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Comcast RISE Announces Major Expansion to All Women-Owned Small Businesses Nationwide Starting In 2022

Comcast RISE Announces Major Expansion to All Women-Owned Small Businesses Nationwide Starting In 2022

In its first year alone, Comcast RISE has provided over $60 million in grants, marketing, and technology services to support more than 6,700 small businesses owned by people of color

With the expansion to all women-owned small businesses, the program is on track to support 13,000 businesses by the end of 2022

PHILADELPHIA–(BUSINESS WIRE)–
Comcast Corporation announces today a major expansion of Comcast RISE to all women-owned businesses nationwide, furthering its efforts to advance digital equity and help provide underrepresented small business owners with access to the digital tools and funding they need to thrive.

In its first year alone, Comcast RISE has provided more than $60 million in grants, marketing, and technology services to more than 6,700 small businesses owned by people of color – including Black, Indigenous, Hispanic, and Asian Americans. Of the 6,700 Comcast RISE recipients to date, nearly 70% have been businesses owned by women of color, spurring Comcast to take a deeper look into the unique challenges faced by women entrepreneurs.

According to a study by the National Association of Women Business Owners, 42% of businesses in the U.S. are owned by women, with more than 1,800 new businesses being started every day. That’s nearly five times the national average. However, according to the same study, women-owned businesses are growing at only half the rate of those run by men, namely because women struggle to access capital and other resources to help them succeed.

Karen Cahn, Founder & CEO of IFundWomen echoes this important point, “The data about how women, a rapidly increasing number of whom are small business owners, have fared during the pandemic is stark. Women business owners tend to have limited access to capital and debt-free funding options, yet they represent a tremendous opportunity. Women-owned businesses deliver two times higher revenue per dollar invested than those founded by men, making them great investments.”

“As we continue to rebuild and emerge from the effects of the pandemic, small businesses will continue to be the backbone of our economy – and we must take every opportunity to help them thrive,” said Teresa Ward-Maupin, Senior Vice President, Digital and Customer Experience, Comcast Business. “Looking forward, this expansion will enable Comcast RISE to further empower and strengthen even more small businesses that are the heart of our local communities across the country.”

Comcast RISE, which stands for Representation, Investment, Strength, and Empowerment, is part of Project UP, Comcast’s comprehensive initiative to advance digital equity and help provide underrepresented small business owners with access to the digital tools and funding they need to thrive. Over the next 10 years, Comcast has committed $1 billion to programs, like Comcast RISE, and partnerships that will reach an estimated 50 million people with the skills, opportunities, and resources they need to succeed in an increasingly digital world

Comcast recently announced its fifth round of Comcast RISE recipients, which includes 1,400 small businesses owned by people of color, that will receive a TV campaign, production of a TV commercial or consulting services from Effectv or computer equipment, internet, voice or cybersecurity from Comcast Business. In addition, as part of round two of the Comcast RISE Investment Fund, 600 additional small businesses in Houston, Miami, Oakland, Seattle, the Twin Cities, and Washington, D.C. will each receive $10,000 grants, bringing the total Comcast RISE Investment Fund recipients to 1,100.

Comcast RISE, which just celebrated it’s one year anniversary, will continue to be open to racially and ethnically diverse small business owners and the expanded Comcast RISE eligibility to all women-owned businesses will be effective on January 16, 2022. More information and the applications to apply for either the grant program or marketing and technology services are available at www.ComcastRISE.com.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information.

About Comcast Business

Comcast Business offers a suite of Connectivity, Communications, Networking, Cybersecurity, Wireless, and Managed Solutions to help organizations of different sizes prepare for what’s next. Powered by the nation’s largest Gig-speed broadband network, and backed by 24/7 customer support, Comcast Business is the nation’s largest cable provider to small and mid-size businesses and one of the leading service providers to the Enterprise market. Comcast Business has been consistently recognized by industry analysts and associations as a leader and innovator, and one of the fastest growing providers of Ethernet services. For more information, call 866-429-3085. Follow on Twitter @ComcastBusiness and on other social media networks at http://business.comcast.com/social.

About Effectv

Effectv, the advertising sales division of Comcast Cable, helps local, regional, and national advertisers use the best of digital with the power of TV to grow their business. It provides multi-screen marketing solutions to make advertising campaigns more effective and easier to execute. Headquartered in New York with offices throughout the country, Effectv has a presence in 66 markets with nearly 35 million owned and represented subscribers. For more information, visit www.effectv.com.

Media:

William Bell

347-730-7758

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Electronic Design Automation Data Management Consumer Electronics Technology Audio/Video Marketing Advertising Communications Other Entertainment TV and Radio Telecommunications Software Entertainment Internet Mobile/Wireless

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Serum Life Sciences invests in RNA biotech GreenLight by joining expanded financing for Environmental Impact Acquisition Corp.

PR Newswire

BOSTON, Nov. 23, 2021 /PRNewswire/ — GreenLight Biosciences Inc., an RNA-focused biotech (“GreenLight”), and Environmental Impact Acquisition Corp. (Nasdaq: ENVI) today announced an expansion of its PIPE financing to an aggregate $124 million in gross proceeds. The expanded financing includes a $10 million strategic investment from Serum Life Sciences Ltd (“Serum Life Sciences”), a subsidiary of Serum Institute of India Pvt. Ltd. (the “Serum Institute”).

The world’s largest vaccine manufacturer by volume, the Serum Institute sells more than 1.5 billion doses to over 160 countries; this includes national immunization programs and vaccines addressing polio, diphtheria, tetanus, pertussis, Hib, BCG, r-Hepatitis B, measles, mumps, and rubella.

Natasha Poonawalla, the chairperson of Serum Life Sciences, said: “Serum Life Sciences is delighted to invest in the future of GreenLight Biosciences, with the objective of accelerating the development and distribution of RNA vaccines.”

Serum Institute was founded in 1966 by Dr. Cyrus Poonawalla with the aim of manufacturing life-saving immuno-biologicals, which were in shortage in the country and imported at high prices. That mission continues today.

Both Serum Life Sciences and GreenLight share a commitment to making healthcare affordable and accessible.

“We are delighted to align with Serum Life Sciences through this investment in our future as a public company,” said GreenLight CEO Andrey Zarur. “The Serum Institute has a long history of delivering vaccines at scale and is playing a pivotal role in the global fight against COVID-19.”

GreenLight’s vision is to develop high-quality, cost-effective solutions that can be widely deployed, including to low- and middle-income countries.

The investment is being made under the same material terms as the $105 million common stock PIPE investment that ENVI and GreenLight announced in August 2021 as part of their proposed business combination. Serum Life Sciences Ltd will acquire shares of the publicly traded company contemporaneously with the closing of the business combination at the same price of $10 per share as existing PIPE investors.

Environmental Impact Acquisition Corp. has $207 million held in trust in addition to the PIPE financing. With the addition of Serum Life Sciences, Fall Line Capital and Viceroy Capital, the PIPE investors include, S2G Ventures, Cormorant Asset Management, Morningside Venture Investments, Hudson Bay Capital, BNP Paribas Ecosystem Restoration Fund, The Jeremy and Hannelore Grantham Environmental Trust, Continental Grain Company, Pura Vida Investments LLC, Xeraya Capital, and MLS Fund II/Spruce.

Environmental Impact Acquisition Corp., a publicly traded special purpose acquisition company, has agreed to a business combination with GreenLight Biosciences, a Boston-based biotechnology company dedicated to making ribonucleic acid (RNA) products affordable and accessible for human health and agriculture.

About GreenLight

Founded in 2008, GreenLight aims to address some of the world’s biggest problems by delivering on the full potential of RNA for human health and agriculture.

