Advaxis to Host Second Quarter Financial Results and Business Update Conference Call on Thursday, June 11, 2020

PRINCETON, N.J., June 01, 2020 (GLOBE NEWSWIRE) — Advaxis, Inc. (Nasdaq: ADXS), a clinical-stage biotechnology company focused on the development and commercialization of immunotherapy products, announced today that it will release financial results for the second quarter ended April 30, 2020 before the market opens on Thursday, June 11, 2020. The company will host a conference call at 11:00am EDT on the same day to provide a business update.


Thursday, June 11, 11:00 am EDT


Webcast: http://public.viavid.com/index.php?id=140132
Domestic: 877-407-0789
International: 201-689-8562
Conference ID: 13704683

About Advaxis, Inc.

Advaxis, Inc. is a clinical-stage biotechnology company focused on the discovery, development and commercialization of proprietary Lm-based antigen delivery products. These immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm) bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-based strains are believed to be a significant advancement in immunotherapy as they integrate multiple functions into a single immunotherapy and are designed to access and direct antigen presenting cells to stimulate anti-tumor T cell immunity, activate the immune system with the equivalent of multiple adjuvants, and simultaneously reduce tumor protection in the tumor microenvironment to enable T cells to eliminate tumors.

To learn more about Advaxis, visit www.advaxis.com and connect on Twitter, LinkedIn, Facebook and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions 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 are any statements that express the current beliefs and expectations of management, including but not limited to statements related to the expected clinical development of the Company’s drug product candidates. These and other risks are discussed in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K, filed on December 20, 2019, and its periodic reports on Form 10-Q and Form 8-K. Any statements contained herein that do not describe historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results, performance and achievements to differ materially from those discussed in such forward-looking statements. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to update or revise forward-looking statements, except as otherwise required by law, whether as a result of new information, future events or otherwise.

Contact:

Tim McCarthy, LifeSci Advisors, LLC
212.915.2564
tim@lifesciadvisors.com

NOVA Thin Film Pharmaceuticals and Quality Chemical Laboratories Announce Partnership in Formation and Commencement of Soluble Thin Film Operations

GREENSBORO, N.C., June 01, 2020 (GLOBE NEWSWIRE) — NOVA Thin Film Pharmaceuticals LLC (NTFP) announced today its formation and the commencement of its soluble thin film operations.  NTFP is commercializing its patented DepoFilm™ technology.  NTFP is based in North Carolina with a research and development facility in Greensboro and manufacturing in Wilmington.   NTFP’s manufacturing is located at Quality Chemical Laboratories (QCL)’s state of the art manufacturing and laboratory facilities in Wilmington.   QCL is also a lead investor in NTFP.

NTFP’s Chief Executive Officer, Joseph Fuisz, commented:  “NOVA Thin Film is founded on a simple premise:  that existing film technology is too complex and too costly to meet market needs.  Thin film offers valuable benefits to patients and NOVA Thin Film’s superior technology will address formulation, scale up and cost challenges.”

“Patented DepoFilm™ represents thin film technology 2.0.  DepoFilm™ addresses the challenges in conventional wet-cast thin film, and enables entirely new product concepts not possible with conventional technologies.   This makes NOVA Thin Film the partner of choice for the industry.”

“NOVA Thin Film starts with the right film technology, the right manufacturing partner, the right investors and the right Board of Directors.   These advantages, coupled with management execution, will drive value for NOVA Thin Film and its partners.”

Madhu Hariharan, NTFP’s Chief Operating Officer, stated:

“DepoFilm™ technology has game-changing implications for soluble film drug delivery. It allows for rapid prototyping and shortened product development timelines with more efficient API usage. The added advantage of a low cost and high yield manufacturing process makes DepoFilm™ a compelling and disruptive innovation.

“Our partnership with Quality Chemical Laboratories has provided the capital, facilities and know-how to enable us to provide world-class production and analytical capabilities from day one.  We are immediately positioned to deliver value for ethical, generic and consumer healthcare companies. ”

Richard C. Fuisz, M.D., the noted drug delivery inventor and entrepreneur credited with pioneering two novel dosage form classes, orally disintegrating tablets and oral soluble film, serves on our Board of Directors.  Dr. Fuisz is, together with Joseph Fuisz, the inventor of our issued DepoFilm™ patents. 

