Market Newsdesk

NEW YORK, March 08, 2023 (GLOBE NEWSWIRE) — Intelligent Bio Solutions Inc. (Nasdaq: INBS) (the “Company”), a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions, today announced the pricing of its previously announced underwritten public offering of 569,560 shares of common stock and warrants to purchase up to 170,868 shares of its common stock at a combined public offering price of $3.90 per share of common stock and accompanying warrants, for initial gross proceeds of approximately $2.2 million, before underwriting discounts and commissions and offering expenses. The warrants have an exercise price of $3.90 per share, are exercisable immediately and will expire five years following the date of issuance.

Ladenburg Thalmann & Co. Inc. is acting as the sole bookrunning manager for the offering.

All of the securities to be sold in the offering will be sold by the Company. In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 85,430 shares of its common stock and warrants to purchase up to 25,629 shares of its common stock at the public offering price less the underwriting discounts and commissions. The offering is expected to close on or about March 10, 2023, subject to customary closing conditions.

The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission (“SEC”) on April 8, 2022, and declared effective by the SEC on April 20, 2022. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Ladenburg Thalmann & Co. Inc. at Attn: Prospectus Department, 640 Fifth Avenue, 4th Floor, New York, NY 10019 or by e-mail at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Intelligent Bio Solutions Inc.

Intelligent Bio Solutions Inc. is a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions to customers globally. With its world-first biosensor platform, Intelligent Bio Solutions is developing and launching diagnostic tests urgently needed to help people living with chronic disease. In addition, through its recent acquisition of Intelligent Fingerprinting Limited, the Company is the world leader in the advancement of portable drugs of abuse testing through the analysis of fingerprint sweat. The system is a platform technology with potential applications in many areas of diagnostics, and its advantages include being non-invasive, hygienic, fast, and cost-effective. The top-selling product screens for recent use of the most commonly taken drugs in workplace settings; opioids, cocaine, methamphetamine, and marijuana. Sample collection takes just seconds, with results in ten minutes. Customers include employers in safety-critical industries such as construction, transport and logistics firms, drug treatment organizations, and UK coroners. A laboratory confirmation service is also available.

For more information, visit http://www.ibs.inc/

Forward-Looking Statements:

Some of the statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.’s ability to consummate the transaction described in this press release and the use of proceeds therefrom, develop and commercialize its diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent Bio Solutions’ public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Company Contact:

Intelligent Bio Solutions Inc.
[email protected]

Investor Contact:

Valter Pinto, Managing Director
KCSA Strategic Communications
[email protected]

Media Contact:

Cheryl Billson
Comma Communications
[email protected] 

BOSTON, March 08, 2023 (GLOBE NEWSWIRE) — A new research report out today fromFlywire Corporation (Nasdaq: FLYW), a global payments enablement and software company, reveals that 83% of luxury travelers surveyed plan to spend more on travel in 2023 than they did in 2022. And as the demand for unique travel experiences is expected to remain strong, 84% of luxury travelers surveyed said their next few vacations will be longer than the ones they took over the past 18 months.

Flywire’s annual luxury travel report surveyed more than 600 U.S. adults to uncover the patterns and priorities that will help shape the industry in 2023.

“Our recent research suggests that there’s a strong desire among travelers to continue to invest in unique travel experiences around the world,” said Colin Smyth, VP and GM of Travel and Flywire. “Based on our data, vacations, on average, are expected to be longer this year compared to last. Travelers are more likely to combine business trips and vacations, and they’re planning to spend more than in recent years. And the rise of the four-day work week, along with hybrid work schedules, is allowing them to travel more in the off-season.”

Travel advisors are critical to achieving the true luxury experience

The report highlighted the value of the travel advisor when creating a luxury experience. 81% of respondents say working with travel experts is the only way to have a true luxury travel experience – up from 74% last year. Younger generations such as Gen Z and Millennials (63%) are more likely to take advantage of the assistance from agents and advisors as opposed to Gen X (54%) and most Boomers (45%).

While travel advisors and agents can take away some of the stress and manage many pain points – including logistics and payment offerings – additional considerations such as hidden travel restrictions, including last minute COVID-19-related changes, have made agents and advisors more important. The survey found 67% could not imagine traveling without an agent/advisor, with 62% citing the benefits of agents’ ability to take care of everything.

Hybrid Work and the Expanding Travel Season

The growth in popularity of hybrid work, the four-day work week and more work-life balance may prove to be a boon for the luxury travel industry. There is now no such thing as an “off-season” for travel, as the survey found Gen X (98%), Boomers (99%) and Gen Z and Millennials (89%) agreeing that travel is no longer limited to one season.

People are eager to travel all year round, and 85% of those surveyed attribute their hybrid work schedule to their ability to travel more frequently and during periods in which they normally would not have that option. The lines between work and play are becoming blurred as 73% say they are more likely to combine business trips and vacations now than in the past.

Travelers are also looking for the opportunity to incorporate special events like the 2023 FIFA Women’s World Cup, 2023 Ryder Cup, or the 2024 Summer Olympics into their trips, with 83% of respondents saying traveling for special events allows them to turn trips into longer ones.

Prioritizing Payment Security

As luxury travelers get ready to spend more in 2023, payment security and convenience are of utmost priority. 90% of luxury travelers surveyed noted ease of payments for all parts of their trip, such as accommodations, excursions and bookings, as important to them. The research also found payment security concerns are top of mind for almost seven out of ten (69%) of all travelers surveyed, and even higher among Gen Z and Millennials (82%). This is a significant increase compared to the 37% of all luxury travelers surveyed last year who expressed payment security concerns.

“As they spend more time on the road, travelers have every right to expect stronger security and greater convenience when it comes to payments,” continued Smyth. “This represents a significant uptick from last year, and the industry should use this as a wake-up call to put in place solutions that can handle guests’ payments securely regardless of payment type.”

To experience the complete report, please visit:


Flywire’s annual luxury travel report

Methodology

This survey is among 612 U.S. adults, 18 and older, who have a household income of at least $100,000 a year, traveled at least twice during the past year for pleasure and spend, on average, at least $5,000 per person on vacations considering accommodations, travel, meals and activities. This survey was conducted online between December 9 and 19, 2022. For more information, please visit the methodology page.

