outperforming the S&P 500’s 3%. 

Spinner is a Chartered Financial Analyst (CFA), having passed all three levels on his first attempt—a distinction earned by only a small percentage of candidates. He also holds the Financial Modeling & Valuation Analyst (FMVA) certification.

Spinner’s life reflects both discipline and adventure. He earned his FAA private pilot license in just 30 days and named his firm after the SR-71 Blackbird, the legendary reconnaissance jet. A passionate traveler and car enthusiast, he has visited all 50 U.S. states and collects both exotic and classic automobiles.

Beyond finance, Spinner is deeply committed to charitable and community work. He supports a wide range of organizations, including Yeshiva Day School of Las Vegas, Las Vegas Community Kollel, American Friends of Lubavitch in Washington D.C., YJP Las Vegas, RCCS, Yeshiva Heichal Hatalmud, among others. He also serves as a mentor with Big Brother Big Sister.

About Natural Alternatives International, Inc.

Founded in 1980, Natural Alternatives International, Inc. (NAI) is a contract manufacturer of premium nutritional supplements with operations in North America, Europe, and Asia. The company partners with globally recognized health brands to produce science-backed vitamins, minerals, and performance supplements in GMP-certified facilities.

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Press Release

Nostalgic Comeback Classic ICQ RockPaperScissors Game Reborn as NinjaRPS for Modern Mobile Players

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Retro messaging game reimagined with fast-paced ninja action, now available on iOS and Android

https://lh7-rt.googleusercontent.com/docsz/AD_4nXe8nf4QS74bAFzdiHDebOOTXEqvI1EO15SDyU98F5Q9REPNd874WkIKS8CSnsFfUVlIzUw3CZSV_7KLPoOK3UdarFVbvBhrppp4gmsXbH0WkD4X3ZjkukIONpr0YfTT6EUfBG94?key=5Ti9BTdjuXWyZwsRTbIefQ

Israel, 24th Jun 2025,  Long before emojis ruled conversations and mobile games flooded the app stores, there was ICQ, the chat app that quietly introduced one of the internet’s earliest multiplayer games: Rock-Paper-Scissors. Now, that simple but addictive mini-game is back, reimagined for a new generation as NinjaRPS, a sleek, action-packed remake for mobile, designed to hit right in the nostalgia.

Launched by NexEra Labs, NinjaRPS is now available on Google Play and the App Store, blending the familiar strategy of Rock-Paper-Scissors with the thrill of ninja duels, stylized animations, and retro-inspired visuals.

“We wanted to bring back something that felt personal, something people used to play between chats, just for fun,” said the developer. “NinjaRPS is our tribute to those early internet days, but with a new layer of energy and style.”

From Chatroom Classic to Combat Arena

NinjaRPS takes the core mechanics of the original ICQ game and wraps them in a fast-paced ninja theme. Players face off in animated duels where each move, Rock, Paper, or Scissors, triggers a ninja attack, block, or dodge. The game is easy to learn, hard to master, and endlessly replayable.

The game’s retro pixel art and fast-loading design are nods to the lightweight charm of the original ICQ era. At the same time, new features like avatar selection, local play, and unlockable content offer depth for today’s mobile gamers.

Download Now

NinjaRPS is free to play, with optional in-app features for customization.

Google Play: https://play.google.com/store/apps/details?id=com.nexeralabs.ninjarps&pli=1

App Store: https://apps.apple.com/il/app/ninjarps-rock-paper-scissors/id6468565440

Official Site: www.ninjarps.com

Built for Retro Fans & First-Time Players

Whether you remember playing RPS battles through ICQ in the early 2000s or you’re discovering it for the first time, NinjaRPS captures that same instant-fun energy. It’s a perfect pick-up-and-play game for casual moments, competitive challenges, or simply reliving a bit of digital history this time, with a ninja twist.

“Some games didn’t need a storyline, they just worked,” the developer added. “We brought that feeling back, but gave it flair.”

For media inquiry please contact NexEra Labs at:  info@nexeralabs.com

Media Contact

Organization: NexEra Labs

Contact Person: Press Team

Website: https://www.ninjarps.com/

Email: Send Email

Country:Israel

Release id:29729

View source version on King Newswire:
Nostalgic Comeback Classic ICQ RockPaperScissors Game Reborn as NinjaRPS for Modern Mobile Players

This content is provided by a third-party source. King Newswire makes no warranties or representations in connection with it. King Newswire is a press release distribution agency and does not endorse or verify the claims made in this release.

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Press Release

EPD Programme for Steel Industry Chain and EPD Networks Sign Strategic MOU to Advance Global Environmental Transparency

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U.S.-based EPD Networks has announced that it has signed a landmark Memorandum of Understanding (MOU) with the EPD Programme for Steel Industry Chain on June 19th to strengthen international cooperation in environmental product declarations (EPDs) across the global steel industry (source). This agreement marks a major step forward in aligning life cycle assessment methodologies, verification procedures, and environmental impact reporting on a global scale.

