Author: Newsdesk

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FAT Brands Announces Acquisition of Smokey Bones Barbecue Chain

Global Franchisor Doubles Down on Polished Dining Segment

LOS ANGELES, Sept. 25, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today announces it has acquired the Smokey Bones Bar & Fire Grill restaurant chain from an affiliate of Sun Capital Partners, Inc. The acquisition marks the Company’s first foray into barbecue and expands FAT Brands’ portfolio of polished dining chains, which currently includes Twin Peaks. The purchase is expected to increase annual adjusted EBITDA by approximately $10 million, and bring 61 new corporate locations under FAT Brands’ umbrella. The $30 million transaction was funded from the Company’s existing securitization facilities.

“We continue to be selective and opportunistic in our acquisition strategy, targeting brands that are both scalable and synergistic with our existing platform,” said Rob Rosen, Co-CEO of FAT Brands. “We are pleased to add another polished dining brand, which will provide more options for our sales team to offer our franchise partners to further their new unit development.”

“As we have spent the year focusing on digesting past acquisitions, we’ve also been amplifying the explosive growth in our polished dining vertical,” said Andy Wiederhorn, Chairman and Founder of FAT Brands. “Having a strong player in the barbecue space provides another arrow in our quiver for the polished dining segment and opens the door for additional growth strategies for our sister brands. We look forward to generating impressive results, similar to our Johnny Rockets integration, which we also acquired from an affiliate of Sun Capital Partners.”

“We are excited to become a part of the FAT Brands family and benefit from their purchasing power and scale,” said Hal Lawlor, President of Smokey Bones. “Additionally, we see great opportunity in being a part of a leading global franchising company to further our growth with new franchised locations.”

Kroll Investment Banking acted as exclusive sell-side M&A advisor to Smokey Bones and Sun Capital Partners on the transaction.

For more information, visit www.fatbrands.com.


About FAT (Fresh. Authentic. Tasty.) Brands


FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns approximately 2,300 units worldwide. For more information, please visit www.fatbrands.com.


About Smokey Bones


The Masters of Meat. Smokey Bones Bar & Fire Grill is a full-service restaurant chain delivering great barbecue, award-winning ribs, perfectly seared steaks and memorable moments in 61 locations across 16 states. Smokey Bones serves lunch, dinner, and late night, and has a full bar featuring a variety of bourbons and whiskeys, a selection of domestic, import and local craft beers, and several signature handcrafted cocktails. Smokey Bones offers a variety of meats that are slow-smoked, fire-grilled, and available for dine-in, pick-up, online ordering, catering, and delivery. Smokey Bones offers a 10 percent discount to active duty and veterans with ID. For additional information and a list of locations nationwide, please visit www.SmokeyBones.com. Smokey Bones, Meat is What We Do!


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company’s future financial performance and growth following the acquisition of Smokey Bones, including expectations of changes in the Company’s adjusted EBITDA, and the Company’s ability to conduct future accretive and successful acquisitions. Forward-looking statements reflect the Company’s expectations concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies including, but not limited to, the Company’s ability to successfully integrate and exploit the synergies of the acquisition of Smokey Bones, and the Company’s ability to grow and expand sales and earnings following the acquisition. These risks, uncertainties and contingencies are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that the Company files from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.


About Non-GAAP Projected Financial Measures


This press release includes projections of changes in future EBITDA, a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). EBITDA is defined as net income (loss), before interest expense, income tax expense (benefit), depreciation and amortization expense. EBITDA is not a measurement of the Company’s financial performance under GAAP, and should not be considered in isolation or as an alternative to net income (loss) as a measure of financial performance, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes that EBITDA is an important supplemental measure of its operating performance because it eliminates the impact of expenses that do not relate to business performance. The Company also believes that this non-GAAP measure is useful to investors because it and similar measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry and provide additional information regarding growth rates on a more comparable basis than would be provided without such adjustments.

The Company prepared the information included in this press release based upon available information and assumptions and estimates that it believes are reasonable. The Company cannot assure you that its estimates and assumptions will prove to be accurate. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.

Investor
Relations:

ICR
Michelle Michalski
[email protected]
646-277-1224

Media
Relations:

Ali Lloyd
[email protected]
435-760-6168



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WM Sets Date for Third Quarter Earnings Release Conference Call

WM Sets Date for Third Quarter Earnings Release Conference Call

HOUSTON–(BUSINESS WIRE)–
WM (NYSE: WM) announced that it will release third quarter financial results after the close of the market on Tuesday, October 24, 2023 and host its investor conference call Wednesday, October 25 at 10 a.m. ET.

Listeners can access a live audio webcast of the conference call by visiting investors.wm.com and selecting “Events & Presentations” from the website menu. A replay of the audio webcast will be available at the same location following the conclusion of the call.

Participants who will be dialing in for the conference call should register to obtain their dial in and passcode details. Participants may pre-register at any time, including up to and after the call start time.

The Company participates in investor presentations and conferences throughout the year. Interested parties can find a schedule of these conferences at investors.wm.com by selecting “Events & Presentations.”

ABOUT WM

WM (WM.com) is North America’s leading provider of comprehensive environmental solutions. Previously known as Waste Management and based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. The company, through its subsidiaries, provides collection, recycling and disposal services to millions of residential, commercial, industrial and municipal customers throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics and renewable energy, WM provides environmental solutions to and collaborates with its customers in helping them achieve their sustainability goals. WM has the largest disposal network and collection fleet in North America, is the largest recycler of post-consumer materials and is the leader in beneficial use of landfill gas, with a growing network of renewable natural gas plants and the most landfill gas-to-electricity plants in North America. WM’s fleet includes nearly 11,000 natural gas trucks – the largest heavy-duty natural gas truck fleet of its kind in North America. To learn more about WM and the company’s sustainability progress and solutions, visit Sustainability.WM.com.

Waste Management

Website:

www.wm.com

Analysts:

Ed Egl

713.265.1656

[email protected]

Media:

Toni Werner

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Environment Construction & Property Climate Change Utilities Building Systems Sustainability Green Technology Energy Recycling

MEDIA:

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The Marygold Companies Reports Fiscal 2023/Q4 Financial Results

The Marygold Companies Reports Fiscal 2023/Q4 Financial Results

– Company Reports Profitable Performance, Maintains Strong Balance Sheet –

SAN CLEMENTE, Calif.–(BUSINESS WIRE)–
The Marygold Companies, Inc. (“TMC” or the “Company”) (NYSE American: MGLD) (formerly Concierge Technologies, Inc.), a diversified global holding firm, today reported financial results for the fiscal year ended June 30, 2023.

