Market Newsdesk

BARTLETT, Tenn., May 04, 2023 (GLOBE NEWSWIRE) — SurgePays, Inc. (Nasdaq: SURG) (“SurgePays” or the “Company”), a technology and telecommunications company focused on the underbanked and underserved, announced today that management will host a live conference call and webcast to discuss its first quarter 2023 earnings on May 11, 2023, at 5:00pm ET.

The live webcast of the call can be accessed at 1Q 2023 Webcast, as well as on the company’s investor relations website at ir.surgepays.com.

Telephone access to the call will be available at 888-999-5318 (in the U.S.) or by dialing 848-280-6460 (outside U.S.).

A telephone replay will be available approximately one hour following completion of the call through Thursday, May 25, 2023. To access the replay, please dial 844-512-2921 (in the U.S.) or 412-317-6671 (outside U.S.). Enter Conference ID #0151927.

About SurgePays, Inc.

SurgePays, Inc. is a technology and telecom company focused on the underbanked and underserved communities. SurgePhone and Torch Wireless provide subsidized mobile broadband to over 250,000 low-income subscribers nationwide. SurgePays fintech platform empowers clerks at over 8,000 convenience stores to provide a suite of prepaid wireless and financial products to underbanked customers. Please visit SurgePays.com for more information.

MZ Contact

Brian M. Prenoveau, CFA
MZ Group – MZ North America
[email protected]
+561 489 5315

SAN CARLOS, Calif., May 04, 2023 (GLOBE NEWSWIRE) — Presto Automation Inc. (Nasdaq: PRST), one of the largest drive-thru automation technology providers in the hospitality industry, today announced the expansion of its partnership with CKE Restaurants Holdings, Inc., the parent company of the iconic Carl’s Jr. and Hardee’s brands. Presto will be rolling out its artificial intelligence (AI) powered solution, Presto Voice™, to automate voice ordering at participating drive-thru locations nationwide.

The voice automation technology, which has already been implemented at select Carl’s Jr. and Hardee’s drive-thru locations within the United States, increases revenue, improves labor productivity, and enhances the guest and staff experience.   Carl’s Jr. and Hardee’s operate roughly 2,800 franchised or company-operated restaurants across 44 US states.

Phil Crawford, the Chief Technology Officer at CKE, stated that “Presto’s Voice AI solution is a robust choice as it aligns well with CKE’s objective of providing guests with outstanding service while simultaneously increasing operational efficiency.” Crawford added “that the pilot program yielded positive outcomes, with deployed stores experiencing a significant rise in revenue due to the upsell capability. As a result, we are delighted to offer the Presto Voice AI technology to our franchisee base across the country.”

“The entire Presto team is excited to be partnering with CKE, a pioneer and a technology early adopter in the QSR space,” said Dan Mosher, President of Presto. “CKE recently revolutionized its digital ecosystem and we are confident that Presto is well-suited to support CKE’s growth.”

Presto is a proven leader in automation technology and as a public company also understands how to operationalize the successful deployment of its products across thousands of restaurants. In recent pilot tests of Presto Voice at select Carl’s Jr. and Hardee’s restaurants, Presto Voice yielded great results with the test location’s relevant metrics, including increased upsell offer rates and increased average check sizes due to upsells.

To schedule a live demo or learn more about Presto’s products, please contact [email protected] or visitpresto.com.

About Presto Automation Inc.

Presto (Nasdaq: PRST) provides enterprise-grade AI solutions for the nation’s largest hospitality brands. Our industry-leading automation and voice AI technology improves order accuracy, reduces labor costs, and increases revenue for superior drive-thru and dine-in experiences. With over 380 million transactions processed, Presto is one of the largest labor automation technology providers in the industry. Presto is headquartered in Silicon Valley in San Carlos, California and counts among its customers some of the top 20 restaurant chains in the United States.

About CKE Restaurants Holdings, Inc.

CKE, a privately held company based in Franklin, Tennessee, runs and operates Carl’s Jr.® and Hardee’s®, two beloved regional brands, known for premium and innovative menu items such as 100 percent Black Angus Thickburgers®, Made from Scratch™ Biscuits and Hand-Breaded Chicken Tenders™. With both a US and international footprint, Carl’s Jr. Restaurants LLC and Hardee’s Restaurants LLC have over 3,800 franchised or company-operated restaurants in 44 states and 43 foreign countries and U.S. territories.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. Except as otherwise required by applicable law, Presto disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Presto cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Presto. In addition, Presto cautions you that the forward-looking statements contained in this press release are subject to the following risks and uncertainties: our ability to manage our growth effectively, to sustain our recent revenue growth or attract new customers; the limited operating history with our new Vision and Voice products in a new and developing market; our ability to achieve revenue growth while our expenses increase; continued adverse impacts from COVID-19 (including as a result of global supply chain shortages); the loss of any of our three largest customers or a reduction in their business with us; our ability to improve and enhance the functionality, performance, reliability, design, security, or scalability of our platform to respond to customers’ evolving needs; our ability to protect the security of our customers’ information; changing privacy laws, regulations and standards, and our ability to comply with contractual obligations and laws related to data privacy and security; unfavorable conditions in the restaurant industry or the global economy, including with respect to food, labor, and occupancy costs; the availability of capital or financing on acceptable terms, if at all; financial covenants and other restrictions on our actions contained in our financing agreements that may limit our operational flexibility; the length and unpredictability of our sales cycles and the amount of investments required in sales efforts; material weaknesses in our internal control over financial reporting and, our ability to remediate these deficiencies; our ability to continue as a going concern; our ability to receive additional financing in a timely manner; shortages, price increases, changes, delays or discontinuations of hardware; our ability to maintain relationships with our payment processors; our reliance on computer hardware, licensed software and services rendered by third parties; U.S. laws and regulations (including with respect to payment transaction processing), many of which are unsettled and still developing, and our or our customers’ ability to comply with such laws and regulations; significant changes in U.S. and international trade policies that restrict imports or increase tariffs; any requirements to collect additional sales taxes or be subject to other tax liabilities that may increase the costs to our customers; our ability to adequately protect our intellectual property rights; claims by third parties of intellectual property infringement; our use of open-source software in our platform; and other economic, business, competitive and/or regulatory factors affecting Presto’s business generally as set forth in our filings with the Securities and Exchange Commission.

