Extendicare Announces 2020 Third Quarter Results

MARKHAM, Ontario, Nov. 12, 2020 (GLOBE NEWSWIRE) — Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today reported results for the three and nine months ended September 30, 2020. Results are presented in Canadian dollars unless otherwise noted.

“Combatting the recent surge in COVID-19 cases is the top priority for our organization,” said President and Chief Executive Officer, Dr. Michael Guerriere. “We have learned a lot from our experience with COVID-19 and have applied these learnings to enhance our processes to mitigate the risk posed by the pandemic. From routine testing for staff, to the creation of rapid response teams that can assist locations that are experiencing COVID-19 challenges, we remain steadfast in our efforts to protect our residents, clients and staff.”

“While we focus on safety in our day-to-day operations, we are also making significant investments in people and infrastructure to build a better future for seniors,” added Dr. Guerriere. “In the face of an increasing shortage of personal support workers, we have established a caregiver training program where Extendicare provides tuition and paid, on-the-job training for qualified applicants and a guaranteed job upon graduation. We aim to expand this program to train more than 600 new hires per year to help address what is a critical, industry-wide need. We are also pleased to announce the start of construction on a 256-bed long-term care home in Sudbury to replace one of our older homes. These important long-term investments in people and infrastructure will improve conditions for residents and employees, while also adding value for all stakeholders.”

COVID-19 Update

During the second quarter, Extendicare took decisive steps to prepare for the “second wave” of COVID-19 now underway across Canada. These actions included routine testing of staff in cooperation with local public health authorities, increased staffing in long-term care (LTC) homes, bolstering inventory of personal protective equipment (PPE) and the introduction of an experienced rapid response team to assist homes in outbreak, among other initiatives. While these actions have helped mitigate the impact of COVID-19 in our homes, the sharp rise in cases in surrounding communities has caused a resurgence of outbreaks.

As of today, of our 69 long-term care homes and retirement communities, 12 LTC homes are in outbreak, with the majority limited to three or fewer active cases of COVID-19 among residents and staff. We are also working closely with our Extendicare Assist clients to help them manage outbreaks in their homes.

We continue to believe that routine testing, effective use of PPE and frequent sanitizing are the best preventative measures currently available to stop the spread of the virus in Extendicare’s network of LTC homes and retirement communities until vaccines are widely available. Extendicare is working closely with government, health authorities, industry partners and advocacy groups on initiatives to help ensure our collective response to the crisis is optimized for the protection and care of our residents, clients and staff.

To combat the pandemic, we have spent an estimated $42.5 million in operating and administrative expenses, partially offset by $22.7 million from various provincial government pandemic programs, resulting in a reduction of our consolidated net operating income (NOI) and Adjusted EBITDA of approximately $17.0 million and $19.8 million, respectively. We have dispensed a further estimated $33.6 million in pandemic pay, fully funded by programs announced by the Ontario and Alberta governments, to temporarily increase hourly wages for certain eligible front-line employees. In addition, we have an additional $9.7 million in PPE inventory to ensure that we continue to have sufficient supply.  

Our operations continue to be affected by COVID-19, with lower occupancy levels in our LTC homes and retirement communities and costs in excess of funding levels. Home health care volumes continue to recover as referrals have returned to pre-pandemic levels.  However, volumes are taking longer to recover due to COVID-19 related shortfalls in our workforce capacity. 

Executive Appointment

Dr. Matthew Morgan joined Extendicare in the newly-created role of Chief Medical Officer on October 19, 2020. His focus is on developing and coordinating the implementation of clinical strategies that result in better outcomes for residents, clients and their families. Dr. Morgan is a practicing General Internal Medicine physician with a Masters in Clinical Epidemiology, and an Assistant Professor in the Faculty of Medicine at the University of Toronto.

Factors Impacting Comparability of Financial Results for 2020

For purposes of the Financial Highlights and Business Update sections, revenue, NOI and NOI margins exclude the year-over-year decline in revenue resulting from the expiration of ParaMed’s B.C. home health care contracts in Q1 2020,  the incremental funding related to Bill-148 received by ParaMed in Q2 2019, and the increase in NOI  from the $50.8 million received by ParaMed under the Canada Emergency Wage Subsidy (CEWS) program in Q3 2020 (recorded as an offset to operating expenses of the home health care segment), as discussed under the Home Health Care business update below.

In addition, the recognition of pandemic-related costs and the timing of the recognition and receipt of related government funding and subsidies has resulted in volatility in our quarterly results which is expected to continue throughout the remainder of the pandemic.

Financial Highlights

Q3 2020 (all comparisons with Q3 2019)

  • Revenue up 10.1% or $27.2 million to $296.8 million; driven by COVID-19 funding of $28.7 million, LTC funding enhancements and growth in retirement living and other operations, partially offset by a 9.9% decline in home health care average daily volumes (ADV).
  • Net operating income (NOI)(1) of $25.2 million, down 27.6% or $9.6 million; reflecting COVID-19 costs in excess of funding of $7.2 million, costs of resident care in excess of funding in LTC and lower ADV and increased workers compensation and benefits costs in home health care, partially offset by growth in the retirement living and other operations segments.
  • Adjusted EBITDA(1) up $39.9 million to $63.8 million; reflecting the underlying decline in NOI noted above and increase in administrative costs, offset by CEWS.
  • Earnings from continuing operations up $29.3 million to $34.6 million; primarily driven by CEWS, as noted above for ParaMed ($37.3 million net of tax), partially offset by estimated COVID-19 costs in excess of funding ($6.4 million net of tax) and the volume driven decline in NOI of the home health care segment.
  • AFFO(1) of $42.8 million ($0.48 per basic share), up $29.1 million; reflecting the increase in earnings from continuing operations (including impact of CEWS and estimated costs of COVID-19 in excess of funding, net of tax, of $30.9 million or $0.35 per basic share).
  • Earnings from discontinued operations included a release of the Company’s captive’s reserves of $2.0 million in the prior year.

Nine Months 2020 (all comparisons with Nine Months 2019)

Excluding the factors impacting comparability noted above, results for the nine months ended September 30, 2020 reflect growth in the retirement living and other operations segments and LTC funding enhancements, partially offset by COVID-19 costs in excess of funding, a 11.3% decline in home health care ADV, higher home health care operating costs and increased administrative costs.

  • Revenue up 5.7% or $46.0 million to $847.6 million.
  • NOI(1) of $75.5 million, down 23.7% or $23.4 million.
  • Adjusted EBITDA(1) up $23.3 million to $92.1 million; reflecting the underlying decline in NOI noted above and increase in administrative costs related to COVID-19, offset by CEWS.
  • Earnings from continuing operations up $16.7 million to $27.0 million; primarily driven by CEWS ($37.3 million net of tax) and largely offset by estimated COVID-19 costs in excess of funding ($14.5 million net of tax) and the volume driven decline in NOI of home health care operations.
  • AFFO(1) of $57.4 million ($0.64 per basic share), up $16.1 million; reflecting the increase in earnings from continuing operations (including impact of CEWS and estimated costs of COVID-19 in excess of funding, net of tax, of $22.8 million or $0.26 per basic share).
  • Earnings from discontinued operations up $1.5 million to $9.7 million; reflecting releases of the Company’s captive’s reserves of $9.5 million compared to $6.4 million in the prior year, and a $1.9 million reduction in foreign exchange and fair value adjustments.
  • Dividends declared of $32.2 million in 2020, representing approximately 56% of AFFO.