Net revenues for the 2023 fiscal year amounted to $34.9 million, compared with $37.8 million for the 2022 fiscal year. Net income for fiscal 2023 rose slightly to $1.2 million, equal to $0.03 per fully diluted share, from $1.1 million, also equal to $0.03 per fully diluted share, in the prior fiscal year.

For the fourth quarter ended June 30, 2023, revenues were $8.9 million, compared with $9.9 million for the same period last year. Net income for the most recent fourth quarter was $326 thousand, equal to $.01 per share, compared with $1.1 million, or $0.3 per fully diluted share, for the prior year period.

The Company’s balance sheet remained strong at the close of the 2023 fiscal year. Total stockholders’ equity rose to $30.4 million at June 30, 2023, from $29.0 million a year ago. Total assets at fiscal year-end remained constant at $35.3 million. Cash and cash equivalents at the close of fiscal 2023 were $8.2 million, versus $12.9 million at June 30, 2022, with the decline principally attributable to a movement of cash to short term equity investments, which increased to $11.5 million versus $5.1 million in the prior year, as well as expenses associated with completing the development of the Company’s mobile fintech app, which recently was soft-launched by TMC’s subsidiary, Marygold & Co. TMC again ended the year essentially debt-free.

Lower assets under management (AUM) at TMC’s principal subsidiary, USCF Investments, along with new fund startup costs, impacted USCF’s revenues for fiscal 2023, which amounted to $20.9 million, versus $23.8 million for the prior year. USCF had average AUM of $3.7 billion for fiscal 2023, compared with $4.4 billion last year.

Results for The Marygold Companies’ other principal operating subsidiaries – Gourmet Foods, Brigadier Security Systems, Marygold & Co (UK), and Original Sprout – were impacted by a number of factors during fiscal 2023, including the inflationary pressures that affected the cost of raw materials, along with higher shipping and labor expenses and unfavorable currency translation at the Company’s New Zealand operation.

“Gourmet Foods, Brigadier Security Systems, and Marygold & Co (UK) were all profitable for the year, however Original Sprout sustained an operating loss, as it shifts its business model to address post-COVID-19 changes in consumer buying habits. While Original Sprout faced an erosion of profit margins and a fragmented sales channel during the past year due to online shopping trends effecting its long-standing domestic distribution model, management is in the final stages of correcting this situation and expects a return to growth in the new fiscal year.

“Additionally, we are anticipating moderate growth at Brigadier through new, focused management initiatives and partnering with local telecoms and contractors, and we expect Gourmet Foods to be operating more efficiently, as low margin products are eliminated and new channels to market are established,” Neibert added.

Nicholas Gerber, TMC’s Chief Executive Officer, said, “Fiscal 2023 marked the completion of the initial development stage and the nationwide soft launch of our new mobile fintech app, an innovative digital platform that enables users to spend, invest and save with FDIC-insured accounts. The launch culminated nearly four years of development and more than $9 million of investments by TMC, entirely funded from internal cash flow, while our Company remained debt-free. We look forward to implementing marketing plans for the app in the new fiscal year.”

“As CEO, I appreciate the talent and hard work it has taken for us to reach this product development milestone,” Gerber said. “As well, I wish to thank our shareholders for their patience and express my gratitude to the entire Marygold team throughout the world for their dedication to making our Company a success and for working collaboratively and diligently to position TMC for future growth and to create long-term value for of all of our stakeholders.”

Business Units

The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in December 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 15 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.

Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in August 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pat’s Pantry and Ponsonby Pies. Acquired by Gourmet Foods in July 2020, Printstock Products Limited https://www.printstocknz.com/, is a printer of specialized food wrappers and is located in Napier, New Zealand. Its operations are consolidated with those of Gourmet Foods.

Brigadier Security Systems, www.brigadiersecurity.com, acquired in June 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province under the brands Brigadier Security Systems in Saskatoon and Elite Security in Regina, Canada.

Acquired at the end of 2017, San Clemente, Calif.-based Original Sprout, www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a “reef safe” sun screen, in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Mexico, South America, Singapore, Hong Kong, Malaysia, New Zealand, Australia and Canada among other areas.

Marygold & Co., formed in the U.S. during 2019 and operating from offices in Denver, CO, together with its wholly owned subsidiary, Marygold & Co. Advisory Services, LLC, was established to explore opportunities in the financial technology sector. The company continues further development of a fintech mobile banking app., having completed the initial development stage and soft launch in the U.S. in June 2023. https://marygoldandco.com/

Marygold & Co. (UK) Limited, formed in the U.K. during August 2021, operates through its subsidiary acquired in 2022, Tiger Financial & Asset Management Limited (“Tiger”), a U.K. based investment adviser. Tiger’s core business is managing clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles. http://www.tfam.co.uk/

About The Marygold Companies, Inc.

The Marygold Companies, Inc., which changed its name from Concierge Technologies, Inc. in March 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to, a return to growth for the Original Sprout subsidiary, growth at Brigadier and implanting marketing plans for the Company’s new fintech mobile banking app, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 25, 2023, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
 

 

 

June 30, 2023

 

June 30, 2022

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,161,167

 

 

$

12,915,620

 

Accounts receivable, net

 

 

1,352,210

 

 

 

959,350

 

Accounts receivable – related parties

 

 

1,673,895

 

 

 

2,230,874

 

Inventories

 

 

2,254,139

 

 

 

2,200,742

 

Prepaid income tax and tax receivable

 

 

991,797

 

 

 

1,166,318

 

Investments, at fair value

 

 

11,480,981

 

 

 

5,065,931

 

Other current assets

 

 

904,153

 

 

 

699,547

 

Total current assets

 

 

26,818,342

 

 

 

25,238,382

 

 

 

 

 

 

 

 

Restricted cash

 

 

425,043

 

 

 

1,013,279

 

Property, plant and equipment, net

 

 

1,255,302

 

 

 

1,391,894

 

Operating lease right-of-use asset

 

 

821,021

 

 

 

1,357,686

 

Goodwill

 

 

2,307,202

 

 

 

2,307,202

 

Intangible assets, net

 

 

2,329,970

 

 

 

2,708,896

 

Deferred tax assets, net – United States

 

 

771,287

 

 

 

753,078

 

Other assets

 

 

552,660

 

 

 

540,160

 

Total assets

 

$

35,280,827

 

 

$

35,310,577

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,711,931

 

 

$

2,805,790

 

Expense waivers – related parties

 

 

58,685

 

