Greenlane Announces First Quarter 2020 Financial Results

BOCA RATON, Fla., June 04, 2020 (GLOBE NEWSWIRE) — Greenlane Holdings, Inc. (“Greenlane” or “the Company”) (Nasdaq: GNLN), one of the largest global sellers of premium cannabis accessories and specialty vaporization products, today reported financial results for the first quarter ended March 31, 2020.

First Quarter 2020 Highlights
(Unless otherwise stated, comparisons are made between Q1 2020 and Q4 2019 results)

  • Revenue for the first quarter of 2020 was approximately $33.9 million;
  • Sales of Greenlane Brands grew to $6.3 million dollars, representing 18.5% of total revenue; 
  • Gross profit was $7.3 million, or 22% of net sales, an increase of $0.8 million, representing an improvement in gross margin of 414 basis points;
  • Entered into a new lease agreement for a new retail store located in Barcelona, Spain, which opened to the public on May 26, 2020;
  • Vapor.com, one of the Company’s e-commerce platforms, daily store transactions increased 50.4%;
  • VIBES branded products now present at over 2,000 Greenlane customer retail locations;
  • Demonstrated commitment to business transformation plan through the targeted reduction of approximately 50 employees which is expected to positively impact the Company’s results in future quarters;
  • In response to the impact of COVID-19 and changing consumer demand, Greenlane has shifted resourcing towards more in-demand revenue channels, adding sales resources to Channel and Dropship and operational resources to B2C.

Management Commentary

“We have made significant strides in the execution of our business transformation plan and are focused on pursuing higher margin revenue opportunities while strategically right sizing our operations to the current environment,” said Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer. “We’re beginning to see the positive impact of the investment we made to develop and launch our Greenlane Brands, which accounted for a record 18.5% of net sales and drove the sequential improvement in our gross margin. I’m extremely proud of the collective efforts that our team has put into the success we have achieved to date and I look forward to continuing to update you as we leverage our scale to drive sustained, long-term growth and profitability.”

Q1 2020 Financial Summary

Net sales were $33.9 million in the first quarter of 2020 (“Q1 2020”), as compared to $49.9 million for the first quarter of 2019 (“Q1 2019”), a decrease of $16.0 million or 32.1%. The change in revenue is largely attributable to the FDA’s restriction on the sale of certain products, primarily mint-flavored JUUL, and the execution of Greenlane’s business transformation plan, whereby the Company has deliberately moved away from low-margin JUUL sales, to focus on higher-margin products. JUUL sales decreased to approximately $4.4 million in Q1 2020, from approximately $21.0 million in Q1 2019. Net sales of Greenlane Brands grew to $6.3 million dollars, representing 18.5% of total revenue in the first quarter of 2020, as compared to $4.6 million in the first quarter of 2019. Net sales of the Company’s third-party brands, including Firefly, Santa Cruz Shredder, and MJ Arsenal increased by approximately $1.2 million in Q1 2020 as compared to Q1 2019.

In connection with the Company’s business transformation plan and ongoing efforts to optimize its distribution network, Greenlane continues to transition to a more streamlined and centralized model with fewer, but larger, highly automated facilities.  Accordingly, on March 31, 2020 the Company closed its brick-and-mortar retail store in Ponce City Market. In addition, Greenlane closed its Schenectady, NY and Delta, Canada distribution centers on May 14, 2020, and May 15, 2020, respectively, and expects to close its Jacksonville, FL, Torrance, CA, and Visalia, CA distribution centers in June 2020.

Q1 2020, gross profit was $7.3 million, or 22% of net sales, compared to $9.0 million, or 18% of net sales in Q1 2019. This increase in gross margin is indicative of the leverage that the Company can drive from its operating model as it continues to reduce the concentration of sales in lower-margin JUUL products and implements additional cost-saving initiatives.

Salaries, benefits, and payroll taxes in Q1 2020 decreased approximately $1.5 million, or 18.2%, compared to Q1 2019, primarily due to a decrease in equity-based compensation expense of $2.5 million, as the Company recognized approximately $0.3 million of expense in Q1 2020, compared to approximately $2.8 million of expense in Q1 2019. The decrease in equity-based compensation was offset by increases in wages and related payroll expenses of approximately $1.1 million as additional workforce was hired to accommodate the Company’s operations as a public company and the additional employees absorbed as part of the acquisition of Conscious Wholesale.

Q1 2020 general and administrative expenses increased by approximately $3.3 million to $8.7 million in Q1 2020 compared to $5.4 million in Q1 2019, primarily due to additional costs incurred in connection with operations as a public company.

During Q1 2020, the Company recorded a Goodwill impairment charge of $9.0 million related to the United States reporting unit, which was recognized as a result of a quantitative test of goodwill for the Company’s United States and Europe reporting units.

Q1 2020 net loss was $16.8 million, compared to $17.7 million in the same period for the prior year. Adjusted net loss was $6.1 million in Q1 2020 compared to adjusted net loss of $1.5 million for Q1 2019. Adjusted EBITDA was $6.3 million in Q1 2020 compared to adjusted EBITDA of $0.8 million in Q1 2019.

Cash and cash equivalents were $43.9 million and total debt was $8.3 million as of March 31, 2020, compared to $47.8 million and $8.3 million, respectively, as of December 31, 2019.

Conference Call Information

Greenlane will host a conference call today, Thursday, June 4, 2020, to discuss these results. Aaron LoCascio, Chief Executive Officer, and Ethan Rudin, Chief Financial Officer, will host the call starting at 8:30 a.m. Eastern time. A question and answer session will follow management’s presentation.

Date: Thursday, June 4, 2020
Time: 8:30 a.m. Eastern Time
Dial-In Number: (888) 870-0119
Conference ID: 1064147
Replay: (855) 859-2056 or (404) 537-3406
  Available until 12:00 midnight Eastern Time Tuesday, August 4, 2020

About Greenlane Holdings, Inc.

Greenlane (Nasdaq: GNLN) is one of the largest global sellers of premium cannabis accessories and liquid nicotine products. The Company operates as a powerful house of brands, third-party brand accelerator and distribution platform for consumption devices and lifestyle brands serving the global cannabis and liquid nicotine markets with an expansive customer base of more than 11,000 retail locations, including licensed cannabis dispensaries, and smoke and vape shops. Greenlane merchandises vaporizers and other products in the United States, Canada and Europe and distributes to retailers through its wholesale operations and to consumers through its e-commerce platforms and retail stores. The Company provides value-added customer support to complement its product offerings and help its customers operate and grow their businesses. In addition to owning and operating its own brands, Greenlane is the partner of choice for many of the industry’s leading players including PAX Labs, Grenco Science, Firefly, DaVinci, Eyce, Santa Cruz Shredder, Cookies, JUUL and dozens of others. Our Greenlane Brands category is comprised of child-resistant packaging innovator Pollen Gear; VIBES rolling papers; the Marley Natural accessory line; the Keith Haring Collection accessory line; Aerospaced & Groove grinders, and Higher Standards, which is both an upscale product line and an innovative retail experience with flagship stores at New York City’s famed Chelsea Market and in Malibu, California. The Company also owns and operates several e-commerce platforms, including Vapor.com, an industry leading e-commerce platform which offers convenient, flexible shopping solutions directly to consumers. For additional information, please visit: https://gnln.com/.

Presentation of Financial Information

This press release includes historical consolidated results for the periods presented of Greenlane Holdings, LLC, the predecessor of Greenlane Holdings, Inc., for financial reporting purposes. Accordingly, the consolidated financial statements for periods prior to the completion of the IPO on April 23, 2019 have been adjusted to combine the previously separate entities for presentation purposes. 