Business Updates

The following is a summary of the Company’s revenue, NOI and NOI margins by business segment for the three and nine months ended September 30, 2020 and 2019.

(unaudited) Three months ended September 30   Nine months ended September 30
(millions of dollars, unless otherwise noted) 2020   2019     2020   2019  
Revenue                  
Long-term care 184.7   161.0     523.4   477.1  
Retirement living 12.0   10.4     35.8   29.9  
Home health care 93.2   92.3     268.8   276.8  
Other 6.8   5.9     19.6   17.7  
Total revenue 296.8   269.6     847.6   801.6  
NOI and NOI margin
(1)
                 
Long-term care 13.0
7.0

%
20.6 12.8 %   42.5
8.1

%
56.9 11.9 %
Retirement living 3.2
26.9

%
2.9 28.3 %   10.4
29.2

%
8.4 28.2 %
Home health care 4.7
5.1

%
8.0 8.7 %   10.4
3.9

%
23.7 8.6 %
Other 4.3
62.7

%
3.2 53.9 %   12.1
61.9

%
9.8 55.4 %
Total NOI and NOI margin
(1)
25.2
8.5

%
34.8 12.9 %   75.5
8.9

%
98.9 12.3 %
Note:  Totals may not sum due to rounding.


Long-term Care

Long-term care operations continue to be impacted by increased costs associated with COVID-19. In Q3 2020, the increased operating expenses resulted in lower NOI compared to the same period last year.

NOI and NOI margin in Q3 2020 were $13.0 million and 7.0%, respectively, down from $20.6 million and 12.8% respectively in Q3 2019. NOI and NOI margin decreased in the quarter largely as a result of increased costs of resident care, including costs associated with COVID-19 and pandemic pay programs, estimated to be $27.7 million and $6.6 million in excess of government funding received.

Average occupancy dropped to 90.0% in Q3 2020, down 790 bps from Q3 2019 and 350 bps from Q2 2020, mainly driven by reduced admissions as a result of COVID-19. Despite lower occupancy levels, our revenue base is largely protected as full funding is preserved in Ontario for the remainder of the year, and each of the western provinces in which we operate have introduced additional funding to offset the impact of COVID-19. 

During the third quarter, the Ontario Ministry of Long-Term Care provided updates to its Long-Term Care Home Capital Development Funding program for the development of new and replacement LTC beds. The program includes a $1.75 billion investment to redevelop 12,000 beds and add an additional 8,000 beds over the next five years.

We have submitted applications to the Ontario Ministry of Long-Term Care in respect of 22 projects to build over 4,200 beds to replace all of our existing 3,287 C-class beds and to add new LTC beds, in keeping with the Ontario government’s focus on replacing aging infrastructure and increasing the number of LTC beds in the province. We continue to work closely with our industry partners and government to further enhance the new capital development funding program, in particular, to address certain geographic areas and streamline the related approval and licensing processes to expedite those projects that are currently feasible.

In October 2020, we received all of the necessary approvals to commence construction of a new 256-bed LTC home in Sudbury, Ontario that will replace our 234-bed Extendicare Falconbridge C-class bed home. Construction will commence in Q4 2020, with completion anticipated in Q4 2022, and the redevelopment represents an investment of $62.3 million in our LTC segment.


Home Health Care

In Q3 2020, revenue was largely unchanged at $93.2 million, up 1.0% from Q3 2019, as the impact of COVID-19 and pandemic pay funding of $7.6 million was largely offset by lower ADV, down 9.9% compared to same quarter last year.

NOI and NOI margin decreased to $4.7 million and 5.1%, respectively, in Q3 2020, down from $8.0 million and 8.7%, respectively, in Q3 2019. NOI declined largely as a result of lower business volumes and workers compensation and benefits costs. In addition, NOI was impacted by costs associated with COVID-19 and pandemic pay in excess of funding.

The peak impact of COVID-19 on ADV occurred in April 2020. Since that time, we have seen a gradual recovery in ADV with Q3 2020 showing an 11.6% increase from Q2 2020 and a further increase of 5.2%, to 23,934, in ADV for the four weeks ended November 8, 2020. While referrals have recently returned to pre-COVID levels our business volumes have been slower to recover due to COVID-19 related shortfalls in our workforce capacity. 

The volume declines and resultant revenue decreases experienced in our home health care operating subsidiary, ParaMed Inc., resulted in ParaMed applying for, and receiving, a payment under the CEWS program in Q3 2020. The CEWS program was established by the Federal Government to help Canadian employers that have experienced revenue declines to re-hire workers laid off as a result of COVID-19, to  prevent further job losses and to better position the employers to resume normal operations after the COVID-19 pandemic. ParaMed received a payment of $50.8 million under the CEWS program in Q3 2020 for claim periods from March 15, 2020 to July 4, 2020. Subsequent to September 30, 2020, ParaMed applied for and received an additional $31.4 million in CEWS for the claims periods from July 5, 2020 to September 26, 2020. ParaMed anticipates filing for additional CEWS funding contingent on changes to the CEWS program and the rate of volume recovery in subsequent periods. The CEWS is recorded as an offset to operating expenses, positively impacting the NOI of the home health care segment for the three and nine months ended September 30, 2020. 

Throughout this period, we have remained focused on maintaining our workforce capacity to ensure we are able to respond quickly to increases in demand for home health care services and resume operating at normalized levels as the pandemic recedes. In addition, we are making long-term investments to address the shortage of personal support workers that has challenged our industry for years, and has been more recently exacerbated by the pandemic. We have developed in-house programs and partnered with colleges to create a new supply of skilled caregivers. For example, under a program launched earlier this year, ParaMed is covering college tuition and providing paid on-the-job training, followed by full employment to new entrants to the home health care sector. To date, we have graduated approximately 200 new caregivers through the program, and we expect the capacity to increase to more than 600 students per year as we partner with additional colleges.

As the stream of graduates from our training programs increases and remaining staff return to the workforce, we anticipate continued improvement in ADV. While we cannot predict the ultimate impact nor the duration of the pandemic, we are focused on managing our operations through this challenge so we are well positioned to continue to provide high quality care and expand our operations when the pandemic recedes.


Retirement Living

Our retirement living operations continued to deliver solid financial results as contributions from non same-store operations and lease-up communities more than offset the negative impact of COVID-19 on occupancy and cost levels.

In Q3 2020, revenue increased to $12.0 million, up 15.1% from the same quarter last year, largely driven by the opening of The Barrieview in October 2019 and partially offset by the impact of COVID-19 on occupancy levels at our stabilized communities. NOI in the third quarter increased by 9.5% to $3.2 million, reflecting the increase in revenue; however, lower same-store occupancy levels and increased costs associated with COVID-19 led to lower NOI margin of 26.9%, down from 28.3% from the same quarter last year.

As a result of the recommencement of in-person tours in Ontario in Q3 2020, average occupancy of our stabilized portfolio improved to 91.9% in Q3 2020, up from 91.5% in Q2 2020. Despite this rebound from the prior quarter, levels remain below Q3 2019 of 94.0% as a result of the impacts of COVID-19.

Stabilized occupancy improved through the third quarter, increasing by 180bps from Q2 2020 to 93.1% as at September 30, 2020. Subsequent to quarter end, in-person tour restrictions were re-introduced in certain regions in Ontario and stabilized occupancy decreased to 91.7% as at October 31, 2020. We continue to actively market our properties and conduct virtual tours in place of in-person visits.