About Flywire

Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

Flywire supports more than 3,100 clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. Flywire is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Flywire’s business strategy and plans, market growth and trends, and Flywire’s objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Risks that may cause actual results to differ materially from these forward looking statements include, but are not limited to: political, economic, foreign exchange rate, inflation, legal, social and health risks, including the COVID-19 pandemic and subsequent public health measures that may affect Flywire’s business or the global economy; beliefs and objectives for future operations; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2021 and Flywire’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, both of which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at

https://www.sec.gov/

. Additional factors may be described in those sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2022, expected to be filed with the SEC in the first quarter of 2023. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Media Contacts

Sarah King
[email protected]

Prosek Partners
[email protected]

Investor Relations Contact:

ICR
[email protected]

BOCA RATON, Fla., March 08, 2023 (GLOBE NEWSWIRE) — Grom Social Enterprises Inc. (NASDAQ: GROM) (“Grom” or the “Company”), a media, technology and entertainment company dedicated to family-friendly programming, web filtering technology, and safe social media for kids, today announced that its subsidiary Top Draw Animation (“TDA”), a leading source of premium animation production services for programming shown throughout the world, will lend its animation expertise to season two of Mansour, the emerging animated hit series from Bidaya Media, the production team behind Iftah Ya Simsim, the Arabic language version of Sesame Street. The assignment was announced jointly today by TDA’s President, Russell Hicks, and Bidaya Media’s CEO, Nabil El Jisr.

“With rich characters, compelling storylines and top-shelf animation, Bidaya Media has crafted the perfect hit series,” said Hicks. “The dedicated animation experts and artists in our Manila studio are energized to bring season two of Mansour to its growing fan base as the series continues its upward climb. We are thrilled to secure another major win for Top Draw which continues to be a key growth driver for Grom.”

“We are proud to continue our collaboration with Top Draw on the second season of the Adventures of Mansour: Age of A.I. The work on the first season has been superb and we are very proud to have Top Draw continuing to deliver on this high quality production while navigating this ever-changing industry,” said Nabil El Jisr, CEO of Bidaya Media.

For Mansour, Top Draw will tap into its team of 400 animation pros to oversee production on the animated action adventure series about tech whiz Mansour and his friends as they confront a mischievous AI known as Blink who is intent on causing as much trouble as possible for Mansour and the people of his home city.

About Top Draw Animation

Based in Manila, Philippines, Top Draw Animation produces animated series, movies, specials and short-form content for several leading global and international entertainment providers and was acquired by Grom Social Enterprises in 2016. The studio operates under the direction of the company’s two Hollywood-based leaders; President Russell Hicks, who earlier led Nickelodeon’s original animation and live action production; and EVP Jared Wolfson, both of whom assumed their new roles last year.

About Grom Social Enterprises, Inc.

Grom Social Enterprises, Inc. (NASDAQ: GROM) is a growing social media platform and original content provider of entertainment for children under 13, which provides safe and secure digital environments for kids that can be monitored by their parents or guardians. The Company has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, lets them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens and Curiosity Ink Media, a global media company that develops, acquires, builds, grows, and maximizes the short, mid & long-term commercial potential of Kids & Family entertainment properties and associated business opportunities. The Company also owns and operates Top Draw Animation, which produces award-winning animation content for some of the largest international media companies in the world. Grom also includes Grom Educational Services, which provides web filtering for K-12 schools, government and private businesses. For more information, please visit https://gromsocial.com or for investor relations, please visit investors.gromsocial.com.

About Bidaya Media

Bidaya Media is a leading production company in the Middle East and North African region dedicated to developing original content for children of all ages. Bidaya aims to inspire children by stimulating their imaginations with content that nurtures intelligent, creative thinking and promotes social values of empathy, tolerance and friendship in a culturally diverse modern world. As well as the company’s main, original IP ‘Mansour,’ Bidaya is also well-known for developing and producing ‘Iftah Ya Simsim’, a much loved Arabic version of Sesame Street, the critically acclaimed educational and entertaining early childhood TV show.

Forward-Looking Statements

This press release contains statements, which may constitute “forward-looking statements.” Those statements include statements regarding the intent, belief, or current expectations of Grom and members of its management team as well as the assumptions on which such statements are based. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that may cause actual results to differ from those anticipated are discussed throughout the Company’s reports filed with Securities and Exchange Commission which are available at www.sec.gov as well as the Company’s web site at www.gromsocial.com. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Grom Social Enterprises/Top Draw Animation

Paul Ward
+1-917-0593-6066
[email protected]

Bidaya Media FZ LLC, Yas Creative Hub

Imane Salem T.
M 1+971 2 401 2712, O 1+971 50 911 1759
[email protected]

Grom Investor Relations

Brooks Hamilton
MZ Group – MZ North America
+1-949-546-6326
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7f0981b9-049b-4c6a-9efd-ae5ed3bb13e6

CHARLOTTE, N.C., March 08, 2023 (GLOBE NEWSWIRE) — AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced that members of the management team will participate in the Wolfe Research FinTech Forum in New York, NY on Wednesday, March 15, 2023 at 8:00 AM ET.

A live webcast of the presentation will be available on the Events page of the AvidXchange investor relations website at https://ir.avidxchange.com/. A replay of the webcast will also be available for a limited time.

About AvidXchange

AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 825,000 supplier customers of its buyers over the past five years. To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit www.AvidXchange.com.

Investor Contact:

Subhaash Kumar
[email protected]
813-760-2309

Media Contact:

Olivia Sorrells
[email protected]
386-848-3656

ISTANBUL, Türkiye, March 08, 2023 (GLOBE NEWSWIRE) — D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform, will report its unaudited financial results for the fourth quarter and full year ending December 31, 2022 before the U.S. market opens on Wednesday, March 22, 2023.

Conference Call and Webcast Details

The Company’s management will host an analyst and investor conference call and live webcast to discuss its financial results at 16.00 İstanbul / 13.00 London / 9.00 a.m. New York time on Wednesday, March 22, 2023.

Live webcast can be accessed via https://87399.themediaframe.eu/links/hepsiburada230322.html

A replay will be available on the Hepsiburada Investor Relations website https://investors.hepsiburada.com following the call.

The Company’s results presentation will be available at the Hepsiburada Investor Relations website https://investors.hepsiburada.com on March 22, 2023.

About Hepsiburada

Hepsiburada is a leading e-commerce technology platform in Türkiye, connecting approximately 50 million members with over 145 million SKUs in over 30 categories on its hybrid operating model where direct sales on 1P (retail) and over 94,000 merchants on 3P (marketplace) provide goods and services.