Use of Non-GAAP Financial Measures

Greenlane discloses Adjusted Net Loss and Adjusted EBITDA, which are non-GAAP financial measures, because management believes these metrics assist investors and analysts in assessing the Company’s overall operating performance and evaluating how well Greenlane is executing its business strategies. You should not consider Adjusted Net Loss or Adjusted EBITDA as alternatives to net loss determined in accordance with GAAP as indicators of Greenlane’s operating performance. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Accordingly, you should not view Adjusted Net Loss or Adjusted EBITDA in isolation or as a substitute, or superior to, financial information prepared and presented in accordance with GAAP. Furthermore, these non-GAAP measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

Adjusted Net Loss and Adjusted EBITDA have limitations as an analytical tool. Some of these limitations are:

  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;
  • Adjusted EBITDA does not include interest expense, which has been a necessary element of the Company’s costs;
  • Adjusted EBITDA does not reflect income tax payments we may be required to make;
  • Adjusted EBITDA and Adjusted Net Loss do not reflect equity-based compensation;
  • Adjusted EBITDA and Adjusted Net Loss do not reflect transaction and other costs which are generally incremental costs that result from an actual or planned transaction;
  • Other companies, including companies in Greenlane’s industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

For more information on Greenlane’s non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial measures, please see the “Reconciliation of GAAP to Non-GAAP Financial Measures” table in this press release.

Forward Looking Statements

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These forward-looking statements include, among others: comments relating to the current and future performance of the Company’s business; the impact of the ongoing COVID-19 pandemic on the Company’s business; growth in demand for the Company’s products; growth in the market for cannabis and nicotine; the Company’s marketing and commercialization efforts; and the Company’s financial outlook and expectations. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Additional information will also be set forth in Greenlane’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to Greenlane on the date hereof. Greenlane undertakes no duty to update this information unless required by law.

Media Contact
MATTIO Communications
Greenlane@mattio.com

Investor Contact:

Rob Kelly
Investor Relations, MATTIO Communications
Greenlane@mattio.com
1-416-992-4539




GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
  March 31,

2020
  December 31,

2019
ASSETS (Unaudited)    
Current assets      
Cash $ 43,920       $ 47,773    
Accounts receivable, net of allowance of $926 and $936 at March 31, 2020 and December 31, 2019, respectively 6,513       8,091    
Inventories, net 43,019       43,060    
Vendor deposits 9,148       11,120    
Other current assets 2,518       4,924    
Total current assets 105,118       114,968    
       
Property and equipment, net 13,850       13,165    
Intangible assets, net 6,107       6,301    
Goodwill 2,933       11,982    
Operating lease right-of-use assets 4,402       4,695    
Other assets 2,078       2,091    
Total assets $ 134,488       $ 153,202    
       
LIABILITIES      
Current liabilities      
Accounts payable $ 11,132       $ 11,310    
Accrued expenses and other current liabilities 8,271       10,600    
Customer deposits 2,583       3,152    
Current portion of operating leases 1,218       1,084    
Current portion of finance leases 116       116    
Total current liabilities 23,320       26,262    
       
Notes payable, less current portion and debt issuance costs, net 7,976       8,018    
Operating leases, less current portion 3,454       3,844    
Finance leases, less current portion 164       194    
Other liabilities 1,016       620    
Total long-term liabilities 12,610       12,676    
Total liabilities 35,930       38,938    
       
       
STOCKHOLDERS’ EQUITY      
Preferred stock, $0.0001 par value, 10,000 shares authorized, none issued and outstanding          
Class A common stock, $0.01 par value per share, 125,000 shares authorized; 10,479 shares issued and 10,292 shares outstanding as of March 31, 2020; 9,999 shares issued and 9,812 shares outstanding as of December 31, 2019 103       98    
Class B common stock, $0.0001 par value per share, 10,000 shares authorized; 5,870 and 5,975 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively 1       1    
Class C Common stock, $0.0001 par value per share, 100,000 shares authorized; 77,791 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively 8       8    
Additional paid-in capital 34,109       32,108    
Accumulated deficit (14,193 )     (9,727 )  
Accumulated other comprehensive loss (339 )     (72 )  
Total stockholders’ equity attributable to Greenlane Holdings, Inc. 19,689       22,416    
Non-controlling interest 78,869       91,848    
Total stockholders’ equity 98,558       114,264    
Total liabilities and stockholders’ equity $ 134,488       $ 153,202    
                   



GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except per share amounts)
  For the three months ended

March 31,
  2020   2019
Net sales $ 33,868       $ 49,898    
Cost of sales 26,539       40,911    
Gross profit 7,329       8,987    
Operating expenses:      
Salaries, benefits and payroll taxes 6,614       8,082    
General and administrative 8,684       5,384    
Goodwill impairment charge 8,996          
Depreciation and amortization 710       684    
Total operating expenses 25,004       14,150    
Loss from operations (17,675 )     (5,163 )  
Other income (expense), net:      
Change in fair value of convertible notes       (12,063 )  
Interest expense (110 )     (602 )  
Other income, net 940       176    
Total other income (expense), net 830       (12,489 )  
Loss before income taxes (16,845 )     (17,652 )  
(Benefit from) provision for income taxes (81 )     12    
Net loss (16,764 )     (17,664 )  
   Less: Net loss attributable to non-controlling interest (12,298 )        
Net loss attributable to Greenlane Holdings, Inc. $ (4,466 )     $ (17,664 )  
       
Net loss attributable to Class A common stock per share – basic and diluted (1) $ (0.43 )        
Weighted-average shares of Class A common stock outstanding – basic and diluted (1) 10,455          
       
Other comprehensive (loss) income:      
Foreign currency translation adjustments (627 )     28    
Unrealized loss on derivative instrument (493 )        
Comprehensive loss (17,884 )     (17,636 )  
   Less: comprehensive loss attributable to non-controlling interest (13,151 )        
Comprehensive loss attributable to Greenlane Holdings, Inc. $ (4,733 )     $ (17,636 )  
                   

(1) Basic and diluted net loss per share of Class A common stock is presented only for the period after our organizational transactions.



GREENLANE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
  For the three months ended

March 31,
  2020   2019
Cash flows from operating activities:      
Net loss (including amounts attributable to non-controlling interest) $ (16,764 )     $ (17,664 )  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 710       684    
Debt issuance costs on convertible notes       422    
Equity-based compensation expense 270       2,851    
Goodwill impairment charge 8,996          
Change in fair value of contingent consideration (615 )        
Change in fair value of convertible notes       12,063    
Change in provision for doubtful accounts 18       603    
Change in provision for slow moving or obsolete inventory (117 )     81    
Other 64       12    
Changes in operating assets and liabilities, net of the effects of acquisitions:      
Accounts receivable, net 1,560       (2,647 )  
Vendor deposits 2,169       1,659    
Inventories 158       (6,652 )  
Deferred offering costs       (582 )  
Other current assets 2,324       (720 )  
Accounts payable (178 )     1,963    
Accrued expenses 1,258       1,208    
Customer deposits (680 )     (542 )  
  Net cash used in operating activities (827 )     (7,261 )  
Cash flows from investing activities:      
(Purchase consideration paid for) cash acquired from acquisitions (1,272 )     91    
Purchases of property and equipment, net (990 )     (509 )  
Purchase of intangible assets, net       (54 )  
Investment in equity securities       (500 )  
  Net cash used in investing activities (2,262 )     (972 )  
Cash flows from financing activities:      
Proceeds from issuance of convertible notes       8,050    
Payment of debt issuance costs – convertible notes       (1,590 )  
Proceeds from – line of credit, net       325    
Redemption of Class A and Class B units of Greenlane Holdings, LLC       (3,019 )  
Other (149 )     (125 )  
  Net cash (used in) provided by financing activities (149 )     3,641    
Effects of exchange rate changes on cash (615 )     28    
Net decrease in cash (3,853 )     (4,564 )  
Cash, as of beginning of the period 47,773       7,341    
Cash, as of end of the period $ 43,920       $ 2,777    
       