Dr. Fuisz remarked:  “The beauty of DepoFilm™ lies in its elegant simplicity, and the move of thin film manufacture into a single stage integrated manufacturing process from film formation to final primary packaging, together with the virtual elimination of yield issues that have bedeviled wet-cast manufacturers.   This new effort represents an important contribution to drug delivery.”

Dr. Yousry Sayed is the founder and Chief Executive Officer of QCL.  QCL is NTFP’s partner and lead investor.  Dr. Sayed has joined the Board of Directors.  QCL provides cGMP manufacturing facilities and world class laboratory and quality capabilities to NTFP.

Dr. Sayed stated:  “We are delighted to enter into partnership with NOVA Thin Film as an investor and also a provider of manufacturing and laboratory services.   NOVA Thin Film is based on a unique technology platform that offers a great benefit to drug companies and patients.  We are pleased to partner with NOVA Thin Film and excited about what this investment will mean for Wilmington and patients near and far.”

About NOVA Thin Film Pharmaceuticals LLC (NTFP):   NTFP is a drug delivery company focused on commercializing thin film pharmaceutical products using its patented DepoFilm™ technology.  NTFP is based in North Carolina, with facilities in Greensboro and Wilmington.  Learn more at www.novathinfilm.com, or contact us using info@novathinfilm.com.

Neoleukin Therapeutics Announces Appointment of Erin Lavelle to Board of Directors

SEATTLE, June 01, 2020 (GLOBE NEWSWIRE) — Neoleukin Therapeutics, Inc., “Neoleukin” (NASDAQ:NLTX), a biopharmaceutical company utilizing sophisticated computational methods to design de novo protein therapeutics, today announced the appointment of Erin Lavelle to the company’s Board of Directors. Ms. Lavelle has more than 20 years of strategic and operational leadership experience in the biopharmaceutical industry and most recently served as Chief Operating Officer for Alder Biopharmaceuticals, Inc. She succeeds Sean Nolan, who will be stepping down from the Board. Mr. Nolan has served as a director of Aquinox Pharmaceutics since 2015 and remained on the Neoleukin Board after the merger in August 2019.

“Erin’s extensive experience in operational, strategic, and business initiatives make her an excellent addition to our board as we continue to advance the de novo protein design platform and prepare for the start of clinical trials,” said Jonathan Drachman, M.D., Chief Executive Officer of Neoleukin. “In addition, I would like to thank Sean for his many contributions to Neoleukin.”

“Neoleukin’s innovative technology platform, experienced team and promising approach to impact the treatment landscape is a compelling combination, and I’m very pleased to be joining this talented team at such an exciting time,” said Ms. Lavelle.

Ms. Lavelle joined Alder in April 2018 to focus on operational initiatives preparing the company for its first product launch. Prior to Alder, she held a variety of roles during 15 years at Amgen Inc. In her last role at Amgen, she served as General Manager of Amgen’s Taiwan affiliate. Prior to that role, Ms. Lavelle was based in Hong Kong as an Executive Director for the Japan Asia-Pacific region, leading Commercial Excellence and Digital Health. Before her time in Asia, she held roles as an Executive Director in the areas of Global Marketing, Global Commercial Finance, and Strategy & Corporate Development. Ms. Lavelle began her career in 1998 as an investment banker in the healthcare group at Merrill Lynch & Co. Ms. Lavelle holds a Bachelor of Arts in Economics from Yale University.

About Neoleukin Therapeutics, Inc.

Neoleukin is a biopharmaceutical company creating next generation immunotherapies for cancer, inflammation and autoimmunity using de novo protein design technology. Neoleukin uses sophisticated computational methods to design proteins that demonstrate specific pharmaceutical properties that provide potentially superior therapeutic benefit over native proteins. Neoleukin’s lead product candidate, NL-201, is a combined IL-2 and IL-15 agonist designed to improve tolerability and activity by eliminating the alpha receptor binding interface. For more information, please visit the Neoleukin website: www.neoleukin.com.