In human health, this includes mRNA vaccines and therapeutics. In agriculture, this includes RNA  to protect honeybees and a range of crops. The company’s breakthrough cell-free RNA manufacturing platform, which is protected by numerous patents, allows for cost-effective production of RNA. GreenLight’s human health product candidates are in the pre-clinical stage, and its product candidates for the agriculture market are in the early stages of development or regulatory review. For more information, visit https://www.greenlightbiosciences.com/

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws with respect to the business of GreenLight and its proposed transaction with ENVI, including statements regarding the anticipated benefits of the transaction, the future business of GreenLight, the PIPE transaction and PIPE investment by Serum Life Sciences Ltd., the market opportunities for and uses of GreenLight’s product candidates and the potential for regulatory approval for GreenLight’s product candidates, timing of clinical trials, and the timing of commercial launch of product candidates. These forward-looking statements are generally 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 press release, including but not limited to: the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of ENVI’s securities; the failure to satisfy the conditions to the consummation of the transaction, including the approval of the business combination agreement by the stockholders of ENVI, the satisfaction of the minimum cash amount held by ENVI following any redemptions by its public stockholders; potential changes to the proposed structure of the business combination that may be required or appropriate to achieve the intended tax treatment or to satisfy other legal or regulatory requirements; the potential inability to complete the PIPE transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the potential inability to maintain the listing of ENVI’s securities with the Nasdaq Stock Market, Inc.; the outcome of any legal proceedings that may be instituted against GreenLight or ENVI related to the business combination agreement or the proposed transaction; unanticipated costs related to the transaction and the potential failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions; potential exercise of appraisal rights by some GreenLight stockholders, which may reduce available cash; the effect of the announcement or pendency of the transaction on GreenLight’s business relationships, operating results, and business generally; risks that the proposed transaction disrupts current plans and operations of GreenLight; the need to obtain regulatory approval for GreenLight’s product candidates; the risk that clinical trials will not demonstrate that GreenLight’s therapeutic product candidates are safe and effective; the risk that GreenLight’s product candidates will have adverse side effects or other unintended consequences, which could impair their marketability; the risk that GreenLight’s product candidates do not satisfy other legal and regulatory requirements for marketability in one or more jurisdictions; the risks of enhanced regulatory scrutiny of mRNA solutions; the risk of significant delays in research, development and testing, pre-clinical studies and clinical trials, and regulatory approval; the potential inability to achieve GreenLight’s goals regarding scalability and affordability of its product candidates; the anticipated need for additional capital to achieve GreenLight’s business goals, including the risk that GreenLight would require additional capital if its future partnerships obligate GreenLight to cover its own Phase II or Phase III clinical trial costs; changes in the industries in which GreenLight operates; changes in laws and regulations affecting the business of GreenLight; and the potential inability to implement or achieve business plans, forecasts, and other expectations after the completion of the proposed transaction. The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4, as amended, discussed below and other documents filed by ENVI from time to time with the U.S. Securities and Exchange Commission (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 ENVI and GreenLight 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 ENVI nor GreenLight gives any assurance that GreenLight or ENVI, or the combined company, will achieve any result described in any forward-looking statement.

Important Information and Where to Find It

This press release may be deemed to relate to a proposed transaction between GreenLight Biosciences, Inc. and Environmental Impact Acquisition Corp. This press release does not constitute either (a) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination or (b) an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

ENVI has filed an amended registration statement on Form S-4with the SEC, which includes a document that serves as a preliminary prospectus and proxy statement of ENVI, referred to as a proxy statement/prospectus. The final proxy statement/prospectus will be sent to all ENVI stockholders after the registration statement is declared effective by the SEC. ENVI has also filed and will file other documents regarding the proposed transaction with the SEC. This press release does not contain all of the information that will be contained in the final proxy statement/prospectus or other documents filed with the SEC. Before making any voting decision, investors and security holders of ENVI are urged to read the registration statement, the final 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.

Investors and security holders will be able to obtain free copies of the registration statement, the final proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by ENVI through the website maintained by the SEC at www.sec.gov or by sending a written request to ENVI at: [email protected].

Participants in the Solicitation

ENVI, GreenLight and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from ENVI’s stockholders in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be contained in the final proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/serum-life-sciences-invests-in-rna-biotech-greenlight-by-joining-expanded-financing-for-environmental-impact-acquisition-corp-301430864.html

SOURCE GreenLight Biosciences, Inc.

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Jack in the Box Inc. Reports Fourth Quarter and Full-Year 2021 Earnings

Jack in the Box Inc. Reports Fourth Quarter and Full-Year 2021 Earnings

Systemwide sales growth +8.6% in Q4 2021; +13.1% FY 2021

Same store sales growth +0.1% in Q4 2021; +10.3% FY 2021

Diluted EPS +9.8% at $1.80 in Q4 2021; +91.0% at $7.37 FY 2021(1)

Net units down -1.0% FY 2021

Management provides annual guidance measures for FY 2022

Management provides restaurant level margin outlook for FY 2022

Management provides company-owned restaurant outlook for 2022 and 2023

SAN DIEGO–(BUSINESS WIRE)–Jack in the Box Inc. (NASDAQ: JACK) announced financial results for the fourth quarter ended October 3, 2021, comprised of growth in systemwide sales, same store sales and earnings per share.

“I am very proud of the execution and determination shown by our outstanding franchisees and corporate team members, continuing to deliver for our guests during a challenging operating environment,” said Darin Harris, Jack in the Box Chief Executive Officer. “We closed the year with strong comps on a two-year basis of +12.3% in Q4, leading us to another record-setting year of store-level profitability — a key element in driving results against our growth strategy in the near future. We continue to focus heavily on making significant progress on our strategic pillars, growth objectives, and unlocking substantial value for JACK shareholders.”

Systemwide sales for the fourth quarter increased 8.6%, or 0.2% when excluding the 53rd week for the purpose of comparison to the prior year, driven by positive results in same store sales and partially offset by a slight decline in net unit growth. Systemwide sales for full year 2021 increased 13.1%, or 11.0% when excluding the 53rd week.

The company had a fourth quarter net store decline of one store, comprised of four store openings and five closures. The five store closures included one company-owned location and four related to early terminations and an agreement expiration. In the fourth quarter, there were development agreements signed for 47 future restaurants, bringing the year-to-date total to 111 future restaurant commitments.

Company-operated same-store sales declined 4.4% in the fourth quarter, with decreases in traffic partially offset by increases in average check. Franchise same-store sales grew 0.6%, with increases in average check; partially offset by a decrease in traffic.

(1) Fiscal year 2020 Diluted EPS included non-recurring items, notably a pension settlement charge and the sale of a corporate office building, that affect the comparability to fiscal year 2021 Diluted EPS.

Same-Store Sales:

 

13 Weeks Ended

 

12 Weeks Ended

 

53 Weeks Ended

 

52 Weeks Ended

 

October 3, 2021

 

September 27, 2020

 

October 3, 2021

 

September 27, 2020

Company

(4.4)%

 

9.6%

 

6.1%

 

3.1%

Franchise

0.6%

 

12.4%

 

10.7%

 

4.0%

System SSS

0.1%

 

12.2%

 

10.3%

 

4.0%

Restaurant Counts:

 

2021

 

2020

 

Company

 

Franchise

 

Total

 

Company

 

Franchise

 

Total

Store count at beginning of Q4

148

 

 

2,071

 

 

2,219

 

 

144

 

 

2,100

 

 

2,244

 

New

—

 

 

4

 

 

4

 

 

—

 

 

7

 

 

7

 

Refranchised

16

 

 

(16)

 

 

—

 

 

—

 

 

—

 

 

—

 

Closed

(1)

 

 

(4)

 

 

(5)

 

 

—

 

 

(10)

 

 

(10)

 

Store count at end of Q4

163

 

 

2,055

 

 

2,218

 

 

144

 

 

2,097

 

 

2,241

 

Q4 Net Unit Increase/(Decrease)

15

 

 

(16)

 

 

(1)

 

 

—

 

 

(3)

 

 

(3)

 

Q4/FY 2021 vs. Q4/FY 2020 Unit % Increase/(Decrease)

13.2

%

 

(2.0)

%

 

(1.0)

%

 

5.1

%

 

(0.4)

%

 

(0.1)

%

Fourth quarter diluted earnings per share was $1.80, up 9.8% over the prior year quarter or 2.4% excluding the benefit of the 53rd week. Total revenues increased 9.0% to $278.5 million, compared to $255.4 million in the comparable period ended September 27, 2020, driven by the 53rd week in 2021 and growth in same store sales. Net earnings increased to $38.9 million for the fourth quarter of fiscal 2021, compared with $37.8 million for the fourth quarter of fiscal 2020. Adjusted EBITDA(1), a non-GAAP measure, was $74.3 million in the fourth quarter of fiscal 2021 compared with $78.4 million for the prior year quarter.

Restaurant-Level Margin(2), a non-GAAP measure, was 20.1%, a decrease of 6.9% from the fourth quarter a year ago, primarily driven by the take back of lower-volume franchise restaurants; increases in food and packaging costs; wage inflation of 9.8%; and increases in utilities, and maintenance and repair costs, partially offset by lower incentive compensation and menu price increases. Commodity costs increased in the quarter by approximately 11.8%, primarily due to increases in pork, beef and beverages.

Franchise-Level Margin(2), a non-GAAP measure, increased by $6.1 million, or 8.7% from the fourth quarter a year ago, driven by the benefit of the 53rd week in 2021.

G&A expense for the fourth quarter was $16.7 million, an increase of $6.4 million compared to the prior year quarter, driven primarily by a $3.8 million favorable litigation settlement in the prior year quarter; mark-to-market changes in the cash surrender value of company owned life insurance (“COLI”) policies, net of a deferred compensation obligation supported by these policies, resulting in a year-over-year increase of $1.1 million; a $1.1 million increase in incentive compensation; and $1.5 million related to the 53rd week in fiscal 2021.G&A for the full-year was $63.1 million. When including selling and advertising expense, SG&A was $82.7 million for fiscal 2021.

