Market Newsdesk

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  The Taskforce visited the Rakushechnoye Field in Kazakhstan, an asset with quality oil and gas reserves, which is the subject of a production plan which is expected to be implemented following the business combination.
  
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  The Director General of COG stated that the field is one of the best mid-size fields in Kazakhstan with quality of oil reserves with API47 and gas reserves with high LPG concentration.
  
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  The Taskforce confirmed that the onshore asset is low cost with high netback.
  
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  The Taskforce expects to restart production based on implementation of development plans for the project.
  

MIAMI, March 30, 2023 (GLOBE NEWSWIRE) — Liberty Resources Acquisition Corp. (NASDAQ: LIBY, LIBYU, LIBYW) (“Liberty”), a special purpose acquisition company, announced today the establishment of a M&A Transition Taskforce to support the business combination with Caspi Oil Gas LLP (“COG”) and execution of pre and post transaction business plans.

As previously announced, Liberty entered into a definitive business combination agreement effective December 15, 2022 that will result in Liberty becoming a wholly owned subsidiary of Liberty Onshore Energy B.V. (“PubCo”). Through a complex restructuring PubCo will become the resultant amalgamated parent company and is expected to continue a listing on the Nasdaq Stock Exchange (“NASDAQ”).

Dato’ Maznah Binti Abdul Jalil, Chief Executive Officer of Liberty commented, “The formation of the M&A taskforce is an important milestone as we accelerate our plans and strategies. It is important we lay the necessary foundation for a successful asset before the business combination is complete. This foundation is planned to enable the implementation of our project development and implement management structures to support these plans.”

The M&A Transition Taskforce, led by Tan Sri Wan Zulkiflee, is comprised of five individuals, bringing decades of expertise and leadership to the transition team. The first order of business consisted of a visit to Rakushechnoye Field, COG’s Investment Venture in Kazakhstan. This visit is the first of the transition team, which was a follow-up visit to that by the advisors of Liberty Resources in Q1 2022. The transition team will remain in place until the public company transaction is complete, which is expected in the second half of 2023.

The M&A Transition Taskforce is comprised of:

Tan Sri Wan Zulkiflee bin Wan Ariffin, Chairman

Mr. Tan Sri Wan Zulkiflee bin Wan Ariffin is a highly experienced executive with a passionate commitment to education and cultural endeavors, Tan Sri Wan Zulkiflee has served Petronas, the national Oil and Gas Company of Malaysia for 37 years including as a director, president, and Group CEO. He has also served as Chairman of Malaysia Aviation Group Berhad, Malaysia Airlines Berhad, DRB- HICOM (a diversified business conglomerate involved in automotive, services and property businesses), and Gas Malaysia Berhad.

He was a Council Member of the East Coast Economic Region Development Council (ECERDC) and the Northern Corridor Implementation Authority (NCIA) where he chaired the Audit Committees at both Agencies. He was on the Council of ASCOPE, the association of National Oil Companies in ASEAN and was one of the Oil and Gas Governors at the World Economic Forum in Davos. He was also on the Board of ExxonMobil. Tan Sri Wan Zulkiflee is a Honorary Fellow of the Institution of Chemical Engineers, UK.

Rep Scott William Taylor

Mr. Scott Taylor is an advisor, former U.S. Congressman and U.S. Navy SEAL combat veteran. He is the President of the U.S.- Qatar Business Council, the premiere bilateral trade group between the United States and Qatar. Scott currently serves as a Consultant for Taylor Global Strategies, a company that provides clients with advisory services in business development, government relations and private diplomacy. He advises a range of companies on matters including geopolitical concerns, capital raising, contract bids, humanitarian aid, energy, defense, logistics and infrastructure.

Mr. Taylor holds both a Bachelor’s and a Master’s degree from Harvard University with focuses on International Relations. He is a previous Gubernatorial appointee to the Virginia War Memorial Board of Trustees and is a past board member of the UDT/SEAL association. As a U.S. Congressman he served on the Appropriations Committee, overseeing all U.S. federal spending.

Mohamad Rafi bin Shahzada

Mr. Rafi bin Shahzada is a dedicated and self-motivated professional with extensive experience in management, financial, banking, hire-purchase, oil & gas, petrochemicals, insurance, legal, audit, marketing, retailing, manufacturing, consulting, information technology and accounting. He served as Board of Director of Bank Rakyat (Malaysia), Malaysia Development Bank Limited, Group project director of Puncak Oil & Gas. Previously, he was a Group Financial Controller of SABIC (Saudi Arabia Basic Industries Corp), a subsidiary of Saudi Aramco.

Mr. Rafi holds numerous professional designations and an Honours BA (accounting and finance) and an MBA (accounting and finance) from the University of Wales, United Kingdom.

Sakthi Kumar

Mr. Sakthi Kumar has over 20 years of working experience in audit, accounting, finance, business support function and corporate finance in multinational companies, locally and internationally. Throughout his journey, Sakthi worked in different industries such as O&G and IT covering different regions within the APAC area. Moreover, his portfolio extends to cover finance, commercial, contracts, human resources, and administration portfolio for the APAC region. Subsequently, Mr. Sakthi established his career into Special Purpose Acquisition Company (SPAC) listed in Malaysia and listed on NASDAQ. Graduated with a Bachelor of Accountancy (Honors) degree from University of Malaya and a Master of Business Administration (“MBA”), majoring in corporate finance from Cardiff Metropolitan University, London.

Adilzhan Kaliyev

Mr. Adil Kaliyev is a proactive, goal orientated professional with over 10 years of experience in leadership positions. He has served as Country Manager for Markmore Energy Limited from 2019 to 2021. Prior to joining Markmore, Mr. Adil was the founder and COE of eLoan LLP (ekredit.kz). In 2015, he was appointed as Chairman of JSC Plemzavod Merke, a large agricultural farm which was acquired by AGROSTAN LLP which had over 20,000 heads of sheep, 90,000 hectares of land, more than 300 workers. Prior to that, he also served as CEO of Agrostan LLP and Executive Director of Kazakhstan-Malaysia Chamber of Commerce.

As part of beginning its mandate, the M&A Transition Task Force has just returned from an initial visit to Kazakhstan between 15^th to 17th March 2023. The visit was initiated by the Transition Task Force for a site visit to Rakushechnoye Field and to revitalise COG’s investment venture in Kazakhstan. In addition to the site visit and internal meetings the Transition Task Force held several meetings with local management and partners in the project and with government officials.

