INOVIO to Present at Upcoming Investor Conferences in March

PR Newswire

PLYMOUTH MEETING, Pa., March 4, 2021 /PRNewswire/ — INOVIO (NASDAQ:INO), a biotechnology company focused on bringing to market precisely designed DNA medicines to treat and protect people from infectious diseases and cancer, today announced that Dr. J. Joseph Kim, President and CEO, along with other members of INOVIO management, will present at the following investor conferences in March:

H.C. Wainwright Global Life Sciences Conference
Date: Tuesday, March 9, 2021
Virtual 1×1 meetings only

Oppenheimer 31st Annual Healthcare Conference
Date: Thursday, March 18, 2021
Time: 10:40 a.m. ET
Presentation Format: Corporate Presentation

Live and archived versions of the virtual presentations will be available through the INOVIO Investor Relations Events page and may be accessed by visiting INOVIO’s website at http://ir.inovio.com/investors/events/default.aspx. All presentation times are subject to change.

About INOVIO’s DNA Medicines Platform

INOVIO has 15 DNA medicine clinical programs currently in development focused on HPV-associated diseases, cancer, and infectious diseases, including coronaviruses associated with COVID-19 and MERS, for which programs are being developed with funding support from the U.S. Department of Defense and the Coalition for Epidemic Preparedness Innovations (CEPI). DNA medicines are composed of optimized DNA plasmids, which are small circles of double-stranded DNA that are synthesized or reorganized by a computer sequencing technology and designed to produce a specific immune response in the body.

INOVIO’s DNA medicines deliver optimized plasmids directly into cells intramuscularly or intradermally using INOVIO’s proprietary hand-held smart device called CELLECTRA®. The CELLECTRA® device uses a brief electrical pulse to reversibly open small pores in the cell to allow the plasmids to enter, overcoming a key limitation of other DNA and other nucleic acid approaches, such as mRNA. Once inside the cell, the DNA plasmids enable the cell to produce the targeted antigen. The antigen is processed naturally in the cell and triggers the desired T cell and antibody-mediated immune responses. Administration with the CELLECTRA® device is designed to ensure that the DNA medicine is efficiently delivered directly into the body’s cells, where it can go to work to drive an immune response. INOVIO’s DNA medicines do not interfere with or change in any way an individual’s own DNA. The advantages of INOVIO’s DNA medicine platform are how fast DNA medicines can be designed and manufactured; the stability of the products, which do not require freezing in storage and transport; and the robust immune response, safety profile, and tolerability that have been observed in clinical trials.

With more than 3,000 patients receiving INOVIO investigational DNA medicines in more than 7,000 applications across a range of clinical trials, INOVIO has a strong track record of rapidly generating DNA medicine candidates with potential to meet urgent global health needs.

About INOVIO

INOVIO is a biotechnology company focused on rapidly bringing to market precisely designed DNA medicines to treat and protect people from infectious diseases, cancer, and diseases associated with HPV. INOVIO is the first and only company to have clinically demonstrated that a DNA medicine can be delivered directly into cells in the body via a proprietary smart device to produce a robust and tolerable immune response. INOVIO’s lead immunotherapy candidate, VGX-3100, currently in Phase 3 trials for precancerous cervical dysplasia, cleared high-risk HPV-16 and/or HPV-18 in a Phase 2b clinical trial. High-risk HPV is responsible for 70% of cervical cancer, 91% of anal cancer, and 69% of vulvar cancer. Also in development are programs targeting HPV-related cancers and a rare HPV-related disease, recurrent respiratory papillomatosis (RRP); non-HPV-related cancers glioblastoma multiforme (GBM) and prostate cancer; as well as infectious disease DNA vaccine development programs in coronaviruses associated with COVID-19 diseases and MERS, Lassa fever, Ebola, and HIV. Partners and collaborators include Advaccine, ApolloBio Corporation, AstraZeneca, The Bill & Melinda Gates Foundation, Coalition for Epidemic Preparedness Innovations (CEPI), Defense Advanced Research Projects Agency (DARPA)/Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND)/Department of Defense (DoD), HIV Vaccines Trial Network, International Vaccine Institute (IVI), Kaneka Eurogentec, Medical CBRN Defense Consortium (MCDC), National Cancer Institute, National Institutes of Health, National Institute of Allergy and Infectious Diseases, Ology Bioservices, the Parker Institute for Cancer Immunotherapy, Plumbline Life Sciences, Regeneron, Richter-Helm BioLogics, Thermo Fisher Scientific, University of Pennsylvania, Walter Reed Army Institute of Research, and The Wistar Institute. INOVIO also is a proud recipient of 2020 Women on Boards “W” designation recognizing companies with more than 20% women on their board of directors. For more information, visit www.inovio.com.

CONTACTS:

Media: Jeff Richardson, 267-440-4211, jrichardson@inovio.com
Investors: Ben Matone, 484-362-0076, ben.matone@inovio.com

This press release contains certain forward-looking statements relating to our business, including our plans to develop and commercialize DNA medicines, our expectations regarding our research and development programs, including the planned initiation and conduct of preclinical studies and clinical trials and the availability and timing of data from those studies and trials, and our ability to successfully manufacture and produce large quantities of our product candidates if they receive regulatory approval. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including uncertainties inherent in pre-clinical studies, clinical trials, product development programs and commercialization activities and outcomes, our ability to secure sufficient manufacturing capacity to mass produce our product candidates, the availability of funding to support continuing research and studies in an effort to prove safety and efficacy of electroporation technology as a delivery mechanism or develop viable DNA medicines, our ability to support our pipeline of DNA medicine products, the ability of our collaborators to attain development and commercial milestones for products we license and product sales that will enable us to receive future payments and royalties, the adequacy of our capital resources, the availability or potential availability of alternative therapies or treatments for the conditions targeted by us or collaborators, including alternatives that may be more efficacious or cost effective than any therapy or treatment that we and our collaborators hope to develop, issues involving product liability, issues involving patents and whether they or licenses to them will provide us with meaningful protection from others using the covered technologies, whether such proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity and whether we can finance or devote other significant resources that may be necessary to prosecute, protect or defend them, the level of corporate expenditures, assessments of our technology by potential corporate or other partners or collaborators, capital market conditions, the impact of government healthcare proposals and other factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020 and other filings we make from time to time with the Securities and Exchange Commission. There can be no assurance that any product candidate in our pipeline will be successfully developed, manufactured or commercialized, that final results of clinical trials will be supportive of regulatory approvals required to market products, or that any of the forward-looking information provided herein will be proven accurate. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise these statements, except as may be required by law.

