Market Newsdesk

With over 24 years of operations and commitment
to
the advancement of drones, Draganfly
cites
the new streamline
d
regulations
as
the seminal event for the broad integration of drones
.

Los Angeles, CA., June 12, 2023 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is well poised to meet the market acceleration of the evolved and newly announced regulations governing Beyond Visual Line of Sight (“BVLOS”) drone operations by the Federal Aviation Administration (“FAA”).

Draganfly has been actively preparing for this evolution, ensuring it is well-positioned to be of service to its existing and future public safety-First Responder, Search & Rescue, Wildfire, Medical and Defence customers.

As part of this development, the FAA has announced important updates to drone waivers to enhance safety and expand operations. These updates were created through collaborative efforts between public safety stakeholders, companies, and the FAA.

The FAA has introduced new waivers and templates that streamline the approval process for drone operations, particularly in the public safety sector. The Drone as a First Responder (“DFR”) BVLOS/FR-BVLOS significantly reduces the approval timeframe from over six months to just a few days. This improvement will benefit Draganfly, enabling the Company to expand its presence in multiple industries and capitalize on more opportunities in the public safety sector.

Draganfly has over 24 years of experience manufacturing drones in particular for public safety in North America, providing crucial drone technology for beyond visual line of sight. Draganfly is a technology, manufacturing, and services partner with leading public safety organizations, such as ColdChain Delivery Services, DroneSense, SkyeBrowse, Vermeer and PromoDrone.

Also, in support of these streamlined regulations Draganfly recently opened the Draganfly UAS A.I.R. Space, a 150 acre flight facility dedicated to the advancement of UAS program Adoption, Innovation & Research which is designed to be the proving ground for our partners and customers testing requirements to attain applicable flight waivers. Draganfly drones have a storied track record performance from being the first Drone credited to have saved a human life to the recent humanitarian and demining missions in Ukraine which has helped build a reputation as a reliable and efficient provider poised to be a leader with our stakeholders dedicated to saving time, money, and lives.

“Commercial, Government, Military & Industrial drone adoption, expansion and sustainability can only be attained with a clear and efficient a regulatory framework which after decades of development has now taken shape and will accelerate the drone industry to its multi, multi-billion-dollar potential,” said Cameron Chell, President, and CEO of Draganfly. “These regulations will enable broad adoption in addition to opening a whole new range of use cases and potential.”

The market for drones that can fly beyond the visual line of sight could surpass a $34 billion value in the next six years. This is being driven by streamlined regulation and expanded applications of drone technology.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 22 years, Draganfly is an award-winning industry leader serving the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.

For more information on Draganfly, please visit us at www.draganfly.com.
For additional investor information, visit https://www.thecse.com/en/listings/technology/draganfly-inc, https://www.nasdaq.com/market-activity/stocks/dpro, or https://www.boerse-frankfurt.de/equity/draganfly-inc-1.

Media Contact
Arian Hopkins
email: [email protected]

Company Contact
Email: [email protected]

Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking information” as ‎‎defined under applicable securities laws. Forward-looking statements and information can ‎generally be ‎identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, ‎‎“estimate”, ‎‎“anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements ‎and ‎information are based on forecasts of future results, estimates of amounts not yet determinable and ‎‎assumptions that, while believed by management to be reasonable, are inherently subject to significant ‎‎business, economic and competitive uncertainties and contingencies. These statements include, but may ‎not be limited to statements regarding the Company being well poised to meet the market acceleration of the evolved and newly announced regulations governing ‎BVLOS drone operations by the FAA; the prediction that the market for drones that can fly beyond the visual line of sight could surpass a $34 billion value in the next six years. Forward-looking statements and ‎information are subject to various known and ‎unknown risks and uncertainties, many of which are beyond ‎the ability of the Company to control or ‎predict, that may cause the Company’s actual results, ‎performance or achievements to be materially ‎different from those expressed or implied thereby, and are ‎developed based on assumptions about ‎such risks, uncertainties and other factors set out here-in, ‎including but not limited to: the potential ‎impact of epidemics, pandemics or other public health crises, ‎including the previous outbreak of the novel ‎coronavirus known as COVID-19 on the Company’s business, ‎operations and financial condition, the ‎successful integration of technology, the inherent risks involved in ‎the general securities markets; ‎uncertainties relating to the availability and costs of financing needed in ‎the future; the inherent ‎uncertainty of cost estimates and the potential for unexpected costs and ‎expenses, currency ‎fluctuations; regulatory restrictions, liability, competition, loss of key employees and ‎other related risks ‎and uncertainties disclosed under the heading “Risk Factors“ in the Company’s most ‎recent filings filed ‎with securities regulators in Canada on the SEDAR website at www.sedar.com and with the U.S. ‎Securities and Exchange Commission on the EDGAR website at www.sec.gov. The ‎Company undertakes ‎no obligation to update forward-looking information except as required by ‎applicable law. Such forward-‎looking information represents management’s best judgment based on information currently available. ‎No forward-looking statement can be guaranteed and actual future results ‎may vary materially. ‎Accordingly, readers are advised not to place undue reliance on forward-looking ‎statements or ‎information.‎

With over 24 years of operations and commitment
to
the advancement of drones, Draganfly
cites
the new streamline
d
regulations
as
the seminal event for the broad integration of drones
.