 

 

70,199

 

Operating lease liabilities, current portion

 

 

457,309

 

 

 

660,957

 

Purchase consideration payable

 

 

604,990

 

 

 

1,237,207

 

Loans – property and equipment, current portion

 

 

358,802

 

 

 

33,496

 

Total current liabilities

 

 

4,191,717

 

 

 

4,807,649

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

Loans – property and equipment, net of current portion

 

 

88,516

 

 

 

459,178

 

Operating lease liabilities, net of current portion

 

 

380,535

 

 

 

743,923

 

Deferred tax liabilities, net – foreign

 

 

242,289

 

 

 

260,553

 

Total long-term liabilities

 

 

711,340

 

 

 

1,463,654

 

Total liabilities

 

 

4,903,057

 

 

 

6,271,303

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred stock, $0.001 par value; 50,000,000 shares authorized

 

 

 

 

 

 

Series B: 49,360 shares issued and outstanding at June 30, 2023 and at June 30, 2022

 

 

49

 

 

 

49

 

Common stock, $0.001 par value; 900,000,000 shares authorized; 39,383,459 shares issued and outstanding at June 30, 2023 and at June 30, 2022

 

 

39,384

 

 

 

39,384

 

Additional paid-in capital

 

 

12,396,722

 

 

 

12,313,205

 

Accumulated other comprehensive loss

 

 

(144,840

)

 

 

(234,790

)

Retained earnings

 

 

18,086,455

 

 

 

16,921,426

 

Total stockholders’ equity

 

 

30,377,770

 

 

 

29,039,274

 

Total liabilities and stockholders’ equity

 

$

35,280,827

 

 

$

35,310,577

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
 

 

 

Year Ended

June 30, 2023

 

Year Ended

June 30, 2022

 

 

 

 

 

 

 

Net revenue

 

 

 

 

 

 

Fund management – related party

 

$

20,862,191

 

 

$

23,835,348

 

Food products

 

 

7,631,837

 

 

 

7,930,888

 

Security systems

 

 

2,832,531

 

 

 

2,533,098

 

Beauty products

 

 

3,033,100

 

 

 

3,529,789

 

Financial services

 

 

517,075

 

 

 

–

 

Net revenue

 

 

34,876,734

 

 

 

37,829,123

 

 

 

 

 

 

 

 

Cost of revenue

 

 

8,750,546

 

 

 

9,194,783

 

 

 

 

 

 

 

 

Gross profit

 

 

26,126,188

 

 

 

28,634,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

 

 

 

 

 

Salaries and compensation

 

 

10,042,155

 

 

 

8,812,081

 

General and administrative expense

 

 

7,075,639

 

 

 

6,794,645

 

Fund operations

 

 

4,387,004

 

 

 

4,600,535

 

Marketing and advertising

 

 

2,623,965

 

 

 

2,985,659

 

Depreciation and amortization

 

 

577,086

 

 

 

561,019

 

Legal settlement

 

 

–

 

 

 

2,500,000

 

Total operating expenses

 

 

24,705,849

 

 

 

26,253,939

 

 

 

 

 

 

 

 

Income from operations

 

 

1,420,339

 

 

 

2,380,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

Interest and dividend income

 

 

274,932

 

 

 

35,357

 

Interest expense

 

 

(19,940

)

 

 

(31,512

)

Other (expense), net

 

 

(81,313

)

 

 

(26,125

)

Total other income (expense), net

 

 

173,679

 

 

 

(22,280

)

 

 

 

 

 

 

 

Income before income taxes

 

 

1,594,018

 

 

 

2,358,121

 

 

 

 

 

 

 

 

Provision of income taxes

 

 

(428,989

)

 

 

(1,212,400

)

 

 

 

 

 

 

 

Net income

 

$

1,165,029

 

 

$

1,145,721

 

 

 

 

 

 

 

 

Weighted average shares of common stock

 

 

 

 

 

 

Basic

 

 

40,370,659

 

 

 

39,034,611

 

Diluted

 

 

40,403,999

 

 

 

39,034,611

 

 

 

 

 

 

 

 

Net income per common share

 

 

 

 

 

 

Basic

 

$

0.03

 

 

$

0.03

 

Diluted

 

$

0.03

 

 

$

0.03

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 

 

 

Year Ended

June 30, 2023

 

Year Ended

June 30, 2022

 

 

 

 

 

 

 

Net income

 

$

1,165,029

 

$

1,145,721

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

89,950

 

 

 

(377,371

)

Comprehensive income

 

$

1,254,979

 

 

$

768,350

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OFSTOCKHOLDERS’ EQUITY

FOR THE YEARS ENDED JUNE 30, 2023AND 2022
 

Period Ending June 30, 2023

 

Preferred Stock

(Series B)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

of

Shares

 

 

Amount

 

 

Number of

Shares

 

 

Par

Value

 

 

Additional

Paid – in

Capital

 

 

Accumulated

Other Comprehensive

Income (Loss)

 

Retained

Earnings

 

 

Total

Stockholders’

Equity

Balance at July 1, 2021

 

 

49,360

 

 

$

49

 

 

 

37,485,959

 

 

$

37,486

 

 

$

9,330,843

 

 

$

142,581

 

 

$

15,775,705

 

 

$

25,286,664

 

Loss on currency translation

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

(377,371

)

 

 

–

 

 

 

(377,371

)

Issuance of common stock in public offering, net of issuance costs $549,090

 

 

–

 

 

 

–

 

 

 

1,897,500

 

 

 

1,898

 

 

 

2,982,362

 

 

 

–

 

 

 

–

 

 

 

2,984,260

 

Net income

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

1,145,721

 

 

 

1,145,721

 

Balance at June 30, 2022

 

 

49,360

 

 

$

49

 

 

 

39,383,459

 

 

$

39,384

 

 

$

12,313,205

 

 

$

(234,790

)

 

$

16,921,426

 

 

$

29,039,274

 

Gain on currency translation

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

89,950

 

 

 

–

 

 

 

89,950

 

Stock-based compensation

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

83,517

 

 

 

–

 

 

 

–

 

 

 

83,517

 

Net income

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

 

1,165,029

 

 

 

1,165,029

 

Balance at June 30, 2023

 

 

49,360

 

 

$

49

 

 

 

39,383,459

 

 

$

39,384

 

 

$

12,396,722

 

 

$

(144,840

)

 

$

18,086,455

 

 

$

30,377,770

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
 

 

 

For the Year Ended

 

 

June 30,

 

 

2023

 

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

1,165,029

 

 

