Market Newsdesk

LOS ANGELES, CA, May 17, 2021 (GLOBE NEWSWIRE) — via NewMediaWire ‒ Troika Media Group, Inc. (Nasdaq: TRKA) (“TMG” or “Company”), a brand consultancy and marketing innovations company that provides integrated branding and marketing solutions for global brands, today announced the launch of Troika Labs, a new division with the primary mission to leverage its expansive data and content creation capabilities to provide a fully integrated digital and creative offering to clients on a global scale. 

Troika Labs will be a data-driven content practice built on the intelligence and insight that media provides about which content connects brands with people in the most compelling and personalized way. By aligning and leveraging consumer and media data from TMG’s digital investments, Troika Labs can deliver a higher level of consumer insight and increase the efficiency and impact of both the creative product and client media investments.  

“The media landscape continues to change and at an accelerating pace,” said Robert Machinist, Troika Chairman and CEO.  “As consumer media consumption shifts across the various media platforms, marketers require a partner who understands their business, has deep knowledge of the changing environment, and the creative, technology and data services to help them reach their audience in the most efficient and effective way possible. By combining the expertise of data insights and integrated marketing throughout the entire strategic and creative process, we can provide a higher level of service, creating solutions and strategies that drive optimal results for brands across the TMG client footprint.”

Troika Labs will be led by Chief Digital Officer Gregg Lester. Lester will report to Robert Machinist, Chief Executive Officer of TMG. Lester was previously Chief Digital Director, DeVito/Verdi, a privately held creative agency based in New York City. While at Devito/Verdi he led digital transformation and performance marketing strategy for some of the top brands in the U.S, including the “Stop the Spread” Covid-19 campaign. Prior to joining Devito/Verdi, Lester started a Digital Strategy consulting boutique in 2014 which was acquired by DeVito/Verdi in 2017.  In addition to the digital consulting firm, in 2015 Lester founded an e-commerce platform, Slippers.com, where he partnered up with various key players in the footwear and retail industry, such as Steve Madden Inc. Lester grew Slippers.com from a domain name with no sales, to millions of dollars in sales annually.  

About Troika Labs

Troika Labs is a marketing innovations group that leverages the power of data, merging technology with engaging content and compelling experiences to reach consumers, audiences and fans. Troika Labs helps brands navigate through change, enhance the consumer experience, and fuel fandom.

About Troika Media Group

Troika Media Group is an end-to-end brand solutions company that creates both near-term and long-term value for global brands. Applying emerging technology, data science, and world-class creative, TMG helps brands deepen engagement with audiences and fans throughout the consumer journey and builds brand equity. Clients include Apple, Hulu, Riot Games, Belvedere Vodka, Unilever, UFC, Peloton, CNN, HBO, ESPN, Wynn Resorts and Casinos, Tiffany & Co., IMAX, Netflix, Sony and Coca-Cola. For more information, visit www.thetmgrp.com

Forward-Looking Statements

Certain statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “believe,” “expects,” “may,” “looks to,” “will,” “should,” “plan,” “intend,” “on condition,” “target,” “see,” “potential,” “estimates,” “preliminary,” or “anticipates” or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances, or effects. Moreover, forward-looking statements in this release include, but are not limited to, the impact of the current COVID-19 pandemic, which may limit access to the Company’s facilities, customers, management, support staff, and professional advisors, and to develop and deliver advanced voice and data communications systems, demand for the Company’s products and services, economic conditions in the U.S. and worldwide, and the Company’s ability to recruit and retain management, technical, and sales personnel. Further information relating to factors that may impact the Company’s results and forward-looking statements are disclosed in the Company’s filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:

For Troika Media Group

Kevin Aratari 
[email protected] 

Investor Relations

TraDigital IR
Kevin McGrath
+1-646-418-7002
[email protected]m 

OMER, Israel, May 17, 2021 (GLOBE NEWSWIRE) — Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions and innovative internet technologies, today announced its financial results for the year ended December 31, 2020 and reported that the Company’s annual report on Form 20-F, containing audited consolidated financial statements for the year ended December 31, 2020 was filed with the Securities and Exchange Commission on May 14, 2020.

For the year ended December 31, 2020, the Company reported revenues from products and services of approx. $531 thousands, an increase of approx. 95% compared to approx. $273 thousands for the year ended December 31, 2019. Our revenues in recent years were primarily derived from the sale of miniature camera and related equipment which we develop and manufacture and from development services.

The increase in revenues from miniature camera and related equipment was primarily due to the sale of products to A.M. Surgical by ScoutCam. Total revenues recorded from A.M. Surgical during 2020 amounted to approximately $383 thousands. Total revenues we recorded from A.M. Surgical during 2019 amounted to approximately $85 thousands. This increase was partially offset by decrease in revenues to other customers due to the COVID-19 pandemic impact on global markets and ScoutCam management decision to reduce sales to occasional customers and focus on larger projects. The attributed to the revenues from services comes from Eventer, which was consolidated commencing October 15, 2020. 

The Company ended 2020 with a net loss of approx. $6.85 million representing a decrease of approx. 52%, compared to a net loss of approx. $14.18 million in 2019. The decrease was primarily due to a one-time IFRS listing expenses in 2019 of 10.01 million off-set by an increase in General and administrative expenses of 2.41 million in 2020.

Cash and Cash equivalents totaled $22.36 million as of December 31, 2020, compared to $7.04 million on December 31, 2019. The increase was primarily due to Net cash generated from financing activities for the year ended December 31, 2020 of $22,95 million, an increase of $19.79 million, compared to net cash generated from financing activities of $3.16 million for the year ended December 31, 2019.

The activities carried out by Medigus, and our subsidiaries are focused on medical-related devices and products on internet and other online-related technologies, and vehicle and wireless charging activities.

2020- 2021 Highlights:

Electric Vehicles Activity Overview

1. Charging Robotics Ltd., a robotic solution for wireless charging of electric vehicles – On January 7, 2021, Medigus entered into an agreement to purchase a provisional patent filed with the United States Patent and Trademark Office and know-how relating to wireless vehicle battery charging technology in consideration for $75,000. Furthermore, the Company entered a collaboration agreement with the seller, whereby the Company committed to invest $150,000 in a newly incorporated wholly owned subsidiary of the Company, Charging Robotics.
2. Revoltz Ltd., a New Joint Venture developing EV micro mobility vehicles – On February 19, 2021, Medigus entered into a joint venture agreement, with Amir Zaid and Weijian Zhou and the Company’s wholly owned subsidiary, Charging Robotics, for the purpose of developing and commercializing three modular electric vehicle (EV) micro mobility vehicles for urban individual use and “last mile” cargo delivery. Pursuant to the terms of the joint venture agreement, Medigus will own initially 19.99%, upon the consummation of an investment in a milestone financing of $1,350,000 in the aggregate, Medigus will be entitled to own 50.01% of the issued and outstanding share capital of the joint venture.