Contact

For Presto:

Chris Cast
[email protected]

For CKE:

Beth Gerstenberger
Communications Director
615-970-8363
[email protected]

A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e792fb25-79b4-4c7c-9aea-fb84f621c47a

• Reports record revenue of $15.5 million for the first-quarter quarter of 2023

• GAAP diluted EPS of $0.27 and non-GAAP diluted EPS of $0.30

• Operating income was $4.0 million and increased by 30%

• Announces second quarter 2023 financial guidance and increases full-year 2023 financial guidance

WINTER SPRINGS, Fla., May 04, 2023 (GLOBE NEWSWIRE) — IRADIMED CORPORATION (the “Company”) (NASDAQ: IRMD), announced today its financial results for the three months ended March 31, 2023. The Company is a leader in the development of innovative magnetic resonance imaging (“MRI”) medical devices and the only known provider of a non-magnetic intravenous (“IV”) infusion pump system, and non-magnetic patient vital signs monitoring systems that are designed for use during MRI procedures.

“I am pleased to announce the results of another exceptional quarter which reflects the hard work of our team and the continued strong demand for our products. This quarter was our highest-ever revenue quarter and the seventh consecutive quarter of record revenues. This growth and the financial strength of our business afforded us the opportunity to pay a special dividend of $1.05 per share during the first quarter. We expect this momentum to continue and give us the confidence to increase our outlook for the full year. We now expect revenue of $62 million to $63.5 million and non-GAAP earnings per share of $1.26 to $1.35,” said Roger Susi, President and Chief Executive Officer of the Company.

For the first quarter ended March 31, 2023, the Company reported over 25% year-over-year revenue growth to $15.5 million compared to $12.3 million for the first quarter of 2022. Net income was $3.4 million, or $0.27 per diluted share, compared to $2.5 million, or $0.20 per diluted share for the first quarter of 2022.

Non-GAAP net income was $3.8 million, or $0.30 per diluted share, for the quarter ended March 31, 2023, and excludes $0.4 million of stock compensation expense, net of tax expense. Non-GAAP net income for the quarter ended March 31, 2022, was $2.8 million, or $0.22 per diluted share, and excludes $0.3 million of stock compensation expense, net of tax.

Revenue Information

:

		Three Months Ended
		March 31,
		2023			2022
Devices:
MRI compatible IV infusion pump system		$	5,538,817		$	3,281,939
MRI compatible patient vital signs monitoring systems			4,696,818			5,194,751
Ferro Magnetic Detection Systems			300,589			—
Total Devices revenue			10,536,224			8,476,690
Disposables, services and other			4,431,741			3,318,902
Amortization of extended warranty agreements			507,118			515,118
Total revenue		$	15,475,083		$	12,310,710

For the first quarter of 2023, domestic sales were 77.4 percent of total revenue, compared to 81.1 percent for the first quarter of 2022. The gross profit margin was 75.7 percent for the first quarter of 2023, compared to 76.2 percent for the first quarter of 2022.

Cash Flow

:

For the three months ended March 31, 2023, cash from operations was $4.6 million, compared to $1.4 million for the same period in 2022.

Financial Guidance

For the second quarter of 2023, the Company expects to report revenue of $15.6 million to $15.8 million, GAAP diluted earnings per share of $0.27 to $0.29, and non-GAAP diluted earnings per share of $0.30 to $0.32.

The Company increased its full-year 2023 financial guidance and now expects to report revenue of $62 million to $63.5 million, GAAP diluted earnings per share of $1.13 to $1.21, and non-GAAP diluted earnings per share of $1.26 to $1.35. The Company previously expected revenue of $61.0 million to $63.0 million, GAAP diluted earnings per share of $1.10 to $1.20, and non-GAAP diluted earnings per share of $1.23 to $1.34.

The Company’s non-GAAP diluted earnings per share guidance excludes stock-based compensation expense, net of tax, which the Company expects to be approximately $1.6 million and $0.4 million for the full year and second quarter 2023, respectively.

Use of non-GAAP Financial Measures

The Company believes the use of non-GAAP net income, free cash flow, and infrequent income tax items are helpful to our investors. These measures, which we refer to as our non-GAAP financial measures, are not prepared in accordance with U.S. GAAP.

We calculate non-GAAP net income as net income excluding (1) stock-based compensation expense, net of tax. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between our operating results from period to period; (2) operating expenses, net of tax, that we believe are not indicative of the Company’s on-going core operating performance, and; (3) infrequent tax items are considered based on their nature and are excluded from the provision for income taxes as these costs or benefits are not indicative of our normal or future provision for income taxes. We calculate free cash flow as net cash provided by operating activities, less net cash used in investing activities for purchases of property and equipment.

We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic acquisitions, strengthening our balance sheet and returning cash to our shareholders through various means.

All of our non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating our ongoing core operating results.

A reconciliation of the non-GAAP financial measures used in this release to the most comparable U.S. GAAP measures for the respective periods can be found in the table later in this release immediately following the condensed statements of cash flows. These non-GAAP financial measures should not be considered in isolation or as a substitute for a measure of the Company’s operating performance or liquidity prepared in accordance with U.S. GAAP and are not indicative of net income or cash provided by operating activities.