Safe Harbor / Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, planned development activities and timelines, use and adequacy of cash reserves and the potential benefits of the company’s product candidates and platform. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of such forward-looking statements include but are not limited to statements regarding the therapeutic properties and potential of the company’s de novo protein design technology. These statements are subject to numerous risks and uncertainties, including risks and uncertainties related to the company’s cash forecasts, the company’s ability to advance its product candidates, the receipt and timing of potential regulatory submissions, designations, approvals and commercialization of product candidates, the timing and results of preclinical and clinical trials, the timing of announcements and updates relating to the company’s clinical trials and related data market conditions and further impacts of COVID-19, that could cause actual results to differ materially from what Neoleukin expects. Further information on potential risk factors that could affect Neoleukin’s business and its financial results are detailed under the heading “Risk Factors” in documents the company files from time to time with the Securities and Exchange Commission (SEC), and other reports as filed with the SEC. Neoleukin undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Contacts:

Media

Julie Rathbun
206-769-9219
jrathbun@neoleukin.com

Investors

Solebury Trout
Brian Korb
646-378-2923
bkorb@troutgroup.com

Assure Holdings Expands Operations With First Neuromonitoring Case in Arizona

Company Begins Providing Services in Eighth State

DENVER, June 01, 2020 (GLOBE NEWSWIRE) — Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (IONM), is pleased to announce that it has performed its first neuromonitoring case in the state of Arizona. Pursuant to the Agreement, Assure is providing IONM services at one hospital in the Phoenix-area.

“Expanding to Arizona was a priority due to the valuable surgeon relationships we have developed locally and the state’s attractive demographics for IONM services. We expect to grow rapidly in Arizona as we have in other states the Company has added to our operational footprint,” said John A. Farlinger, Assure’s executive chairman and CEO. “While the COVID-19 pandemic had a substantial impact on Company operations in March and April, we saw a return to normal operations in May, and are eager to resume our investment plans.”

Farlinger added, “We utilized an introduction from a distributor channel partner to start the conversation with one doctor and a surgeon referral to kick off discussions with the other doctor. Over time, we have built strong relationships with these doctors by leveraging Assure’s respected reputation for providing industry-leading IONM services.”

Assure is now providing IONM services across eight states: Colorado, Texas, Louisiana, Utah, Pennsylvania, Michigan, South Carolina and Arizona. This growth has been propelled by the Company’s exceptional quality of service and unique clinical expertise. An additional driver is the growing demand for neuromonitoring services across numerous medical procedures.

Collectively the two surgeons that the Company is now working with in Arizona performed approximately 400 procedures in 2019. Currently, all of the procedures performed by these doctors are spine related.

About Assure Holdings
Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned The Joint Commission’s Gold Seal of Approval®. For more information, visit the Company’s website at www.assureneuromonitoring.com.

Forward-Looking Statements

This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including, but not limited to, our financing plans, the Offering and the details thereof, the proposed use of proceeds therefrom, and other expected effects of the Offering. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, whether the Company’s organic growth will continue, whether the expansion into Arizona will be beneficial to the Company, whether the Company will continue to maintain a strong reputation in the IONM industry, whether the growing demand for neuromonitoring services across numerous medical procedures will continue in the states in which the Company operates and whether the Company will continue to provide IONM services in those states, whether the two surgeons will continue to perform approximately 400 cases per year and whether the Company will provide IONM on all the cases performed by the two surgeons , the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general, and risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact

Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
1-720-287-3093
Scott.Kozak@assureiom.com

cPacket Networks Rounds Out Solution by Adding Packet-to-Flow Gateway, Extensible Storage, and Self-Encrypted Drives

New cProbe® and Additions to Existing cStor® Family Enable New Use Cases and Offer More Options for Customers

SAN JOSE, Calif., June 01, 2020 (GLOBE NEWSWIRE) — cPacket Networks, a leading provider of AIOps-ready network-aware application performance and security assurance, has launched the new cProbe® series appliance. cProbe is a purpose-built device designed to collect packet-data from the network, construct flow-data out of it, and export it in standard (NetFlow/IPFIX) format to be consumed by security and performance tools, flow collectors, and analytics applications. This enables network operators to monitor bandwidth identifying client devices, applications consuming most bandwidth, policy shaping, capacity planning, identifying throughput bottlenecks, containing shadow-IT, and using the data for security analysis. cProbe-V® provides the same capabilities in virtualized and multi-cloud environments.


There are many applications across the enterprise IT and service providers that require flow-data for extended network visibility,

said Nadeem Zahid, VP of Product Management at cPacket Networks. “cPacket cProbe provides superior performance, better efficiency, and lower costs compared to mechanisms such as flow-export licenses with traditional packet brokers, which is expensive and does not scale.”

cPacket also adds the cPacket Extensible Storage (CES) capability to its existing cStor® series packet capture appliances. CES adds external storage capacity of up to 1.6 Petabytes for retaining packet data for compliance and security forensics; desired by financial services, healthcare, and other regulated industries.

Additionally, cStor now offers a Self-Encrypted Drives (SED) option for storing the packet data in a secure manner.

