Author: Newsdesk

MONTREAL, Nov. 25, 2020 /CNW Telbec/ – SNC-Lavalin (TSX: SNC) was selected as prime consultant under a not-to-exceed $38 million USD, three-year limited services contract with two one-year optional extensions to provide traffic operations management support to the North Carolina Department of Transportation’s (NCDOT) Transportation Systems Management & Operations Unit. The contract will be delivered by SNC-Lavalin’s Engineering, Design and Project Management business (EDPM).

“Our North American business has enjoyed a number of significant contract wins this year which cement our position as an established player in a region rich with growth opportunities,” said Philip Hoare, President of Atkins, SNC-Lavalin’s EDPM business. “We now look forward to supporting NCDOT as it continues to deliver critical infrastructure for the state of North Carolina.”

Under the contract, the Company will staff, operate and manage statewide and regional traffic and toll operations centers. In addition, the team will provide project technical support staff to enable a variety of management, administration and traffic engineering functions in support of the operations.

For nearly three decades, the Company has worked with NCDOT in areas ranging from transportation management center (TMC) operations, 511 traffic information line support, intelligent transportation systems and traffic engineering consulting, and toll system design and operations.

“We remain committed to this partnership of collaboration, dedicated to TMC operations for NCDOT and to providing direct support that has spanned cycles of rapid growth, unanticipated contraction, and extreme impacts of natural disasters,” said George Nash, CEO, Atkins North America. “Aligning with NCDOT’s operational goals through changing times, we have and will continue to put the needs of the operations first.”

In the US, SNC-Lavalin’s EDPM business has more than 30 years of TMC operations experience, managing and staffing operations for North Carolina, Georgia, Michigan, Florida and Wisconsin DOTs.

About SNC-Lavalin


Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world. SNC-Lavalin connects people, technology and data to help shape and deliver world-leading concepts and projects, while offering comprehensive innovative solutions across the asset lifecycle. Our expertise is wide-ranging — consulting & advisory, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and sustaining capital – and delivered to clients in four strategic sectors: EDPM (engineering, design and project management), Infrastructure, Nuclear and Resources, supported by Capital. People. Drive. Results.

www.snclavalin.com

SOURCE SNC-Lavalin

DALLAS, Nov. 25, 2020 /PRNewswire/ — Jacobs (NYSE:J) has signed a strategic alliance teaming agreement with Biomimicry 3.8 (B3.8), a global consulting and innovation firm specializing in nature-based solutions and nature-inspired designs. Biomimicry is an innovation methodology informed by 3.8 billion years of natural evolution and provides a unique platform for the development of sustainable and regenerative designs. 

In response to increasing worldwide needs and client demands for greater positive development impacts, Jacobs has created a unique collaboration with B3.8 to offer Positive Performance, an assessment and innovation methodology created by B3.8 to help corporate clients develop and integrate regenerative best practices, thereby improving the health and wellbeing of ecosystems and the communities who depend on them.

This methodology helps engineers, architects, landscape architects and planners to understand, emulate and facilitate ecosystem services – the multi-faceted benefits that natural ecosystems provide to humanity (such as air quality, carbon sequestration, water cycle management, aesthetics, and renewable energy), in order to deliver health and wellness benefits through their designs.

“The natural world offers us an endless source of inspiring and novel ways to reimagine how we solve pressing challenges to help our clients achieve next-level sustainability performance,” said Jacobs People & Places Solutions Global Market Leader for the Built Environment Monte Wilson. “We have to learn to think differently to solve the complex problems we increasingly face globally, and this agreement with B3.8 reflects Jacobs’ commitment to sustainability and innovation in our cities and communities around the world.”

Jacobs and B3.8 are now engaged on projects with Ford Motor Company and University of California at Davis Healthcare.  

Janine Benyus, B3.8 co-founder and Time Magazine’s Hero for the Planet Award winner, said “Delivering on this level of sustainability vision requires bold partnerships, which is why it’s so exciting to see B3.8 ‘s first-to-market Positive Performance methodology paired with Jacobs’ first-in-class implementation.”