With its vision of leading digitalization of commerce, Hepsiburada acts as a reliable, innovative and purpose-led companion in consumers’ daily lives. Hepsiburada’s e-commerce platform provides a broad ecosystem of capabilities for merchants and consumers including: last mile delivery and fulfilment services; advertising; grocery delivery; and payment services, delivered through Hepsipay, Hepsiburada’s payment companion and BNPL solutions provider. HepsiGlobal offers selection from international merchants via its inbound arm while outbound operations aim to enable merchants in Türkiye to make cross-border sales.

Since its founding in 2000, Hepsiburada has been purpose-led, leveraging its digital capabilities to develop the role of women in the Turkish economy. Hepsiburada started the ‘Technology Empowerment for Women Entrepreneurs’ programme in 2017, which has supported approximately 38,000 female entrepreneurs throughout Türkiye reach millions of customers with their products.

Investor Relations Contact

[email protected]

Media Contact

[email protected]

[email protected]

LONDON and SAN JOSE, Calif., March 08, 2023 (GLOBE NEWSWIRE) — zSpace, Inc. (“zSpace” or the “Company”) and EdtechX Holdings Acquisition Corp. II (Nasdaq: EDTXU, EDTX, and EDTXW) (“EdtechX II”), an edtech and future of work-focused SPAC, are scheduled to participate in the 35^th Annual ROTH Conference, which is being held at The Ritz-Carlton, Laguna Niguel in Dana Point, CA from March 13-14, 2023.

zSpace management will be available for one-on-one meetings throughout the conference.

As previously announced, zSpace and EdtechX II have entered into a definitive merger agreement that would result in zSpace becoming publicly traded. Following the anticipated closing of the proposed business combination, the combined company is expected to be named zSpace Technologies, Inc. and listed on the Nasdaq Stock Market under the new ticker symbol “ZSPX.” The business combination is expected to be consummated following the receipt of required approval by the stockholders of EdtechX II, required regulatory approvals, and the fulfilment of other customary closing conditions.

To receive additional information, request an invitation or schedule a one-on-one meeting with management, please contact your ROTH representative or the Company’s investor relations team at [email protected].

About zSpace

zSpace is a leading evidence-based augmented/virtual reality (AR/VR) platform providing innovative hands-on, experiential learning to improve achievement in science, math, and career and technical education credentialing. Over 3,500 U.S. school customers, technical centers, community colleges, and universities use zSpace to provide equitable access to instruction for millions of learners preparing for success in college and careers. A privately held, venture-backed company located in San Jose, California, it has more than 70 patents. zSpace was named “Cool Vendor” by Gartner, Inc., “Best in Show at ISTE” by Tech & Learning Magazine for three consecutive years and ranked two years in a row on the Inc. 500 list of fastest-growing companies.

About EdtechX Holdings Acquisition Corp. II
EdtechX Holdings Acquisition Corp. II is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more businesses or entities. EdtechX II is led by its founders, Charles McIntyre, Executive Chairman and Chief Investment Officer, and Benjamin Vedrenne-Cloquet, Chief Executive Officer.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between zSpace and EdtechX II. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of EdtechX II’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4, and other documents filed by EdtechX II from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and zSpace and EdtechX II assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither zSpace nor EdtechX II gives any assurance that either zSpace or EdtechX II will achieve its expectations.

Additional Information and Where to Find It / Non-Solicitation
This press release relates to a proposed transaction between zSpace and EdtechX II. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of zSpace, the combined company or EdtechX II, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended (the “Securities Act”). EdtechX II intends to file a registration statement on Form S-4 with the SEC, which will include a document that serves as a prospectus and proxy statement of EdtechX II, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all EdtechX II shareholders. EdtechX II also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of EdtechX II are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Participants in Solicitation

EdtechX II and zSpace and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from EdtechX II’s stockholders in connection with the proposed transaction. Information about EdtechX II’s directors and executive officers and their ownership of EdtechX II’s securities is set forth in EdtechX II’s filings with the SEC. To the extent that holdings of EdtechX II’s securities have changed since the amounts printed in EdtechX II’s Registration Statement on Form S-1, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

These communications do not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

EdtechX Holdings Acquisition Corp. II Corporate Contact:

Benjamin Vedrenne-Cloquet
Chief Executive Officer
c/o Svetlana Lelik
[email protected]
[email protected]

EdtechX Holdings Acquisition Corp. II Media Contact:

Sandra Novakov
[email protected]

zSpace Investor Inquiries:

Cody Slach and Jackie Keshner
Gateway Group, Inc.
+1-949-574-3860
[email protected]

zSpace Media Contact:

Amanda Austin
zSpace, Inc.
+1-408-638-9413
[email protected]

LIMASSOL, Cyprus, March 08, 2023 (GLOBE NEWSWIRE) — Castor Maritime Inc. (NASDAQ: CTRM) (“Castor” or the “Company”), a diversified global shipping company, today announced its results for the three months and year ended December 31, 2022.

Highlights of the Fourth Quarter Ended December 31, 2022:

• Total Vessel Revenues: $69.3 million for the three months ended December 31, 2022, as compared to $60.0 million for the three months ended December 31, 2021, or a 15.5% increase;
• Net income: $33.7 million for the three months ended December 31, 2022, as compared to $29.2 million for the three months ended December 31, 2021, or a 15.4% increase;
• Earnings (basic) per common share: $0.36 per share for the three months ended December 31, 2022, as compared to $0.18 per share for the three months ended December 31, 2021;
• EBITDA
  
  ⁽¹⁾
  
  : $42.9 million for the three months ended December 31, 2022, as compared to $36.1 million for the three months ended December 31, 2021;
• Cash and restricted cash of $152.3 million as of December 31, 2022, as compared to $43.4 million as of December 31, 2021; and
• The spin-off
  of our Aframax/LR2 and Handysize tanker segments to a new Nasdaq-listed company, Toro Corp. was completed on March 7, 2023.

Earnings Highlights of the Year Ended December 31, 2022:

• Total Vessel Revenues: $262.1 million for the year ended December 31, 2022, as compared to $132.0 million for the year ended December 31, 2021, or a 98.6% increase;
• Net income: $118.6 million for the year ended December 31, 2022, as compared to net income of $52.3 million for the year ended December 31, 2021, or a 126.8% increase;
• Earnings (basic) per common share: $1.25 per share for the year ended December 31, 2022, as compared to $0.48 per share for the year ended December 31, 2021; and
• EBITDA
  
  ⁽¹⁾
  
  : $152.8 million for the year ended December 31, 2022, as compared to $69.9 million for the year ended December 31, 2021.