(1) Adjusted EBITDA represents net earnings on a GAAP basis excluding income taxes, interest expense, net, gains or losses on the sale of company-operated restaurants, impairment and other charges, net, depreciation and amortization, the amortization of franchise tenant improvement allowances and other, and pension settlement charges. See “Reconciliation of Non-GAAP Measurements to GAAP Results.”

(2) Restaurant-Level Margin and Franchise-Level Margin are non-GAAP measures. These non-GAAP measures are reconciled to earnings from operations, the most comparable GAAP measure, in the attachment to this release. See “Reconciliation of Non-GAAP Measurements to GAAP Results.”

Capital Allocation

The company repurchased 0.7 million shares of our common stock for an aggregate cost of $70.0 million. As of October 3, 2021, there was no remaining amount under the Board-authorized stock buyback program. On November 19, 2021, the Board of Directors authorized an additional $200.0 million stock buy-back program that expires on November 20, 2023.

On November 19, 2021, the Board of Directors declared a cash dividend of $0.44 per share, to be paid on December 23, 2021 to shareholders of record as of the close of business on December 9, 2021. Future dividends will be subject to approval by our Board of Directors.

2022 Guidance & Outlook

The following guidance and underlying assumptions reflect the company’s current expectations for the current fiscal year ending October 2, 2022:

  • 2022 CapEx & Other Investments Guidance of $65-75 million
    • Previously stated at Q3 2021 earnings on August 4, 2021
    • Includes:
      • Capital expenditures (located within cash flows from investing activities)
      • Franchise tenant improvement allowances and incentives (located within cash flows from operating activities)
  • 2022 SG&A Guidance of $92-97 million
    • Excludes net COLI gains/losses, and now includes selling/advertising expense
  • 2022 Commodity Guidance up 6-7% compared to 2021
  • 2022 Company-owned Wage Rate Guidance up 8-10% compared to 2021
  • No change to 3-5 Year Outlook as provided at Investor Day on June 29, 2021
    • Same store sales up 2 to 3%
    • Unit growth up 1 to 3%
    • Systemwide sales up 3 to 5%

2022 Restaurant Level Margin Outlook

  • Due to an anticipated unique cost environment, we are providing one-time Company-owned restaurant level margin annual guidance for 2022

    • Restaurant Level Margin is expected to be 20-21%, which includes mid-to-high single digit price increases

Company-owned Restaurant Funding Outlook

  • 2022: Planning to fund up to 5 company-owned restaurants
  • 2023: Planning to fund between 7 and 15 company-owned restaurants

Conference Call

The company will host a conference call for analysts and investors on Tuesday, November 23, 2021, beginning at 7:30 a.m. PT (10:30 a.m. ET). The call will be webcast live via the Investors section of the Jack in the Box company website at http://investors.jackinthebox.com. A replay of the call will be available through the Jack in the Box Inc. corporate website for 21 days. The call can be accessed via phone by dialing (833) 513-0565 and using ID 7573711.

About Jack in the Box Inc.

Jack in the Box Inc. (NASDAQ: JACK), founded and headquartered in San Diego, California, is a restaurant company that operates and franchises Jack in the Box® restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 21 states and Guam. For more information on Jack in the Box, including franchising opportunities, visit www.jackinthebox.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goals,” “guidance,” “intend,” “plan,” “project,” “may,” “will,” “would” and similar expressions. These statements are based on management’s current expectations, estimates, forecasts and projections about our business and the industry in which we operate. These estimates and assumptions involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. Factors that may cause our actual results to differ materially from any forward-looking statements include, but are not limited to: the potential impacts to our business and operations resulting from the coronavirus COVID-19 pandemic, the success of new products, marketing initiatives and restaurant remodels and drive-thru enhancements; the impact of competition, unemployment, trends in consumer spending patterns and commodity costs; the company’s ability to reduce G&A and operate efficiently; the company’s ability to achieve and manage its planned growth, which is affected by the availability of a sufficient number of suitable new restaurant sites, the performance of new restaurants, risks relating to expansion into new markets and successful franchise development; the ability to attract, train and retain top-performing personnel, litigation risks; risks associated with disagreements with franchisees; supply chain disruption; food-safety incidents or negative publicity impacting the reputation of the company’s brand; increased regulatory and legal complexities, including federal, state and local policies regarding mitigation strategies for controlling the coronavirus COVID-19 pandemic, risks associated with the amount and terms of the securitized debt issued by certain of our wholly owned subsidiaries; and stock market volatility. These and other factors are discussed in the company’s annual report on Form 10-K and its periodic reports on Form 10-Q filed with the Securities and Exchange Commission, which are available online at http://investors.jackinthebox.com or in hard copy upon request. The company undertakes no obligation to update or revise any forward-looking statement, whether as the result of new information or otherwise.

JACK IN THE BOX INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data) (Unaudited)
 

 

13 Weeks Ended

 

12 Weeks Ended

 

53 Weeks Ended

 

52 Weeks Ended

 

October 3,

2021

 

September 27,

2020

 

October 3,

2021

 

September 27,

2020

Revenues:

 

 

 

 

 

 

 

Company restaurant sales

$

95,634

 

 

$

86,799

 

 

$

387,766

 

 

$

348,987

 

Franchise rental revenues

84,386

 

 

78,657

 

 

346,634

 

 

320,647

 

Franchise royalties and other

49,264

 

 

44,850

 

 

204,725

 

 

178,319

 

Franchise contributions for advertising and other services

49,170

 

 

45,095

 

 

204,545

 

 

173,553

 

 

278,454

 

 

255,401

 

 

1,143,670

 

 

1,021,506

 

Operating costs and expenses, net:

 

 

 

 

 

 

 

Food and packaging

29,630

 

 

24,787

 

 

113,006

 

 

102,449

 

Payroll and employee benefits

30,306

 

 

25,304

 

 

119,033

 

 

106,540

 

Occupancy and other

16,456

 

 

13,295

 

 

61,743

 

 

54,157

 

Franchise occupancy expenses

52,016

 

 

48,568

 

 

214,913

 

 

210,038

 

Franchise support and other costs

3,716

 

 

2,720

 

 

13,052

 

 

13,059

 

Franchise advertising and other services expenses

51,361

 

 

47,660

 

 

210,328

 

 

180,794

 

Selling, general and administrative expenses

21,578

 

 

14,710

 

 

82,734

 

 

80,841

 

Depreciation and amortization

10,844

 

 

11,647

 

 

46,500

 

 

52,798

 

Impairment and other (gains) charges, net

(5,080)

 

 

1,344

 

 

(3,382)

 

 

(6,493)

 

Gains on the sale of company-operated restaurants

(1,124)

 

 

(636)

 

 

(4,203)

 

 

(3,261)

 

 

209,703

 

 

189,399

 

 

853,724

 

 

790,922

 

Earnings from operations

68,751

 

 

66,002

 

 

289,946

 

 

230,584

 

Other pension and post-retirement expenses, net

203

 

 

748

 

 

881

 

 

41,720

 

Interest expense, net

16,338

 

 

15,692

 

 

67,458

 

 

66,743

 

Earnings from continuing operations and before income taxes

52,210

 

 

49,562

 

 

221,607

 

 

122,121

 

Income taxes

13,276

 

 

11,704

 

 

55,852

 

 

32,727

 

Earnings from continuing operations

38,934

 

 

37,858

 

 

165,755

 

 

89,394

 

(Losses) earnings from discontinued operations, net of income taxes

—

 

 

(9)

 

 

—

 

 

370

 

Net earnings

$

38,934

 

 

$

37,849

 

 

$

165,755

 

 

$

89,764

 

 

 

 

 

 

 

 

 

Net earnings per share – basic:

 

 

 

 

 

 

 

Earnings from continuing operations

$

1.81

 

 

$

1.65

 

 

$

7.40

 

 

$

3.87

 

Earnings (losses) from discontinued operations

—

 

 

—

 

 

—

 

 

0.02

 

Net earnings per share (1)

$

1.81

 

 

$

1.65

 

 

$

7.40

 

 

$

3.88

 

Net earnings per share – diluted:

 

 

 

 

 

 

 

Earnings from continuing operations

$

1.80

 

 

$

1.65

 

 

$

7.37

 

 

$

3.84

 

Earnings (losses) from discontinued operations

—

 

 

—

 

 

—

 

 

0.02

 

Net earnings per share (1)

$

1.80

 

 

$

1.64

 

 

$

7.37

 

 

$

3.86

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

Basic

21,537

 

 

22,903

 

 

22,402

 

 

23,125

 

Diluted

21,594

 

 

23,012

 

 

22,478

 

 

23,269

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

$

0.44

 

 

$

0.40

 

 

$

1.68

 

 

$

1.20

 

______________________

(1)

Earnings per share may not add due to rounding.

