Market Newsdesk

SAN FRANCISCO, May 13, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Lordstown Motors Corp. (NASDAQ: RIDE) investors to submit your losses now.

Class Period: Aug. 3, 2020 – Mar. 24, 2021
Lead Plaintiff Deadline: May 17, 2021
Visit:www.hbsslaw.com/cases/RIDE
Contact an Attorney Now:[email protected]
                                 844-916-0895

RIDE Securities Fraud Class Action:

The complaint alleges defendants misled investors by (i) falsely touting customer pre-orders when they were non-binding agreements, (ii) concealing that many would-be customers lacked the means to make such purchases, (iii) misstating that Lordstown was “on track” to commence production of the Endurance in Sept. 2021, and (iv) omitting to disclose that the first Endurance test run resulted in the vehicle quickly bursting into flames.

Investors began to learn the truth on Mar. 12, 2021, when Hindenburg Research published a report, claiming that the 100,000 pre-orders for Lordstown’s EV truck are “largely fictitious and used as a prop to raise capital and confer legitimacy.” Hindenburg also cited significant, undisclosed production delays and a prototype that “burst into flames 10 minutes before the test drive” in Jan. 2021, substantiating claims by former employees that the company is not conducting the needed testing or validation required by the NHTSA. On this news, Lordstown shares fell by 17% in one trading day.

Before the markets opened on Mar. 18, 2021, Lordstown’s CEO, Stephen Burns, appeared on CNBC stating, “We never said we had orders. We don’t have a product yet so by definition you can’t have orders.” Lordstown shares fell approximately another 9% on this news.

Then, on Mar. 24,

Hindenburg

hit again,

publishing photos

of a broken down Endurance on a tow truck during a commercial shoot last summer. The commercial aired several days before Lordstown Motors announced its merger with SPAC DiamondPeak.

Most recently, on Apr. 23, 2021, Goldman Sachs reportedly downgraded Lordstown shares to neutral and slashed its price target by over 50%. According to the report, Goldman analyst Mark Delaney said the company’s Endurance pickup truck’s failure to complete the Baja, Mexico race earlier this week suggests there is more power train development work to do than he expected.

“We’re focused on investors’ losses and proving Lordstown duped investors about its order book,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a Lordstown investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Lordstown Motors should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman


Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation.   More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:

Reed Kathrein, 844-916-0895

–
Company remains on track to report p
ivotal data from lead program
, ADAIR,
in
second half 2021

– Novel abuse-deterrent platform technology enables pipeline expansion opportunities across multiple drugs and indications

PHILADELPHIA, PA, May 13, 2021 (GLOBE NEWSWIRE) — Vallon Pharmaceuticals Inc. (NASDAQ: VLON), (“Vallon” or the “Company”), a clinical-stage biopharmaceutical company primarily focused on the development of novel drugs that are designed to deter abuse in the treatment of central nervous system (CNS) disorders, today reported its financial results for the quarter ended March 31, 2021.

Additionally, the Company provided an update on its development programs, ADAIR and ADMIR, which leverage the Company’s proprietary technology that is designed to resist manipulation for snorting and provide barriers to injection.

Recent Highlights

• Successfully completed an $18.0 million initial public offering of its common stock (the IPO) and began trading on the Nasdaq Capital Market under the ticker symbol “VLON”;
• Appointed Leanne Kelly, an accomplished financial executive with over 20 years of experience leading private and publicly traded companies, as its Chief Financial Officer;
• Appointed Marella Thorell, a proven executive leader with more than 30 years of experience in finance and operations, to Board of Directors;
• Continued to progress enrollment for the ongoing Study to Evaluate the Abuse Liability, Pharmacokinetics, Safety and Tolerability of an Abuse-Deterrent d-Amphetamine Sulfate Immediate Release Formulation (SEAL Study), a pivotal intranasal abuse study. Enrollment in the study remains on track to support topline study results in 2H21; and
• Presented positive data from two studies at the 2021 American Professional Society of ADHD and Related Disorders (APSARD) Annual Meeting, evaluating ADAIR which demonstrated bioequivalence to immediate release (IR) dextroamphetamine when administered orally and appears to be less desirable to recreational drug abusers when snorted compared to currently available IR dextroamphetamine.