^{(1) EBITDA is not a recognized measure under United States generally accepted accounting principles (“U.S. GAAP”). Please refer to Appendix B for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.}

Management Commentary:

Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented:

“2022 was a record year for the net earnings of Castor aided, mainly, by the higher Aframax/LR2 and Handysize vessel earnings following the timely acquisitions we made in the tanker sector during 2021. We enjoyed strong cash flows as our operating cash flow more than doubled in 2022 compared to 2021 to $123.8 million and our balance sheet is strong, positioning us to further pursue our growth strategy in 2023.

The Aframax/LR2 and Handysize tanker segments further improved their performance with combined operating income for the twelve months of 2022 of $53.7 million (of which $26.1 million was generated in the fourth quarter of 2022), and the combined book value of these segments’ assets was $157.5 million as of December 31, 2022, while our dry bulk segment continued to be robust with operating income for the twelve months of 2022 of $80.1 million (of which $12.4 million was generated in the fourth quarter of 2022), and the book value of its assets was $339.6 million as of December 31, 2022.

On March 7, 2023, we completed the previously announced spin-off of our Aframax/LR2 and Handysize tanker segments through the distribution of all of the common shares of Toro Corp. (“Toro”) to our shareholders of record as of February 22, 2023 (the “Spin-Off”). We believe the Spin-Off, which represents a substantial payment by Castor to its shareholders, is an important strategic step that will establish Toro as a ‘pure play’ tanker business at a time of increased focus on energy supplies and as the tanker shipping market enjoys strong supply demand fundamentals, as demonstrated especially in the second half of 2022.

Castor has retained 20 dry bulk and two container vessels, totaling a sizeable fleet of 22 vessels with an average age of 13.7 years enjoying a strong balance sheet. The dry bulk fundamentals remain healthy given the historically low order book and the improved outlook of the Chinese economy.”

Earnings Commentary:

Fourth Quarter ended December 31, 2022, and 2021 Results

Total vessel revenues for the three months ended December 31, 2022, increased to $69.3 million from $60.0 million in the same period of 2021. This variation was mainly driven by (i) the improved Aframax/LR2 and Handysize tanker charter rates and pool earnings that our vessels earned, and (ii) the increase in our Available Days (defined below) from 2,433 in the three months ended December 31, 2021, to 2,522 in the three months ended December 31, 2022, following the expansion of our fleet.

The decrease in voyage expenses to $4.9 million in the three months ended December 31, 2022, from $5.8 million in the same period of 2021, is mainly associated with decreased port costs and bunkers consumption for our Aframax/LR2 tankers, attributable to their gradual entry during the fourth quarter of 2022 into the V8 Plus Pool, a pool of Aframax tankers aged fifteen (15) years or more. When our vessels operate in pools, we incur no third-party brokerage commissions and port costs are handled by our pool operators.

The increase in vessel operating expenses by $1.3 million, from $14.8 million in the three months ended December 31, 2021 to $16.1 million in the same period of 2022, as well as the increase in vessels’ depreciation and amortization costs by $1.5 million, from $5.5 million in the three months ended December 31, 2021 to $7.0 million in the same period of 2022, mainly reflect the increase in our Ownership Days following the expansion of our fleet.

General and administrative expenses in the three months ended December 31, 2022, amounted to $2.6 million, whereas, in the same period of 2021 general and administrative expenses totaled to $1.2 million. This increase stemmed from higher corporate fees primarily due to the Toro Spin-Off and a higher fee paid to Castor Ships, our manager, following entry into an amended and restated master management agreement with Castor Ships with effect from July 1, 2022.

Management fees in the three months ended December 31, 2022, amounted to $2.5 million, whereas in the same period of 2021, management fees totaled $2.2 million. This increase in management fees is mainly due to the increase in our Ownership Days for which our managers charge us a daily management fee, stemming from the expansion of our fleet and the aforementioned amendments to our management agreements with Castor Ships.

During the three months ended December 31, 2022, we incurred net interest costs and finance costs amounting to $1.9 million compared to $1.1 million during the same period in 2021. The increase is due to our higher weighted average interest rate, as well as the increase in our weighted average indebtedness, during the three months ended December 31, 2022, as compared with the same period of 2021.

Recent
Financial
Developments Commentary:

Equity update

From January 1, 2022 to date, no issuances of common shares have taken place. As of March 6, 2023, we had 94,610,088 common shares issued and outstanding.

Liquidity/ Financing/ Cash flow update

Our consolidated cash position (including our restricted cash) as of December 31, 2022 increased by $108.9 million to $152.3 million, as compared with our cash position on December 31, 2021. During the year ended December 31, 2022, our cash position improved mainly as a result of: (i) $123.8 million of net operating cash flows generated, (ii) $12.6 million of net proceeds from the sale of M/T Wonder Arcturus to an unaffiliated third-party buyer and (iii) net financing cash inflows of $76.5 million following our entry into two secured loan facilities in January 2022 and November 2022. During the year ended December 31, 2022 we used $76.4 million to fund the acquisitions of the M/VMagic Callisto, M/V Ariana A, M/V Gabriela A and other capital expenditures relating to our fleet, whereas $27.5 million were used for scheduled principal repayments on our debt.

As of December 31, 2022, our total debt, gross of unamortized deferred loan fees, was $153.7 million of which $32.5 million is repayable within one year, as compared to $103.8 million of gross total debt as of December 31, 2021.

Recent
Business
Developments Commentary:

Completion of the tanker business Spin-Off

On March 7, 2023, we completed our previously announced Spin-Off of our tanker fleet comprising one Aframax, five Aframax/LR2 and two Handysize tankers. In the Spin-Off distribution, Castor shareholders received one common share of Toro for every ten Castor common shares held at the close of business on February 22, 2023. Additional information about Toro and the Spin-Off transaction can be found in the Toro registration statement filed pursuant to the Securities Exchange Act of 1934 on Form 20-F, which is available at www.sec.gov.

Fleet Employment Status (as of March 6, 2023) During the three months ended December 31, 2022, we operated on average 28.8 vessels earning a Daily TCE Rate⁽²⁾ of $25,559 as compared to an average of 26.8 vessels earning a Daily TCE Rate⁽²⁾ of $22,299 during the same period in 2021. Our current employment profile is presented immediately below.