To learn more, visit cProbe and cStor product pages.

About cPacket Networks

cPacket enables IT through network-aware application performance and security assurance across the distributed hybrid environment. Our AIOps-ready single-pane-of-glass analytics provide the deep network visibility required for today’s complex IT environments. With cPacket, you can efficiently manage, secure, and future-proof your network – enabling digital transformation. cPacket solutions are fully reliable, tightly integrated, and consistently simple. cPacket enables organizations around the world to keep their business running. Our cutting-edge technology enables network, application, and security teams to proactively identify issues before negatively impacting the business. The result: increased security, reduced complexity, and increased operational efficiency.

Learn more at cpacket.com, read our blogs, or follow us on Twitter, LinkedIn, Facebook, YouTube, and BrightTalk.

Media Contact:

Steve Farnsworth
sfarnsworth@cpacketnetworks.com
650-275-3656

Healthwise Announces Landon Reese as Chief Product Officer

BOISE, Idaho, June 01, 2020 (GLOBE NEWSWIRE) — Healthwise, a leader in evidence-based health education, technology, and services, announced today that Landon Reese has been named chief product officer of Healthwise, effective immediately. Reese has served as vice president of product since November 2019. 

A proven product leader, Reese’s background in Software as a Service (SaaS) and product strategy is an excellent fit for Healthwise’s commitment to stay on the cutting edge of health education technology. As chief product officer, Reese will serve on the Executive Team as a key driver in the development and execution of the company’s strategic and product priorities, including spearheading product strategies that involve product life-cycle management, data analysis, and identifying emerging trends for expanding the customer value of existing product lines.

Before joining Healthwise, Reese was the senior director of product for Truckstop.com, driving the strategy, roadmap, packaging, and pricing of the company’s product line. He also worked for HP, where he had various roles in product, R&D, and marketing.

“Landon is an accomplished leader who came to us with both product and engineering experience. But more importantly, he came with a desire to work cross-functionally and help guide the development of a healthy, innovative, and sustainable portfolio,” said Adam Husney, M.D., chief executive officer at Healthwise. “Landon’s knowledge and product expertise, combined with his leadership skills and experience, will be invaluable in developing solutions and strategies to further our mission of helping people make better health decisions.”

“It’s an honor to join a mission-driven organization that’s committed to helping people make better health decisions,” Reese said. “We have an incredible opportunity to build tools that will improve the healthcare system. I look forward to working with the Healthwise team on developing easy-to-use products for health systems and health plans that will enhance the patient experience.”

Reese graduated from Santa Clara University with a bachelor’s degree in electrical engineering.

About Healthwise

Healthwise, a leader in evidence-based health education, technology, and services, is a nonprofit organization with a mission to help people make better health decisions. People have turned to Healthwise information more than 2 billion times to learn how to do more for themselves, ask for the care they need, and say “no” to the care they don’t need. Healthwise partners with hospitals, electronic medical record (EMR) providers, health plans, care management companies, and health websites to provide up-to-date, evidence-based information to the people they serve. www.healthwise.org. 1-800-706-9646

Media Contacts:

Healthwise

Sonja Deines
sdeines@healthwise.org | 208-489-8481

FDA Authorizes OPKO Health Clinical Trial Evaluating RAYALDEE in COVID-19 Patients

MIAMI, June 01, 2020 (GLOBE NEWSWIRE) — OPKO Health, Inc. (NASDAQ: OPK) today announced that the U.S. Food and Drug Administration (FDA) has authorized OPKO to undertake a Phase 2 trial with RAYALDEE® as a treatment for patients with mild-to-moderate COVID-19.  The trial, entitled “A Randomized, Double-Blind Placebo-Controlled Study to Evaluate the Safety and Efficacy of RAYALDEE (calcifediol) Extended-release Capsules to Treat Symptomatic Patients Infected with SARS-CoV-2 (REsCue),” is estimated to enroll 166 subjects, including many with stage 3 or 4 chronic kidney disease (CKD).

The REsCue trial will have 4 weeks of treatment with RAYALDEE or placebo and 2 weeks of follow-up.  The objective is to raise and maintain serum total 25-hydroxyvitamin D (25D) within the range of 50-100 ng/mL in order to mitigate COVID-19 severity.