JACK IN THE BOX INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data) (Unaudited)
 

 

October 3,

2021

 

September 27,

2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash

$

55,346

 

 

$

199,662

 

Restricted cash

18,222

 

 

37,258

 

Accounts and other receivables, net

74,335

 

 

78,417

 

Inventories

2,335

 

 

1,808

 

Prepaid expenses

12,682

 

 

10,114

 

Current assets held for sale

1,692

 

 

4,598

 

Other current assets

4,346

 

 

3,724

 

Total current assets

168,958

 

 

335,581

 

Property and equipment, at cost:

 

 

 

Land

105,393

 

 

100,460

 

Buildings

907,792

 

 

914,311

 

Restaurant and other equipment

112,959

 

 

112,675

 

Construction in progress

6,894

 

 

4,984

 

 

1,133,038

 

 

1,132,430

 

Less accumulated depreciation and amortization

(810,124)

 

 

(796,448)

 

Property and equipment, net

322,914

 

 

335,982

 

Other assets:

 

 

 

Operating lease right-of-use assets

934,066

 

 

904,548

 

Intangible assets, net

470

 

 

277

 

Goodwill

47,774

 

 

47,161

 

Deferred tax assets

51,517

 

 

72,322

 

Other assets, net

224,438

 

 

210,623

 

Total other assets

1,258,265

 

 

1,234,931

 

 

$

1,750,137

 

 

$

1,906,494

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

Current liabilities:

 

 

 

Current maturities of long-term debt

$

894

 

 

$

818

 

Current operating lease liabilities

150,636

 

 

179,000

 

Accounts payable

29,119

 

 

31,105

 

Accrued liabilities

148,417

 

 

129,431

 

Total current liabilities

329,066

 

 

340,354

 

Long-term liabilities:

 

 

 

Long-term debt, net of current maturities

1,273,420

 

 

1,376,913

 

Long-term operating lease liabilities, net of current portion

809,191

 

 

776,094

 

Other long-term liabilities

156,342

 

 

206,494

 

Total long-term liabilities

2,238,953

 

 

2,359,501

 

Stockholders’ deficit:

 

 

 

Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued

—

 

 

—

 

Common stock $0.01 par value, 175,000,000 shares authorized, 82,536,059 and 82,369,714 issued, respectively

825

 

 

824

 

Capital in excess of par value

500,441

 

 

489,515

 

Retained earnings

1,764,412

 

 

1,636,211

 

Accumulated other comprehensive loss

(74,254)

 

 

(110,605)

 

Treasury stock, at cost, 61,523,475 and 59,646,773 shares, respectively

(3,009,306)

 

 

(2,809,306)

 

Total stockholders’ deficit

(817,882)

 

 

(793,361)

 

 

$

1,750,137

 

 

$

1,906,494

 

JACK IN THE BOX INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)
 

 

53 Weeks Ended

52 Weeks Ended

 

October 3, 2021

September 27, 2020

Cash flows from operating activities:

 

 

Net earnings

$

165,755

$

89,764

Earnings from discontinued operations

—

370

Earnings from continuing operations

165,755

89,394

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

Depreciation and amortization

46,500

52,798

Amortization of franchise tenant improvement allowances and incentives

3,450

3,028

Amortization of debt issuance costs

5,595

5,628

Excess tax benefits from share-based compensation arrangements

(1,160)

(449)

Deferred income taxes

8,008

5,162

Share-based compensation expense

4,048

4,394

Pension and postretirement expense

881

41,720

Gains on cash surrender value of company-owned life insurance

(12,753)

(4,262)

Gains on the sale of company-operated restaurants

(4,203)

(3,261)

Gains on the disposition of property and equipment

(6,888)

(9,768)

Impairment charges and other

2,889

322

Changes in assets and liabilities, excluding acquisitions and dispositions:

 

 

Accounts and other receivables

5,072

(27,865)

Inventories

(269)

41

Prepaid expenses and other current assets

(2,766)

(2,780)

Operating lease right-of-use assets and lease liabilities

(24,784)

490

Accounts payable

(3,091)

2,018

Accrued liabilities

28,990

4,222

Pension and postretirement contributions

(6,084)

(6,243)

Franchise tenant improvement allowance and incentive disbursements

(8,568)

(10,239)

Other

500

(825)

Cash flows provided by operating activities

201,122

143,525

Cash flows from investing activities:

 

 

Purchases of property and equipment

(41,008)

(19,528)

Proceeds from the sale and leaseback of assets

3,884

19,828

Proceeds from the sale of company-operated restaurants

1,827

3,395

Proceeds from the sale of property and equipment

11,742

22,774

Other

2,626

2,654

Cash flows (used in) provided by investing activities

(20,929)

29,123

Cash flows from financing activities:

 

 

Borrowings on revolving credit facilities

—

114,376

Repayments of borrowings on revolving credit facilities

(107,875)

(6,500)

Principal repayments on debt

(829)

(10,536)

Debt issuance costs

—

(216)

Dividends paid on common stock

(37,322)

(27,538)

Proceeds from issuance of common stock

6,647

4,647

Repurchases of common stock

(200,000)

(155,576)

Payroll tax payments for equity award issuances

(4,166)

(5,946)

Cash flows used in financing activities

(343,545)

(87,289)

Net (decrease) increase in cash and restricted cash

(163,352)

85,359

Cash and restricted cash at beginning of year

236,920

151,561

Cash and restricted cash at end of year

$

73,568

$

236,920

JACK IN THE BOX INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

The following table presents certain income and expense items included in our consolidated statements of earnings as a percentage of total revenues, unless otherwise indicated. Percentages may not add due to rounding.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS DATA

(Unaudited)
 

 

13 Weeks Ended

 

12 Weeks Ended

 

53 Weeks Ended

 

52 Weeks Ended

 

October 3,

2021

 

September 27,

2020

 

October 3,

2021

 

September 27,

2020

Revenues:

 

 

 

 

 

 

 

Company restaurant sales

34.3

%

 

34.0

%

 

33.9

%

 

34.2

%

Franchise rental revenues

30.3

%

 

30.8

%

 

30.3

%

 

31.4

%

Franchise royalties and other

17.7

%

 

17.6

%

 

17.9

%

 

17.5

%

Franchise contributions for advertising and other services

17.7

%

 

17.7

%

 

17.9

%

 

17.0

%

 

100.0

%

 

100.0

%

 

100.0

%

 

100.0

%

Operating costs and expenses, net:

 

 

 

 

 

 

 

Food and packaging (1)

31.0

%

 

28.6

%

 

29.1

%

 

29.4

%

Payroll and employee benefits (1)

31.7

%

 

29.2

%

 

30.7

%

 

30.5

%

Occupancy and other (1)

17.2

%

 

15.3

%

 

15.9

%

 

15.5

%

Franchise occupancy expenses (2)

61.6

%

 

61.7

%

 

62.0

%

 

65.5

%

Franchise support and other costs (3)

7.5

%

 

6.1

%

 

6.4

%

 

7.3

%

Franchise advertising and other services expenses (4)

104.5

%

 

105.7

%

 

102.8

%

 

104.2

%

Selling, general and administrative expenses

7.7

%

 

5.8

%

 

7.2

%

 

7.9

%

Depreciation and amortization

3.9

%

 

4.6

%

 

4.1

%

 

5.2

%

Impairment and other (gains) charges, net

(1.8)

%

 

0.5

%

 

(0.3)

%

 

(0.6)

%

Gains on the sale of company-operated restaurants

(0.4)

%

 

(0.2)

%

 

(0.4)

%

 

(0.3)

%

Earnings from operations

24.7

%

 

25.8

%

 

25.4

%

 

22.6

%

Income tax rate (5)

25.4

%

 

23.6

%

 

25.2

%

 

26.8

%

______________________

(1)

As a percentage of company restaurant sales.

(2)

As a percentage of franchise rental revenues.

(3)

As a percentage of franchise royalties and other.

(4)

As a percentage of franchise contributions for advertising and other services.

(5)

As a percentage of earnings from continuing operations and before income taxes.

Jack in the Box system sales (in thousands):

 

13 Weeks Ended

 

12 Weeks Ended

 

53 Weeks Ended

 

52 Weeks Ended

 

October 3,

2021

 

September 27,

2020

 

October 3,

2021

 

September 27,

2020

Company-operated restaurant sales

$

95,634

 

 

$

86,799

 

 

$

387,766

 

 

$

348,987

 

Franchised restaurant sales (1)

914,828

 

 

843,683

 

 

3,767,574

 

 

3,323,745

 

Systemwide sales (1)

$

1,010,462

 

 

$

930,482

 

 

$

4,155,340

 

 

$

3,672,732

 

______________________

(1)

Franchised restaurant sales represent sales at franchised restaurants and are revenues of our franchisees. System sales include company and franchised restaurant sales. We do not record franchised sales as revenues; however, our royalty revenues, marketing fees and percentage rent revenues are calculated based on a percentage of franchised sales. We believe franchised and system restaurant sales information is useful to investors as they have a direct effect on the company’s profitability.