^{(2) Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.}

Dry Bulk Carriers
Vessel Name	Type	DWT	Year Built	Country of Construction	Type of Employment	Daily Gross Charter Rate		Estimated Redelivery Date
								Earliest	Latest
Magic Orion	Capesize	180,200	2006	Japan	TC(1)period	101% of BCI5TC(2)		Jan-24	Apr-24
Magic Venus	Kamsarmax	83,416	2010	Japan	TC period	$25,000(3)		Apr-24	Jul-24
Magic Thunder	Kamsarmax	83,375	2011	Japan	TC period	$14,000(4)		Sep-23	Dec-23
Magic Argo	Kamsarmax	82,338	2009	Japan	TC period	103% of BPI5TC		Apr-24	Jul-24
Magic Perseus	Kamsarmax	82,158	2013	Japan	TC period	100% of BPI5TC		Sep-23	Dec-23
Magic Starlight	Kamsarmax	81,048	2015	China	TC period	98% of BPI5TC		Nov-23	Feb-24
Magic Twilight	Kamsarmax	80,283	2010	Korea	TC trip	$4,300 + $100,000 ballast bonus		Mar-23	Mar-23
Magic Nebula	Kamsarmax	80,281	2010	Korea	TC period	93% of BPI5TC		May-23	Aug -23
Magic Nova	Panamax	78,833	2010	Japan	TC period	101% of BPI4TC(5)		Sep-23	Dec-23
Magic Mars	Panamax	76,822	2014	Korea	TC period	102% of BPI74		Oct-23	Jan-24
Magic Phoenix	Panamax	76,636	2008	Japan	TC period	102% BPI4TC		Aug-23	Nov-23
Magic Horizon	Panamax	76,619	2010	Japan	TC period	$14,000(6)		Jun-23	Sep-23
Magic Moon	Panamax	76,602	2005	Japan	TC period	95% of BPI4TC		Apr-23	Jul-23
Magic P	Panamax	76,453	2004	Japan	TC period	$13,100(7)		Oct-23	Jan-24
Magic Sun	Panamax	75,311	2001	Korea	TC trip	$9,000		Apr-23	Apr-23
Magic Vela	Panamax	75,003	2011	China	TC period	87.5% of BPI5TC(8)		Apr-23	Jul-23
Magic Eclipse	Panamax	74,940	2011	Japan	TC period	$22,000(9)		Apr-24	Jun-24
Magic Pluto	Panamax	74,940	2013	Japan	TC period	100% of BPI4TC		Dec-23	Mar-24
Magic Callisto	Panamax	74,930	2012	Japan	TC period	$14,000(10)		Jul-23	Oct-23
Magic Rainbow	Panamax	73,593	2007	China	Unfixed	N/A		N/A	N/A
Containerships
Vessel Name	Type	DWT	Year Built	Country of Construction	Type of Employment	Daily Gross Charter Rate		Estimated Redelivery Date
								Earliest	Latest
Ariana A	Containership	38,117	2005	Germany	TC period	$23,250		Apr-23	Jul-23
Gabriela A	Containership	38,121	2005	Germany	TC period	$26,350		Feb-24	May-24

⁽¹⁾ TC stands for time charter.
⁽²⁾ The benchmark vessel used in the calculation of the average of the Baltic Capesize Index (“BCI”) 5TC routes (“BCI5TC”) is a non-scrubber fitted 180,000mt dwt vessel (Capesize) with specific age, speed – consumption, and design characteristics.
⁽³⁾ The vessel’s daily gross charter rate is equal to 100% of the Baltic Panamax Index 5TC routes (“BPI5TC”). In accordance with the prevailing charter party, on April 28, 2022 the owners converted the index-linked rate to fixed from May 1, 2022 until March 31, 2023, at a rate of $25,000 per day. Upon completion of this period, the rate will be converted back to index-linked. The benchmark vessel used in the calculation of the average of the BPI5TC routes is a non-scrubber fitted 82,000mt dwt vessel (Kamsarmax) with specific age, speed – consumption, and design characteristics.
⁽⁴⁾ The vessel’s daily gross charter rate is equal to 97% of BPI5TC. In accordance with the prevailing charter party, on January 1, 2023 the owners converted the index-linked rate to fixed from February 1, 2023 until June 30, 2023, at a rate of $14,000 per day. Upon completion of this period, the rate will be converted back to index-linked.
⁽⁵⁾ The benchmark vessel used in the calculation of the average of the BPI4TC routes is a non-scrubber fitted 74,000mt dwt vessel (Panamax) with specific age, speed – consumption, and design characteristics.
⁽⁶⁾ The vessel’s daily gross charter rate is equal to 103% of BPI4TC. In accordance with the prevailing charter party, on October 18, 2022 the owners converted the index-linked rate to fixed from November 1, 2022 until March 31, 2023, at a rate of $14,000 per day and, further, on February 27, 2023, converted the index-linked rate to fixed from April 1, 2023 to June 30, 2023 at a rate of $15,300 per day. Upon completion of this period, the rate will be converted back to index-linked.
⁽⁷⁾ The vessel’s daily gross charter rate is equal to 96% of BPI4TC. In accordance with the prevailing charter party, on January 16, 2023 the owners converted the index-linked rate to fixed from February 1, 2023 until September 30, 2023, at a rate of $13,100 per day. Upon completion of this period, the rate will be converted back to index-linked.
⁽⁸⁾ After redelivery from the current charter, estimated to take place between April and July 2023 in accordance with the prevailing charterparty terms, the vessel has been fixed for a period of minimum 12 to maximum 15 months, at a daily gross charter rate equal to 95% of BPI4TC.
⁽⁹⁾ The vessel’s daily gross charter rate is equal to 99% of BPI4TC. In accordance with the prevailing charter party, on June 15, 2022 the owners converted the index-linked rate to fixed from July 1, 2022 until March 31, 2023, at a rate of $22,000 per day. Upon completion of this period, the rate will be converted back to index-linked.
⁽¹⁰⁾ The vessel’s daily gross charter rate is equal to 101% of BPI4TC. In accordance with the prevailing charter party, on October 18, 2022 the owners converted the index-linked rate to fixed from November 1, 2022 until March 31, 2023, at a rate of $14,000 per day and, further, on February 27, 2023, converted the index-linked rate to fixed from April 1, 2023 to June 30, 2023 at a rate of $15,000 per day. Upon completion of this period, the rate will be converted back to index-linked.