About Liberty Resources Acquisition Corp.

Liberty Resources Acquisition Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The Company is led by Dato’ Maznah Binti Abdul Jalil, Liberty’s Chief Executive Officer, and Dato’ Khalid bin Hj Ahmad, Liberty’s Chief Financial Officer. Liberty is sponsored by Liberty Fields, LLC.

About Caspi Oil Gas LLP

COG is the concession owner of the Rakushechnoye Oil Field, located in West Kazakhstan. The Rakushechnoye License Block is located onshore Caspian Sea of the Mangyshlak peninsula, West Kazakhstan. It covers an area of about 287 sq km in the south-western Manghystau Province. Geologically the field lies within the South Mangyshlak sedimentary basin and the two largest fields, Zhetybai and Uzen, are located approximately 65 kilometers to the north and 85 kilometers to the northeast, respectively. COG has favorable high-quality oil and gas reserves with API 47 and zero sulfur. Furthermore, the LPG concentration of C3 + C4 is between 10% – 12% of gas reserves.

No Offer or Solicitation

This press release relates to a proposed business combination between Liberty and Caspi and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Liberty and Caspi, 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 offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Participants in the Solicitation

Liberty and its directors and executive officers may be deemed participants in the solicitation of proxies from its stockholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in Liberty will be included in the proxy statement/prospectus for the proposed business combination when available at www.sec.gov. Information about Liberty’s directors and executive officers and their ownership of Liberty common stock is set forth in Liberty’s prospectus, dated November 3, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to the proposed business combination when it becomes available. These documents can be obtained free of charge from the source indicated above.

Caspi and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Liberty in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.

Cautionary Statement Regarding Forward-Looking Statement

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed Business Combination, within the meaning of the federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to Caspi’s products, the likelihood of regulatory approval of such products and their proposed uses; Caspi’s growth prospects and Caspi’s potential target markets, as well as the size of those markets; Caspi’s projected financial and operational performance; new product and service offerings Caspi may introduce in the future; the potential business combination, including the implied enterprise value, the expected post-closing ownership structure and the likelihood and ability of the parties to successfully consummate the potential transaction; the anticipated effect of the announcement or pendency of the proposed business combination on Liberty’s or Caspi’s business relationships, performance, and business generally; and other statements regarding Liberty’s and Caspi’s expectations, hopes, beliefs, intentions or strategies regarding the future.

In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. 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. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of any proxy statement relating to the proposed business combination, which is expected to be filed by Liberty with the SEC, other documents filed by Liberty from time to time with SEC, and any risk factors made available to you in connection with Liberty, Caspi and the transaction. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Liberty and Caspi), and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. No assurance can be given that the business combination discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Liberty, including those set forth in the Risk Factors section of the Registration Statement and preliminary proxy statement for the proposed Business Combination. Copies of these documents are or will be available on the SEC’s website, www.sec.gov. Liberty undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

In addition to factors previously disclosed in Liberty’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the shareholders of Liberty or Caspi is not obtained; that the required approvals of the Kazakhstan government are not obtained; the restructuring of Caspi is not finalized or the creditors of Caspi do not consent to the transaction; the inability to complete a PIPE offering in connection with the proposed business combination; failure to realize the anticipated benefits of the proposed business combination; risk relating to the uncertainty of the projected financial information with respect to Caspi; the amount of redemption requests made by Liberty’s shareholders; the overall level of demand for oil and gas and the ability of Caspi to deliver its products to the global market; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the ability to maintain the listing of Liberty’s securities on the NASDAQ where it is believed that it will be the first listed company with its operations principally in Kazakhstan; Caspi’s ability to implement its business strategy; changes in governmental regulation, Caspi’s exposure to litigation claims and other loss contingencies; disruptions and other impacts to Caspi’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of Caspi’s suppliers, as well as consumer demand for oil and gas, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact that global climate change trends may have on Caspi and its suppliers and customers or that regulations seeking to mitigate climate change could adversely affect Caspi’s production; Caspi’s ability to recruit and retain qualified personnel to deliver their services; any breaches of, or interruptions in, Caspi’s information systems; fluctuations in foreign currency; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties, and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about Liberty and Caspi or the date of such information in the case of information from persons other than Liberty or Caspi, 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. Forecasts and estimates regarding Caspi’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

Contacts

Garry Richard Stein
Liberty Resources Acquisition Corp.
Phone: 1-305-809-7217
[email protected]

MZ Group
Shannon Devine
+1 (203) 741-8811
[email protected] 

Boston, March 30, 2023 (GLOBE NEWSWIRE) — Duck Creek Technologies (“Duck Creek”), the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, today announced the completion of its acquisition by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data, and technology-enabled businesses, for $19.00 per share, in an all-cash transaction valued at approximately $2.6 billion.

“We are excited to commence our partnership with Vista Equity Partners and work together to advance the next generation of P&C insurance technology,” said Michael Jackowski, Chief Executive Officer of Duck Creek. “With Vista’s global network and deep sector expertise, we will be better positioned to support and accelerate the industry’s transition to the cloud while continuing to deliver a best-in-class customer experience.” 

“Duck Creek is a demonstrated leader in the P&C space, delivering innovative solutions that empower carriers to be faster and more nimble in servicing the digital needs of their customers,” said Monti Saroya, Senior Managing Director and Co-Head of Vista’s Flagship Fund. “We look forward to partnering with Mike and the Duck Creek team as they continue to scale and define the future of P&C insurance technology.”

“We’re excited to welcome Duck Creek to the Vista ecosystem,” said Jeff Wilson, Managing Director at Vista. “Their commitment to excellence and innovation coupled with Vista’s experience in driving sustainable growth will take the business to new heights while delivering solutions that help carriers transform their business.”

Duck Creek has earned the right to partner with and provide its modern technology solutions to an esteemed list of leading carriers across the globe, including Berkshire Hathaway Specialty Insurance, Hollard Insurance, Northbridge Financial Corporation and Tokio Marine.

With the completion of the transaction, Duck Creek Technologies shares have ceased trading and are no longer listed on the Nasdaq Global Select Market.

J.P. Morgan acted as financial advisor to Duck Creek, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Duck Creek.

Evercore acted as financial advisor to the Special Committee of the Duck Creek Board of Directors, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the Special Committee of the Duck Creek Board of Directors.

RBC Capital Markets acted as financial advisor to Vista, and Kirkland & Ellis LLP acted as legal counsel to Vista.