The following table summarizes the changes in the number and mix of Jack in the Box company and franchise restaurants:

SUPPLEMENTAL RESTAURANT ACTIVITY INFORMATION

(Unaudited)
 

 

2021

 

2020

 

Company

 

Franchise

 

Total

 

Company

 

Franchise

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

144

 

 

2,097

 

 

2,241

 

 

137

 

 

2,106

 

 

2,243

 

New

—

 

 

14

 

 

14

 

 

—

 

 

27

 

 

27

 

Acquired from franchisees

20

 

 

(20)

 

 

—

 

 

—

 

 

—

 

 

—

 

Closed

(1)

 

 

(36)

 

 

(37)

 

 

(1)

 

 

(28)

 

 

(29)

 

End of period

163

 

 

2,055

 

 

2,218

 

 

144

 

 

2,097

 

 

2,241

 

% of system

7

%

 

93

%

 

100

%

 

6

%

 

94

%

 

100

%

JACK IN THE BOX INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS

(Unaudited)

To supplement the consolidated financial statements, which are presented in accordance with GAAP, the company uses the following non-GAAP measures: Adjusted EBITDA, Restaurant-Level Margin and Franchise-Level Margin. Management believes that these measurements, when viewed with the company’s results of operations in accordance with GAAP and the accompanying reconciliations in the tables below, provide useful information about operating performance and period-over-period changes, and provide additional information that is useful for evaluating the operating performance of the company’s core business without regard to potential distortions.

Adjusted EBITDA

Adjusted EBITDA represents net earnings on a GAAP basis excluding earnings from discontinued operations, income taxes, interest expense, net, gains or losses on the sale of company-operated restaurants, impairment and other charges (gains), net, depreciation and amortization, the amortization of franchise tenant improvement allowances and incentives, and pension settlement charges. Adjusted EBITDA should be considered as a supplement to, not as a substitute for, analysis of results as reported under U.S. GAAP or other similarly titled measures of other companies. Management believes Adjusted EBITDA is useful to investors to gain an understanding of the factors and trends affecting the company’s ongoing cash earnings, from which capital investments are made and debt is serviced. Below is a reconciliation of non-GAAP Adjusted EBITDA to the most directly comparable GAAP measure, net earnings (in thousands).

 

 

13 Weeks

Ended

 

12 Weeks

Ended

 

53 Weeks

Ended

 

52 Weeks

Ended

 

 

October 3,

2021

 

September 27,

2020

 

October 3,

2021

 

September 27,

2020

Net earnings – GAAP

 

$

38,934

 

 

$

37,849

 

 

$

165,755

 

 

$

89,764

 

Losses (earnings) from discontinued operations, net of taxes

 

—

 

 

9

 

 

—

 

 

(370)

 

Income taxes

 

13,276

 

 

11,704

 

 

55,852

 

 

32,727

 

Interest expense, net

 

16,338

 

 

15,692

 

 

67,458

 

 

66,743

 

Pension settlement charges

 

—

 

 

188

 

 

—

 

 

39,218

 

Gains on the sale of company-operated restaurants

 

(1,124)

 

 

(636)

 

 

(4,203)

 

 

(3,261)

 

Impairment and other (gains) charges, net

 

(5,080)

 

 

1,344

 

 

(3,382)

 

 

(6,493)

 

Depreciation and amortization

 

10,844

 

 

11,647

 

 

46,500

 

 

52,798

 

Amortization of franchise tenant improvement allowances and incentives

 

1,120

 

 

645

 

 

3,450

 

 

3,028

 

Adjusted EBITDA – non-GAAP

 

$

74,308

 

 

$

78,442

 

 

$

331,430

 

 

$

274,154

 

Restaurant-Level Margin

Restaurant-Level Margin is defined as company restaurant sales less restaurant operating costs (food and packaging, labor, and occupancy costs) and is neither required by, nor presented in accordance with GAAP. Restaurant-Level Margin excludes revenues and expenses of our franchise operations and certain costs, such as selling, general, and administrative expenses, depreciation and amortization, impairment and other (gains) charges, net, gains or losses on the sale of company-operated restaurants, and other costs that are considered normal operating costs. As such, Restaurant-Level Margin is not indicative of the overall results of the company and does not accrue directly to the benefit of shareholders because of the exclusion of corporate-level expenses. Restaurant-Level Margin should be considered as a supplement to, not as a substitute for, analysis of results as reported under GAAP or other similarly titled measures of other companies. The company is presenting Restaurant-Level Margin because it believes that it provides a meaningful supplement to net earnings of the company’s core business operating results, as well as a comparison to those of other similar companies. Management utilizes Restaurant-Level Margin as a key performance indicator to evaluate the profitability of company-owned restaurants.

Below is a reconciliation of non-GAAP Restaurant-Level Margin to the most directly comparable GAAP measure, earnings from operations (in thousands):

 

13 Weeks

Ended

12 Weeks

Ended

53 Weeks

Ended

52 Weeks

Ended

 

October 3,

2021

September 27,

2020

October 3,

2021

September 27,

2020

Earnings from operations – GAAP

$

68,751

 

$

66,002

 

$

289,946

 

$

230,584

 

Franchise rental revenues

(84,386)

 

(78,657)

 

(346,634)

 

(320,647)

 

Franchise royalties and other

(49,264)

 

(44,850)

 

(204,725)

 

(178,319)

 

Franchise contributions for advertising and other services

(49,170)

 

(45,095)

 

(204,545)

 

(173,553)

 

Franchise occupancy expenses

52,016

 

48,568

 

214,913

 

210,038

 

Franchise support and other costs

3,716

 

2,720

 

13,052

 

13,059

 

Franchise advertising and other services expenses

51,361

 

47,660

 

210,328

 

180,794

 

Selling, general and administrative expenses

21,578

 

14,710

 

82,734

 

80,841

 

Impairment and other (gains) charges, net

(5,080)

 

1,344

 

(3,382)

 

(6,493)

 

Gains on the sale of company-operated restaurants

(1,124)

 

(636)

 

(4,203)

 

(3,261)

 

Depreciation and amortization

10,844

 

11,647

 

46,500

 

52,798

 

Restaurant-Level Margin- Non-GAAP

$

19,242

 

$

23,413

 

$

93,984

 

$

85,841

 

 

 

 

 

 

Company restaurant sales

$

95,634

 

$

86,799

 

$

387,766

 

$

348,987

 

 

 

 

 

 

Restaurant-Level Margin % – Non-GAAP

20.1

%

27.0

%

24.2

%

24.6

%

Franchise-Level Margin

Franchise-Level Margin is defined as franchise revenues less franchise operating costs (occupancy expenses, advertising contributions, and franchise support and other costs) and is neither required by, nor presented in accordance with GAAP. Franchise-Level Margin excludes revenue and expenses of our company-operated restaurants and certain costs, such as selling, general, and administrative expenses, depreciation and amortization, impairment and other (gains) charges, net, and other costs that are considered normal operating costs. As such, Franchise-Level Margin is not indicative of the overall results of the company and does not accrue directly to the benefit of shareholders because of the exclusion of corporate-level expenses. Franchise-Level Margin should be considered as a supplement to, not as a substitute for, analysis of results as reported under GAAP or other similarly titled measures of other companies. The company is presenting Franchise-Level Margin because it believes that it provides a meaningful supplement to net earnings of the company’s core business operating results, as well as a comparison to those of other similar companies. Management utilizes Franchise-Level Margin as a key performance indicator to evaluate the profitability of our franchise operations.

Below is a reconciliation of non-GAAP Franchise-Level Margin to the most directly comparable GAAP measure, earnings from operations (in thousands):

 

13 Weeks

Ended

12 Weeks

Ended

53 Weeks

Ended

52 Weeks

Ended

 

October 3,

2021

September 27,

2020

October 3,

2021

September 27,

2020

Earnings from operations – GAAP

$

68,751

 

$

66,002

 

$

289,946

 

$

230,584

 

Company restaurant sales

(95,634)

 

(86,799)

 

(387,766)

 

(348,987)

 

Food and packaging

29,630

 

24,787

 

113,006

 

102,449

 

Payroll and employee benefits

30,306

 

25,304

 

119,033

 

106,540

 

Occupancy and other

16,456

 

13,295

 

61,743

 

54,157

 

Selling, general and administrative expenses

21,578

 

14,710

 

82,734

 

80,841

 

Impairment and other (gains) charges, net

(5,080)

 

1,344

 

(3,382)

 

(6,493)

 

Gains on the sale of company-operated restaurants

(1,124)

 

(636)

 

(4,203)

 

(3,261)

 

Depreciation and amortization

10,844

 

11,647

 

46,500

 

52,798

 

Franchise-Level Margin – Non-GAAP

$

75,727

 

$

69,654

 

$

317,611

 

$

268,628

 

 

 

 

 

 

Franchise rental revenues

$

84,386

 

$

78,657

 

$

346,634

 

$

320,647

 

Franchise royalties and other

49,264

 

44,850

 

204,725

 

178,319

 

Franchise contributions for advertising and other services

49,170

 

45,095

 

204,545

 

173,553

 

Total franchise revenues

$

182,820

 

$

168,602

 

$

755,904

 

$

672,519

 

 

 

 

 

 

Franchise-Level Margin % – Non-GAAP

41.4

%

41.3

%

42.0

%

39.9

%

 

Chris Brandon

Vice President, Investor Relations

[email protected]

619.902.0269

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Retail Restaurant/Bar Food/Beverage

MEDIA:

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ElectraMeccanica Appoints Global Automotive Executive, Michael Richardson to Board of Directors

VANCOUVER, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) — ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the “Company”), a designer and manufacturer of electric vehicles, today announced the appointment of Michael Richardson, a global automotive industry veteran, to its Board of Directors, effective immediately.