David Baker, President & Chief Executive Officer of Vallon commented, “The first quarter was marked by our successful IPO and continued execution on the clinical and operational fronts. The SEAL Study, our pivotal intranasal abuse study of our lead program, ADAIR, continues to progress well through enrollment and we remain on track to report data in the second half of this year, with an NDA submission targeted for the second quarter of 2022. We also made key appointments to our Board and executive leadership team in the first quarter that provide additional expertise and leadership as we advance our novel platform technology and development pipeline. Our team is committed to bringing this important program across the finish line and potentially bringing to market a new effective, abuse-deterrent treatment for ADHD.”

Clinical Program Update

ADAIR



¹



: Abuse-Deterrent Formulation of Dextroamphetamine

ADAIR is the Company’s proprietary abuse-deterrent formulation of immediate-release dextroamphetamine currently in development for the treatment of attention deficit hyperactivity disorder (ADHD) and narcolepsy. ADAIR is being developed leveraging the de-risked 505(b)(2) regulatory pathway and is currently being evaluated in a pivotal intranasal abuse study, SEAL Study. The SEAL Study is expected to be the final clinical trial prior to NDA filing.

The ongoing SEAL Study is a pivotal randomized, double-blind, double dummy, placebo and active-controlled 4 period, 4 way crossover assessing the pharmacodynamics (PD), pharmacokinetics (PK), safety and tolerability of manipulated ADAIR 30 mg when compared to crushed d-amphetamine sulfate and placebo. A total of 64 subjects demonstrating a confirmed positive response to stimulants are planned to enter the treatment phase. Safety will be assessed via adverse events, vital signs, ECGs, clinical laboratory tests and other standard measures.

ADAIR is also being developed for Europe and the UK through a license and collaboration agreement with MEDICE Arzneimittel Pütter GmbH, a leader in the European ADHD market.

Upcoming Milestones

• Report pivotal data from the SEAL Study targeted for the second half of 2021.
• NDA submission targeted for the second quarter of 2022.

ADMIR: Abuse-Deterrent Formulation of Methylphenidate (Ritalin



^®



)

The Company’s second program in development is ADMIR, a novel abuse-deterrent formulation of immediate-release methylphenidate (Ritalin). Ritalin is another commonly prescribed stimulant for treating ADHD that is frequently misused and abused.

Upcoming Milestones

• Complete formulation development work.
• Upon completion of formulation development, Vallon will submit an IND to allow for the initiation of human clinical trials.

Summary of Financial Results for
First Quarter 2021

Net loss for the quarter ended March 31, 2021 was $2.6 million. Research and development expenses were $1.8 million and $0.9 million for the three months ended March 31, 2021 and 2020, respectively. The $0.9 million increase in research and development expenses was primarily due to an increase of $1.0 million related to the registration development program of ADAIR. General and administrative expenses were $0.8 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively. The increase was primarily related to increased costs for directors and officers insurance, non-cash stock compensation and increases in consultant related expenses.

On January 11, 2021, the Company entered into an agreement with certain existing shareholders for cash proceeds of $350,000 through the issuance of convertible promissory notes (the 2021 Convertible Notes). On February 12, 2021, the Company completed the IPO for total gross proceeds of $18.0 million, resulting in net proceeds of approximately $15.5 million, after deducting the underwriting commission and all expenses in connection with the offering. The 2021 Convertible Notes converted to common stock concurrently with the closing of the IPO, resulting in a net $15.9 million raised pursuant to the IPO and the 2021 Convertible Notes.

As of March 31, 2021, the Company had cash and cash equivalents totaling approximately $13.0 million, which the Company expects will provide funding for its ongoing business activities into the third quarter of 2022.

About Vallon Pharmaceuticals Inc.

Vallon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company, headquartered in Philadelphia, PA. The Company is focused on the development of new medications to help patients with central nervous system (CNS) disorders. The Company’s lead investigational product candidate, ADAIR, is a novel abuse deterrent formulation of amphetamine immediate release being developed for the treatment of ADHD and narcolepsy.

For more information about the company, please visit www.vallon-pharma.com or connect with us on LinkedIn or Twitter.