At Jacobs, we’re challenging today to reinvent tomorrow by solving the world’s most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. With approximately $14 billion in revenue and a talent force of more than 55,000, Jacobs provides a full spectrum of professional services including consulting, technical, scientific and project delivery for the government and private sector. Visit jacobs.com and connect with Jacobs on Facebook, Instagram, LinkedIn and Twitter.

Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements, including, but not limited to, the impact of the COVID-19 pandemic and the related reaction of governments on global and regional market conditions and the company’s business. For a description of some additional factors that may occur that could cause actual results to differ from our forward-looking statements, see our Annual Report on Form 10-K for the year ended October 2, 2020, and in particular the discussions contained under Item 1 – Business; Item 1A – Risk Factors; Item 3 – Legal Proceedings; and Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as the company’s other filings with the Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

For press/media inquiries:
Kerrie Sparks
214.583.8433

 

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SOURCE Jacobs

DENVER, Nov. 25, 2020 /PRNewswire/ — Lumen Technologies* (NYSE: LUMN) announced that  it has extended the expiration date of its Amended and Restated Section 382 Rights Agreement (the “NOL Rights Plan”) from Dec. 1, 2020, to Dec. 1, 2023, with the unanimous approval of its board of directors.

The company has extended its NOL Rights Plan through Dec. 1, 2023 to protect its federal net operating loss carryforwards of approximately $6.2 billion as of Dec. 31, 2019, which, if available, can be used to reduce its future payments of U.S. federal income taxes. 

The NOL Rights Plan was approved by the company’s shareholders at its 2019 Annual Meeting of Shareholders by approximately 90% of the votes cast. The company intends to submit the extension of the NOL Rights Plan for approval by the company’s shareholders at its 2021 Annual Meeting of Shareholders. If shareholder approval is not obtained by Dec. 1, 2021, the NOL Rights Plan will terminate on such date.

Additional information about the extension will be contained in reports on Form 8-K and Form 8-A/A that the company plans to file with the U.S. Securities and Exchange Commission.

About Lumen

Lumen is guided by our belief that humanity is at its best when technology advances the way we live and work. With approximately 450,000 route fiber miles and serving customers in more than 60 countries, we deliver the fastest, most secure platform for applications and data to help businesses, government and communities deliver amazing experiences.

Learn more about the Lumen network, edge cloud, security, communication and collaboration solutions and our purpose to further human progress through technology at news.lumen.com, LinkedIn: /lumentechnologies, Twitter: @lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly-owned affiliate of CenturyLink Inc.

* The Lumen brand was launched on Sept. 14, 2020. As a result, CenturyLink Inc. is referred to as Lumen Technologies, or simply Lumen. The legal name CenturyLink, Inc. is expected to be formally changed to Lumen Technologies, Inc. upon satisfying all applicable legal requirements.

Forward-Looking Statements

Except for historical and factual information, the matters set forth in this release and other of our oral or written statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” and similar expressions are forward-looking statements. These forward-looking statements are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to those referenced from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. We may change our intentions, strategies or plans without notice at any time and for any reason.

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SOURCE Lumen Technologies

VANCOUVER, BC, Nov. 25, 2020 /PRNewswire/ – InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (NASDAQ: INM) (TSX: IN), a clinical-stage pharmaceutical company developing medications targeting diseases with high unmet medical need and leading the way in the clinical development of cannabinol (“CBN”), today announced top-line results from its 755-101-HV Phase 1 clinical trial (“Study 101”).

Results of Study 101 indicate that INM-755 was safe and well-tolerated on intact skin, caused no systemic or serious adverse effects, and there were no subject withdrawals due to adverse events. Drug concentrations in the blood were very low, as expected.

Study 101 was a randomized, vehicle-controlled, double-blind, Phase 1 trial, that examined the safety and tolerability of two strengths of INM-755 cream on intact skin in 22 healthy adult volunteers over a 14-day treatment period.

Study 101 compared two strengths of INM-755 cream with a vehicle (cream base without CBN) under treatment procedures designed to create intense conditions for assessing skin irritation potential. The entire upper back of each subject, representing 5% body surface area (“BSA”), had cream applied and was then covered with a film dressing (bandage). This application was repeated daily, resulting in continuous exposure to the cream and the dressing for 14 days. These treatment conditions simulate what occurs for some EB patients who have large areas of skin covered with such a dressing daily.