Conference Call

Iradimed has scheduled a conference call to discuss this announcement beginning at 11:00 a.m. Eastern Time today, May 4, 2023. Individuals interested in listening to the conference call may do so by registering here, https://register.vevent.com/register/BIcf1e7c2140024a1c8d825b18c82691f0. Once registered a dial in number, unique pin and instructions will be provided to participants.

The conference call will also be available in real-time via the Internet at http://www.iradimed.com/en-us/investors/events/. A recording of the call will be available on the Company’s website following the completion of the call.

About IRADIMED CORPORATION

IRADIMED CORPORATION is a leader in the development of innovative Magnetic Resonance Imaging (“MRI”) compatible medical devices. We develop, manufacture, market, and distribute MRI-compatible medical devices and accessories, disposables, and services relating to them.

We are the only known provider of a non-magnetic intravenous (“IV”) infusion pump system that is specifically designed to be safe for use during MRI procedures. We were the first to develop an infusion delivery system that largely eliminates many of the dangers and problems present during MRI procedures. Standard infusion pumps contain magnetic and electronic components which can create radio frequency interference and are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium® MRI compatible IV infusion pump system has been designed with a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts, and other special features to safely and predictably deliver anesthesia and other IV fluids during various MRI procedures. Our pump solution provides a seamless approach that enables accurate, safe, and dependable fluid delivery before, during, and after an MRI scan, which is important to critically ill patients who cannot be removed from their vital medications, and children and infants who must generally be sedated to remain immobile during an MRI scan.

Our 3880 MRI-compatible patient vital signs monitoring system has been designed with non-magnetic components and other special features to safely and accurately monitor a patient’s vital signs during various MRI procedures. The Iradimed 3880 system operates dependably in magnetic fields up to 30,000 gauss, which means it can operate virtually anywhere in the MRI scanner room. The Iradimed 3880 has a compact, lightweight design allowing it to travel with the patient from their critical care unit to the MRI and back, resulting in increased patient safety through uninterrupted vital signs monitoring and decreasing the amount of time critically ill patients are away from critical care units. The features of the Iradimed 3880 include wireless ECG with dynamic gradient filtering; wireless SpO2 using Masimo® algorithms; non-magnetic respiratory CO2; invasive and non-invasive blood pressure; patient temperature, and; optional advanced multi-gas anesthetic agent unit featuring continuous Minimum Alveolar Concentration measurements. The Iradimed 3880 MRI-compatible patient vital signs monitoring system has an easy-to-use design and allows for the effective communication of patient vital signs information to clinicians.

For more information please visit www.iradimed.com.

Forward-Looking Statements

This press release contains forward-looking statements (i.e., statements that are not historical facts). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made, which reflect management’s current estimates, projections, expectations, or beliefs, and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, impacts of the COVID-19 pandemic, including the impact of existing and new variants, and measures taken in response; potential disruptions in our limited supply chain for our products; the Company’s ability to receive FDA 510(k) clearance for new products and product candidates; unexpected costs, delays or diversion of management’s attention associated with the design, manufacture or sale of new products; the Company’s ability to implement successful sales techniques for existing and future products and evaluate the effectiveness of its sales techniques; additional actions, warnings or requests from the FDA or other regulatory bodies; our significant reliance on a limited number of products; a reduction in international distribution; actions of the FDA or other regulatory bodies that could delay, limit or suspend product development, manufacturing or sales; the effect of recalls, patient adverse events or deaths on our business; difficulties or delays in the development, production, manufacturing and marketing of new or existing products and services; changes in laws and regulations or in the interpretation or application of laws or regulations. Further information on these and other factors that could affect the Company’s financial results is included in filings we make with the Securities and Exchange Commission from time to time. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update forward-looking statements.

IRADIMED CORPORATION
CONDENSED BALANCE SHEETS
		March 31,			December 31,
		2023			2022
		(unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	42,777,158		$	57,960,864
Total current assets			61,298,385			77,489,671
Property and equipment, net			8,643,485			2,399,812
Total assets		$	75,620,035		$	85,513,747
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deferred revenue			2,071,016			3,373,122
Total current liabilities			6,756,121			8,553,743
Total liabilities			11,280,124			11,840,760
Stockholders’ equity:
Total stockholders’ equity			64,339,911			73,672,987
Total liabilities and stockholders’ equity		$	75,620,035		$	85,513,747

IRADIMED CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
		For the Three Months Ended
		March 31,
		2023			2022
Revenue		$	15,475,083		$	12,310,710
Cost of revenue			3,753,635			2,931,186
Gross profit			11,721,448			9,379,524
Operating expenses:
General and administrative			3,920,510			2,715,950
Sales and marketing			2,999,976			3,069,556
Research and development			793,716			519,095
Total operating expenses			7,714,202			6,304,601
Income from operations			4,007,246			3,074,923
Other income (expense), net			342,409			(14,915	)
Income before provision for income taxes			4,349,655			3,060,008
Provision for income tax expense			943,589			573,295
Net income		$	3,406,066		$	2,486,713
Net income per share:
Basic		$	0.27		$	0.20
Diluted		$	0.27		$	0.20
Weighted average shares outstanding:
Basic			12,593,033			12,552,817
Diluted			12,686,699			12,655,518