 

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SOURCE INOVIO Pharmaceuticals, Inc.

Alkermes to Hold Virtual Investor Day

PR Newswire

DUBLIN, March 4, 2021 /PRNewswire/ — Alkermes plc (Nasdaq: ALKS) announced today that it will hold a virtual Investor Day on Thursday, March 25, 2021, beginning at 9:00 a.m. ET (1:00 p.m. GMT). During the event, members of Alkermes’ senior management and research and development team will discuss the company’s research and development strategy in neuroscience and oncology, review clinical data and strategy related to nemvaleukin alfa (ALKS 4230) and highlight the company’s earlier stage development programs, including ALKS 1140. The company will also discuss the Value Enhancement Plan announced in December 2020.

Pre-registration for the webcast is available on the Investors section of the company’s website at www.alkermes.com. To ensure a timely connection to the webcast, it is recommended that users register at least 15 minutes prior to the scheduled start. A replay of the webcast will be archived on the Investors section of the company’s website at www.alkermes.com for 30 days following the presentation.


About Alkermes plc

Alkermes plc is a fully integrated, global biopharmaceutical company developing innovative medicines in the fields of neuroscience and oncology. The company has a portfolio of proprietary commercial products focused on addiction and schizophrenia, and a pipeline of product candidates in development for schizophrenia, bipolar I disorder, neurodegenerative disorders and cancer. Headquartered in Dublin, Ireland, Alkermes plc has an R&D center in Waltham, Massachusetts; a research and manufacturing facility in Athlone, Ireland; and a manufacturing facility in Wilmington, Ohio. For more information, please visit Alkermes’ website at www.alkermes.com.

Contact:
Alex Braun
Investor Relations
+1 781 296 8493

 

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SOURCE Alkermes plc

Castlight Health Announces the Addition of Three New Clinical Advisors

Leading Innovators to Help Address Growing Inequities in Healthcare and Optimizing Workforce Health and Productivity

PR Newswire

SAN FRANCISCO, March 4, 2021 /PRNewswire/ — Castlight Health, Inc. (NYSE: CSLT), a leader in healthcare navigation, today announced the addition of three new clinical advisors: Bruce Sherman, M.D., advisor to the National Alliance of Healthcare Purchaser Coalitions; Justin Mohatt, M.D., vice chair and director, Division of Child Psychiatry at Weill Cornell Medicine; and Mohannad Kusti, M.D., M.P.H., regional medical director at Pivot Onsite Innovations.

These distinguished experts join Castlight’s team of clinical advisors who represent national leaders in healthcare quality, clinical medicine, health economics, and employer-sponsored coverage. The clinical advisors will provide guidance in numerous areas including novel guidelines for the clinical care of vulnerable populations, best practices for evaluating provider clinical quality, and rigorous methodologies for assessing the outcomes of our interventions.

Drs. Sherman, Mohatt, and Kusti are leading clinical experts and research leaders in their respective fields and bring decades of healthcare and wellbeing experience to Castlight. Through these partnerships, Castlight is able to offer significant strategic value to its growing roster of Fortune 500 employers and health plans as they look to address top priorities in healthcare, such as greater health equity to optimize workforce health and productivity.

“We are excited to welcome three new healthcare experts to help us address some of the most pressing challenges faced by employers and health plans today,” said Maeve O’Meara, chief executive officer of Castlight Health. “Drs. Sherman, Mohatt, and Kusti will support the continued evolution of our navigation solution and will have a profound impact on our ability to effectively guide users through their healthcare journeys.

About Bruce Sherman, M.D.

Bruce Sherman is a medical advisor for the National Alliance of Healthcare Purchaser Coalitions, where he provides clinical support for organizational activities. He also serves as medical director for Cone Health in Greensboro, N.C., providing clinical and strategic support for the employee health plans and broader organizational strategic planning.

Dr. Sherman has ongoing research interests in the areas of equitable employer health benefits strategies, disparities in care, and the business value of investments in workplace health. Previously, he served as the consulting corporate medical director for Wal-Mart Stores, Inc., Whirlpool Corporation, and The Goodyear Tire & Rubber Company.

Dr. Sherman received his M.D. from the New York University School of Medicine, his M.A. from Harvard University, and his Sc.B. from Brown, and he is a member of the clinical faculty at Case Western Reserve University School of Medicine.

About Justin Mohatt, M.D.

Justin Mohatt is vice chair and director of the Division of Child and Adolescent Psychiatry and vice chair for Faculty Practice of the Department of Psychiatry at Weill Cornell Medicine, and an assistant attending psychiatrist at New York-Presbyterian Hospital. He also serves as co-director of Weill Cornell’s Tourette’s Association of America Center of Excellence and on the leadership team of the NYP Youth Anxiety Center.

Dr. Mohatt’s clinical and research work focuses on anxiety, OCD, and tic disorders in childhood, adolescence, and emerging adulthood. He has additional interest in issues of care access for youth with mental health issues and works closely with the Department of Pediatrics to integrate mental health care in medical settings and pediatric residency training.

Dr. Mohatt received his M.D. from the University of Washington School of Medicine and his B.A. from Stanford University, and he is a member of the faculty at Weill Cornell Medicine.

About Mohannad Kusti, M.D., M.P.H.                           
Mohannad Kusti is a global physician executive and healthcare consultant with unique expertise and experience in corporate healthcare benefits. He is the regional medical director for Pivot Onsite-Innovations and serves as the consulting corporate medical director or chief medical officer for a variety of employers, such as Teradata, MyHouseCall, and Med Bar.

Dr. Kusti completed a successful tenure as a corporate medical director at the United States Steel Corporation. Prior to that, he spent several years serving as the plant medical director for frontline steel mills. Dr. Kusti is also a member of the CMO OnDemand, International SOS, and Corporate Medical Advisors consulting organizations.                  