Local tolerability was assessed daily in a standardized way for erythema (redness), edema (fluid accumulation/swelling), scaling (flaking skin), and stinging/burning. These assessments were made by trained clinic personnel who were blinded as to which treatment the patient was assigned (active versus vehicle only).

Comparison of the active and vehicle treatment groups demonstrated a slightly higher incidence and intensity of erythema and scaling in the INM-755 groups. These effects were not dose-dependent, with both the high and low-concentration INM-755 groups showing similar results.

The majority of subjects in all groups had no events for the four monitored local tolerability parameters on most days over the treatment period. Local reactions that did occur were mostly mild or moderate and resolved without intervention. The occurrence of mild erythema and stinging/burning in some subjects from the vehicle group suggests that the administered vehicle and/or the film dressing may have contributed to observed local reactions across all study groups. Contact dermatitis is commonly seen with film dressings like those used in this study and by EB patients.

A very low amount of drug was measured in the blood of subjects who received the high-concentration INM-755 cream. CBN levels were too low to be measured in most subjects in the low-concentration INM-755 group. No systemic adverse effects were caused by INM-755 exposure in this study. Systemic safety was evaluated by standard procedures that included reporting adverse events, use of concomitant medications, findings from physical examinations, electrocardiograms, measurements of vital signs, and the full set of hematology, chemistry, and urinalysis laboratory parameters.

Additionally, Study 101 assessed subject-reported outcomes for alertness, calmness, and mood using the Bond-Lader Visual Analogue Scale, and internal perception, external perception, and “feeling high” using the Bowdle Visual Analogue Scale. Treatment of 5% BSA daily for 14 days with INM-755 cream did not cause any effects on these subject-reported feelings.  

In summary, these results demonstrate an acceptable local safety profile of treating intact skin in healthy volunteers and indicate only low-level systemic exposure from topical administration which did not lead to any systemic adverse effects. Study 101 is the first of two Phase 1 clinical trials conducted in healthy volunteers. The second, 755-102-HV Phase 1 trial (“Study 102”), which recently completed subject treatment, is investigating the effect of INM-755 cream on small epidermal wounds. The Company anticipates reporting the results from Study 102 in early first quarter of calendar 2021.

About InMed: InMed Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of cannabinoid-based medications, initially focused on the therapeutic benefits of cannabinol (CBN) in diseases with high unmet medical need. The Company is dedicated to delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based medicines. For more information, visit www.inmedpharma.com.

About INM-755: INM-755 is a CBN cream intended as a topical therapy to treat epidermolysis bullosa (EB) and potentially other dermatological diseases. Preclinical data demonstrate that INM-755 may help relieve hallmark EB symptoms, such as inflammation and pain, as well potentially restore the integrity of the skin in a subset of EB Simplex patients.

About Epidermolysis Bullosa (EB): EB is the collective name of a group of genetic disorders of characterized by fragile skin and mucous membranes that are easily damaged, leading to extensive blistering and wounding. The blisters may appear in response to minor injury, even from heat, rubbing, scratching or adhesive tape. The disease has no approved cure and most current treatments are directed towards symptomatic relief.

Investor Contact:
InMed Pharmaceuticals Inc.                         
Brendan Payne, Director – Investor Relations
T:         +1.604.669.7207
E:         [email protected]

Edison Advisors for InMed Pharmaceuticals
Joe Green/Laine Yonker
T:         +1.646.653.7030/+1.646.760.0321
E:         [email protected] / [email protected]

Cautionary Note Regarding Forward-Looking Information: 

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws.  Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: leading the way in the clinical development of CBN; the indications of the results from the 755-101-HV Phase 1 clinical trial and its support for continued development of INM-755 in the EB program; the purpose for which INM-755 is being developed and its potential to treat certain diseases; the anticipation of the results of the 755-102-HV trial in early first quarter of calendar 2021; that a second phase clinical trial will be completed before advancing into therapeutic trials with EB subjects; that INM-755 may help to relieve EB symptoms, such as inflammation and pain, as well potentially restore the integrity of the skin in a subset of EB Simplex patients; developing a pipeline of cannabinoid-based medications in diseases with high unmet medical need; the potential therapeutic and safety characteristics of CBN; and the potential treatments of INM-755.