Michael Richardson is an accomplished automotive executive with nearly 50 years of global experience, guiding business strategy and building customer solutions. Most recently he served as Interim CEO of Dura Automotive where he was tasked with delivering multiple strategic, urgent initiatives during the global pandemic. He currently serves as an Independent Director on the Board of Directors for both Dura and Shape Corporation.

Mr. Richardson’s career spanned key roles at General Motors, Delphi Corporation and Nexteer Automotive, serving in multiple positions within the multi-billion-dollar global steering and driveline businesses, with focus on the development of electric steering systems, steering columns, driveline systems as well as advanced driver assistance systems (ADAS) and key technologies enabling reliable vehicle autonomy. He began in 1974 as a co-operative student at the former Saginaw steering gear division of General Motors and was ultimately appointed Executive Board Director and President of Nexteer, where he was responsible for building its global product portfolio, expanding customers served and delivering industry leading growth. Richardson graduated with a Bachelor’s degree in Mechanical Engineering from Kettering University and holds a Master’s degree in Business Administration.

“We are privileged to welcome Michael to the Board as an Independent Director, as he brings valuable automotive industry experience and insights in management, brand building and growth strategy,” said Kevin Pavlov, CEO of ElectraMeccanica. “Michael joins us at an opportune time with his firsthand knowledge of advancing capabilities in vehicle electrification and product development, as well as leading global brands through strategic growth initiatives. In addition, his knowledge of corporate strategy, M&A and strategic alliances will support our worldwide expansion strategies. We believe that Michael will help us increase the breadth and depth of our reach as a Company, positioning us to continue to create long-term value for our shareholders.”

Richardson added: “ElectraMeccanica has reached a key inflection point in its evolution, and I am honored to offer my insight as the Company turns its focus from product development to scaling production to meet demand for its SOLO EV. I look forward to working alongside Kevin and the rest of the board to build its vision of providing exciting, unique driving experiences that are both affordable and environmentally friendly.”

About ElectraMeccanica Vehicles Corp.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and manufacturer of environmentally efficient electric vehicles (EVs). The company’s flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious consumer. The SOLO has a range of 100 miles and a top speed of 80 mph, making it safe for highways. The SOLO also features front and rear crumple zones, side impact protection, roll bar, torque-limiting control as well as power steering, power brakes, air conditioning and a Bluetooth entertainment system. It blends a modern look with safety features at an accessible price point of $18,500. The SOLO is currently available for pre-orders here. InterMeccanica, a subsidiary of ElectraMeccanica, has successfully been building high-end specialty cars for 61 years. For more information, please visit www.electrameccanica.com.

Safe Harbor Statements

Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “anticipates”, “estimates”, “projects”, “expects”, “contemplates”, “intends”, “believes”, “plans”, “may”, “will”, or their negatives or other comparable words) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the prices of other electric vehicles, costs associated with manufacturing vehicles, the availability of capital to fund business plans and the resulting dilution caused by the raising of capital through the sale of shares, changes in the electric vehicle market, changes in government regulation, developments in alternative technologies, inexperience in servicing electric vehicles, labour disputes and other risks of the electric vehicle industry including, without limitation, those associated with the delays in obtaining governmental approvals and/or certifications. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the “SEC”) (available at www.sec.gov) and with Canadian securities administrators (available at www.sedar.com). Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these 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.

Investor Relations Contact

MZ Group
(203) 741-8811
[email protected]

Public Relations Contact

Amy Pandya
R&CPMK
(310) 967-3418
[email protected]



Posted on

Holiday Season Officially Underway as Grom Social Enterprises’ Newest Division – Curiosity Ink Media – Unwraps Santa.com Today

Favorite Time of the Year Now a Little More Magical Thanks to Virtual North Pole!

PR Newswire

BOCA RATON, Fla., Nov. 23, 2021 /PRNewswire/ — Grom Social Enterprises, Inc’s (NASDAQ: GROM), newest subsidiary and engine for original multiplatform family entertainment – Curiosity Ink Media – today unwrapped Santa.com, the company’s online digital holiday hub designed to bring users the fun and excitement of Christmas through content aimed at easing the stress and maximizing the overall enjoyment of the season. Brimming with escapist fare alongside tips on holiday entertaining, gift-giving, yuletide décor, family fun and much more, the site will continually refresh throughout the holidays with content for kids and grown-ups alike. Due to historic global supply-chain delays and logistical delivery challenges, Santa.com will postpone the rollout of its full e-commerce activation until 2022. 

Visitors to Santa.com can access a treasure trove of holiday-themed content, all of which underscores the magic of the season.

“Now more than ever, the world needs a break, so we are thrilled to unveil Santa.com, a digital holiday destination that provides a surefire way to maximize your holidays with family and friends,” explains Curiosity Ink Media’s CEO, Jared Wolfson. “Everyone can delight in how Santa.com inspires more joy during the holidays, and with even more enhancements planned annually, our goal is to make Santa.com an essential family holiday tradition.”

Visitors to Santa.com can access a treasure trove of holiday-themed content, all of which underscores the magic of the season. From Mrs. Claus’s favorite recipes to classic traditions, hosting tips to setting the tone through curated holiday playlists, the site blends fresh editorial content, eye-catching graphics, original animation and specially themed boxing videos showcasing Santa’s elves as they prepare gifts in their North Pole workshop. Additionally, the site will direct users to one-of-a-kind holiday gift ideas from various suppliers including Christmas at the Biltmore, a designer coffee table book detailing the iconic Biltmore estate in North Carolina’s Blue Ridge mountains and its stunning annual Christmas celebrations.

For kids, the excitement ramps up beginning December 6th, when Santa.com unveils special content for younger revelers that captures the fun and anticipation of the holidays through an immersive map of the North Pole, themed interactive games, mobile content and daily time-released programming that counts down the days until everyone’s favorite holiday…Christmas Day.

“Both Curiosity and Grom are fully committed to families, and nothing brings everyone together quite like Christmas time,” explains Curiosity Ink Media’s President & Chief Content Officer, Russell Hicks. “Santa.com aims to serve as the digital North Pole that kids and grownups can turn to, as we all prepare for the holidays.  Santa.com aligns perfectly with our promise to be a positive force in the lives of those we reach. Happy holidays from all of us at Santa.com!” 

About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. is a growing social media platform and original content provider of entertainment for children under 13 years of age, 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, let them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens. The Company owns and operates 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 and 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 has provided web filtering services for K-12 schools, government and private businesses. For more information, please visit gromsocial.com.

About Curiosity Ink Media

Curiosity Ink Media is 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. Driven by a best-in-class leadership team, Curiosity Ink Media’s multi-faceted I.P. library is designed to amass ongoing value through strategic stewardship, partnerships, and highly targeted market entry.

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 the Securities and Exchange Commission which are available at www.sec.gov as well as the Company’s website 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.

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SOURCE Grom Social Enterprises, Inc.

Posted on

Alpine 4 Holdings, Inc. Prices $24 Million Registered Direct Offering

PR Newswire

PHOENIX, Nov. 23, 2021 /PRNewswire/ — Alpine 4 Holdings, Inc. (Nasdaq: ALPP), a leading operator and owner of small market businesses, today announced that it has entered into definitive agreements with institutional investors for the purchase and sale of  8,571,430  shares of the Company’s common stock (the “Shares”) and warrants to purchase 4,285,715 shares of the Company’s common stock (the “Warrants”, and together with the Shares, the “Securities”) at a combined purchase price of $2.80 per one Share and accompanying one-half Warrant pursuant to a registered direct offering.  The Warrants will have an exercise price of $3.10 per share, will be exercisable immediately, and will expire five years following the issuance date. The closing of the offering is expected to occur on or about November 26, 2021, subject to the satisfaction of customary closing conditions.

A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-252539) previously filed with the U.S. Securities and Exchange Commission (the “SEC“). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these 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 any such state or jurisdiction.

For further details of this transaction, please see the Form 8-K to be filed with the SEC. 

About Alpine 4 Holdings: Alpine 4 Holdings, Inc. (ALPP) is a NASDAQ traded conglomerate that acquires businesses that fit into its disruptive DSF business model of Drivers, Stabilizers, and Facilitators. At Alpine 4, we understand the nature of how technology and innovation can accentuate a business. Our focus is on how the adaptation of new technologies, even in brick-and-mortar businesses, can drive innovation. We also believe that our holdings should benefit synergistically from each other, have the ability to collaborate across varying industries, spawn new ideas, and create fertile ground for competitive advantages.