$

1,145,721

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

577,086

 

 

 

561,019

 

Bad debt expense

 

 

1,427

 

 

 

4,350

 

Impairment of inventory value and provision

 

 

2,698

 

 

 

10,509

 

Deferred taxes

 

 

(36,474

)

 

 

51,689

 

Stock-based compensation

 

 

83,517

 

 

 

–

 

Unrealized loss (gain) on investments

 

 

125,570

 

 

 

(28,474

)

Gain on disposal of equipment

 

 

–

 

 

 

(17,455

)

Operating lease right-of-use asset – non-cash lease cost

 

 

656,600

 

 

 

764,311

 

 

 

 

 

 

 

 

Decrease (increase) in current assets:

 

 

 

 

 

 

Accounts receivable

 

 

(411,175

)

 

 

44,356

 

Accounts receivable – related party

 

 

556,979

 

 

 

(192,820

)

Prepaid income taxes and tax receivable

 

 

172,592

 

 

 

(431,005

)

Inventories

 

 

(81,868

)

 

 

(379,905

)

Other current assets

 

 

(204,417

)

 

 

(287,750

)

(Decrease) increase in operating liabilities:

 

 

 

 

 

 

Accounts payable, accrued expenses and legal settlement

 

 

(74,022

)

 

 

(1,048,279

)

Operating lease liabilities

 

 

(670,639

)

 

 

(777,082

)

Expense waivers – related party

 

 

(11,514

)

 

 

515

 

Net cash provided by (used in) operating activities

 

 

1,851,389

 

 

 

(580,300

)

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Cash paid for acquisition of business, net

 

 

–

 

 

 

(508,851

)

Proceeds from sale of property, plant and equipment

 

 

–

 

 

 

31,612

 

Purchase of property, plant and equipment

 

 

(94,730

)

 

 

(44,041

)

Payment of purchase consideration payable

 

 

(623,592

)

 

 

–

 

Proceeds from sale of investments

 

 

9,281,197

 

 

 

508,122

 

Purchase of investments

 

 

(15,855,058

)

 

 

(3,712,250

)

Net cash used in investing activities

 

 

(7,292,183

)

 

 

(3,725,408

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Repayment of related party loans

 

 

–

 

 

 

(603,500

)

Repayment of property and equipment loans

 

 

(14,732

)

 

 

(41,884

)

Principal payments of finance lease liability

 

 

(5,573

)

 

 

–

 

Proceeds from issuance of common stock, net of issuance costs

 

 

–

 

 

 

2,984,260

 

Net cash (used in) provided by financing activities

 

 

(20,305

)

 

 

2,338,876

 

 

 

 

 

 

 

 

Effect of exchange rate change on cash and cash equivalents

 

 

118,410

 

 

 

(191,213

)

 

 

 

 

 

 

 

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(5,342,689

)

 

 

(2,158,045

)

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE

 

 

13,928,899

 

 

 

16,086,944

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE

 

$

8,586,210

 

 

$

13,928,899

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

8,161,167

 

 

 

12,915,620

 

Restricted cash

 

 

425,043

 

 

 

1,013,279

 

Total cash, cash equivalents and restricted cash shown in statement of cash flows

 

$

8,586,210

 

 

$

13,928,899

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

Interest paid

 

$

15,493

 

 

$

16,401

 

Income taxes paid, net

 

$

231,693

 

 

$

1,704,970

 

NON CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

Purchase consideration payable

 

$

–

 

 

$

1,237,207

 

Acquisition of operating right-of-use assets through operating lease liability

 

$

103,603

 

 

$

1,057,965

 

Fair value of warrants of common stock issued to underwriters

 

$

–

 

 

$

132,000

 

Acquisition of equipment through finance lease liability

 

$

–

 

 

$

150,625

 

 

Media and investors, for more Information, contact:

Roger S. Pondel

PondelWilkinson Inc.

310-279-5965

[email protected]

Contact the Company:

David Neibert, Chief Operations Officer

949-429-5370

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Finance Professional Services Other Professional Services Asset Management Fintech

MEDIA:

Posted on

Digital Media Solutions, Inc. Announces Delisting From The New York Stock Exchange

  • Delisting does not affect the Company’s day to day business operations or its relationships with partners or employees
  • DMS will continue as a public company
  • The Company’s Class A common stock is expected to continue to trade on the over-the-counter markets

CLEARWATER, Fla., Sept. 25, 2023 (GLOBE NEWSWIRE) — Digital Media Solutions, Inc. (NYSE: DMS) (“DMS” or the “Company”) today announced that it will be delisted from the New York Stock Exchange (the “NYSE”). The Company’s delisting follows the NYSE’s determination under Rule 802.01B of the NYSE Listed Company Manual that the Company did not meet the NYSE’s continued listing standard that requires listed companies to maintain an average global market capitalization of at least $15 million over a period of 30 consecutive trading days.

The Company’s delisting does not affect the Company’s business operations and DMS continues to be focused on its core solutions in service of its advertising clients. In addition, the delisting does not cause an event of default under the senior secured credit facility to which its subsidiaries are a party, and DMS continues to be supported by its lenders as evidenced by the recent amendment to its credit facility, which has provided the Company and management with the flexibility needed to manage through the current environment.

The Company will continue to be a Securities and Exchange Commission (“SEC”) reporting company and anticipates that its Class A common stock will begin trading on the over-the-counter markets on September 26, 2023. The Company will consider relisting its Class A common stock on a national securities exchange in the future if the Board of Directors determines that doing so is in the best interest of the Company and its stakeholders.

Forward-Looking Statements:

This press release includes “forward-looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and are made in reliance upon such acts and the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. DMS’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. These forward statements are often identified by words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions. These forward-looking statements include, without limitation, DMS’s expectations with respect to its and ClickDealer’s future performance and its ability to implement its strategy and are based on the beliefs and expectations of our management team from the information available at the time such statements are made. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside DMS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the effect of delisting from the NYSE, including on our relationships with third parties and employees; (2) whether an over-the-counter trading market for our Class A common stock will develop or persist; (3) our ability to meet any requirements of any stock exchange for listing our securities in the future; (4) our ability to attain the expected financial benefits from the ClickDealer transaction; (5) any impacts to the ClickDealer business from our acquisition thereof, (6) the COVID-19 pandemic or other public health crises; (7) management of our international expansion as a result of the ClickDealer acquisition; (8) changes in client demand for our services and our ability to adapt to such changes; (9) the entry of new competitors in the market; (10) the ability to maintain and attract consumers and advertisers in the face of changing economic or competitive conditions; (11) the ability to maintain, grow and protect the data DMS obtains from consumers and advertisers, and to ensure compliance with data privacy regulations in newly entered markets; (12) the performance of DMS’s technology infrastructure; (13) the ability to protect DMS’s intellectual property rights; (14) the ability to successfully source, complete and integrate acquisitions; (15) the ability to improve and maintain adequate internal controls over financial and management systems, and remediate material weaknesses therein, including any integration of the ClickDealer business; (16) changes in applicable laws or regulations and the ability to maintain compliance; (17) our substantial levels of indebtedness; (18) volatility in the trading price of our common stock and warrants; (19) fluctuations in value of our private placement warrants; and (20) other risks and uncertainties indicated from time to time in our filings with the SEC, including those under “Risk Factors” in DMS’s Annual Report on Form 10-K/A for the year ended December 31, 2022, filed on April 5, 2023 (“2022 Form 10-K/A”) and our subsequent filings with the SEC. There may be additional risks that we consider immaterial or which are unknown, and it is not possible to predict or identify all such risks. DMS cautions that the foregoing list of factors is not exclusive. DMS cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. DMS does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

About DMS:

Digital Media Solutions, Inc. (NYSE: DMS) is a leading provider of data-driven, technology-enabled digital performance advertising solutions connecting consumers and advertisers within the auto, home, health, and life insurance, plus a long list of top consumer verticals. The DMS first-party data asset, proprietary advertising technology, significant proprietary media distribution, and data-driven processes help digital advertising clients de-risk their advertising spend while scaling their customer bases. Learn more at https://digitalmediasolutions.com.

Investor Relations

[email protected]

For inquiries related to media, contact [email protected]



Posted on

ServisFirst Bancshares, Inc. to Announce Third Quarter 2023 Financial Results October 16th

ServisFirst Bancshares, Inc. to Announce Third Quarter 2023 Financial Results October 16th

BIRMINGHAM, Ala.–(BUSINESS WIRE)–
ServisFirst Bancshares, Inc. (NYSE: SFBS) is scheduled to announce earnings and operating results for the quarter ended September 30, 2023 on October 16, 2023 at 4 p.m. ET. The news release will be available at www.servisfirstbancshares.com.

ServisFirst Bancshares, Inc. will host a live audio webcast to discuss earnings and results on Monday, October 16, 2023 beginning at 5:15 p.m. ET. The audio webcast can be accessed at www.servisfirstbancshares.com. A replay of the call will be available until October 31, 2023.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. Through the bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.

ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

ServisFirst Bank

Davis Mange (205) 949-3420

[email protected]

KEYWORDS: Alabama United States North America

INDUSTRY KEYWORDS: Professional Services Other Professional Services Finance Banking Personal Finance Accounting

MEDIA:

Logo
Logo
Posted on

Femasys Inc. Receives U.S. FDA Clearance to Market FemaSeed, an Innovative Infertility Treatment Solution

– The 510(k) Clearance from the United States Food and Drug Administration (FDA) allows for the U.S. commercialization of FemaSeed

®

, an intratubal artificial insemination option designed to augment the natural fertilization process –

– FemaSeed

®

is an innovative infertility treatment designed to deliver sperm directly to where conception occurs in a woman’s fallopian tube –

ATLANTA, Sept. 25, 2023 (GLOBE NEWSWIRE) — Femasys Inc. (NASDAQ: FEMY), a biomedical company focused on meeting significant unmet needs for women worldwide with a broad portfolio of in-office, accessible solutions, including a lead late-clinical stage product candidate and innovative diagnostic products, today announced it has received 510(k) Clearance from the United States Food and Drug Administration (FDA) for FemaSeed®, an innovative infertility treatment designed to deliver sperm directly to where conception occurs in a woman’s fallopian tube.

In recent decades, infertility has affected an increasing number of women – estimated at 10 million in the United States according to the Center for Disease Control (CDC). Despite incremental advancements, there have been no recent meaningful affordable options. FemaSeed® Intratubal Insemination is a type of an intrauterine insemination procedure that is less invasive than in vitro fertilization (IVF) or intracytoplasmic sperm injection (ICSI), which we expect would reduce the chances of procedural complications.

“We are thrilled to receive 510(k) Clearance from FDA for FemaSeed®, an innovative infertility treatment designed to deliver sperm directly to where conception occurs,” said Kathy Lee-Sepsick, founder, president and chief executive officer of Femasys. “This FDA 510(k) Clearance of FemaSeed demonstrates our successful collaborative efforts with the FDA to bring forward new technology that will address the significant unmet need for less burdensome infertility treatments.”

Femasys is creating accessible options for women, as exemplified with FemaSeed®, now an FDA-cleared infertility treatment, and its lead product candidate, FemBloc® in late-stage clinical development for permanent birth control. The Company is commercializing complementary diagnostic products that were internally developed through its in-house manufacturing capabilities, with regulatory approvals in the U.S., Canada and other countries outside the U.S. The FemaSeed procedure works synergistically with FemVue®, Femasys’ FDA-cleared diagnostic device that enables an in-office ultrasound assessment of the fallopian tubes and serves to provide an infertility diagnosis prior to FemaSeed.

Ms. Lee-Sepsick continued, “In recent years, there has been a sharp decline in fertility rates with a downward trajectory of sperm counts and record low birth rates. At this critical time, we are incredibly gratified that women and couples in the United States struggling with infertility will now have access to a new cost-effective infertility treatment option, in addition to the diagnostic solutions we have already made available.”

About FemaSeed
®

FemaSeed is an innovative infertility treatment designed to deliver sperm to the fallopian tube where conception occurs. It is intended to enhance natural fertilization and provide a first-line treatment option for infertility. FemaSeed is less invasive and more affordable than assisted reproduction procedures, such as in vitro fertilization (IVF) or intracytoplasmic sperm injection (ICSI). Femasys is supporting an ongoing pivotal clinical trial specific for male factor infertility. FemaSeed has achieved U.S. FDA clearance and regulatory approval in Canada.