Financial Results Overview (Consolidated):

Set forth below are selected financial data for each of the three months and year ended December 31, 2022 and 2021, respectively:

	Three Months Ended								Year Ended
(Expressed in U.S. dollars)		December 31, 2022 (unaudited)			December 31, 2021 (unaudited)				December 31, 2022 (unaudited)			December 31, 2021 (unaudited)
Total vessel revenues	$	69,321,426		$	60,010,788			$	262,101,998		$	132,049,710
Operating income	$	35,943,941		$	30,546,613			$	126,779,813		$	55,519,085
Net income	$	33,681,548		$	29,210,843			$	118,560,690		$	52,270,487
EBITDA(1)	$	42,923,244		$	36,127,417			$	152,765,204		$	69,910,529
Earnings (basic) per common share	$	0.36		$	0.18			$	1.25		$	0.48

⁽¹⁾ EBITDA is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this release for the definition and reconciliation of this measure to Net income, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Consolidated Fleet Selected Financial and Operational Data:

Set forth below are selected financial and operational data of our fleet for each of the three months and year ended December 31, 2022 and 2021, respectively, that we believe are useful in analyzing trends in our results of operations. For pro forma financial information reflecting the performance of our business after giving effect to the Spin-Off, see our Current Report on Form 6-K filed on March 8, 2023, which is available at www.sec.gov.

		Three Months Ended December 31,					Year Ended December 31,
(Expressed in U.S. dollars except for operational data)		2022		2021			2022		2021
Ownership Days (1)(7)		2,647		2,467			10,482		6,807
Available Days (2)(7)		2,522		2,433			10,212		6,657
Operating Days (3)(7)		2,519		2,419			10,153		6,562
Daily TCE Rate (4)	$	25,559	$	22,299		$	22,431	$	17,891
Fleet Utilization (5)		100%		99%			99%		99%
Daily vessel operating expenses (6)	$	6,087	$	6,004		$	6,007	$	5,759

⁽¹⁾ Ownership Days are the total number of calendar days in a period during which we owned a vessel.
⁽²⁾ Available Days are the Ownership Days in a period less the aggregate number of days our vessels are off-hire due to scheduled repairs, dry-dockings or special or intermediate surveys.
⁽³⁾ Operating Days are the Available Days in a period after subtracting unscheduled off-hire and idle days.
⁽⁴⁾ Daily TCE Rate is not a recognized measure under U.S. GAAP. Please refer to Appendix B for the definition and reconciliation of this measure to Total vessel revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
⁽⁵⁾ Fleet Utilization is calculated by dividing the Operating Days during a period by the number of Available Days during that period.
⁽⁶⁾ Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the Ownership Days for such period.
⁽⁷⁾ Our definitions of Ownership Days, Available Days, Operating Days, Fleet Utilization may not be comparable to those reported by other companies.

APPENDIX A

CASTOR MARITIME INC.

Unaudited Condensed Consolidated Statements of Comprehensive Income

(Expressed in U.S. Dollars—except for number of share data)

(In U.S. dollars except for number of share data)		Three Months Ended December 31,							Year Ended December 31,
		2022			2021				2022			2021
REVENUES
Total vessel revenues	$	69,321,426		$	60,010,788			$	262,101,998		$	132,049,710
EXPENSES
Voyage expenses (including commissions to related party)		(4,860,995	)		(5,756,397	)			(33,040,690	)		(12,950,783	)
Vessel operating expenses		(16,111,449	)		(14,811,629	)			(62,967,844	)		(39,203,471	)
General and administrative expenses (including related party fees)		(2,640,213	)		(1,193,519	)			(7,043,937	)		(3,266,310	)
Management fees – related parties		(2,501,000	)		(2,154,750	)			(9,395,900	)		(6,744,750	)
Depreciation and amortization		(6,997,096	)		(5,545,397	)			(25,829,713	)		(14,362,828	)
Provision for doubtful accounts		(266,732	)		(2,483	)			(266,732	)		(2,483	)
Gain on sale of vessel		—			—				3,222,631			—
Operating income	$	35,943,941		$	30,546,613			$	126,779,813		$	55,519,085
Interest and finance costs, net (including related party interest costs)(1)		(1,946,031	)		(1,062,469	)			(7,025,951	)		(2,779,875	)
Other (expenses)/income, net		(17,793	)		35,407				155,678			28,616
Income taxes		(298,569	)		(308,708	)			(1,348,850	)		(497,339	)
Net income	$	33,681,548		$	29,210,843			$	118,560,690		$	52,270,487
Less: Deemed dividend on Series A preferred shares		—			(11,772,157	)			—			(11,772,157	)
Net income attributable to common shareholders		33,681,548			17,438,686				118,560,690			40,498,330
Earnings per common share (basic) (2)	$	0.36		$	0.18			$	1.25		$	0.48
Earnings per common share (diluted) (2)	$	0.36		$	0.18			$	1.25		$	0.47
Weighted average number of common shares outstanding, basic(2):		94,610,088			94,610,088				94,610,088			83,923,435
Weighted average number of common shares outstanding, diluted(2):		94,610,088			94,610,088				94,610,088			85,332,728

CASTOR MARITIME INC.

Unaudited Condensed Consolidated
Balance Sheets

(Expressed in U.S. Dollars—except for number of share data)

		December 31, 2022			December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	142,373,151		$	37,173,736
Restricted cash		1,684,269			2,382,732
Due from related parties		2,995,682			—
Other current assets		19,188,164			15,443,620
Total current assets		166,241,266			55,000,088
NON-CURRENT ASSETS:
Vessels, net		435,894,644			393,965,929
Advances for vessel acquisition		—			2,368,165
Restricted cash		8,250,000			3,830,000
Due from related parties		5,222,572			810,437
Other non-currents assets		17,312,466			6,938,823
Total non-current assets		466,679,682			407,913,354
Total assets		632,920,948			462,913,442
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net		31,777,117			16,091,723
Due to related parties		—			4,507,569
Other current liabilities		19,584,652			13,430,104
Total current liabilities		51,361,769			34,029,396
NON-CURRENT LIABILITIES:
Long-term debt, net		120,064,119			85,949,676
Total non-current liabilities		120,064,119			85,949,676
Total liabilities		171,425,888			119,979,072
SHAREHOLDERS’ EQUITY
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 94,610,088 shares issued and outstanding as at December 31, 2022 and 2021(2)		94,610			94,610
Series B Preferred Shares- 12,000 shares issued and outstanding as at December 31, 2022 and 2021		12			12
Additional paid-in capital		303,658,153			303,658,153
Retained Earnings		157,742,285			39,181,595
Total shareholders’ equity		461,495,060			342,934,370
Total liabilities and shareholders’ equity	$	632,920,948		$	462,913,442

CASTOR MARITIME INC.