With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: that InMed will lead the way in the clinical development of CBN; the results from the 755-101-HV Phase 1 clinical trial will continue to support continued development of INM-755 in the EB program; the results of the 755-102-HV trial will be available in early first quarter of calendar 2021. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause InMed’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the outbreak and impact of COVID-19 may worsen; further results may not support continued development of INM-755 in the EB program; results of the 755-102-HV trial may not be favorable or may be delayed; demand or interest for InMed’s products may decrease or cease; and economic and market conditions may become unstable or unfavorable. A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed’s most recent Annual Information Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

NEITHER THE TORONTOSTOCK EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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SOURCE InMed Pharmaceuticals Inc.

Business momentum continues; drives solid top and bottom line growth 


 

Third Quarter (Q3) 2020 Highlights

• Revenue growth accelerated, increasing 19.3% over Q3 2019 to $22.9 million
• Gross margin reached 19.1%, versus 13.1% in the prior year
• EBITDA
  ¹
   came in at $3.0 million, up 70.2% over 2019; up 123.1% on a constant currency basis
• N
  et income was $1.2 million, up 163% from $0.5 million in 2019
• Cash flow generation remained strong; ended the quarter with $2.3 million of cash and no debt on short term credit facility

MONTREAL, Nov. 25, 2020 /CNW Telbec/ – Imaflex Inc. (“Imaflex” or the “Corporation”) (TSXV: IFX), announces its consolidated financial results for the third quarter (Q3) ended September 30, 2020 and provides a business update.  All amounts are in Canadian dollars.  

“We had another solid quarter, with strong operational performance and heightened year-over-year gains in revenues and profitability,” said Mr. Joe Abbandonato, President and Chief Executive Officer of Imaflex.  “Our tightly managed balance sheet also continued to strengthen, enhancing our financial flexibility and putting us in one of the best financial positions we’ve seen in recent years.  We also achieved some important milestones with ADVASEAL®, including positive field trial results from the Efficacy Study validating the film’s effectiveness as a pre-plant soil fumigant replacement.  This is shaping up to be a pivotal year for Imaflex and we are pleased with the steady progress made on our shareholder commitment to drive profitable growth, particularly during this climate of uncertainty caused by COVID-19.”

Consolidated Financial Highlights (unaudited)

Financial Review: Quarter ended September 30

Revenues
Revenues were up 19.3% over 2019, reaching $22.9 million for the quarter.  Growth was driven by robust flexible packaging sales volumes, along with heightened sales of agricultural films and converted products.  On a poundage basis, overall extruded film volumes were up 21.5% year-over-year.  Although revenues continued to be impacted by competitive pressures, resin costs came off a market bottom, reached earlier this year, bringing product pricing more in line with 2019 levels.  As Imaflex has no long term customer contracts, it is able to adjust product pricing in accordance with resin input costs, although there is usually a 30-day lag between a resin price increase and when customer pricing can be revised. 

For the nine months ended September 30, 2020, revenues came in at $64.7 million versus $62.3 million in the corresponding prior-year period.  The increase was largely due to the same variables outlined for the quarter, partially offset by the lower resin pricing environment seen in the first half of 2020.  

Gross Profit 
The quarterly gross profit continued to trend well above prior-year levels, coming in at $4.4 million or 19.1% of sales as compared to $2.5 million and 13.1% of sales in 2019.  The improvement was largely driven by the greater sales volumes for the current quarter, which diminished the impact of labor and overhead costs relative to sales; and heightened control of the Corporation’s variable production costs.   

The year-to-date gross profit was $12.1 million, up 45.2% from $8.3 million in 2019.  The increase was due to the same factors outlined for the quarter, along with favourable fluctuations in foreign exchange.   

Operating Ex
penses
Selling and administrative expenses were $1.9 million for the third quarter of 2020, versus $1.8 million in the prior year.  As a result of the higher revenue base this quarter, selling and administrative expenses as a percent of sales were down year-over-year, coming in at 8.4% for the current quarter versus 9.4% in 2019.  For the year-to-date, selling and administrative expenses were $5.7 million or 8.8% of sales, up slightly from $5.4 million and 8.6%, respectively in the prior year.  The increase in year-over-year expenses for both the quarter and nine-months was largely due to higher sales commissions resulting from the better sales volumes.