About Femasys

Femasys is a biomedical company focused on meeting significant unmet needs for women worldwide with a broad portfolio of in-office, accessible solutions, including a lead revolutionary late-clinical stage product candidate and FDA-cleared, innovative therapeutic and diagnostic products. Femasys’ FemBloc® permanent birth control in late-stage clinical development is the first and only non-surgical, in-office, permanent birth control method intended to be a safer option for women at substantially less cost than the long-standing surgical alternative. Femasys’ FemaSeed® Intratubal Insemination, an innovative infertility treatment designed to deliver sperm directly where conception occurs, is now FDA-cleared (and also approved in Canada). The Company has developed diagnostic products that are complementary for which it has achieved regulatory approvals to market in the U.S., Canada and other non-U.S. territories, and which are commercial-ready due to its in-house manufacturing capabilities. The Company’s diagnostic products include FemVue® for fallopian tube assessment by ultrasound, which can be used in conjunction with FemCath®, an intrauterine catheter for selective fallopian tube evaluation, and FemCerv®, an endocervical tissue sampler for cervical cancer diagnosis. Learn more at www.femasys.com, or follow us on X, Facebook and LinkedIn.

Forward-Looking Statements 

This press release contains forward-looking statements that are subject to substantial risks and uncertainties. Forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “pending,” “intend,” “believe,” “potential,” “hope,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on our current expectations and are subject to inherent uncertainties, risks and assumptions, many of which are beyond our control, difficult to predict and could cause actual results to differ materially from what we expect. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, among others: our ability to develop and advance our current product candidates and programs into, and successfully initiate, enroll and complete, clinical trials; the ability of our clinical trials to demonstrate safety and effectiveness of our product candidates and other positive results; estimates regarding the total addressable market for our product candidates; our business model and strategic plans for our products, technologies and business, including our implementation thereof; and those other risks and uncertainties described in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 and other reports as filed with the SEC. Forward-looking statements contained in this press release are made as of this date, and Femasys undertakes no duty to update such information except as required under applicable law. 

Contacts: 

Investors 

Chuck Padala 
LifeSci Advisors, LLC 
917-741-7792 
[email protected]

Femasys Inc. 

Investor Contact: 
[email protected]

Media Contact: 
[email protected]



Posted on

Ultragenyx Launches Evkeeza® (evinacumab for injection) in Canada for the Treatment of Homozygous Familial Hypercholesterolemia (HoFH)

Evkeeza is a first-in-class medicine approved by Health Canada, the U.S. Food and Drug Administration (FDA) and European Commission (EC) to treat an ultrarare, inherited form of high cholesterol

TORONTO, Sept. 25, 2023 (GLOBE NEWSWIRE) — Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for rare and ultrarare genetic diseases, today announced the approval of Evkeeza® (evinacumab) in Canada. Evkeeza® was approved by Health Canada as an adjunct to diet and other low-density lipoprotein cholesterol (LDL-C) lowering therapies for the treatment of adult and pediatric patients aged 5 years and older with homozygous familial hypercholesterolemia (HoFH) and will be commercially available in Canada effective 25-November-2023. Evkeeza is a first-of-its-kind treatment for HoFH and is the first monoclonal antibody inhibiting the angiopoietin-like 3 protein (ANGPTL3). Evkeeza is delivered via 60-minute intravenous infusion every 4 weeks. The treatment is now available to prescribe for patients with HoFH in Canada.

“The approval and launch of Evkeeza in Canada for the treatment of homozygous familial hypercholesterolemia exemplifies our commitment to bring innovative therapies for people living with rare and ultrarare genetic diseases,” said Monty Keast, Vice President and General Manager at Ultragenyx Canada. “We look forward to working collaboratively with health care providers, the HoFH patient community and payers from across the country to make this potentially life-changing therapy accessible to people living with this serious disease.”

“HoFH is a severe atherosclerotic disease associated with premature cardiovascular morbidity, which most often does not adequately respond to cholesterol-lowering treatment currently available,” said Prof. Daniel Gaudet, Lipidologist and Director of the Severe Lipid Disorders Unit at the Community Genetic Medicine Center, Department of Medicine, Université de Montréal. “Our experience in recent years in phase 2 and 3 clinical studies, clearly demonstrates that in combination with diet and other low-density lipoprotein-cholesterol (LDL-C) lowering therapies, evinacumab represents an effective option to substantially lower the levels of LDL-cholesterol and other atherogenic lipoproteins in HoFH patients.”

About Homozygous Familial Hypercholesterolemia (HoFH)

HoFH, also known as homozygous FH, is the most severe form of inherited hypercholesterolemia. This ultrarare disease affects 1 in 300,000 people worldwide. There is a founder effect in the French-Canadian population with a prevalence estimated to be 1 in 250,000 people. Homozygous familial hypercholesterolemia runs in families and is usually passed down by both father and mother. People with this condition have extremely high levels of LDL-cholesterol (‘bad cholesterol’) from birth. Such high levels can lead to heart attacks, heart valve disease, or other problems at an early age. For more information about HoFH please go to www.hofhdisease.ca.

About Evkeeza

®

 (evinacumab)

Evinacumab, the active substance in Evkeeza, attaches to a protein in the body called ANGPTL3 and blocks its effects. ANGPTL3 is involved in controlling cholesterol levels and blocking its effect reduces the level of cholesterol in the blood. Evkeeza is delivered via an infusion every 4 weeks.

Evkeeza is approved by Health Canada as an adjunct to diet and other low-density lipoprotein cholesterol (LDL-C) lowering therapies for the treatment of adult and pediatric patients aged 5 years and older with homozygous familial hypercholesterolemia (HoFH). The effects of Evkeeza on cardiovascular morbidity and mortality have not been determined. Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) discovered and developed Evkeeza, and solely commercializes the product in the U.S. Ultragenyx is responsible for commercialization efforts for Evkeeza in countries outside of the U.S.

Indication

In Canada, EVKEEZA® (evinacumab for injection) is indicated as an adjunct to diet and other low-density lipoprotein cholesterol (LDL-C) lowering therapies for the treatment of adult and pediatric patients aged 5 years and older with homozygous familial hypercholesterolemia (HoFH).

The effects of Evkeeza on cardiovascular morbidity and mortality have not been determined.

IMPORTANT SAFETY INFORMATION FOR EVKEEZA

®

 (evinacumab) INFUSION

To help avoid side effects and ensure proper use, talk to your healthcare professional before you take Evkeeza. Hypersensitivity reactions, including anaphylaxis and infusion reactions (e.g., infusion site pruritus), have been reported with Evkeeza. If signs or symptoms of serious hypersensitivity reactions occur, discontinue treatment with Evkeeza, treat according to the standard of care, and monitor until signs and symptoms resolve.

The most common adverse reactions to Evkeeza were nasopharyngitis (13.7% vs. 13.0% in placebo), influenzalike illness (7.7% vs. 5.6% in placebo), dizziness (6.0% vs. 0% in placebo), back pain (5.1% vs. 3.7% in placebo), and nausea (5.1% vs. 1.9% in placebo). Fatigue (15%) was identified as an adverse reaction to Evkeeza for pediatric patients aged ≥ 5 to 11 years only.