IRADIMED CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
		Three Months Ended
		March 31,
		2023				2022
Operating activities:
Net income		$	3,406,066			$	2,486,713
Adjustments to reconcile net income to net cash provided by operating activities:
Change in allowance for doubtful accounts			180,788				4,219
Change in provision for excess and obsolete inventory			86,690				12,254
Depreciation and amortization			182,550				433,925
(Gain) loss on disposal of property and equipment			—				(4,894	)
Stock-based compensation			533,643				453,360
Deferred income taxes, net			78,656				(52,043	)
Loss on maturities of investments			—				—
Changes in operating assets and liabilities:
Accounts receivable			1,560,519				(1,380,681	)
Inventory			(1,183,364	)			82,909
Prepaid expenses and other current assets			(75,434	)			(369,791	)
Other assets			160,940				39,481
Accounts payable			105,448				186,340
Accrued payroll and benefits			(1,255,254	)			(937,085	)
Other accrued taxes			(63,332	)			(17,854	)
Warranty reserve			6,988				(2,147	)
Deferred revenue			(76,298	)			(117,726	)
Other current liabilities			250,000				(7,994	)
Prepaid income taxes			747,486				617,201
Net cash provided by operating activities			4,646,092				1,426,187
Investing activities:
Proceeds from maturities of investments			—				—
Purchases of property and equipment			(6,395,930	)			(183,352	)
Capitalized intangible assets			(161,084	)			(241,342	)
Net cash used in investing activities			(6,557,014	)			(424,694	)
Financing activities:
Dividends paid			(13,222,907	)			(12,559,127	)
Proceeds from exercises of stock options			—				71,948
Taxes paid related to the net share settlement of equity awards			(49,876	)			(67,380	)
Net cash used in financing activities			(13,272,783	)			(12,554,559	)
Net decrease in cash and cash equivalents			(15,183,706	)			(11,553,066	)
Cash and cash equivalents, beginning of period			57,960,864				61,999,550
Cash and cash equivalents, end of period		$	42,777,158			$	50,446,484

IRADIMED CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
Non-GAAP Net Income and Diluted EPS
		Three Months Ended
		March 31,
		2023			2022
Net income		$	3,406,066		$	2,486,713
Excluding:
Stock-based compensation expense, net of tax expense			416,272			340,473
Non-GAAP net income		$	3,822,338		$	2,827,186
Weighted-average shares outstanding – diluted			12,686,699			12,655,518
Non-GAAP net income per share – diluted		$	0.30		$	0.22

Free Cash Flow
		Three Months Ended
		March 31,
		2023				2022
Net cash provided by operating activities		$	4,646,092			$	1,426,187
Less:
Capital Expenditures			(6,557,014	)			(424,694	)
Free cash flow		$	(1,910,922	)		$	1,001,493

¹
Capital expenditures land acquisition of $6.2 million

Media Contact:
IRADIMED CORPORATION
(407) 677-8022
[email protected]

• Initiated patient enrollment in a U.S. Phase 2/3 study of CTX-009 (DLL4 /VEGF-A bispecific antibody) in patients with advanced biliary tract cancers (BTC). Top line data is expected in the first half of 2024
• Continue to enroll in a U.S. Phase 2 study of CTX-009 in patients with advanced colorectal cancer (CRC). Initial data expected in the third quarter of 2023
• Presented results of a Phase 2 study of CTX-009 in combination with paclitaxel in patients with BTC at the 2023 ASCO GI Cancers Symposium
• Expanded the management team with the appointment of Minori Rosales, M.D. PhD, as Senior Vice President & Head of Clinical Development
• Appointed Richard Lindahl, M.B.A., EVP & CFO of Emergent BioSolutions, to the Compass Board
• Ended the first quarter with $175 million in cash and marketable securities, providing cash runway for the company into 2026

BOSTON, May 04, 2023 (GLOBE NEWSWIRE) — Compass Therapeutics, Inc. (Nasdaq: CMPX), a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases, today reported first quarter 2023 financial results.

“We are very pleased with the progress we are making toward our enrollment goals in both of our CTX-009 clinical trials and look forward to reaching our goal of making CTX-009 available to patients with various cancers,” said Thomas J. Schuetz, MD, PhD, Co-Founder and Chief Executive Officer. “We anticipate initial results from the CTX-009 colorectal study in Q3 of this year and top-line data from the CTX-009 study in BTC in the first half of 2024. Additionally, we expect initial data from our CTX-471 combination study later this year.”

“In addition to our progress in the clinic, Compass is excited to welcome two experienced leaders to the Company. Dr. Minori Rosales has joined our leadership team as SVP & Head of Clinical Development. She brings with her years of successful oncology drug development from her tenure at Eli Lilly, Merck, MacroGenics and other BioPharma companies. Richard Lindahl, currently the EVP & CFO at Emergent BioSolutions and prior to this the SVP and Treasurer of Sprint-Nextel, was appointed to our board as a new independent director and as the Chair of our Audit Committee,” said Vered Bisker-Leib, PhD, MBA, President and Chief Operating Officer. “We look forward to leveraging Rich’s broad financial expertise on our board and Minori’s unique clinical and medical expertise in advancing our clinical programs.”

