Author: Newsdesk

 
Vancouver, March 25, 2021 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) announces first quarter results for the period ending January 31, 2021. All references to dollar amounts in this release are in Canadian dollars.

Highlights During and After the Quarter      

During the three months ended January 31, 2021 the Company:

• Appointed Finnish capital markets firm Lago Kapital Oy as liquidity provider for its Nasdaq First North Stockholm listing replacing ABG Sundal Collier ASA.

• Signed a non-binding Letter of Intent with CSE-listed United Lithium Corp. (“ULTH”) contemplating the potential sale of 100% of the Bergby Lithium project.  The potential sale is subject to, among other matters, a due-diligence review by ULTH and the signing of a binding Definitive Agreement which the Company is working towards finalizing.

• Commissioned Minviro Ltd., a London based globally recognized life cycle assessment (“LCA”) consultancy, to build an LCA model and deliver an LCA report for the Woxna Graphite project.  The LCA work carried out by Minviro includes a cradle-to-gate life cycle inventory and a life cycle impact assessment for five impact categories of interest.  The results will be delivered to the Company in form of an ISO-Compliant Full Life Cycle Assessment and Report. In addition, Minviro will benchmark the results for Woxna against other functionally equivalent industry LCA data, including a number of both natural and synthetic graphite alternative products for energy storage applications.

Subsequent to January 31, 2021 the Company:

• Signed a Definitive Agreement on February 11, 2021 to sell 100% of the Bergby Lithium project to CSE-listed United Lithium Corp (the “Transaction”). The Transaction is subject to, among other matters, certain closing conditions which the Company is working towards finalizing. On and subject to the conditions set forth in the Agreement, the Company will receive the following consideration under the Transaction:

                  a)    CAD$250,000 in cash on the closing date of the Transaction (the “Closing Date”);

                  b)    1,031,864 common shares in the capital of ULTH (each, a “ULTH Share”);

                  c)     400,000 common share purchase warrants (the “Warrants”) with each Warrant entitling the Company to acquire, for a period of 36 months, one ULTH Share at an exercise price equal to approximately CAD$0.485;

                  d)    an additional $250,000 in cash on the date that is 6 months following the Closing Date; and

                 e)    a 2% net smelter returns royalty on the Project, which shall be subject to a buyback right in favour of ULTH for CAD$1,000,000.

• Appointed Mr. Sanjay Swarup as new Chief Financial Officer. Mr. Swarup holds a Master of Business Administration from Cranfield School of Management (Bedforshire, UK) and is a chartered accountant from India and the UK with over 25 years of experience in accounting and business consulting, with 15 of those years in the resource industry. Mr. Swarup has held the role of CFO for a number of UK and Canadian listed resource companies. Between 2009 and 2018 Mr. Swarup was the CFO of TSX-listed Mandalay Resources which operates a producing gold mine in Sweden.

• Announced development work together with Forge Nano (Colorado, USA) on Atomic Layer Deposition coating of spherical purified graphite from Woxna to optimize future performance of Woxna’s lithium-ion battery anode materials. The coating for anode materials can increase cycle life, charge rate and conductivity whilst improving safety. A recent price assessment produced by Benchmark Mineral Intelligence for the Company shows average pricing in 2020 for uncoated natural spherical graphite at around US$3,000 per tonne and for coated natural spherical graphite between US$7,000 per tonne (domestic China and non-EU) and US$12,000 per tonne (high-end applications), with an average price of around US9,500 per tome for material used in cells for Western OEMs.

• Announced that its Annual General Meeting of Shareholders will be held Wednesday, April 21, 2021.

Three Months Ended January 31, 2021 Compared to Three Months Ended October 31, 2020

During the three months ended January 31, 2021 (“Q1/2021”) the Company reported a net loss of $668,278 compared to a reported net loss of $554,569 for the three months ended October 31, 2020 (“2020/Q4”), an increase in loss of $113,709. 