Other Operations

Financial performance in our other operations remained strong as revenue increased 15.2% to $6.8 million, largely driven by growth in our SGP Purchasing Partner Network (SGP). NOI also increased in the quarter, up 34.0% to $4.3 million, as our growing SGP client base and lower travel and business promotion costs offset increased staff costs. The number of third-party residents served by SGP increased to approximately 79,400 at the end of the third quarter, up 23.5% from September 30, 2019, and 5.6% from June 30, 2020.


Financial Position

Extendicare maintained its strong financial flexibility and liquidity in Q3 2020, with cash and cash equivalents on hand of $170.1 million and access to a further $71.3 million in undrawn demand credit facilities as at September 30, 2020. Following financing activities in the first half of 2020 to extend and renew existing mortgages on LTC homes and to finalize new mortgages on retirement communities, the Company does not have any scheduled debt maturities until Q1 2022.  

Select Financial Information

The following is a summary of the Company’s consolidated financial information for the three and nine months ended September 30, 2020 and 2019.

(unaudited) Three months ended

September 30
(2)


  Nine months ended

September 30
(2)
(thousands of dollars unless otherwise noted) 2020   2019     2020   2019  
Revenue 296,786   282,733     850,551   841,055  
Operating expenses 220,810   247,866     724,258   740,482  
NOI
(1)
75,976   34,867     126,293   100,573  
      NOI margin
(1)

25.6

%
12.3 %   14.8 % 12.0 %
Administrative costs 12,182   11,021     34,201   31,801  
Adjusted EBITDA
(1)
63,794   23,846     92,092   68,772  
      Adjusted EBITDA margin
(1)

21.5

%
8.4 %   10.8 % 8.2 %
Other expense       2,780   2,404  
Earnings from continuing operations 34,644   5,353     26,992   10,332  
per basic share ($) 0.39   0.06     0.30   0.12  
per diluted share ($) 0.36   0.06     0.30   0.12  
Earnings from discontinued operations, net of tax (178 ) 1,906     9,721   8,210  
Net earnings (loss) 34,466   7,259     36,713   18,542  
per basic share ($) 0.38   0.08     0.41   0.21  
per diluted share ($) 0.36   0.08     0.41   0.21  
AFFO
(1)
42,787   13,693     57,363   41,235  
per basic share ($) 0.48   0.15     0.64   0.46  
per diluted share ($) 0.44   0.15     0.61   0.45  
Current income tax expense (recovery) included in FFO 14,118   2,666     14,343   7,477  
      FFO effective tax rate
25.9

%
17.9
%

 

22.3

%
17.6
%
Maintenance capex 2,381   3,056     6,293   6,284  
Cash dividends declared per share 0.12   0.12     0.36   0.36  
Payout ratio
(1)
25 % 78 %   56 % 78 %
Weighted average number of shares
(thousands)
                 
Basic 89,864   89,253     89,778   89,040  
Diluted 100,223   99,614     100,145   99,412  
(1)   

Non-GAAP Measures:

Extendicare assesses and measures operating results and financial position based on performance measures referred to as “net operating income”, “NOI”, “NOI margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “AFFO”, “AFFO per share”, and “payout ratio”. In addition, the Company assesses its return on investment in development activities using the non-GAAP financial measure “NOI Yield”. These are not measures recognized under GAAP and do not have standardized meanings prescribed by GAAP. These non-GAAP measures are presented in this document because either: (i) management believes that they are a relevant measure of the ability of Extendicare to make cash distributions; or (ii) certain ongoing rights and obligations of Extendicare may be calculated using these measures. Such non-GAAP measures may differ from similar computations as reported by other issuers and, accordingly, may not be comparable to similarly titled measures as reported by such issuers. They are not intended to replace earnings (loss) from continuing operations, net earnings (loss), cash flow, or other measures of financial performance and liquidity reported in accordance with GAAP. Detailed descriptions of these terms can be found in Extendicare’s disclosure documents, including its Management’s Discussion and Analysis, filed with the securities regulatory authorities; these documents are available at www.sedar.com and on Extendicare’s website at www.extendicare.com.
(2)   
Comparative figures have been re-presented to reflect discontinued operations.

Extendicare’s financial reports, including its Management’s Discussion and Analysis are available on its website at www.extendicare.com under the “Investors/Financial Reports” section.

November Dividend Declared

The Board of Directors of Extendicare today declared a cash dividend of $0.04 per share for the month of November 2020, which is payable on December 15, 2020, to shareholders of record at the close of business on November 30, 2020. This dividend is designated as an “eligible dividend” within the meaning of the Income Tax Act (Canada).

Conference Call and Webcast

On November 13, 2020, at 11:30 a.m. (ET), Extendicare will hold a conference call to discuss its 2020 third quarter results. The call will be webcast live and archived online at www.extendicare.com under the “Investors/Events & Presentations” section. Alternatively, the call-in number is 1-800-319-4610 or 416-915-3239. A replay of the call will be available approximately two hours after completion of the live call until midnight on November 27, 2020. To access the rebroadcast dial 1-800-319-6413 followed by the passcode 5368#.

About Extendicare

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, Esprit Lifestyle, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands. We are committed to delivering quality care throughout the health continuum to meet the needs of a growing seniors population. We operate or provide contract services to a network of 122 long-term care homes and retirement communities (69 owned/53 contract services), provide approximately 8.5 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 79,400 senior residents across Canada. Our qualified and highly trained workforce of approximately 23,000 individuals is passionate about providing high quality services to help people live better.


Forward-looking Statements

This press release contains forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, and financial condition
, including anticipated timelines, costs and financial returns in respect of development projects,
and in particular statements in respect of the impact of measures taken to mitigate the impact of COVID-19, the availability of various government programs and financial assistance announced in respect of COVID-19, the impact of COVID-19 on the Company’s operating costs, staffing, procurement, occupancy levels (primarily in its retirement communities) and volumes in its home health care business, the impact on the capital and credit markets and the Company’s ability to access the credit markets as a result of COVID-19, increased litigation and regulatory exposure and the outcome of any litigation and regulatory proceedings. Forward-looking statements can be identified because they generally contain the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will” or other similar expressions or the negative thereof. Forward-looking statements reflect management’s beliefs and assumptions and are based on information currently available, and Extendicare assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. Risks and uncertainties related to the effects of COVID-19 on Extendicare include the length, spread and severity of the pandemic; the nature and extent of the measures taken by all levels of governments and public health officials, both short and long term, in response to COVID-19; domestic and global credit and capital markets; the Company’s ability to access capital on favourable terms or at all due to the potential for reduced revenue and increased operating expenses as a result of COVID-19; the availability of insurance on favourable terms; litigation and/or regulatory proceedings against or involving the Company, regardless of merit; the health and safety of the Company’s employees and its residents and clients; and domestic and global supply chains, particularly in respect of personal protective equipment. Given the evolving circumstances surrounding COVID-19, it is difficult to predict how significant the adverse impact will be on the global and domestic economy and the business operations and financial position of Extendicare. For further information on the risks, uncertainties and assumptions that could cause Extendicare’s actual results to differ from current expectations, refer to “Risk Factors” in Extendicare’s Annual Information Form and “Forward Looking-Statements” in Extendicare’s Q2 2020 Management’s Discussion and Analysis filed by Extendicare with the securities regulatory authorities, available at www.sedar.com and on Extendicare’s website at www.extendicare.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements.