“Raising serum 25D enables macrophages, a type of white blood cell of the immune system, to secrete potent antiviral proteins that can destroy SARS-CoV-2, the virus that causes COVID-19,” explained Charles W. Bishop, PhD, CEO of OPKO’s Renal Division.  “It also can suppress the cytokine storm triggered by viral infection.”

COVID-19 disproportionately afflicts patients with obesity, older age, darker skin or CKD, all of which are risk factors for reduced serum 25D. Raising 25D sufficiently with supplements is difficult.

About RAYALDEE
®

RAYALDEE is an extended-release oral formulation of calcifediol, a prohormone of calcitriol, the active form of vitamin D3.  The product is the first and only medicine approved by the U.S. FDA for raising serum total 25D and lowering blood levels of intact parathyroid hormone (iPTH). RAYALDEE, approved to treat secondary hyperparathyroidism (SHPT) in adults with stage 3 or 4 CKD and vitamin D insufficiency, was launched in November 2016. 

About OPKO Health, Inc.

OPKO is a multinational biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large, rapidly growing markets by leveraging its discovery, development, and commercialization expertise and novel and proprietary technologies. For more information, visit www.opko.com.


Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “could,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning, including product development efforts and the expected benefits of RAYALDEE, whether and when we will initiate and complete the clinical studies contemplated for RAYALDEE and whether final study data will be positive, our ability to develop and commercialize RAYALDEE for COVID-19 patients, whether RAYALDEE is capable of treating patients with COVID-19, impacting the SARS-CoV-2 virus or cytokine storm, or have any impact on the severity of the disease or that it will effectively raise and maintain serum total 25D consistently at or above 50ng/mL, as well as other non-historical statements about our expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects.  Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in our Annual Reports on Form 10-K filed and to be filed with the Securities and Exchange Commission and in our other filings with the Securities and Exchange Commission, as well as liquidity issues and the risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments, the success of our relationship with our commercial partners for RAYALDEE, that earlier clinical results of effectiveness and safety may not be reproducible or indicative of future results, and that currently available over-the-counter and prescription products, as well as products under development by others, may prove to be as or more effective than our products for the indications being studied. In addition, forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.

CONTACTS:

Investors

LHA Investor Relations
Yvonne Briggs, 310-691-7100
ybriggs@lhai.com
or
Bruce Voss, 310-691-7100
bvoss@lhai.com

Transportation and Logistics Systems, Inc. Announces Financial Results for the Year Ended December 31, 2019


Subsequent Events Reflect Improving Financial Condition

JUPITER, FL, June 01, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Transportation and Logistics Systems, Inc. (OTC:TLSS), (“TLSS”, or the “Company”), a leading eCommerce fulfillment service provider, announced today that on May 29, 2020, it filed its Form 10-K, Annual Report for the calendar year ended December 31, 2019.

John Mercadante, Chairman and CEO of TLSS, commented, “While the Company more than doubled its revenue in 2019, it incurred substantial debt and expense to fund its aggressive organic growth initiatives, resulting in an operating loss of $20,291,000 as compared to an operating loss of $7,069,000 for the same period in 2018. Since year-end, the Company has taken substantive measures to improve its balance sheet and cost structure, which management believes, will improve its financial performance in 2020.”   

Financial Results for the Year Ended December 31, 2019

Revenue for the year ended December 31, 2019 increased $17,736,000, or 130%, to $31,356,000, as compared to $13,620,000, for the period from June 18, 2018 (acquisition date) to December 31, in 2018. The Company’s loss from continuing operations for the year ended December 31, 2019 was $44,183,000, due primarily from the $20,291,000 operating loss, interest expense of $6,540,000, loan fees of $601,000, and a non-cash charge for derivative expense of $55,841,000, which was partially offset by a gain on debt extinguishment of $39,090,000. This compared to a loss from continuing operations of $14,579,000 for the same period in 2018.

TLSS has recorded the financial results of a divested subsidiary as discontinued operations. Accordingly, for the twelve months ended December 31, 2019, TLSS recorded a loss from discontinued operations of $681,000 as compared to income from discontinued operations of $100,000 for the same period in 2018. The net loss attributable to common shareholders for the year ended December 31, 2019 totaled approximately $45,846,000 as compared to a net loss attributable to common shareholders of $14,478,000 for the same period in 2018.