Los Angeles, CA., June 12, 2023 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is well poised to meet the market acceleration of the evolved and newly announced regulations governing Beyond Visual Line of Sight (“BVLOS”) drone operations by the Federal Aviation Administration (“FAA”).

Draganfly has been actively preparing for this evolution, ensuring it is well-positioned to be of service to its existing and future public safety-First Responder, Search & Rescue, Wildfire, Medical and Defence customers.

As part of this development, the FAA has announced important updates to drone waivers to enhance safety and expand operations. These updates were created through collaborative efforts between public safety stakeholders, companies, and the FAA.

The FAA has introduced new waivers and templates that streamline the approval process for drone operations, particularly in the public safety sector. The Drone as a First Responder (“DFR”) BVLOS/FR-BVLOS significantly reduces the approval timeframe from over six months to just a few days. This improvement will benefit Draganfly, enabling the Company to expand its presence in multiple industries and capitalize on more opportunities in the public safety sector.

Draganfly has over 24 years of experience manufacturing drones in particular for public safety in North America, providing crucial drone technology for beyond visual line of sight. Draganfly is a technology, manufacturing, and services partner with leading public safety organizations, such as ColdChain Delivery Services, DroneSense, SkyeBrowse, Vermeer and PromoDrone.

Also, in support of these streamlined regulations Draganfly recently opened the Draganfly UAS A.I.R. Space, a 150 acre flight facility dedicated to the advancement of UAS program Adoption, Innovation & Research which is designed to be the proving ground for our partners and customers testing requirements to attain applicable flight waivers. Draganfly drones have a storied track record performance from being the first Drone credited to have saved a human life to the recent humanitarian and demining missions in Ukraine which has helped build a reputation as a reliable and efficient provider poised to be a leader with our stakeholders dedicated to saving time, money, and lives.

“Commercial, Government, Military & Industrial drone adoption, expansion and sustainability can only be attained with a clear and efficient a regulatory framework which after decades of development has now taken shape and will accelerate the drone industry to its multi, multi-billion-dollar potential,” said Cameron Chell, President, and CEO of Draganfly. “These regulations will enable broad adoption in addition to opening a whole new range of use cases and potential.”

The market for drones that can fly beyond the visual line of sight could surpass a $34 billion value in the next six years. This is being driven by streamlined regulation and expanded applications of drone technology.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 22 years, Draganfly is an award-winning industry leader serving the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.

For more information on Draganfly, please visit us at www.draganfly.com.
For additional investor information, visit https://www.thecse.com/en/listings/technology/draganfly-inc, https://www.nasdaq.com/market-activity/stocks/dpro, or https://www.boerse-frankfurt.de/equity/draganfly-inc-1.

Media Contact
Arian Hopkins
email: [email protected]

Company Contact
Email: [email protected]

Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking information” as ‎‎defined under applicable securities laws. Forward-looking statements and information can ‎generally be ‎identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, ‎‎“estimate”, ‎‎“anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements ‎and ‎information are based on forecasts of future results, estimates of amounts not yet determinable and ‎‎assumptions that, while believed by management to be reasonable, are inherently subject to significant ‎‎business, economic and competitive uncertainties and contingencies. These statements include, but may ‎not be limited to statements regarding the Company being well poised to meet the market acceleration of the evolved and newly announced regulations governing ‎BVLOS drone operations by the FAA; the prediction that the market for drones that can fly beyond the visual line of sight could surpass a $34 billion value in the next six years. Forward-looking statements and ‎information are subject to various known and ‎unknown risks and uncertainties, many of which are beyond ‎the ability of the Company to control or ‎predict, that may cause the Company’s actual results, ‎performance or achievements to be materially ‎different from those expressed or implied thereby, and are ‎developed based on assumptions about ‎such risks, uncertainties and other factors set out here-in, ‎including but not limited to: the potential ‎impact of epidemics, pandemics or other public health crises, ‎including the previous outbreak of the novel ‎coronavirus known as COVID-19 on the Company’s business, ‎operations and financial condition, the ‎successful integration of technology, the inherent risks involved in ‎the general securities markets; ‎uncertainties relating to the availability and costs of financing needed in ‎the future; the inherent ‎uncertainty of cost estimates and the potential for unexpected costs and ‎expenses, currency ‎fluctuations; regulatory restrictions, liability, competition, loss of key employees and ‎other related risks ‎and uncertainties disclosed under the heading “Risk Factors“ in the Company’s most ‎recent filings filed ‎with securities regulators in Canada on the SEDAR website at www.sedar.com and with the U.S. ‎Securities and Exchange Commission on the EDGAR website at www.sec.gov. The ‎Company undertakes ‎no obligation to update forward-looking information except as required by ‎applicable law. Such forward-‎looking information represents management’s best judgment based on information currently available. ‎No forward-looking statement can be guaranteed and actual future results ‎may vary materially. ‎Accordingly, readers are advised not to place undue reliance on forward-looking ‎statements or ‎information.‎