References and links to websites have been provided for convenience, and the information contained on any such website is not a part of, or incorporated by reference into, this press release. Vallon is not responsible for the contents of third-party websites.

Forward Looking Statements

This press release contains “forward-looking statements” that are based on Vallon’s current expectations and subject to inherent uncertainties, risks and assumptions that are difficult to predict, including, without limitation, Vallon’s ability to execute its business plan, continue its growth and fund its ongoing business activities as planned, Vallon’s ability to develop and commercialize its product candidates, expectations related to results of clinical trials and studies, Vallon’s expectations with respect to the important advantages it believes its abuse-deterrent formulation of drugs have over similar drugs in the market and the growing need for abuse-deterrent formulations of drugs, Vallon’s ability to utilize the 505(b)(2) regulatory pathway, Vallon’s ability to obtain FDA approval of ADAIR and its other product candidates, and Vallon’s expectations with respect to its cash runway. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in Vallon’s Quarterly and Annual Reports filed with the U.S. Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor
Contact:

JTC Team, LLC
Jenene Thomas
(833) 475-8247
[email protected]

---

¹ ADAIR is not approved by the FDA

VANCOUVER, British Columbia, May 13, 2021 (GLOBE NEWSWIRE) — Affinor Growers Inc. (“Affinor” or the “Company”) (CSE: AFI OTCQB: RSSFF) is pleased to announce that it has signed a binding Letter of Intent to purchase 100% of the private equity in Vertical Designs Aruba (“VDA”). The Aruba corporation was established in 2018 to produce fruits, vegetables and, pending receipt of a medical cannabis production license from the Government of Aruba, the consideration is all shares at 52,000,000 common shares and contingent upon the achievement of certain performance milestones:

The terms of the purchase and performance milestones are as follows:

Milestone 1: Cannabis Production for Exportation Licence is issued from the Government of Aruba and up to 49% of the project is sold for a specified minimum price (Minimum Sale Price) subject to approval by the Affinor Board of Directors of AFI.CN.
Terms: Upon achievement of Milestone 1, The shareholders will receive 26,000,000 common shares in AFI.CN with the standard 4-month hold. An executive bonus of 10% of the amount above the Minimum Sale Price noted above plus CDN$500,000. A pre-determined amount of the Minimum Sale Price will be retained in VDA to build out the first facility in Aruba.

Milestone 2: Build out a minimum 200 (two) tower facility in Aruba. The first 5,000 – 6,000lbs (2,300 to 2,700 kilos) of cannabis produced in Aruba is successfully exported and completely sold out at a pre-determined or mutually agreed amount.
Terms: Upon completion of Milestone 2, the balance of 26,000,000 common shares in AFI.CN will be issued the former VDA shareholders with a standard 4-month hold.

Affinor’s plan in Aruba is to produce food and cannabis sustainably and cost-efficiently in one of the best growing climates worldwide. Over 100 acres on the proposed north island site is available and can accommodate 1,000 vertical towers per acre. Full development would create a new global medical cannabis industry leader and open international markets. The benefits to Aruba include local food production to reduce imports, high wage employment, education, technology transfer and taxation income.

Affinor’s patented farming technology and QA processes are sustainably delivered through alternative energy from Tesla, composting technology, and LED lighting. Affinor is utilizing The Tesla Powerwalls and Solar in its Abbotsford BC greenhouse. This is especially important as the company grows across Canada and works toward full ESG compliance globally. Affinor’s vertical farming technology levels the playing field for plant production globally.

Nick Brusatore CEO: “Affinor’s mission is to serve the world with sustainable agriculture technology with no compromises on quality. I am so excited about this project. Aruba is a warm, beautiful country filled with wonderful people. I am so proud to be part of the movement for global sustainability and national self-sufficiency serving nations like Aruba.”

Certain insiders of the Company are related parties to VDA and as such, the transaction is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any securities issued to insiders nor the consideration paid by such persons exceeded by 25% of the Company’s market capitalization.

About Affinor

Affinor is a publicly traded company listed on the CSE under the symbol “AFI” and on the OTCQB under the symbol “RSSFF”. Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits, vegetables, and cannabis in a sustainable manner.

To learn more about Affinor, visit: https://www.affinorgrowers.com

Renmark Financial Communications Inc.

