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Rare Pediatric Disease Priority Review Voucher (PRV) granted by FDA at approval to be transferred from Sentynl Therapeutics to Cyprium

Cyprium eligible to receive tiered royalties and up to $129 million in aggregate development and sales milestones from Sentynl Therapeutics

MIAMI, Jan. 13, 2026 (GLOBE NEWSWIRE) — Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”) and its majority-owned subsidiary, Cyprium Therapeutics, Inc. (“Cyprium”), today announced that the U.S. Food and Drug Administration (“FDA”) has approved ZYCUBO^® (copper histidinate, formerly known as CUTX-101) for the treatment of Menkes disease in pediatric patients.

In December 2023, Sentynl Therapeutics, Inc. (“Sentynl”), a U.S.-based biopharmaceutical company wholly-owned by Zydus Lifesciences Limited (“Zydus Group”), assumed full responsibility for the development and commercialization of CUTX-101 from Cyprium. A Rare Pediatric Disease Priority Review Voucher (PRV) was issued in connection with FDA approval and, pursuant to the transaction with Sentynl, will be transferred to Cyprium. Cyprium is also eligible to receive tiered royalties on net sales of ZYCUBO and up to $129 million in aggregate development and sales milestones from Sentynl.

Menkes disease is a rare X-linked recessive pediatric disease caused by mutations of the copper transporter ATP7A encoded by the ATP7A gene. Patients with Menkes disease are born with the inability to absorb dietary copper and subsequently have impaired copper transport across the blood-brain barrier, and, until now, there has been no approved treatment in the United States. ZYCUBO^® is a subcutaneous injectable formulation of copper histidinate that restores copper homeostasis and maintains copper levels in patients with Menkes disease.

“The approval of ZYCUBO is a pivotal milestone for our company and patients suffering from Menkes Disease, as it is the first and only FDA-approved treatment for this rare, often fatal, pediatric disease. In connection with FDA approval, ZYCUBO was granted a Rare Pediatric Disease Voucher which will be transferred from Sentynl to our majority-owned subsidiary Cyprium,” said Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer and Cyprium’s Chairman. “With three FDA approvals received in the last 15 months, for Emrosi™, UNLOXCYT™ (cosibelimab-ipdl), and now ZYCUBO, along with the recent sale of Checkpoint Therapeutics to Sun Pharma for approximately $28 million upfront to Fortress, plus the potential for an additional contingent value right (CVR) payment and ongoing royalties on future sales of UNLOXCYT, we believe that our business model has demonstrated measurable success and continued execution across the portfolio. We look forward to the potential achievement of additional upcoming milestones across our extensive pipeline of commercial and clinical-stage assets.”

“The development and approval of ZYCUBO are the culmination of more than three decades of hard work and dedication by many people, including the team members at Cyprium, Fortress and Sentynl,” stated Lung S. Yam, M.D., Ph.D., Cyprium’s President and Chief Executive Officer. “We would like to express our gratitude to the Menkes disease patients and their families who participated in the clinical studies and helped advance our understanding of this devastating disease.”

The approval is supported by positive topline clinical efficacy results for ZYCUBO, demonstrating statistically significant improvement in overall survival for Menkes disease subjects who received early treatment (“ET”) with ZYCUBO, compared to an untreated contemporaneous external control (“EC”) cohort, with a nearly 80% reduction in the risk of death. Median overall survival (“OS”) was 177.1 months for ZYCUBO ET cohort compared to 17.6 months for the EC cohort.

The most common adverse reactions (incidence ≥7%) were pneumonia, viral infection, respiratory failure, seizure, bacterial infection, hemorrhage, hypotension, vomiting, tachycardia, pyrexia, volume depletion, fracture, dyspnea, transaminases elevation, diarrhea, fungal infection, anemia, and local administration reaction.

ZYCUBO has received Breakthrough Therapy, Fast Track, Rare Pediatric Disease, and Orphan Drug Designation from the FDA. Copper histidinate has also been granted Orphan Designation by the European Medicines Agency.

About Menkes Disease

Menkes disease is a rare X-linked recessive pediatric disease caused by gene mutations of the copper transporter ATP7A. The minimum birth prevalence for Menkes disease is believed to be 1 in 34,810 live male births, and potentially as high as 1 in 8,664 live male births, based on recent genome-based ascertainment. The condition is characterized by distinctive clinical features, including sparse and depigmented hair (“kinky hair”), connective tissue problems, and severe neurological symptoms such as seizures, hypotonia, failure to thrive, and neurodevelopmental delays. Mortality is high in untreated Menkes disease, with many patients dying between 2-3 years of age. Milder versions of ATP7A mutations are associated with conditions other than Menkes Disease, such as Occipital Horn Syndrome and ATP7A-related Distal Motor Neuropathy.

About ZYCUBO

^®

(copper histidinate)

ZYCUBO^® is the first and only FDA-approved, bioavailable copper replacement therapy for the treatment of Menkes disease, a copper transport deficiency caused by mutations in ATP7A. ZYCUBO is a subcutaneous injectable formulation of copper histidinate that is given daily to deliver elemental copper to the body. In a pooled analysis of two open label, single-arm clinical trials, early treatment with ZYCUBO (ZYCUBO-ET) demonstrated significant improvement in overall survival for Menkes disease patients with a nearly 80% reduction in the risk of death compared to the overall survival of patients in the untreated contemporaneous external control cohort. For more information, visit https://zycubo.com.

INDICATIONS AND USAGE

ZYCUBO is indicated for the treatment of Menkes disease in pediatric patients.

Limitations of Use

ZYCUBO is not indicated for the treatment of Occipital Horn Syndrome.

IMPORTANT SAFETY INFORMATION

Contraindications

None.

Warnings and Precautions

Copper Accumulation and Risk of Toxicity

Impaired copper transport in patients with Menkes disease can lead to copper accumulation and organ impairment in the kidneys, liver, and hematopoietic system. Treatment with ZYCUBO may lead to further copper accumulation and related toxicity, especially in the first two years of life given renal and hepatic immaturity.

Renal Dysfunction

Kidney injury has been reported in patients taking ZYCUBO. In patients with Menkes disease, kidney dysfunction may already be present from the accumulation of copper in the kidneys. This may be worsened from the administration of copper in ZYCUBO. The healthcare team will monitor your child’s kidney function through periodic laboratory tests before and during ZYCUBO administration. The dose of ZYCUBO may be adjusted as appropriate based on the results of the laboratory tests.

Liver Dysfunction

Copper accumulation can result in liver dysfunction. The healthcare team will monitor your child’s liver function through periodic laboratory tests before and during ZYCUBO administration. The dose of ZYCUBO may be adjusted as appropriate based on the results of the laboratory tests.

Hematological Abnormalities

Copper accumulation with ZYCUBO can result in spleen and bone marrow dysfunction as well as interference with iron metabolism. Anemia has been reported in patients taking ZYCUBO for Menkes disease. The healthcare team will perform periodic laboratory tests (complete blood count) before and during ZYCUBO administration. The dose of ZYCUBO may be adjusted as appropriate based on the results of the laboratory tests.

Adverse Reactions

The most common adverse reactions (>7%) were pneumonia (30%), viral infection (27%), respiratory failure¹ (23%) (including cardiopulmonary failure (9%)), seizure (23%), bacterial infection² (20%) (including renal and urinary tract infection (9%)), hemorrhage (18%), hypotension (16%), vomiting (15%), tachycardia (12%), pyrexia (12%), volume depletion (12%), fracture (12%), dyspnea (12%), transaminases elevation (10%), diarrhea (10%), fungal infection (9%), anemia (9%), and local administration reaction (7%).

Use in Specific Populations

Pregnancy

Risk Summary

There are no available data on ZYCUBO use during pregnancy to evaluate for a drug-associated risk of major birth defects, miscarriage, or other adverse maternal or fetal outcomes. Animal reproduction studies have not been conducted with ZYCUBO.

The background risk of major birth defects and miscarriage for the indicated population is unknown. All pregnancies have a background risk of birth defects, loss, or other adverse outcomes. In the U.S. general population, the estimated background risk of major birth defects and miscarriage in clinically recognized pregnancies is 2%-4% and 15%-20%, respectively.

Lactation

Risk Summary

There are no available data on the presence of ZYCUBO in either human or animal breast milk, the effects on the breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for ZYCUBO and any potential adverse effects on the breastfed infant from ZYCUBO or from the underlying maternal condition.

Pediatric Use

The safety and effectiveness of ZYCUBO for the treatment of Menkes disease have been established in pediatric patients. Use of ZYCUBO for this indication is supported by evidence from two clinical trials. Data from patients in these two trials were compared to data from an untreated contemporaneous external control cohort.

Geriatric Use

Menkes disease is a disease of pediatric patients. Clinical trials of ZYCUBO did not include patients 65 years of age and older.