Dr. Kusti received his medical degree from King AbdulAziz University in Saudi Arabia and his Occupational Medicine Residency with a M.P.H. from the West Virginia School of Public Health. He is a certified medical review officer, a certified professional supervisor for the Audiometric Monitoring Program, and a certified medical examiner for the FMCSA. In addition, he is a member of the faculty at the West Virginia University School of Public Health.                    

About Castlight Health

Castlight is on a mission to make it as easy as humanly possible for people to navigate the healthcare system and live happier, healthier, more productive lives. As a leader in healthcare navigation, we provide a world-class digital platform with a team of clinical and benefits experts to help members easily connect and engage with the right programs and care, at the right time. Castlight partners with Fortune 500 companies and health plans to transform employee and member benefits into one comprehensive health and wellbeing experience to deliver better health outcomes and maximize returns on healthcare investments.

For more information visit www.castlighthealth.com. Follow us on Twitter and LinkedIn and like us on Facebook.

Media Contacts:
Caroline Kawashima
Castlight Health
press@castlighthealth.com

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SOURCE Castlight Health, Inc.

Lipocine Announces Publication in Journal of Endocrinological Investigation Highlighting the Potential of LPCN 1144 in the Treatment of NASH and Hepatic Fibrosis

PR Newswire

SALT LAKE CITY, March 4, 2021 /PRNewswire/ — Lipocine Inc. (NASDAQ: LPCN), a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders, today announced the publication of preclinical results supporting the therapeutic potential of LPCN 1144 in the treatment of and non-alcoholic steatohepatitis (“NASH”) and hepatic fibrosis. The results were featured in a paper entitled “Treatment Potential of LPCN 1144 on Liver Health and Metabolic Regulation in a Non–Genomic, High Fat Diet Induced NASH Rabbit Model” (Comeglio et al), published in the Journal of Endocrinological Investigation (https://doi.org/10.1007/s40618-021-01522-7).

About Lipocine Inc.
Lipocine Inc. is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders using its proprietary drug delivery technologies. Lipocine’s clinical development pipeline includes: TLANDO, LPCN 1144, TLANDO XR, LPCN 1148 and LPCN 1107. TLANDO, a novel oral prodrug of testosterone containing testosterone undecanoate, has received tentative approval from the FDA for conditions associated with a deficiency of endogenous testosterone, also known as hypogonadism, in adult males. LPCN 1144, an oral prodrug of bioidentical testosterone, recently completed a proof-of-concept clinical study demonstrating the potential utility in the treatment of non-cirrhotic NASH. LPCN 1144 is currently being studied in a Phase 2 clinical study.  TLANDO XR, a novel oral prodrug of testosterone, originated and is being developed by Lipocine as a next-generation oral testosterone product with potential for once-daily dosing. In a phase 2 clinical evaluation when administered as once daily or twice daily TLANDO XR met the typical primary and secondary end points. LPCN 1148 is an oral prodrug of bioidentical testosterone targeted for the treatment of cirrhosis. LPCN 1107 is potentially the first oral hydroxyprogesterone caproate product candidate indicated for the prevention of recurrent preterm birth and has been granted orphan drug designation by the FDA. For more information, please visit www.lipocine.com.   

Forward-Looking Statements
This release contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include statements that are not historical facts regarding Lipocine’s product candidates and related clinical trials, the timing of completion of clinical trials and studies, the availability of additional data, outcomes of clinical trials of our product candidates, the potential uses and benefits of our product candidates, and our product development efforts. Investors are cautioned that all such forward-looking statements involve risks and uncertainties, including, without limitation, the risk that the FDA will not approve any of our products, risks related to our products, expected product benefits not being realized, clinical and regulatory expectations and plans not being realized, new regulatory developments and requirements, risks related to the FDA approval process including the receipt of regulatory approvals, the results and timing of clinical trials, patient acceptance of Lipocine’s products, the manufacturing and commercialization of Lipocine’s products, and other risks detailed in Lipocine’s filings with the SEC, including, without limitation, its Form 10-K and other reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov.  Lipocine assumes no obligation to update or revise publicly any forward-looking statements contained in this release, except as required by law.

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SOURCE Lipocine Inc.

Stellantis publishes its 2020 Annual Report and Form 20-F and the 2020 Consolidated Financial Statements and Management’s Discussion and Analysis of Groupe PSA

Stellantis publishes its 2020 Annual Report and Form 20-F and the 2020 Consolidated Financial Statements and Management’s Discussion and Analysis of Groupe PSA

Amsterdam, March 4, 2021 – Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) (“Stellantis”) announced today that it has published its 2020 Annual Report and Form 20-F and filed its Form 20-F, including the financial statements of Fiat Chrysler Automobiles N.V. for the fiscal year ended December 31, 2020, with the United States Securities and Exchange Commission (“SEC”).

Stellantis’s Annual Report and Form 20-F are available under the Investor tab on Stellantis’s website at https://www.stellantis.com, where they can be viewed and downloaded.1 Shareholders may request a hard copy of these materials, which include Fiat Chrysler Automobiles N.V.’s audited financial statements, free of charge, through the contact below.

Stellantis also announced today that it has published the Consolidated Financial Statements and Management’s Discussion and Analysis of Groupe PSA for the year ended December 31, 2020 which have been furnished to the SEC on Form 6-K and are available under the Investor tab on Stellantis’s website at https://www.stellantis.com, where they can be viewed and downloaded.


About Stellantis


Stellantis

is
one of the world’s leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable and reliable mobility solutions.  In addition to the Group’s rich heritage and broad geographic presence, its greatest strengths lie in its sustainable performance, depth of experience and the wide-ranging talents of employees working around the globe. Stellantis will leverage its broad and iconic brand portfolio, which was founded by visionaries who infused the marques with passion and a competitive spirit that speaks to employees and customers alike. Stellantis aspires to become the greatest, not the biggest while creating added value for all stakeholders as well as the communities in which it operates.