 

About Duck Creek Technologies

Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

 

About Vista Equity Partners

Vista is a leading global investment firm with more than $95 billion in assets under management as of September 30, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

Carley Bunch
Duck Creek Technologies
+1 (201) 962-6091
[email protected]

~ FY 2022 Revenues of
$512.4 Million
~

~ FY 2022 Billings of
$459.5
Million ~

~ FY 2022 Net Income of
$101.2
Million ~

~ FY 2022 Adjusted CFFO of
$59.3
Million ~

BALTIMORE, March 30, 2023 (GLOBE NEWSWIRE) — MarketWise, Inc. (NASDAQ: MKTW) (“MarketWise” or the “Company”), a leading multi-brand digital subscription services platform that provides premium financial research, software, education, and tools for self-directed investors, today reported financial results for the fourth quarter and year ended December 31, 2022.

Full Year 2022 and Fourth Quarter 2022 Key Performance Highlights
(Unaudited)		4Q 2022			4Q 2021			% Change			FY 2022			FY 2021				% Change
Total Subscribers (in thousands)			16,544			14,671		12.8	%
Paid Subscribers (in thousands)			841			972		(13.5)	%
Total net revenue (in millions)		$	127.7		$	146.7		(13.0)	%		$	512.4		$	549.2			(6.7) %
Billings (in millions)		$	100.9		$	151.4		(33.4)	%		$	459.5		$	729.9			(37.0) %
ARPU		$	519		$	742		(30.1)	%
Net income (loss) (in millions)		$	27.6		$	35.9		(23.1)	%		$	101.2		$	(953.9	)		NM
CFFO (in millions)		$	10.6		$	5.0		112.0	%		$	48.4		$	63.6			(23.9) %
Adjusted CFFO (in millions)		$	18.4		$	5.0		268.0	%		$	59.3		$	197.1			(69.9) %

Full Year
2022
and Fourth Quarter
2022
Highlights

⁽¹⁾

• Total net revenue decreased by $36.8 million, or 6.7%, from $549.2 million for full year 2021 to $512.4 million for full year 2022; total net revenue decreased by $19.0 million, or 13.0%, from $146.7 million in fourth quarter 2021 to $127.7 million in fourth quarter 2022
• Billings decreased by $270.4 million, or 37.0%, to $459.5 million for full year 2022 as compared to $729.9 million for full year 2021; total Billings decreased by $50.5 million, or 33.3%, to $100.9 million in fourth quarter 2022 compared $151.4 million in fourth quarter 2021
• Net income was $101.2 million for full year 2022 compared to a net loss of $953.9 million for full year 2021; net income was $27.6 million in fourth quarter 2022 compared to $35.9 million in fourth quarter 2021; the net loss for full year 2021 was driven by $1.1 billion in stock-based compensation, which was primarily a result of the culmination of our go-public Transaction on July 21, 2021, while stock-based compensation was $9.0 million for full year 2022. (For further information on stock-based compensation, see footnotes 1 and 2 to Table 1. Income Statement below)
• Cash flow from operations (“CFFO”) was $48.4 million for full year 2022 compared to $63.6 million for full year 2021; CFFO was $10.6 million in fourth quarter 2022 compared to $5.0 million in fourth quarter 2021.
• CFFO margin was 9.4% for full year 2022 as compared to 11.6% for full year 2021; CFFO margin was 8.3% in fourth quarter 2022 as compared to 3.4% in fourth quarter 2021
• Adjusted CFFO, a non-GAAP measure, decreased by $137.8 million, or 69.9%, to $59.3 million for full year 2022 compared to $197.1 million for full year 2021; Adjusted CFFO increased by $13.4 million, or 266.5%, to $18.4 million in fourth quarter 2022 compared to $5.0 million in fourth quarter 2021
• Adjusted CFFO margin, a non-GAAP measure, was 12.9% for full year 2022 compared to 27.0% for full year 2021; Adjusted CFFO margin was 18.2% in fourth quarter 2022 compared to 3.3% in fourth quarter 2021
• Deferred revenue decreased by $31.4 million, or 4.4%, to $663.5 million as of December 31, 2022 compared to $710.2 million as of December 31, 2021
• Paid Subscribers decreased by 130 thousand, or 13.4%, to 841 thousand as of December 31, 2022 as compared to 972 thousand at December 31, 2021
• Free Subscribers increased by 2.0 million, or 14.6%, to 15.7 million at December 31, 2022 as compared to 13.7 million at December 31, 2021

__________________
(1)   See “Key Business Metrics and Non-GAAP Financial Measures” below. For a reconciliation of Adjusted CFFO and Adjusted CFFO margin, see “Cash Flow” below.

Amber Mason, Chief Executive Officer of MarketWise commented, “With heightened levels of market volatility and economic uncertainty, investor engagement fell. This affected fourth quarter and full year 2022 financial results. Importantly, we reacted quickly to the changing market dynamics. We implemented a series of measures designed to reduce our marketing and overhead costs while improving the Company’s cash flow and margins. I’m proud to say that we exceeded our $74 million cost-cutting target. Since mid-year 2022, we have realized a significant improvement in our profitability.”

Ms. Mason continued, “That said, there is much more to accomplish. As MarketWise’s CEO, I bring an operator’s perspective to my role. I have spent the last 17 years at the Company, across a broad range of roles including researcher, copywriter, publisher, and CEO of one of MarketWise’s largest brands. It’s largely within our control to further improve our operations and performance. My goal is to position the business for its next phase of growth and unlock the incredible potential that exists within our Company and our shares. I’m very excited to be leading MarketWise and optimistic about what the future holds for our Company, employees, subscribers, and shareholders.”

Update on Cost Reduction Initiative

As previously disclosed, the Company initiated a cost reduction program in June 2022, targeting $74 million of total expense savings, through a reduction in both overhead and direct marketing expense. In total, we anticipated reducing overhead by an annualized amount equal to approximately $37 million, or 15% of 2022 budgeted overhead. Through the end of fourth quarter and full-year 2022, we achieved $15 million of overhead reductions in the run-rate of expenses, or $30 million annualized, as compared to first quarter 2022. In addition, we recognized an additional $6 million of cost savings related to 2022 budgeted overhead expenditures for the second half of 2022, bringing our total annualized savings related to overhead to $36 million as compared to our budget. Additionally, we targeted a total reduction in direct marketing of $37 million, for the second half of 2022. Through the end of 2022, we achieved a total of $40 million in total expense reduction related to direct marketing, or approximately $6.6 million per month. As a result of these actions, our Adjusted CFFO margins improved to 18.2% in fourth quarter 2022 as compared to 11.0% for the first half of 2022.