You are encouraged to report side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

Please see full U.S. Prescribing Information including Instructions for Use (IFU) for ZYCUBO

^®

at

https://zycubo.com

.

[1] Respiratory failure consists of multiple similar terms including cardiopulmonary failure.
[2] Bacterial infection consists of multiple similar terms including renal and urinary tract infection.

About Cyprium Therapeutics

Cyprium Therapeutics, Inc. (“Cyprium”) is focused on the development of novel therapies for the treatment of Menkes disease and related copper metabolism disorders. In March 2017, Cyprium entered into a Cooperative Research and Development Agreement with the Eunice Kennedy Shriver National Institute of Child Health and Human Development (“NICHD”), part of the NIH, to advance the clinical development of CUTX-101 (Copper Histidinate injection) for the treatment of Menkes disease. In 2023, Cyprium completed the transfer of its proprietary rights and assigned its FDA documents pertaining to CUTX-101 to Sentynl Therapeutics, Inc. ZYCUBO (formerly CUTX-101) was U.S. FDA-approved in 2026 to treat patients with Menkes disease. Cyprium and NICHD also have an ongoing worldwide, exclusive license agreement to develop and commercialize adeno-associated virus (AAV)-based gene therapy, called AAV-ATP7A, to deliver working copies of the copper transporter that is defective in patients with Menkes disease, and to be used in combination with CUTX-101; AAV-ATP7A gene therapy is currently in pre-clinical development and has received FDA Orphan Drug Designation. Cyprium was founded by, and is a majority-owned subsidiary of, Fortress Biotech, Inc. (Nasdaq: FBIO). For more information, visit www.cypriumtx.com.

About Fortress Biotech

Fortress Biotech, Inc. (“Fortress”) is an innovative biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty income. The company has eight marketed prescription pharmaceutical products and multiple programs in development at Fortress, at its majority-owned and majority-controlled partners and subsidiaries and at partners and subsidiaries it founded and in which it holds significant minority ownership positions. Fortress’ portfolio is being commercialized and developed for various therapeutic areas including oncology, dermatology, and rare diseases. Fortress’ model is focused on leveraging its significant biopharmaceutical industry expertise and network to further expand and advance the company’s portfolio of product opportunities. Fortress has established partnerships with some of the world’s leading academic research institutions and biopharmaceutical companies to maximize each opportunity to its full potential, including AstraZeneca, City of Hope, Fred Hutchinson Cancer Center, Nationwide Children’s Hospital, Columbia University, Dana Farber Cancer Center and Sentynl Therapeutics. For more information, visit www.fortressbiotech.com.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include risks relating to: the relatively small universe of potential buyers for a PRV; if we decide to sell the PRV and are able to find a buyer, the possibility that we are unable to do so on economic terms, or during a timeframe, that we deem favorable; our growth strategy, financing and strategic agreements and relationships; our need for substantial additional funds and uncertainties relating to financings; uncertainty related to the timing and amounts expected to be realized from future milestone, contingent value right, royalty or similar future revenue streams, if at all; our ability to identify, acquire, close and integrate product candidates successfully and on a timely basis; our ability to attract, integrate and retain key personnel; the early stage of products under development; the results of research and development activities; uncertainties relating to preclinical and clinical testing; our ability to obtain regulatory approval for products under development; our ability to successfully commercialize products or other marketable assets for which we receive regulatory approval; our ability to secure and maintain third-party manufacturing, marketing and distribution of our and our partner companies’ products and product candidates; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.

Company Contact:

Jaclyn Jaffe
Fortress Biotech, Inc.
(781) 652-4500
[email protected]

Media Relations Contact:

Tony Plohoros
6 Degrees
(908) 591-2839
[email protected]

NEW YORK, Jan. 13, 2026 (GLOBE NEWSWIRE) — Wolf Popper LLP is investigating potential claims on behalf of purchasers of CVRx, Inc. (“CVRx”) common stock (NASDAQ: CVRX).

CVRx is a medical device company. CVRx’s principal product is Barostim, which acts like a pacemaker.

On April 30, 2024, CVRx announced weak first quarter results, which the company blamed on a disruption in the salesforce caused by the retirement of the prior Chief Executive Officer. During the earnings call that day, and in subsequent earnings calls, CVRx management said issues with the salesforce had been stabilized. For example, during CVRx’s third quarter 2024 earnings call conducted on October 29, 2024, CVRx’s President and Chief Executive Officer, Kevin Hykes said “Our strengthened leadership team and stabilized sales force have been instrumental in driving our market development priorities and advancing the adoption of Barostim therapy.”

After the market closed on April 7, 2025, CVRx announced weak preliminary first quarter results. In the earnings press release, Hykes, said “We are thrilled with the level of talent we have attracted to strengthen our team, but many of these newer sales representatives are still in the early stages of development.”. On this news, CVRx’s stock price fell $5.34 per share to $6.20 on April 8, 2025, down 46.3% on very heavy volume.

After the market closed on May 8, 2025, CVRx announced weak first quarter results and lowered its full year revenue guidance. During the ensuing earnings call, Hykes said “Ultimately, the depth of these necessary changes [in the salesforce] was more significant than initially anticipated and resulted in 25% of our current territory managers being hired between December and March. As with any organizational transition of this magnitude, the productivity ramp for new hires will vary significantly, depending on the sales rep’s background and experience, as well as whether the new hire is entering a new territory or an existing territory with established accounts.” On this news, CVRx’s stock price fell an additional $3.01 per share to close at $4.77 on May 9, 2025, down an additional 38.7% on very heavy volume.

Investors who suffered losses trading in CVRx common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or [email protected].

Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by courts that have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.

May Be Considered Attorney Advertising in Certain Jurisdictions.
Prior Results Do Not Guarantee a Similar Outcome.

Wolf Popper LLP
Adam Savett. Esq.
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9655
Email: [email protected]

SEATTLE, Jan. 13, 2026 (GLOBE NEWSWIRE) — TappAlpha, an ETF platform helping define the Growth + Income investing category, today announced that it has surpassed $250 million in assets under management (AUM)—three months after hitting the $100 million mark.

This rapid growth has been fueled by advisor and investor demand for TSPY and TDAQ, two actively managed ETFs offering daily income overlays on top of broad market exposure to the S&P 500 and Nasdaq-100, respectively.

“We’re grateful for the trust investors and advisors have placed in TappAlpha,” said Si Katara, Founder and CEO. “Surpassing $250 million in AUM reflects a clear appetite for a new approach to tax-efficient growth + income—one that’s simple, transparent, and built for modern portfolios. That principle has guided everything we’ve built.”

Innovating Where Investors Are Already Positioned

Launched in August 2024, TSPY (Nasdaq: TSPY) seeks to deliver core exposure to the S&P 500, enhanced by a daily zero days to expiration (0DTE) covered call strategy designed to generate consistent, tax-efficient monthly income.

TDAQ (Cboe: TDAQ), launched in September 2025, brings the same daily income engine to the Nasdaq-100—offering a way to participate in tech sector growth while seeking consistent, tax-efficient monthly income.

Both funds aim to support investors who want to:

• Stay invested in equities
• Generate recurring income
• Balance the tradeoff between yield and upside potential

TappAlpha also recently partnered with Tuttle Capital Management to introduce the T² Lift™ Series, which offers light leveraged versions of TSPY and TDAQ — built to deliver 30% more exposure to the growth and income strategies investors already trust.

TappAlpha’s platform is set for expansion, with additional strategies in development. The firm remains focused on its mission: To make investing simple, actionable, and transparent for everyday investors and advisors.

For more information on TappAlpha ETFs, visit TappAlphaFunds.com.

About TappAlpha

TappAlpha is helping define the Growth + Income category through disciplined, rules-based overlays on the world’s most trusted benchmarks. By combining innovation with simplicity, the firm builds solutions designed to unlock income potential and support long-term portfolio outcomes. Founded in 2023, TappAlpha is committed to making investing simple, actionable, and transparent for everyday investors and advisors.

Disclosures

Investors should carefully consider the investment objectives, risks, charges and expenses of the ETFs identified on this site. This and other important information about the Fund are contained in the prospectus, which can be obtained by visiting tappalphafunds.com (the link should be active) or by calling (844) 403-2888. The prospectus should be read carefully before investing.

Investing in securities involves risk, including the potential loss of principal. You could lose money by investing in the Fund and the Fund may not achieve its investment objectives.

ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The Fund invests in options contracts that are based on the value of the Index, including SPX and XSP options for TSPY and XND and NQX options for TDAQ. This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index, even though it does not own shares of companies in the Index. The Fund will have exposure to declines in the Index. The Fund is subject to potential losses if the Index loses value, which may not be offset by income received by the Fund. To the extent that the Fund invests in other ETFs or investment companies, the value of an investment in the Fund is based on the performance of the underlying funds in which the Fund invests and the allocation of its assets among those ETFs or investment companies. The Fund may incur high portfolio turnover to manage the Fund’s investment exposure. The Fund is classified as “non-diversified” under the 1940 Act.