Three Months Ended January 31, 2021 Compared to Three Months Ended January 31, 2020

During the three months ended January 31, 2021 (“Q1/2021”) the Company reported a net loss of $668,278 compared to a net loss of $407,304 for the three months ended January 31, 2020 (“Q1/2020”), for an increase in loss of $260,974.  The increase in loss was primarily attributed to increases in Research and Development, Directors and Officers Compensation, and Corporate Development expenses in Q1/2021.

Selected Financial Data

The following selected financial information is derived from the audited consolidated financial statements of the Company prepared in accordance with IFRS.

Financial Condition / Capital Resources

During the three months ended January 2021 the Company recorded a net loss of $668,278, as at January 31, 2021 the Company had an accumulated deficit of $40,561,830 and working capital of $2,598,191.  The Company is maintaining its Woxna Graphite Mine on a “production-ready” basis to minimize costs and is conducting ongoing research and development to produce higher specialty products.  The Company has also commissioned PEA studies on the Woxna Graphite and Norra Karr projects.  The Company anticipates that it has sufficient funding to meet anticipated levels of corporate administration and overheads for the ensuing twelve months however, it will need additional capital to provide working capital and recommence operations at the Woxna Graphite Mine and/or modernize the plant to produce value added production, to fund future development of the Norra Karr Property and complete the tendering process and, if successful, exploration activities in Romania.  There is no assurance such additional capital will be available to the Company on acceptable terms or at all.  In the longer term the recoverability of the carrying value of the Company’s long-lived assets is dependent upon the Company’s ability to preserve its interest in the underlying mineral property interests, the discovery of economically recoverable reserves, the achievement of profitable operations and the ability of the Company to obtain financing to support its ongoing exploration programs and mining operations.  See also “COVID-19”. 

During the three months ended January 31, 2021 the company has issued 393,109 shares due to exercise of options by option holders for gross proceeds of $79,863.

During fiscal 2020 the Company completed the following private placement financings:

(i)         18,000,000 units at $0.056 per unit for gross proceeds of $1,008,000; and
(ii)        32,000,000 units at a price of $0.11 per unit for gross proceeds of $3,520,000. 

In addition, during fiscal 2020 the Company issued 800,000 common shares on the exercise of warrants for $80,000.  The net proceeds from these financings and warrant exercises have been designated to maintain the Company’s projects in Sweden and Romania and for general working capital and corporate purposes.

Outlook          

The Company’s projects are directly linked to high growth technologies such as batteries for electromobility and energy storage and permanent magnets for electric motors and wind power that underpin the clean energy transition towards climate neutrality.

Increasing demand for electric vehicles, limited supply combined with supply chain disruptions has led to strong price developments year to date for key battery materials such as graphite, cobalt and lithium. Similarly, prices for key permanent magnet rare earth elements such as neodymium, praseodymium, dysprosium and terbium have risen sharply year to date due to strong demand limited supply combined with supply chain disruptions.

The Company is continuing to finalize the two preliminary economic assessment (“PEA”) studies on our Swedish projects.

For Woxna, the PEA is looking to demonstrate the potential added economic benefit of producing active anode material for the lithium-ion industry based on the Company’s research and development of downstream processes. Woxna benefits from access to low cost green hydroelectricity which offers a distinct competitive and sustainability advantage. To demonstrate this advantage, the Company has commissioned a life cycle assessment (“LCA”) on the envisioned production from Woxna which aligns with the sustainable battery regulation announced by the European Commission in late 2020 that will enforce carbon footprint declarations on any batteries placed on the European market. The LCA report is planned to be released concurrently with the PEA report. There has been a constant flow of battery factory capacity announcements, most recently by Volkswagen announcing plans for six 40GWh battery plants by 2030 in Europe alone. With a built mine looking to add the downstream value add processing, and an ideal location logistically in Sweden, Woxna is in the right time and place to benefit from the expected exponential growth in graphite anode demand over the next decade.

For Norra Karr, the PEA targets to demonstrate a new potential operational model for REE production that maximizes resource efficiency whilst minimizing the environmental footprint of the project. The Company believes this new operational model could be key to promote public support for the project in addition to delivering potential improvement in project economics. Norra Karr is one of few heavy rare earth element projects of its kind globally, and the only project in Europe that could supply significant amounts of critical permanent magnet rare earths such as dysprosium and terbium. As Europe is urgently looking to support the development of its own rare earth magnet value chain to reduce reliance on China, Norra Karr could be a key piece to solve that puzzle.