Full Year 2022 Financial & Operational Results

Net revenue decreased by $36.8 million, or 6.7%, from $549.2 million for the year ended December 31, 2021 to $512.4 million for the year ended December 31, 2022. The decrease in net revenue was primarily driven by a $38.1 million decrease in term subscription revenue and a $1.8 million decrease in non-subscription revenue, partially offset by a $3.1 million increase in membership subscription revenue.

Term subscription revenue decreased during the year ended December 31, 2022 primarily due to lower Billings as compared to the 2021 period — our highest Billings in company history — which was driven by reduced engagement of prospective and existing subscribers in the 2022 period. Membership subscription revenue for the year ended December 31, 2022 benefited from the recognition of the deferred revenue we recorded in prior years. Membership subscription revenue, which is initially deferred and recognized over a five-year period, increased as a result of higher volume of membership subscriptions in current and prior years, which continued to benefit us for the year ended December 31, 2022.

Billings decreased by $270.4 million, or 37.0%, to $459.5 million in 2022 as compared to $729.9 million in 2021. We believe the decrease is due in large part to reduced engagement of prospective and existing subscribers. This began in the second half of 2021 as consumers prioritized travel and leisure in lieu of spending time focusing on their investments. 2022 brought additional challenges with uncertainty stemming from external factors such as 40-year high inflation, volatility across asset classes, federal reserve tightening, and the war in Ukraine, which we believe further contributed to prospective and existing subscribers delaying their purchases.

Total net income for the year ended 2022 was $101.2 million compared to a $953.9 million loss in 2021. The net loss for 2021 was driven by $1.1 billion in stock-based compensation, which was primarily a result of the culmination of our go-public Transaction on July 21, 2021. (For further information on stock-based compensation, see footnote 2 to Table 1. Income Statement below.)

Total Paid Subscribers decreased by 130 thousand, or 13.4%, to 841 thousand as of December 31, 2022 as compared to 972 thousand at December 31, 2021, We believe the volatility across asset classes, high-inflation environment, and fears of recession have left prospective and existing subscribers hesitant to purchase or upgrade as they assess the latest economic data and the Federal Reserve’s potential next steps. These trends, which began in first quarter 2022, have continued to slow our new subscriber acquisition through fourth quarter 2022. The decreases from these factors were partially offset by the addition of approximately 16 thousand paid subscribers that joined our list with the Buttonwood Publishing transaction in third quarter 2022.

Free Subscribers increased by 2.0 million, or 14.6%, to 15.7 million at December 31, 2022 as compared to 13.7 million at December 31, 2021.

ARPU decreased by $223, or 30.1%, to $519 as of December 31, 2022 as compared to $742 as of December 31, 2021. The year-over-year decrease was driven by a 37% decrease in trailing four quarter Billings, while trailing four quarter average Paid Subscribers only decreased by 10%. The decrease in trailing four quarter Billings is due in part to the volatility across asset classes, high-inflation environment, and fears of recession that have persisted since first quarter 2022, which we believe has left prospective and existing subscribers hesitant to purchase or upgrade as they assess the latest economic data and the Federal Reserve’s potential next steps. Most of our new subscribers join us via entry level publications, which are generally at lower price points, and thus are initially dilutive to ARPU.

Net cash provided by operating activities was $48.4 million, primarily due to net income of $101.2 million adjusted for net non-cash items which reduced cash by $0.1 million, and net changes in our operating assets and liabilities which reduced cash by $52.9 million, largely due to timing differences in the net receipt of cash. The non-cash items include a change in fair value of derivative liabilities of $15.7 million, which was partially offset by stock-based compensation expense and deferred income taxes of $9.0 million and $1.5 million, respectively. The changes in operating assets and liabilities were primarily driven by a decrease in deferred revenue, which reduced cash by $52.0 million due to our overall decrease in sales, a decrease in trade and other payables, which decreased cash by $4.0 million, a decrease in other current and long-term liabilities, which decreased cash by $3.8 million, partially offset by a decrease in accounts receivable due to our overall decrease in sales, which increased cash by $3.8 million, and a net increase in deferred contract acquisition costs of $5.5 million.

Adjusted CFFO decreased by $137.8 million, or 69.9%, from $197.1 million for the year ended December 31, 2021 to $59.3 million for the year ended December 31, 2022, primarily driven by a decrease of $270.4 million in Billings. Adjusted CFFO Margin was 12.9% for full year 2022 as compared to 27.0% for full year 2021. The difference between Adjusted CFFO and CFFO is primarily stock-based compensation associated with distributions to the original Class B unitholders (For further information on stock-based compensation, see footnote 1 to Table 1. Income Statement below).

Fourth Quarter 2022 Financial & Operational Results

Total net revenue decreased by $19.0 million, or 13.0%, from $146.7 million in fourth quarter 2021 to $127.7 million in fourth quarter 2022. The decrease in total net revenue was driven by a $14.7 million decrease in term subscription revenue and a $4.2 million decrease in membership subscription revenue.

Term subscription revenue decreased during fourth quarter 2022 primarily due to lower Billings as compared to the 2021 period which was driven by reduced engagement of prospective and existing subscribers in the 2022 period.

Billings decreased by $50.5 million, or 33.3%, to $100.9 million in fourth quarter 2022 compared $151.4 million in fourth quarter 2021. We believe this decrease in Billings was due to a continued decline in customer engagement as indicated by a 20% reduction in landing page visits in fourth quarter 2022, as compared to fourth quarter 2021. We believe the decrease in engagement was a result of increased economic and market volatility experienced throughout 2022, as well as the decision to reduce direct marketing expense as part of our cost reduction initiative in the second half of the year. In fourth quarter of 2022, approximately 35% of our Billings came from membership subscriptions, 63% from term subscriptions and 2% from other Billings. In fourth quarter 2021, approximately 45% of our Billings came from membership subscriptions, 54% from term subscriptions, and 1% from other Billings.

Net income was $27.6 million in fourth quarter 2022 compared to of $35.9 million in fourth quarter 2021. We recognized stock-based compensation expenses related to the new 2021 Incentive Award Plan of $1.9 million in fourth quarter 2022, and stock-based compensation expenses related to the Class B Units of $2.3 million in fourth quarter 2021.