As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.

Due to the short time until their expiration, 0DTE options are more sensitive to sudden price movements and market volatility than options with more time until expiration. Because of this, the timing of trades utilizing 0DTE options becomes more critical.

Even a slight delay in the execution of 0DTE trades can significantly impact the outcome of the trade. 0DTE options may also suffer from low liquidity, making it more difficult for the Fund to enter into its positions each morning at desired prices. The bid-ask spreads on 0DTE options can be wider than with traditional options, increasing the Fund’s transaction costs and negatively affecting its returns. These risks may negatively impact the performance of the fund.

Distributor: Foreside Fund Services, LLC

For Media Inquires:
Contact TappAlpha
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4fd0964f-f094-4068-8f2d-4d723a831722

WASHINGTON, Jan. 13, 2026 (GLOBE NEWSWIRE) — FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Jason Smolanoff as a Senior Managing Director in the Cybersecurity practice within the firm’s Forensic and Litigation Consulting segment.

Mr. Smolanoff, who previously led the Cyber Risk practice at Kroll, has more than 25 years of experience in information security, with a focus on strategic risk advisory. In his role at FTI Consulting, he will provide foundational planning and support to expand the breadth and depth of capabilities across the firm’s Cybersecurity practice, helping clients throughout the full spectrum of cyber risk management needs, ranging from program assessments and incident response to complex investigations.

“As the cybersecurity threat landscape grows in sophistication and scale, we’re seeing an increasing demand from clients for adaptable, tailored risk management and investigative expertise,” said Anthony J. Ferrante, Global Head of the Cybersecurity practice at FTI Consulting. “Jason brings deep knowledge and proven experience that further strengthens our ability to deliver innovative technical solutions to our clients’ most complex cybersecurity challenges.”

Prior to joining FTI Consulting, Mr. Smolanoff was a Senior Advisor at Kroll. Before moving into that role, he was the President of Kroll’s Cyber Risk practice. Under his leadership, the practice expanded its critical services to clients, including incident response, digital forensics, strategy and risk consulting, technical testing, managed services and litigation support.

Mr. Smolanoff also served as the Chief Executive Officer and founder of CISO Advisory & Investigations, a firm providing information security services to public and private companies. Earlier in his career, he served as Supervisory Special Agent for the Federal Bureau of Investigation (“FBI”) overseeing a Cyber National Security Squad and an embedded FBI squad on the United States Secret Service’s Electronic Crimes Task Force. In this role, he managed complex cyber national security investigations related to counterintelligence and counter-terrorism matters, as well as complex cyber organized crime matters.

Commenting on his appointment, Mr. Smolanoff said, “FTI Consulting is well known in the cybersecurity industry for its expert-driven approach to the evolving digital and physical threats organizations face every day. I look forward to joining this team of incredible professionals as we continue to build on our client offerings.”

About FTI Consulting 
FTI Consulting, Inc. is a leading global expert firm for organizations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of September 30, 2025. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalized and independently managed. The Company generated $3.70 billion in revenues during fiscal year 2024. More information can be found at www.fticonsulting.com.

FTI Consulting, Inc.  
555 12^th Street NW  
Washington, DC 20004  
+1.202.312.9100 

Investor Contact:  
Mollie Hawkes 
+1.617.747.1791 
[email protected] 

Media Contact:  
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Unmatched scientific firepower: Two Nobel Laureates join Founder Prof. Haitham Amal, leading global autism researcher

Critical unmet need: 1 in 31 U.S. children now affected, zero FDA-approved disease-modifying therapies exist

FDA Orphan Drug designations secured for autism-related Phelan-McDermid Syndrome (PMS) and Glioblastoma

Platform targets the core biology of autism, not just symptomatic relief

Beyond Air (NASDAQ: XAIR), majority owner of NeuroNOS, to hold 19.99% of XTL’s post-transaction share capital

Beyond Air to receive up to $32.5 million in upfront, development and commercial milestone payments

TEL AVIV and BOSTON, Jan. 13, 2026 (GLOBE NEWSWIRE) — XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB; TASE: XTLB.TA) today announced a binding agreement to acquire 85% of NeuroNOS Ltd., a subsidiary of Beyond Air, Inc. (NASDAQ: XAIR), a biotechnology company pioneering disease-modifying therapeutics targeting the core pathophysiology of Autism Spectrum Disorder (ASD) and neuro-oncology.

This transformative acquisition positions XTL as a major player in the rapidly expanding autism therapeutics market, addressing one of the most urgent and underserved medical needs in global healthcare. Unlike symptomatic treatments, NeuroNOS’s platform is designed to address the underlying molecular mechanisms driving autism.

The Autism Crisis and Market Opportunity

Autism Spectrum Disorder now affects approximately 1 in 31 children in the United States, a dramatic increase that has placed unprecedented strain on healthcare systems, educational institutions, and millions of families worldwide.

Despite this crisis and decades of research, no FDA-approved disease-modifying therapies exist for autism. Current treatments only manage behavioral symptoms without addressing the underlying neurobiological mechanisms of the disorder, leaving the core pathology untreated and families without meaningful therapeutic options.

The urgency has reached the highest levels of U.S. policy. President Donald Trump recently stated:

“The meteoric rise in autism is among the most alarming public health developments in history. There’s never been anything like this. So we’re going to save a lot of children from a tough life, a really tough life. We’re going to save a lot of parents from a tough life.”

Robert F. Kennedy Jr., U.S. Secretary of Health and Human Services, added:

“This is an individual tragedy as well. Autism destroys families, but more importantly it destroys our greatest resource, which are our children. We have to recognize we are doing this to our children, and we need to put an end to it.”

The President and leadership of the U.S. Department of Health and Human Services have emphasized the urgent need to open new therapeutic pathways for autism, invest in advanced research, and bring hope to families who have experienced a lack of solutions for years. The administration has allocated $50 million in new NIH funding for autism research initiatives. This recognition at the federal level signals a fundamental shift in regulatory priorities and resource allocation toward autism research and treatment development.

Unmatched Scientific Firepower: Nobel Prize-Winning Leadership

NeuroNOS was founded by Professor Haitham Amal, one of the world’s leading autism researchers from Hebrew University of Jerusalem and a visiting scientist at Harvard University, with dozens of peer-reviewed publications advancing the understanding of autism pathophysiology. Professor Amal’s groundbreaking research on nitric oxide dysregulation in autism established the scientific foundation for NeuroNOS’s therapeutic approach.

The company has further strengthened its scientific leadership by bringing on board two Nobel Laureates in Chemistry, Professor Dan Shechtman (Technion) and Professor Roger Kornberg (Stanford University). This unprecedented combination of pioneering autism research with Nobel Prize-winning expertise in chemistry creates a powerful foundation for therapeutic innovation that competitors cannot match.

Validated Technology with FDA Orphan Drug Designations

NeuroNOS’s drug development platform is based on a proprietary family of small molecules engineered to cross the blood-brain barrier and precisely target diseases associated with nitric oxide (NO) abnormalities in the brain. Preclinical studies have demonstrated that the platform addresses core pathological mechanisms rather than merely alleviating symptoms, validated NO dysregulation has been observed in both autism patients and brain cancer patients, establishing NO regulation as a disease-modifying therapeutic target across multiple indications.

The company has already secured two FDA Orphan Drug Designations for Phelan-McDermid Syndrome (a rare genetic disorder with strong autism correlation) and Glioblastoma (one of the most aggressive and lethal forms of brain cancer). These designations provide seven years of market exclusivity upon approval, tax credits for clinical trial costs, expedited regulatory review, and enhanced FDA engagement.

Transaction Terms

XTL will acquire 85% of NeuroNOS for consideration including 19.9% of XTL’s issued share capital, $1 million in cash, and milestone-based contingent payments totaling up to $32.5 million.

The milestone structure includes clinical development payments of up to $5.5 million to Beyond Air, commencing from the Phase 1 clinical trial through NDA submission to the FDA. In addition, commercial milestone payments of up to $26 million are payable upon achieving product sales targets. Both Beyond Air and XTL are dedicated to bringing the NeuroNOS product for the treatment of autism to market as soon as possible.

NeuroNOS, previously a subsidiary of Beyond Air, will now serve as XTL’s flagship platform for autism and neuro-oncology therapeutics.

Noam Band, Chief Executive Officer of XTL Biopharmaceuticals:

“We are extremely excited to enter the autism field, which represents one of the most significant unmet medical needs today. With an extraordinary scientific team that includes two Nobel Laureates and Professor Haitham Amal from Harvard and Hebrew University, we have assembled the expertise needed to make a real difference. This acquisition positions XTL at the forefront of autism therapeutics, and we are committed to advancing these programs with the urgency and rigor they deserve.”