Extendicare contact:
David Bacon
Senior Vice President and Chief Financial Officer
Phone: (905) 470-4000; Fax: (905) 470-4003
Email: [email protected]
www.extendicare.com

 

Relay Medical & Fio Announces Over $500,000 CAD in Contracts for Fionet Mobile COVID-19 Testing & Tracking Platform; Provides Operational Update

  • Relay & Fio joint venture, Fionet Rapid Response Group, announce over $500,000 CAD in initial contracts
  • Fionet is a first-of-its-kind mobile testing & tracking platform designed to administer widespread rapid testing, for infectious diseases including COVID-19, and capture real-time data & insights
  • FRR has begun platform configuration with COVID-19 rapid diagnostic tests from Abbott, Roche and Proprietary Innovation Labs, positioning Fionet to support some of the most widely accessible COVID-19 tests in the world
  • FRR takes delivery of the first production run of mobile testing devices from its Minneapolis-based contract manufacturing partner KeyTronic (NASDAQ: KTCC)

TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Relay Medical Corp. (“Relay” or the “Company”) (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2), and Fio Corporation (“Fio”), together Fionet Rapid Response Group (“FRR”) are pleased to provide an update on contracts exceeding $500,000 CAD.

In an alliance with South Korean rapid diagnostic test (RDT) maker, IVD Lab Co, FRR announces a contract with funding assistance provided by the National Research Council Canada (NRC) to bring to market a new type of RDT that can greatly ease the burden on hospitals and save lives. Validation of this innovative RDT has started at UHN in Toronto, North America’s largest teaching and research hospital.

Fio Corporation holds the IP on the combination of biomarkers that made this test possible. South Korea is a country noted for outstanding production quality of RDTs.

This innovative RDT, for use alongside rapid tests that diagnose infectious diseases, is a simple blood test designed to distinguish those infected patients who are at great risk to become critically ill (and hence will need hospitalization) from those who will safely recover at home. US hospital capacity is now capped, yet the number of COVID-infected people is growing. To prevent death toll skyrocketing, it will be indispensable to keep hospital beds for those that will really need them. This test is designed to predict critical illness, or sepsis, in infectious diseases, and will be paired to the Fionet Device.

In Kenya, FRR has completed the deployment of Fionet in 10 primary care healthcare facilities in Kenya. The Fionet Patient manager is used for reception, triage, clinical consultation, lab, and pharmacy, including a COVID-19 screening module. FRR team provided configuration services, training, and support to the local teams and currently, the Fionet platform is currently producing reports for the Meru department of health to submit to the Kenya ministry of health.

“This deployment in Kenya demonstrates the flexibility and data management strength of Fionet. To control a pandemic, testing in the community must be fused with real-time data capture and distribution, not only when they show up for testing, but also as they follow through with treatment,” said Dr. Michael Greenberg, CEO of Fionet Rapid Response Group and CEO of Fio Corporation.

In addition, FRR is in negotiation with several other leading healthcare organizations around the world to pilot and/or deploy Fionet to support rapid testing programs for COVID-19 and other infectious diseases.

Fionet begins configuring platform for multiple leading COVID-19 rapid diagnostic tests

FRR is pleased to announce it has successfully received multiple COVID-19 lateral flow rapid diagnostic tests that will be configured to operate with the Fionet platform:

  • Abbott Panbio COVID-19 Ag Rapid Test. The test is CE marked and approved by Health Canada for point of care diagnosis. Abbott Panbio is being used across Europe and Africa and recently, the Government of Canada announced the purchase of 20 million tests to be used by public health authorities to combat the pandemic1.
  • Roche SARS-CoV-2 Rapid Antigen Test. The test is CE marked for markets accepting the designation including the European Union. Roche previously indicated that it will be able to produce up to 100 million tests per month to distribute worldwide2.
  • Proprietary Innovation Labs Antibody and Antigen Tests. Relay Medical recently announced the signing of an LOI for the exclusive sales and distribution rights of these tests. Both tests are CE marked with potential production capacity of 25 million per month.

With these tests on hand, development activities will commence to configure the Fionet software and analysis engine to be compatible with identifying, error checking and interpretation of results. Onboarding of the tests will support trial or pilot deployments for upcoming clients.

Production of Mobile Testing Device

FRR is pleased to announce the delivery of the first production run of the new COVID-19 mobile testing devices from its contract manufacturer KeyTronic (NASDAQ: KTCC). This initial run of devices will be used for verification activities, onboarding of rapid diagnostic tests and supporting initial pilots. FRR expects to receive additional devices from the pilot run within the next 2 weeks as part of its first order to activate the assembly line.

_______________________________
1https://www.canada.ca/en/public-services-procurement/news/2020/10/government-of-canada-signs-new-agreement-for-covid-19-rapid-tests.html
2https://www.roche.com/media/releases/med-cor-2020-09-01b.htm



**The Companies are not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.

About Fio Corporation

Fio Corporation, privately held and headquartered in Toronto, developed and markets the world’s first integrated guidance & tracking IT platform for decentralized healthcare settings, a new category of solution that raises healthcare quality and lowers healthcare costs. The platform enables average healthcare workers in clinics to deliver a new level of quality-controlled diagnostic testing and case management. Simultaneously, as an automated by-product of its clinical use, the platform captures and provides unprecedented frontline data to remote supervisors and stakeholders, enabling real-time remote tracking, insight distribution, and intervention. Fio operates globally in partnership with local distribution, service, and support organizations and also partners with other companies that license its technologies.

Website: www.fio.com

About Relay Medical Corp.

Relay Medical is a MedTech innovation Company headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and AI data science sectors.

Website: www.relaymedical.com

Contact:

W. Clark Kent
President
Relay Medical Corp.
Office. 647-872-9982 ext. 2
TF. 1-844-247-6633 ext. 2
[email protected]

Bernhard Langer
EU Investor Relations
Office. +49 (0) 177 774 2314
Email: [email protected]

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law.   Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur.   Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE.  There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control.  There are no assurances that the commercialization plans for the Company’s technologies described in this news release will come into effect on the terms or time frame described herein.   The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law.   The reader is cautioned not to place undue reliance on forward-looking statements.   Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c73e26ec-59f6-4967-825e-53d60a7386d5

Telos Corporation Welcomes Fred Schaufeld to its Board of Directors

D.C businessman brings years of entrepreneurial and investment expertise

ASHBURN, Va., Nov. 12, 2020 (GLOBE NEWSWIRE) — Telos® Corporation, a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, today announced that it has added noted entrepreneur and investment guru Fred Schaufeld to its Board of Directors.

A fixture in the D.C. community, Schaufeld acts as co-founder and managing director of SWaN & Legend Venture Partners (SWaN) and serves as partner in Monumental Sports and Entertainment, which owns the Washington Capitals, Wizards and Mystics sports franchises, as well as the Capital One Arena. He is a partner in the Washington Nationals, Team Liquid, the Professional Fighters League and the Hill Top House Hotel in Harpers Ferry, W.Va.

“Fred brings a wealth of wisdom garnered over decades of successful entrepreneurship and capital investing experience,” said John B. Wood, CEO and chairman, Telos. “His insights will be invaluable as we usher in a new era of growth and expansion for the company.”