Four principles at the core of our business are Synergy. Innovation. Drive. Excellence. At Alpine 4, we believe synergistic innovation drives excellence. By anchoring these words to our combined experience and capabilities, we can aggressively pursue opportunities within and across vertical markets. We deliver solutions that not only drive industry standards, but also increase value for our shareholders. 

Contact:

Investor Relations
[email protected]
www.alpine4.com 

Forward-Looking Statements: Certain statements and information in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995.  The information disclosed in this press release is made as of the date hereof and reflects Alpine 4 most current assessment of its historical financial performance. Actual financial results filed with the SEC may differ from those contained herein due to timing delays between the date of this release and confirmation of final audit results. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors the Company identifies from time to time in its filings with the SEC. Although Alpine 4 believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Alpine 4 disclaims any intention or obligation to update the forward-looking statements for subsequent events.

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SOURCE Alpine 4 Holdings, Inc.

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ViacomCBS Completes Acquisition Of Majority Interest In Fox TeleColombia & Estudios TeleMexico

PR Newswire

NEW YORK, Nov. 23, 2021 /PRNewswire/ — ViacomCBS Inc. (NASDAQ: VIAC, VIACA) today announced that ViacomCBS Networks International (VCNI) has closed the acquisition of a majority stake in the acclaimed Spanish language content producer, Fox TeleColombia & Estudios TeleMexico from The Walt Disney Company.

Fox TeleColombia & Estudios TeleMexico will bolster ViacomCBS’ Spanish-language content production capabilities and expand ViacomCBS International Studios’, VIS, to capitalize on significant content demand on its global streaming platforms, Paramount+ and Pluto TV, and its linear networks around the world.

VIS will operate Fox TeleColombia & Estudios TeleMexico as a collaborative partnership with the founding family. Samuel Duque Duque will lead the business. Fox TeleColombia & Estudios TeleMexico will fall under the remit of Juan “JC” Acosta, President of ViacomCBS International Studios and Networks Americas.

The terms of the transaction were not disclosed.  


ViacomCBS Networks International  (VCNI)
 
ViacomCBS Networks International (VCNI), a unit of ViacomCBS Inc. (NASDAQ: VIAC, VIACA), comprises many of the world’s most iconic consumer brands. Its portfolio includes Channel 5, Telefe, Chilevisión, Network 10, Nickelodeon, MTV, Comedy Central, BET, Paramount Network, streaming services Paramount+ and Pluto TV, and ViacomCBS International Studios, among others. In addition to offering innovative streaming services and digital video products, ViacomCBS Networks International provides robust production, distribution, and advertising solutions for partners on five continents and across more than 180 countries. 

VIAC-IR 
 


The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise that includes Disney Parks, Experiences and Products; Disney Media & Entertainment Distribution; and three content groups—Studios, General Entertainment and Sports–focused on developing and producing content for DTC, theatrical and linear platforms. Disney is a Dow 30 company and had annual revenues of $65.4 billion in its Fiscal Year 2020. 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/viacomcbs-completes-acquisition-of-majority-interest-in-fox-telecolombia–estudios-telemexico-301430593.html

SOURCE ViacomCBS Inc.

Posted on

UScellular to present at Wells Fargo Virtual TMT Summit

PR Newswire

CHICAGO, Nov. 23, 2021 /PRNewswire/ — United States Cellular Corporation (NYSE: USM) is participating in a fireside chat hosted by Wells Fargo on Nov. 30, 2021 at 5:20 p.m. EST (4:20 p.m. CST). Laurent C. Therivel, President and CEO – UScellular; Colleen Thompson, Vice President, Corporate Relations – TDS; and Jane W. McCahon, Senior Vice President, Corporate Relations – TDS will attend.

To listen to all presentations, please visit the events and presentations pages of investors.tdsinc.com or investors.uscellular.com. The presentation will be webcast both live and on-demand. It is recommended that you register at least 15 minutes before the start of the presentation to register, download and install any necessary multimedia streaming software.

About UScellular

United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 5.0 million connections in 21 states. The Chicago-based company employed approximately 4,900 associates as of September 30, 2021. At the end of the third quarter of 2021, Telephone and Data Systems, Inc. owned 82 percent of UScellular. For more information about UScellular, visit uscellular.com.

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SOURCE United States Cellular Corporation

Posted on

MDU Resources Announces Five-Year Capital Investment Plan

PR Newswire

BISMARCK, N.D., Nov. 23, 2021 /PRNewswire/ — MDU Resources Group, Inc. (NYSE: MDU) today announced that it plans to make capital investments totaling $3.0 billion for the five-year period from 2022-26.

“Our capital investment plan supports the significant opportunities we see for organic growth at all our businesses, particularly a focus on infrastructure development and grid reliability and resiliency,” said David L. Goodin, president and CEO of MDU Resources.

Acquisitions would be incremental to the company’s 2022-26 outlined capital investment plan. The company will provide updates as it identifies opportunities outside the plan.


Capital Expenditures

 

Forecast

Actual

 + 2021
Forecast

 

Forecast

2021

2022

2023

2024

2017-2021

2022-2026

(in millions)


Regulated energy delivery

Electric

$

93

$

165

$

116

$

85

$

603

$

551

Natural gas distribution

179

248

232

207

931

1,033

Pipeline

246

72

159

106

481

413

518

485

507

398

2,015

1,997


Construction materials and services

Construction materials and contracting

428

189

166

172

1,134

807

Construction services

46

47

42

43

234

221

474

236

208

215

1,368

1,028


Total*

$

992

$

721

$

715

$

613

$

3,383

$

3,025

* Excludes “Other” category, as well as assumed net proceeds from the sale or disposition of property.

MDU Resources continues to make substantial investments in its utility operations. The outlined capital investment plan includes meeting service needs related to customer growth as well as replacing, expanding and modernizing infrastructure within the electric and natural gas distribution systems. These infrastructure investments will ensure the reliability and safety of the company’s systems and support continued customer growth and subsequent demand increases. The plan includes construction of the previously announced Heskett Station Unit IV, an 88-megawatt simple-cycle, natural gas-fired combustion turbine near Mandan, North Dakota, to replace the company’s Heskett Station Units I and II, which are coal fired electric generation facilities being retired in early 2022. Utility operations cross eight states where customer growth is expected to continue at a rate of 1-2% annually. The company anticipates its electric and natural gas utilities will grow rate base by approximately 5% annually over the next five years on a compound basis.

Capital investments at the pipeline business reflect organic growth projects and include the previously announced North Bakken Expansion project, which will be placed in service in early 2022, and the Wahpeton Expansion project planned for 2024. These projects, as designed, will bring pipeline system capacity to over 2.4 billion cubic feet of natural gas per day and will help reduce natural gas flaring in the Bakken while allowing producers to move more gas to market. This business is focused on growth through additional system expansions and potential industrial-related projects.

At the company’s construction materials and services businesses, capital expenditures will be focused primarily on organic expansion opportunities and normal equipment and plant replacements and upgrades. Included in the forecast is the construction of a prestress concrete plant in Spokane, Washington, continued development of the company’s Honey Creek Quarry in Texas and completion of the company’s training facility in Oregon. The company expects public sector workload growth from infrastructure spending initiatives. The American Rescue Plan Act, approved in early 2021, provides $1.9 trillion in COVID-19 relief funding for states and local governments, with investments to include transportation enhancements, technology-based facility buildout and telecommunications infrastructure. Additionally, the company expects the bipartisan Infrastructure Investment and Jobs Act will provide significant opportunities for both construction materials and services companies through much-needed investment in America’s infrastructure. The construction businesses also are focused on growth through mergers and acquisitions, with any future acquisitions being incremental to the outlined capital forecast.

The capital program is subject to continued review and modification by the company. Actual expenditures may vary from the estimates due to changes in load growth and regulatory decisions, future acquisitions, and other factors.

Forward-Looking Statements
The information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained in this release, including capital expenditure forecasts, underlying expectations, and statements by the president and CEO of MDU Resources, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. For a discussion of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, refer to Item 1A-Risk Factors in MDU Resources’ most recent Form 10-K and subsequent filings with the SEC.


About MDU Resources


MDU Resources Group, Inc., a Fortune 500 company and a member of the S&P MidCap 400 and the S&P High-Yield Dividend Aristocrats indices, is Building a Strong America® by providing essential products and services through its regulated energy delivery and construction materials and services businesses. For more information about MDU Resources, visit www.mdu.com or contact the Investor Relations Department at [email protected].

Financial Contact:
Jason Vollmer, vice president and chief financial officer, 701-530-1755
Media Contact: Laura Lueder, manager of communications and public relations, 701-530-1095

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SOURCE MDU Resources Group, Inc.