Who should not use Evkeeza?

Evkeeza may not be used if you are allergic to evinacumab or to any of the ingredients in Evkeeza.

If you are pregnant, think you might be pregnant, or plan to become pregnant, ask your healthcare professional for advice before taking Evkeeza. Evkeeza may harm your unborn baby. Tell your healthcare professional if you become pregnant while using Evkeeza. For people who are able to become pregnant:

  • Your healthcare professional may do a pregnancy test before you start treatment with Evkeeza.
  • You should use an effective method of birth control during treatment and for at least 5 months after the last dose of Evkeeza. Talk to your healthcare professional about birth control methods that you can use during this time.
  • If you are breastfeeding or plan to breastfeed, ask your healthcare professional for advice before you are given Evkeeza. It is not known if Evkeeza passes into your breast milk. You and your healthcare professional should decide if you will receive Evkeeza or breastfeed.

You may report side effects via email to [email protected].

Please see

PRODUCT MONOGRAPH

INCLUDING PATIENT MEDICATION INFORMATION for more information.

About Ultragenyx Pharmaceutical Inc.

Ultragenyx is a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultrarare genetic diseases. The company has built a diverse portfolio of approved therapies and product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are typically no approved therapies treating the underlying disease.

The company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx’s strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.

For more information on Ultragenyx, please visit ultragenyx.ca.

Contacts

Ultragenyx Pharmaceutical, Inc.
Media
Jeff Blake
+1-415-612-7784
[email protected]



Posted on

NUBURUStrengthens Executive Management Team

NUBURUStrengthens Executive Management Team

  • Ron Nicol Appointed as Executive Chairman to Scale NUBURU’s Commercial Efforts

  • Dr. Mark Zediker, CEO of NUBURU, to Focus on Production and Development

 

CENTENNIAL, Colo.–(BUSINESS WIRE)–NUBURU, Inc. (“NUBURU” or the “Company”) (NYSE American: BURU), a leading innovator in high-power and high-brightness industrial blue laser technology, today announced that its board of directors has appointed Ron Nicol as Executive Chairman, effective immediately. Mr. Nicol, who joined NUBURU as a Director in 2020, previously acted as the independent Chairman of the Board since 2023. In his newly extended role as Executive Chairman, Mr. Nicol will prioritize scaling the Company’s commercial efforts as well as executive administrative functions.

Mr. Nicol’s extensive executive experience spans over 40 years and is paired with a background in physics and the Nuclear Navy. He has been a Senior Advisor to Boston Consulting Group since 2016, where prior to that, he was a longtime senior partner and managing director leading the Technology, Media & Telecommunications practice.

Dr. Mark Zediker, CEO and Co-Founder of NUBURU, will focus on scaling the Company’s production capacity to meet existing as well as expected customer demand. In addition, Dr. Zediker will continue to lead NUBURU’s technology and development efforts centered around the introduction of multi-kilowatt and single-mode blue laser systems, as well as identify strategic and opportunistic projects in the defense and government markets.

Mr. Nicol commented: “Scaling NUBURU’s commercial efforts is critical for the Company’s growth strategy as a public company. I’m looking forward to partnering with Mark and the rest of the incredibly talented management team, as we focus our efforts on the commercialization of the blue laser technology.”

Dr. Zediker added: “Having Ron in an active management position will allow us to double down on our efforts to scale the business. Our commercial success goes hand-in-hand with production and delivery of cutting-edge technology.”

About NUBURU

Founded in 2015, NUBURU, Inc. (NYSEAM: BURU) is a developer and manufacturer of industrial blue lasers that leverage fundamental physics and their high-brightness, high-power design to produce faster, higher quality welds and parts than current lasers can provide in laser welding and additive manufacturing of copper, gold, aluminum and other industrially important metals. NUBURU’s industrial blue lasers produce minimal to defect-free welds that are up to eight times faster than the traditional approaches — all with the flexibility inherent to laser processing. For more information, please visit www.nuburu.net.

Investor Relations:

Cody Slach & Ralf Esper

Gateway Group, Inc.

[email protected]

(949) 574-3860

Media Relations:

Zach Kadletz & Anna Rutter

Gateway Group, Inc.

[email protected]

(949) 574-3860

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Other Defense Other Energy Machine Tools, Metalworking & Metallurgy Hardware Batteries Energy Technology Defense Other Manufacturing Automotive Manufacturing Other Technology Aerospace Manufacturing

MEDIA:

Posted on

Genius Group Provides Update on ERL Spinoff

SINGAPORE, Sept. 25, 2023 (GLOBE NEWSWIRE) —
Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading entrepreneur edtech and education group, announces that the commencement date to claim the Entrepreneur Resorts Ltd (“ERL”) spinoff shares is on September 26, 2023, with the distribution date for the spinoff shares to commence on October 2, 2023. Shareholders can find detailed instructions on how to claim their ERL shares on the ERL Investor Relations website. 

All Genius Group shareholders entitled to the dividend will receive restricted shares in ERL, which may be eligible for removal of restrictions beginning six months after the share distribution date, if certain requirements are met.

Genius Group will have no further contact with Upstream as a result of the previously announced delisting. It will not be involved with or take part in any listing of the shares of its spun off subsidiary, ERL on Upstream or any other exchange, which will be the sole responsibility of ERL.

About Genius Group

Genius Group is a leading entrepreneur Edtech and education group, with a mission to disrupt the current education model with a student-centered, life-long learning curriculum that prepares students with the leadership, entrepreneurial and life skills to succeed. Through its learning platform, GeniusU, the Genius Group has a member base of 4.5 million users in 200 countries, ranging from early age to 100.

For more information, please visit https://www.geniusgroup.net/

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described in our most recent Annual Report on Form 20-F, as amended for the fiscal year ended December 31, 2022, filed with the SEC on June 6, 2023 and August 3, 2023. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Forward-Looking Statements” below. 

Forward-Looking Statements 

Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company’s Annual Reports on Form 20-F, as may be supplemented or amended by the Company’s Reports of a Foreign Private Issuer on Form 6-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. 