Prior to SWaN, Schaufeld founded and led NEW Corp., which was acquired by Asurion in 2008 and is now the world’s largest consumer product protection company, employing over 20,000 people worldwide. In addition to his new role with Telos, Schaufeld sits on the boards of an extensive and diverse portfolio including such organizations as the Wolf Trap Foundation, Custom Ink, KIND Healthy Snacks and Georgiamune. He also serves as chairman of the Inova Health System Foundation.

“I’m excited to join the ranks of such a distinguished company – one that has proven its dedication to securing both commercial enterprises and mission-critical government agencies,” said Schaufeld. “The future is brighter than ever for Telos, and I look forward to playing a role in contributing to the success of the company.”

Schaufeld will fill the seat vacated by Lt. Gen. Bruce Harris (USA, Ret.), who was appointed to the Telos board in 2006.

“General Harris’ strategic counsel has been indispensable to Telos over the years,” Wood said, “and we’d like to thank him for his nearly 15 years of dedicated service on our board.”

About Telos Corporation


Telos Corporation
empowers and protects the world’s most security-conscious organizations with solutions for continuous security assurance of individuals, systems, and information. Telos’ offerings include cybersecurity solutions for IT risk management and information security; cloud security solutions to protect cloud-based assets and enable continuous compliance with industry and government security standards; and enterprise security solutions to ensure that personnel can work and collaborate securely and productively. The company serves military, intelligence and civilian agencies of the federal government, allied nations and commercial organizations around the world.

Contact:
Mia Damiano
Merritt Group on behalf of Telos Corporation
Email: [email protected]
Phone: (610) 564-6773

American Realty Investors, Inc. Reports Earnings for Q3 2020

American Realty Investors, Inc. Reports Earnings for Q3 2020

DALLAS–(BUSINESS WIRE)–
American Realty Investors, Inc. (NYSE:ARL) is reporting its results of operations for the quarter ended September 30, 2020. For the three months ended September 30, 2020, the Company reported a net income attributable to common shares of $8.0 million or $0.50 per diluted share, compared to a net loss attributable to common shares of $7.6 million or $0.47 per diluted share for the same period in 2019.

COVID-19

The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. COVID-19 did not have a significant impact on the Company’s results of operations or cash flows during the three months ended September 30, 2020.

  • The Company collected approximately 96% of its second quarter rents, comprised of approximately 95% from multi-family tenants and approximately 97% from office tenants.
  • The Company did not grant any abatements or significant deferments of rents.
  • Occupancy remains stable at 91% at September 30, 2020 and 2019.
  • The Company continued to obtain positive leasing spreads for new leases and renewals at it properties.
  • Ongoing development projects continued during the quarter unabated without work stoppages. In addition, the Company is evaluating several new development projects.

The future impact of COVID-19 on the Company’s business and financial activities will depend on future developments, which at this stage are unpredictable considering the fluctuations of COVID-19 outbreaks and the resulting changes in the markets.

Financial Results

Rental revenues were $11.5 million for the three months ended September 30, 2020, compared to $1.14 million for the three months ended September 30, 2019. For 2020, we generated revenues of $7.8 million and $3.7 million from our commercial and multifamily segments respectively.

Net operating loss was $2.3 million for the three months ended September 30, 2020, compared to $0.6 million for the same period in 2019. The $1.7 million increase in net operating loss is primarily due to the placement in service of two new multifamily apartment communities in 2020. Operating expense of new properties generally exceed their rental revenues during initial lease-up.

Interest income was $5.4 million for the three months ended September 30, 2020, compared to $6.9 million for the same period in 2019. The decrease of $1.5 million in interest income was primarily due to collection on notes receivable in 2020.

Interest expense was $7.6 million for three months ended September 30, 2020, compared to $10.4 million for the same period in 2019. The decrease of $2.8 million in interest expense was primarily due to the refinancing of the mortgage note payable on Browning Place in 2019.

Loss on foreign currency transactions was $1.5 million for the three months ended September 30, 2020 as compared to $5.2 million for the same period in 2019. The decrease is foreign currency loss was due to a decrease in the exchange rate from U.S. Dollars to the Israel Shekel offset in part by a reduction in the bonds outstanding.

Gain on sale or write-down of assets increased $10.2 million for the three months ended September 30, 2020, compared the same period in 2019. The increase is primarily due to the sales in 2020 of Bridgeview Plaza for $5.3 million, resulting in a gain of $4.8 million; and the sale of Farnham Park Apartments for $13.3 million, resulting in a gain of $2.7 million.

About American Realty Investors, Inc.

American Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. The Company also holds mortgage receivables. The Company’s primary asset and source of its operating results is its investment in Transcontinental Realty Investors, Inc. (NYSE:TCI). For more information, visit the Company’s website at www.americanrealtyinvest.com.

AMERICAN REALTY INVESTORS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)
(Unaudited)
 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:
Rental revenues (including $262 and $212 for the three months and $808 and $527
for the nine months ended 2020 and 2019, respectively, from related parties)

$

11,453

 

$

11,407

 

$

34,460

 

$

34,352

 

Other income (loss)

 

484

 

 

1,824

 

 

5,348

 

 

9,679

 

Total revenues

 

11,937

 

 

13,231

 

 

39,808

 

 

44,031

 

Expenses:
Property operating expenses (including $253 and $237 for the three
months ended and $750 and $741 for the six months ended 2020
and 2019, respectively, from related parties)

 

6,387

 

 

5,883

 

 

18,507

 

 

19,203

 

Depreciation and amortization

 

3,526

 

 

3,416

 

 

10,338

 

 

9,964

 

General and administrative (including $1,094 and $1,002 for the three
months ended and $2,991 and $3,680 for the six months ended 2020
and 2019, respectively, from related parties)

 

1,998

 

 

2,107

 

 

7,958

 

 

7,716

 

Advisory fee to related party

 

2,329

 

 

2,403

 

 

7,055

 

 

6,807

 

Total operating expenses

 

14,240

 

 

13,809

 

 

43,858

 

 

43,690

 

Net operating (loss) income

 

(2,303

)

 

(578

)

 

(4,050

)

 

341

 

Interest income (including $4,812 and $6,240 for the three months ended and $14,566 and $18,328 for the six months ended 2020 and 2019, respectively, from related parties)

 

5,421

 

 

6,856

 

 

16,459

 

 

19,514

 

Interest expense (including $1,583 and $2,402 for the three months ended and $5,040 and $7,094 for the six months ended 2020 and 2019, respectively, from related parties)

 

(7,622

)

 

(10,420

)

 

(26,295

)

 

(29,796

)

(Loss) gain on foreign currency transaction

 

(1,470

)

 

(5,153

)

 

774

 

 

(13,296

)

Loss on extinguishment of debt

 

 

 

(5,219

)

 

 

 

(5,219

)

Income (losses) from unconsolidated joint ventures

 

337

 

 

(75

)

 

(642

)

 

(1,135

)

Gain on sales or write-down of assets

 

15,325

 

 

5,139

 

 

24,802

 

 

9,792

 

Income tax expense

 

(50

)

 

 

 

(346

)

 

 

Net income (loss)

 

9,638

 

 

(9,450

)

 

10,702

 

 

(19,799

)

Net (income) attributable to non-controlling interest

 

(1,651

)

 

1,879

 

 

(2,075

)

 

3,303

 

Net income (loss) attributable to common shares

$

7,987

 

$

(7,571

)

$

8,627

 

$

(16,496

)

 
Earnings (loss) per share – attributable to common shares
Basic and diluted

$

0.50

 

$

(0.47

)

$

0.54

 

$

(1.03

)