Posted on

Inspira Technologies Announces 2021 Third Quarter Financial Results

In October 2021, Company increases cash balance by $9.4 Million due to investors Exercising Warrants; As of November 1, the company has $26 million in cash

– $16 million raised in the initial public offering (the “IPO”) of 2,909,091 units at a price of $5.51 on July 16, 2021

– $17 million in cash and cash equivalent as of September 30, 2021 (not including warrant exercises)

– $26 million in cash as of November 1, 2021, including $9,377,500 via the exercise of 1,705,000 warrants at $5.50 per share.

– Potential $66 million distribution agreement for ART in Europe: The Company has signed an agreement with the WAAS Group for the deployment of ART Systems in Spain and Portugal over a 7-year period, subject to regulatory approval

PR Newswire

RA’ANANA, Israel, Nov. 23, 2021 /PRNewswire/ — Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN, IINNW) (the “Company” or “Inspira Technologies”), a groundbreaking respiratory support technology company, announced today its financial results for the third quarter ended September 30, 2021.

Inspira Technologies Logo

“We believe that the exclusive agreement signed with WAAS Group for the potential deployment of more than 1,000 ART systems in Spain and Portugal led our investors to express their support by exercising most of the warrants issued in our IPO at an exercise price of $5.50 per share. Due to the exercise of these warrants, the number of our outstanding ordinary shares has increased. This additional capital provides greater financial resources to support the Company’s navigation of research and development, regulatory approval and the go-to-market pathway,” stated Dagi Ben-Noon, Inspira Technologies’ Chief Executive Officer.

Financial Results for the Nine Months
Ended September 30, 2021

 

  • Research and development expenses for the nine months ended September 30, 2021 were $1.7 million, compared to $2.6 million for the corresponding period in 2020. The decrease is a result of lower share-based compensation expenses, partially offset by the coverage of certain development expenses by a grant from the Israeli Innovation Authority.

 

  • Marketing expenses for the nine months ended September 30, 2021, were $391,000, as compared to none for the corresponding period in 2020. In 2021, the Company focused on marketing, brand awareness and exploring go-to-market capabilities.

 

  • General and administrative (G&A) expenses for the nine months ended September 30, 2021 were $3.4 million, compared to $1.3 million for the corresponding period in 2020. Expenses mainly consisted of $1 million in IPO expenses and related IPO fees and $1.8 million in ongoing G&A operating and share-based compensation expenses.  

 

  • The net loss for the nine months ended September 30, 2021, was $6 million, compared to a net loss of $4 million for the nine months ended September 30, 2020.

 

Financial Results for the Three Months
Ended September 30, 2021

 

  • Research and development expenses for the three months ended September 30, 2021 were $581,000 compared to $1.1 million for the corresponding period in 2020. The decrease is a result of lower share-based compensation expenses, partially offset by the coverage of certain development expenses by a grant from the Israeli Innovation Authority.

 

  • Marketing expenses for the three months ended September 30, 2021, were $147,000. As opposed to 2020 In 2021, the Company focused on marketing, brand awareness and exploring go-to-market capabilities.

 

  • G&A expenses for the three months ended September 30, 2021 were $2.2 million, compared to $488,000 for the corresponding period in 2020. The reason for the increase was due to IPO expenses and related IPO fees.

 

  • Finance income for the three months ended September 30, 2021, was $5.1 million compared to $2 million for the corresponding period in 2020. The increase in finance income was due to measurement at fair value of the Company’s financial equity liabilities to pre-IPO and IPO investors.

 

  • The Company’s net profit for the three months ended September 30, 2021 was $2.2 million, compared to a net profit of $348,000 for the three months ended September 30, 2020.

 

Balance Sheet highlights

 

  • Cash, cash equivalents and short-term bank deposits were $17 million as of September 30, 2021, compared to $496,000 as of December 31, 2020. The increase mainly reflects the IPO proceeds, less cash used in operations, during the nine months ended September 30, 2021.

 

  • Financial liabilities at fair value totaled $3.4 million as of September 30,2021, compared to $1.5 million as of December 31, 2020. The financial liabilities represent the fair value of the Company’s equity liabilities to pre-IPO and IPO investors.

 

  • As of September 30, 2021, shareholders’ equity totaled $13.3 million, compared to deficit totaled $1.7 million as of December 31, 2020.



 

Inspira Technologies OXY B.H.N. Ltd.

Inspira Technologies is an innovative medical technology company in the respiratory treatment arena. The Company has developed a breakthrough Augmented Respiration Technology (ART), designed to rebalance patient oxygen saturation levels. The Company’s ART technology potentially allows patients to remain awake during treatment while minimizing the need for highly invasive, risky and costly mechanical ventilation systems that require intubation and medically induced coma. The Company’s product has not yet been tested or used in humans and has not been approved by any regulatory entity.

For more information, please visit our corporate website:   https://inspira-technologies.com/

Forward-Looking Statement Disclaimer

This press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For example, the Company is using forward-looking statements when it discusses the potential deployment of more than 1,000 ART systems in Spain and Portugal and its belief that the agreement with WAAS Group led its investors to exercise their warrants. Except as otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Registration Statement on Form F-1 filed with the SEC, which is available on the SEC’s website, www.sec.gov.


For more details:

Miri Segal, Investor Relations, MS-IR LLC
+917-607-8654 [email protected]

 

 


UNAUDITED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION


(US dollars in thousands)


September 30,


December 31,


2021


2020


ASSETS


Current Assets:

Cash and cash equivalents

17,042

496

Other accounts receivable

725

188

Restricted cash

75

–


Total current assets

17,842

684


Non-Current Assets:

Right of use assets, net

220

258

Property, plant and equipment, net

83

45


Total non-current assets

303

303


Total Assets

18,145

987

 

 

 


September30,


December 31,


2021


2020


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current Liabilities:

Trade accounts payables

90

3

Other accounts payable

590

549

Lease liabilities

170

180

Financial Liabilities at Fair Value

3,491

219


Total current liabilities

4,341

951


Non-Current Liabilities:

Lease liabilities

53

95

Financial Liabilities at Fair Value

–

1,273

Loan from the Israeli Innovation Authority

450

372


Total non- current liabilities

503

1,740


Shareholders’ Equity:

Share capital and premium

28,351

8,053

Foreign exchange reserve

(380)

(635)

Share-based compensation

3,240

2,714

Accumulated deficit

(17,910)

(11,836)


Total equity

13,301

(1,704)


Total Liabilities and Shareholders’ Equity

18,145

987

 

 


UNAUDITED CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE INCOME


(US dollars in thousands)


For the Nine-Month
Period
Ended
September 30,


For the Three-Month
Period
Ended
September 30,


2021


2020


2021


2020

Research and development expenses

1,685

2,599

581

1,143

Marketing expenses

391

–

147

–

General and administrative expenses

3,425

1,328

2,215

488

Operating loss

5,501

3,927

2,943

1,631

Finance expenses (income)

573

73

(5,159)

(1,979)

Loss (profit) before tax

6,074

4,000

(2,216)

(348)

Taxes on income

–

–

–

–

Loss (profit) for the period

 

6,074

4,000

(2,216)

(348)

Other comprehensive loss (profit), net of tax:

Items that will not be reclassified to
 profit or loss:

Exchange profits(losses) arising on translation
 to presentation currency

255

(652)

 

288

(637)

Total comprehensive loss for the period

5,819

4,652

(2,504)

289

 

 


CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY


(US dollars in thousands)



For the Nine-Month Period Ended September 30, 2021 (Unaudited):


Share
capital


Adjustments
arising from
translating
financial
operation


Grant
options


Accumulated
deficit


Total


Balance at January 1, 2021

8,053

(635)

2,714

(11,836)

(1,704)


Changes during the period:

Loss for the year


–

–

(6,074)

(6,074)

Other comprehensive profit

255

255

Total comprehensive loss

255

(6,074)

(5,819)

Financial liability conversion

10,041

–

–

–

10,041

Initial public offering

10,219

–

–

–

10,219

Options Exercise

38

–

(38)

–

–

Share-based compensation


–

–

564

564


Balance on September 30, 2021

28,351

(380)

3,240

(17,910)

13,301

 

 



For the Three-Month Period Ended September 30, 2021 (Unaudited):


Share
capital


Adjustments
arising from
translating
financial
operation


Grant
options


Accumulated
deficit


Total


Balance at July 1, 2021

8,091

(668)

3,138

(20,126)

(9,565)


Changes during the period:

Profit for the period


–


–

–

2,216

2,216

Other comprehensive profit


–

288

–

–

288

Total comprehensive profit


–

288

–

2,216

2,504

Financial liability conversion

10,041

–

–

–

10,041

Initial public offering

10,219

–

–

–

10,219

Share-based compensation


–

–

102

102


Balance on September 30, 2021

28,351

(380)

3,240

(17,910)

13,301

 

 

Cision View original content:https://www.prnewswire.com/news-releases/inspira-technologies-announces-2021-third-quarter-financial-results-301430860.html

SOURCE Inspira Technologies