Unaudited Consolidated Statements of Cash Flows

(Expressed in U.S. Dollars)	Year Ended December 31,
		2022			2021
Cash flows provided by Operating Activities:
Net income	$	118,560,690		$	52,270,487
Adjustments to reconcile net income to net cash provided by Operating activities:
Depreciation and amortization		25,829,713			14,362,828
Amortization of deferred finance charges		850,244			414,629
Amortization of fair value of acquired time charters		409,538			(1,940,000	)
Gain on sale of vessel		(3,222,631	)		—
Provision for doubtful accounts		266,732			2,483
Gain on sale of equity securities		(27,450	)		—
Changes in operating assets and liabilities:
Accounts receivable trade, net		(5,365,359	)		(6,924,622	)
Inventories		1,603,621			(3,722,061	)
Due from/to related parties		(11,915,386	)		5,254,323
Prepaid expenses and other assets		(4,515,365	)		(3,406,066	)
Other deferred charges		140,096			(191,234	)
Accounts payable		4,649,549			3,070,287
Accrued liabilities		2,920,210			1,495,032
Deferred revenue		(1,343,953	)		3,819,708
Dry-dock costs paid		(5,087,197	)		(3,730,467	)
Net cash provided by Operating Activities		123,753,052			60,775,327
Cash flows used in Investing Activities:
Vessel acquisitions (including time charters acquired) and other vessel improvements		(76,405,829	)		(346,273,252	)
Proceeds from vessel sale		12,641,284			—
Purchase of equity securities		(60,750	)		—
Sale of equity securities		88,200			—
Advances for vessel acquisition		—			(2,367,455	)
Net cash used in Investing Activities		(63,737,095	)		(348,640,707	)
Cash flows provided by Financing Activities:
Gross proceeds from issuance of common stock and warrants		—			265,307,807
Common stock issuance expenses		(65,797	)		(12,527,747	)
Redemption of series A preferred shares		—			(14,400,000	)
Proceeds from long-term debt		77,500,000			97,190,000
Repayment of long-term debt		(27,543,000	)		(6,878,500	)
Repayment of related party debt		—			(5,000,000	)
Payment of deferred financing costs		(986,208	)		(1,866,615	)
Net cash provided by Financing Activities		48,904,995			321,824,945
Net increase in cash, cash equivalents, and restricted cash		108,920,952			33,959,565
Cash, cash equivalents and restricted cash at the beginning of the period		43,386,468			9,426,903
Cash, cash equivalents and restricted cash at the end of the period	$	152,307,420		$	43,386,468

⁽¹⁾ Includes interest and finance costs and interest income, if any.
⁽²⁾ All comparative numbers of share and earnings per share amounts in these unaudited condensed financial statements have been retroactively adjusted to reflect the Company’s one-for-ten reverse stock split effected on May 28, 2021.

APPENDIX B

Non-GAAP Financial Information

Daily Time Charter (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a measure of the average daily revenue performance of a vessel. We calculate Daily TCE Rate by dividing total vessel revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers’ commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during dry docking or due to other unforeseen circumstances. Under voyage charters, the majority of voyage expenses are generally borne by us, whereas for vessels in a pool, such expenses are handled by the pool operator. The Daily TCE Rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure) and should not be considered as an alternative to any measure of financial performance presented in accordance with U.S. GAAP. However, the Daily TCE Rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance and, management believes that the Daily TCE Rate provides meaningful information to our investors since it compares daily net earnings generated by our vessels irrespective of the mix of employment (i.e., time charter, voyage charter, pool agreement or other) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance. Our calculation of the Daily TCE Rates may not be comparable to that reported by other companies. The following table reconciles the calculation of the Daily TCE Rate for our fleet to Total vessel revenues for the periods presented (amounts in U.S. dollars, except for Available Days):

	Three Months Ended December 31,							Year Ended December 31,
(In U.S. dollars, except for Available Days)		2022			2021				2022			2021
Total vessel revenues	$	69,321,426		$	60,010,788			$	262,101,998		$	132,049,710
Voyage expenses -including commissions from related party		(4,860,995	)		(5,756,397	)			(33,040,690	)		(12,950,783	)
TCE revenues	$	64,460,431		$	54,254,391			$	229,061,308		$	119,098,927
Available Days		2,522			2,433				10,212			6,657
Daily TCE Rate	$	25,559		$	22,299			$	22,431		$	17,891

EBITDA. We define EBITDA as earnings before interest and finance costs (if any), net of interest income, taxes (when incurred), depreciation and amortization of deferred dry-docking costs. EBITDA is used as a supplemental financial measure by management and external users of financial statements to assess our operating performance. We believe that EBITDA assists our management by providing useful information that increases the comparability of our operating performance from period to period and against the operating performance of other companies in our industry that provide EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. EBITDA is not a measure of financial performance under U.S. GAAP, does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. EBITDA as presented below may not be comparable to similarly titled measures of other companies. The following table reconciles EBITDA to Net income, the most directly comparable U.S. GAAP financial measure, for the periods presented:

Reconciliation of EBITDA to Net Income

		Three Months Ended December 31,							Year Ended December 31,
(In U.S. dollars)		2022			2021				2022			2021
Net Income	$	33,681,548		$	29,210,843			$	118,560,690		$	52,270,487
Depreciation and amortization		6,997,096			5,545,397				25,829,713			14,362,828
Interest and finance costs, net (including related party interest costs)(1)		1,946,031			1,062,469				7,025,951			2,779,875
US source income taxes		298,569			308,708				1,348,850			497,339
EBITDA	$	42,923,244		$	36,127,417			$	152,765,204		$	69,910,529

⁽¹⁾ Includes interest and finance costs and interest income, if any.

Cautionary Statement Regarding Forward-Looking Statements


Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in 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”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include our business strategy, shipping markets conditions and trends, the rapid growth of our fleet, our relationships with our current and future service providers and customers, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels, instances of off-hire, the effects of the Spin-Off, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, potential conflicts of interest involving members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events (including “trade wars”, global public health threats and major outbreaks of disease), changes in seaborne and other transportation, changes in governmental rules and regulations or actions taken by regulatory authorities, and the impact of adverse weather and natural disasters. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.

CONTACT DETAILS

For further information please contact:

Petros Panagiotidis
Chief Executive Officer & Chief Financial Officer
Castor Maritime Inc.
Email: [email protected]

Media Contact:
Kevin Karlis
Capital Link
Email: [email protected]

BOSTON, March 08, 2023 (GLOBE NEWSWIRE) — Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK) today announced that the company will host a conference call and live audio webcast on Thursday, March 16, 2023 at 8:30 a.m. EST to provide a corporate update and report its financial results for fourth quarter and full year 2022.