VANCOUVER, British Columbia, June 12, 2023 (GLOBE NEWSWIRE) — Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”) is pleased to report that the Caucharí-Olaroz project (“Caucharí-Olaroz” or the “Project”) in Jujuy, Argentina has produced its first lower than battery-quality lithium carbonate as part of commissioning. Additional purification processing equipment necessary to achieve battery-quality lithium carbonate is expected to be completed in the second half of 2023, as planned.

“The initial production achieved as part of commissioning is an exciting step as Caucharí-Olaroz continues to advance toward first production of battery-quality lithium carbonate,” said Jonathan Evans, Lithium Americas’ President and CEO. “Our dedicated and skilled teams continue to work diligently to progress this transformative project.”

More information on anticipated production will be provided later this quarter. During the ramp-up stage to production capacity of 40,000 tonnes per annum, the Company expects Caucharí-Olaroz to operate substantially below designed capacity and to produce lithium carbonate below battery-quality specifications.

ABOUT LITHIUM AMERICAS

Lithium Americas is focused on advancing lithium projects in Argentina and the United States to production. In Argentina, Caucharí-Olaroz is advancing toward full production capacity, and the Pastos Grandes basin represents an additional regional growth opportunity. In the United States, Thacker Pass has received its Record of Decision and has commenced construction. The Company continues to advance a reorganization that will result in the separation of its U.S. and Argentine business units into two independent public companies. The Company trades on both the Toronto Stock Exchange and on the New York Stock Exchange, under the ticker symbol “LAC.”

For further information contact:
Investor Relations
Telephone: +1-778-656-5820
Email: [email protected]
Website: www.lithiumamericas.com

FORWARD-LOOKING STATEMENTS

Certain statements in this release constitute “forward-looking statements” within the meaning of applicable United States securities legislation and “forward-looking information” under applicable Canadian securities legislation (collectively, “forward-looking statements”). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events, performance or achievements of the proposed Separation and of the Company (Lithium Americas (NewCo)’s / Lithium Argentina’s), its projects, or industry results, to be materially different from any future results, events, performance or achievements expressed or implied by such forward-looking statements. Such statements can be identified by the use of words such as “may,” “would,” “could,” “will,” “intend,” “expect,” “believe,” “plan,” “anticipate,” “estimate,” “schedule,” “forecast,” “predict” and other similar terminology, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, financial or operating performance and results, and speak only as of the date of this release. Such statements include without limitation, statements with respect to the expecting timing to complete installation of production facilities, the process and timing for commissioning and the prospect of, and timing to achieve, full production capacity at the Caucharí-Olaroz Project.

Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance, events or results and will not necessarily be accurate indicators of whether or not such events or results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, risks associated with mining project development, and achieving a certain target level of production or full production capacity for the Caucharí-Olaroz project and the expected timeline therefore uncertainties with obtaining required approvals; and consents, risks associated with mining project development, achieving anticipated milestones and budgets as planned, and meeting expected timelines; risks inherent in litigation that could result in additional unanticipated adverse delays or rulings; maintaining local community support for the Cauchari-Olaroz Project; changing social perceptions and their impact on project development; ongoing global supply chain disruptions and their impact on developing the Cauchari-Olaroz Project; availability of personnel, supplies and equipment; the impact of inflation or changing economic conditions; any impacts of COVID-19 or an escalation thereof; changes to the Company’s current and future business plans and the strategic alternatives available to the Company; demand, supply and pricing for lithium; and general economic and political conditions in Canada, the United States, Argentina and other jurisdictions where the Company conducts business. Additional information about certain of these assumptions and risks and uncertainties is contained in the Company’s filings with securities regulators, including the Company’s most recent annual information form and most recent management’s discussion and analysis for the Company’s most recently completed financial year and interim financial period, which are available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

Although the forward-looking statements contained in this release are based upon what management of the Company believes are reasonable assumptions as of the date hereof, there can be no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.