Steve Lisi, Chairman and CEO of Beyond Air Inc.:

“This transaction represents a pivotal moment for NeuroNOS, validating the groundbreaking science we’ve been developing and also providing the potential to create meaningful value for our shareholders by enabling NeuroNOS’s pipeline to advance with dedicated focus and funding. We are proud to become significant shareholders in XTL and believe this focused public platform provides NeuroNOS with the resources and commitment needed to advance these critical programs. What began as a subsidiary of Beyond Air is now positioned to become a standalone engine for innovation in autism and neuro-oncology, and we remain deeply committed to this mission as invested partners.”

About NeuroNOS

NeuroNOS is pioneering innovative treatments for neurodevelopmental and neurodegenerative disorders through small-molecule therapeutics that cross the blood-brain barrier to regulate Nitric Oxide (NO) levels. Preclinical studies have demonstrated elevated NO levels in children with Autism Spectrum Disorder and adults with brain cancers, establishing NO modulation as a critical therapeutic target. Through collaborations with elite research institutions and world-leading scientists, NeuroNOS aims to deliver transformative therapies for patients facing these devastating conditions.

For more information: www.neuro-nos.com

About Beyond Air^®, Inc.

Beyond Air is a commercial-stage medical device and biopharmaceutical company dedicated to harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders, and solid tumors. The Company has received FDA approval and CE Mark for its first system, LungFit PH, for the treatment of term and near-term neonates with hypoxic respiratory failure. Beyond Air is currently advancing its other revolutionary LungFit systems in clinical trials for the treatment of severe lung infections such as viral community-acquired pneumonia (including COVID-19) and nontuberculous mycobacteria (NTM).

Additionally, Beyond Cancer, Ltd., an affiliate of Beyond Air, is investigating ultra-high concentrations of NO with a proprietary delivery system to target certain solid tumors in the pre-clinical setting. For more information, visit www.beyondair.net.

About XTL Biopharmaceuticals Ltd.

XTL is an IP Portfolio company that holds 100% of The Social Proxy Ltd. and IP portfolio including hCDR1 for Lupus (SLE) and Sjögren’s Syndrome (SS) that the company sublicensed. The company actively pursues strategic collaborations and acquisitions to expand its therapeutic portfolio into high-value disease areas.

XTL trades on Nasdaq Capital Market (NASDAQ: XTLB) and Tel Aviv Stock Exchange (TASE: XTLB.TA).

CONTACTS:

Beyond Air Investor Relations

Corey Davis, Ph.D.
LifeSci Advisors, LLC
[email protected]
(212) 915-2577

XTL Biopharmaceuticals Ltd.

Tel: +972 54 22 88897
Email: [email protected]
www.xtlbio.com

Forward-Looking Statements

This press release contains forward-looking statements concerning the potential safety and efficacy of NeuroNOS’s therapeutic candidates, regulatory pathways, commercial potential, and anticipated benefits. Forward-looking statements include expectations, beliefs, and intentions regarding product development, business results, and strategic prospects. These statements are identified by words such as “expects,” “plans,” “anticipates,” “believes,” “intends,” “targets,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including risks related to capital raising, clinical trial timing and results, regulatory approval processes, intellectual property protection, market competition, and other factors described in XTL’s SEC filings. XTL undertakes no obligation to update these forward-looking statements except as required by law.

NEW YORK, Jan. 13, 2026 (GLOBE NEWSWIRE) — Anavex Life Sciences Corp. (“Anavex” or the “Company”) (Nasdaq: AVXL), today announced its participation as a key industry partner in ACCESS-AD, a major new European initiative designed to accelerate the adoption of innovative diagnostic and therapeutic approaches for Alzheimer’s disease (AD) across real-world clinical settings. The five year program is funded by the European Commission’s Innovative Health Initiative (IHI) and unites leading academic centers, technology developers, industry innovators and patient organizations to strengthen equitable access to timely and effective AD care.

ACCESS-AD launches at a pivotal time for Alzheimer’s disease management in Europe. Recent approvals of antibody-based disease-modifying therapies (DMTs) have expanded the treatment landscape, but health systems continue to face substantial bottlenecks in diagnosis, patient stratification, imaging capacity and ongoing monitoring. With AD prevalence projected to exceed 19 million Europeans by 2050, scalable and accessible therapeutic options—especially those that reduce reliance on high-intensity healthcare infrastructure—are urgently needed.

Advancing Precision Medicine for Alzheimer’s Disease

As part of the consortium, blarcamesine, the once-daily orally administered investigational small-molecule therapy designed to target autophagy through SIGMAR1 activation, a central regulator of cellular homeostasis, will be evaluated in a clinical prediction study. Blarcamesine is being developed as a potential precision-medicine therapeutic approach aiming to restore cellular function and slow neurodegenerative processes underlying Alzheimer’s disease.

ACCESS-AD is establishing a coordinated, multimodal clinical framework that integrates advanced neuroimaging, blood-based biomarkers, digital measures and AI-driven decision support to create streamlined patient pathways across Europe. The platform is designed to support early detection, personalised treatment choices and safe implementation of emerging therapies.

Integrating Blarcamesine into a Europe-Wide Innovation Framework

The inclusion of blarcamesine within ACCESS-AD’s real-world research program enables the generation of predictive clinical insights using harmonised imaging, biomarker and digital datasets. The blarcamesine study will examine patient characteristics, treatment response predictors and real-world feasibility within both specialty and community-based clinical environments. The effort aligns with Anavex’s long-standing commitment to developing precision medicine approaches that incorporate clinical data, genomic markers and digital endpoints. This will allow the consortium to explore how molecular-targeted, orally available therapies can complement the AD treatment ecosystem.

“We are pleased that blarcamesine will be evaluated within ACCESS-AD’s innovative precision-medicine framework,” said Christopher U. Missling, PhD, President & CEO of Anavex. “This initiative represents a unique opportunity to integrate advanced biomarker data and digital tools with a therapy that is intentionally designed to be accessible, scalable and compatible within diverse healthcare environments. We look forward to contributing to a future in which personalised care is available to all people living with Alzheimer’s disease.”

This release discusses investigational uses of an agent in development and is not intended to convey conclusions about efficacy or safety. There is no guarantee that any investigational uses of such product will successfully complete clinical development or gain health authority approval.

About Alzheimer’s disease

Alzheimer’s disease is the most common cause of dementia, accounting for 60-80% of all dementia cases worldwide. Dementia is a general term for memory loss and other cognitive abilities serious enough to interfere with daily life. Alzheimer’s disease is a progressive disease, where symptoms gradually worsen over time. Each stage of the disease presents different challenges for those living with the disease and their care partners. There is a significant unmet need for new treatment options that can slow down the progression of Alzheimer’s disease and reduce the overall burden on people affected and on society.

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (Nasdaq: AVXL) is a publicly traded biopharmaceutical company dedicated to the development of novel therapeutics for the treatment of neurodegenerative, neurodevelopmental, and neuropsychiatric disorders, including Alzheimer’s disease, Parkinson’s disease, schizophrenia, Rett syndrome, and other central nervous system (CNS) diseases, pain, and various types of cancer. Anavex’s lead drug candidate, ANAVEX^®2-73 (blarcamesine), has successfully completed a Phase 2a and a Phase 2b/3 clinical trial for Alzheimer’s disease, a Phase 2 proof-of-concept study in Parkinson’s disease dementia, and both a Phase 2 and a Phase 3 study in adult patients and one Phase 2/3 study in pediatric patients with Rett syndrome. ANAVEX^®2-73 is an orally available drug candidate designed to restore cellular homeostasis by targeting SIGMAR1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the course of Alzheimer’s disease. ANAVEX^®2-73 also exhibited anticonvulsant, anti-amnesic, neuroprotective, and anti-depressant properties in animal models, indicating its potential to treat additional CNS disorders, including epilepsy. The Michael J. Fox Foundation for Parkinson’s Research previously awarded Anavex a research grant, which fully funded a preclinical study to develop ANAVEX^®2-73 for the treatment of Parkinson’s disease. We believe that ANAVEX^®3-71, which targets SIGMAR1 and M1 muscarinic receptors, is a promising clinical stage drug candidate demonstrating disease-modifying activity against the major hallmarks of Alzheimer’s disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid, and tau pathologies. In preclinical trials, ANAVEX^®3-71 has shown beneficial effects on mitochondrial dysfunction and neuroinflammation. Further information is available at www.anavex.com. You can also connect with the Company on Twitter, Facebook, Instagram, and LinkedIn.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Anavex Life Sciences Corp. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

For Further Information:

Anavex Life Sciences Corp.
Research & Business Development
Toll-free: 1-844-689-3939
Email: [email protected]

Investors:

Andrew J. Barwicki
Investor Relations
Tel: 516-662-9461
Email: [email protected]

• Exceeds fourth quarter and fiscal year revenue guidance
• Delivers record cash flow from operations of $807 million and adjusted free cash flow
  of $626 million in the fiscal year
• Returns $258 million to shareholders in fiscal 2025 through share repurchases and dividends while paying down debt
• Introduces 2026 guidance indicating ongoing revenue growth and adjusted free cash flow expansion

NEWARK, Calif., Jan. 13, 2026 (GLOBE NEWSWIRE) — Concentrix Corporation (NASDAQ: CNXC), a global technology and services leader, today announced financial results for the fiscal fourth quarter and fiscal year ended November 30, 2025.