The audio webcast can be accessed under “Events and Presentations” in the Investor Relations section of the Company’s website at www.ParatekPharma.com.

Domestic investors wishing to participate in the call will dial: 877-407-0792 and international investors will dial: 201-689-8263. The conference ID is 13736677.

Investors can also access the call at: https://viavid.webcasts.com/starthere.jsp?ei=1601123&tp_key=4caa54f31a.

About Paratek Pharmaceuticals, Inc.
Paratek Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel life-saving therapies for life-threatening diseases or other public health threats for civilian, government and military use.

The company’s lead commercial product, NUZYRA^® (omadacycline), is a once-daily oral and intravenous antibiotic available in the United States for the treatment of adults with community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI). Paratek has a collaboration agreement with Zai Lab for the development and commercialization of omadacycline in the greater China region and retains all remaining global rights.

Paratek is also conducting a Phase 2b Study in a rare disease, nontuberculous mycobacterial (NTM) pulmonary disease, caused by Mycobacterium abscessus complex with NUZYRA. Paratek estimates this opportunity represents a potential $1 billion addressable market in the United States.

Paratek exclusively licensed U.S. rights and rights to the greater China territory for SEYSARA^® (sarecycline), a once-daily oral therapy for the treatment of moderate to severe acne vulgaris, to Almirall, LLC. Paratek retains the development and commercialization rights for sarecycline in the rest of the world.

In 2019, Paratek was awarded a contract from the U.S. Department of Health and Human Services’ Biomedical Advanced Research and Development Authority (BARDA), now valued at up to approximately $304 million, to support the development and U.S.-based manufacturing of NUZYRA for pulmonary anthrax.

For more information, visit www.ParatekPharma.com or follow us on LinkedIn and Twitter.

About NUZYRA^®
NUZYRA (omadacycline) is a novel antibiotic with both once-daily oral and intravenous formulations for the treatment of community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI). A modernized tetracycline, NUZYRA is specifically designed to overcome tetracycline resistance and exhibits activity across a spectrum of bacteria, including Gram-positive, Gram-negative, atypicals, and other drug-resistant strains including Y. pestis (plague), and bioterrorism pathogens such as B. anthracis (anthrax).

Please see full Prescribing Information for NUZYRA at www.NUZYRA.com.

Forward Looking Statements
This press release contains forward-looking statements including statements. All statements, other than statements of historical facts, included in this press release are forward-looking statements, and are identified by words such as “advancing,” “expect,” “look forward,” “anticipate,” “continue,” and other words and terms of similar meaning. These forward-looking statements are based upon our current expectations and involve substantial risks and uncertainties. We may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in our forward-looking statements and you should not place undue reliance on these forward-looking statements. Our actual results and the timing of events could differ materially from those included in such forward-looking statements as a result of these risks and uncertainties. These and other risk factors are discussed under “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2021 and our other filings with the Securities and Exchange Commission. We expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein.

For Investors:

Hans Vitzthum
LifeSci Advisors
[email protected]
Phone: 617-430-7578

For Media:

Christine Fanelle
Scient PR
[email protected]
Phone: 215-595-5211

CINCINNATI, March 08, 2023 (GLOBE NEWSWIRE) — Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company with a vision to pioneer the transition to zero emission commercial vehicles, today announced the formal unveiling of its W56 step van model at the National Truck Equipment Association’s (“NTEA”) Work Truck Week in Indianapolis, IN. The first-look presentation, hosted by Workhorse CEO Rick Dauch, will take place on Wednesday, March 8^th at 10:30 a.m. Eastern time.

Workhorse’s W56 Step Van

Available in a number of work truck configurations tailored to meet various business applications, the W56 is the Company’s new Class 5/6 model, providing a unique blend of high reliability, quality, and serviceability. The zero-emission delivery work van is designed to meet the challenging demands of the commercial vehicle industry, supporting benchmark payload capacity of up to approximately 10,000 pounds and with a range of up to 150 miles. The W56 also offers a large 1,000+ cubic foot cargo box with lowered step-in and wide cabin door for easier entry and exit. Built with the delivery driver in mind, the cabin has been ergonomically designed while still providing safety and comfort during even the longest shifts.

Leveraging existing Workhorse designs, including nine million plus miles of service time on the road, the W56 offers the first fully-designed, purpose-built chassis platform built from the ground up out of Workhorse’s Union City, IN factory. Customer demonstration vehicles are expected to be ready in the coming weeks before regular production begins in the third quarter of 2023.

Additional information about the W56 can be found on Workhorse’s website here.

“The W56 marks the first official vehicle designed and produced under our revamped team and is the culmination of many hours of hard work combined with process enhancements implemented over the past 18 months,” said Workhorse CEO Rick Dauch. “This vehicle incorporates the extensive on-road learnings of our legacy vehicles and improves upon those models with a new custom-designed chassis, demonstrating the caliber of trucks that we will produce for years to come. As we complete the final steps in our transition from a technology start-up to a pioneering commercial EV OEM, we look forward to starting production and making initial deliveries later this year.”

Presentation Details

Location: Indiana Convention Center, Booth 5541 in the Level 1 Exhibit Hall and Meeting Rooms
Time: 10:30 a.m. to 10:55 a.m. Eastern time

About Workhorse Group Inc.

Workhorse is a technology company focused on providing ground and air-based electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric trucks and drones. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.

About NTEA

Established in 1964, NTEA – The Association for the Work Truck Industry, a 501(c)(6) organization, represents more than 2,000 companies that manufacture, distribute, install, sell and repair commercial trucks, truck bodies, truck equipment, trailers and accessories. Buyers of work trucks and the major commercial truck chassis manufacturers also belong to NTEA. The Association provides in-depth technical information, education, and member programs and services, and produces Work Truck Week®, Green Truck Summit, Commercial Vehicle Upfitting Summit, and Executive Leadership Summit. The Association maintains its administrative headquarters in suburban Detroit and government relations offices in Washington, DC, and Ottawa, Ontario, Canada.

Forward Looking Statements


This press release contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. When used in this document, the words “anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate,” “will,” and “continue” and similar expressions are intended to identify forward-looking statements. These statements involve substantial risks and uncertainties. For a further description of the risks and uncertainties relating to the business of the Company in general, see the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022. Forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based, except as required by law.

Media Contact:

Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Investor Relations Contact:

Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb4cf414-e289-48c6-82fe-a30adde1f8c9