 @Stellantis  Stellantis  Stellantis  Stellantis

For more information contact:

Claudio D’AMICO: +39 334 7107828 – claudio.damico@stellantis.com
Karine DOUET: +33 6 61 64 03 83 –karine.douet@stellantis.com
Valérie GILLOT
: +33 6 83 92 92 96 – valerie.gillot@stellantis.com
Shawn MORGAN: +1 248 760 2621 – shawn.morgan@stellantis.com

www.stellantis.com


1              The 2020 Annual Report and Form 20-F, including information concerning The Netherlands as Home Member State, and the Form 20-F and related exhibits are available on the Company’s website (www.stellantis.com) at https://www.stellantis.com/en/investors/reporting/sec-filings

Attachment



CVS Health to Invest $12.4 Million in Affordable Housing and Expand No-Cost Preventive Health Screenings in Phoenix

Company’s investment in Maricopa County is part of its nearly $600 million commitment to address racial inequity

PR Newswire

WOONSOCKET, R.I., March 4, 2021 /PRNewswire/ — CVS Health (NYSE: CVS) today announced it will invest $12.4 million to build 60 new units of affordable housing in south Phoenix and expand the company’s no-cost preventive health screening program, Project Health, in the greater Phoenix area as part of CVS Health’s commitment to provide $600 million over five years to address racial inequity and social determinants of health in Black communities. 

“When people have access to high-quality, affordable housing and services like preventive screenings, it puts them in a better position to take care of their health and manage chronic disease,” said David Casey, SVP and Chief Diversity Officer, CVS Health. “As part of our commitment to address social justice and racial inequity, we’re addressing social determinants of health at the community level, which is where we can make a meaningful and lasting impact.”

The new, 60-unit Newsom Village development will be located at 4020-4032 S 9th Street in south Phoenix. Data compiled from the Arizona Health Services indicate approximately 79% of south Phoenix area residents identify as Black or Latino. Additionally, according to the Phoenix Housing Plan, more than 50% of south and west Phoenix area households pay greater than 30% of their income on housing costs. In comparison, less than 29% of households were housing cost-burdened in north Phoenix.

Phoenix residents deserve housing options regardless of their income, and having a safe and comfortable place to live is important for people to be able to maintain their health,” said City of Phoenix Councilmember Carlos Garcia. “The investment from CVS Health in affordable housing and preventative health screenings in Phoenix is a positive step forward for residents who have historically experienced housing and health inequities in the area. It is even better that they have chosen to partner with UMOM, an organization that is already embedded in our south Phoenix community.”

CVS Health is working with local nonprofit, UMOM New Day Centers, which is developing Newsom Village and is Arizona’s innovative leader in shelter, services, and housing for families, single women, and youth experiencing homelessness. In addition to shelter and services, UMOM currently has over 500 affordable housing units in the Valley, with an additional 72 units opening in Glendale this year. Newsom Village, the new 60-unit complex will offer two- and three-bedroom apartments at reduced rent to families with demonstrated need. The complex will also have units set aside for victims of domestic violence.

“There are far too many families who are either experiencing homelessness or are one step away from losing their home in the Valley,” said Jackson Fonder, CEO of UMOM New Day Centers. “With only 23 units available for every 100 households who need affordable housing, this partnership with CVS Health will make it possible for many people to have access to a place they can afford. Collaborations with corporations such as CVS Health are so important – we could not serve as many families and individuals as we do without their help.”

CVS Health will also expand its Project Health no-cost biometric screening program to the greater Phoenix community. Project Health, which has historically offered screenings at CVS Pharmacy locations in select cities, will expand to the Phoenix area with a new mobile RV, which will bring these preventive screenings to communities across Phoenix. Project Health offers free biometric screenings to help identify chronic conditions before they become life-threatening illnesses. Valued at over $100, these no-cost screenings measure body mass index (BMI), blood pressure, glucose and total cholesterol. The screenings can detect early risks for chronic conditions like diabetes, hypertension, and heart disease. Following the screening, participants will have the opportunity to consult with nurse practitioners who can help explain the risks of certain measures from each screening, and how to take the appropriate next steps with a health care provider. 

“Expanding Project Health to cities where we are addressing other social determinants of health, like housing, multiplies our impact in the community,” said Eileen Howard Boone, SVP of Corporate Social Responsibility and Philanthropy, CVS Health. “We anticipate being able to reach thousands of people locally and provide hundreds of thousands of dollars in free medical services in Phoenix in our first year.”

The company is planning to begin holding Project Health events in the early summer. Events will be held in areas of Phoenix with higher populations of uninsured and underinsured people, including at locations where UMOM is currently serving homeless and other people in need.

As the company works to address social determinants of health in the Phoenix area, it will also expand its national workforce initiatives program in Phoenix to help break the cycle of poverty by providing meaningful employment services and training to the community. This work will include expanding the company’s registered apprenticeship program and experience program to provide community members and job seekers with the tools they need to succeed in meaningful careers.

About CVS Health

CVS Health is a different kind of health care company. We are a diversified health services company with nearly 300,000 employees united around a common purpose of helping people on their path to better health. In an increasingly connected and digital world, we are meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, our diversified model engages one in three Americans each year. From our innovative new services at HealthHUB® locations, to transformative programs that help manage chronic conditions, we are making health care more accessible, more affordable and simply better. Learn more about how we’re transforming health at www.cvshealth.com.

 


Media Contact:

Courtney Tavener

(401) 712-3698
Courtney.Tavener@CVSHealth.com

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SOURCE CVS Health

ReTo Eco-Solutions Boosts Revenue Momentum with New RMB 10.71 Million Sales Contract

PR Newswire

BEIJING, March 4, 2021 /PRNewswire/ — ReTo Eco-Solutions, Inc. (NASDAQ: RETO) (“ReTo” or the “Company”), a provider of technology solutions for the improvement of ecological environments, today announced that its wholly owned operating unit Ruitu Mingsheng Environmental Protection Building Materials (Changjiang) Co., Ltd., won a sales contract worth RMB 10.71 million with Sanya Guohong Municipal Engineering Construction Co., Ltd., an influential State-owned enterprise with extensive sales channels and markets.

The two companies plan to expand the use of ReTo Eco-Solutions’ environmentally friendly materials and equipment in construction projects, including ReTo’ patented retaining bricks, which are used in a wide range of applications from construction and beatification projects to protection facilities in natural disasters including landslides and other disasters.