Weighted-average number of common shares outstanding:
Basic and diluted

 

15,997,076

 

 

15,997,076

 

 

15,997,076

 

 

15,997,076

 

 
AMERICAN REALTY INVESTORS, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share and par value amounts)
(Unaudited)
September 30, 2020 December 31, 2019

Assets

Real estate, net

$

380,715

 

$

387,790

 

Notes receivable (including $96,181 in 2020 and $93,524 in 2019 from related parties)

 

151,310

 

 

143,086

 

Cash and cash equivalents

 

32,986

 

 

51,228

 

Restricted cash

 

28,030

 

 

32,083

 

Investment in unconsolidated joint ventures

 

57,144

 

 

67,655

 

Receivable from related party

 

86,089

 

 

85,996

 

Other assets

 

71,313

 

 

62,803

 

Total assets

$

807,587

 

$

830,641

 

 

Liabilities and Equity

Liabilities:
Mortgages and notes payable

$

248,943

 

$

254,094

 

Bonds payable

 

203,192

 

 

223,265

 

Accounts payable and other liabilities (including $12,495 in 2020 and $11,817 in 2019 to related parties)

 

23,284

 

 

24,769

 

Accrued interest payable

 

3,341

 

 

7,236

 

Deferred revenue

 

21,609

 

 

24,761

 

Total liabilities

 

500,369

 

 

534,125

 

 
Equity
Shareholders’ equity:
Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued 1,800,614 and outstanding 614 at September 30, 2020 and December 31, 2019.

 

5

 

 

5

 

Common stock, $0.01 par value, 100,000,000 shares authorized; 16,412,861 shares issued and 15,997,076 outstanding at September 30, 2020 and December 31, 2019.

 

164

 

 

164

 

Treasury stock at cost; 415,785 shares in 2020 and 2019.

 

(6,395

)

 

(6,395

)

Paid-in capital

 

82,017

 

 

82,017

 

Retained earnings

 

172,335

 

 

163,708

 

Total shareholders’ equity

 

248,126

 

 

239,499

 

Non-controlling interest

 

59,092

 

 

57,017

 

Total equity

 

307,218

 

 

296,516

 

Total liabilities and equity

$

807,587

 

$

830,641

 

 

American Realty Investors, Inc.

Investor Relations

Erik Johnson (469) 522-4200

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Construction & Property Professional Services REIT Finance

MEDIA:

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CI Global Asset Management Announces Special Distributions for CI First Asset MSCI World Low Risk Weighted ETF

CI Global Asset Management Announces Special Distributions for CI First Asset MSCI World Low Risk Weighted ETF

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

TORONTO–(BUSINESS WIRE)–
CI Global Asset Management (“CI GAM”) announces the following special distributions in respect of CI First Asset MSCI World Low Risk Weighted ETF. In all cases, the special cash distribution will be paid on or before November 30, 2020 to unitholders of record on November 19, 2020. The ex-dividend date for CI First Asset MSCI World Low Risk Weighted ETF is November 18, 2020. In addition, there will also be a special distribution that will be reinvested on or about November 30, 2020 to unitholders of record on November 19, 2020.

These confirmed amounts are for the special distributions only and do not include the ongoing regular monthly or quarterly cash distributions.

 

Trading Symbol

 

Special Cash

Distribution Amount

(per unit)

CI First Asset MSCI World Low Risk Weighted ETF (Unhedged)

RWW.B

 

$0.1157

 

Trading Symbol

Special Distribution

Amount

(to be reinvested and

consolidated)

CI First Asset MSCI World Low Risk Weighted ETF (Unhedged)

RWW.B

$0.2465

Supporting investors’ needs

Stay in the market, minimize costs, and take advantage of a smart, simple and efficient feature designed to support investors’ needs. The CI Distribution Reinvestment Plan (DRIP) will automatically reinvest cash distributions into the CI ETF making the distribution. All of the distributions indicated in the table above will be paid in cash unless the unitholder has enrolled in the applicable DRIP of the respective ETF. A copy of the Distribution Reinvestment Plan is available at www.firstasset.com.

About CI Global Asset Management

CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the web at www.ci.com. CI Global Asset Management is a subsidiary of CI Financial Corp. (TSX: CIX), an independent company offering global asset management and wealth management advisory services with $202.4 billion in total assets as of October 31, 2020.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase exchange-traded funds (ETFs) managed by CI Global Asset Managementand is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard.

Commissions, management fees and expenses all may be associated with an investment in ETFs. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. Please read the prospectus before investing. Important information about an exchange-traded fund (ETF) is contained in its prospectus. ETFs are not guaranteed; their values change frequently and past performance may not be repeated.

CI Global Asset Management is a registered business name of CI Investments Inc.

©CI Investments Inc. 2020. All rights reserved.

For further information, please contact CI Global Asset Management at 416-642-1289 or 1‐877‐642‐1289, or visit www.firstasset.com.

Murray Oxby

Vice-President, Corporate Communications

CI Global Asset Management

416-681-3254

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

NACB’s 2020 Social Equity Conference Spotlights Cannabis Social Equity Trends & Business Opportunities

NACB convenes legal, public policy and advocacy experts for free virtual event

New York, NY, Nov. 12, 2020 (GLOBE NEWSWIRE) — New York, NY (November 12, 2020) – The National Association of Cannabis Businesses (NACB) has released the list of dynamic, catalytic experts presenting at its 2020 Social Equity Conference. The conference will be held via Zoom on Monday, November 16, 2020, with the first panel session starting at 9:00 am PST.  Networking and a virtual happy hour starting at 4:00 pm will follow the last session. See the day’s agenda and registration information.

“The cannabis industry has a unique opportunity to lead the nation in minority business ownership and workforce diversity,” said Gina Kranwinkel, President and CEO of NACB. “The question is, How will we respond? Our interactive event is designed to bring everyone into the social equity conversation and share the latest thinking on cannabis social equity trends and business opportunities. There is no charge to join this conversation, and everyone is welcome. Let’s raise our voices for a more progressive and united future.”

Here is the line-up of social equity sessions to be presented by cannabis industry experts:

Session 1: Social Reform & Cannabis: Join the Conversation
starting at 9:00 am PST

Saskia VannJames, Lobbyist, Massachusetts Recreational Consumer Council Board Member (moderator)

  • Heather Penzel, Spiritual Leader, within/without
  • Kelly Perez, President/Co-Founder of Cannabis Doing Good, Co-Executive Director of the Cannabis Impact Fund
  • Ernest Toney, Founder BIPOCANN

Equality. Social Equity. Social Reform. Diversity. Tokenism. Inclusion. Social Justice. These terms are sparking headlines and heated emotions across the country, but are we always on the same wavelength when we talk about social reform or push for diversity and inclusion initiatives?  Experts on this panel will define these concepts, clarify the differences between them and talk about their importance to cannabis business owners. This panel will give you the tools to consciously create inclusion at work and in your everyday life.

Session 2: Call to Action: Have a Voice
starting at 10:00 am PST

Tom Nolasco, Director of Legal and Strategic Initiatives, NACB (moderator)

  • Aaron Goines, Co-Founder & CEO The Emerald Turtle
  • Mark Gorman, Executive Vice President/Chief Operating Officer, NACB
  • Saskia VannJames, Lobbyist, Massachusetts Recreational Consumer Council Board Member

The cannabis industry is growing quickly, and we should expect industry regulation to catch up soon. Is your voice being heard when you sign a petition or participate in a rally? How do you know where to look for guidance or decide which groups to support? Our cannabis advocacy expert panelists will explain that you don’t need to be a lobbyist to stand up and make your voice count, even in pandemic times. Join this session to learn how to be proactive in creating change and wielding your influence. This is your call to action!