  
Medical Activity Overview

1. ScoutCam Inc. (OTCQB:SCTC): Commercially, ScoutCam has received purchase orders for its products from a Fortune 500 company in the healthcare sector and has been added to the Approved Supplier List of a leading healthcare company. ScoutCam is examining and pursuing additional applications for the micro ScoutCam™ portfolio outside of the medical device industry, including, among others, the defense, aerospace, automotive, and industrial non-destructing-testing industries, and plans to further expand the activity in these non-medical spaces. On May 19, 2020, ScoutCam entered into and consummated a securities purchase agreement with M. Arkin (1999) Ltd. in connection with an investment of $2,000,000. Since September 14, 2020, ScoutCam’s common stock is quoted on the OTCQB Venture Market. On April 2021, ScoutCam consummated a private placement of $20 million.
2. Polyrizon Ltd., Protective Biological Gels – In July 2020, Medigus entered into an ordinary share purchase agreement with Polyrizon, pursuant to which Medigus purchased 19.9% of Polyrizon’s issued and outstanding capital stock on a fully diluted basis for aggregate gross proceeds of $10,000. In addition, Medigus has an option to invest an additional amount of up to $1,000,000 in consideration for shares of Polyrizon such that following the additional investment, Medigus will own 51% of Polyrizon’s share capital on a fully diluted basis, excluding outstanding deferred shares, as defined in the share purchase agreement.

e-Commerce Activity Overview

Smart Repair Pro Inc. and Purex Corp., online stores for the sale of various consumer products on the Amazon marketplace – On October 8, 2020, Medigus entered into purchase agreements with Smart Repair Pro, Purex, and their respective stockholders, to acquire 50.01% of each of Smart Repair Pro and Purex issued and outstanding share capital on a fully diluted basis and invested an aggregate amount of $1,250,000 in Smart Repair Pro and Purex, to issue $500,000 worth of restricted ADSs to the current stockholders of such companies. In addition, the companies’ current shareholders are entitled to additional milestone issuances of up to an aggregate $750,000 in restricted ADSs subject to the achievement by Smart Repair Pro and Purex of certain milestones throughout 2021. The transactions contemplated in the definitive agreements closed on January 4, 2021. Smart Repair Pro has completed processes with Amazon, which will allow for it to open its stores for sale to consumers in the U.S., Australia, the United Kingdom, Germany and additional countries in Europe. On February 2, 2021, Medigus entered into a loan and pledge agreement with Medigus’ majority owned subsidiary Smart Repair Pro and its other stockholder, to finance Smart Repair Pro’s additional purchases of three new brands on the Amazon online marketplace. Pursuant to the Smart Repair Pro loan and pledge agreement, Medigus extended a $3.76 million loan, with an annual interest of 4%, to be repaid on the fifth anniversary of the effective date.

Internet Activity Overview 

1. Gix Internet Ltd., Ad-Tech and Online Advertising – During 2020, Medigus elected to convert all of its ordinary shares in Linkury, a subsidiary of Gix, into Gix’s ordinary shares, as part of Medigus investment agreement in Gix. As of the expected completion of the conversion, Medigus will own approximately 33% of Gix’s issued and outstanding share capital.
2. Eventer Technologies Ltd., Online Event Management, a technology company engaged in the development of unique tools for automatic creation, management, promotion, and billing of events and ticketing sales. On October 14, 2020, Medigus signed a share purchase agreement and a revolving loan agreement with Eventer. As part of the share purchase agreement and the revolving loan agreement, Medigus invested $750,000 and as of the completion of the investment held 50.1% of Eventer’s issued and outstanding share capital on a fully diluted basis. On November 30, 2020, Eventer signed a commercial licensing agreement with virtual entertainment and event technology company, Screenz Cross Media Ltd. On April 8, 2021, Eventer consummated a share purchase agreement at an aggregate amount of $2.25 million, out of which Medigus invested $300,000 and currently holds approximately 47.69% of Eventer shares on a fully diluted basis.

  
About Medigus

Medigus is traded on the Nasdaq Capital Market. To learn more about the company’s advanced technology, please visit www.medigus.com.

Cautionary Note Regarding Forward Looking Statements

This press release may contain statements that are “Forward-Looking Statements,” which are based upon the current estimates, assumptions and expectations of Medigus’ management and its knowledge of the relevant market. Medigus has tried, where possible, to identify such information and statements by using words such as “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “contemplate” and other similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance, although not all forward-looking statements contain these identifying words. These forward-looking statements represent Medigus’ expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. By their nature, Forward-Looking Statements involve known and unknown risks, uncertainties and other factors which may cause future results of Medigus’ activity to differ significantly from the content and implications of such statements. Risk factors affecting Medigus are discussed in detail in Medigus’ filings with the Securities and Exchange Commission. Forward-Looking Statements are pertinent only as of the date on which they are made, and Medigus undertakes no obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future developments or otherwise.

Contact (for media only)
Oz Adler
Chief Financial Officer
+972-8-6466-880
[email protected]

Revenues Increase 117%; Earnings per share of


$0.27

COLUMBUS, OH, May 17, 2021 (GLOBE NEWSWIRE) — Intellinetics, Inc. (OTCQB: INLX), a cloud-based document solutions provider, announced financial results for the three months ended March 31, 2021.

2021 First Quarter Financial Highlights

	●	Total Revenue increased 117% from the same period in 2020.
	●	Software as a Service Revenue increased 43% from the same period in 2020.
	●	Net Income of $842,772, compared to Net Loss of $646,211 from the same period in 2020.
	●	Adjusted EBITDA of $356,165, compared to $7,785 from the same period in 2020.

Summ
ary – 2021 First quarter Results

Revenues for the three months ended March 31, 2021 were $2,635,219 as compared with $1,213,664 for the same period in 2020. The increase in our professional services and storage and retrieval revenues is primarily due to the inclusion of a full quarter of revenues from our subsidiary acquired in 2020, Graphic Sciences, Inc., compared to the same quarter in 2020 that only included one month of acquisition revenues. Intellinetics reported a net income of $842,772 for the three months ended March 31, 2021 compared to a net loss of $646,211 for the same period in 2020. The improved net income was the result of improved operating results, no significant transaction costs in 2021, and a gain on extinguishment of debt of $845,083 from the full forgiveness of our PPP loan. Net income per basic and diluted share was $0.30 and $0.27, respectively, for the three months ended March 31, 2021. Net loss per basic and diluted share was ($0.54) for the three months ended March 31, 2020.

2
021 Other Highlights

	●	Invested in new warehouse to support growth of our storage and retrieval services, which increases box storage capacity more than 120%.
	●	Signed a new three-year, revenue favorable agreement with our second-largest customer.
	●	Expanded K-12 footprint closing 20 new districts in the quarter, taking us to over 230 school districts at the time of this release.