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 409       $ 178    
Lease liabilities arising from obtaining right-of-use assets:      
Operating leases $ 331       $ 2,411    
Non-cash investing activities and financing activities:      
Redeemable Class B Units issued for acquisition of a subsidiary, net of issuance costs $       $ 6,514    
Shares of Class A common stock issued for acquisition of Conscious Wholesale $ 1,719       $    
Deferred offering costs included in accounts payable and accrued expenses $       $ 2,068    
                   

GREENLANE HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

The reconciliation of our Net Loss to Adjusted Net Loss for the three months ended March 31, 2020 and 2019, respectively, is as follows:

  Three Months Ended March 31,
  2020   2019
  (in thousands)
Net loss $ (16,764 )     $ (17,664 )  
Debt placement costs for convertible notes (1)       422    
Transition to being a public company (2)         850    
Equity-based compensation 270       2,851    
One-time consulting and licensing related to ERP system implementation costs 64          
Restructuring expenses 108          
Due diligence costs related to acquisition target 1,221          
Goodwill impairment charge 8,996          
Change in fair value of convertible notes       12,063    
Adjusted net loss $ (6,105 )     $ (1,478 )  
                   

(1) Debt placement costs related to the issuance of convertible notes in January 2019.
(2) Includes certain non-recurring fees and expenses primarily attributable to consulting fees and incremental audit and legal fees incurred in connection with our transition to being a public company.

The reconciliation of our Net Loss to Adjusted EBITDA for the three months ended March 31, 2020 and 2019, respectively, is as follows:

   
  Three Months Ended March 31,
  2020   2019
  (in thousands)
Net loss $ (16,764 )     $ (17,664 )  
Other income, net (1) (940 )     (176 )  
Transition to being a public company (2)       850    
Interest expense 110       602    
(Benefit from) provision for income taxes (81 )     12    
Depreciation and amortization 710       684    
Equity-based compensation expense 270       2,851    
One-time consulting and licensing related to ERP system implementation costs 64          
Restructuring expenses 108          
Due diligence costs related to acquisition target 1,221          
Goodwill impairment charge 8,996          
Change in fair value of convertible notes       12,063    
Adjusted EBITDA $ (6,306 )     $ (778 )  
                   

(1) Includes rental income, interest income, changes in the fair value of contingent consideration, and other miscellaneous income.
(2) Includes certain non-recurring fees and expenses primarily attributable to consulting fees and incremental audit and legal fees incurred in connection with our transition to being a public company. 

Intercept Music, Wholly Owned Subsidiary of Sanwire Corp, Gets Spotlight in Latin Market With New Ambassador and Music Pro, Chino Moreno

PR Newswire

LOS ANGELES, June 4, 2020 /PRNewswire/ — On the heels of the recently announced partnership with Sounds of Havana and its catalog of more than 8,000 Cuban songs, Intercept Music, Inc. (“Intercept”), wholly owned subsidiary of Sanwire Corporation, (“Sanwire” or “the Company”) (OTC: SNWR) further extends its position in the Latin music market by enlisting Alfredo “Chino” Moreno as Intercept’s latest brand ambassador and Music Pro.

Intercept sees a sizable revenue growth in the Latin market music genre and is committed to pursue the market aggressively by partnering and recruiting seasoned talent and well-known icons and brands. Currently, Latin music accounts for nearly 10% of all music sales in the U.S. and is growing at a rate in excess of 25% per year. In 2019, the growth in Latin music outpaced the overall growth in the music market. The Latin market is one of the most underserved genres of music, and provides a great growth opportunity for Intercept.

A musician, promotions executive, producer, journalist, and entrepreneur, Mr. Moreno is a popular and respected figure across the Latin world, and gives Intercept immediate credibility in the fast-growing Latin music market. A Costa Rican native, Mr. Moreno is an acclaimed entertainer and cultural figure in music, television and radio throughout Latin America. He first came to prominence in his teenage years as a musician, ultimately performing in the largest venues and most important concerts in the country. He became the first promotions executive in Costa Rica, working with global labels including Warner/Electra/Atlantic, RCA, Hispavox, and Novola. He has been a judge and MC on televised contests including Miss Costa Rica, “Idol Maker,” “A Star is Born,” and many more. Mr. Moreno also serves as the music critic for newspaper La Nación, and as an advisor to a portfolio of important radio stations in Central America. Creatively, he has discovered and produced countless successful acts, including La Banda, the artist behind the best-selling Latin album of all time.

As an Intercept brand ambassador, Mr. Moreno joins an elite cohort of music industry experts, including performers, producers, promotions executives and others, who advocate Intercept’s music marketing, promotion and distribution platform to their networks. Collectively, Intercept Music brand ambassadors have garnered more than 100 Grammys, American Music Awards and many other industry recognitions, as well as hundreds of millions of dollars in album sales.

Starting in the third quarter of 2020, independent artists will be able to book one-on-one music and career coaching sessions directly with Mr. Moreno via the Intercept Music website. Until now, it was virtually impossible for independent artists to gain access to industry professionals of the caliber of Intercept’s Music Pros.These Music Pros are available to Intercept Music artists by invitation only on a shared-revenue model.

“Chino Moreno has a public profile in Latin America that almost defies comprehension,” said Tod Turner, President of Intercept Music. “Maybe if you rolled together Jay-Z, Kendrick Lamarr, David Geffen and Ryan Secrest, you’d get 80% of Chino’s importance in the Latin world. We are serious about taking on the Latin market, and to have his stamp of approval shows everyone in this realm that we mean business.”

A
bout Intercept Music, Inc.

Intercept Music, Inc. is an entertainment technology company dedicated to helping independent artists effectively distribute, market, and monetize their music. Sold through a Software as a Service (Saas) model, Intercept’s online platform delivers an unsurpassed combination of marketing, promotion, and distribution to hundreds of stores worldwide and every major streaming service, including Apple Music, Google Music, Pandora and Spotify. Intercept’s options include full-service, concierge-style support and even one-on-one coaching from award-winning music industry professionals. Intercept focuses exclusively on the independent music market, which is estimated at 12 million artists, and is the fastest-growing sector of the music industry. For more information, visit interceptmusic.com.

About Sanwire Corporation

Sanwire Corporation (OTC: SNWR), a diversified company with a focus on technologies for the entertainment industry, has been involved in aggregating technologies for a number of years. We look for opportunities in fragmented markets, where technology can be applied to consolidate services into a single platform of delivery. Our current focus is advanced entertainment technologies. For more information, visit sanwirecorporation.com.

