Market Newsdesk

iCoreConnect gross profit percentage was 66% and 57% for the three months ended March 31, 2021 and 2020, respectively

Windermere, FL, May 19, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — iCoreConnect, Inc. (OTCQB: ICCT), a cloud-based, Software-as-a-Service (SaaS) platform for healthcare business workflow, announced total revenue for Q1 2021 increased by 39%.  The revenue growth is attributed to the increased number of SaaS and Managed Service Provider (MSP) subscriptions compared to the prior year period.  

iCoreConnect provides subscription-based SaaS, Managed IT including MSP, Managed Software-as-a-Service (MSaaS), professional IT and other services.  “We expect the growth rate of our SaaS and MSaaS subscription offerings to grow faster than our professional services and other revenue streams,” cited iCoreConnect President and CEO, Robert McDermott.  “Subscription software and services revenue represented 84% of total revenue for the first quarter of 2021 compared to 80% of revenue for the same period in 2020. Professional services and other revenue represented 16% of total revenue for the first quarter of 2021 compared to 20% of revenue for the same period in 2020.”

Gross profit percentage was 66% and 57% for the three months ended March 31, 2021 and 2020, respectively. In April of this year, iCoreConnect acquired Advantech, a Scottsdale AZ-based MSP and software developer. “Advantech is accretive to our gross margins, profitability and growth, while leveraging our new marketing relationship with the Arizona Dental Association,” explained McDermott. 

About iCoreConnect

iCoreConnect is a cloud-based, Software-as-a-Service (SaaS) platform for healthcare business workflow. The company focuses on increasing profit and operational speed in high-compliance industries. iCoreConnect is most notably known for its innovation in solving healthcare business problems. The company’s philosophy is built on a high level of customer feedback, allowing iCoreConnect to respond to the market’s needs.  iCoreConnect touts a platform of more than a dozen SaaS enterprise solutions and more than 40 agreements with state or regional healthcare associations. iCoreConnect is a member of the prestigious StartUp Health accelerator.

Forward Looking Statements

In this news release, the use of the words “believe,” “could,” “expect,” “may,” “positioned,” “project,” “projected,” “should,” “will,” “would” or similar expressions are intended to identify forward-looking statements that represent the Company’s current judgment about possible future events. The Company believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and actual results may differ materially due to a variety of important factors.

Cile Spelce
[email protected]

CINCINNATI, May 19, 2021 (GLOBE NEWSWIRE) — Ultimus Fund Solutions^® (Ultimus^®) announced today that Gary Tenkman, CEO of Ultimus, has been elected to serve on the Board of Governors of the Investment Company Institute (ICI) to complete the three year term of Ultimus Co-Founder Bob Dorsey, who retired at the end of March. ICI represents regulated funds globally, including mutual funds and ETFs, and the Board of Governors is responsible for setting ICI policies and overseeing activities to represent funds and their shareholders.

Tenkman commented, “I am honored to be elected to the ICI Board of Governors. It will be a pleasure and privilege to contribute to the Board’s initiatives and help to promote the interests of shareholders, investment advisers, trustees, and the industry as a whole. At Ultimus, we have a unique perspective on the industry given that we service large institutional asset managers along with entrepreneurial advisers bringing new products to market with particular insight on what those managers are thinking of during what continues to be a quickly evolving environment. I look forward to working with other industry leaders on significant issues facing registered investment vehicles as this business grows and evolves.”

Tenkman has been at the helm of Ultimus as CEO since 2018. He previously served as President and COO since joining Ultimus in 2014. Under Tenkman’s leadership, the firm has experienced tremendous growth as a result of new client mandates, mergers and acquisitions, all while maintaining industry-leading client satisfaction ratings. Currently, the firm services over $350 billion in AUA, providing fund administration for a broad range of fund structures such as actively managed funds, ETFs, tender offer, closed end and interval funds, and services for a wide range of private asset fund structures. Tenkman has more than 30 years of experience in the financial services industry, including in various leadership positions at Citi in their investor services business.