Net cash provided by operating activities was $10.6 million in fourth quarter 2022 as compared to $5.0 million in fourth quarter 2021. The positive CFFO this quarter was driven by net income of $27.6 million, adjusted for non-cash items which increased cash by $1.0 million, and net changes in our operating assets and liabilities which reduced cash by $18.0 million, largely due to timing differences in the net receipt of cash.

Adjusted CFFO was $18.4 million in fourth quarter 2022, compared to $5.0 million in fourth quarter 2021. The difference between Adjusted CFFO and cash flow from operating activities in fourth quarter 2022 is $7.8 million of non-recurring expenses related to severance payments.

Non-GAAP Measures

The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable financial measure calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), to Adjusted CFFO and Adjusted CFFO Margin for each of the periods presented:

(In thousands)		Fourth Quarter											Full Year
			2022				2021			% Change				2022				2021			% Change
Net cash provided by (used in) operating activities		$	10,611			$	5,012			111.7	%		$	48,374			$	63,632			(24.0	)%
Plus: Profits distributions to Class B Unitholders included in stock-based compensation expense			—				—			NM				—				123,449			NM
Non-recurring expenses			7,760				—			NM				10,950				10,000			9.5	%
Adjusted CFFO		$	18,371			$	5,012			266.5	%		$	59,324			$	197,081			(69.9	)%
Net cash provided by (used in) operating activities		$	10,611			$	5,012			111.7	%		$	48,374			$	63,632			(24.0	)%
Total net revenue			127,657				146,672			(13.0	)%			512,403				549,183			(6.7	)%
Net cash provided by (used in) operating activities margin			8.3	%			3.4	%						9.4	%			11.6	%
Adjusted CFFO		$	18,371			$	5,012			266.5	%		$	59,324			$	197,081			(69.9)	%
Billings		$	100,923			$	151,397			(33.3	)%		$	459,487			$	729,893			(37.0)	%
Adjusted CFFO margin			18.2	%			3.3	%						12.9	%			27.0	%

The non-recurring expense addbacks in the year ended December 31, 2022 was due to one-time costs related to severance payments and professional fees related to our warrant exchange transaction.

About MarketWise

Founded with a mission to level the playing field for self-directed investors, today MarketWise is a leading multi-brand subscription services platform providing premium financial research, software, education, and tools for investors.

With more than 20 years of operating history, MarketWise is currently comprised of 12 primary customer facing brands, offering more than 190 products to our community of Free and Paid Subscribers. MarketWise’s products are a trusted source for high-value financial research, education, actionable investment ideas, and investment software. MarketWise is a 100% digital, direct-to-customer company offering its research across a variety of platforms including mobile, desktops, and tablets. MarketWise has a proven, agile, and scalable platform and our vision is to become the leading financial solutions platform for self-directed investors.

MarketWise Inc.’s common stock trades on the NASDAQ Global Market under the symbol “MKTW.” As of December 31, 2022, the Company had 29,039,655 Class A common shares and 291,092,303 Class B common shares issued and outstanding. The Company’s common stock market capitalization was approximately $547.4 million, based on the closing price of publicly traded Class A common shares of $1.71 on March 29, 2023.

Conference Call Details

As previously announced, the Company will hold a conference call to discuss its full year and fourth quarter 2022 results on Thursday, March 30, 2023, at 11:00 a.m. Eastern Time. The conference call can be accessed by dialing 1-877-407-4018 (domestic) or 1-201-689-8471 (international) and asking for the MarketWise Fourth Quarter 2022 and Full Year 2022 Earnings Call. A telephonic replay will be available starting at 3:00 p.m. Eastern Time on the same day and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671, and providing the passcode 13737196. The telephonic replay will be available until 11:59 p.m. Eastern Time on April 13, 2023.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at investors.marketwise.com. The online replay will remain available for a limited time beginning immediately following the call.

Key Business Metrics and Non-GAAP Financial Measures

In this release we discuss certain key business metrics, which we believe provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance. We are not aware of any uniform standards for calculating these key metrics, which may hinder comparability with other companies who may calculate similarly titled metrics in a different way.

Billings is defined as amounts invoiced to customers.

Free Subscribers are defined as unique subscribers who have subscribed to one of our many free investment publications via a valid email address and continue to remain directly opted in, excluding any Paid Subscribers who also have free subscriptions.

Paid Subscribers are defined as the total number of unique subscribers with at least one paid subscription at the end of the period.

Average revenue per user or ARPU is defined as the trailing four quarters of net Billings divided by the average number of quarterly total Paid Subscribers over that period.

We also discuss certain measures that are not determined in accordance with GAAP, namely Adjusted CFFO, and Adjusted CFFO Margin. We use Adjusted CFFO and Adjusted CFFO Margin to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. This non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided above for Adjusted CFFO and Adjusted CFFO Margin to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure.

Adjusted CFFO is defined as net cash provided by operating activities plus profits distributions to Class B unitholders included in stock-based compensation expense, plus or minus any non-recurring items.

Adjusted CFFO Margin is defined as Adjusted CFFO as a percentage of Billings.

We believe that Adjusted CFFO and Adjusted CFFO Margin are useful indicators that provide information to management and investors about our ability to generate cash, to facilitate comparison of our results to those of peer companies over multiple periods, and for internal planning and forecasting purposes. We have presented Adjusted CFFO and Adjusted CFFO Margin because we believe they provide investors with greater comparability of our operating performance without the effects of stock-based compensation expense related to holders of Class B units that will not continue following the consummation of the Transactions, because all Class B units were converted into common units of MarketWise, LLC. Going forward, we will make certain tax distributions to our members in amounts sufficient to pay individual income taxes on their respective allocation of the profits of MarketWise, LLC at then-prevailing individual income tax rates. These distributions will not be recorded on our income statement and will be reflected on our cash flow statement as cash used in financing activities. The cash used to make these distributions will not be available to us for use in the business.

Adjusted CFFO and Adjusted CFFO Margin have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as cash flow from operations. Some of the limitations of using Adjusted CFFO and Adjusted CFFO Margin are that these metrics may be calculated differently by other companies in our industry.