Session 3: Cities & States Leading the U.S. Social Equity Program
starting at 11:00 am PST

Mark Gorman, Executive Vice President/Chief Operating Officer, NACB (moderator)

  • Shawn Collins, Executive Director, Cannabis Control Commission        
  • Dasheeda Dawson, Cannabis Program Supervisor for the City of Portland, Oregon, and Founder and Chief Executive Officer, The WeedHead ™
  • Portia Mittons, Owner The Coughie Pot, and Chair of the Social Equity and Racial Justice Committee for the Oregon Retailers of Cannabis Association
  • Joey Peña, City of Denver Cannabis Process Navigator

Across the U.S cities and states are implementing social equity programs linked to their local cannabis industry. What is the purpose behind these programs? Who are they designed to help and why are they needed? Our expert panelists will share the goals of their social equity programs and their impact. They’ll also discuss barriers to implementation they have encountered, and ways to move beyond them effectively. If you are a cannabis business owner or future entrepreneur, you’ll want to hear more about the opportunities a local social equity program can provide to you.

Session 4: More Than a Checkbox: Diversity in Cannabis Workplaces
starting at 1:00 pm PST

Heather Cabot, Journalist and Author of The New Chardonnay: The Unlikely Story of How Marijuana Went Mainstream (moderator)

  • Morgan Forsey, Partner in the Labor and Employment Practice Group and Co-Office Managing Partner of Sheppard Mullin, San Francisco      
  • Roz McCarthy, Founder & CEO of M4MM
  • Jennifer Whetzel, Founder, Ladyjane branding firm for cannabis businesses   

Like every business in the U.S., cannabis workplaces are subject to Equal Employment Opportunity Commission rules. But what happens when cannabis business owners go from nominal compliance to truly embracing workplace diversity? Is it worth it to seek out a variety of perspectives in your hiring, and go the extra mile to ensure people feel comfortable in their surroundings? What is the importance of hiring justice-impacted individuals? Find out from our expert panelists why making sure everyone in your organization has a voice can lead to unexpectedly strong positive results.

Session 5: For Liberty and Justice for All
starting at 2:00 pm PST

Jason Cragholm, Founder & CEO, QualSCORE (moderator)

  • Amy McDougal, CCEP, Director of the International Cannabis Bar Association & Chair of the ICBA Active Ethics Committee
  • Shanita Penny, Principal, Budding Solutions
  • Tom Nolasco, Director of Legal and Strategic Initiatives, NACB

What did America’s founders hope for when they set down the principles of liberty, equality and justice for all? Could they have envisioned the America of today? Our expert panel will take us on a deep dive into the differences between compliance and the ethics of inclusion. They’ll get you thinking about your core beliefs on freedom in this country, and how we can treat all groups, including protected classes, with fairness. Expect to be engaged and challenged in this discussion. Your takeaways will be new ways of looking at cannabis business and its role in advancing social equity in our society.

Session 6: The Journey of Social Equity Licensees: Stories from the Front Lines
starting at 3:00 pm PST

Ernest Toney, Founder BIPOCANN (moderator)

  • Devin Alexander, CEO of Rolling Releaf, and Vice President of The Massachusetts Cannabis Association for Delivery, Massachusetts Social Equity Program Graduate
  • Cindy De La Vega, CEO of STIIIZY Union Square 
  • Jennifer J. Gaskin, CCRP, CMQ-OE, Co-Founder & Managing Partner, Empress & Bandit Greenery
  • Janelle Goines, Co-Founder & COO of The Emerald Turtle

Social equity programs level the playing field for those who have been incarcerated on cannabis charges or live in neighborhoods disproportionately impacted by the War on Drugs. Hear from social equity licensees about their journeys, from the struggles to the wins, and equally important, what they want to see changed. This panel is your chance to increase your understanding about the difficulties and challenges these licensees have faced and continue to face in the cannabis industry and in their everyday lives.

About the National Association of Cannabis Businesses (NACB): The National Association of Cannabis Businesses (NACB) is a self-regulatory organization whose mission is to advance the industry by building consensus around best practices, promoting business responsibility and demonstrating to regulators what transparent and responsible regulations should look like. Compliance with NACB national standards is required for ongoing membership in the NACB.

Meggan Hau
National Association of Cannabis Businesses (NACB)
7025735884
[email protected]

Natura &Co significantly outperforms global CFT market in Q3 with strong sales growth and margin improvement

Recent highlights include strengthened capital structure, launch of &Co Pay financial services platform and certification of Aesop as a B Corp™

PR Newswire

SÃO PAULO, Nov. 12, 2020 /PRNewswire/ — Natura &Co (NYSE – NTCO; B3 – NTCO3) posted a strong growth in revenue in the third quarter, significantly outperforming the global Cosmetics, Fragrance, and Toiletries market, as the sustained ramp-up in digital sales across all brands continued. Consolidated sales stood at R$10.4 billion, up 31.7% in Brazilian Reais and 11.6% at constant currency.

The Group also strengthened its capital structure with the successful completion in October of a US$1 billion capital raise. The transaction allows for balance sheet optimization by accelerating deleveraging while also enabling investments to drive growth in strategic priorities including Avon’s integration, Group digitalization, geographic expansion, and the Group’s 2030 Sustainability commitments.

A key sustainability milestone included Aesop’s certification as a B CorpTM; joining Natura, The Body Shop, and a movement of businesses dedicated to achieving the highest social, economic, and environmental standards.

Natura &Co also took another step forward in its continued digitalization with the launch of &Co Pay, its proprietary financial services platform. &Co Pay will help drive productivity to consultants and representatives by allowing them access to key financial services, promoting digital and financial inclusion. Launching first in Latin America, &Co Pay will be rolled out globally within the next couple of years.

Roberto Marques, Executive Chairman and Group CEO of Natura &Co, declared: “Enabled by continued digitalization, our brands delivered strong results in the third quarter, with significant growth in sales and margin improvement. In an environment that has remained challenging throughout the world as a result of the Covid-19 pandemic, we delivered superior results compared to the CFT market both globally and in Brazil. Our performance this quarter attests to the strength of our fundamentals, our unparalleled Direct-to-Consumer reach, and the resilience of our omnichannel, multi-brand model.”

Natura &Co’s consolidated net revenue growth was driven by outperformance by both Natura and Aesop, solid growth by The Body Shop, and growth in sales in Reais by Avon. Adjusted EBITDA was R$1,547.3 million, with margin of 14.8%, a gain of 330 basis points, driven by revenue growth, improved gross margin, and cost discipline across all businesses.

Even as many retail markets reopened, the Group experienced continued strong acceleration in digital social selling and e-commerce, with total e-commerce sales growing more than 115% in the quarter vs. the same period last year. At Natura and Avon combined, e-commerce sales grew more than 80% through consultants sharing their online stores. Online sales at Aesop were up 264%, and e-commerce sales at The Body Shop grew 103%. Digital social selling also progressed. At Avon globally, sales via representatives sharing e-brochures more than doubled, and the number of consumers accessing Avon’s e-brochure increased nearly 70% vs. Q3-19. At Natura, content sharing grew by more than 170% since the first quarter of this year, and the number of orders increased 45% vs. Q3-19 through the more than 1 million consultant online stores (+75% vs. Q3-19).