Safe Harbor Statement:

Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Act of 1934, as amended. All statements regarding our expected future financial positions, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, listing on the OTC Markets, including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements and involve risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

For further inquiries, contact:
ir@sanwirecorporation.comcasper.casparian@interceptmusic.com, or
+1(424)-835-0833

Cision View original content:http://www.prnewswire.com/news-releases/intercept-music-wholly-owned-subsidiary-of-sanwire-corp-gets-spotlight-in-latin-market-with-new-ambassador-and-music-pro-chino-moreno-301070559.html

SOURCE Sanwire Corporation

Farmmi Subsidiary Receives Multiple Repeat Orders for Distribution in the U.S., Canada and Israel

PR Newswire

LISHUI, China, June 4, 2020 /PRNewswire/ — Farmmi, Inc. (“Farmmi” or the “Company”) (NASDAQ: FAMI), an agriculture products supplier in China, today announced its subsidiary Zhejiang Forest Food Co., Ltd., has received multiple repeat orders for its Shiitake mushrooms. The latest orders are from existing customers, which plan to distribute the dried and sliced Shiitake mushrooms into the U.S., Canada and Israel.

Ms. Yefang Zhang, Farmmi’s Chairwoman and CEO, commented, “We continue to execute on our growth strategy by building deeper customer relationships, expanding the geographic markets we serve and delivering continued product excellence. We are always happy to see existing customers placing repeat orders. These serve as powerful validation of the high quality we strive for in our edible fungus products. Our business catalysts remain fully intact with an expanding pipeline of opportunities as people seek out our healthy agricultural products.”

About Farmmi, Inc.

Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a leading agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and many other sought-after agricultural products. The Company’s Farmmi Liangpin Market serves as a global trading platform for Chinese geographical indication agricultural products and is one of the largest platforms for consumers to access locally sourced agricultural products. For further information about the Company, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including the potential impact of COVID-19 on our business within and outside of China. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

Cision View original content:http://www.prnewswire.com/news-releases/farmmi-subsidiary-receives-multiple-repeat-orders-for-distribution-in-the-us-canada-and-israel-301070652.html

SOURCE Farmmi, Inc.

BetterLife Pharma Updates Shareholders on its Proposed Acquisition of Altum

PR Newswire

VANCOUVER, BC, June 4, 2020 /PRNewswire/ – BetterLife Pharma Inc. (“BetterLife” or the “Company”) (CSE: BETR) (OTCQB: PVOTF) (FSE: NPAT) is pleased to provide an update to its press release of May 25, 2020 whereby BetterLife announced that it secured “hard” lock-up agreements from shareholders of Altum Pharmaceuticals Inc. (“Altum”) representing 67.12% of the outstanding common shares of Altum. BetterLife obtained these lock-up agreements as it had reason to believe that the independent members of the Board of Altum were attempting to cancel the licensing agreement between BetterLife and Altum pursuant to which BetterLife was to acquire worldwide rights (other than in Greater China, Japan and ASEAN countries) to commercialize and sell AP-003, a potential COVID-19 treatment (the “Licensing Agreement”).

BetterLife approached the members of the Board of Altum (other than Mr. Doroudian) to discuss a “merger of equals” transaction, pursuant to which BetterLife would issue 4.582 common shares of BetterLife for each Altum common share, which represented approximately $36.1 million in value based on the proposed share exchange as at May 25, 2020. BetterLife and the members of the Board of Altum (other than Mr. Doroudian) could not agree on terms, despite the fact that the lock-up agreements given to BetterLife satisfied the legal test for BetterLife to acquire Altum and despite the importance to society that the work on AP-003 begin immediately in order to better understand its potential as a COVID-19 treatment.

BetterLife understands that in response to the actions of the directors of Altum (other than Mr. Doroudian), Ortac Capital Corp., one of the shareholders of Altum that signed a lock-up agreement with BetterLife, and other shareholders of Altum, representing in aggregate approximately 65.3% of the issued and outstanding shares of Altum, have requisitioned a meeting of shareholders of Altum in order to, among other things remove the directors of Altum (other than Mr. Doroudian) in order to ensure that the wishes of the overwhelming majority of shareholders to complete the transaction with BetterLife are met.

The proposed transaction to acquire all the shares of Altum is subject to the receipt of all required approvals and with BetterLife being satisfied with the results of its due diligence.  BetterLife has reviewed published scientific claims and materials available publicly on Altum’s pipeline of products.

Should Altum be acquired by BetterLife, Altum would become a wholly-owned subsidiary of BetterLife and BetterLife would have the ability to use and exploit all of Altum’s assets (described in further detail below), including AP-003 without restriction and without any further payment by BetterLife to Altum or any need to obtain a license from Altum. Accordingly, should BetterLife acquire Altum the Licensing Agreement would no longer be required and neither BetterLife nor Altum would have any obligations thereunder.

Mr. Robert Metcalfe, the lead director of BetterLife commented “I am very pleased that such an overwhelming number of the Altum shareholders have decided to take these actions to express their support and commitment to the merger with BetterLife so that we may work together expeditiously on AP-003 so that we may better understand its potential as a COVID-19 treatment for the benefit of patients and for society at large.”

About Altum Pharmaceuticals Inc.

Formed in 2016, Altum is a privately-held company headquartered in Vancouver, British Columbia, Canada. Altum’s pipelines consists of three products:

AP-003: Altum’s current lead product AP-003, is a patent pending proprietary Interferon α2b (IFN α2b) inhalation formulation. In recent studies IFN α2b has been shown to be effective in slowing viral replication. In the study published Friday May 15, 2020 in Frontiers of Immunology titled “Interferon-a2b Treatment for COVID-19”, the authors examined the course of disease in a cohort of 77 individuals with confirmed COVID-19 admitted to Union Hospital, Tongii Medical College, Wuhan, China, between January 16 and February 20, 2020. To the knowledge of the authors the findings presented in the study were the first to suggest therapeutic efficacy of IFN-a2b in COVID-19 disease. Altum is planning a randomized, double-blind, placebo controlled trial of AP-003 in early stage COVID-19 patients to start in the near future.

AP-001: Altum’s first product AP-001 is a topical IFN α2b product for the treatment of Human Papiloma Virus (HPV) infection that can cause cervical cancer. In 2017, Altum acquired the BiPhasix™ platform from Helix Biopharma. The BiPhasix™ technology is a novel encapsulation and delivery platform technology. BiPhasix-encapsulated interferon IFN α2b for use in treatment of HPV-cervical dysplasia. AP-001 has completed Phase 2.

AP-002: In April 2018, Altum acquired Lexi Pharma Inc., a therapeutics company focused on development of treatments for bone related disorders. Lexi’s lead product, AP-002, is an oral gallium-based novel small molecule. AP-002 has US IND approved and has started Phase 1-2 in October 2019 in the US in cancer patients with advanced or recurrent solid tumours.

For further information please visit altumpharma.com.

Cautionary Note

The Company is not making any express or implied claims that Altum’s AP-003 or any other product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time. Further, the safety and efficacy of Altum’s AP-003 are under investigation and market authorization has not yet been obtained.

About BetterLife Pharma Inc.

BetterLife Pharma Inc. is a science-based innovative medical wellness company aspiring to offer high-quality preventive and self-care products to its customers. For further information please visit abetterlifepharma.com.           