Under this strategic partnership, both organizations will pursue mutual recognition of key frameworks including General Programme Instructions (GPI), Product Category Rules (PCR), Life Cycle Impact Assessment (LCIA) methodologies, LCA tools, and verification checklists. The goal is to streamline EPD development and recognition across countries, enabling faster, more consistent environmental transparency for manufacturers and supply chain partners.

“This partnership will provide steel companies with a more efficient path to international EPD certification while accelerating progress toward shared climate goals,” said Hanbi Kim, Senior Manager at EPD Networks. “By bridging U.S. and Chinese expertise, we’re expanding access to credible, globally accepted environmental data.”

Key representatives present at the signing included Jiāngwéi, Deputy Secretary General of the China Iron and Steel Association; Noh-hyun Lim, Co-founder and General Manager of EPD Networks; and leaders from Ouyeel Corporation and the Institute of Global Sustainability Certification.

The EPD Programme for Steel Industry Chain is an organization organized by the China Iron and Steel Association and led by the Chinese steel industry, and was officially launched on May 19, 2022, with the participation of upstream and downstream steel industry enterprises, research institutes, and third-party organizations (source). 

To date, the programme has published 230 EPD reports and registered over 6,500 organizations—making it the world’s largest database for steel-related environmental performance. Its mission is to support carbon neutrality and low-carbon transformation by providing standardized life cycle data to all stakeholders.

EPD Networks, founded in 2023, is an independent certification body registered in the United States. It provides trusted environmental reporting solutions to companies operating in North America and Europe and is managed by experts from academia, manufacturing, and third-party verification.

For media inquiries or more information, visit www.epd-networks.com.

Media Contact

Organization: EPD Networks

Contact Person: Hanbi Kim

Website: http://epd-networks.com/

Email: Send Email

State: CA

Country:United States

Release id:29696

The post EPD Programme for Steel Industry Chain and EPD Networks Sign Strategic MOU to Advance Global Environmental Transparency appeared first on King Newswire. This content is provided by a third-party source.. King Newswire makes no warranties or representations in connection with it. King Newswire is a press release distribution agency and does not endorse or verify the claims made in this release. If you have any complaints or copyright concerns related to this article, please contact the company listed in the ‘Media Contact’ section

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Press Release

Dondego Launches Real-Time Cultural Guide to Barcelona – A Daily Compass for Festivals Food and Local Life

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Barcelona, Spain –  Dondego, a leading Barcelona-based event discovery platform, has officially launched its newly enhanced real-time cultural guide, offering seamless access to the full range of the city’s dynamic events and cultural happenings. From iconic festivals to neighborhood art shows, the platform delivers a curated, up-to-date experience of Barcelona’s diverse local life.

Recognized as one of Europe’s most culturally rich destinations, Barcelona hosts an ever-changing calendar of events. The updated Dondego platform aims to simplify cultural navigation by showcasing major festivals, seasonal food markets, art installations, and more—organized by date, theme, and location.

“Barcelona’s culture is vibrant and ever-evolving,” said Isabel Romero, Head of Cultural Content at Dondego.es. “This platform was developed to serve as a reliable guide for discovering authentic and diverse experiences throughout the city.”

Highlights of Dondego’s Cultural Calendar

  • Major Festivals: Comprehensive listings include La Mercè, Primavera Sound, Sónar, Festa Major de Gràcia, and Sant Jordi Day.
  • Neighborhood Discoveries: Discover rotating cultural events across neighborhoods such as El Raval, Gràcia, and El Born, including street performances, underground music sessions, and community theater.
  • Gastronomic Listings: Features include curated food fairs, cooking classes, wine tastings, and local tapas routes.
  • Inclusive Cultural Access: Free exhibitions, museum nights, and open-air concerts are promoted to ensure cultural access for all.

Intuitive Navigation and Personalization

Dondego’s platform supports both advance planning and spontaneous exploration. The real-time interface allows filtering by neighborhood, category, and date. Each listing includes venue maps, curated descriptions, and cultural insights designed to enhance discovery.

About Dondego

Dondego is a cultural discovery platform dedicated to connecting audiences with the heartbeat of Barcelona. With daily updated listings across music, arts, gastronomy, and community events, Dondego offers streamlined access to the city’s authentic experiences. The platform’s mission is to promote meaningful engagement with local culture across all backgrounds.

Explore the guide: https://dondego.es/barcelona/eventos

Media Contact

Organization: Dondego

Contact Person: Alba Lomeli

Website: https://dondego.es/

Email:
bcn@dondego.es

Country:Spain

Release id:29630

The post Dondego Launches Real-Time Cultural Guide to Barcelona – A Daily Compass for Festivals Food and Local Life appeared first on King Newswire. This content is provided by a third-party source.. King Newswire makes no warranties or representations in connection with it. King Newswire is a press release distribution agency and does not endorse or verify the claims made in this release. If you have any complaints or copyright concerns related to this article, please contact the company listed in the ‘Media Contact’ section

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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