The results from these two PEA studies, which are expected in the near future, will provide the basis for the next steps in development for each project so we are looking at a very active remainder of 2021. Importantly, the studies will provide the details of what the investment case looks like for the projects which can then be communicated to the broader investment community.

Qualified Person        

The qualified person for the Company’s project, Mr. Mark Saxon, B.Sc. Hons (Geology), a Fellow of the Australasian Institute of Mining and Metallurgy, technical adviser to the Company, has reviewed and verified the technical contents of this release.

Financial Information

The report for the three months ended April 30, 2021 is expected to be published on or about June 23, 2021.

On behalf of the Board of Directors,

Leading Edge Materials Corp.

Filip Kozlowski, CEO

For further information, please contact the Company at:

[email protected]

www.leadingedgematerials.com

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About Leading Edge Materials

Leading Edge Materials is a Canadian public company focused on developing a portfolio of critical raw material projects located in the European Union. Critical raw materials are determined as such by the European Union based on their economic importance and supply risk. They are directly linked to high growth technologies such as batteries for electromobility and energy storage and permanent magnets for electric motors and wind power that underpin the clean energy transition towards climate neutrality. The portfolio of projects includes the 100% owned Woxna Graphite mine (Sweden), Norra Karr HREE project (Sweden) and the 51% owned Bihor Sud Nickel Cobalt exploration alliance (Romania).

Additional Information

The Company’s unaudited consolidated financial statements for the three months ended January 31, 2021 and related management’s discussion and analysis are available on the Company’s website at www.leadingedgematerials.com or under its profile on SEDAR at www.sedar.com

The information was submitted for publication through the agency of the contact person set out above, on March 25, 2021 at 1.15pm Vancouver time.

Leading Edge Materials is listed on the TSXV under the symbol “LEM”, OTCQB under the symbol “LEMIF” and Nasdaq First North Stockholm under the symbol “LEMSE”.  Mangold Fondkommission AB is the Company’s Certified Adviser on Nasdaq First North and may be contacted via email [email protected] or by phone +46 (0) 8 5030 1550.

Reader Advisory

Certain information in this news release may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “Forward-Looking Statements”).  All statements, other than statements of historical fact, addressing activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are Forward-Looking Statements.  Forward-Looking Statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions.  Forward-Looking Statements are based upon the opinions and expectations of the Company based on information currently available to the Company.  Forward-Looking Statements are subject to a number of factors, risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the Forward-Looking Statements including, among other things, the Company has yet to generate a profit from its activities; there can be no guarantee that the estimates of quantities or qualities of minerals disclosed in the Company’s public record will be economically recoverable; uncertainties relating to the availability and costs of financing needed in the future; competition with other companies within the mining industry; the success of the Company is largely dependent upon the performance of its directors and officers and the Company’s ability to attract and train key personnel; changes in world metal markets and equity markets beyond the Company’s control; the possibility of write-downs and impairments; the risks associated with uninsurable risks arising during the course of exploration; development and production; the risks associated with changes in the mining regulatory regime governing the Company; the risks associated with tenure to the Norra Karr property;  the risks associated with the various environmental regulations the Company is subject to;  rehabilitation and restitution costs; the Company’s preliminary economic assessment on Woxna is no longer current or valid as a result of the filing of a new NI 43-101 Technical Report effective March 24, 2015, as such there is an increased risk of technical and economic failure for the Woxna graphite project; and dealings with non-governmental organizations.  Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such Forward-Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such Forward-Looking Statements.  Such Forward-Looking Statements has been provided for the purpose of assisting investors in understanding the Company’s business, operations and exploration plans and may not be appropriate for other purposes.  Accordingly, readers should not place undue reliance on Forward-Looking Statements.  Forward-Looking Statements are made as of the date hereof, and the Company does not undertake to update such Forward-Looking Statements except in accordance with applicable securities laws.