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, the matters set forth above may be forward-looking statements that involve risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, such as the failure to complete the transaction with Altum or to meet obligations under the agreement with Altum, the failure of Altum to hold a meeting of its shareholder, the failure of the shareholders of Altum approving the matters before them, the failure of Altum to complete clinical trials or to have success in such trials, the failure of Altum to secure and/or enforce patent protection for AP-003, the failure of Altum to secure exclusive rights from third parties, the failure of the Company to secure financing needed to carry out the plans set out herein, the failure to meet the conditions imposed by the CSE or other securities regulators, the level of business and consumer spending, the amount of sales of BetterLife’s products, statements with respect to internal expectations, the competitive environment within the industry, the ability of BetterLife to commence and expand its operations, the level of costs incurred in connection with BetterLife’s operational efforts, economic conditions in the industry, pandemics, and the financial strength of BetterLife’s future customers and suppliers. Reliance should not be placed on forward-looking statements, as they involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from the anticipated future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward-looking statements include, but are not limited to: our ability to obtain, on satisfactory terms or at all, the capital required for research, product development, operations and marketing; general economic, business and market conditions; our ability to successfully and timely complete clinical studies;  product development delays and other uncertainties related to new product development;  our ability to attract and retain business partners and key personnel; · the risk of our inability to profitably commercialize our proposed products; the risk that our proposed clinical trials will not be launched in a timely manner (or at all) or if launched yield positive results or that we will not obtain regulatory market approvals for our products;  the extent of any future losses;  the risk of our inability to establish or manage manufacturing, development or marketing collaborations; the risk of delay of, or failure to obtain, necessary regulatory approvals and, ultimately, product launches; dependence on third parties for successful commercialization of our products; inability to obtain product and raw materials in sufficient quantity or at standards acceptable to health regulatory authorities to commence and complete clinical trials or to meet commercial demand; the risk of the termination or conversion of our license with Altum or our inability to enforce our rights under our license with Altum;· our ability to obtain patent protection and protect our intellectual property rights; commercialization limitations imposed by intellectual property rights owned or controlled by third parties;  uncertainty related to intellectual property liability rights and liability claims asserted against us;  the impact of competitive products and pricing; and  future levels of government funding; additional risks and uncertainties, many of which are beyond our control.

Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE BetterLife Pharma Inc.

Key Housing Indicators Begin to Turn Around in May

Data shows new listings and asking price trends strengthen after bottoming out in April

PR Newswire

SANTA CLARA, Calif., June 4, 2020 /PRNewswire/ — The U.S. housing market likely reached its low point during mid-April with constrained new inventory and minimal price growth. Signs of recovery emerged in late April and strengthened in May, setting the stage for continued growth over the summer, according to realtor.com®‘s May Monthly Housing Trends report issued today.

The data show the national median listing price hit a new all-time high of $330,000 in May, despite rising just 1.6 percent year-over-year. This price growth was an improvement over April’s 0.6 percent year-over-year growth which was the slowest pace in the past three years. Additionally, the weekly progression of data showed that price growth and new inventory trends improved.

The median list price began the month up 1.4 percent and strengthened throughout the month, increasing 3.1 percent during the last week of May. New listings were down 29.1 percent the week ending May 9, but recovered to down 22.9 percent by the week of May 30. While still well-below last year’s levels, the rate of decline in newly listed properties has improved dramatically from a drop of 44.1 percent year-over-year in April to down 29.4 percent in May. Despite these positive trends, COVID-related challenges linger; homes were on the market 15 days longer than this time last year.

“May’s home price data demonstrate the underlying strength of the U.S. housing market despite the challenges brought by the COVID-19 pandemic,” said realtor.com® Chief Economist Danielle Hale. “The fact that home prices are at an all-time high shows that the momentum the market had prior to the pandemic has helped to keep buyer and seller expectations stable. Ongoing inventory shortages, that continue to worsen, also push home prices higher even while homes sell more slowly.”

“As a sense of normalcy returns, we expect to see a shortened, but strong summer home selling season, as long as seller confidence continues to improve and more homes are listed for sale,” Hale added.

Listing Prices Hit New High Despite COVID-19
Thirty-five of the nation’s top 50 metros saw the median listing price grow on a year-over-year basis, up from 30 metros in April. Based on this trend, listing prices could reach new highs throughout the summer home buying season when prices typically see their yearly seasonal peak.

Los Angeles-Long BeachAnaheim, Calif. (+14.9 percent), Pittsburgh, Pa. (+14.0 percent); and Cincinnati, Ohio-Ky.-Ind. (+12.1 percent); posted the highest year-over-year median list price growth in May. The steepest price declines were seen in DetroitWarrenDearborn, Mich. (-3.4 percent); San AntonioNew Braunfels, Texas (-3.2 percent); and SeattleTacomaBellevue, Wash. (-3.1 percent).

For-Sale Homes Still in Short Supply, but New Listings Trend Improves
National inventory continued to be constrained, down nearly 20 percent over last year, as seller reactions to COVID-19 exaggerated the housing market’s already insufficient supply of homes. At the same time, the month of May ended with an improvement in the new listings trend–smaller declines–in 45 of the 50 largest U.S. markets compared to last month. This signals that sellers are starting to return to the marketplace, which is needed to restore inventory levels for healthy market conditions.

Within the nation’s 50 largest metros, inventory declined by 21.9 percent year-over-year, a greater rate than April’s 16 percent decline. The metros which saw the largest declines in inventory were largely those hardest hit by COVID-19 along the East Coast, including: Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. (-38.6 percent); ProvidenceWarwick, R.I.-Mass. (-35.8 percent); and BaltimoreColumbiaTowson, Md. (-34.5 percent). This month, none of the largest 50 metros saw an inventory increase on a year-over-year basis and 43 out of the 50 saw greater yearly inventory declines than last month.

COVID-19 Extends Days on Market
Homes continue to sell more slowly than last year due to stay at home orders and modified behavior resulting from COVID-19. The typical home is now selling in 71 days, which is more than two weeks slower than last year. Within the nation’s 50 largest metros, the typical home sold in 58 days, 13 days more slowly, on average, compared to last year.

Among the largest metropolitan areas, homes in areas hit hardest by COVID-19 saw the greatest increase in time spent on the market, including: BuffaloCheektowagaNiagara Falls, N.Y. (+34 days); Pittsburgh, Pa. (+33 days); and DetroitWarrenDearborn-Mich. (+32 days).


Metros With Largest Decline in New Listings

Metro

New
Listings
YoY

Active
Listing
Count YoY

Median Listing
Price

Median
Listing
Price
YoY

Median
Days on
Market

Median
Days on
Market Y-
Y

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

-50.3%

-38.6%

$312,000

8.4%

73

25

Buffalo-Cheektowaga-Niagara Falls, N.Y.

-43.2%

-30.0%

$232,000

5.5%

70

34

Providence-Warwick, R.I.-Mass.

-41.9%

-35.8%

$400,000

4.6%

63

18

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

-40.7%

-21.0%

$575,000

0.6%

72

21

Baltimore-Columbia-Towson, Md.

-40.3%

-34.5%

$340,000

0.0%

57

15

Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.

-39.8%

-31.5%

$510,000

4.2%

44

12

Kansas City, Mo.-Kan.

-36.9%

-31.0%

$350,000

7.5%

64

22

San Jose-Sunnyvale-Santa Clara, Calif.

-36.3%

-25.5%

$1,199,000

1.9%

37

10

Columbus, Ohio

-35.7%

-25.9%

$325,000

5.7%

50

14

Hartford-West Hartford-East Hartford, Conn.

-35.5%

-33.2%

$294,000

5.0%

61

15

Portland-Vancouver-Hillsboro, Ore.-Wash.

-35.3%

-23.1%

$490,000

2.3%

52

18

Rochester, N.Y.

-35.1%

-30.0%

$255,000

10.3%

56

25

Cleveland-Elyria, Ohio

-34.9%

-33.3%

$216,000

6.7%

67

14

Indianapolis-Carmel-Anderson, Ind.