SAN DIEGO, June 12, 2023 (GLOBE NEWSWIRE) — Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, today announced that on June 10, 2023, the Compensation Committee of Crinetics’ Board of Directors granted non-qualified stock option awards to purchase an aggregate of 331,800 shares of its common stock to 14 new non-executive employees under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the “2021 Inducement Plan”). The stock options were granted as inducements material to the employees entering into employment with Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2021 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Crinetics, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $21.67 per share, which is equal to the closing price of Crinetics’ common stock on The Nasdaq Global Select Market on June 9, 2023. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to each employee’s continued employment with Crinetics on such vesting dates. The options are subject to the terms and conditions of the 2021 Inducement Plan and the terms and conditions of a stock option agreement covering the grant.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Paltusotine, a investigational, oral somatostatin receptor type 2 (SST2) agonist, is in Phase 3 clinical development for acromegaly and Phase 2 clinical development for carcinoid syndrome associated with neuroendocrine tumors. Crinetics has demonstrated pharmacologic proof-of-concept in Phase 1 clinical studies for CRN04894, an investigational, oral ACTH antagonist in development for the treatment of Cushing’s disease, congenital adrenal hyperplasia and for CRN04777, an investigational, oral somatostatin receptor type 5 (SST5) agonist in development for congenital hyperinsulinism. All of the company’s drug candidates are orally delivered, small molecule new chemical entities resulting from in-house drug discovery efforts.

Contacts:

Chas Schultz
Vice President of IR and Corporate Communications
[email protected]
(858) 450-6464

Investors / Media:

Corey Davis
LifeSci Advisors, LLC
[email protected]
(212) 915-2577

Aline Sherwood
Scienta Communications
[email protected]
(312) 238-8957

Auddia has launched faidr 3.0, the next evolution of its audio Superapp, with entirely new look and feel alongside more features and exclusive content offerings

faidr 3.0 is currently available on iOS and will be available on Android in early Q3

BOULDER, CO, June 12, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) (“Auddia” or the “Company”), developer of a proprietary AI platform for audio and innovative technologies for podcasts that is reinventing how consumers engage with audio, announced today that it has released faidr 3.0, the new evolution of its Superapp with a vastly different look and feel and new exclusive content offerings.

The faidr 3.0 app now offers ad-free AM/FM, podcasts, and many hours of exclusive content including Music Casts (podcast and playlist hybrids only available on faidr), Music Stations (wall-to-wall music programs), and Discovr (up-and-coming artists, hand selected and curated by faidr), all brought together with a new user interface.

“faidr 3.0 is attractive, intuitive, and packed with unique content and features for today’s serious radio streamer looking for the most premium experience,” said Auddia’s CEO Michael Lawless. “This next phase of faidr is an exciting one. We’re very proud of how this planned update looks and operates, and we think our users will be as well.”

In February of 2023, the Company announced the creation of a proprietary streaming platform. That platform is now the engine behind faidr’s Music Cast offering, which allows full-music-track plays within a talk episode, much like a podcast. Working with veteran radio and podcast talent and hosts, faidr is releasing a steady stream of new Music Cast episodes, approximately 20 new hours per month of programming, which will ramp up as the year progresses.

The Company is currently developing back-end automation for hosts to easily execute and broadcast Music Casts within faidr. Upon completion, access to this content-management system will be granted to users, allowing them to create their own Music Casts on faidr. Auddia is targeting early 2024 to bring that functionality, called User Casts, to faidr.

“We think the next evolution of radio, outside of personalization from a listening standpoint, is democratizing the airwaves for users that want their voices heard,” said Theo Romeo, Auddia’s Chief Marketing Officer. “Our charter has always been to reinvent audio in a way that meets consumers where they are today and where they are going while remaining a friend and ally to broadcasters, artists, and content creators. We think faidr 3.0 is an exciting new step toward that future.”

Auddia will be launching the faidr 3.0 product in Android in early Q3. In May of this year, the Company launched podcasting in its Android product, and will be adding faidrRadio, its exclusive content programming, to Android in mid-June. With that addition, both Android and iOS apps will have satisfied the first phase of the Company’s Superapp strategy.

iOS users can visit https://apps.apple.com/us/app/faidr/id1567629951 to download the new app.

About Auddia Inc.