James F.
DeSocio
, President & CEO of Intellinetics, stated, “Our employees continue to impress me with their focus. We have just celebrated the anniversaries our two 2020 acquisitions and I am pleased to say that the integrations have exceeded our expectations and our timeline. In all my career, these are two of the smoothest acquisitions in which I have been involved. The efforts are reflected in the results of our net income and cash flow, where our ‘net cash provided by operating activities’ improved significantly from Q1 2020 to $326,869 for the quarter.

“Similarly, we are making investments in our sales and marketing teams to enhance our ability to capture more of the market. We aligned the sales and marketing teams over the past two quarters, and we are cross selling our solutions and applications into our new and existing customer base. This is the synergy we strove for when we acquired the two companies. We’ve launched tactically focused email and telephone campaigns in the first quarter, and I am excited to see what our organization can deliver. All eyes are all forward on growing the business.

“We continue to expect, for this fiscal year, to build on the positive Adjusted EBITDA of 2020 and to drive revenue growth.”

About
Intellinetics
, Inc.

Intellinetics, Inc., located in Columbus, Ohio, is a cloud-based document services software provider. Its IntelliCloud™ suite of solutions serve a mission-critical role for organizations in highly regulated, risk and compliance-intensive markets in Healthcare, K-12, Public Safety, Public Sector, Risk Management, Financial Services and beyond. IntelliCloud solutions make content secure, compliant, and process-ready to drive innovation, efficiencies and growth. Through its Image Technology Group and production scanning department, hundreds of millions of images have been converted from paper to digital, paper to microfilm, and microfiche to microfilm for business and federal, county, and municipal governments. Its operations in Madison Heights, Michigan, also provides its clients with long-term paper and microfilm storage and retrieval options. For additional information, please visit www.intellinetics.com.

Cautionary Statement

Statements in this press release which are not purely historical, including statements regarding future business and growth, future revenues, including 2021 revenues and future revenue streams from new and existing customers, 2021 Adjusted EBITDA, future cash flow and other synergies associated with our 2020 acquisitions of Graphic Sciences and CEO Imaging and the success of our integration efforts, our other product and service offerings and marketing initiatives mentioned in this release, and in any other industry, market, initiative, service or innovation; cross-selling opportunities for Intellinetics’ future revenues, revenue consistency, growth and long-term value, including trends in revenue growth and mix; growth of software as a service, professional services, and maintenance revenue; market penetration; execution of Intellinetics’ business plan, strategy, direction and focus; and other intentions, beliefs, expectations, representations, projections, plans or strategies regarding future growth, financial results, and other future events are forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions, the impact of COVID-19 and related governmental actions and orders on customers, suppliers, employees and the economy and our industry, Intellinetics’ ability to execute on its business plan and strategy, customary risks attendant to acquisitions, trends in the products markets, variations in Intellinetics’ cash flow or adequacy of capital resources, market acceptance risks, the success of Intellinetics’ solutions providers, including human services, health care, and education, technical development risks, and other risks, uncertainties and other factors discussed from time to time in its reports filed with or furnished to the Securities and Exchange Commission, including in Intellinetics’ most recent annual report on Form 10-K as well as subsequently filed reports on Form 8-K. Intellinetics cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Intellinetics disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Intellinetics on its website at www.intellinetics.com or at www.sec.gov.

CONTACT:

Joe Spain, CFO
Intellinetics, Inc.
614.921.8170 [email protected]

Non-GAAP Financial Measure

Intellinetics uses non-GAAP Adjusted EBITDA as a supplemental measure of our performance that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (GAAP).

A non-GAAP financial measure is a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net income, operating income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or a measure of our liquidity. Intellinetics urges investors to review the reconciliation of non-GAAP Adjusted EBITDA to the comparable GAAP Net Loss, which is included in this press release, and not to rely on any single financial measure to evaluate Intellinetics’ financial performance.

We believe that Adjusted EBITDA is a useful performance measure and is used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone. We define “Adjusted EBITDA” as earnings before interest expense, any income taxes, depreciation and amortization expense, stock-based compensation, note conversion and note or equity offer warrant or stock expense, gain or loss on debt extinguishment, change in fair value of contingent consideration, and significant transaction costs.

Reconciliation of Net Loss to Adjusted EBITDA

		For the Three Months Ended March 31,
		2021				2020
Net loss – GAAP		$	842,772			($	646,211	)
Interest expense, net			113,044				290,430
Income tax benefit, net			–				(188,300	)
Depreciation and amortization			94,884				28,091
Stock-based compensation			80,598				69,073
Stock and warrant issue expense			–				377,761
Significant transaction costs			–				364,367
Change in fair value of earnout liabilities			69,950				–
Gain on extinguishment of debt			(845,083	)			(287,426	)
Adjusted EBITDA		$	356,165			($	7,785	)

INTELLINETICS, INC. and SUBSIDIARY

Condensed Consolidated Statements of Operations

(Unaudited)

		For the Three Months Ended March 31,
		2021				2020
Revenues:
Sale of software		$	9,594			$	94,100
Software as a service			323,726				225,994
Software maintenance services			340,446				261,243
Professional services			1,652,463				560,029
Storage and retrieval services			308,990				72,298
Total revenues			2,635,219				1,213,664
Cost of revenues:
Sale of software			4,237				38,302
Software as a service			76,340				72,515
Software maintenance services			24,388				46,516
Professional services			834,238				272,505
Storage and retrieval services			91,112				17,701
Total cost of revenues			1,030,315				447,539
Gross profit			1,604,904				766,125
Operating expenses:
General and administrative			1,039,026				865,085
Change in fair value of earnout liabilities			69,950				–
Significant transaction costs			–				460,767
Sales and marketing			290,311				243,689
Depreciation and amortization			94,884				28,091
Total operating expenses			1,494,171				1,597,632
Income/loss from operations			110,733				(831,507	)
Other income (expense)
Gain on extinguishment of debt			845,083				287,426
Interest expense, net			(113,044	)			(290,430	)
Total other income/expense			732,039				(3,004	)
Income/loss before income taxes			842,772				(834,511	)
Income tax benefit			–				188,300
Net income/loss		$	842,772			$	(646,211	)
Basic net income (loss) per share:		$	0.30			$	(0.54	)
Diluted net income (loss) per share:		$	0.27			$	(0.54	)
Weighted average number of common shares outstanding – basic			2,822,665				1,185,846
Weighted average number of common shares outstanding – diluted			3,106,885				1,185,846