Ultimus is active within the ICI organization, with staff serving on many of its committees and advisory panels. Ultimus is also the leading provider of series trust solutions that represent 100+ fund families with over 240 funds of which those trusts are also ICI members. In total, Ultimus currently services over 1300 registered and private funds.

About Ultimus

Ultimus Fund Solutions (Ultimus) is a leading tech-enabled provider of full-service fund administration, accounting, and investor solutions to support the launching and servicing of registered funds, private funds, and public plans. The company also offers customized structures designed for the unique needs of pensions, endowments, foundations, and other large institutions. Ultimus has a deep commitment to excellence, achieved through investments in best-in-class technology, organization-wide cyber security efforts, and hiring professional staff.

Headquartered in Cincinnati, Ohio with servicing groups in other major cities such as Chicago, New York and Denver, Ultimus employs more than 700 seasoned accountants, attorneys, paralegals, application developers, fund administrators, compliance specialists, and many others with years of experience in the financial services industry. Servicing over 1,300 total traditional and alternative funds, Ultimus helps investment managers and fund families flourish in today’s increasingly sophisticated and dynamic investment landscape. For more information, visit www.ultimusfundsolutions.com.

About ICI

The Investment Company Institute (ICI) is the leading association representing regulated funds globally, including mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts (UITs) in the United States, and similar funds offered to investors in jurisdictions worldwide. ICI seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds, their shareholders, directors, and advisers. ICI’s members manage total assets of US$26.1 trillion in the US, serving more than 100 million shareholders, and US $8.2 trillion in assets in other jurisdictions. ICI carries out its international work through ICI Global, with offices in London, Hong Kong, and Washington, DC. To learn more, visit www.ici.org.

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NEW YORK, May 19, 2021 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE:GNK) (“Genco”) today announced that it has entered into agreements to acquire two 2022-built 61,000 dwt Ultramax vessels to be constructed at Dalian Cosco KHI Ship Engineering Co. Ltd. (DACKS). The vessels are expected to be delivered to Genco in January 2022.

The purchases mark the fifth and sixth high specification, fuel-efficient Ultramax vessels that Genco has agreed to acquire since December 2020, doubling its core Ultramax presence over that time. Genco intends to fund the acquisition from cash on the balance sheet on a low leverage basis.

Genco also announced that it has capitalized on the strong market to fix two additional vessels on period time charters to secure cash flows as part of its portfolio approach to fixture activity:

• Baltic Bear (2010-built Capesize) fixed at $32,000 per day for 10 to 14 months
• Genco Vigilant (2015-built Ultramax) fixed at $17,750 per day for 11 to 13 months beginning in October 2021

John C. Wobensmith, Chief Executive Officer, commented, “This latest acquisition continues the expansion of our fleet at an attractive point in the drybulk cycle as asset values continue to trail the strong freight rate environment leading to attractive returns on capital. Built at a first-class shipyard, we expect these two Ultramaxes will seamlessly integrate into our in-house commercial platform while reducing our carbon footprint as they replace older, less fuel-efficient vessels. These vessels continue our growth trajectory within the key Ultramax sector while improving the age profile of our asset base. Furthermore, acquiring these vessels on a low leverage basis enables us to continue to drive down our financial leverage and cash flow breakeven rate while augmenting our operating leverage. Growth together with deleveraging serve as primary components of our comprehensive value strategy as we continue to progress towards full execution in the months ahead.”

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Capesize vessels represent our major bulk vessel category and the other vessel classes, including Ultramax and Supramax vessels, represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore and coal, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, bauxite, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows. As of May 19, 2021, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, nine Ultramax and 14 Supramax vessels with an aggregate capacity of approximately 4,368,000 dwt and an average age of 10.4 years.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the following: (i) the completion of definitive documentation with respect to charters; (ii) charterers’ compliance with the terms of their charters in the current market environment; (iii) completion of documentation for vessel transactions and the performance of the terms thereof by sellers of vessels and us; and (iv) other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent reports on Form 8-K and Form 10-Q. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

Oxford, Connecticut, May 19, 2021 (GLOBE NEWSWIRE) — Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company” or “Nxt-ID”), a provider of technology products and services for healthcare applications, announces financial results for the three months ended March 31, 2021.