Mr. Li Hengfang, ReTo’s Chairman and Chief Executive Officer, commented, “We continue to execute on our high-value, multi-stage business model, as we focus on building momentum and driving profitable revenue growth.  With inherent sustainability and higher profit margins, our proprietary processing technology and equipment reduce the cost of waste by recapturing otherwise lost value in the recycling system. Importantly, we are right in the middle of the fast growing, global clean energy tech space, where demand far outstrips capacity. We continue to invest in our growth in support of our increased customer demand. At the same time, we are preparing for a future in which full value capture recycling will be the norm for manufacturers and municipalities across the globe.”

About ReTo Eco-Solutions, Inc. (NASDAQ: RETO)

Founded in 1999, ReTo (NASDAQ: RETO), through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment. For more information, please visit: http://en.retoeco.com

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding: 1) the ability of additional features and customized configurations on its machinery and equipment products to attract new customers; 2) the ability of the growth of its business to resume in the near future; and 3) the further spread of COVID-19 or the occurrence of another wave of cases and the impact it may have on the Company’s operations are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the construction industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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SOURCE ReTo Eco-Solutions, Inc.

Autodesk to Present at Upcoming Investor Conference

PR Newswire

SAN RAFAEL, Calif., March 4, 2021 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its executives will be speaking at the following investor conference:

                 March 11, 2021            Berenberg Design Software Conference 2021 – Virtual

A live webcast and replay of the presentations will be available through Autodesk’s Investor Relations Website at www.autodesk.com/investors. Please go to the Website 15 minutes early to register, download and install any necessary software. For more information, please call Autodesk Investor Relations at 415-507-6373.


About Autodesk

Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk.

Autodesk uses its investors www.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

© 2021 Autodesk, Inc. All rights reserved.

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SOURCE Autodesk, Inc.

Innovative Claims Solution from LexisNexis Risk Solutions Delivers Verified Data in Near Real-Time to Streamline the Total Loss Claims Process and Improve Cycle Time

PR Newswire

ATLANTA, March 4, 2021 /PRNewswire/ — LexisNexis® Risk Solutions announced the development of LexisNexis VINsights®, an innovative solution that will improve the total loss claims management process by reducing the time it takes to settle a claim. VINsights will deliver the information an adjuster needs in near real-time, including the registered owner name, titled owner name and lienholder data. Lienholder data includes lien payoff information, branded title status and owed state taxes and fees.  

“Total loss frequency is increasing and settling these claims quickly can be a real challenge due to the wide variety of data that is required,” said Frank Cesario, Director of Claims, LexisNexis Risk Solutions. “By conveniently aggregating critical auto and vehicle data points, VINsights helps adjusters spend less time verifying information, which helps expedite the claims process.”

VINsights reduces the need for data look-up by automatically ingesting data from multiple sources, eliminates administrative errors through automated data verification, and improves claims accuracy by providing thorough and actionable information. Data is verified and delivered directly into the claims management system to help carriers expedite the total loss settlement process and improve their customer experience. An improved claims experience is important to consumers. In 2020, more than 6% of insureds switched insurance carriers within 90 days of a total loss, with some insurers experiencing more significant attrition.1

Mark Breading, Partner at the insurance advisory firm Strategy Meets Action commented on the solution saying “VINsights is one of those rare solutions with the potential to deliver strong benefits to all parties involved. Policyholders get faster resolution of their claims and are more satisfied. Adjusters don’t have to spend time on the drudgery of data collection and can focus on more high value activities. And insurers benefit from increased customer satisfaction, which drives higher retention.”

“As a result of customer demand, quick claims processing has become a key differentiator among insurers,” said Cesario. “Carriers who utilize innovative solutions like VINsights are able to more quickly and confidently close total loss claims and deliver a better customer experience.”

For more information and the latest updates on LexisNexis® VINsights click here.

About LexisNexis Risk Solutions  
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.

Media Contacts: 
Rocio Rivera 
LexisNexis Risk Solutions 
Phone: +1.678.694.2338 
rocio.rivera@lexisnexisrisk.com 

Mollie Holman 
Brodeur Partners for LexisNexis Risk Solutions  
Phone: +1.646.746.5611 
mholman@brodeur.com

1 LexisNexis Risk Solutions proprietary analysis.

 

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SOURCE LexisNexis Risk Solutions

Crossroads Systems Reports Fiscal First Quarter 2021 Financial Results

PR Newswire

DALLAS, March 4, 2021 /PRNewswire/ — Crossroads Systems, Inc. (OTCQX: CRSS) (“Crossroads” or the “Company”), a holding company focused on investing in businesses that promote economic vitality and community development, reported financial results for its fiscal first quarter 2021 ended January 31, 2021.

Fiscal First Quarter 2021 Key Performance Indicators (KPIs)

  • Added $3.7 million in new single-family mortgages during the fiscal first quarter.
  • The Company’s mortgage portfolio grew to $130.9 million from $123.3 million for the comparative period in 2020.
  • The serious delinquency rate as of the period ended January 31, 2021 was 1.4%, compared to 1.4% at the end of the same period in 2020. The Federal Home Loan Mortgage Corporation (Freddie Mac) reported a single-family serious delinquency rate of 2.6% as of the period ended January 31, 2021. The serious delinquency rate is based on the number of mortgage loans that are three monthly payments or more past due or in the process of foreclosure.
  • Held 107 properties in inventory compared to 134 at the same time in 2020. As of January 31, 2021, gross inventory was $11.2 million compared to $13.1 million as of January 31, 2020. The Company is looking to build inventory to not only meet current demand but also to plan for renovated housing units to be ready for the spring 2021 sales season. The Company expects the upcoming spring demand for housing to be in line with historical periods compared to the COVID disrupted Spring in 2020.