INTELLINETICS, INC. and SUBSIDIARY

Condensed Consolidated Balance Sheets

		(unaudited)
		March 31,				December 31,
		2021				2020
ASSETS
Current assets:
Cash		$	2,003,052			$	1,907,882
Accounts receivable, net			1,055,023				792,380
Accounts receivable, unbilled			346,151				523,522
Parts and supplies, net			75,877				79,784
Prepaid expenses and other current assets			231,475				162,166
Total current assets			3,711,578				3,465,734
Property and equipment, net			889,686				698,752
Right of use assets			2,511,445				2,641,005
Intangible assets, net			1,130,852				1,184,971
Goodwill			2,322,887				2,322,887
Other assets			27,284				31,284
Total assets		$	10,593,732			$	10,344,633
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	240,236			$	141,823
Accrued compensation			391,310				271,889
Accrued expenses, other			141,748				131,685
Lease liabilities – current			489,105				518,531
Deferred revenues			945,812				996,131
Deferred compensation			100,828				100,828
Earnout liabilities – current			947,472				877,522
Accrued interest payable – current			–				5,941
Notes payable – current			–				580,638
Total current liabilities			3,256,511				3,624,988
Long-term liabilities:
Notes payable – net of current portion			1,596,723				1,802,184
Lease liabilities – net of current portion			2,096,618				2,196,951
Earnout liabilities – net of current portion			1,566,478				1,566,478
Total long-term liabilities			5,259,819				5,565,613
Total liabilities			8,516,330				9,190,601
Stockholders’ equity:
Common stock, $0.001 par value, 25,000,000 shares authorized; 2,823,072 and 2,810,865 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively			2,823				2,811
Additional paid-in capital			24,228,074				24,147,488
Accumulated deficit			(22,153,495	)			(22,996,267	)
Total stockholders’ equity			2,077,402				1,154,032
Total liabilities and stockholders’ equity		$	10,593,732			$	10,344,633

INTELLINETICS, INC. and SUBSIDIARY

Condensed Consolidated Statements of Cash Flows

(Unaudited)

		For the Three Months Ended March 31,
		2021				2020
Cash flows from operating activities:
Net income/loss		$	842,772			$	(646,211	)
Adjustments to reconcile net income/loss to net cash used in operating activities:
Depreciation and amortization			94,884				28,091
Bad debt expense			(2,634	)			23,287
Parts and supplies reserve change			4,500				1,500
Amortization of deferred financing costs			25,935				39,287
Amortization of beneficial conversion option			–				11,786
Amortization of debt discount			26,666				8,889
Amortization of right of use asset			129,560				45,197
Stock issued for services			57,500				57,500
Stock options compensation			23,098				11,573
Note conversion stock issue expense			–				141,000
Warrant issue expense			–				236,761
Interest on converted debt			–				176,105
Amortization of original issue discount on notes			–				16,864
Gain on extinguishment of debt			(845,083	)			(287,426	)
Change in fair value of earnout liabilities			69,950				–
Changes in operating assets and liabilities:
Accounts receivable			(260,009	)			294,853
Accounts receivable, unbilled			177,371				8,423
Parts and supplies			(593	)			(11,506	)
Prepaid expenses and other current assets			(65,309	)			(82,390	)
Accounts payable and accrued expenses			227,897				(90,718	)
Lease liabilities, current and long-term			(129,759	)			(43,908	)
Deferred compensation			–				(13,046	)
Accrued interest, current and long-term			442				20,000
Deferred revenues			(50,319	)			(89,862	)
Total adjustments			(515,903	)			502,260
Net cash provided by/(used in) operating activities			326,869				(143,951	)
Cash flows from investing activities:
Cash paid to acquire business, net of cash acquired			–				(3,888,984	)
Purchases of property and equipment			(231,699	)			(7,742	)
Net cash used in investing activities			(231,699	)			(3,896,726	)
Cash flows from financing activities:
Proceeds from issuance of common stock			–				3,167,500
Offering costs paid on issuance of common stock			–				(307,867	)
Payment of deferred financing costs			–				(175,924	)
Proceeds from notes payable			–				2,000,000
Net cash provided by financing activities			–				4,683,709
Net increase in cash			95,170				643,032
Cash – beginning of period			1,907,882				404,165
Cash – end of period		$	2,003,052			$	1,047,197
Supplemental disclosure of cash flow information:
Cash paid during the period for interest		$	60,000			$	2,154
Cash paid during the period for income taxes		$	913			$	–
Supplemental disclosure of non-cash financing activities:
Accrued interest notes payable converted to equity		$	–			$	796,074
Accrued interest notes payable related parties converted to equity			–				238,883
Discount on notes payable for beneficial conversion feature			–				320,000
Discount on notes payable for warrants			–				135,292
Notes payable converted to equity			–				3,421,063
Notes payable converted to equity – related parties			–				1,465,515
Supplemental disclosure of non-cash investing activities relating to business acquisitions:
Cash		$	–			$	17,269
Accounts receivable			–				1,071,770
Accounts receivable, unbilled			–				266,403
Parts and supplies			–				101,016
Prepaid expenses			–				73,116
Other current assets			–				5,954
Right of use assets			–				2,885,618
Property and equipment			–				732,372
Intangible assets			–				1,230,000
Accounts payable			–				(129,622	)
Accrued expenses			–				(155,949	)
Lease liabilities			–				(2,947,684	)
Federal and state taxes payable			–				(168,900	)
Deferred revenues			–				(39,186	)
Deferred tax liabilities, net			–				(149,900	)
Net assets acquired in acquisition			–				2,792,277
Total goodwill acquired in acquisition			–				1,800,176
Total purchase price of acquisition			–				4,592,453
Purchase price of business acquisition financed with earnout liability			–				(686,200	)
Cash used in business acquisition		$	–			$	3,906,253

• Secured non-dilutive funding of approximately $35 million thus far in 2021, including licensing payments from Hansoh Pharma, the first tranche from a term loan agreement with Hercules and Silicon Valley Bank, and the monetization of the 2020 New Jersey NOLs

• Appointed Christine Coyne as Chief Commercial Officer to lead the launch of ibrexafungerp (Brexafemme
  
  ^®
  
  ) for the treatment of vaginal yeast infections, following expected approval by June 1
  
  ^st
  

• Began dosing patients in a Phase 1 trial of the IV formulation of ibrexafungerp

• Further strengthened balance sheet and projected cash runway into 2023
  

JERSEY CITY, N.J., May 17, 2021 (GLOBE NEWSWIRE) — SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today reported financial results for the first quarter ended on March 31, 2021 and provided an update on recent clinical and corporate developments.

“Our team is executing on all cylinders as we approach our June 1, 2021 PDUFA for Brexafemme,” said Marco Taglietti, M.D., President and Chief Executive Officer of SCYNEXIS. “So far this year, we have received a total of approximately $35 million in non-dilutive funding, which is adequate to support our Brexafemme U.S. launch in the second half of the year while further extending our cash runway into 2023. We are also advancing the development of ibrexafungerp in the hospital setting, including our new IV formulation currently in Phase 1. With ibrexafungerp poised to become the first new antifungal class approved in over 20 years, we believe that the approval of the VVC indication may represent just the first step in the larger build-out of our antifungal franchise.”

Ibrexafungerp Update

• Remain on track for anticipated June 1
  ^st
  approval of ibrexafungerp for the treatment of VVC and commercial launch in the second half of 2021. SCYNEXIS is currently in discussions with the FDA to finalize its recommended wording for different sections of the drug’s Prescribing Information to provide adequate information to prescribers.