Development Pipeline Update and Highlights:

CTX-009 (DLL4 and VEGF-A bispecific antibody)

• Initiated enrollment and dosing of patients in the U.S. Phase 2/3 study of CTX-009 in combination with Paclitaxel in BTC
  • This randomized Phase 2/3 study is designed to enroll 150 patients with BTC who have received one prior systemic therapy
  • The primary endpoint of the study is overall response rate (ORR), and secondary endpoints include progression free survival (PFS), overall survival (OS), clinical benefit rate (CBR) and duration of response (DOR)
  • Top line data from this study is expected in the first half of 2024
• Enrolling patients in the U.S. Phase 2 study of CTX-009 as a monotherapy in patients with advanced, metastatic colorectal cancer
  • The study design is an Adaptive Simon Two-Stage, with Stage 1 of the study enrolling 37 patients. If there are 3 or more responses confirmed in Stage 1, the study will advance to Stage 2 and an additional 47 patients will be enrolled 
  • Patients are being evaluated for safety and tolerability, as well as clinical response
  • First patient dosed in January 2023. Initial results from this study are expected in the third quarter of 2023
• Presented Phase 2 results of CTX-009 in combination with paclitaxel in patients with BTC at the 2023 ASCO GI Cancers Symposium  
  • Data showed 9 confirmed partial responses (PRs) among 24 evaluable patients for an ORR of 37.5% in the second- and third-line settings
  • In the second-line setting, an ORR of 63.6% was observed (7 out of 11 patients responded)
  • Median PFS was 9.4 months and median OS was 12.5 months
  • Safety and tolerability were consistent with prior studies

CTX-471 (CD137 + PD-1)

• Advancing enrollment of the Phase 1 combination arm of CTX-471 (CD137 agonistic antibody) and KEYTRUDA® (pembrolizumab) in patients with select solid tumors
• The first two dose cohorts in the study (n=6) have been fully enrolled
• Initial results from the combination arm are expected in the second half of 2023

CTX-8371 (PD-1 x PD-L1)

• Targeting IND submission in the third quarter of 2023 and initiating a clinical trial in the second half of 2023

Corporate Update

In April 2023, the company appointed Minori Rosales, MD PhD, as Senior Vice President & Head of Clinical Development. Dr. Minori Rosales brings significant clinical experience as a proven leader in both biotech and pharmaceutical industries. Most recently, Dr. Rosales was Chief Development Officer for Sesen Bio. Previously, she served as Vice President, R&D at MacroGenics where she advanced margetuximab in clinical development. Earlier in her career, Minori served in executive and senior clinical leadership roles at Merck and Eli Lilly, where she led label-expansion and registrational studies for pembrolizumab and ramicirumab respectively in various oncology indications, including biliary tract cancer, gastric, esophageal, and HCC, among others.

Dr. Rosales obtained her medical degree from Yamaguchi University and her PhD in tumor immunology from Kansai Medical University in Japan.

Also in April 2023, the Compass’s board of directors unanimously appointed Richard Lindahl, M.B.A, Executive Vice President, Chief Financial Officer and Treasurer at Emergent BioSolutions, as a director and as Chair of the Audit Committee. Mr. Lindahl has over 20 years of experience in financial leadership roles. Prior to Emergent BioSolutions, from 2009-2017, Mr. Lindahl was Chief Financial Officer at CEB, a NYSE-listed technology company. Earlier in his career, Mr. Lindahl was at Sprint Nextel Corporation in roles of increasing responsibility, culminating in the position of Senior Vice President & Corporate Treasurer.

Mr. Lindahl has a BA from Dartmouth College and an MBA from the University of Virginia.

Financial Results

Net loss for the quarter ended March 31, 2023, was $7.8 million or $0.06 per share, compared to $7.2 million or $0.07 per share for the same period in 2022.

Cash Position

As of March 31, 2023, cash and marketable securities were $175 million as compared to $187 million as of December 31, 2022, providing the Company with an anticipated cash runway into 2026. During the first quarter of 2023, the Company used $12 million of cash to fund operations.

Research and development (R&D) Expenses

R&D expenses were $6.6 million for the first quarter ended March 31, 2023, as compared to $4.4 million for the same period in 2022, an increase of $2.2 million or 50%. The change for the year was primarily attributable to a net increase of $2.5 million in program costs, resulting primarily from $3.3 million additional spending related to CTX-009 partially offset by $0.8 million decrease in spending on other programs.

General and Administrative (G&A) Expenses

G&A expenses were $3.1 million for the quarter ended March 31, 2023, as compared to $2.8 million for the same period in 2022, an increase of $0.3 million or 11%.

Upcoming Investor Conferences

Compass management will participate in three upcoming investor conferences:

• Inaugural EF Hutton Global Conference
  Date: May 10-11, 2023
  Location: New York, NY

• Jefferies Global Healthcare Conference
  Date: June 7-9, 2023
  Location: New York NY

• 2023 World Medical Innovation Forum (Bank of America and Mass General)
  Date: June 12-14, 2023
  Location: Boston, MA

Live webcasts presentations, when available, will be under “News & Events” in the Investors section of the Company’s website located at www.compasstherapeutics.com.

KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA. 

About Compass Therapeutics

Compass Therapeutics, Inc. is a clinical-stage oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Compass’s scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. The company pipeline of novel product candidates is designed to target multiple critical biological pathways required for an effective anti-tumor response. These include modulation of the microvasculature via angiogenesis-targeted agents, induction of a potent immune response via activators on effector cells in the tumor microenvironment, and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. Compass plans to advance its product candidates through clinical development as both standalone therapies and in combination with proprietary pipeline antibodies based on supportive clinical and nonclinical data. The company was founded in 2014 and is headquartered in Boston, Massachusetts. For more information, visit the Compass Therapeutics website at https://www.compasstherapeutics.com

Forward-Looking Statements

This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Compass’s financial position to continue advancing its product candidates, expectations about cash runway, business and development plans, and statements regarding Compass’s product candidates, their development, regulatory plans with respect thereto and therapeutic potential thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Compass’s ability to raise the additional funding it will need to continue to pursue its business and product development plans, the inherent uncertainties associated with developing product candidates and operating as a development stage company, Compass’s ability to identify additional product candidates for development, Compass’s ability to develop, complete clinical trials for, obtain approvals for and commercialize any of its product candidates, competition in the industry in which Compass operates and market conditions. These forward-looking statements are made as of the date of this press release, and Compass assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Compass files with the SEC available at www.sec.gov, including without limitation Compass’s latest Form 10-Q and subsequent filings with the SEC.