-34.2%

-22.8%

$298,000

0.7%

58

15

Virginia Beach-Norfolk-Newport News, Va.-N.C.

-33.1%

-31.8%

$325,000

7.9%

55

11

Boston-Cambridge-Newton, Mass.-N.H.

-32.6%

-27.6%

$630,000

4.2%

54

20

Cincinnati, Ohio-Ky.-Ind.

-32.2%

-33.7%

$325,000

12.1%

52

9

Las Vegas-Henderson-Paradise, Nev.

-31.2%

-9.0%

$329,000

2.8%

55

13

Riverside-San Bernardino-Ontario, Calif.

-31.0%

-26.8%

$428,000

2.5%

66

17

Richmond, Va.

-30.9%

-17.6%

$349,000

4.5%

55

9

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

-30.5%

-22.6%

$330,000

-2.9%

59

18

Milwaukee-Waukesha-West Allis, Wis.

-30.5%

-17.9%

$375,000

7.2%

51

10

Los Angeles-Long Beach-Anaheim, Calif.

-30.3%

-17.3%

$915,000

14.9%

67

25

Charlotte-Concord-Gastonia, N.C.-S.C.

-29.7%

-25.6%

$350,000

0.0%

57

7

Denver-Aurora-Lakewood, Colo.

-29.0%

-22.6%

$549,000

6.1%

41

12

Sacramento–Roseville–Arden-Arcade, Calif.

-28.8%

-19.2%

$505,000

2.5%

43

9

Seattle-Tacoma-Bellevue, Wash.

-27.5%

-21.6%

$610,000

-3.1%

36

7

Phoenix-Mesa-Scottsdale, Ariz.

-27.2%

-25.5%

$384,000

2.2%

51

2

San Diego-Carlsbad, Calif.

-27.1%

-29.7%

$749,000

4.5%

44

14

Raleigh, N.C.

-26.7%

-14.7%

$375,000

-0.4%

59

8

Memphis, Tenn.-Miss.-Ark.

-25.9%

-26.7%

$250,000

7.6%

60

7

St. Louis, Mo.-Ill.

-25.7%

-23.2%

$250,000

6.0%

70

14

Louisville/Jefferson County, Ky.-Ind.

-25.3%

-26.9%

$290,000

0.0%

57

11

Tampa-St. Petersburg-Clearwater, Fla.

-24.6%

-19.3%

$285,000

1.8%

66

8

Orlando-Kissimmee-Sanford, Fla.

-24.1%

-8.6%

$315,000

0.0%

67

10

San Francisco-Oakland-Hayward, Calif.

-23.9%

-16.0%

$998,000

5.1%

36

8

New Orleans-Metairie, La.

-23.8%

-13.3%

$299,000

0.0%

73

14

Atlanta-Sandy Springs-Roswell, Ga.

-22.8%

-16.7%

$334,000

-0.6%

56

9

Miami-Fort Lauderdale-West Palm Beach, Fla.

-22.5%

-10.1%

$398,000

-2.2%

105

16

Detroit-Warren-Dearborn, Mich

-22.1%

-14.4%

$252,000

-3.4%

67

32

San Antonio-New Braunfels, Texas

-19.9%

-9.0%

$300,000

-3.2%

64

13

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

-19.9%

-11.6%

$370,000

2.8%

42

8

Pittsburgh, Pa.

-19.7%

-17.3%

$225,000

14.0%

91

33

Houston-The Woodlands-Sugar Land, Texas

-19.0%

-11.4%

$320,000

-1.6%

64

14

Jacksonville, Fla.

-18.8%

-11.4%

$318,000

-1.9%

67

4

Nashville-Davidson–Murfreesboro–Franklin, Tenn.

-16.7%

-17.4%

$385,000

3.6%

37

3

Oklahoma City, Okla.

-16.1%

-16.4%

$267,000

3.8%

49

6

Austin-Round Rock, Texas

-15.5%

-13.3%

$377,000

1.1%

51

5

Birmingham-Hoover, Ala.

-14.4%

-18.8%

$269,000

4.5%

64

8

Dallas-Fort Worth-Arlington, Texas

-12.2%

-15.5%

$350,000

-2.8%

55

10

EDITOR’S NOTE: The realtor.com economics team is continually tracking the impact of the coronavirus pandemic on the U.S. economy and housing market. The team’s reports and analysis are available here.

About realtor.com
®
Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.

Media Contacts:

 

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SOURCE realtor.com

INOVIO and IVI Partner with Seoul National University Hospital to Start Phase 1/2 Clinical Trial of INOVIO’s COVID-19 DNA Vaccine (INO-4800) in South Korea

– First COVID-19 vaccine clinical study approved in South Korea funded by CEPI through INOVIO, and supported by KCDC/KNIH

– 2-stage trial to test INOVIO’s COVID-19 vaccine (INO-4800) using well-established DNA platform technology in adults

PR Newswire

SEOUL, South Korea and PLYMOUTH MEETING, Pa., June 4, 2020 /PRNewswire/ — INOVIO (NASDAQ: INO), the International Vaccine Institute (IVI), and Seoul National University Hospital announced a partnership to start a Phase 1/2 clinical trial of INOVIO’s COVID-19 vaccine INO-4800 in South Korea at a signing ceremony today. In attendance at the ceremony at SNU Hospital were IVI’s Director General Dr. Jerome Kim and Deputy Director General of Science Dr. Manki Song, Dr. Anh Wartel (Associate Director General of EPIC and Head of Clinical Development and Regulatory) and Dr. Daniel Chul Woo Rhee (Project Lead), and SNU Hospital’s President Yon Su Kim and Prof. Myung Don Oh.

The 2-stage trial of INO-4800, the first clinical study of COVID-19 vaccine in Korea, will assess the safety, tolerability, and immunogenicity of the candidate vaccine in 40 healthy adults aged 19-50 years, and will further expand to enroll an additional 120 people aged 19-64 years.

The trial, which aims to start later in June, is funded by the Coalition for Epidemic Preparedness Innovations (CEPI) through INOVIO and is supported by the Korea Center for Disease Control and Prevention/Korea National Institute of Health. In normal circumstances, it would generally take several years to start clinical trials of a new vaccine. In the midst of the COVID-19 pandemic, however, the trial in Korea will be conducted just two months after a similar clinical study began in the United States in early April 2020.

“We are thrilled to start the clinical trials of a COVID-19 vaccine candidate in collaboration with SNU Hospitals and with support from KCDC/KNIH,” said Dr. Jerome Kim, Director General of IVI. “The trial is a crucial step in the development of an urgently needed COVID-19 vaccine. South Korea is one of the first countries in the world set to test a COVID-19 vaccine (after the U.S. China, UK, and Germany), and we are happy to collaborate with South Korean partners to accelerate clinical development of a COVID-19 vaccine through our partnership with INOVIO and CEPI.”

Prof. Myung Don Oh of SNU Hospital, who will lead the clinical trial, said “Social distancing is making life challenging in all different aspects of our society including business, education, culture, sports, and international exchange, and we have reached a point where we cannot utilize social distancing further,” adding “We have to return to normalcy and today’s launch of the vaccine clinical trial will provide significant momentum in easing fears over the pandemic and helping return to normalcy.”