Subsequent to December 31, 2019, the Company engaged the services of a consultant to formulate and implement a restructuring plan that includes reducing liabilities and lowering operating and administrative overhead costs, which it believes will help improve its financial condition. Some of these initial measures included: (i) settling an aggregate of $1.8 million in merchant credit advance debt and a Senior Secured note for $1.1 million and (ii) reducing annualized administrative and operating expenses by approximately $1.0 million.   In addition, due to the unexpected Covid-19 pandemic, the Company, through its operating subsidiaries, applied for and secured two (2) loans under the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”) in the aggregate amount of $3.4 million, which the Company plans to use for covered payroll costs, rent and utilities in accordance with the relevant terms and conditions of the CARES Act.

About Transportation and Logistics Systems, Inc.

TLSS operates as a leading logistics and transportation company specializing in eCommerce fulfillment, last mile, two-person home delivery, and line haul services for the world’s leading online retailers through its wholly-owned operating subsidiaries, PrimeEFS, LLC and ShypDirect, LLC. For more information about the Company and its subsidiaries visit the Company’s website, www.tlss-inc.com, or public filings at SEC.gov.

Forward-Looking Statements

Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “intend,” “plan,” “goal,” “seek,” “strategy,” “future,” “likely,” “believes,” “estimates,” “projects,” “forecasts,” “predicts,” “potential,” or the negative of those terms, and similar expressions and comparable terminology. These include, but are not limited to, statements relating to future events or our future financial and operating results, plans, objectives, expectations and intentions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. In addition to the risks described above, these risks and uncertainties include: our ability to successfully execute our business strategies, including integration of acquisitions and the future acquisition of other businesses to grow our company; customers’ cancellation on short notice of master service agreements from which we derive a significant portion of our revenue or our failure to renew such master service agreements on favorable terms or at all; our ability to attract and retain key personnel and skilled labor to meet the requirements of our labor-intensive business or labor difficulties which could have an effect on our ability to bid for and successfully complete contracts; the ultimate geographic spread, duration and severity of the coronavirus outbreak and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or ameliorate its effects; our failure to compete effectively in our highly competitive industry could reduce the number of new contracts awarded to us or adversely affect our market share and harm our financial performance; our ability to adopt and master new technologies and adjust certain fixed costs and expenses to adapt to our industry’s and customers’ evolving demands; our history of losses, deficiency in working capital and a stockholders’ deficit and our ability to achieve sustained profitability; material weaknesses in our internal control over financial reporting and our ability to maintain effective controls over financial reporting in the future; our substantial indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations; the impact of new or changed laws, regulations or other industry standards that could adversely affect our ability to conduct our business; and changes in general market, economic and political conditions in the United States and global economies or financial markets, including those resulting from natural or man-made disasters.

These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this letter. Given these uncertainties, you should not place undue reliance on these forward-looking statements and should consider various factors, including the risks described, among other places, in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the Securities and Exchange Commission. 

Contact:
PCG Advisory
Jeff Ramson
(646) 762-4518
jramson@pcgadvisory.com

TRANSPORTATION AND LOGISTICS SYSTEMS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

    December 31,     December 31,  
    2019     2018  
             
ASSETS            
CURRENT ASSETS:                
Cash   $ 50,026     $ 296,196  
Accounts receivable, net     963,771       441,497  
Prepaid expenses and other current assets     1,246,555       509,068  
Assets of discontinued operations           335,894  
                 
Total Current Assets     2,260,352       1,582,655  
                 
OTHER ASSETS:                
Security deposit     76,500       5,000  
Property and equipment, net     240,406       936,831  
Right of use assets, net     1,750,430        
Intangible asset, net           4,668,334  
                 
Total Other Assets     2,067,336       5,610,165  
                 
TOTAL ASSETS   $ 4,327,688     $ 7,192,820  
                 
LIABILITIES AND SHAREHOLDERS’ DEFICIT                
                 
CURRENT LIABILITIES:                
Convertible notes payable, net of put premium of $385,385 and $0

and debt discounts of $2,210,950 and $1,595,627, respectively

  $ 3,634,344     $ 1,411,876  
Notes payable, current portion, net of debt discount of $762,122 and $255,843, respectively     2,425,003       1,509,804  
Notes payable – related party, net of debt discount     500,000       213,617  
Accounts payable     1,517,082       655,183  
Accrued expenses     627,990       566,574  
Insurance payable     2,948,261       1,108,368  
Contingency liability     440,000        
Lease liabilities, current portion     333,126        
Liabilities of discontinued operations           440,745  
Derivative liability     2,135,939       7,888,684  
Due to related parties     325,445       275,300  
Accrued compensation and related benefits     886,664       435,944  
                 