Due to the depreciation of the US dollar against the Canadian dollar, Imaflex recorded a foreign exchange loss of $0.4 million in the third quarter of 2020, compared to a gain of $0.2 million in 2019.  This resulted in an unfavourable variance of $0.6 million versus the third quarter of 2019.  Conversely, for the first nine months of 2020, Imaflex realized a foreign exchange gain of $0.4 million, versus a loss of $0.5 million in 2019, culminating in a favourable year-over-year variance of $0.9 million.  A majority of the Corporation’s foreign exchange gains and losses are non-cash impacting and largely relate to intercompany balances for which Imaflex can control the time of settlement.   

Net Income and EBITDA  
Net income stood at $1.2 million for the current quarter, up 163.0% from $0.5 million in 2019.  The year-over-year improvement was largely due to the higher gross profit for the current quarter, partially offset by the foreign exchange losses and greater selling and administrative expenses.  For 2020 year-to-date, net income was $4.7 million, up 278.8% from $1.2 million in the prior year.  The increase over 2019 was driven by the higher gross profit and foreign exchange gain (versus a loss in 2019), partially offset by higher selling and administrative expenses.  

EBITDA stood at $3.0 million or 12.9% of sales for the current quarter, up materially from $1.7 million and 9.0% of sales in the third quarter of 2019.  On a constant currency basis, the quarterly EBITDA stood at $3.4 million or 14.8% of sales, up 123.1% from $1.5 million and 7.9% of sales in 2019.  For the first nine months of 2020, EBITDA came in at $9.5 million or 14.7% of sales, up from $4.8 million and 7.7% of sales in the corresponding prior-year period.  Excluding the impact of foreign exchange, EBITDA was $9.1 million (14.1% of sales) for the first nine months of 2020, up 71.7% from $5.3 million (8.5% of sales) in 2019.

Liquidity and Capital Resources
Net cash generated by operating activities was $4.1 million for the third quarter of 2020, up materially from $1.4 million in 2019.  The increase was largely driven by the higher current quarter profit, non-cash year-over-year movements in foreign exchange and income tax expenses, along with changes in working capital.    

For 2020 year-to-date, net cash generated by operating activities stood at $9.8 million, up $2.8 million from $7.0 million in 2019.  The increase was driven by the higher profitability in 2020 and non-cash movements in income tax expense, partially offset by non-cash movements in foreign exchange and changes in working capital.  

Strong cash flow generation and disciplined capital allocation continued to strengthen the balance sheet.  As at September 30, 2020, Imaflex had access to $14.3 million of cash for operating activities, comprised of $2.3 million of cash, along with the full $12.0 million available under its revolving line of credit.   

ADVASEAL® Update
As previously announced the Corporation is conducting a Release Study, which is the last and most comprehensive trial required prior to submitting the U.S. Environmental Protection Agency (EPA) registration package.  The study determines the exact timing for release of each active ingredient (herbicide, nematicide and fungicides) coated on the new ADVASEAL®.  This is required to show compliance with the pre-harvest interval legally established by the EPA, which is essentially the wait time required between the application of crop protection products onto the soil and when a crop can be harvested for safe human consumption.  Imaflex will announce the independent trial results once available.  The Corporation remains focused on submitting the registration package with the EPA around year-end 2020.  Once submitted, the EPA review process can take up to a year to complete.   

Impact of COVID-19 – All plants remain fully operational and running at normal levels
COVID-19 continues to have no significant impact on operations, nor is the Corporation experiencing any material issues with customer receivables or delays with suppliers and distribution channels.  Imaflex is considered an essential vendor due to the important role its products play in protecting and preserving the integrity of products, particularly within the food and packaging industry.  All plants remain fully operational and running at normal business levels, while no material capital project has been halted.  Each plant has the ability to take on more volume should it be required due to business interruption at another location or heightened order flow.  The Corporation is monitoring developments closely and taking strong preventative measures to protect its employees, customers and business.