Investor Contact

[email protected]

Media Contact

Anna Gifford, Communications Manager
[email protected]
617-500-8099

Compass Therapeutics, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
		Three Months Ended March 31,
			2023				2022
		(unaudited)
Operating expenses:
Research and development		$	6,638			$	4,415
General and administrative			3,073				2,767
Total operating expenses			9,711				7,182
Loss from operations			(9,711	)			(7,182	)
Other income			1,874				20
Loss before income tax expense			(7,837	)			(7,162	)
Income tax expense			—				—
Net loss		$	(7,837	)		$	(7,162	)
Net loss per share – basic and diluted		$	(0.06	)		$	(0.07	)
Basic and diluted weighted average shares outstanding			126,375				100,858

Compass Therapeutics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
		March 31, 2023			December 31, 2022
		(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	27,027		$	34,946
Marketable securities			148,143			151,663
Prepaid expenses and other current assets			8,432			8,182
Total current assets			183,602			194,791
Property and equipment, net			1,373			1,567
Operating lease, right-of-use (“ROU”) asset			2,680			2,967
Other assets			320			320
Total assets		$	187,975		$	199,645
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	1,125		$	3,382
Accrued expenses			8,943			11,690
Operating lease obligations, current portion			1,122			1,097
Total current liabilities			11,190			16,169
Operating lease obligations, long-term portion			1,520			1,838
Total liabilities			12,710			18,007
Total stockholders’ equity			175,265			181,638
Total liabilities and stockholders’ equity		$	187,975		$	199,645

LAWRENCEVILLE, N.J., May 04, 2023 (GLOBE NEWSWIRE) —

IMUNON

, Inc.
(NASDAQ: IMNN), a clinical-stage drug-development company focused on developing DNA-mediated immunotherapy and next-generation vaccines, announces that the Company will host a conference call at 11:00 a.m. EDT on Thursday, May 11, 2023 to discuss financial results for the first quarter ended March 31, 2023 and provide an update on its clinical development of IMNN-001, a DNA-based interleukin-12 (IL-12) immunotherapy in Phase 2 clinical development for the treatment of advanced-stage ovarian cancer, and its preclinical studies of PLACCINE, a proprietary, multivalent DNA-based plasmid technology utilizing synthetic, non-viral delivery vectors, being evaluated in proof-of-concept studies for superiority over current mRNA vaccines.

To participate in the call, interested parties may dial 866-777-2509 (Toll-Free/North America) or 412-317-5413 (International/Toll) and ask for the IMUNON, Inc. First Quarter 2023 Earnings Call. A live webcast of the call will be available here.

The call will be archived for replay until May 25, 2023 and can be accessed at 877-344-7529 (U.S. Toll-Free), 855-669-9658 (Canada Toll-Free) or 412-317-0088 (International Toll), using the replay access code 6902750. An audio replay of the call will also be available here for 90 days.

About IMUNON

IMUNON is a fully integrated, clinical stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies.

IMUNON has two platform technologies: the TheraPlas modality for the development of immunotherapies and other anti-cancer nucleic acid-based therapies, and the PLACCINE modality for the development of nucleic acid vaccines for infectious diseases and cancer. The company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer currently in Phase 2 development. IMNN-001 works by instructing the body to produce safe and durable levels of powerful cancer-fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the company is conducting preclinical proof-of-concept studies on a nucleic acid vaccine candidate targeting the SARS-CoV-2 virus to validate its PLACCINE platform. IMUNON’s platform technologies are based on the delivery of nucleic acids with novel synthetic delivery systems that are independent of viral vectors or devices. IMUNON will continue to leverage these platforms and to advance the technological frontier of nucleic acid-based products to better serve patients with difficult-to-treat conditions. For more information on IMUNON, visit www.imunon.com.

Forward-Looking Statements

IMUNON wishes to inform readers that forward-looking statements in this news release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, unforeseen changes in the course of research and development activities and in clinical trials; the uncertainties of and difficulties in analyzing interim clinical data; the significant expense, time and risk of failure of conducting clinical trials; the need for IMUNON to evaluate its future development plans; possible acquisitions or licenses of other technologies, assets or businesses; possible actions by customers, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in IMUNON’s periodic reports and prospectuses filed with the Securities and Exchange Commission. IMUNON assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

Contacts:

IMUNON	LHA Investor Relations
Jeffrey W. Church	Kim Sutton Golodetz
Executive Vice President, CFO	212-838-3777
and Corporate Secretary	[email protected]
609-482-2455
[email protected]

# # #

GARDEN CITY, NY, May 04, 2023 (GLOBE NEWSWIRE) — ProPhase Labs, Inc. (NASDAQ: PRPH), a next generation biotech, genomics and diagnostics company, will hold a conference call on Thursday, May 11, 2023, at 11:00 a.m. Eastern time to discuss its results for the first quarter ended March 31, 2023. A press release detailing these results will be issued prior to the call.

ProPhase Labs’ CEO and Chairman of the Board of Directors, Ted Karkus, will host the conference call, followed by a question-and-answer period.

To access the call, please use the following information:

Date:	Thursday, May 11, 2023
Time:	11:00 a.m. Eastern time, 8:00 a.m. Pacific time

Participants can register for the conference call by navigating to: https://dpregister.com/sreg/10178710/f95cce1458

Please note that registered participants will receive their dial in number upon registration. Pre-registration required fields of information include: name, phone, company, email.