Attachments

• 20210325 LEM 2021Q1 press release
• Leading Edge Materials 2021Q1 report

Atlanta, March 25, 2021 (GLOBE NEWSWIRE) — The Board of Directors of Acuity Brands, Inc. (NYSE: AYI; “Company”) today declared a quarterly dividend of 13 cents per share.  The dividend is payable on May 3, 2021 to shareholders of record on April 16, 2021.

About Acuity Brands

Acuity Brands, Inc. (NYSE: AYI) is a market-leading industrial technology company. The Company designs, manufactures, and brings to market products and services that make the world more brilliant, productive, and connected including building management systems, lighting, lighting controls, and location-aware applications. Acuity Brands achieves growth through the development of innovative new products and services.

Through the Acuity Business System, Acuity Brands achieves customer-focused efficiencies that allow the Company to increase market share and deliver superior returns. The Company looks to aggressively deploy capital to grow the business and to enter attractive new verticals.

Acuity Brands is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by approximately 11,000 dedicated and talented associates. Visit us at www.acuitybrands.com.

# # # # #        

Investor Contact:

Charlotte McLaughlin
Vice President, Investor Relations
(404) 853-1456

Shanghai, China, March 25, 2021 (GLOBE NEWSWIRE) — Jowell Global Ltd. (“JWEL” or the “Company”) (NASDAQ: JWEL), a company which operates one of China’s leading cosmetics, health and nutritional supplements and household products e-commerce platforms – Juhao Mall, today announced that Network 1 Financial Securities, Inc., as representative of the underwriters of the Company’s firm commitment initial public offering (“IPO”), has exercised the full over-allotment option to purchase an additional 557,143 ordinary shares at the IPO price of $7.00 per share. As a result, the Company has raised gross proceeds of approximately $3.9 million, in addition to the previously announced IPO gross proceeds of approximately $26 million, before underwriting discounts and offering expenses.

Network 1 Financial Securities, Inc. acted as sole book runner and lead underwriter for the offering and Alexander Capital, L.P. acted as co-underwriter. FisherBroyles, LLP acted as counsel to the Company and Hunter Taubman Fischer & Li LLC acted as counsel to the underwriters with respect to this offering.

A registration statement on Form F-1 (File No. 333-250889) relating to the offering has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on March 16, 2021. The offering of the ordinary shares was made only by means of a final prospectus. A final prospectus relating to the offering was filed with the SEC on March 18, 2021, which may be obtained from Network 1 Financial Securities, Inc. by email at [email protected], or via standard mail to Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241 Red Bank, NJ 07701.  In addition, a copy of the final prospectus relating to the offering may be obtained via the SEC’s website at www.sec.gov.

Before you invest, you should read the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About
Jowell Global Ltd.

Jowell Global Ltd. (the “Company”) operates one of China’s leading e-commerce platforms for cosmetics, health and nutritional supplements and household products – Juhao Mall. The Company provides its own brand products to customers and sells and distributes other companies’ health and nutritional supplements, cosmetics and certain household products on the Juhao Mall platform. In addition, Juhao Mall allows third parties to open their own stores on its platform. The Company has also been selling its products through authorized retail stores all across China, which operate under the brand name of “Love Home Store” or “LHH Store”.  For more information, please visit https://www.1juhao.com/.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at


www.sec.gov


. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Investor Relations:

Janice Wang   
EverGreen Consulting Inc.
Email: [email protected]
Phone: +1 571-464-9470 (from U.S.)                                                                                              +86 13811768559 (from China)

WALTHAM, Mass., March 25, 2021 (GLOBE NEWSWIRE) — EyeGate Pharmaceuticals, Inc. (NASDAQ: EYEG), (“EyeGate” or the “Company”), a clinical-stage company developing and commercializing products for treating inflammatory and immune diseases with a focus on the eye and nervous system, today announced financial results for the year ended December 31, 2020 and provided an update on recent corporate and operational activities.