• Dosing is ongoing in Phase 1 testing of the liposomal IV formulation of ibrexafungerp. Based on promising pre-clinical data of our liposomal IV formulation of ibrexafungerp, SCYNEXIS is conducting a Phase 1, randomized, double-blind, placebo-controlled study to evaluate the safety, tolerability, and pharmacokinetics of the IV liposomal formulation of ibrexafungerp in healthy subjects. The study is being conducted in South Africa and dosing began in March 2021.

• Enrollment is complete in the Phase 3 CANDLE study, investigating the efficacy and safety of oral ibrexafungerp for the prevention of recurrent VVC, for which there is no approved therapy in the U.S. SCYNEXIS expects the last-patient / last-visit by the end of 2021 with top-line results and a supplemental NDA submission anticipated in the first half of 2022, resulting in a potential approval in late 2022.
• Enrollment is ongoing in our refractory invasive fungal infections (rIFI) program, which comprises two open-label Phase 3 studies (FURI and CARES). On March 2, 2021 SCYNEXIS presented positive data from its third interim analysis of the FURI study and first interim analysis of the CARES study, showing oral ibrexafungerp’s ability to treat severe fungal infections in the hospital setting. Consistent with two prior interim analyses, the FURI results confirm positive clinical activity of oral ibrexafungerp in patients with difficult-to-treat, severe, mucocutaneous and invasive fungal infections, including those caused by resistant strains. In total, oral ibrexafungerp showed clinical benefits in 64 out of 74 patients (86.5%), with 46 patients achieving a complete or partial response. The first interim analysis of CARES study showed strong clinical activity of oral ibrexafungerp in patients with invasive candidiasis and candidemia due to Candida auris, a high-mortality infection classified by Centers for Disease Control and Prevention as an urgent threat to public health, with 8 out of 10 patients (80.0%) experiencing a complete response. The results support continued enrollment in both open-label Phase 3 studies, with potential future submissions under the LPAD regulatory pathway.
• Ibrexafungerp Phase 3 data were presented at a key medical conference, reporting efficacy in non-
  
  albicans Candida
  
  (NAC) and severe patients with vulvovaginal candidiasis infections. On April 30, SCYNEXIS presented posters on two data sets from SCYNEXIS’s Phase 3 VANISH program demonstrating the therapeutic potential of ibrexafungerp at the 2021 American College of Obstetricians and Gynecologists (ACOG) Annual Meeting that took place virtually from April 30-May 2, 2021. The data highlighted ibrexafungerp efficacy in treating patients with NAC, which was comparable to that of the total patient population enrolled in the trial. Additionally, ibrexafungerp was shown to be efficacious in patients with severe VVC, and may provide a treatment alternative where currently available therapies may not be satisfactory.

Corporate Developments and Subsequent Events

• On February 11, 2021, SCYNEXIS entered into a licensing and strategic partnership agreement for ibrexafungerp with Hansoh Pharmaceutical that covers the Greater China region. So far SCYNEXIS received $11 million in upfront and milestone payments and is eligible to receive additional development and commercial milestone payments of up to $111 million, plus double-digit royalties on net sales.
• On February 23, 2021, SCYNEXIS announced that it has partnered with Amplity Health, a leading global contract commercialization organization, to support the anticipated U.S. commercialization of Brexafemme (the conditionally FDA-approved brand name for ibrexafungerp for vaginal yeast infections) in the second half of 2021. SCYNEXIS will utilize Amplity’s commercial execution expertise and resources for sales force, remote engagement, training, market access and select operations services.
• In May 2021, SCYNEXIS entered into an agreement with a third party to sell a portion of its unused 2020 New Jersey NOLs for approximately $4.2 million.
• On May 10, 2021, SCYNEXIS granted stock options to three new employees to purchase an aggregate of 15,000 shares of SCYNEXIS common stock at a per share exercise price of $6.50, the closing trading price on May 10, 2021. Each option has a ten-year term, with one-fourth of the shares subject to the option vesting on the one-year anniversary of the employee’s first date of employment and the remainder vesting in equal monthly installments for thirty-six months thereafter, provided the employee continues to provide service to SCYNEXIS. The stock options were granted pursuant to SCYNEXIS’s 2015 Inducement Award Plan, as amended in April 2021, which was adopted by the SCYNEXIS’s board of directors in March 2015 under Rule 5635(c)(4) for equity grants to induce new employees to enter into employment with SCYNEXIS.
• On May 11, 2021, SCYNEXIS announced the appointment of Christine Coyne as its Chief Commercial Officer to lead the anticipated U.S launch and commercialization of Brexafemme. She brings to the team deep anti-infective commercial expertise across hospital and community settings.
• On May 13, 2021, SCYNEXIS entered into a loan agreement with Hercules Capital, Inc. and Silicon Valley Bank for an aggregate principal amount of $60.0 million. Under the terms of the loan agreement, SCYNEXIS received an initial tranche of $20.0 million from the lenders on the Closing Date and is eligible to receive an additional $10.0 million upon FDA approval of ibrexafungerp for the treatment of vaginal yeast infections. Subsequent cash injections will be available upon achieving certain milestones.

First Quarter 2021 Financial Results

Cash and cash equivalents totaled $92.0 million on March 31, 2021, compared to $93.0 million in cash and cash equivalents on December 31, 2020.

Research and development expense for the three months ended March 31, 2021 decreased to $6.9 million from $9.9 million for the three months ended March 31, 2020. The decrease of $2.9 million, or 30%, for the three months ended March 31, 2021, was primarily driven by a decrease of $2.1 million in clinical development expense, a decrease of $0.9 million in chemistry, manufacturing, and controls (CMC) expense, and a decrease of $0.5 million in preclinical expense, offset in part by an increase in salary related costs of $0.3 million and a net increase in other research and development expense of $0.3 million.

Selling, general & administrative expense for the three months ended March 31, 2021 increased to $6.7 million from $2.6 million for the three months ended March 31, 2020. The increase of $4.1 million, or 156%, for the three months ended March 31, 2021 was primarily driven by a $1.7 million increase in commercial related expense, an increase of $1.0 million in business development expense, an increase of $0.5 million in expense associated with increased information technology costs, and an increase of $0.3 million salary related costs.

Total other expense was $2.0 million for the three months ended March 31, 2021, compared to total other income of $5.5 million for the three months ended March 31, 2020. During the three months ended March 31, 2021 and 2020, SCYNEXIS recognized non-cash income of $1.3 million and $4.8 million, respectively, on the fair value adjustment of the warrant liabilities and during the three months ended March 31, 2021 and 2020, recognized non-cash expense of $0.1 million and non-cash gains of $0.7 million on the fair value adjustment of the derivative liabilities, respectively.

Net loss for the three months ended March 31, 2021 was $4.7 million, or ($0.18) per basic and ($0.23) per diluted share, compared to a net loss of $7.0 million, or ($0.72) per basic and diluted share for the three months ended March 31, 2020.