	Three Months Ended											Fiscal Year Ended
	November 30, 2025				November 30, 2024				Change			November 30, 2025				November 30, 2024				Change
Revenue($M)	$	2,552.9			$	2,448.0			4.3	%		$	9,825.8			$	9,618.9			2.2	%
Operating income (loss)($M)(1)	$	(1,382.4	)		$	144.5			NM			$	(918.2	)		$	596.4			NM
Non-GAAP operating income($M)(2)	$	323.2			$	346.7			(6.8	)%		$	1,253.5			$	1,317.9			(4.9	)%
Operating margin(1)		(54.1	)%			5.9	%		NM				(9.3	)%			6.2	%		NM
Non-GAAP operating margin(2)		12.7	%			14.2	%		-150 bps				12.8	%			13.7	%		-90 bps
Net income (loss)($M)(1)	$	(1,479.4	)		$	115.7			NM			$	(1,278.9	)		$	251.2			NM
Non-GAAP net income($M)(2)	$	192.4			$	219.3			(12.3	)%		$	743.4			$	772.3			(3.7	)%
Adjusted EBITDA($M)(2)	$	378.6			$	402.9			(6.0	)%		$	1,469.3			$	1,554.9			(5.5	)%
Adjusted EBITDA margin(2)		14.8	%			16.5	%		-170 bps				15.0	%			16.2	%		-120 bps
Diluted earnings (loss) per common share(1)	$	(23.85	)		$	1.72			NM			$	(20.36	)		$	3.71			NM
Non-GAAP diluted earnings per common share(2)	$	2.95			$	3.26			(9.5	)%		$	11.22			$	11.42			(1.8	)%

⁽¹⁾ Operating loss, operating margin, net loss and diluted loss per common share in the fourth quarter and fiscal 2025 include a non-cash goodwill impairment charge of $1,523.3 million in the fourth quarter of 2025 primarily resulting from the trading range for the Company’s stock price and market capitalization.
⁽²⁾ See non-GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.
NM Not Meaningful – Change greater than 100% or 1,000 bps.

Fourth Quarter Fiscal 2025 Highlights:

• Revenue of $2,552.9 million, an increase of 4.3% year-on-year on an as reported basis compared to revenue of $2,448.0 million in the prior year fourth quarter. The Company grew revenue 3.1% year-on-year on a constant currency basis, exceeding the guidance range previously provided.
• Operating loss of $1,382.4 million, or (54.1)% of revenue, compared with operating income of $144.5 million, or 5.9% of revenue in the prior year fourth quarter. Operating loss for the quarter includes a non-cash goodwill impairment charge of $1,523.3 million primarily resulting from the recent trading range for the Company’s stock price and market capitalization.
• Non-GAAP operating income of $323.2 million, or 12.7% of revenue, compared with $346.7 million, or 14.2% of revenue, in the prior year fourth quarter.
• Adjusted EBITDA of $378.6 million, or 14.8% of revenue, compared with $402.9 million, or 16.5% of revenue, in the prior year fourth quarter.
• Cash flow provided by operations was $344.2 million in the quarter. Adjusted free cash flow⁽²⁾ was $287.1 million in the quarter.
• Diluted earnings (loss) per common share (“EPS”) was $(23.85), inclusive of the goodwill impairment referenced above, compared to $1.72 in the prior year fourth quarter.
• Non-GAAP diluted EPS was $2.95 compared to $3.26 in the prior year fourth quarter.

“Our positive fourth quarter and fiscal year results reflect our steadfast commitment to advance our business to meet evolving client demand while delivering value to shareholders,” said Chris Caldwell, Concentrix President and CEO. “The investments we are making in the business are paying off with growth in our intelligent transformation solutions. As we enter 2026, we believe we are in a favorable position with the right strategy and the right model to drive ongoing growth and free cash flow.”

Fiscal Year 2025 Highlights:

• Revenue of $9,825.8 million, an increase of 2.2% year-on-year on an as reported basis compared to revenue of $9,618.9 million in the prior fiscal year. The Company grew revenue 2.1% on a constant currency basis, which is above its guidance range previously provided.
• Operating loss of $918.2 million, or (9.3)% of revenue, compared with operating income of $596.4 million, or 6.2% of revenue, in the prior fiscal year. Operating loss for the year includes a non-cash goodwill impairment charge of $1,523.3 million.
• Non-GAAP operating income of $1,253.5 million, or 12.8% of revenue, compared with $1,317.9 million, or 13.7% of revenue, in the prior fiscal year.
• Adjusted EBITDA of $1,469.3 million, or 15.0% of revenue, compared with $1,554.9 million, or 16.2% of revenue, in the prior fiscal year.
• Cash flow provided by operations was $807.0 million in the fiscal year. Adjusted free cash flow⁽²⁾ was $626.4 million in the fiscal year.
• Diluted EPS was $(20.36), inclusive of the goodwill impairment referenced above, compared to $3.71 in the prior fiscal year.
• Non-GAAP diluted EPS was $11.22 compared to $11.42 in the prior fiscal year.
• Returned $258 million to shareholders through dividends and share repurchases while reducing net debt by $184 million.

Quarterly Dividend and Share Repurchase Program:

• The Company paid a $0.36 per share quarterly dividend on November 4, 2025. The Company’s Board of Directors has declared a quarterly dividend of $0.36 per share payable on February 10, 2026, to shareholders of record at the close of business on January 30, 2026.
• The Company repurchased 1.3 million shares in the fourth quarter at a cost of $56.4 million under its previously announced share repurchase program at an average cost of $42.48 per share. At November 30, 2025, the Company’s remaining share repurchase authorization was $438.6 million.

Business Outlook:

The following statements are based on the Company’s current expectations for the first quarter and full year fiscal 2026. Non-GAAP financial measures exclude the impact of acquisition-related, integration and restructuring expenses, amortization of intangible assets, depreciation, share-based compensation, and the related tax effects thereon. The non-GAAP EPS guidance assumes no impact from changes in acquisition contingent consideration and foreign currency losses (gains), net included in other expense (income), net. These statements are forward-looking and actual results may differ materially.

First Quarter Fiscal 2026 Expectations:

• First quarter reported revenue of $2.475 billion to $2.500 billion. Based on current exchange rates, these expectations assume an approximate 290-basis point positive impact of foreign exchange rates compared with the prior year period. The guidance implies constant currency revenue growth for the quarter ranging from 1.5% to 2.5%.
• Operating income of $140 million to $150 million and non-GAAP operating income of $290 million to $300 million.
• Non-GAAP diluted EPS of $2.57 to $2.69, assuming approximately 61.5 million diluted common shares outstanding and approximately 5% of net income attributable to participating securities.
• The effective tax rate is expected to be approximately 25%.

Full Year 2026 Expectations:

• Full year reported revenue of $10.035 billion to $10.180 billion. Based on current exchange rates, these expectations assume an approximate 60-basis point positive impact of foreign exchange rates compared with the prior year. The guidance implies constant currency revenue growth for the full year of 1.5% to 3.0%.
• Operating income of $688 million to $738 million and non-GAAP operating income of $1,240 million to $1,290 million.
• Non-GAAP diluted EPS of $11.48 to $12.07, assuming approximately 60.6 million diluted common shares outstanding and approximately 4.9% of net income attributable to participating securities.
• The effective tax rate is expected to be approximately 25%.

In addition, the Company expects to generate approximately $630 million to $650 million of adjusted free cash flow in fiscal year 2026.

The Company believes that a quantitative reconciliation of the non-GAAP EPS outlook to the most directly comparable GAAP measure cannot be provided without unreasonable efforts due to (a) the inability to forecast future changes in acquisition contingent consideration, which is based, in part, on the future trading price of the Company’s common stock, and (b) the inability to forecast future foreign currency losses (gains), net included in other expense (income), net. For the same reason, the Company is unable to address the probable significance of the unavailable information, which may have a material impact on the Company’s GAAP results.

The Company believes that a quantitative reconciliation of the adjusted free cash flow outlook to the most directly comparable GAAP measure cannot be provided without unreasonable efforts due to uncertainty related to the future changes in the Company’s factoring program and related timing of those changes. For the same reason, the Company is unable to address the probable significance of the unavailable information, which may have a material impact on the Company’s GAAP results.

Conference Call and Webcast

The Company will host a conference call for investors to review its fourth quarter and full year fiscal 2025 financial results today at 8:30 a.m. (ET)/5:30 a.m. (PT).