Natura &Co Latam’s net revenue increased by 29.5% in BRL. The Natura brand’s net revenue rose by a very strong 41.2% in BRL, supported by both Brazil (+30.5%), outperforming the domestic CFT market, and Hispanic Latam (+65.7%). The Avon brand’s net revenue increased by 19.3% in BRL (+9.9% at CC). Excluding the cyber incident effect that shifted R$390 million in sales to Q3, Avon sales were up 3.3%, including +6.1% in Brazil, its first growth in the country since Q4-18, thanks to increased representative numbers and higher activity. Adjusted EBITDA for Natura &Co Latam was R$1,002.8 million, up 96.1%, and adjusted EBITDA margin was 16.5% (+560 bps).

Avon International, which comprises Avon’s activities in 50 markets throughout Europe, Asia, Africa, and the Middle East, saw its Q3 net revenue grow by 22.5% in BRL as most markets showed signs of recovery. Excluding the positive phasing effect of R$60 million from the cyber incident, growth was 19.5%. Avon’s new brand campaign, Watch Me Now, premiered in September across more than 30 countries. Adjusted EBITDA was R$183 million, with 7.4% margin (-200 bps).

The Body Shop’s net revenue increased 51.9% in BRL, driven by a very strong performance in online and direct sales. Consumers continued to shift to e-commerce and At-Home (direct sales), with growth of more than 103% and 333%, respectively, significantly offsetting slower recovery of retail sales. At the end of the quarter, 97% of stores were reopened. Adjusted EBITDA in Q3 was R$308.3 million, with adjusted margin of 22.3% (+360 bps).

Aesop continued its success story from Q2, with strong double-digit growth in both sales and profitability in Reais. Net sales grew 67.2% in Q3 as a 264% increase in digital sales helped offset ongoing partial retail closures related to Covid-19 in major markets such as the US and Australia. 95% of the retail network had reopened at the end of the quarter. EBITDA in Q3 grew by 121.6% to R$154.4 million, with margin up 770 basis points to 31.3%. Aesop’s commitment to sustainable business practices was underscored by its certification as a B CorpTM on November 9.

About Natura &Co

Natura &Co is a global, purpose-driven, multi-channel and multi-brand cosmetics group which includes Avon, Natura, The Body Shop and Aesop. Natura &Co posted net revenues of R$ 14.4 billion in 2019 and R$32.9 billion on a proforma basis, including Avon. The four companies that form the group are committed to generating positive economic, social and environmental impact. For 130 years Avon has stood for women: providing innovative, quality beauty products which are primarily sold to women, through women. Founded in 1969, Natura is a Brazilian multinational in the cosmetics and personal care segment, leader in direct sales. Founded in 1976 in Brighton, England, by Anita Roddick, The Body Shop is a global beauty brand that seeks to make a positive difference in the world. The Australian beauty brand Aesop was established in 1987 with a quest to create a range of superlative products for skin, hair and the body.

Press Contact

Brunswick Group
NATURA&[email protected]

Tristan Bourassin: +1 (917) 200 8667

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SOURCE Natura &Co

WeissLaw LLP Reminds ALAC, ALSK, TNAV, and EIGI Shareholders About Its Ongoing Investigations

PR Newswire

NEW YORK, Nov. 12, 2020 /PRNewswire/ —


If you own shares in any of the companies listed above and
would like to discuss our investigations or have any questions concerning
this notice or your rights or interests, please contact:


Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
[email protected]

Alberton Acquisition Corporation (NASDAQ: ALAC)

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Alberton Acquisition Corporation (NASDAQ: ALAC) in connection with the company’s proposed merger with SolarMax Technology, Inc. (“SolarMax”).  Under the terms of the merger agreement, ALAC will acquire SolarMax through a reverse merger, with SolarMax continuing as a publicly-traded company.  If you own ALAC shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website:  http://www.weisslawllp.com/ALAC/ 

Alaska Communications Systems Group, Inc. (NASDAQ: ALSK)

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) in connection with the proposed acquisition of the company by a consortium composed of Macquarie Capital and GCM Grosvenor pursuant to which, ALSK shareholders will receive $3.00 per share in cash for each share of ALSK common stock that they hold.  If you own ALSK shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website:  https://www.weisslawllp.com/ALSK/ 

Telenav, Inc. (NASDAQ: TNAV)

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Telenav, Inc. (NASDAQ: TNAV) in connection with the proposed interested-party acquisition of the company by V99, Inc., a corporation led by TNAV’s President and CEO HP Jin.  Under the terms of the acquisition agreement, TNAV shareholders will receive $4.80 per share in cash for each share of TNAV that they hold.  If you own TNAV shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslawllp.com/TNAV/ 

Endurance International Group Holdings, Inc. (NASDAQ: EIGI)  

WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Endurance International Group Holdings, Inc. (NASDAQ: EIGI) in connection with the proposed acquisition of the company by affiliates of Clearlake Capital Group, L.P.  Under the terms of the acquisition agreement, EIGI shareholders will receive $9.50 per share in cash for each share of EIGI that they hold.  If you own EIGI shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslawllp.com/EIGI/

 

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SOURCE WeissLaw LLP

SHAREHOLDER ALERT: WeissLaw LLP Investigates Cancer Genetics, Inc.

PR Newswire

NEW YORK, Nov. 12, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Cancer Genetics, Inc. (“CGIX” or the “Company”) (NASDAQ: CGIX) in connection with the Company’s proposed merger with privately-held StemoniX, Inc. (“StemoniX”). Under the terms of the merger agreement, CGIX will acquire all of the outstanding capital stock of StemoniX in exchange for a number of shares of CGIX representing approximately 78% of CGIX’s outstanding common stock.  The combined company will continue to trade on the NASDAQ, with StemoniX becoming a wholly-owned subsidiary of CGIX.  Upon closing of the proposed merger, CGIX’s current stockholders will own just 22% of the combined company.


If you own CGIX shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:


http://www.weisslawllp.com/CGIX/


Or please contact:



Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
[email protected]

WeissLaw is investigating whether CGIX’s board acted in the best interest of CGIX’s public stockholders in agreeing to the proposed transaction, whether the deal’s equity split is fair to CGIX stockholders, and whether all information regarding the sales process undertaken by the board and financial analyses supporting the transaction is fully and fairly disclosed to CGIX’s public stockholders. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]

 

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SOURCE WeissLaw LLP

SHAREHOLDER ALERT: WeissLaw LLP Investigates Jaws Acquisition Corp.

PR Newswire

NEW YORK, Nov. 12, 2020 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Jaws Acquisition Corp. (“JWS” or the “Company”) (NYSE: JWS) in connection with the Company’s proposed merger with privately-held healthcare provider Cano Health, LLC (“Cano”).  Under the terms of the merger agreement, JWS will acquire Cano through a reverse merger that will result in Cano becoming a public company traded on the New York Stock Exchange under the new ticker symbol “CANO.”  The transaction is expected to have an enterprise value of approximately $4.4 billion on a pro forma basis.


If you own JWS shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:


https://www.weisslawllp.com/JWS/


Or please contact:

Joshua Rubin, Esq.


WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771

[email protected]

WeissLaw is investigating whether JWS’s board acted in the best interest of JWS’s public stockholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Cano, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to JWS’s public stockholders. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]

 

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SOURCE WeissLaw LLP