About Ibrexafungerp

Ibrexafungerp [pronounced eye-BREX-ah-FUN-jerp] is an investigational antifungal agent and the first representative of a novel class of structurally-distinct glucan synthase inhibitors, triterpenoids. This agent combines the well-established activity of glucan synthase inhibitors with the potential flexibility of having oral and intravenous (IV) formulations. Ibrexafungerp is currently under regulatory review for the treatment of vaginal yeast infection, also known as vulvovaginal candidiasis (VVC), and in late-stage development for multiple indications, including life-threatening fungal infections caused primarily by Candida (including C. auris) and Aspergillus species in hospitalized patients. It has demonstrated broad-spectrum antifungal activity, in vitro and in vivo, against multidrug-resistant pathogens, including azole- and echinocandin-resistant strains.

The FDA has accepted a New Drug Application for ibrexafungerp for the treatment of VVC and granted a Prescription Drug User Fee Act (PDUFA) action date of June 1, 2021. It also granted Qualified Infectious Disease Product (QIDP) and Fast Track designations for the IV and oral formulations of ibrexafungerp for the indications of invasive candidiasis (IC) (including candidemia) and invasive aspergillosis (IA), and has granted Orphan Drug Designation for the IC and IA indications. Ibrexafungerp is formerly known as SCY-078.

About SCYNEXIS

SCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company pioneering innovative medicines to help millions of patients worldwide overcome and prevent difficult-to-treat infections that are becoming increasingly drug-resistant. Our lead candidate, ibrexafungerp (formerly known as SCY-078), is a broad-spectrum, IV/oral antifungal agent representing a novel therapeutic class, currently under regulatory review for the treatment of vaginal yeast infection, also known as vulvovaginal candidiasis (VVC), and in late-stage development for the treatment of life-threatening fungal infections in hospitalized patients. The SCYNEXIS team has deep expertise in anti-infective drug development and marketing, which can be leveraged to advance ibrexafungerp from clinical development to commercialization. For more information, visit www.scynexis.com. 

Forward Looking Statement

Statements contained in this press release regarding expected future events or results are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the adequacy of SCYNEXIS’ funding to support its Brexafemme U.S. launch in the second half of the year while further extending its cash runway into 2023, timelines for last-patient / last-visit, reporting top-line results, a potential supplemental NDA submission and potential approval of ibrexafungerp for the treatment of VVC, as well as expectations for reporting clinical data. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited, to: risks inherent in SCYNEXIS’ ability to successfully develop and obtain FDA approval for ibrexafungerp; unexpected delays may occur in the timing of acceptance by the FDA of an NDA submission; the expected costs of studies and when they might begin or be concluded; SCYNEXIS’ need for additional capital resources; and SCYNEXIS’ reliance on third parties to conduct SCYNEXIS’ clinical studies. These and other risks are described more fully in SCYNEXIS’ filings with the Securities and Exchange Commission, including without limitation, its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, including in each case under the caption “Risk Factors,” and in other documents subsequently filed with or furnished to the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. SCYNEXIS undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

CONTACT

: 

Investor Relations

Irina Koffler
LifeSci Advisors
Tel: (646) 970-4681
[email protected]

Media Relations

Gloria Gasaatura
LifeSci Communications
Tel: (646) 970-4688
[email protected]

SCYNEXIS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
	Three Months Ended March 31,
		2021					2020
Revenue	$		12,050			$		−
Operating expenses:
Research and development		6,948					9,866
Selling, general and administrative		6,696					2,613
Total operating expenses		13,644					12,479
Loss from operations:		(1,594		)			(12,479		)
Other expense (income):
Loss on extinguishment of debt			2,725					−
Amortization of debt issuance costs and discount		256					278
Interest income		(7		)			(147		)
Interest expense		214					210
Other income			−				(350		)
Warrant liabilities fair value adjustment		(1,296		)			(4,768		)
Derivative liabilities fair value adjustment		90						(700	)
Total other expense (income)		1,982					(5,477		)
Loss before taxes	$	(3,576		)		$	(7,002		)
Income tax expense			1,100					−
Net loss	$	(4,676		)		$	(7,002		)
Net loss per share attributable to common stockholders – basic
Net loss per share – basic	$	(0.18		)		$	(0.72		)
Net loss per share attributable to common stockholders – diluted
Net loss per share – diluted	$	(0.23		)		$	(0.72		)
Weighted average common shares outstanding – basic and diluted
Basic		25,802,700					9,744,577
Diluted		26,523,920					9,744,577

SCYNEXIS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	March 31, 2021				December 31, 2020
Cash and cash equivalents	$	92,011			$	93,041
Total current assets	95,376				98,206
Operating lease right-of-use asset		2,950				2,999
Total assets		100,072				102,536
Warrant liabilities, current		16,225				17,564
Total current liabilities	24,932				26,396
Warrant liabilities, long term		33,635				33,592
Convertible debt and derivative liability		12,226				16,516
Operating lease liability, long term		3,215				3,274
Total liabilities	74,148				79,778
Total stockholders’ equity	25,924				22,758
Total liabilities and stockholders’ equity	$	100,072			$	102,536

 

NEW YORK, May 17, 2021 (GLOBE NEWSWIRE) — via InvestorWire – Sugarmade, Inc. (OTCMKTS: SGMD) (“Sugarmade”, “SGMD”, or the “Company”) is pleased to announce the signing of a Definitive Agreement (the “Agreement”) for its acquisition of Lemon Glow Company, Inc. (“Lemon Glow”) and all of its assets, interests, property, and rights, including 640 acres of real estate (the “Property”) located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones.

With the signing of the Agreement by all relevant parties, and the consummation of the transactions required by the Agreement, the acquisition of Lemon Glow is now closed and final.

Jimmy Chan, CEO of Sugarmade, commented, “This step brings us closer to closing the loop on what we believe to be one of the most promising vertically integrated cannabis models in the thriving California market. We are setting the stage to improve margins while expanding end-market access, and to grow, refine, produce, distribute, sell, and home-deliver top cannabis products in the largest and fastest growing cannabis market on the planet. This acquisition positions us to achieve that objective with a significant capacity to scale as demand for our products and services grows over time.”

The Lemon Glow acquisition includes 640 acres of property, 32 of which have already been designated for outdoor cannabis cultivation. The annual potential cultivation yield at the Property is estimated to be approximately 4,000 pounds of dry trimmed cannabis flower per acre per year, which represents approximately 128,000 pounds, or 64 tons, of dry trimmed cannabis flower per year in total.

Sugarmade also benefits from the acquisition in terms of team capital as Lemon Glow executive team members will stay on and become the core management team at the cannabis cultivation site, granting the operation over 30 years of cannabis cultivation experience.

“The Lemon Glow team are tremendous additions to the Sugarmade team,” added Chan. “They have vast experience and established skills, as well as intricate knowledge of the Property and its local grow context. That’s an enormous added value proposition in this deal. We look forward to bringing them on board, ramping up operations at the property, and taking key steps toward delivering on the promise of Sugarmade’s farm-to-door vision.”

About Sugarmade, Inc.