Contacts

Investors:
Flora Hewitt, Vice President of Investor Relations and Mergers and Acquisitions
Email: [email protected]

Media Contact:
Adia PR
Email: [email protected]

US Investors:
Dave Gentry, RedChip Companies Inc
1-800-RED-CHIP
[email protected]



Posted on

New Pacific Metals Announces C$35 Million Bought Deal Financing


Not for Distribution in the United States or to U.S. Newswire Services

VANCOUVER, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) — New Pacific Metals Corp. (TSX: NUAG; NYSE American: NEWP) (“New Pacific” or the “Company”) announced today that it has entered into an agreement with Raymond James Ltd. and Eight Capital (the “Co-Lead Underwriters”), on behalf of a syndicate of underwriters (together with the Co-Lead Underwriters, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 13,208,000 common shares of the Company (the “Common Shares”) at a price of C$2.65 per Common Share, for total gross proceeds of approximately C$35 million (the “Offering”). The Company will also grant to the Underwriters an over-allotment option (the “Over-Allotment Option”) to purchase up to 1,981,200 additional Common Shares (the “Over-Allotment Shares”). The Over-Allotment Option will be exercisable for a period of 30 days following closing.

Silvercorp Metals Inc. (“Silvercorp”) has indicated its intent to participate in the Offering by subscribing to 2,541,890 Common Shares representing approximately US$5 million in gross proceeds (approximately C$6.7 million). Upon completion of the Offering, Silvercorp will own, directly and indirectly, approximately 27.4% of the outstanding Common Shares of the Company assuming the Over-Allotment is not exercised.

In addition, Pan American Silver Corp. (“Pan American”) has indicated its intent to participate in the Offering by subscribing to 5,083,780 Common Shares representing approximately US$10 million in gross proceeds (approximately C$13.5 million). Upon completion of the Offering, Pan American will own, directly and indirectly, approximately 11.6% of the outstanding Common Shares of the Company assuming the Over-Allotment is not exercised.

The Common Shares will be offered in all of the provinces of Canada, except the province of Québec, by way of a prospectus supplement (the “Supplement”) to the Company’s existing short form base shelf prospectus dated August 16, 2023 (the “Base Shelf Prospectus”) and may also be offered by way of private placement in the United States, pursuant to registration exemptions.

The net proceeds of the Offering will be used to advance exploration and development at the Company’s Silver Sand and Carangas projects, for working capital, and for general corporate purposes.

The Offering is expected to close on or about September 29, 2023, and is subject to New Pacific receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the Common Shares having been approved for listing on the NYSE American.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Common Shares being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States or to or for the account or benefit of U.S. persons, absent registration or an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy Common Shares in any jurisdiction, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Silvercorp is a related party of the Company for the purposes of National Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (“NI 61-101”) and the acquisition by Silvercorp of Common Shares pursuant to the Offering is a related party transaction. The acquisition by Silvercorp of Common Shares pursuant to the Offering is exempt from the valuation and minority approval requirements of NI 61-101 pursuant to the exemptions in Sections 5.5(a) and 5.7(a) of NI 61-101.

ABOUT NEW PACIFIC

New Pacific is a Canadian exploration and development company with precious metal projects in Bolivia, including the Company’s flagship project, the Silver Sand Silver Project, the Company’s recently discovered Carangas Silver-Gold Project and the Company’s third project, the Silverstrike Silver-Gold Project.

For further information, please contact:

Andrew Williams, Chief Executive Officer
New Pacific Metals Corp.
Phone: (604) 633-1368 Ext. 236
1750-1066 Hastings Street, Vancouver, BC V6E 3X1, Canada
U.S. & Canada toll-free: 1-877-631-0593
E-mail: [email protected]
For additional information and to receive company news by e-mail, please register using New Pacific’s website at www.newpacificmetals.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward- looking information” within the meaning of applicable Canadian securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Such statements include, but are not limited to, statements regarding: anticipated
closing date for the Offering, existing shareholder participation in the Offering, receipt of regulatory approvals for the Offering, the potential exercise of the over-allotment option, and the expected use of proceeds of the Offering.

Risks relating to legal, political, environmental, or other factors that could materially affect the potential development of the mineral resources or mineral reserves include political and economic risks in Bolivia, the regulatory environment in Bolivia, community relations and social licence to operate, acquisition and maintenance of permits and Government approvals, operations and explorations subject to Governmental regulations, impact of environmental laws and regulations, environmental protection, title to mineral properties, outcome of future litigation or regulatory actions, and other factors described under the heading “Risk Factors” in the Company’s annual information form for the year ended June 30, 2023 (“AIF”), its management discussion and analysis for the year ended June 30, 2023 (“MD&A”) and its other public filings which are incorporated by reference hereto. This list is not exhaustive of the factors that may affect the mineral resources or mineral reserves.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, general economic conditions, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management, uncertainties relating to the availability and costs of financing needed in the future, environmental risks, operations and political conditions, the regulatory environment in Bolivia and Canada, risks associated with community relations and corporate social responsibility, and other factors described under the heading “Risk Factors” in the Company’s AIF, MD&A and its other public filings. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information.

The forward-looking statements are necessarily based on a number of estimates, assumptions, beliefs, expectations and opinions of management as of the date of this news release that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates, assumptions, beliefs, expectations and options include, but are not limited to, those related to the Company’s ability to carry on current and future operations, including: the duration and effects of COVID-19 on our operations and workforce; development and exploration activities; the timing, extent, duration and economic viability of such operations; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the stabilization of the political climate in Bolivia; the Company’s ability to obtain and maintain social license at its mineral properties; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits, including the ratification and approval of the Mining Production Contract with the Corporacion Minera de Bolivia (“COMIBOL”) by the Plurinational Legislative Assembly of Bolivia; the abilIty of the Company’s Bolivian partner to convert the exploration licenses at the Carangas Project to administrative mining contracts; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Accordingly, readers should not place undue reliance on such statements. Other than specifically required by applicable laws, the Company is under no obligation and expressly disclaims any such obligation to update or alter the forward-looking statements whether as a result of new information, future events or otherwise except as may be required by law. These forward-looking statements are made as of the date of this news release.

CAUTIONARY NOTE TO US INVESTORS

This news release has been prepared in accordance with the requirements of the securities laws in effect 
in Canada which differ from the requirements of United States securities laws. All mining terms used herein but not otherwise defined have the meanings set forth in NI 43-101. Unless otherwise indicated, the technical and scientific disclosure herein has been prepared in accordance with NI 43-101, which differs significantly from the requirements adopted by the United States Securities and Exchange Commission.

Accordingly, information contained in this news release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder.

Additional information relating to the Company, including the Company’s annual information form, can be obtained under the Company’s profile on SEDAR+ at
www.sedarplus.ca
, on EDGAR at

www.sec.gov

, 
and on the Company’s website at
www.newpacificmetals.com
.