Those without internet access or unable to pre-register may dial in to the conference call by calling:

Toll free dial in number:	1-866-777-2509
International dial in number:	1-412-317-5413

Please call the conference telephone number 5-10 minutes prior to the start time. Please ask to be joined into the ProPhase Labs, Inc. conference call. An operator will register your name, phone and organization.

The conference call will be broadcast live and available for replay at https://event.choruscall.com/mediaframe/webcast.html?webcastid=bQyqnuoI

and via the investor relations section of the Company’s website at www.ProPhaseLabs.com.

A replay of the conference call will be available two hours from when the call ends.

Toll-free replay number:	1-877-344-7529
International replay number:	1-412-317-0088
Replay Access Code:	9261373

About ProPhase Labs

ProPhase Labs, Inc. (Nasdaq: PRPH) (“ProPhase”) is a next-generation biotech, genomics and diagnostics company. Our goal is to create a healthier world with bold action and the power of insight. We’re revolutionizing healthcare with industry-leading Whole Genome Sequencing solutions, while developing potential game changer diagnostics and therapeutics in the fight against cancer. This includes a potentially life-saving cancer test focused on early detection of esophageal cancer and potential breakthrough cancer therapeutics with novel mechanisms of action. Our world-class CLIA labs and cutting-edge diagnostic technology provide wellness solutions for healthcare providers and consumers. We develop, manufacture, and commercialize health and wellness solutions to enable people to live their best lives. We are committed to executional excellence, smart diversification, and a synergistic, omni-channel approach. ProPhase Labs’ valuable subsidiaries, their synergies, and significant growth underscores our multi-billion dollar potential.

For more information, visit www.ProPhaseLabs.com.

ProPhase Media Relations and Institutional Investor Contact:

ProPhase Labs, Inc.
267-880-1111
[email protected]

ProPhase Retail Investor Relations Contact:

Renmark Financial Communications
John Boidman
514-939-3989
[email protected]

TOKYO, May 04, 2023 (GLOBE NEWSWIRE) — AERWINS Technologies Inc. (NASDAQ: AWIN) (“AERWINS” or the “Company”), the developer and manufacturer of air mobility platform, COSMOS (Centralized Operating System for Managing Open Sky), and the XTURISMO Limited Edition Hoverbike, announced today that it will participate in the EF Hutton Global Conference taking place May 10-11, 2023 at The Plaza Hotel in New York City.

The Inaugural EF Hutton Global Conference is a two-day, invitation-only event featuring key executives from approximately 150 public and private companies looking to convey their unique stories to an extensive audience which includes institutional investors, high-net worth individuals, corporate clients, and exclusive members of the press. Investors and executives will have the opportunity to interact with each other in a friendly, high-energy environment.

For additional information or to schedule a one-on-one meeting with AERWINS management, please contact Gateway Group at [email protected].

About XTURISMO:

XTURISMO Limited Edition was developed by AERWINS. It is a manifestation of the dream of air mobility that endeavors to create a completely new way to experience the world, enabling users to feel the joy and pleasure of moving freely in space. The Company believes that it has a wide range of practical possibilities, both in Japan and overseas, including use in disaster relief, infrastructure inspection, and entertainment.

XTURISMO Limited Edition was unveiled at Fuji Speedway in October 2021, and orders are now being accepted. XTURISMO Limited Edition also participated in the Detroit Auto Show in September 2022.

Information about XTURISMO

Official website: https://aerwins.us/xturismo/
Video: https://www.youtube.com/channel/UCPP6jQKTqCRXpAmyfZ-94VQ
Instagram: https://www.instagram.com/xturismo_official/

About AERWINS Technologies Inc.

Under the mission statement Changing Society from the Top Down, AERWINS Technologies has developed and released an air mobility platform, COSMOS*, and the XTURISMO Limited Edition Hoverbike. AERWINS will continue to innovate, unbound by existing ideas, to develop and deploy systems that are necessary for the realization of an air mobility society. For more information, please visit https://aerwins.us/.
*COSMOS: Centralized Operating System for Managing Open Sky

Important Notice Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond AERWINS control. While AERWINS believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to AERWINS on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties. Actual results could be materially different. AERWINS undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, after the date of this release, except as required by law.

Contacts

PR Inquiries

Mayuko Okamoto
Public Relations
[email protected]

Investor Contact

John Yi or Thomas Thayer
Gateway Investor Relations
949-574-3860
[email protected]

LONDON, May 04, 2023 (GLOBE NEWSWIRE) — Global Ship Lease, Inc. (NYSE:GSL) (the “Company”) has scheduled its Annual Meeting of Shareholders for June 6, 2023, at 10:00 a.m. Eastern Time (the “Annual Meeting”). The record date for determining shareholders entitled to participate at the Annual Meeting is April 20, 2023. The business of the Annual Meeting is to elect three Term III Directors to serve until the 2026 Annual Meeting of Shareholders and to ratify the appointment of PricewaterhouseCoopers S.A., as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023. Annual Meeting documentation and instructions for voting were mailed to all shareholders of record on or about May 2, 2023, and will be furnished to the U.S. Securities and Exchange Commission (the “Commission”) and available on the Commission’s website at www.sec.gov.

About Global Ship Lease

Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008.

As at February 28, 2023, Global Ship Lease owned 65 containerships, ranging from 1,118 to 11,040 TEU, with an aggregate capacity of 342,348 TEU. 32 ships are wide-beam Post-Panamax.

Adjusted to include all charters agreed, up to March 1, 2023, the average remaining term of the Company’s charters as at December 31, 2022, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.7 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.09 billion. Contracted revenue was $2.50 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.5 years.