Financial highlights and results from the first quarter of 2021 included:

• Revenue for the three months ended March 31, 2021 was approximately $2.4 million, compared to approximately $3.7 million for the same 2020 period.
• Gross profit for the three months ended March 31, 2021 was approximately $1.6 million, compared to approximately $2.8 million for the same 2020 period.
• Operating expenses for the three months ended March 31, 2021 were approximately $2.3 million, compared to approximately $1.8 million for the same 2020 period.
• Operating loss for the three months ended March 31, 2021 was approximately $783,000; for the three months ended March 31, 2020, operating income was approximately $1.0 million.
• Non-GAAP Operating income for the three months ended March 31, 2021, adjusted for depreciation, amortization and other non-cash charges, was approximately $69,000, compared to approximately $1.3 million for the same 2020 period.
• Non-GAAP net loss for the three months ended March 31, 2021, adjusted for depreciation, amortization and other non-cash charges was approximately $312,000, compared to net income of approximately $860,000 for the same 2020 period.
• Net cash used in operating activities for the three months ended March 31, 2021 was approximately $1.0 million, as compared to approximately $0.5 million in cash provided by operating activities for the three months ended March 31, 2020.
• Repaid approximately $5.5 million in term debt during the three months ended March 31, 2021.
• Cash balance at March 31, 2021 was approximately $8.5 million.

“Our first quarter 2021 operating results reflected a positive trend and rebound in our markets as customers that had been reluctant to commit to larger purchases during the COVID-19 pandemic during 2020 began ordering at pre-pandemic levels,” said Vin Miceli, Chief Executive Officer of Nxt-ID. “I’m pleased with the Company’s overall performance in the first quarter of 2021, which reinforces the belt-tightening we made before the pandemic hit. I’m especially pleased with the significant term debt repayments the Company has made thus far in 2021, which approximate $8.8 million and which will save the Company approximately $1.1 million in cash interest expense on an annual basis.”

Added Mr. Miceli: “Halfway into the second quarter of 2021, the positive business trends are continuing.  I look forward to providing additional commentary on the second quarter’s results, updating our shareholders and providing some additional context regarding our Company’s path forward.”

Full financial results and Management’s Discussion and Analysis can be found in the Company’s Form 10-Q for the three months ended March 31, 2021, which was filed with the Securities and Exchange Commission (“SEC”) on May 17, 2021, and can be found at https://www.sec.gov/Archives/edgar/data/1566826/000121390021027209/f10q0321_nxtidinc.htm

The management team will host an investor webcast to discuss the financial results for the three months ended March 31, 2021 and update shareholders on general corporate developments. The webcast will commence on Thursday, May 20, 2021 at 4:10 PM (ET). Shareholders, investors and interested parties wanting to participate in the webcast must use this link to register prior to the event: https://edge.media-server.com/mmc/p/7xx9xuqa.

For those wishing to participate by telephone, please use the following dial-in credentials:

US/CANADA Participant Toll-Free Dial-In Number: (877) 644-5287
US/CANADA Participant International Dial-In Number: (281) 973-6282
Conference ID: 9447459

About Nxt-ID, Inc.


Nxt-ID, Inc.
 (NASDAQ: NXTD) provides technology products and services for healthcare applications. The Company has extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization, sensor technologies and healthcare applications. Through its subsidiary, LogicMark LLC, Nxt-ID is a manufacturer and distributor of non-monitored and monitored personal emergency response systems sold through dealers/distributors and the United States Department of Veterans Affairs. Learn more about Nxt-ID at www.nxt-id.com. For Nxt-ID corporate information contact: [email protected].

Forward-Looking Statements for Nxt-ID: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; the Company’s ability to maintain its Nasdaq listing for its common stock; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the SEC.

“Non-GAAP Operating Income” is defined as operating income as reported plus depreciation expense, amortization of intangibles and stock compensation expense. Non-GAAP Operating Income is commonly used by management and investors as an indicator of operating performance and liquidity. Non-GAAP Operating Income is not considered a measure of financial performance under GAAP and it should not be considered as an alternative to net income.

Media Contacts:

Vincent S. Miceli CEO/CFO
[email protected]