We expect Adjusted CFFO and Adjusted CFFO Margin to fluctuate in future periods as we invest in our business to execute our growth strategy. These activities, along with any non-recurring items as described above, may result in fluctuations in Adjusted CFFO and Adjusted CFFO Margin in future periods.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the financial position, business strategy, and the plans and objectives of management for future operations of MarketWise. 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, but the absence of these words does not mean that a statement is not forward-looking. 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 press release, including, but not limited to: our ability to attract new subscribers and to persuade existing subscribers to renew their subscription agreements with us and to purchase additional products and services from us; our ability to adequately market our products and services, and to develop additional products and product offerings; our ability to manage our growth effectively, including through acquisitions; failure to maintain and protect our reputation for trustworthiness and independence; our ability to attract, develop, and retain capable management, editors, and other key personnel; our ability to grow market share in our existing markets or any new markets we may enter; adverse or weakened conditions in the financial sector, global financial markets, and global economy; our ability to respond to and adapt to changes in technology and consumer behavior; failure to successfully identify and integrate acquisitions, or dispose of assets and businesses; our public securities’ potential liquidity and trading; the impact of the regulatory environment and complexities with compliance related to such environment; the impact of the COVID-19 pandemic; our future capital needs; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate existing material weaknesses in our internal control over financial reporting; our ability to maintain and protect our intellectual property; and other factors beyond our control.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our upcoming Annual Report on Form 10-K for the year ended December 31, 2022. 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. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated.

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 we 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. We do not give any assurance that we will achieve our expectations.

Table 1. Income Statement

(Unaudited, in thousands)		Fourth Quarter								Full Year
			2022				2021				2022				2021
Net revenue		$	126,657			$	146,252			$	510,040			$	547,899
Related party revenue			1,000				420				2,363				1,284
Total net revenue			127,657				146,672				512,403				549,183
Operating expenses:
Cost of revenue(1)(2)			14,369				17,589				62,697				239,251
Sales and marketing(1)(2)			50,404				65,665				235,326				296,934
General and administrative(1)(2)			34,915				31,807				114,810				960,183
Research and development(1)(2)			2,077				1,645				8,817				7,487
Depreciation and amortization			1,038				600				3,091				2,676
Related party expense			89				101				379				10,245
Total operating expenses			102,892				117,407				425,120				1,516,776
Income (loss) from operations			24,765				29,265				87,283				(967,593	)
Other income (expense), net			104				6,016				15,672				16,178
Interest income (expense), net			277				(127	)			(295	)			(110	)
Income (loss) before income taxes			25,146				35,154				102,660				(951,525	)
Income tax (benefit) expense			(2,455	)			(727	)			1,490				2,358
Net income (loss)			27,601				35,881				101,170				(953,883	)
Net income (loss) attributable to noncontrolling interests			23,305				27,309				83,180				59,426
Net income (loss) attributable to MarketWise, Inc.		$	4,296			$	8,572			$	17,990			$	(1,013,309	)

(1)   Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows:

(Unaudited, in thousands)		Fourth Quarter						Full Year
			2022			2021			2022			2021
2021 Incentive Award Plan		$	1,780		$	2,266		$	8,608		$	4,909
Employee Stock Purchase Plan			76			—			437			—
Vested Class B Units and change in fair value of Class B liability awards			—			—			—			934,993
Profits distributions to Class B unitholders			—			—			—			123,449
Total stock-based compensation expense		$	1,856		$	2,266		$	9,045		$	1,063,351

(2)   Stock-based compensation expenses by line item:

(Unaudited, in thousands)		Fourth Quarter						Full Year
			2022			2021			2022			2021
Cost of revenue		$	476		$	492		$	1,972		$	171,804
Sales and marketing			554			582			2,209			48,098
General and administrative			826			1,192			4,864			843,449
Total stock-based compensation expense		$	1,856		$	2,266		$	9,045		$	1,063,351

Note: During 2021, our stock-based compensation expense stemmed from certain provisions of MarketWise, LLC’s prior operating agreement and primarily relates to the value of newly vested Class B units under that agreement, profits distributions to Class B unitholders, and the change in value of previously vested Class B units. Our Class B units were classified as derivative liabilities as opposed to equity and remeasured to fair value at the end of each reporting period, with the change in value included in overall stock-based compensation expense. However, following the consummation of the Transactions, MarketWise, LLC adopted a new operating agreement and all Class B units were converted into common units of MarketWise, LLC, so all the stock-based compensation associated with those Class B units being categorized as derivative liabilities ceased. During 2022, stock-based compensation going forward will be based upon any stock-based compensation associated with our 2021 Incentive Award Plan and is in line with stock-based compensation that may be seen at companies similar to MarketWise.

Table 2. Balance Sheet

(Unaudited, in thousands, except share and per share data)	December 31,
		2022				2021
Assets
Current assets:
Cash and cash equivalents	$	158,575			$	139,078
Accounts receivable		4,040				7,805
Prepaid expenses		11,725				13,043
Related party receivables		1,512				496
Related party notes receivable, current		—				298
Restricted cash		—				500
Deferred contract acquisition costs		99,960				82,685
Other current assets		3,363				2,484
Total current assets		279,175				246,389
Property and equipment, net		892				1,188
Operating lease right-of-use assets		9,468				10,901
Intangible assets, net		16,047				8,612
Goodwill		31,307				23,288
Deferred contract acquisition costs, noncurrent		97,658				120,386
Related party notes receivable, noncurrent		—				861
Deferred tax assets		7,332				8,964
Other assets		629				965
Total assets	$	442,508			$	421,554
Liabilities and members’ deficit
Current liabilities:
Trade and other payables	$	686			$	4,758
Related party payables, net		1,004				970
Accrued expenses		45,976				46,453
Deferred revenue and other contract liabilities		315,231				317,133
Operating lease liabilities		1,484				1,274
Other current liabilities		21,125				24,905
Total current liabilities		385,506				395,493
Deferred revenue and other contract liabilities, noncurrent		348,273				393,043
Derivative liabilities, noncurrent		1,281				2,015
Warrant liabilities		—				29,332
Operating lease liabilities, noncurrent		5,831				6,933
Total liabilities		740,891				826,816
Stockholders’ deficit / members’ deficit:
Common stock – Class A, par value of $0.0001 per share, 950,000,000 shares authorized; 29,039,655 and 24,718,402 shares issued and outstanding at December 31, 2022 and 2021, respectively		3				2
Common stock – Class B, par value of $0.0001 per share, 300,000,000 shares authorized; 291,092,303 shares issued and outstanding at December 31, 2022 and 2021, respectively		29				29
Preferred stock – par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2022 and 2021, respectively		—				—
Additional paid-in capital		106,852				97,548
Accumulated other comprehensive loss		44				(9	)
Accumulated deficit		(128,125	)			(146,115	)
Total stockholders’ deficit / members’ deficit attributable to MarketWise, Inc.		(21,197	)			(48,545	)
Noncontrolling interest		(277,186	)			(356,717	)
Total stockholders’ deficit / members’ deficit		(298,383	)			(405,262	)
Total liabilities, noncontrolling interest, and stockholders’ deficit / members’ deficit	$	442,508			$	421,554