Fiscal First Quarter 2021 Financial Highlights

  • Total property sales income was $4.0 million for the quarter compared to $4.2 million for the same period in 2020. The decrease in property sales income for the quarter was primarily due to lower unit sales related to the COVID-19 pandemic and its impact on the Company’s office staff, resulting in a portion of sales being pushed to the fiscal second quarter.
  • Total interest income was $3.3 million, up from $3.2 million in the comparative 2020 period. The increase in interest income was the result of growth in the total mortgage note receivable portfolio during the period.
  • Operating income was $1.1 million compared to $1.3 million in the same period in 2020.
  • Cash EPS (operating income less income to non-controlling interests) was $0.13 compared to $0.15 for the comparative period in 2020. The Company booked $112,000 of state and federal income tax expense, which will be offset against the Company’s deferred tax asset. The adjusted cash EPS after adjusting for one-time transaction costs and stock option compensation of $108,000 was $0.15.
  • Book value as reported was $51.2 million, or $8.57 per share. Adjusted book value including $3.5 million of subordinated debt totaled $54.7 million, or $9.16 per share.
  • As of January 31, 2021, the Company held a cash balance of $1.4 million compared to $2.1 million as of October 31, 2020.

Management Commentary

“As we closed out 2020 and entered the new year, CPF continued to make measurable progress in expanding our mortgage portfolio while also taking advantage of exclusive opportunities to provide much needed relief to small businesses in the communities we serve,” said Eric A. Donnelly, Chief Executive Officer of Crossroads Systems. “Texas’ rapidly growing housing market has opened up remarkable economic opportunities for our borrowers, many of whom work in these industries. As a result, we have witnessed a noticeable declining trend in the volume of forbearance requests. While COVID-19 vaccine rollout initiatives begin to ramp up, we have worked through temporary underwriting delays which have pushed some property sales into fiscal Q2 and have expanded next quarter’s pipeline. Nevertheless, we remain optimistic in our ability to drive property sales and execute on our long-term operational goals.

“The latest government aid programs have also enabled CDFIs like us to extend much-needed support to local businesses. We were quick to take advantage of this opportunity at the onset of the calendar year. After an exceptionally active application period, we are proud to share that we have extended a total of $65.6MM in PPP loans to over 1,200 small businesses in need of capital, 95% of whom employ fewer than 20 people. While we continue to make meaningful progress towards consummating our pending acquisition of Rice Bancshares, we have also diversified our inventory composition by making key investments in new markets, including a pool of rental units in San Antonio and a development lot in McAllen. These new ventures provide yet another way for us to work alongside municipalities and local communities in creating affordable housing without sacrificing our bottom line.”

About Crossroads Systems
Crossroads Systems, Inc. (OTCQX: CRSS) is a holding company focused on investing in businesses that promote economic vitality and community development. Crossroads’ subsidiary, Capital Plus Financial (CPF), is a certified Community Development Financial Institution (CDFI) and certified B- Corp, which supports Hispanic homeownership with a long term, fixed-rate single-family mortgage product.

Important Cautions Regarding Forward-Looking Statements

This press release includes forward-looking statements that relate to the business and expected future events or future performance of Crossroads Systems, Inc. and Capital Plus Financial and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “likely,” “will,” “would,” “could,” and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Crossroads Systems’ and Capital Plus Financial’s ability to implement their business strategy, and their ability to achieve or maintain profitability. The future performance of Crossroads Systems and Capital Plus Financial may be adversely affected by the following risks and uncertainties: economic changes affecting homeownership in the geographies where Capital Plus Financial conducts business, developments in lending markets that may not align with Capital Plus Financial’s expectations and that may affect Capital Plus Financial’s plans to grow its portfolio, variations in quarterly results, developments in litigation to which we may be a party, technological change in the industry, future capital requirements, regulatory actions or delays and other factors that may cause actual results to be materially different from those described or anticipated by these forward-looking statements. For a more detailed discussion of these factors and risks, investors should review Crossroads Systems’ annual and quarterly reports. Forward-looking statements in this press release are based on management’s beliefs and opinions at the time the statements are made. All forward-looking statements are qualified in their entirety by this cautionary statement, and Crossroads Systems undertakes no duty to update this information to reflect future events, information or circumstances.

©2021 Crossroads Systems, Inc., Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All trademarks are the property of their respective owners.

Company Contact:
Crossroads Systems
IR@crossroads.com 

Investor Relations Contact:
Gateway Investor Relations
Matt Glover and Tom Colton
CRSS@gatewayir.com
(949) 574-3860

 


CROSSROADS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


          ASSETS


January 31, 
2021


October 31,
2020

CURRENT ASSETS

Cash and cash equivalents

$        1,441,075

$        2,127,059

Restricted cash

830,852

3,004,051

Interest receivable

1,031,601

930,871

Current portion of notes receivable

1,142,767

1,527,234

Current portion of other notes receivable

5,208

7,014

Inventory

11,191,675

10,544,236

Prepaid expenses and other current assets

319,388

411,645

Total current assets

15,962,566

18,552,110

NOTES RECEIVABLE, net of current maturities and allowance of $0

128,662,990

127,304,450

OTHER NOTES RECEIVABLE, net of current maturities, participations and allowance of $0

1,486,354

1,583,761

GOODWILL

18,566,966

18,566,966

DEFERRED TAX ASSET

18,187,889

18,300,334

TOTAL ASSETS

$    182,866,765

$    184,307,621


          LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable

$          309,219

$          222,610

Accrued liabilities

307,090

353,901

Escrow liabilities

266,091

2,886,249

Current portion of credit facilities

77,539,280

75,694,845

Current portion of other note payable (subordinated)

144,660

191,337

Current portion of acquisition notes payable

1,871,379

2,495,172

Total current liabilities

80,437,719

81,844,114

CREDIT FACILITIES, net of current maturities

38,728,473

39,481,435

OTHER NOTE PAYABLE, net of current maturities (subordinated)

1,144,233

1,144,234

ACQUISITION NOTES PAYABLE, net of current maturities (includes $2.2M subordinated)

10,591,275

10,582,769

PAYROLL PROTECTION PROGRAM LOAN 

376,800

376,800

OTHER LONG-TERM LIABILITIES

393,692

407,091

TOTAL LIABILITIES

131,672,192

133,836,443

EQUITY

Common stock, $0.001 par value: 75,000,000 shares 

authorized, 5,971,994 shares issued and outstanding

5,972

5,972

Additional paid in capital

242,544,918

242,471,412

Accumulated deficit

(209,406,800)

(210,057,986)

Crossroads Systems, Inc. stockholders’ equity

33,144,091

32,419,398

Non-controlling interests

18,050,485

18,051,780

TOTAL EQUITY

51,194,576

50,471,178

TOTAL LIABILITIES AND EQUITY

$    182,866,767

$    184,307,621

 