Total Current Liabilities     15,773,854       14,506,095  
                 
LONG-TERM LIABILITIES:                
Lease liability, less current portion     1,440,258        
Notes payable, less current portion           424,019  
                 
Total Long-term Liabilities     1,440,258       424,019  
                 
Total Liabilities     17,214,112       14,930,114  
                 
Commitments and Contingencies (See Note 11)                
                 
SHAREHOLDERS’ DEFICIT:                
Preferred stock, par value $0.001; authorized 10,000,000 shares:                

Series A Convertible Preferred stock, par value $0.001 per share;
authorized 4,000,000 shares; issued and outstanding 0 and 4,000,000 shares
at December 31, 2019 and 2018, respectively
(Liquidation value $0 and $4,000,000, respectively)
          4,000  

Series B Convertible Preferred stock, par value $0.001 per share;
authorized 1,700,000 shares; issued and outstanding 1,700,000 and 0 shares
at December 31, 2019 and 2018, respectively
(Liquidation value $1,700 and $0, respectively)
    1,700        

Common stock, par value $0.001 per share; authorized 500,000,000 shares;
issued and outstanding 11,832,603 and 4,220,837 at December 31, 2019
and 2018, respectively
    11,833       4,220  
Common stock issuable, par value $0.001 per share; 25,000 and 0 shares     25        
Additional paid-in capital     47,715,878       7,477,422  
Accumulated deficit     (60,615,860 )     (15,222,936 )
                 
Total Shareholders’ Deficit     (12,886,424 )     (7,737,294 )
                 
Total Liabilities and Shareholders’ Deficit   $ 4,327,688     $ 7,192,820  

TRANSPORTATION AND LOGISTICS SYSTEMS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

    For the Year Ended  
    December 31,  
    2019     2018  
             
REVENUES   $ 31,356,251     $ 13,620,160  
                 
COST OF REVENUES     28,752,889       12,785,425  
                 
GROSS PROFIT     2,603,362       834,735  
                 
OPERATING EXPENSES:                
Compensation and related benefits     13,158,040       4,531,798  
Legal and professional fees     2,096,359       1,993,130  
Rent     419,249       23,100  
General and administrative expenses     2,791,272       1,355,857  
Contingency loss     586,784        
Impairment loss     3,842,259        
                 
Total Operating Expenses     22,893,963       7,903,885  
                 
LOSS FROM OPERATIONS     (20,290,601 )     (7,069,150 )
                 
OTHER (EXPENSES) INCOME:                
Interest expense     (6,318,122 )     (1,720,075 )
Interest expense – related parties     (222,328 )     (193,617 )
Loan fees     (601,121 )      
Bargain purchase gain           203,588  
Gain on debt extinguishment, net     39,090,168        
Derivative expense     (55,841,032 )     (5,799,282 )
                 
Total Other (Expenses) Income     (23,892,435 )     (7,509,386 )
                 
LOSS FROM CONTINUING OPERATIONS     (44,183,036 )     (14,578,536 )
                 
(LOSS) INCOME FROM DISCONTINUED OPERATIONS:                
(Loss) income from discontinued operations     (681,426 )     100,379  
                 
NET LOSS     (44,864,462 )     (14,478,157 )
                 
Deemed dividend related to price protection     (981,548 )      
                 
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ (45,846,010 )   $ (14,478,157 )
                 
NET LOSS PER COMMON SHARE – BASIC AND DILUTED                
Net loss from continuing operations attributable to common shareholders   $ (4.73 )   $ (5.79 )
Net (loss) income from discontinued operations     (0.07 )     0.04  
                 
Net loss per common share – basic and diluted   $ (4.80 )   $ (5.75 )
                 
WEIGHTED AVERAGE COMMON SHARE OUTSTANDING:                
Basic and diluted     9,561,186       2,516,059  

BMO Insurance Introduces New Investment, Guarantee and No-Load Sales Charge Options on BMO Guaranteed Investment Funds (GIF)

Canada NewsWire

TORONTO, June 1, 2020 /CNW/ – BMO Insurance today announced enhancements to its BMO Guaranteed Investment Funds (GIF), including new investment, guarantee and no-load sales charge options.

“During these unprecedented times, we continue to develop solutions to safeguard the financial wellbeing of our clients,” said Steven Cooney, Senior Vice President and Head of Individual Life and Annuities, BMO Insurance. “The recent market correction demonstrates the importance of having a diversified, global investment strategy to grow and protect wealth.