Table 3. Cash Flows

(Unaudited, in thousands)	Full Year
		2022				2021
Cash flows from operating activities:
Net loss	$	101,170			$	(953,883	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		3,091				2,676
Impairment of right-of-use assets		287				—
Stock-based compensation		9,045				210,912
Change in fair value of derivative liabilities – Class B Units		—				728,079
Change in fair value of derivative liabilities – other		(15,665	)			(18,017	)
Deferred taxes		1,490				2,358
Unrealized gains on foreign currency		(97	)			(38	)
Noncash lease expense		1,925				1,894
Gain on sale of cryptocurrencies		—				(105	)
Changes in operating assets and liabilities:
Accounts receivable		3,765				4,593
Related party receivables and payables, net		(982	)			(1,167	)
Prepaid expenses		1,318				(4,513	)
Other current assets and other assets		(543	)			(744	)
Cryptocurrency intangible assets		—				109
Deferred contract acquisition costs		5,453				(95,835	)
Trade and other payables		(3,975	)			(7,282	)
Accrued expenses		(477	)			14,205
Deferred revenue		(51,980	)			175,553
Derivative liabilities		—				662
Operating lease liabilities		(1,671	)			(1,154	)
Other current and long-term liabilities		(3,780	)			5,329
Net cash provided by operating activities		48,374				63,632
Cash flows from investing activities:
Cash paid for Chaikin acquisition, net of cash acquired		(12,770	)			(7,139	)
Acquisition of non-controlling interests, including transaction costs		(297	)			—
Purchases of property and equipment		(35	)			(157	)
Purchases of intangible assets		—				(892	)
Capitalized software development costs		(136	)			(123	)
Net cash used in investing activities		(13,238	)			(8,311	)
Cash flows from financing activities:
Net proceeds from the Transactions		—				113,641
Issuance of related party notes receivable		—				(11	)
Proceeds from related party notes receivable		1,159				—
Proceeds from issuance of common stock		827				—
Restricted stock units withheld to pay taxes		(515	)			—
Repurchases of stock		(13,054	)			(3,340	)
Distributions to members		—				(135,451	)
Distributions to noncontrolling interests		(4,609	)			(5,517	)
Net cash used in financing activities		(16,192	)			(30,678	)
Effect of exchange rate changes on cash		53				8
Net increase in cash, cash equivalents and restricted cash		18,997				24,651
Cash, cash equivalents and restricted cash — beginning of period		139,578				114,927
Cash, cash equivalents and restricted cash — end of period	$	158,575			$	139,578

MarketWise Investor Relations Contact

Jonathan Shanfield – MarketWise Investor Relations
Jamie Lillis – Solebury Strategic Communications

(800) 290-4113
Email: [email protected]

MarketWise Media Contact


Email: [email protected]

• Xometry’s AI-Powered Instant Quoting Engine Is Exclusive Provider Of Real-time Pricing, Lead Times on 1688.com
• The Integration Will Help Chinese Companies Instantly Source Suppliers For Critical Manufacturing Projects
• Provides Another Means To Strengthen Local Supply Chain Resiliency
• Drives Innovation By Digitizing A Once-Laborious Process, Allowing Goods To Get To Market Faster

NEW YORK and SHENZHEN, China, March 30, 2023 (GLOBE NEWSWIRE) — Alibaba Group’s 1688.com, China’s largest integrated domestic wholesale marketplace, and Xometry, the global on-demand manufacturing service provider, today announced that Xometry’s Instant Quoting Engine will be embedded in 1688.com’s on-demand manufacturing services. The move gives buyers in China the ability to receive instant quotes and lead times from Chinese suppliers, data that is fueled by Xometry’s AI-powered Instant Quoting Engine^®. Xometry is the only partner specialized in the structural parts on 1688.com that will provide real-time pricing and lead times.

The news was announced today at the Shenzhen International Industrial Manufacturing Technology and Equipment Exhibition. In helping Chinese companies instantly source suppliers for critical manufacturing projects, Xometry’s AI powered Instant Quoting Engine technology embedded within 1688.com will help domestic companies further strengthen their local supply chains. It will also fuel innovation by digitizing a once-laborious process, creating significant efficiencies from product conception to manufacturing, allowing goods to get to market faster for the benefit of all.

“China continues to innovate on the world stage and that’s driven in large part by the vast manufacturing capacity of our country,” said Vivienne Xiang, General Manager of Xometry Asia. “The unparalleled reach of 1688.com along with our innovative AI-powered on-demand manufacturing service greatly benefits buyers by speeding up the sourcing cycle, while also helping manufacturers attain more work and ultimately grow their businesses.”

“Companies all across China are continuously innovating and bringing new goods to market that lead to a better life for all,” said Jingjing Zhang, General Manager of Industrial Unit of 1688.com. “We’re pleased to introduce Xometry’s industry-leading technology featuring its instant-quoting engine to help companies make smarter decisions in real-time.”

“Xometry is digitizing manufacturing, the backbone of our global economy, and helping companies everywhere strengthen their critical supply chains,” said Randy Altschuler, CEO of Xometry. “The inclusion of our Xometry Instant Quote Engine within 1688.com will help drive efficiency and innovation for both buyers and suppliers in China, bringing new ideas to life and allowing revolutionary new goods to get to market faster.”

The product will launch in late April.

About Xometry

Xometry (XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital solution gives manufacturers the critical resources they need to grow their business while also making it easy for buyers at Fortune 1000 companies to tap into global manufacturing capacity and create locally resilient supply chains. Learn more at www.xometry.com or follow @xometry.

Contacts:
Matthew Hutchison
VP, Corporate Communications
[email protected]

Shawn Milne
VP, Investor Relations
240-335-8132
[email protected]

MAYNARD, Mass., March 30, 2023 (GLOBE NEWSWIRE) — AquaBounty Technologies, Inc. (NASDAQ: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced that Richard J. Clothier will retire from the AquaBounty Board of Directors and will not stand for reelection at the Company’s Annual Shareholder Meeting on May 25, 2023.