“We are extremely pleased by our 2020 progress and our significant corporate advancements that mark a new phase of strategic growth,” said Franz Obermayr, Ph.D., Acting Chief Executive Officer of EyeGate. “The acquisition of Panoptes was a transformative event that will allow EyeGate to make significant strides beyond ophthalmology and develop a robust product pipeline with PP-001, a de-risked, clinical-stage asset with broad therapeutic potential across a diverse range of ocular, autoimmune and neurological indications. We are poised for an exciting year ahead as we anticipate the initiation of multiple clinical studies in both ophthalmology and systemic diseases.”

2020 and Recent Business Highlights:

• Panoptes Pharma acquisition: In December, EyeGate acquired Panoptes Pharma (“Panoptes”), a privately held clinical stage biotech company focused on developing a novel proprietary small molecule for the treatment of severe eye diseases with a high unmet medical need.
• Pipeline updates: The acquisition transformed EyeGate’s pipeline with the addition of PP-001, a clinical-stage, next-generation, inhibitor of dihydroorotate dehydrogenase (“DHODH”) with a validated immune-modulating mechanism and potential best-in-class specificity and potency to avoid off-target side effects and reduce safety issues.
  • First-in-class in ophthalmology applications – PP-001 is in development with two clinical-stage ophthalmic formulations: (1) PaniJect, an intravitreal injection for inflammatory diseases of the eye with a Phase 1b/2a safety and efficacy study completed in patients with posterior uveitis, and (2) PaniDrop, an eye drop for conjunctivitis and dry eye disease with a completed Phase 1 safety study in healthy volunteers.
  • Other administration routes are also in development and IND enabling studies are underway for conditions outside the ocular space.
• Management transition: In February, Franz Obermayr, Ph.D., Managing Director and former CEO of Panoptes Pharma, was appointed as Acting Chief Executive Officer and transitioned from his role at EyeGate as EVP Clinical Development.
  • Stephen From transitioned from Chief Executive Officer to Executive Chairman.
• Private placement: Completed a private placement in January 2021 for net proceeds of approximately $8.0 million with an affiliate of Armistice Capital.

2020 Financial Review:

EyeGate recognized revenue of $0.012 million for the year ended December 31, 2020, compared to $2.686 million for the year ended December 31, 2019. The revenue recognized for the year ended December 31, 2020 related to the Panoptes acquisition and the accompanying revenue generated from government funds from the date of its acquisition. The revenue recognized for the year ended December 31, 2019 was a result of the termination of the license agreements with Bausch Health Companies, Inc. and no further revenue will be recognized related to these agreements.

Research and development expenses were $3.566 million for the year ended December 31, 2020, compared to $5.389 million for the year ended December 31, 2019. The decrease of $1.823 million was due to lower OBG clinical activities following the completion of the PRK pivotal study in 2019, as well as a $0.500 million adjustment recorded in 2019 to the present value of the Jade earn-out payment due upon FDA approval of OBG. These decreases were partially offset by increases in OBG manufacturing and the expiration of a prepaid agreement in 2020 with a research vendor. 

General and administrative expenses were $4.659 million for the year ended December 31, 2020, compared to $4.406 million for the year ended December 31, 2019. The increase of $0.253 million was mainly due to acquisition-related costs for Panoptes, partially offset by a decrease in personnel-related costs.

Other income, net was $0.133 million for the year ended December 31, 2020, compared to $0.108 million for the year ended December 31, 2019. The increase of $0.025 million was mainly due to a gain recognized on the dissolution of EyeGate Pharma S.A.S. in 2020, partially offset by less interest earned on the Company’s cash balances.

Income tax expense was $0.012 million for the year ended December 31, 2020, compared to $0.095 million for the year ended December 31, 2019. Both the 2020 and 2019 tax expense were a result of an increase in the state blended tax rate, which was applied to the deferred tax liability balance.

Cash and cash equivalents were $1.186 million as of December 31, 2020, compared to $3.777 million as of December 31, 2019. The decrease in cash and cash equivalents was primarily due to cash outflows to fund the Company’s operations and to acquire Panoptes, partially offset by cash received from a registered direct offering, loan funds under the Paycheck Protection Program, and warrant exercises.