Outlook 
“Looking ahead, the impact of COVID-19 on our business, financial situation and results remains unclear and cannot be predicted,” said Mr. Abbandonato.  “Any outbreak at one of our plants, deferrals in purchases, payment issues with customers, or supply and distribution delays could impact us.  However, these risks are considered temporary and with a strong balance sheet and dynamic team the Corporation is well positioned to meet any challenges.” 

“Operationally, we are beginning to see the anticipated growth and increased profitability resulting from our recent equipment purchases.  Although we continue to be in a competitive pricing environment, we expect business fundamentals to remain robust for the remainder of the year and we are cautiously optimistic fourth quarter 2020 revenues and profitability will surpass 2019 levels.” 

Caution Regarding Non-IFRS Financial Measures
The Company’s management uses a non-IFRS measure in this press release, namely EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and EBITDA excluding foreign exchange.   

While EBITDA is not a standard International Financial Reporting Standards (IFRS) measure, management, analysts, investors and others use it as an indicator of the Company’s financial and operating management and performance.  EBITDA should not be construed as an alternative to net income determined in accordance with IFRS as an indicator of the Company’s performance.  The Company’s method of calculating EBITDA may be different from those used by other companies and accordingly it should not be considered in isolation.

About Imaflex Inc.
Founded in 1994, Imaflex is focused on the development and manufacturing of innovative solutions for the flexible packaging space.  Concurrently, the Corporation develops and manufactures films for the agriculture industry.  The Corporation’s products consist primarily of polyethylene (plastic) film and bags, including metalized plastic film, for the industrial, agricultural and consumer markets.   Headquartered in Montreal, Quebec, Imaflex has manufacturing facilities in Canada and the United States.  The Corporation’s common stock is listed on the TSX Venture Exchange under the ticker symbol IFX.  Additional information is available at www.imaflex.com.

Cautionary Statement on Forward Looking Information

Certain information included in this press release constitutes “forward-looking” statements within the meaning of Canadian securities laws.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the management of the Corporation, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies.  The Corporation cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Imaflex to be materially different from the Corporation’s estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance.  These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Corporation’s most recent Management Discussion and Analysis filed on SEDAR at www.sedar.com and on the investor section of the Corporation’s website at www.imaflex.com.  The Corporation disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law.  Readers are cautioned not to put undue reliance on these forward-looking statements.

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

SOURCE Imaflex Inc.

INTERCEPT OF 0.74% COPPER EQUIVALENT ¹ OVER 241.5 METERS, INCLUDING 1.77% COPPER EQUIVALENT





¹





OVER 32 METERS DIRECTLY BELOW ÇÖPLER MAIN PIT

DENVER
, Nov. 25, 2020 /PRNewswire/ – SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) (“SSR Mining”) is pleased to announce positive results from the diamond drilling program for the Çöpler copper-gold porphyry target (“C2”). The C2 target sits directly below the Çöpler Main pit, which is currently in production. Four diamond drill holes were completed along a line of approximately 730 meters, with all holes intersecting gold-rich copper porphyry mineralization. Chalcopyrite is visible in the drill core with mineralization starting at or close to the bottom of the ultimate Çöpler Main pit.

The four diamond drill holes had intercepts including:

• 
  CDD955 returned 0.74% CuEq over 241.5 meters from 37 meters, including 1.77% CuEq over 32 meters from 96.2 meters, 1.92% CuEq over 17.4 meters from 136.2 meters, and 0.42% CuEq over 166.2 meters from 287.5 meters.

• 
  CDD935 returned 0.86% CuEq over 108.6 meters from 103.1 meters, including 1.19% CuEq over 8.6 meters from 146.3 meters, 1.40% CuEq over 23.6 meters from 161 meters, and 1.36% CuEq over 5.3 meters from 199 meters.

Rod Antal, President and CEO said, “The C2 results are another example of the long-term potential of Çöpler. It has long been contemplated that there are copper-gold porphyries associated with the Çöpler mineralization and recent in-pit exploration mapping identified mineralization and structures pointing to the possibility of a porphyry. Drilling began mid-year with the first four holes all returning long mineralized intercepts. While we are in the early stage for this exploration target, we are excited by the potential of C2 for a large volume and higher-grade zone close to what will be the ultimate bottom of the Çöpler Main pit. Drilling is continuing with three drills exploring the extent of the mineralization while we also start metallurgical test work programs. C2 is another excellent example of our organic growth opportunities.”