Sugarmade, Inc. (OTCMKTS: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our Brand portfolio includes CarryOutsupplies.com, SugarRush™, NUG Avenue and Budcars.

For more information, please visit www.Sugarmade.com.

FORWARD-LOOKING STATEMENTS: This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “would,” “could,” “will” and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company’s actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others, such as but not limited to; economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition, uncontrollable forces of nature and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements.

Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.

Corporate Contact:
Jimmy Chan
+1-(888)-982-1628
[email protected]

Investor Relations Contact:
EDM Media, LLC
https://edm.media

Corporate Communications:

InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
[email protected]

Clinically meaningful and statistically significant reduction of 16.6 mmHg in systolic blood pressure out to two years

88% of the treated patients had isolated systolic hypertension (ISH)

70.6% of all treated patients and 80% of treated ISH patients had their blood pressure under control at 24 months

NEW HOPE, Pa., May 17, 2021 (GLOBE NEWSWIRE) — Orchestra BioMed^™, Inc., (“Orchestra BioMed” or the “Company”), a biomedical innovation company focused on developing transformative therapeutic products for large unmet clinical needs in procedure-based medicine, presented interim two-year data on its MODERATO II patients treated with BackBeat Cardiac Neuromodulation Therapy^™ on May 15^th, 2021 at the virtual American College of Cardiology (ACC) Meeting. The data demonstrated a clinically meaningful and statistically significant reduction of 16.6 mmHg in office Systolic Blood Pressure (oSBP) that was sustained out to two years.

“These data provide evidence of significant long-term reductions in systolic blood pressure with a lower-than-expected rate of major cardiac events when BackBeat CNT is activated for a period of up to two years,” stated Daniel Burkhoff, M.D., Ph.D., Director of Heart Failure, Hemodynamics and MCS Research at the Cardiovascular Research Foundation. “Of clinical significance is the fact that the majority of the patients in the MODERATO II study had ISH.  In these patients, a significant reduction in systolic blood pressure with minimal effect on diastolic blood pressure is ideal and is difficult to achieve with antihypertensive medications.  Furthermore, 80% of the ISH patients in MODERATO II had their blood pressure under control at 24 months, which could translate to meaningful reductions in cardiovascular events.”

MODERATO II is a European prospective, multi-center, double-blind, randomized study of BackBeat CNT (n=26) vs. control (n=21) in patients with persistent hypertension (ASBP ≥130 mmHg and oSBP ≥ 140 mmHg) despite one or more anti-hypertensive medications and a pacemaker indication. Of the 26 treatment patients, 25 completed 18 months of follow-up (one patient died of cancer) and 17 reached 24 months of therapy to date. Key interim study data:

• Patients demonstrated a sustained reduction in oSBP during all visits after activation of BackBeat CNT with a reduction of 12.411.7 mmHg, 9.215.1 mmHg, 17.818.2 mmHg and 16.620.4 mmHg at 6, 12, 18 and 24 months post-activation, respectively (p< 0.01 at all time points vs. pre-activation).
• Blood pressure was under control in a high percentage of patients with 56.0%, 68.0%, and 70.6% of patients achieving blood pressure bellow 140mmHg at 12, 18, and 24 months of follow-up, respectively.
• The number of major cardiac events was below the expected rate for this high-risk patient population.
• Of the 17 patients that finished 24 months of therapy, 15 patients (88% of group) had ISH, a condition where systolic blood pressure is elevated but diastolic blood pressure is normal. ISH patients treated with BackBeat CNT demonstrated a significant reduction in oSBP of 10.6±11.1 mmHg and 14.2±20.5 mmHg (p<0.02) after 6 and 24 months of treatment, respectively.

About BackBeat CNT



^™

BackBeat CNT, a flagship therapy of Orchestra BioMed, is a bioelectronic treatment that immediately, substantially and persistently lowers blood pressure (BP) while simultaneously modulating the Autonomic Nervous System (ANS). Orchestra BioMed’s CE Mark-approved Moderato® implantable pulse generator system delivers BackBeat CNT while also providing standard pacemaker functions. BackBeat CNT mimics the effects of multi-drug hypertension therapy by targeting preload, afterload and sympathetic tone. The initial target treatment population for BackBeat CNT is patients with uncontrolled hypertension who are also indicated for a pacemaker.

About Orchestra BioMed



^™

Orchestra BioMed is a biomedical innovation company focused on developing transformative therapeutic products for large unmet needs in procedure-based medicine. The Company is led by a highly accomplished, multidisciplinary management team and board of directors with extensive experience in all phases of medical device development. Orchestra BioMed’s partnership-enabled business model focuses on forging strategic collaborations with leading medical device companies to drive successful global commercialization of products it develops. Orchestra BioMed was formed in 2018 by assembling a pipeline of multiple late-stage clinical product candidates originally developed by the Company’s founding team. The Company’s flagship product candidates are Virtue® Sirolimus AngioInfusion™ Balloon (SAB) for the treatment of artery disease, the leading cause of mortality, and BackBeat Cardiac Neuromodulation Therapy™ for the treatment of hypertension, the leading risk factor for death worldwide. Orchestra BioMed has a global strategic partnership with Terumo Corporation, one of the world’s largest medical device companies, for development and commercialization of Virtue SAB. Together, the companies plan to initiate a U.S. pivotal trial for the use of Virtue SAB in the treatment of coronary in-stent restenosis in 2021 which will be the first in a series of pivotal trials aimed at achieving regulatory approvals in multiple indications worldwide. The Company has additional product candidates in its pipeline and plans to thoughtfully expand its product pipeline in the future through acquisitions, strategic collaborations, licensing, and organic development.

Forward-Looking Statements

Some of the statements made herein constitute forward-looking statements. These statements relate to future financial and other performance or anticipated plans and are identified by words such as “may,” “will,” “should,” “expect,” “could,” “scheduled,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “potential,” “propose” and “continue” or negative variants of such terms. These and similar forward-looking statements discuss the Company’s future expectations and plans. The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, the Company cautions against placing undue reliance on these forward-looking statements. These statements are only estimates of future performance. Actual performance or events may not meet such expectations or estimates and may, in fact, differ materially.

Although the Company believes that the expectations reflected in the forward-looking statements made herein are reasonable, the Company cannot and does not guarantee future results, levels of activity, performance or achievements. Moreover, the Company does not assume any responsibility for the accuracy and completeness of such forward-looking statements in the future. The Company does not plan and, subject to applicable law, undertakes no obligation to update any of the forward-looking statements made herein.

Investor Contact:

Bob Yedid
LifeSci Advisors
646-597-6989
[email protected]

Media Contact:

Gloria Gasaatura
LifeSci Communications
[email protected]

BERLIN and MIAMI, May 17, 2021 (GLOBE NEWSWIRE) — MDM (mobile device management) expert Cortado Mobile Solutions and Kaseya, the leading provider of IT and security management solutions for managed service providers (MSPs) and small to medium-sized businesses (SMBs) have partnered on an integration that enables MDM within Kaseya VSA. This new capability enables Kaseya customers to manage the mobile devices and apps they need very simply via their Kaseya console.