New Investment Options

BMO Insurance has added two new funds to its BMO GIF portfolio: the BMO Concentrated Global Equity GIF and BMO Concentrated Global Balanced GIF. Focusing on stocks with higher and more sustainable earnings and cash flow growth rates than the market average, the BMO Concentrated Global Equity GIF invests directly in BMO Concentrated Global Equity Fund, a mutual fund that invests in 20 to 25 high quality, long-term growth companies. For more risk adverse investors, the BMO Concentrated Global Balanced GIF pairs the performance potential of the BMO Concentrated Global Equity GIF with the peace of mind offered by fixed income.


Death Benefit Guarantee on Deposits

BMO Insurance’s GIF 75/100 Plus will extend the 100 per cent death benefit guarantee on deposits to age 85, an increase from age 80. With the extended death benefit guarantee, older clients will have access to enhanced estate preservation and wealth transfer protection.


New No-Load Sales Charge Option

In addition to its current no-load sales charge option, BMO Insurance is introducing a new no-load sales charge option. Together these provide financial advisors greater flexibility to offer clients access to their funds at any time without incurring any surrender charges. 

For more information on the enhanced funds and BMO Insurance, please visit www.bmoinsurance.com/GIF.

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $987 billion as of April 30, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

SOURCE BMO Financial Group

Enphase Energy Expands Into Poland Through Collaboration with SmartX

‘S-HERTOGENBOSCH, the Netherlands, June 01, 2020 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, today announced its expansion into Poland through a collaboration with SmartX Sp. z o.o., a solar distributor with headquarters in Bytom, Poland. Currently, Poland has one of the top five solar markets in Europe, with an estimated installed capacity of more than 1 GW.

“We are excited to work with Enphase to further the growth of solar throughout Poland,” said Piotr Redkiewicz, CEO at SmartX. “Enphase microinverters offer unique advantages for European solar markets, particularly in new build and small residential systems due to their scalable architecture, and significantly enhance the customer experience in terms of quality and performance.”

SmartX’s installer network throughout Poland offers both residential and small commercial microinverter systems, utilizing  Enphase IQ 7™ family of microinverters including IQ 7, IQ 7+™ and IQ 7X™. In addition, SmartX’s residential solar systems are outfitted with Enphase Envoy™ communications gateways, which connect an Enphase-based solar system to the Enphase Enlighten™ monitoring platform and helps make per-panel energy monitoring and insights for operations and maintenance easy.

“Enphase microinverters are easy to install, reliable and produce more energy than traditional central inverter photovoltaic (PV) systems,” said Radek Koczwara, owner at Roka Energy Poland. “As an experienced solar installer, I decided to concentrate on Enphase products because my customers have been very happy with them, which has helped build a good reputation for my business.”

IQ 7, IQ 7+ and IQ 7X microinverters leverage Enphase’s unique software-defined architecture and semiconductor integration for excellent reliability and economies of scale. Enphase microinverters are subjected to a rigorous reliability and quality testing regimen with more than an aggregated one million hours of cumulative power-on testing to ensure exceptional performance under heat, high humidity, salty air, and extreme cold. The Company’s microinverters are designed to be long-lived energy assets and are backed by a 25-year limited warranty.

“We are pleased to work with SmartX to introduce our products in Poland,” said David Ranhoff, chief commercial officer at Enphase Energy. “Both companies share a commitment to providing the highest quality solutions and superior customer experience, and we look forward to our continued collaboration in the promising Polish solar market.”

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that manage solar generation, storage and management on one intelligent platform. The Company revolutionized solar with its microinverter technology and produces the world’s only truly integrated solar plus storage solution. Enphase has shipped more than 27 million microinverters, and over 1.1 million Enphase-based systems have been deployed in 130 countries. For more information, visit www.enphase.com/uk and follow the company on Facebook, LinkedIn and Twitter.

Enphase, IQ 7, IQ 7+, IQ 7X,  Envoy, Enlighten, the Enphase logo, and other trademarks or service names are the trademarks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected scalability, quality, reliability, safety, value, performance, life expectancy, ease of installation, maintenance, and monitoring, and advantages of Enphase Energy’s products and technology, and the services and products provided by our partners. These forward-looking statements are based on Enphase’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in Enphase’s most recent Annual Report on Form 10-K and other documents on file with the SEC and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Enphase Contact:

Robert Gruijters
Marketing Director, EMEA
rgruijters@enphaseenergy.com
Telephone: +31-6-82390633