Investor and Media Contact:
The IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438

World’s Brightest, Full-color OLED Microdisplay Using dPd™ Technology at 15,000 cd/m² Tops Record Set by eMagin in 2021

HOPEWELL JUNCTION, N.Y., May 04, 2023 (GLOBE NEWSWIRE) — eMagin Corporation, or the “Company”, (NYSE American: EMAN), a leader in the development, design and manufacture of Active Matrix OLED microdisplays for high-resolution, AR/VR and other near-eye imaging products, announced the demonstration of a new 15,000 candela per square meter (cd/m²) full-color WUXGA (1920×1200 pixels) display using its Direct Patterning Display (dPd™) technology that surpasses the previous record of 10,000 cd/m² that eMagin set 18 months ago.

“With this milestone achievement, we are on track with our technology roadmap as an industry leader in OLED microdisplays,” said eMagin CEO Andrew G. Sculley. “Moreover, this single-stack OLED provides a foundation for us to realize even brighter displays using tandem architectures and other techniques in the future to meet the growing needs of our consumer, industrial, medical, and military customers. eMagin’s patented dPd™ technology outperforms conventional white OLED with color filter microdisplays, enabling brightness that surpasses the threshold for AR/VR and other heads-up display applications.”

“This technical triumph was made possible by our newly upgraded R&D system, which represents a significant improvement over the previous version,” said Dr. Amal Ghosh, eMagin’s COO. “New production capable equipment, based on the R&D system’s technology, has been shipped to eMagin, and is expected to be installed and operational by the end of 2023.”

eMagin plans to demonstrate the 15,000 cd/m² prototypes to key customers in the near future.

About eMagin Corporation

eMagin is the leader in OLED microdisplay technology, enabling the visualization of digital information and imagery for world-class customers in the military, consumer, medical and industrial markets. The Company invents, engineers and manufactures display technologies of the future and is the only manufacturer of OLED displays in the United States. eMagin’s Direct Patterning Technology (dPd™) will transform the way the world consumes information. Since 2001, eMagin’s microdisplays have been used in AR/VR, aircraft helmets, heads-up display systems, thermal scopes, night vision goggles, future weapon systems and a variety of other applications. For more information, please visit www.emagin.com.

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding eMagin Corporation’s expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company’s most recent filings with the SEC. For a more complete description of the risk factors that could cause our actual results to differ from our current expectations, please see the section entitled “Risk Factors” in eMagin’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Contacts

eMagin Corporation
Mark A. Koch
Chief Financial Officer
845-838-7900
[email protected]

Sharon Merrill Associates, Inc.
Nicholas Manganaro
617-542-5300
[email protected]

NEW YORK, NY, May 04, 2023 (GLOBE NEWSWIRE) — via NewMediaWire –Society Pass Incorporated (“SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces the release of its universal, open-loop loyalty application, Society Pass, for its 3.3 million registered consumers and 650,000 registered merchants on the Society Pass ecosystem to buy, earn and redeem loyalty points, Society Points.

Consumers and merchants can now download Society Pass either on:

• 
  Apple Store
  or
• 
  Google Play
  .

With Covid-19 restrictions being lifted throughout SEA, merchants are increasingly using loyalty programs to competitively differentiate themselves and drive digital transformation for their businesses. MarketsandMarkets forecasts that the global loyalty management market size to grow from US$8.6 billion in 2021 to US$18.2 billion in 2026. SoPa’ multi-brand ecosystem allows e-commerce consumers to purchase goods and services, earn and redeem loyalty points, and refer friends with frictionless ease at numerous types of retailers, whilst facilitating a unified approach to customer rewards and incentives for merchants.

Rokas Sidlauskas, Chief Marketing Officer of SoPa, comments, “The Society Pass loyalty platform creates long lasting customer loyalty via rewards and incentives, replaces cash discounting, and generates additional revenues for merchants. By designing personalised offers and experiences, we make the shopping experience even more rewarding across our family of brands, whether it is purchasing clothes on the Leflair fashion marketplace to buying airline tickets/hotel rooms on the NusaTrip travel platform to redeeming e-sim services on the Gorilla Network telecoms app. Our business strategy encourages cross-vertical shopping for our registered consumers and registered merchants in the SoPa ecosystem. In essence, Society Points means the more our customers buy from merchants, the more rewards they will get, and the more revenue generation for our merchants. Our platform encourages continuous consumer engagement with brands, thereby increasing conversions.”

Mr. Sidlauskas adds, “We look forward to formally launching Society Pass at our product launch party in Singapore on 28 June 2023.”

Society Pass/Society Points cover 3.3 registered consumers and 650,000 registered merchants in Vietnam, Indonesia, Philippines, Singapore and Thailand. Users on the lifestyle, f&b delivery, telecoms, and travel verticals can pay for goods and services in-store, in-app or online. Society Pass’ digital wallet allows users to pay for goods and services by scanning QR Codes and making payments via credit card, debit card, or Society Points. SoPa provides an easy and convenient online e-commerce shopping experience, with a single UI/UX that integrates with all the businesses within its ecosystem.

Howie Ng, Chief Technology Officer of SoPa, explains the Society Pass technology platform, “We designed a best-in-class user interface supported by fully integrated backend infrastructure to kickstart a virtuous cycle of revenue generation and loyalty creation in SEA. Our smooth registration process allows consumers to redeem points for coupons, refer friends, earn SOPA points, view wallet balance, change your profile and settings, purchase SOPA points, store multiple credit cards, and settle purchases in real-time. As we build out our loyalty platform, the Society Pass loyalty app will offer a wide range of offers and reward options: gamification, badges, tiers, birthday surprises, and early access privileges.”

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency;  VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass  or

Facebook at https://www.facebook.com/thesocietypass  or

Twitter at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may 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, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:

Rokas Sidlauskas
Chief Marketing Officer

[email protected]

Attachment

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