Mineralization Style

The C2 target lies within the Main pit of the Çöpler mine (Figure 1). Çöpler is currently mining sulfide gold ore, hosted mainly in hornfels, in the Main pit. Some of the newly discovered porphyry intrusive has been exposed in parts of the lower benches (Figure 2). The porphyry has well-developed stockwork and sheeted sulfide-quartz veins. Where exposed in the pit benches, these veins are locally overprinted by thicker quartz-sericite-sulfide veins. The mineralized intrusive was subjected to potassic alteration that is characterized by development of K-Feldspar, secondary biotite, quartz and magnetite as veins and as replacement of earlier rock forming minerals. Potassic alteration is overprinted by a supergene clay alteration and locally overprinted by chlorite and sericite. The copper mineralization is predominantly chalcopyrite formed as disseminations in the matrix and as thin veins associated with quartz accompanied with rare molybdenite mineralization. There is elevated arsenic in some zones, but this does not seem to be directly correlated to the copper mineralization. The gold mineralization is not visible.

Drilling

Between June 2020 and September 2020, SSR Mining drilled four diamond core holes totaling 1,882.5 meters (Figure 3), designed to test the C2 target. The holes are located in the Main pit, all within 80% owned and managed license

²

. All drilling used either HQ (63.5 millimeters in diameter) or PQ (85 millimeters in diameter) core sizes. Currently there are three drills at the C2 target. The exploration drilling is, at times, restricted by mining
activities within the pit.

Significant results are down hole length and include:

• 
  CDD935 returned 0.86% CuEq over 108.6 meters from 103.1 meters, including 1.19% CuEq over 8.6 meters from 146.3 meters, 1.40% CuEq over 23.6 meters from 161 meters, and 1.36% CuEq over 5.3 meters from 199 meters.

• 
  CDD940 returned 0.71% CuEq over 81.5 meters from 271.2 meters, including 1.29% CuEq over 10.8 meters from 274.2 meters, 1.28% CuEq over 5.7 meters from 308.5 meters, 1.30% CuEq over 9 meters from 327.6 meters, and 0.34% CuEq over 74.7 meters from 359.7 meters.

• 
  CDD947 returned 1.14% CuEq over 49.6 meters from 156.9 meters, including 1.06% CuEq over 10.0 meters from 162.3 meters, 1.29% CuEq over 6.7 meters from 181.0 meters, 2.82% CuEq over 9.8 meters from 194.7 meters, 1.20% CuEq over 18.4 meters from 237.8 meters, and 0.30% CuEq over 127.7 meters from 303.3 meters.

• 
  CDD955 returned 0.74% CuEq over 241.5 meters from 37 meters, including 1.77% CuEq over 32 meters from 96.2 meters, 1.92% CuEq over 17.4 meters from 136.2 meters, and 0.42% CuEq over 166.2 meters from 287.5 meters.

Table 1 presents significant mineralized drill hole intercepts. To view the complete drill assay results and further technical information relating to this news release, please visit SSR Mining’s website at www.ssrmining.com.

Table 1. Significant mineralized drill hole CuEq

³

 intercepts at the C2 target.

 

Sampling and Analytical Procedures

The C2 drilling program started in 2020. Diamond drill core is sampled as half core at 1m intervals or geological contacts. Sampling interval varies between 0.6 meters and 2 meters with an average of 1.02 meters length. The samples were submitted to ALS Global laboratories in Izmir, Turkey for sample preparation and analysis which is of an ISO/IEC 7025:2005 certified and accredited laboratory. Bureau Veritas (Acme) laboratory, Ankara was used for umpire check sample analysis. Gold was analyzed by fire assay with an AAS finish, and the multi-element analyses were determined by four acid digestion and ICP-AES and MS finish. For gold assays greater than or equal to 10 g/t, the fire assay process is repeated with a gravimetric finish for coarse gold. If copper assays are greater than or equal to 10,000ppm, four acid digestion and ICP finish (Cu-OG62) is implemented. The drill and geochemical samples were collected in accordance with accepted industry standards. SSR Mining conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates, and umpire laboratory check assays. External review of data and processes relating to C2 have been completed by independent consultant Dr. Erdem Yetkin, P.Geo. in November 2020. There were no adverse material results detected and the QA/QC indicates the information collected is acceptable, and the database can be used for further studies.