Dr. J. Joseph Kim, INOVIO’s President & CEO, said, “As part of INOVIO’s global coalition of COVID-19 vaccine collaborators, funders and manufacturers we look forward with enthusiasm to advance our DNA vaccine in partnership with the International Vaccine Institute (IVI) and Seoul National University Hospital to rapidly begin clinical trials in Korea, We will soon have Phase 1 data from a US trial of INO-4800 and plan to begin Phase 2/3 trials in mid-summer. We thank IVI and SNU Hospital for their work to speed the Korea trial of INO-4800.”

The speedy regulatory approval was made possible with support from the Korean Ministry of Food and Drug Safety following its adoption in April of a fast-track approval process for clinical trials of COVID-19 vaccines and therapeutics that are developed with a proven safety platform. Such vaccines, including DNA vaccines, can be exempt from toxicology tests leveraging the available preclinical data using the DNA platform, and expediting clinical trial review process. The DNA vaccine of US-based INOVIO to be tested was one of the first technologies to receive support from CEPI, greatly accelerating the development process of the COVID-19 vaccine.

IVI and SNU Hospitals have collaborated in the past to conduct Phase 1/2a trials for a MERS coronavirus vaccine. The MERS vaccine (INO-4700/GLS-5300) developed by INOVIO and South Korea’s GeneOne Life Science and, in trials conducted so far, has achieved promising results.

About the International Vaccine Institute (IVI)

The International Vaccine Institute (IVI) is a nonprofit inter-governmental organization established in 1997 at the initiative of the United Nations Development Programme (UNDP).

Headquartered in Seoul, South Korea, IVI was the first international organization hosted by Korea. IVI has 35 signatory countries and the World Health Organization (WHO) on its treaty, including Republic of Korea, Sweden and India as state funders.

Our mandate is to make vaccines available and accessible for the world’s most vulnerable people. We focus on infectious diseases of global health importance such as cholera, typhoid, shigella, salmonella, schistosomiasis, Group A Streptococcus, Hepatitis A, HPV, TB, HIV, MERS, COVID-19, as well as antimicrobial resistance. For more information, please visit https://www.ivi.int

About CEPI

CEPI is an innovative partnership between public, private, philanthropic, and civil organisations, launched at Davos in 2017, to develop vaccines to stop future epidemics. CEPI has moved with great urgency and in coordination with WHO in response to the emergence of COVID-19. CEPI has initiated 9 partnerships to develop vaccines against the novel coronavirus. The programmes will leverage rapid response platforms already supported by CEPI as well as new partnerships. The aim is to advance COVID-19 vaccine candidates into clinical testing as quickly as possible.

Before the emergence of COVID-19 CEPI’s priority diseases included Ebola virus, Lassa virus, Middle East Respiratory Syndrome coronavirus, Nipah virus, Rift Valley Fever and Chikungunya virus. CEPI also invested in platform technologies that can be used for rapid vaccine and immunoprophylactic development against unknown pathogens (Disease X). Follow our news page for the latest updates.

About INOVIO

INOVIO is a biotechnology company focused on rapidly bringing to market precisely designed DNA medicines to protect and treat 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. Specifically, INOVIO’s lead candidate VGX-3100, currently in Phase 3 trials for precancerous cervical dysplasia, destroyed and cleared high-risk HPV 16 and 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 externally funded infectious disease DNA vaccine development programs in Zika, Lassa fever, Ebola, HIV, and coronaviruses associated with MERS and COVID-19 diseases. 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)/Department of Defense (DOD), GeneOne Life Science/VGXI, HIV Vaccines Trial Network, International Vaccine Institute (IVI), 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, Roche/Genentech, 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 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. 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, 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 our 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, 2019, our Quarterly Report on Form 10-Q for the quarter ended March 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.

Cision View original content:http://www.prnewswire.com/news-releases/inovio-and-ivi-partner-with-seoul-national-university-hospital-to-start-phase-12-clinical-trial-of-inovios-covid-19-dna-vaccine-ino-4800-in-south-korea-301070564.html

SOURCE INOVIO Pharmaceuticals, Inc.

500.com Limited to Report First Quarter 2020 Financial Results on June 10, 2020

PR Newswire

SHENZHEN, China, June 4, 2020 /PRNewswire/ — 500.com Limited (NYSE: WBAI) (“500.com” or the “Company”), an online sports lottery service provider in China, today announced that it plans to release its financial results for the first quarter ended March 31, 2020 after the close of U.S. markets on Wednesday, June 10, 2020.

About 500.com Limited

500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “going forward,” “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For more information, please contact:

500.com Limited

ir@500wan.com

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

Cision View original content:http://www.prnewswire.com/news-releases/500com-limited-to-report-first-quarter-2020-financial-results-on-june-10-2020-301070540.html

SOURCE 500.com Limited

ChipMOS to Present at Investor Conference Hosted by the Taiwan Stock Exchange and SinoPac Securities Corp.

PR Newswire

HSINCHU, June 4, 2020 /PRNewswire-FirstCall/ — ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS), an industry leading provider of outsourced semiconductor assembly and test services (“OSAT”), today announced that it will present at the Taiwan Double Good Forum hosted by the Taiwan Stock Exchange and SinoPac Securities Corp. The virtual conference will take place on Wednesday, June 10, 2020.

Management from the Company, including Jesse Huang, Vice President of Strategy and Investor Relations, will discuss the Company’s recent financial results, business trends and growth opportunities. The Company’s investor update is currently available on the investor relations’ section of its website at www.chipmos.com.

About ChipMOS TECHNOLOGIES INC.:

ChipMOS TECHNOLOGIES INC. (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS) (https://www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS provide assembly and test services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.

Forward-Looking Statements

This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes,’ ‘expects,’ ‘anticipates,’ ‘projects,’ ‘intends,’ ‘should,’ ‘seeks,’ ‘estimates,’ ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, due to various factors.  Further information regarding these risks, uncertainties and other factors are included in the Company’s most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange commission (the “SEC”) and in the Company’s other filings with the SEC.

Contact
s
:


In Taiwan

Jesse Huang

ChipMOS TECHNOLOGIES INC.

+886-6-5052388 ext. 7715


IR@chipmos.com


In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801


dpasquale@globalirpartners.com

Cision View original content:http://www.prnewswire.com/news-releases/chipmos-to-present-at-investor-conference-hosted-by-the-taiwan-stock-exchange-and-sinopac-securities-corp-301070182.html

SOURCE ChipMOS TECHNOLOGIES INC.

2020 Wolters Kluwer Future Ready Lawyer: Performance Drivers and Change in the Legal Sector

 2020 Wolters Kluwer Future Ready Lawyer:
Performance Drivers and Change in the Legal Sector
Technology is at the Center of Top Performance

June 4, 2020 – The disruption caused by the 2020 global pandemic will have far-reaching impact across the legal industry, accelerating the sector’s ongoing transformation. Before the crisis, the legal sector was already undergoing transformation driven by economic, demographic, regulatory, technology and competitive demands. Those forces will continue to drive change in the industry, with their impact now amplified by the COVID-19 crisis.

The crisis has shown that legal technology solutions, which enable work at anytime from anywhere, are essential to business continuity today. As the legal industry moves forward, however, the focus will also be on the key capabilities that will ensure that organizations not only survive through change, but also thrive in the new legal landscape.

Wolters Kluwer conducted an independent survey – the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers – to assess future readiness and resilience in the legal sector. The survey includes insights from 700 legal professionals across the U.S. and nine European countries and examines ongoing trends in the legal sector and how well-prepared organizations are to drive higher performance.