Mr. Clothier has extensive experience in the agribusiness and biotechnology sectors, having served as Chairman of the Board of Directors of AquaBounty since April 2006, as Chairman of Robinson Plc from 2004 to 2018, and Chairman of Spearhead International Ltd from 2005 to 2015. Mr. Clothier retired as Group Chief Executive of PGI Group Plc, an international agricultural products producer, following 20 years with Dalgety Plc, where he was chief executive officer of the genetics firm Pig Improvement Company until 1992 and then Group Chief Executive Officer until 1997.

Sylvia Wulf, Chief Executive Officer of AquaBounty, said: “Richard’s contributions to our Board over the last 17 years have been remarkable. His steady guidance through years of challenges has helped to build AquaBounty into the aquaculture leader that it is today. On behalf of our shareholders, the management team and the Board of AquaBounty, I would like to personally thank Richard for his impact and service and wish him and his family a wonderful retirement.”

Richard J. Clothier added: “I am honored to have served as Chairman of AquaBounty, an industry pioneer and innovator that successfully developed and brought to market the first-ever FDA-approved genetically engineered animal for human consumption. AquaBounty is in an exciting phase with the construction of its new farm in Pioneer, Ohio well underway. I retire with full confidence in the management and the Board to continue the Company’s progression with its high standard of operational expertise.”

About AquaBounty

At AquaBounty Technologies, Inc. (NASDAQ: AQB), we believe we are a leader in land-based aquaculture leveraging decades of technology expertise to deliver disruptive solutions that address food insecurity and climate change issues. We are committed to feeding the world efficiently, sustainably and profitably. AquaBounty provides fresh Atlantic salmon to nearby markets by raising its fish in carefully monitored land-based fish farms through a safe, secure and sustainable process. The Company’s land-based Recirculating Aquaculture System (“RAS”) farms, located in Indiana, United States and Prince Edward Island, Canada, are close to key consumption markets and are designed to prevent disease and to include multiple levels of fish containment to protect wild fish populations. AquaBounty is raising nutritious salmon that is free of antibiotics and contaminants and provides a solution resulting in a reduced carbon footprint and no risk of pollution to marine ecosystems as compared to traditional sea-cage farming. For more information on AquaBounty, please visit www.aquabounty.com or follow us on Facebook, Twitter, LinkedIn and Instagram.

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended, including regarding the timing of construction, permits, and regulatory approvals. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these statements because they involve significant risks and uncertainties about AquaBounty. AquaBounty may use words such as “expect,” “anticipate,” “project,” “intend,” “slated to,” “plan,” “aim,” “believe,” “seek,” “estimate,” “can,” “focus,” “will,” “may,” the negative forms of these words and similar expressions to identify such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, whether AquaBounty and its partners will consummate the proposed bond financing for the Ohio farm; the final terms of the financing, market and other conditions; the satisfaction of closing conditions; the impact of the bond offering on AquaBounty’s financial condition, credit rating and stock price; whether AquaBounty will need to and be able to raise additional equity capital; whether AquaBounty will be able to service the bond commitments, be able to secure required regulatory approvals and permits, be able to profitably construct and operate the Pioneer, Ohio farm; AquaBounty’s business and financial condition, and the impact of general economic, public health, industry or political conditions in the United States and internationally. Forward-looking statements speak only as of the date hereof, and, except as required by law, AquaBounty undertakes no obligation to update or revise these forward-looking statements. For additional information regarding these and other risks faced by us, please refer to our public filings with the Securities and Exchange Commission (“SEC”), available on the Investors section of our website at www.aquabounty.com and on the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the bonds described herein, nor shall there be any sale of these bonds in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

Company Contact:

AquaBounty Technologies
Dave Conley
Corporate Communications
(613) 294-3078

Media Contact:

Vince McMorrow
Fahlgren Mortine
(614) 906-1671
[email protected]

Investor Relations:

Lucas A. Zimmerman
MZ Group – MZ North America
(949) 259-4987
[email protected]  

WUXI, China, March 30, 2023 (GLOBE NEWSWIRE) — Skillful Craftsman Education Technology Limited (“the Company” or “Skillful Craftsman”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today announced the establishment of a wholly-owned subsidiary in Singapore, LE FIRST SKILLAND PTE. LTD. (“LFS”), to facilitate the Company’s global business development of vocational education.

Through the establishment of LFS, the Company expects to integrate Singapore’s vocational skills standards into the development of skilled workers in vast labor-intensive countries, to meet the urgent demand for skilled workers in developed countries with aging populations. Meanwhile, LFS is also expected to advance vocational education and increase the income of people in underdeveloped areas, thereby fulfilling the Company’s mission to promote social development.

Mr. Bill Fu, Co-CEO of Skillful Craftsman, commented, “Our strategy for the next few years is to become an influential vocational training and service platform in the Asia-Pacific region. Singapore is one of the most developed economies in the region and where Chinese and Western civilizations converge. The Company chose to establish LFS in Singapore as the Company’s operation center for global business development. The Company decided to prioritize the training of professional nursing staff after consulting with business partners in Singapore. Singapore currently needs to bring in 2,000 professional nurses annually, along with more elderly care and home care workers. The closed loop of nursing professional education, job dispatch and life services is expected to generate substantial revenue for the Company. Additionally, developed countries in the Asia-Pacific region and the Middle East are also facing a significant shortage of nursing staff, creating a promising market. We plan to achieve the standardization of professional skills training, the systemization of talent cycle management and the humanization of life services for talents in the future. We believe that the establishment of LFS will enable Skillful Craftsman to gain a real foothold in the global vocational education market, strengthen the brand recognition and ultimately create long-term value for investors.”

About Skillful Craftsman

Skillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experimental training courses. The Company began operations in Wuxi, China in 2013 and is a key supporter for China education reform and development for labor employment. For more information, please visit: http://ir.kingwayup.com/.

Safe Harbor Statement

This report contains “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 representing our beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements.” Words such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements. Forward-looking statements are based on information available at the time those statements are made and on the management’s belief as of that time with respect to future events. These statements are subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements described in or implied by such statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times by which, or whether, our performance or results may be achieved. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.

For investor and media inquiries, please contact:

Skillful Craftsman
Investor Relations Department
Email: [email protected]

Ascent Investor Relations LLC
Tina Xiao
Tel: +1 917-609-0333
Email: [email protected]