The live conference call webcast will be available in listen-only mode in the Investor Relations section of the Company’s website under “Events and Presentations” at https://ir.concentrix.com/events-and-presentations. A replay will also be available on the website following the conference call.

About us: Experience the power of Concentrix

Concentrix Corporation (NASDAQ: CNXC), a Fortune 500® company, is the global technology and services leader that powers the world’s best brands, today and into the future. We’re human-centered, tech-powered, intelligence-fueled. Every day, we design, build, and run fully integrated, end-to-end solutions at speed and scale across the entire enterprise, helping over 2,000 clients solve their toughest business challenges. Whether it’s designing game-changing brand experiences, building and scaling secure AI technologies, or running digital operations that deliver global consistency with a local touch, we have it covered. At the heart of everything we do lies a commitment to transforming the way companies connect, interact, and grow. We’re here to redefine what success means, delivering outcomes unimagined across every major vertical in 70+ markets. Virtually everywhere. Visit concentrix.com to learn more.

Use of Non-GAAP Information

In addition to disclosing financial results that are determined in accordance with GAAP, we also disclose certain non-GAAP financial information, including:

• Constant currency revenue growth, which is revenue growth adjusted for the translation effect of foreign currencies so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Constant currency revenue growth is calculated by translating the revenue of each fiscal year in the billing currency to U.S. dollars using the comparable prior year’s currency conversion rate in comparison to prior year’s revenue. Generally, when the U.S. dollar either strengthens or weakens against other currencies, revenue growth at constant currency rates or adjusting for currency will be higher or lower than revenue growth reported at actual exchange rates.
• Non-GAAP operating income, which is operating income (loss), adjusted to exclude impairment charges, acquisition-related, integration and restructuring expenses, step-up depreciation, amortization of intangible assets, and share-based compensation.
• Non-GAAP operating margin, which is non-GAAP operating income, as defined above, divided by revenue.
• Adjusted earnings before interest, taxes, depreciation, and amortization, or adjusted EBITDA, which is non-GAAP operating income, as defined above, plus depreciation (exclusive of step-up depreciation).
• Adjusted EBITDA margin, which is adjusted EBITDA, as defined above, divided by revenue.
• Non-GAAP net income, which is net income (loss) excluding the tax-effected impact of impairment charges, acquisition-related, integration and restructuring expenses, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the sellers’ note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net. Non-GAAP net income also excludes the income tax effect of certain tax law changes and legal entity restructuring activities.
• Free cash flow, which is cash flows from operating activities less capital expenditures, and adjusted free cash flow, which is free cash flow excluding the effect of changes in the outstanding factoring balance. We believe that free cash flow is a meaningful measure of cash flows since capital expenditures are a necessary component of ongoing operations. We believe that adjusted free cash flow is a meaningful measure of cash flows because it removes the effect of factoring which changes the timing of the receipt of cash for certain receivables. However, free cash flow and adjusted free cash flow have limitations because they do not represent the residual cash flow available for discretionary expenditures. For example, free cash flow and adjusted free cash flow do not incorporate payments for business acquisitions.
• Non-GAAP diluted EPS, which is diluted EPS excluding the per share, tax-effected impact of impairment charges, acquisition-related, integration and restructuring expenses, step-up depreciation, amortization of intangible assets, share-based compensation, certain debt costs, imputed interest related to the sellers’ note, certain legal settlement costs, change in acquisition contingent consideration and foreign currency losses (gains), net. Non-GAAP EPS also excludes the total per share income tax effect of certain tax law changes and legal entity restructuring activities. Non-GAAP EPS also reflects a per share adjustment to exclude non-GAAP net income attributable to participating securities.

We believe that providing this additional information is useful to the reader to better assess and understand our base operating performance, especially when comparing results with previous periods and for planning and forecasting in future periods, primarily because management typically monitors the business adjusted for these items in addition to GAAP results. Management also uses these non-GAAP measures to establish operational goals and, in some cases, for measuring performance for compensation purposes. These non-GAAP financial measures exclude amortization of intangible assets. Although intangible assets contribute to our revenue generation, the amortization of intangible assets does not directly relate to the services performed for our clients. Additionally, intangible asset amortization expense typically fluctuates based on the size and timing of our acquisition activity. Accordingly, we believe excluding the amortization of intangible assets, along with the other non-GAAP adjustments, which neither relate to the ordinary course of our business nor reflect our underlying business performance, enhances our and our investors’ ability to compare our past financial performance with its current performance and to analyze underlying business performance and trends. These non-GAAP financial measures also exclude share-based compensation expense. Given the subjective assumptions and the variety of award types that companies can use when calculating share-based compensation expense, management believes this additional information allows investors to make additional comparisons between our operating results and those of our peers. As these non-GAAP financial measures are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be used as a complement to, and in conjunction with, data presented in accordance with GAAP.

Safe Harbor Statement

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company’s expected future financial condition, growth and profitability, results of operations, including revenue and operating income, cash flows, and effective tax rate, capital expenditures and anticipated investment costs, the Company’s stock price and market capitalization, the future growth and success of, and demand for, the Company’s services and products, the potential benefits associated with use of the Company’s generative artificial intelligence and other products, including productivity and engagement gains, share repurchase and dividend activity, capital allocation, debt repayment and obligations, business strategy, product launches, foreign currency exchange rate fluctuations, and statements that include words such as believe, expect, intend, plan, may, will, anticipate, provide, could, should, target, estimate, outlook, and other similar expressions. These forward-looking statements are inherently uncertain and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things: risks related to general economic and geopolitical conditions and their effects on our clients’ businesses and demand for our services, including consumer demand, interest rates, inflation, international tariffs and global trade policies, supply chains, the conflicts in Ukraine and the Middle East, and tensions between India and Pakistan; cyberattacks on the Company’s or its clients’ networks and information technology systems; uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of artificial intelligence (“AI”), including agentic and generative AI; the failure of the Company’s staff and contractors to adhere to the Company’s and its clients’ controls and processes; the inability to protect personal and proprietary information; the effects of communicable diseases or other public health crises, natural disasters and adverse weather conditions; geopolitical, economic and climate- or weather-related risks in regions with a significant concentration of the Company’s operations; the ability to successfully execute on the Company’s strategy; the timing and success of product launches; competitive conditions in the Company’s industry and consolidation of its competitors; variability in demand by the Company’s clients or the early termination of the Company’s client contracts; the level of business activity of the Company’s clients and the market acceptance and performance of their products and services; the demand for end-to-end solutions and technology; damage to the Company’s reputation through the actions or inactions of third parties; changes in law, regulations, or regulatory guidance, or changes in their interpretation or enforcement, including changes in law and policy that restrict travel or visas between countries in which we have operations; the operability of the Company’s communication services and information technology systems and networks; the loss of key personnel or the inability to attract and retain staff across all geographies with the skills and expertise needed for the Company’s business; increases in the cost of labor; the inability to successfully identify, complete, and integrate strategic acquisitions or investments or realize anticipated benefits within the expected timeframe; higher than expected tax liabilities; currency exchange rate fluctuations; investigative or legal actions; and other factors contained in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2024 filed with the Securities and Exchange Commission (“SEC”) and subsequent documents filed with or furnished to the SEC. The Company does not undertake a duty to update forward-looking statements, which speak only as of the date on which they are made.

Copyright 2026 Concentrix Corporation. All rights reserved. Concentrix, the Concentrix logo, and all other Concentrix company, product, and services word and design marks and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Other names and marks are the property of their respective owners.

From Fortune ©2025 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune 500 are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of Concentrix.