Auddia, through its proprietary AI platform for audio identification and classification and related technologies, is reinventing how consumers engage with AM/FM radio, podcasts, and other audio content. Auddia’s flagship audio superapp, called faidr, brings two industry firsts to the audio-streaming landscape: subscription-based, ad-free listening on any AM/FM radio station and podcasts with interactive digital feeds that support deeper stories and open untapped revenue streams to podcasters. faidr also delivers exclusive content and playlists, and showcases exciting new artists, hand-picked by curators and DJs. Both differentiated offerings address large and rapidly growing audiences with strong purchase intent. For more information, visit: www.auddia.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about the Company’s current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as “anticipates,” “believes” and “expects” or similar expressions, are forward-looking statements. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company’s current plans and expectations, as well as future results of operations and financial condition. These and other risks and uncertainties are discussed more fully in our filings with the Securities and Exchange Commission. Readers are encouraged to review the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as well as other disclosures contained in the Annual Report and subsequent filings made with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations:

Kirin Smith, President
PCG Advisory, Inc.
[email protected]
www.pcgadvisory.com

ATLANTA, June 12, 2023 (GLOBE NEWSWIRE) — Chart Industries, Inc. (NYSE: GTLS) (“Chart”) announced that it has signed a definitive agreement to sell its Roots™ business (“Roots”) to Ingersoll Rand Inc. (NYSE: IR) (“Ingersoll Rand”) for an all-cash purchase price of $300 million, representing an attractive low-teens adjusted EBITDA multiple. The transaction, which is subject to customary closing conditions, is expected to close in the third quarter 2023.

Roots is a leading provider of low-pressure compression and vacuum technologies. As part of the transaction, Ingersoll Rand will assume ownership of the Connersville, Indiana (USA) manufacturing facility, which is dedicated to Roots products, as well as retain approximately 300 team members.

“We are excited to have executed a definitive agreement in the second quarter 2023 to sell Roots, which is another key step in accelerating our deleveraging plan while simultaneously allowing us to focus on our core strategic solution offering and integration efforts,” stated Jill Evanko, Chart’s CEO and President. “We also are thrilled that the business will be owned by Ingersoll Rand, a proven strategic partner and a company that will care for the Roots’ team members.”

“We have long admired Roots and are thrilled to add this iconic brand to our portfolio. This complementary acquisition expands our low-pressure compression and vacuum product offerings and is a great example of our partnership with Chart, where the acquisition was a win-win for both companies,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand.

Chart is also reiterating its full year 2023 anticipated outlook for revenue, adjusted EBITDA, adjusted earnings per share, adjusted free cash flow and operational cash flow available for debt paydown, as well as our 2024 adjusted EBITDA outlook for $1.3 billion. We also reiterate our year-one annualized cost and commercial synergy targets of $175 million and $150 million as the original outlook did not assume any Roots™ associated synergies. The Roots business will be treated for accounting purposes as assets held for sale effective as of March 17, 2023 through the close of the transaction.

Chart’s banking covenant net leverage ratio as of March 31, 2023 was 4.08X. Assuming the approximately $300 million of cash from this divestiture had been available for debt paydown, the pro forma March 31, 2023 net leverage ratio would have been 3.88X.

Advisors

BofA Securities is serving as exclusive financial advisor and Winston & Strawn LLP is serving as legal counsel to Chart. Citi is serving as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal counsel to Ingersoll Rand.

Forward-Looking Statements

Certain statements made in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning Chart’s business plans, including anticipated acquisitions, future cost synergies and efficiency savings, objectives, future orders, revenue, margins, earnings, performance or outlook, business or industry trends and other information that is not historical in nature. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “indicators”, “outlook,” “guidance,” “continue,” “target,” or the negative of such terms or comparable terminology.

Forward-looking statements contained in this press release or in other statements made by Chart are made based on management’s expectations and beliefs concerning future events impacting Chart and are subject to uncertainties and factors relating to Chart’s operations and business environment, all of which are difficult to predict and many of which are beyond Chart’s control, that could cause Chart’s actual results to differ materially from those matters expressed or implied by forward-looking statements. Factors that could cause Chart’s actual results to differ materially from those described in the forward-looking statements include: the conditions to the closing of the sale of Roots may not be satisfied and it may not be consummated; the closing of the sale of Roots may be significantly delayed; sales, EBITDA, earnings per share, free cash flow and operational cash flow available for debt paydown may be lower than expected; and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recent Annual Report on Form 10-K filed with the SEC, which should be reviewed carefully. Chart undertakes no obligation to update or revise any forward-looking statement.

Use of Non-GAAP Financial Information

This press release contains non-GAAP financial information, including estimated full year 2023 and 2024 adjusted EBITDA guidance. Chart believes these forward-looking non-GAAP measures are of interest to investors and facilitate useful illustrations of Chart’s estimated future financial results, and this information is used by Chart in evaluating internal performance. Chart is not able to provide a reconciliation of each non-GAAP financial measure presented because certain items may have not yet occurred or are out of Chart’s control and/or cannot be reasonably predicted.

About Chart Industries, Inc.