 


CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS


For the Three Months Ended 


Jan 31, 2021


Jan 31, 2020

REVENUES

Interest income

$        3,269,907

3,179,853

Property sales

3,999,060

4,180,400

Other revenue

50,491

284,321

Total revenues

7,319,458

7,644,575

COSTS AND EXPENSES

Interest expense

1,402,949

1,515,581

Cost of properties sold

3,614,442

3,669,899

General and administrative

499,467

471,810

Salaries and wages

743,698

673,464

Total costs and expenses

6,260,556

6,330,753

Income from operations

1,058,902

1,313,821

OTHER EXPENSES

Interest expense

(137,771)

(211,876)

Total other expenses

(137,771)

(211,876)

Income before income tax provision

921,132

1,101,945

INCOME TAX PROVISION

(112,445)

(131,370)

NET INCOME

808,687

970,575

Less: net income attributable to non-controlling interests

(157,500)

(158,795)

NET INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS

$          651,187

$          811,780

Earnings (loss) per share:

Cash income attributable to common shareholders

763,632

943,150


Weighted average shares outstanding

5,971,994

5,971,994

Cash income per share

$               0.13

$               0.16

 

 


CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS


As of January
31, 2021


As of January
31, 2020


CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$          808,687

$          970,575

Adjustments to reconcile net income to net cash

used in operating activities:

Loss on derivative related activity

(105,702)

(6,803)

Stock based compensation

(1,680)

Amortization of deferred financing fees

11,450

Provision for income taxes

112,445

131,370

Changes in operating assets and liabilities:

Interest receivable

(100,730)

(426,006)

Notes receivable (Mortgages and other)

(775,647)

(1,276,506)

Inventory

(647,439)

(1,259,759)

Prepaids and other assets

92,257

56,606

Accounts payable

86,609

(21,794)

Accrued liabilities

45,492

95,170

Escrow liabilities

(2,620,158)

(2,206,246)

Net cash used in operating activities

(3,104,186)

(3,933,623)


CASH FLOWS FROM FINANCING ACTIVITIES

Preferred equity dividend distributions

(158,795)

(158,795)

Paycheck Protection Program loan

Borrowings on credit facilities, net

4,671,957

5,137,946

Principal payments on credit facilities

(3,580,486)

(3,580,421)

Principal payments on other notes payable

(46,678)

(43,748)

Principal payments on acquisition note payable

(615,287)

(623,792)

Principal payments on participations in mortgage notes and other receivables

(99,213)

      Net cash provided by financing activities

171,498

731,190

Net change in cash and cash equivalents and restricted cash

(2,932,688)

(3,202,432)

Cash and cash equivalents and restricted cash at beginning of period

5,131,110

3,615,424

Cash and cash equivalents and restricted cash at end of period

$        2,198,422

$          412,992


SUPPLEMENTAL INFORMATION

Cash paid for interest

$        1,382,931

$        1,887,976

 

 


CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


Crossroads


Capital Plus


Systems, Inc.


Financial, LLC


 Eliminations 


 Total 


          ASSETS

CURRENT ASSETS

Cash and cash equivalents

$            24,325

$        1,416,750

$                  –

$        1,441,075

Restricted cash

830,852

830,852

Interest receivable

1,031,601

1,031,601

Current portion of notes receivable

$1,142,767

1,142,767

Current portion of other notes receivable

5,208

5,208

Intercompany receivables

3,143,910

22,393,266

(25,537,176)

Inventory

11,191,675

11,191,675

Prepaid expenses and other current assets

134,380

185,008

319,388

Total current assets

3,302,615

38,197,127

(25,537,176)

15,962,566

NOTES RECEIVABLE, net of current 

128,662,990

128,662,990

maturities and allowance of $0

OTHER NOTES RECEIVABLE, net of current 

1,486,354

1,486,354

maturities and allowance of $0

GOODWILL

18,566,966

18,566,966

DEFERRED TAX ASSET

18,187,889

18,187,889

INVESTMENT IN SUBSIDIARY

13,386,175

(13,386,175)

OTHER NON-CURRENT ASSETS

TOTAL ASSETS

$      53,443,645

$    168,346,471

$  (38,923,351)

$     182,866,765


          LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable

$                    –

$          307,540

$                  –

$           307,540

Accrued liabilities

40,444

266,646

307,090

Escrow liabilities

266,091

266,091

Intercompany payables

22,393,266

(22,393,266)

Current portion of credit facilities

77,539,280

77,539,280

Current portion of other note payable (subordinated debt)

144,660

144,660

Current portion of acquisition notes payable

1,871,379

1,871,379

Total current liabilities

24,305,089

78,524,217

(22,393,266)

80,436,040

CREDIT FACILITIES, net of current maturities

38,728,473

38,728,473

OTHER NOTE PAYABLE, net of current maturities (subordinated)

1,144,233

1,144,233

ACQUISITION NOTES PAYABLE, net of current maturities (includes $2.2M subordinated debt)

10,591,275

10,591,275

 maturities (includes $2.2M subordinated debt)

PAYCHECK PROTECTION PROGRAM LOAN

376,800

376,800

OTHER LONG-TERM LIABILITIES

393,692

393,692

   TOTAL LIABILITIES

34,896,364

119,167,415

(22,393,266)

131,670,513

EQUITY

Common stock, $0.001 par value: 75,000,000 shares 

authorized, 5,971,994 shares issued and outstanding

5,972

5,972

 Additional paid in capital 

242,546,598

242,546,598

Accumulated earnings (deficit) 

(16,530,085)

(16,530,085)

   Crossroads Systems, Inc. stockholders’ equity

242,552,570

(16,530,085)

226,022,485

   Non-controlling interests

18,050,485

18,050,485

TOTAL EQUITY

242,552,570

18,050,485

(16,530,085)

244,072,970

TOTAL LIABILITIES AND EQUITY

$    277,448,934

$    137,217,900

$  (38,923,351)

$     375,743,483

 

 


CROSSROADS SYSTEMS, INC. AND SUBSIDARIES

CONSOLIDATED STATEMENT OF OPERATIONS


Crossroads


Capital Plus


Systems, Inc.