Investor Contact

:

Sara Buda
Investor Relations
Concentrix Corporation
[email protected]
(617) 331-0955

CONCENTRIX CORPORATION CONSOLIDATED BALANCE SHEETS (currency and share amounts in thousands, except par value)
	November 30, 2025				November 30, 2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	327,347			$	240,571
Accounts receivable, net		1,999,021				1,926,737
Other current assets		758,135				675,116
Total current assets		3,084,503				2,842,424
Property and equipment, net		735,550				714,517
Goodwill		3,671,746				4,986,967
Intangible assets, net		1,960,338				2,286,940
Deferred tax assets		317,453				218,396
Other assets		991,496				942,194
Total assets	$	10,761,086			$	11,991,438
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	244,771			$	209,812
Current portion of long-term debt		65,625				2,522
Accrued compensation and benefits		764,962				706,619
Other accrued liabilities		997,198				977,314
Income taxes payable		123,794				99,546
Total current liabilities		2,196,350				1,995,813
Long-term debt, net		4,572,889				4,733,056
Other long-term liabilities		950,983				910,271
Deferred tax liabilities		296,519				312,574
Total liabilities		8,016,741				7,951,714
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of November 30, 2025 and 2024, respectively		—				—
Common stock, $0.0001 par value, 250,000 shares authorized; 70,316 and 68,849 shares issued as of November 30, 2025 and 2024, respectively, and 61,739 and 64,238 shares outstanding as of November 30, 2025 and 2024, respectively		7				7
Additional paid-in capital		3,783,972				3,683,608
Treasury stock, 8,577 and 4,611 shares as of November 30, 2025 and 2024, respectively		(610,162	)			(421,449	)
Retained earnings (deficit)		(177,010	)			1,191,871
Accumulated other comprehensive loss		(252,462	)			(414,313	)
Total stockholders’ equity		2,744,345				4,039,724
Total liabilities and stockholders’ equity	$	10,761,086			$	11,991,438

CONCENTRIX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (currency and share amounts in thousands, except per share amounts) (unaudited)
	Three Months Ended											Fiscal Year Ended
	November 30, 2025				November 30, 2024				% Change			November 30, 2025				November 30, 2024				% Change
Revenue
Technology and consumer electronics	$	675,088			$	685,841			(2	)%		$	2,666,072			$	2,674,040			—	%
Retail, travel and e-commerce		643,383				616,337			4	%			2,433,885				2,361,866			3	%
Communications and media		417,181				385,996			8	%			1,592,373				1,527,922			4	%
Banking, financial services and insurance		402,566				360,025			12	%			1,536,223				1,455,641			6	%
Healthcare		184,986				187,227			(1	)%			725,283				727,389			—	%
Other		229,721				212,598			8	%			871,935				872,042			—	%
Total revenue		2,552,925				2,448,024			4	%			9,825,771				9,618,900			2	%
Cost of revenue		1,676,968				1,577,427			6	%			6,390,760				6,170,013			4	%
Gross profit		875,957				870,597			1	%			3,435,011				3,448,887			—	%
Selling, general and administrative expenses		730,610				726,061			1	%			2,825,468				2,852,500			(1	)%
Impairment charges		1,527,726				—			NM				1,527,726				—			NM
Operating income (loss)		(1,382,379	)			144,536			NM				(918,183	)			596,387			NM
Interest expense and finance charges, net		69,935				76,117			(8	)%			290,349				321,828			(10	)%
Other income, net		(6,135	)			(44,487	)		(86	)%			(26,310	)			(24,715	)		6	%
Income (loss) before income taxes		(1,446,179	)			112,906			NM				(1,182,222	)			299,274			NM
Provision (benefit) for income taxes		33,205				(2,744	)		NM				96,702				48,057			NM
Net income (loss)	$	(1,479,384	)		$	115,650			NM			$	(1,278,924	)		$	251,217			NM
Earnings (loss) per common share:
Basic	$	(23.85	)		$	1.72						$	(20.36	)		$	3.72
Diluted	$	(23.85	)		$	1.72						$	(20.36	)		$	3.71
Weighted-average common shares outstanding:
Basic		62,071				64,315							63,012				64,977
Diluted		62,071				64,354							63,012				65,074

NM Not Meaningful – Change greater than 100%.

CONCENTRIX CORPORATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES (currency and share amounts in thousands, except per share amounts) (unaudited)
	Three Months Ended				Fiscal Year Ended
	November 30, 2025				November 30, 2025
Revenue	$	2,552,925			$	9,825,771
Revenue growth, as reported under U.S. GAAP		4.3	%			2.2	%
Foreign exchange impact		(1.2	)%			(0.1	)%
Constant currency revenue growth		3.1	%			2.1	%

	Three Months Ended							Fiscal Year Ended
	November 30, 2025				November 30, 2024			November 30, 2025				November 30, 2024
Operating income (loss)	$	(1,382,379	)		$	144,536		$	(918,183	)		$	596,387
Impairment charges		1,527,726				—			1,527,726				—
Acquisition-related, integration and restructuring expenses(1)		48,017				59,637			101,468				156,771
Step-up depreciation		2,710				2,475			10,326				9,907
Amortization of intangibles		107,776				110,098			434,332				458,925
Share-based compensation		19,371				29,995			97,875				95,922
Non-GAAP operating income	$	323,221			$	346,741		$	1,253,544			$	1,317,912

	Three Months Ended								Fiscal Year Ended
	November 30, 2025				November 30, 2024				November 30, 2025				November 30, 2024
Net income (loss)	$	(1,479,384	)		$	115,650			$	(1,278,924	)		$	251,217
Interest expense and finance charges, net		69,935				76,117				290,349				321,828
Provision (benefit) for income taxes		33,205				(2,744	)			96,702				48,057
Other income, net		(6,135	)			(44,487	)			(26,310	)			(24,715	)
Impairment charges		1,527,726				—				1,527,726				—
Acquisition-related, integration and restructuring expenses(1)		48,017				59,637				101,468				156,771
Step-up depreciation		2,710				2,475				10,326				9,907
Amortization of intangibles		107,776				110,098				434,332				458,925
Share-based compensation		19,371				29,995				97,875				95,922
Depreciation (exclusive of step-up depreciation)		55,365				56,149				215,775				237,013
Adjusted EBITDA	$	378,586			$	402,890			$	1,469,319			$	1,554,925

	Three Months Ended						Fiscal Year Ended
	November 30, 2025			November 30, 2024			November 30, 2025			November 30, 2024
Operating margin	(54.1	)%		5.9	%		(9.3	)%		6.2	%
Non-GAAP operating margin	12.7	%		14.2	%		12.8	%		13.7	%
Adjusted EBITDA margin	14.8	%		16.5	%		15.0	%		16.2	%

	Three Months Ended								Fiscal Year Ended
	November 30, 2025				November 30, 2024				November 30, 2025				November 30, 2024
Net income (loss)	$	(1,479,384	)		$	115,650			$	(1,278,924	)		$	251,217
Impairment charges		1,527,726				—				1,527,726				—
Acquisition-related, integration and restructuring expenses(1)		48,017				59,637				101,468				156,771
Step-up depreciation		2,710				2,475				10,326				9,907
Debt costs(2)		221				—				1,323				—
Imputed interest related to sellers’ note included in interest expense and finance charges, net		1,149				4,279				14,577				16,895
Legal settlement costs(3)		—				—				2,000				—
Change in acquisition contingent consideration included in other income, net		(6,208	)			(18,182	)			(1,958	)			(29,268	)
Foreign currency gains, net(4)		(38	)			(27,486	)			(28,959	)			(1,850	)
Amortization of intangibles		107,776				110,098				434,332				458,925
Share-based compensation		19,371				29,995				97,875				95,922
Income taxes related to the above(5)		(42,576	)			(39,515	)			(155,034	)			(173,963	)
Income tax effect of change in tax law		709				—				5,699				—
Income tax effect of legal entity restructuring		12,960				(17,617	)			12,960				(12,254	)
Non-GAAP net income	$	192,433			$	219,334			$	743,411			$	772,302

	Three Months Ended								Fiscal Year Ended
	November 30, 2025				November 30, 2024				November 30, 2025				November 30, 2024
Non-GAAP net income	$	192,433			$	219,334			$	743,411			$	772,302
Less: Non-GAAP net income allocated to participating securities(7)		(8,819	)			(9,548	)			(35,443	)			(29,173	)
Non-GAAP income attributable to common stockholders	$	183,614			$	209,786			$	707,968			$	743,129

	Three Months Ended								Fiscal Year Ended
	November 30, 2025				November 30, 2024				November 30, 2025				November 30, 2024
Diluted earnings (loss) per common share (“EPS”)(6)	$	(23.85	)		$	1.72			$	(20.36	)		$	3.71
Impairment charges		24.58				—				24.22				—
Acquisition-related, integration and restructuring expenses		0.77				0.93				1.61				2.41
Step-up depreciation		0.04				0.04				0.16				0.15
Debt costs		—				—				0.02				—
Imputed interest related to sellers’ note included in interest expense and finance charges, net		0.02				0.07				0.23				0.26
Legal settlement costs		—				—				0.03				—
Change in acquisition contingent consideration included in other income, net		(0.10	)			(0.28	)			(0.03	)			(0.45	)
Foreign currency gains, net		—				(0.43	)			(0.46	)			(0.03	)
Amortization of intangibles		1.73				1.71				6.89				7.05
Share-based compensation		0.31				0.47				1.55				1.47
Income taxes related to the above		(0.69	)			(0.61	)			(2.46	)			(2.67	)
Income tax effect of change in tax law		0.01				—				0.09				—
Income tax effect of legal entity restructuring		0.21				(0.27	)			0.21				(0.19	)
Adjustment for participating securities(7)		(0.08	)			(0.09	)			(0.48	)			(0.29	)
Non-GAAP Diluted EPS(7)	$	2.95			$	3.26			$	11.22			$	11.42
Weighted-average number of common shares – diluted		62,071				64,354				63,012				65,074