Chart Industries, Inc. is an independent global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handing for the Nexus of Clean™ – clean power, clean water, clean food, and clean industrials, regardless of molecule. The company’s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance (ESG) issues both for its company as well as its customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com

Chart Industries Investor Relations Contact:

John Walsh
VP, Investor Relations
1-770-721-8899
[email protected]

• Shipments + Backlog Achieves New Record on May 31, 2023
• Revenue Growth and Greater Margins Drive Improvement
• Operating Loss in Seasonally Light First Quarter Declines 72.3% from $4.7 million to $1.3 million

TORRANCE, Calif., June 12, 2023 (GLOBE NEWSWIRE) — Virco Mfg. Corporation (NASDAQ: VIRC), the largest manufacturer and supplier of movable furniture and equipment for educational environments in the United States, today reported financial results for the quarterly period ended April 30, 2023 (first quarter of fiscal 2024).

Net Sales were $34.9 million for the first quarter of fiscal 2024, an 8.7% increase from $32.1 million for the same period of the prior fiscal year.

Operating Loss in the seasonally light first quarter declined 72.3% to $1.3 million from $4.7 million in the same period of the prior year, reflecting the broad positive impacts of higher revenue combined with higher margins. Selling, General, and Administrative(SG&A) expenses were virtually flat at $14.5 million or 41.5% of sales, versus $14.5 million, or 45.0% of sales, for the same period of the prior year. Interest expense for the first quarter of fiscal 2024 was $0.7 million compared to $0.4 million in the prior year, reflecting both higher interest rates and a modestly higher balance on the Company’s line of seasonal working capital.

For investors unfamiliar with Virco’s seasonal business cycle, the Company typically books orders and builds inventory during the first and fourth quarters, corresponding to the months when public schools are in session and thus unable to receive deliveries that might interrupt student instruction. The Company then delivers between 50-60% of total annual revenue in the second and third quarters, which correspond to “summer vacation” in most public and private schools.

Given this extreme seasonality, Management has developed several internal, non-GAAP metrics to evaluate trends in the business cycle during seasonally light quarters, when revenue alone may provide incomplete information. Management believes that one of the most helpful of these early-season metrics is “Shipments + Backlog” (technically the sum of year-to-date shipments + unshipped orders on the Company’s backlog) which is used for planning production schedules, staffing, and borrowings under the Company’s seasonal credit revolver. Because the Company books orders primarily with public and private schools under large-scale national public procurement contracts, the backlog figure tends to be fairly reliable, providing SKU-level detail that is useful for production scheduling, staffing, and procurement of raw materials. “Shipments + Backlog” thus provides both a high-level measure of business velocity as well as granular detail on product mix, sizes, colors and finishes, as well as service levels and requested dates of delivery. Management is able to compare current trends against a detailed 22-year history of identical data, compiled since the adoption of SAP as the Company’s Enterprise Resource Planning system (ERP) in 2001. This data provides a reliable degree of forward visibility and control in Virco’s highly seasonal market for school furniture and equipment.

As of May 31, 2023, the latest date for which the Company has complete data, “Shipments + Backlog” had reached a new record high of $167.9 million, a 16.4% increase over last year’s record of $144.3 million as of the same date. 

Commenting on these trends, Virco Chairman and CEO Robert Virtue said: “We are very pleased to be part of the robust recovery in public and private education following the disruptions of the pandemic. There seems to be a renewed appreciation for the essential role of in-person schooling for healthy students and communities. We are honored to do our part in supporting these essential institutions, and we look forward to another busy summer as we deliver this record backlog.”

Virco President Doug Virtue elaborated: “Virco’s long history as a direct manufacturer/supplier gives us a unique perspective on market trends for school furniture and equipment. We actively use our detailed database of products, customers, service levels, and prices to plan production, staffing and financing. We like to say that we’re not guessing about future demand, and usually, by the end of May, we have a pretty good idea of how the current year is going to end up.

“The pandemic upset some of those traditional comparisons, but even then we were able to use our data to minimize the impacts. Now we’re using it to maximize our contributions. This summer has every indication of being very busy and very good for Virco. We’re thankful to have reached this positive inflection point both for education in general and our Company in particular. We look forward to sharing more of our progress with shareholders at this year’s Annual Meeting in Torrance, California, on June 20, 2023.”

Contact:

Virco Mfg. Corporation
(310) 533-0474
Robert A. Virtue, Chairman and Chief Executive Officer
Doug Virtue, President
Robert Dose, Chief Financial Officer

Non-GAAP Financial Information

This press release includes a statement of shipments plus unshipped backlog as of May 31, 2023 compared to the same date in the prior fiscal year. Shipments represent the dollar amount of net sales actually shipped during the period presented. Unshipped backlog represents the dollar amount of net sales that we expect to recognize in the future from sales orders that have been received from customers in the ordinary course of business. The Company considers shipments plus unshipped backlog a relevant and preferred supplemental measure for production and delivery planning. However, such measure has inherent limitations, is not required to be uniformly applied or audited and other companies may use methodologies to calculate similar measures that are not comparable. In addition, backlog estimates are subject to change as a result of delay, suspension, termination or an increase or reduction in scope of projects by customers. Readers should be aware of these limitations and should be cautious as to their use of such measure. 