Financial, LLC


Total

REVENUES

Interest income

$                    –

$        3,269,907

$     3,269,907

Property sales

3,999,060

3,999,060

Other revenue

50,491

50,491

Total revenues

7,319,458

7,319,458

COSTS AND EXPENSES

Interest expense

1,402,949

1,402,949

Cost of properties sold

3,614,442

3,614,442

General and administrative

97,960

401,507

499,467

Salaries and wages

73,506

670,191

743,698

Total costs and expenses

171,466

6,089,089

6,260,556

Income (loss) from operations

(171,466)

1,230,369

1,058,902

OTHER EXPENSES

Interest expense

(137,771)

(137,771)

Total other expenses

(137,771)

(137,771)

Income (loss) before income tax provision

(309,237)

1,230,369

921,132

INCOME TAX PROVISION

(112,445)

(112,445)

NET INCOME (LOSS)

(421,682)

1,230,369

808,687

Less: net income attributable to non-controlling interests

(157,500)

(157,500)

NET INCOME (LOSS) ATTRIBUTABLE TO 

CONTROLLING INTERESTS

$         (421,682)

$        1,072,869

$        651,187

 

 


Fiscal First Quarter


Shareholder Report for


the Three Months Ended


January 31, 2021


Crossroads Systems, Inc.


Delaware


74-284664  


(State of Incorporation)

(IRS Employer Identification No.)


4514 Cole St.


Suite 1600


Dallas, TX 75205


(Address of principal executive office)


(214) 999-0149


(Company’s telephone number)


Common Stock


$0.001 Par Value


Trading Symbol: CRSS


Trading Market: OTCQX


75,000,000 Common Shares Authorized


5,971,994 Shares Issued and Outstanding as of January 31, 2021

 

Dear Shareholder:

This letter is being written from the backdrop of one of the most unique and challenging weeks in recent state memory. With the worst seemingly behind us, I hope this finds you all safe and healthy. For Crossroads, we are working diligently on numerous statewide recovery initiatives.

One of the most promising indicators of economic recovery is Texas’ continued red-hot housing market, which hasn’t showed signs of stopping any time soon. Many of our community members work in housing and construction-related fields and have benefitted from the increased demand for labor even as economic pressures in other regions intensify.

Our typical seasonality at the start of the year was offset by record interest income generated by our rapidly expanding mortgage portfolio. We experienced a minor decrease in sales for the quarter, which was a result of staffing impacts from the ongoing COVID-19 pandemic, which unfortunately affected our workforce during the quarter. These deferments resulted in temporarily delays in underwriting, which have substantially increased the size of our sales pipeline. Thankfully, early traction in vaccine distribution bodes well for the return to optimal operational efficiency at Capital Plus and our staff have already made considerable progress in working through opportunities in the sales funnel.  

This past quarter brought with it several atypical, yet promising opportunities for us to give back to those in need. Like other CDFIs, we got a clear runway at the beginning of the rollout of second draw PPP loans, allowing us to quickly extend our support to small businesses eligible for relief. Across America, small business owners account for 46% of U.S. GDP and employ 47% of the workforce. During the pandemic, the country witnessed more than 400,000 small businesses collapse and even more on the brink of total shutdown. Small businesses have long been the heart of our country, and now more than ever is the time for us to support them as they do us. Infusing capital into these communities that we serve is not just the right moral choice—it’s the right economic choice.

Understanding technological enablement would be core to a successful program. To expedite the PPP loan application process, we partnered with BlueAcorn, an online financial platform that caters directly to the same underserved communities with whom we interact daily. In the past few months, we received an extraordinary volume of loan applications. We are happy to report that as of month end February 2021, CPF has generated $65.6MM in PPP loans with another $6.4MM pending approval to a more than 1,200 small businesses in all parts of the country. More importantly, businesses receiving our loans employ an average of 7 employees, for an average loan of $58k. These smaller businesses, who are often staples in local communities, have needed the most support during this time. We see it as an honor to be there for them where necessary. We will be working diligently to process these loans in the coming quarter and expect to provide future updates on the status of these loans next quarter.

Our operating history has shown us that the need for affordable housing expands well beyond the reaches of Texas’ major population centers. To that end, we made further headway on our ongoing development project in McAllen this quarter. As a reminder, we purchased land in McAllen earlier last year with the intention of developing it into about 48 single-family homes. Newer ventures like these are particularly exciting for us. We have a deeply personal understanding of the requirements that affordable housing units must meet to properly serve those in need. With the agency to develop these units as we see fit, we believe that we can maintain pricing power while exercising greater control of our inventory on a quarterly basis. Another new market for Crossroads is San Antonio, where we recently purchased a pool of rental properties. Again, while this is a departure for us, we see it as another high-value opportunity, bringing us closer with municipal partners and exposing immediately expanding the size of our market. Ultimately, we are working to convert these into affordable housing units over the coming months.

CPF’s outstanding mortgage loan portfolio balance at the end of the quarter was $130.9 million and generated $3.3 million in interest income. Operating income for the quarter was approximately $1.1 million before income attributable to non-controlling interests of $158,000 and accruing for a non-cash tax provision of $112,000. Cash income attributable to common shareholders for the fiscal first quarter was $764,000, resulting in a cash EPS of $0.13. When adjusting for one-time costs related to the pending acquisition as well as stock option compensation, cash EPS totals $0.15. As of January 31, 2021, CPF’s unadjusted leverage was 2.31x and the consolidated cash coverage ratio, adjusted for one-time and transaction expenses, was 1.64x.

Lastly, I would like to share that we are making very meaningful progress towards closing our proposed acquisition of Rice Bancshares. There are a few final steps that we are eagerly navigating through now, and we hope to share an update in the near future.

Now is an exciting time for CPF. Though a lot has changed in the last 12 months, we see the initial efforts by state and local partners to distribute critical aid and treatments as a positive indication of what is to come. Amid the uncertainty that many have experienced during the past year, Capital Plus has stood at the ready to our homeowners and—with the help of federal aid—the small businesses that power and define our communities.

Saludos Cordiales,

Robert H. Alpert & Eric A. Donnelly

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SOURCE Crossroads Systems; Capital Plus Financial