“Given the pressures created by the crisis, there will be a spotlight on legal professionals’ performance moving ahead, with the need to increase productivity while delivering the highest value and ROI to their customers,” said Martin O’Malley, Wolters Kluwer Legal & Regulatory Executive Vice President and Managing Director.

Findings of the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers are available in this report, which also includes insights from legal industry leaders on COVID-19 and legal sector impact.

Key Survey Findings

With a focus on the attributes that drive performance in legal organizations, the survey found that legal professionals see technology as the top performance driver and critical to improved relationships, performance and productivity. In fact, the Increasing Importance of Legal Technology is the top trend for 76% of respondents across Europe and the U.S., and across law firms, corporate legal departments and business services firms. The survey also found performance blockers, however, and revealed a number of gaps in understanding, expectations, experience and capabilities – within, as well as between, law firms and corporate legal departments – that inhibit top performance.

Top Trends and Readiness

Lawyers predicted pressure from a series of trends expected to impact their organizations over the next three years and technology topped the list. The top trends expected to have the most impact are: 

  • Increasing Importance of Legal Technology – 76%
  • Meeting Changing Client / Leadership Expectations – 74%
  • Emphasis on Improved Efficiency / Productivity – 73%
  • Ability to Acquire and Retain Talent – 73%
  • Coping with Increased Volume and Complexity of Information – 72%

Looking across all trends, however, there is a significant gap between trends and readiness to address them. Fewer than one-third of respondents reported they were very prepared to address any of them. In fact, while the Increasing Importance of Legal Technology was the top trend at 76%, only 28% of respondents said they were very prepared for it. Why do legal organizations seem so unprepared? Respondents said that the Difficulty of Change Management & Leadership Resistance to Change is the biggest barrier to implementing change for both corporate legal departments (65%) and law firms (53%).

Client-Firm Relationships

The Future Ready Lawyer Survey surfaced significant gaps between corporate legal departments’ expectations and law firms’ ability to deliver on them. For example, 79% of corporate lawyers said it is important that the law firms they work with Demonstrate Efficiency and Productivity, while only 28% said it describes their current firm very well. The disconnects that surfaced across several categories may be impacting client satisfaction levels, with only 26% of corporate lawyers very satisfied with their current law firm.

The findings make clear that increasingly, the use of technology is critical to how well firms meet client expectations. Corporate legal departments, faced with the need to improve productivity and efficiency, have turned to technology more aggressively and they are pressuring law firms to do the same. Within the next three years, 81% of corporate legal departments said they will require law firms to describe how they are using technology to be more productive and efficient – nearly double the rate of 41% asking this today. 

The Changing Corporate Legal Department

Looking at trends specific to corporate legal departments, respondents said that their top priorities over the next three years will be to: Reduce / Control Outside Legal Costs; Improve Legal Operations and Legal Project Management; and Provide Strategic Value to Their Company. When asked to identify the biggest changes ahead for them, 82% said they expect the Greater Use of Technology to Improve Productivity. With a focus on technology, the gap in knowledge and preparedness is most acute when it comes to transformational tech­nologies. Big Data and Predictive Analytics are the transfor­mational technologies that 67% of legal departments expect will have impact over the next three years, yet just 25% understand these technologies very well.

The Changing Law Firm

Transformation is underway across the law firm landscape, as firms increasingly face competition from alternative legal service providers and even clients themselves. To ensure they meet client expectations, 67% of law firms said they are Investing in New Technology to Support Firm Operations and Client Work.

Given the increasing importance of legal technology, it’s no surprise that law firms plan to invest more: 60% plan to increase their technology investment over the next three years. However, only 29% believe they are very prepared when it comes to Understanding Technology Solutions Available; 27% are very prepared to Use Technology to Be More Productive; 26% are very prepared to Use Technology to Improve Client Services; and 24% say their staff is Capable of Leveraging Technology effectively. In terms of technology with the biggest impact in the next three years, 59% cite Artificial Intelligence, yet just 22% understand it very well.

The Technology Leader Edge Continues for the Future Ready Lawyer

The crisis has pressured legal professionals to fast-track their use of technology solutions. It is also true, however, that many professionals were already on this path of transformation, with different players moving at different paces. The previous Future Ready Lawyer Survey conducted in 2019, found that Technology Leaders – those that fully leveraged technology – outperformed, across the board, those organizations that were not fully leveraging technology. In 2020, those findings were confirmed.

Among firms, 62% of Technology Leaders reported that their profitability increased over the prior year, compared to 39% of Transitioning firms. Additionally, across all areas of preparedness related to technology, staffing, organizational and client focus, Technology Leaders also outperformed organizations with lower technology use.

Findings of the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers are available in this report.

About the 2020 Wolters Kluwer Future Ready Lawyer Survey

The 2020 Future Ready Lawyer Survey: Performance Drivers from Wolters Kluwer Legal & Regulatory included quantitative interviews with 700 lawyers in law firms, legal departments and business services firms across the U.S. and nine European countries – the United Kingdom, Germany, The Netherlands, Italy, France, Spain, Poland, Belgium and Hungary – to examine how client expectations, technology and other factors are affecting the future of law across core areas and how legal organizations are prepared to address these. The survey was conducted online for Wolters Kluwer by a leading international research organization from January 10 to 30, 2020.

About Wolters Kluwer Legal & Regulatory

Wolters Kluwer Legal & Regulatory is a division of Wolters Kluwer, a global leading provider of legal and compliance solutions that enable professionals to improve productivity and performance, mitigate risk and achieve better outcomes. Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. For more information about our solutions and organization, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.

MEDIA CONTACT:
Leslie Bonacum
Wolters Kluwer Legal & Regulatory Communication
+1 847 877 7641
leslie.bonacum@wolterskluwer.com


 

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Welbilt to Participate in Live Fireside Chat at the William Blair 2020 Virtual Growth Stock Conference

Welbilt to Participate in Live Fireside Chat at the William Blair 2020 Virtual Growth Stock Conference

NEW PORT RICHEY, Fla.–(BUSINESS WIRE)–
Welbilt, Inc. (NYSE:WBT) announced today that Bill Johnson, President and CEO, Marty Agard, Executive Vice President and CFO and Rich Sheffer, Vice President Investor Relations, Risk Management and Treasurer, will participate in a live fireside chat at the William Blair & Co. 2020 Virtual Growth Stock Conference on June 11th at 8:00 am CT (9:00 am ET). A live audio webcast of the fireside chat and an archived replay can be accessed through the Investors Relations section of Welbilt’s website, www.welbilt.com.

About Welbilt, Inc.

Welbilt, Inc. provides the world’s top chefs, premier chain operators and growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. Our portfolio of award-winning product brands includes Cleveland™, Convotherm®, Crem®, Delfield®, Frymaster®, Garland®, Kolpak®, Lincoln™, Manitowoc® Ice, Merco®, Merrychef® and Multiplex®. These product brands are supported by two service brands: FitKitchen®, our fully-integrated kitchen systems brand, and KitchenCare®, our aftermarket parts and service brand. Headquartered in the Tampa Bay region of Florida and operating 20 manufacturing facilities throughout the Americas, Europe and Asia, we sell through a global network of over 5,000 distributors and dealers in over 100 countries. We have approximately 4,800 employees and generated sales of $1.6 billion in 2019. For more information, visit www.welbilt.com.

Rich Sheffer

Vice President Investor Relations, Risk Management and Treasurer

Welbilt, Inc.

+1 (727) 853-3079

Richard.sheffer@welbilt.com

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Home Goods Retail Other Retail

MEDIA:

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