	Three Months Ended								Fiscal Year Ended
	November 30, 2025				November 30, 2024				November 30, 2025				November 30, 2024
Net cash provided by operating activities	$	344,220			$	284,401			$	806,967			$	667,492
Purchases of property and equipment		(63,032	)			(59,871	)			(234,496	)			(238,762	)
Free cash flow	$	281,188			$	224,530			$	572,471			$	428,730
Change in outstanding factoring balances		5,941				(5,844	)			53,933				45,788
Adjusted free cash flow	$	287,129			$	218,686			$	626,404			$	474,518

	Forecast
	Three Months Ending February 28, 2026								Fiscal Year Ending November 30, 2026
	Low				High				Low				High
Revenue	$	2,475,000			$	2,500,000			$	10,035,000			$	10,180,000
Revenue growth, as reported under U.S. GAAP		4.4	%			5.4	%			2.1	%			3.6	%
Foreign exchange impact		(2.9	)%			(2.9	)%			(0.6	)%			(0.6	)%
Constant currency revenue growth		1.5	%			2.5	%			1.5	%			3.0	%

	Forecast
	Three Months Ending February 28, 2026						Fiscal Year Ending November 30, 2026
	Low			High			Low			High
Operating income	$	139,500		$	149,500		$	687,500		$	737,500
Amortization of intangibles		103,000			103,000			394,000			394,000
Share-based compensation		30,000			30,000			120,000			120,000
Acquisition-related, integration and restructuring expenses		15,000			15,000			30,000			30,000
Step-up depreciation		2,500			2,500			8,500			8,500
Non-GAAP operating income	$	290,000		$	300,000		$	1,240,000		$	1,290,000

⁽¹⁾ For the three and twelve months ended November 30, 2025 and 2024, acquisition-related, integration and restructuring expenses primarily included integration costs associated with the Company’s combination with Webhelp and restructuring costs. These costs primarily include severance and employee-related costs, costs associated with facilities consolidation, including lease terminations to integrate the businesses, and information technology system consolidation costs.

⁽²⁾ For the fiscal year ended November 30, 2025, debt costs included debt extinguishment costs associated with the amendment and restatement of our senior credit facility and our voluntary prepayments of a portion of our outstanding term loans.

⁽³⁾ For the fiscal year ended November 30, 2025, legal settlement costs consist of amounts incurred to settle certain litigation arising outside of the ordinary course of business.

⁽⁴⁾ Foreign currency gains, net are included in other income, net and primarily consist of gains and losses recognized on the revaluation and settlement of foreign currency transactions and realized and unrealized gains and losses on derivative contracts that do not qualify for hedge accounting.

⁽⁵⁾ The tax effect of taxable and deductible non-GAAP adjustments was calculated using the tax-deductible portion of the expenses and applying the entity specific, statutory tax rates applicable to each item during the respective periods.

⁽⁶⁾ Diluted EPS is calculated using the two-class method, which is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Restricted stock awards and certain restricted stock units granted to employees are considered participating securities. For the purposes of calculating diluted EPS for the three months ended November 30, 2025 and for the fiscal year ended November 30, 2025, participating securities did not participate in net losses prior to dividends. For the purposes of calculating diluted EPS for the three months and the fiscal year ended November 30, 2024, net income attributable to participating securities was approximately 4.4% and 3.8% of net income, respectively.

⁽⁷⁾ For the purposes of calculating non-GAAP net income attributable to common shareholders and non-GAAP diluted EPS, non-GAAP net income attributable to participating securities was approximately 4.6% and 4.4% of non-GAAP net income, respectively, for the three months ended November 30, 2025 and 2024 and 4.8% and 3.8% of non-GAAP net income, respectively, for the fiscal years ended November 30, 2025 and 2024, and was excluded from non-GAAP net income attributable to common shareholders to calculate non-GAAP diluted EPS.

VANCOUVER, British Columbia, Jan. 13, 2026 (GLOBE NEWSWIRE) — ZenaTech, Inc. (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology business solution provider specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces it has signed an offer to acquire a Florida-based power washing company with multiple locations across two states. The company has a 15-year background serving commercial, government, industrial and homeowner association clients with modern pressure cleaning services to maintain and preserve building exteriors and roofs, industrial sites, public spaces, and parking lots.

“Expanding our Drone as a Service footprint in the power washing services across more locations and US states opens up significant opportunities to integrate our drones in a sector experiencing almost 17% annual growth,” said Shaun Passley, Ph.D., ZenaTech CEO. “Drone-enabled power washing makes cleaning services safer, faster, and more affordable by replacing scaffolding and lift equipment with advanced drone technology to more easily cover building, roof, and public space surfaces. We are transforming a traditional, labor-heavy service into a high-growth, technology-driven business with better margins, stronger differentiation, and a clear advantage as safety, efficiency, and sustainability standards rise. We believe our technology-driven expansion strategy will lead to additional revenue generation opportunities in other geographic regions that rely on power washing services.”

The global drone power washing market falls under a broader drone cleaning services market category that was valued at approximately USD $4.36 billion in 2023 and is projected to reach USD 13.2 billion by 2030, growing at a compound annual growth rate (CAGR) of almost 17% according to market analyst Valuates Reports.

ZenaTech’s Drone as a Service platform provides business and government clients with on-demand or subscription-based access to faster and superior drone-based services for a host of surveying, inspection, maintenance, power washing, inventory management, and precision agriculture services, without the capital costs or operational burdens of ownership. By acquiring established, profitable service companies currently using low-tech processes and ripe for drone innovation, ZenaTech is building a global, multi-service DaaS network of locations in communities anchored by existing customers and revenue, for next-gen drone integration designed for speed, precision, data, and safety benefits. The company is continuing to build its global business and network of locations as well as its integration of drones and new services. 

About ZenaTech

ZenaTech (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) is a technology company specializing in AI drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions for mission-critical business applications. Since 2017, the Company has leveraged its software development expertise and grown its drone design and manufacturing capabilities through ZenaDrone, to innovate and improve customer inspection, monitoring, maintenance, security, compliance, and surveying processes. With enterprise software customers using branded solutions across law enforcement, government, and industrial sectors, and drones being implemented across multiple commercial, agricultural and defense sectors, ZenaTech’s portfolio of solutions help drive exceptional operational efficiencies, precision, safety, and cost savings. The Company operates through offices in North America, Europe, Taiwan, and UAE, and is growing its global DaaS business and network of locations through acquisitions.

About ZenaDrone

ZenaDrone, a wholly owned subsidiary of ZenaTech, develops and manufactures autonomous business drone solutions that can incorporate machine learning software, AI, predictive modeling, Quantum Computing, and other software and hardware innovations. Created to revolutionize the hemp farming sector, its specialization has grown to multifunctional drone solutions for industrial surveillance, monitoring, inspection, tracking, process automation, and defense applications. Currently, the ZenaDrone 1000 drone is used for crop management applications in agriculture and critical field cargo applications in the defense sector, the IQ Nano indoor drone is used for inventory management and security in the warehouse and logistics sectors, and the IQ Square is an outdoor drone designed for land surveys and inspections use in commercial and defense sectors.

Contacts for more information:

Company, Investors, and Media:
Linda Montgomery
ZenaTech
312-241-1415
[email protected]

Investors:
Michael Mason
CORE IR
[email protected]

Safe Harbor

This press release and related comments by management of ZenaTech, Inc. include “forward-looking statements” within the meaning of U.S. federal securities laws and applicable Canadian securities laws. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. This forward-looking information relates to future events or future performance of ZenaTech and reflects management’s expectations and projections regarding ZenaTech’s growth, results of operations, performance, and business prospects and opportunities. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “aim”, “seek”, “is/are likely to”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other comparable terminology intended to identify forward-looking statements. Forward-looking information in this document includes, but is not limited to ZenaTech’s expectations regarding its revenue, expenses, production, operations, costs, cash flows, and future growth; expectations with respect to future production costs and capacity; ZenaTech’s ability to deliver products to the market as currently contemplated, including its drone products including ZenaDrone 1000 and IQ Nano; ZenaTech’s anticipated cash needs and it’s needs for additional financing; ZenaTech’s intention to grow the business and its operations and execution risk; expectations with respect to future operations and costs; the volatility of stock prices and market conditions in the industries in which ZenaTech operates; political, economic, environmental, tax, security, and other risks associated with operating in emerging markets; regulatory risks; unfavorable publicity or consumer perception; difficulty in forecasting industry trends; the ability to hire key personnel; the competitive conditions of the industry and the competitive and business strategies of ZenaTech; ZenaTech’s expected business objectives for the next twelve months; ZenaTech’s ability to obtain additional funds through the sale of equity or debt commitments; investment capital and market share; the ability to complete any contemplated acquisitions; changes in the target markets; market uncertainty; ability to access additional capital, including through the listing of its securities in various jurisdictions; management of growth (plans and timing for expansion); patent infringement; litigation; applicable laws, regulations, and any amendments affecting the business of ZenaTech.