Statement Concerning Forward-Looking Information

This news release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding: our future financial results and growth in our business; business strategies; market demand and product development; estimates of unshipped backlog; order rates and trends in seasonality; product relevance; economic conditions and patterns; the educational furniture industry generally, including the domestic market for classroom furniture; cost control initiatives; absorption rates; and supply chain challenges. Forward-looking statements are based on current expectations and beliefs about future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are out of our control and difficult to forecast. These factors may cause actual results to differ materially from those that are anticipated. Such factors include, but are not limited to: uncertainties surrounding the severity, duration and effects of the COVID-19 pandemic; changes in general economic conditions including raw material, energy and freight costs; state and municipal bond funding; state, local, and municipal tax receipts; order rates; the seasonality of our markets; the markets for school and office furniture generally, the specific markets and customers with which we conduct our principal business; the impact of cost-saving initiatives on our business; the competitive landscape, including responses of our competitors and customers to changes in our prices; demographics; and the terms and conditions of available funding sources. See our Annual Report on Form 10-K for the year ended January 31, 2023, our Quarterly Reports on Form 10-Q, and other reports and material that we file with the Securities and Exchange Commission for a further description of these and other risks and uncertainties applicable to our business. We assume no, and hereby disclaim any, obligation to update any of our forward-looking statements. We nonetheless reserve the right to make such updates from time to time by press release, periodic reports, or other methods of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements which are not addressed by such an update remain correct or create an obligation to provide any other updates.

OXFORD, United Kingdom, June 12, 2023 (GLOBE NEWSWIRE) — Vaccitech plc (NASDAQ: VACC) (the Company, we or us), a clinical-stage biopharmaceutical company engaged in the discovery and development of novel immunotherapeutics for the treatment of autoimmunity, chronic infectious diseases and cancer, today announced the dosing of the first patient in the PCA001 clinical trial (NCT05617040). PCA001 is a multi-centre, Phase 1/2 clinical trial designed to determine the recommended Phase 2 regimen and evaluate the safety, efficacy, as measured by prostate-specific antigen (PSA) response, and T cell response of VTP-850 monotherapy in men with rising PSA after definitive local therapy for their disease (i.e., biochemical recurrence).

VTP-850 is a next-generation prostate cancer immunotherapeutic candidate which utilizes Vaccitech’s sequential dosing approach of two proprietary nonreplicating viral vectors, ChAdOx and MVA. PCA001 builds on the previous promising data from the University of Oxford VANCE01 (NCT02390063) and ADVANCE (NCT03815942) trials, Phase 1 and Phase 1/2 clinical trials respectively, of VTP-800, the first-generation product candidate which encoded 5T4, an antigen expressed by most prostate cancers.^1,2 VTP-850 is a multi-antigen immunotherapeutic candidate containing four prostate-associated antigens: PSA, PAP, STEAP1 and 5T4. The first phase of the trial is enrolling participants in the US, with plans to open further sites in Italy and Spain.

“20-40% of patients will unfortunately experience biochemical recurrence following initial local therapy for prostate cancer with the potential to experience metastases.³ VTP-850 is our next-generation, multi-antigen product candidate designed to induce a targeted polyclonal T cell response to kill remaining tumor cells and prevent advancement to metastatic disease,” said Bill Enright, Chief Executive Officer of Vaccitech. “We saw very encouraging data from the VANCE01 and ADVANCE trials, and we are excited to begin PCA001 where VTP-850 will be evaluated as a monotherapy in a patient population with important unmet medical needs.”

“VTP-850 encodes four prostate cancer antigens and is designed to induce a broader T cell response to tumor cells,” said Dr. Meg Marshall, Chief Medical Officer of Vaccitech. “When the immune system targets multiple molecules on tumor cells, it is generally harder for tumor cells to escape destruction by the immune system.”