No metallurgical work has been completed to date on C2 samples. The process of compositing samples for the initial metallurgical test work program has begun.

Qualified Persons

The exploration results disclosed in this document were prepared under the supervision and approved by Dr. Cengiz Y. Demirci, AIPG Registered Member and a CPG (Certified Professional Geologist), and VP Exploration at SSR Mining. Dr. Demirci has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and is a qualified person pursuant to National Instrument 43-101 (“NI 43-101”).

The information in this document which relates to C2 exploration results is based on, and fairly represents, information and supporting documentation prepared by Dr. Mesut Soylu, P.Geo., Eurgeol, who is a Chief Geologist at SSR Mining. Dr. Soylu has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and is a qualified person pursuant to NI 43-101. Dr. Soylu consents to the inclusion in this document of the matters based on this information in the form and context in which it appears.

External review of data and processes relating to the C2 target was completed in November 2020 by independent consultant Dr. Erdem Yetkin, P.Geo. a qualified person as defined by NI 43-101. There were no adverse material results detected and Dr. Yetkin is of the opinion that the QA/QC indicates the information collected is acceptable, and the database can be used for announcing the exploration results.

About SSR Mining

SSR Mining Inc. is a leading, free cash flow focused intermediate gold company with four producing assets located in the USA, Turkey, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets in the USA, Turkey, Mexico, Peru, and Canada. In 2019, the four operating assets produced over 720,000 ounces of gold and 7.7 million ounces of silver.

SSR Mining’s diversified asset portfolio is comprised of high margin, long-life assets along several of the world’s most prolific precious metal districts including the Çöpler mine along the Tethyan belt in Turkey; the Marigold mine along the Battle Mountain–Eureka trend in Nevada, USA; the Seabee mine along the Trans-Hudson Corridor in Saskatchewan, Canada; and  the Puna mine along the Bolivian silver belt in Jujuy, Argentina. SSR Mining has an experienced leadership team with a proven track record of value creation. Across SSR Mining, the team has expertise in project construction, mining (open pit and underground), and processing (pressure oxidation, heap leach, and flotation), with a strong commitment to health, safety and environmental management.

SSR Mining intends to leverage its strong balance sheet and proven track record of free cash flow generation as foundations to organically fund growth across the portfolio and to facilitate superior returns to shareholders.

SSR Mining is listed under the ticker symbol SSRM on the NASDAQ and the TSX, and SSR on the ASX.

SSR Mining Contacts

F. Edward Farid, Executive Vice President, Chief Corporate Development Officer
 

Michael McDonald, Director, Corporate Development & Investor Relations
 

SSR Mining Inc.
 

E-Mail: [email protected]

Phone: +1 (888) 338-0046 or +1 (604) 689-3846

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Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements.

Generally, forward-looking statements can be identified by the use of words or phrases such as “expects,” “anticipates,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “objectives,” “potential,” “believes,” 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 or similar expressions. The forward-looking statements in this news release relate to, among other things:  preliminary cost reporting in this document; production, cost, and capital expenditure guidance; the ability to expand the current heap leach pad; development plans for processing sulfide ore at Çöpler; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and payment of dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; the outbreak of pandemics, epidemics or other health crises (including, without limitation, the COVID-19 pandemic); availability of sufficient financing; exploration plans; receipt of regulatory approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited to, those disclosed in any other of SSR Mining’s filings, the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to the mines or facilities; lack of legal challenges with respect to our property; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically  favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in SSR Mining’s filings on SSR our website at www.ssrmining.com, on SEDAR at




www.sedar.com




, the EDGAR section of the SEC website at www.sec.gov. and on the ASX at www.asx.com.au, and other unforeseen events or circumstances. Other than as required by law, SSR Mining does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

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