About EyeGate

EyeGate is a clinical-stage pharmaceutical company developing and commercializing products for treating inflammatory and immune diseases with a focus on the eye and nervous system. PP-001, EyeGate’s lead clinical-stage drug product, is a next-generation, non-steroidal, immuno-modulatory and small-molecule inhibitor of Dihydroorotate Dehydrogenase (“DHODH”) with best-in-class picomolar potency and a validated immune modulating mechanism designed to overcome the off-target side effects and safety issues associated with previous generation DHODH inhibitors. PP-001 has been developed in two clinical-stage ophthalmic formulations; PaniJect, an intravitreal injection for inflammatory diseases of the eye including posterior uveitis, and PaniDrop, a novel nano carrier technology eye drop for ocular surface diseases such as viral conjunctivitis and dry eye disease. Intravenous and oral formulations are also in development for conditions outside the ocular space. In addition, EyeGate is developing Ocular Bandage Gel (“OBG”), a modified form of the natural polymer hyaluronic acid, designed to protect the ocular surface to permit re-epithelialization of the cornea and improve ocular surface integrity. OBG, with unique properties that help hydrate and protect the ocular surface, is in clinical evaluation for patients undergoing photorefractive keratectomy (“PRK”) surgery for corneal wound repair after refractive surgery and patients with punctate epitheliopathies (“PE”) as a result of dry eye. For more information, please visit www.EyeGatePharma.com.

Forward-Looking Statements

Some of the statements in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These “forward-looking” statements include statements relating to, among other things, the commercialization efforts and other regulatory or marketing approval efforts pertaining to EyeGate’s products, including EyeGate’s PP-001 and OBG products, as well as the success thereof, with such approvals or success may not be obtained or achieved on a timely basis or at all. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, certain risk factors described under the heading “Risk Factors” contained in EyeGate’s Annual Report on Form 10-K filed with the SEC on March 25, 2021 or described in EyeGate’s other public filings. EyeGate’s results may also be affected by factors of which EyeGate is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. EyeGate expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.

Investor Contact

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

INDIANAPOLIS, March 25, 2021 (GLOBE NEWSWIRE) — Kite Realty Group Trust (NYSE:KRG) is pleased to announce the appointment of Derrick Burks to its Board of Trustees. Mr. Burks is a retired partner from Ernst & Young (EY) where he served for 15 years, including time as managing partner of EY’s Indianapolis office. Kite Realty Group Trust expanded its Board to ten trustees with the addition of Mr. Burks, another independent Board member.

“We are thrilled with the addition of Derrick Burks to our Board of Trustees,” said John A. Kite, Chairman and CEO. “Derrick’s wealth of knowledge in a multitude of industries, coupled with his extensive experience with REITs, will greatly strengthen KRG moving forward and further propel us toward our long-term objectives.”

Prior to joining Ernst & Young, Mr. Burks spent 24 years with Arthur Andersen. Mr. Burks has experience on private and public company boards, including currently sitting on Equity LifeStyle Properties, Inc.’s (NYSE:ELS) Board of Directors. He has been actively involved with a variety of civic and community agencies throughout his career, and is presently engaged on the boards of the Indiana University Foundation and the Regenstrief Foundation. Mr. Burks received his Bachelor of Science degree in accounting from Indiana University’s Kelley School of Business.

About Kite Realty Group Trust

Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to tenants in desirable markets through our portfolio of community, neighborhood, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders.

For more information, please visit kiterealty.com.

Contact Information: Kite Realty Group Trust        
                        
Bryan McCarthy
SVP, Marketing & Communications
317.713.5692
[email protected]

HOUSTON, March 25, 2021 (GLOBE NEWSWIRE) — ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced that as of immediately after 11:59 p.m., New York City time, on March 24, 2021 (the “Early Tender Time”), the Company had received tenders and consents in its pending offer to exchange (the “Exchange Offer”) the Company’s 9.125% Senior Secured Second Priority Notes due 2021 (the “Old Notes”) as set forth in the following table, for newly issued 8.00% Senior Secured Second Priority Notes due 2025 (the “New Notes”) and the other consideration described in the Company’s Prospectus dated as of March 10, 2021 (the “Prospectus”).