Joshua Lavers: [email protected]
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

TORONTO, May 13, 2021 (GLOBE NEWSWIRE) — Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”) today announced enhancements to its Video Recognition Software (VRS) for identifying weapons and other threats in crowds. Patriot One’s VRS is an advanced artificial intelligence (AI)-based video analytics solution that provides unprecedented accuracy in detecting threats and enabling businesses, schools and other organizations to protect employees, students, customers and assets. Businesses can also use its capabilities to gain valuable intelligence on customer traffic flow and behavior to optimize operations.

With the ability to accurately detect weapons and disturbances of up to 150 feet away, Patriot One’s VRS dramatically improves security and efficiency for organizations that host crowds or the general public, including retail stores, schools, casinos, entertainment venues and more.

“False positives are a huge problem with other AI-based video analysis systems, which is why their alerts need to be reviewed and validated by humans before any action can be taken. This squanders critical minutes in the incident detection and response cycle,” said Peter Evans, CEO of Patriot One. “VRS automatically validates alerts through multiple camera sources and a combination of AI analytic engines, so security staff can be correctly notified and briefed in real-time before a weapons incident or other type of disturbance arises.”

Unlike competitive offerings on the market, Patriot One’s VRS is compatible with any IP-based video surveillance system, eliminating the need for customers to “rip and replace” existing video infrastructure in order to obtain the benefits of AI-enabled video analytics.

“Patriot One’s VRS is highly effective at detecting weapons very early in the incident cycle, long before a perpetrator reaches a building, which dramatically increases the likelihood of being able to respond to threats before they impact employees and customers,” said Peter Giunchini, vice president, New York Security Solutions, Inc. “These advanced insights enable our customers to secure their locations and protect their stakeholders in a cost-efficient way, since they don’t have to install brand new hardware to take advantage of VRS.”

Key enhancements to VRS include:

High Fidelity Object Recognition: The system accurately detects guns while automatically distinguishing them from umbrellas, phones or other innocuous items. Its accuracy enables the system to notify security personnel at the earliest possible point in the incident cycle, so they can de-escalate potentially violent situations quickly.

People Counting: VRS Counting provides valuable intelligence both for crowd management and business operations, with information such as:

• Overall crowd size, which allows venue operators and other businesses to comply with fire and COVID-19 occupancy restrictions, as well as make smarter staffing decisions.
• Foot traffic in certain areas, which can be used for a variety of purposes including security staff deployment, retail merchandising business intelligence and optimization.
• Line formation and traffic management, which enables businesses to take action for a wide variety of applications, ranging from improving the customer experience at concession stands, to optimizing distribution center operations. Additionally, understanding customer flows at different times of day can inform staffing and operations.
• Detecting anomalous concentrations of people, which could indicate emerging incidents such as fights, medical emergencies or other disturbances.

“Patriot One’s VRS gives business owners a pre-emptive technology solution that can prevent gun and other violence in the places where people gather, while also providing health and safety information that helps with compliance and operations,” Mr. Evans continued. “When coupled with Patriot One’s Multi-Sensor Gateway (MSG) touchless threat detection system for points of entry, VRS provides unparalleled security and operational intelligence across the entire physical footprint: outside, at the point of entry and inside the building.”

For more on VRS capabilities please visit https://patriot1tech.com/patscan/video/.

About Patriot One Technologies


Patriot One Technologies
makes unobtrusive, artificial intelligence (AI)-driven weapons and threat detection systems that enable arenas, schools, theaters and other businesses to provide unprecedented safety while also improving the customer experience. The company’s Multi-Sensor Gateway enables companies to covertly screen for weapons at points of entry without disrupting the flow of traffic, and its AI-based Video Recognition Software (VRS) enables venue and building operators to identify weapons and other threats inside and outside of facilities, while also providing valuable intelligence for optimizing operations. Follow us on Twitter @patriot1tech.

For further information, please contact:

Patriot One Technologies
Inquiries

[email protected]




www.patriot1tech.com

Media Contact

Caroline Metell
[email protected]

CAUTIONARY DISCLAIMER STATEMENT:

No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements relating to system sales, product development, licensing, commercialization and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects”,” believes”, and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include counterparty default and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

Neither the Toronto Stock Exchange (TSX) nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.