About Prostate Cancer

In 2020, prostate cancer was the fourth most common cancer worldwide, with 1.4 million new cases diagnosed.⁴ In the US, out of every 100 American men, about 13 will get prostate cancer during their lifetime.⁵ In the UK, prostate cancer is the most common cancer in men, with more than 52,000 people diagnosed with the disease on average each year.⁶ 20-30% of patients experience rising levels of PSA after local therapy (e.g. prostatectomy), indicating that disease was not cured by local therapy.⁷ Of men who do experience biochemical recurrence, there is a 1 in 9 chance of developing metastases.⁸

About Vaccitech

Vaccitech is a clinical-stage biopharmaceutical company focused on the development of novel T cell immunotherapeutics designed to harness the power of the immune system to treat and cure chronic infectious diseases, autoimmune diseases, and cancer. The Company stands apart through a proprietary, multi-platform approach that has shown the ability to induce higher magnitudes of T cells compared with other technologies. Vaccitech is uniquely positioned to address the needs of large, underserved patient populations through a diverse clinical-stage pipeline of investigational therapies targeting diseases that pose significant public health risk and have limited treatment options. The Company’s lead product candidates include VTP-300, an immunotherapy product candidate designed as a component of a potential functional cure for chronic hepatitis B viral (HBV) infection; VTP-200, a non-invasive, early-stage investigational treatment for persistent, high-risk human papillomavirus (HPV) infection; VTP-850, a novel T cell investigational therapy for prostate cancer; and VTP-1000, a preclinical T cell therapeutic candidate designed to restore immune tolerance in celiac disease. Vaccitech has proven drug development and scientific expertise in the field of immunization, co-inventing a COVID-19 vaccine with the University of Oxford, which is now approved and exclusively licensed worldwide to AstraZeneca.

For more information, visit www.vaccitech.co.uk.

Forward Looking Statements

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which can generally be identified as such by use of the words “may,” “will,” “plan,” “forward,” “intend,” “promising,” “believe,” “potential,” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements include, without limitation, express or implied statements regarding: the Company’s plans and strategy with respect to VTP-850 and the PCA001 clinical trial, including plans for patient enrollment in Italy and Spain, the potential benefits of VTP-850 for the treatment of prostate cancer and expected patient population of VTP-850. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to numerous risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks and uncertainties related to the success, cost and timing of the Company’s product development activities and planned and ongoing clinical trials, the Company’s ability to execute on its strategy, regulatory developments, the Company’s ability to fund its operations, global economic uncertainty, including disruptions in the banking industry, the impact that the COVID-19 pandemic may have on the Company’s clinical trials and preclinical studies, and access to capital and other risks identified in the company’s filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2022, its Quarterly Reports on Form 10-Q and subsequent filings with the SEC. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company expressly disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

References

1. Cappuccini. F, et al, J Immunother Cancer, 2020. DOI: 10.1136/jitc-2020-000928
2. Tuthill, M, et al, Ann. Oncol. 2020. DOI: https://doi.org/10.1016/j.annonc.2020.08.2076
3. Artibani, W, et al, Urol Int, 2017. DOI: https://doi.org/10.1159/000481438
4. WHO, Cancer, 2022.
5. CDC, Prostate Cancer, 2022.
6. Prostate Cancer UK, About Prostate Cancer, 2022.
7. Johns Hopkins Medicine, Prostate Cancer Prognosis, 2023.
8. Stensland. KD, et al, J Clin Onc, 2022. DOI: 10.1200/JCO.2022.40.16_suppl.5090

RENO, Nev., June 12, 2023 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and producer of deep cycle lithium-ion storage batteries, today announced it is set to join the broad-market Russell 3000^® Index at the conclusion of the 2023 Russell indexes annual reconstitution, effective after the US market opens on June 26, 2023, according to a preliminary list of additions posted by FTSE Russell.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of April 28, 2023 ranking them by total market capitalization. Membership in the US all-cap Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000^® Index or small-cap Russell 2000^® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

“Our inclusion in the Russell 3000^® marks another important milestone for Dragonfly Energy during our first year as a public company,” said Dr Denis Phares, CEO of Dragonfly Energy. “We believe inclusion in the index will provide us with more exposure to the broader investment community, and the opportunity to expand awareness of our unique position within the evolving energy storage market, as we look to deliver long-term value creation for our shareholders.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000^® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About Dragonfly Energy
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) headquartered in Reno, Nevada, is a leading supplier of deep cycle lithium-ion batteries. Dragonfly Energy’s research and development initiatives are revolutionizing the energy storage industry through innovative technologies and manufacturing processes. Today, Dragonfly Energy’s non-toxic deep cycle lithium-ion batteries are displacing lead-acid batteries across a wide range of end-markets, including RVs, marine vessels, off-grid installations, and other storage applications. Dragonfly Energy is also focused on delivering an energy storage solution to enable a more sustainable and reliable smart grid through the future deployment of the Company’s proprietary and patented solid-state cell technology. To learn more, visit www.dragonflyenergy.com/investors.

About FTSE Russell
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20.1 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit www.ftserussell.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors include those set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and in the Company’s subsequent filings with the SEC available at www.sec.gov.

If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Relations:

Sioban Hickie, ICR, Inc.
[email protected]

Source: Dragonfly Energy Holdings Corp.