As previously announced, the Exchange Offer is scheduled to expire immediately after 11:59 p.m., New York City time, on April 8, 2021, unless extended or earlier terminated by the Company (such date and time, as the same may be extended, the “Expiration Time”). Eligible holders may tender their Old Notes in the Exchange Offer until the Expiration Time. Tendered Old Notes may be validly withdrawn prior to 5:00 p.m., New York city time, on April 8, 2021 (such date and time, as the same may be extended, the “Withdrawal Deadline”) but not thereafter, subject to limited exceptions, unless such time is extended by the Company at it sole discretion. It is expected that the settlement date will be on or about April 13, 2021, or as soon as practicable thereafter (such date and time, as the same may be extended, the “Settlement Date”).

The Exchange Offer is subject to certain closing conditions, including participation in the Exchange Offer by at least 95% of the outstanding principal amount of the Old Notes as of the Expiration Time (the “Minimum Participation Condition”). The Minimum Participation Condition has not yet been met. The Company reserves the right, subject to the consent of the supporting parties in certain circumstances, to amend or extend the Exchange Offer, or amend, modify, or waive, in whole or in part, the terms of the Exchange Offer in any manner not prohibited by law, in connection with any efforts to achieve the Minimum Participation Condition.

In conjunction with the Exchange Offer, the Company also solicited consents (the “Consent Solicitation”) from holders of Old Notes (“Consents”) to certain proposed amendments to the indenture governing the Old Notes, dated as of April 28, 2016 (the “Old Notes Indenture”), to eliminate substantially all of the restrictive covenants and certain of the default provisions contained in the Old Notes Indenture and to release all collateral securing the Old Notes (the “Proposed Amendments”). The Company must receive Consents by holders of Old Notes representing at least 66 2/3% of the outstanding principal amount of the Old Notes to adopt the Proposed Amendments (the “Requisite Consents”). Based on the tenders received in the Exchange Offer and the Consents received in the Consent Solicitation (and assuming all other conditions to the closing of the Exchange Offer and the Consent Solicitation have been satisfied or waived), the Company has received the Requisite Consents necessary for the adoption of the Proposed Amendments to the Old Notes Indenture.

The description above includes only a summary of certain key terms of the Exchange Offer and the Consent Solicitation. The complete terms and conditions of the amended Exchange Offer are contained in the Prospectus and a registration statement on Form S-4 for the New Notes, filed by the Company with the Securities and Exchange Commission on January 29, 2021, as amended by the Amendment No. 1, file with the Commission on February 12, 2021, and by the Amendment No. 2, filed with the Commission on March 3, 2021. Investors are urged to carefully read the Prospectus before making any decision with respect to the Exchange Offer and the Consent Solicitation.

Oppenheimer & Co., Inc. is acting as the dealer manager for the Exchange Offer and solicitation agent for the Consent Solicitation. The Exchange Offer and the Consent Solicitation are being made, and the New Notes are being offered and issued, only to holders of Old Notes. Copies of the Prospectus pursuant to which the Exchange Offer and the Consent Solicitation are being made may be obtained from D.F. King & Co., Inc., as information and exchange agent for the Exchange Offer and the Consent Solicitation. Questions regarding the terms and conditions of the Exchange Offer and the Consent Solicitation should be directed to D.F. King & Co., Inc. at 1 (877) 732-3617 or [email protected].

None of the Company, the dealer manager, the trustee with respect to the Old Notes and the trustee with respect to the New Notes, the information and exchange agent or any affiliate of any of them makes any recommendation as to whether holders of the Old Notes should exchange their Old Notes for New Notes in the Exchange Offer or deliver Consents in the Consent Solicitation, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender Old Notes and deliver Consents and, if so, the principal amount of Old Notes to tender.

This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase or sell any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About ION

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
[email protected]

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
[email protected]

The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation’s products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; the Company’s ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see the Company’s Form 10-K for the year ended December 31, 2020, filed on February 12, 2021, and the Company’s Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the SEC, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.