Kaseya VSA, a leading remote monitoring and management (RMM) solution, is the industry’s only unified RMM that brings together all device management into a single product, enabling MSPs to manage the entire universe of IT infrastructure from one scalable tool. With the integration of Cortado MDM, mobile devices can now additionally be managed via Kaseya VSA.

“Our open ecosystem enables us to partner with best of breed technologies like Cortado MDM so that our customers have the tools they need to succeed,” said Mike Puglia, chief strategy officer, Kaseya. “This integration delivers a simple, fast and secure way for MSPs and SMBs to manage mobile devices all within Kaseya VSA.”  

“We’re pleased that through our partnership, we’re reaching out more than ever to the important target group of service providers,” said Benjamin Schüler, CTO of Cortado Mobile Solutions. “At the same time, this is also an important step towards the further internationalization of our market presence.”

About Cortado Mobile Solutions

Cortado Mobile Solutions is guided by the philosophy that the use of iOS’ and Android’s own security architecture delivers the best balance between user acceptance and security. Engineered for the cloud, delivered by our team in Denver, Colorado – Our solution, Cortado MDM, enables companies, teams and freelancers to improve productivity and secure their corporate data with minimal effort. Our mobile device management experts are based around the world in the US., Germany, UK, Australia and Japan, ensuring availability and support for all of our global customers.

About Kaseya

Kaseya® is the leading provider of IT and security management solutions for managed service providers (MSPs) and small to medium sized businesses (SMBs). Through its open platform and customer-centric approach, Kaseya delivers best in breed technologies that allow organizations to efficiently manage, secure, and backup IT. Kaseya IT Complete is the most comprehensive, integrated IT management platform comprised of industry-leading solutions from Kaseya, Unitrends, RapidFire Tools, Spanning Cloud Apps, IT Glue, ID Agent, Graphus and RocketCyber. The platform empowers businesses to: command all of IT centrally; easily manage remote and distributed environments; simplify backup and disaster recovery; safeguard against cybersecurity attacks; effectively manage compliance and network assets; streamline IT documentation, and automate across IT management functions. Headquartered in Miami, Florida, Kaseya is privately held with a presence in over 20 countries. To learn more, visit www.kaseya.com.

Media Contacts:

Cortado:
North America:
Kendra Westerkamp, VisiTech PR
Phone: +1-303-752-3552
email: [email protected]

Rest of World:
Silke Kluckert, Public Relations Manager
Phone: +49 30 39493166
email: [email protected]  

Kaseya
Katy Hoeper
PR Manager, Walker Sands
[email protected]

Kylie Banks
Kaseya
Corporate Communications Manager
[email protected]

MONTRÉAL, May 17, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) today announced that, as part of its plan to enhance profitability and deleverage its balance sheet, it has completed the repayment in full and complete discharge of its 6⅛% Senior Notes due May 15, 2021 utilizing its available liquidities. The payout was in the amount of EUR 426,663,291 covering the outstanding principal amount as well as accrued interest.

During its March 4, 2021 Investor Day, Bombardier outlined its five-year plan based on four strategic priorities: maturing the flagship Global 7500 aircraft program, increasing productivity and profitability, growth of the aftermarket business and reshaping and strengthening its balance sheet.

“We have taken decisive action to deliver on our commitment of de-leveraging Bombardier’s balance sheet on our path to becoming a more profitable company,” said Éric Martel, President and CEO, Bombardier. “In March, we presented a holistic plan to re-shape Bombardier and, in the short period of time since, we have made significant progress. Backed by solid first quarter results, executing our strategy predictably is our key focus and is designed to position Bombardier to realize its full potential, enhance value for customers and shareholders, all while maintaining a keen focus on employee engagement and sustainability efforts within our operations, product families and the community.”

About Bombardier

Bombardier is a global leader in aviation, creating innovative and game-changing planes. Our products and services provide world-class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montréal, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of more than 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier, Global and Global 7500 are trademarks of Bombardier Inc. or its subsidiaries.

For information

Francis Richer de La Flèche Vice President, Financial Planning and Investor Relations Bombardier +514 855 5001 x13228

Mark Masluch Senior Director, Communications Bombardier +514 855 7167

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of an industry; customer value; expected demand for products and services; growth strategy; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, available liquidities and capital resources, expected financial requirements, and ongoing review of strategic and financial alternatives; the introduction of, productivity enhancements, operational efficiencies, cost reduction and restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the anticipated business transition to growth cycle and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; expectations regarding availability of government assistance programs, compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; and the impact of the COVID-19 pandemic on the foregoing and the effectiveness of plans and measures we have implemented in response thereto; and expectations regarding gradual market and economic recovery in the aftermath of the COVID-19 pandemic. As it relates to the sale of the Transportation business to Alstom, this press release also contains forward-looking statements with respect to the benefits of such transaction, the use of the proceeds derived from the transaction and its impact on our outlook, guidance and targets, operations, infrastructure, opportunities, financial condition, business plan and overall strategy.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward-looking statements made in this press release include the following material assumptions: the deployment of the proceeds from the sale of the Transportation business to Alstom on terms allowing the Corporation, when combined to other financing sources and free cash flow generation, to repay or otherwise manage its various maturities for the next three years; growth of the business aviation market and increase of the Corporation’s share of such market; proper identification of recurring cost savings and executing on our cost reduction plan; optimization of our real estate portfolio, including through the sale or other transaction in respect of real estate assets on favorable terms; and access to working capital facilities on market terms. For additional information, including with respect to other assumptions underlying the forward-looking statements made in this press release, refer to the Forward-looking statements — Assumptions section in the Management’s Discussion & Analysis of our financial report for the fiscal year ended December 31, 2020 (the “MD&A”) which may be viewed on SEDAR at www.sedar.com. Given the impact of the changing circumstances surrounding the COVID-19 pandemic and the related response from the Corporation, governments (federal, provincial and municipal), regulatory authorities, businesses, suppliers, customers, counterparties and third-party service providers, there is inherently more uncertainty associated with the Corporation’s assumptions as compared to prior years.

Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, risks associated with general economic conditions, risks associated with our business environment (such as risks associated with the financial condition of business aircraft customers; trade policy; increased competition; political instability and force majeure events or global climate change), operational risks (such as risks related to developing new products and services; development of new business ; order backlog; the transition to a pure-play business aviation company; the certification of products and services; the execution of orders; pressures on cash flows and capital expenditures based on seasonality and cyclicality; execution of our strategy, productivity enhancements, operational efficiencies, restructuring and cost reduction initiatives; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; environmental, health and safety risks; dependence on certain customers, contracts and suppliers; supply chain risks; human resources; reliance on information systems; reliance on and protection of intellectual property rights; reputation risks; risk management; tax matters; and adequacy of insurance coverage), financing risks (such as risks related to liquidity and access to capital markets; retirement benefit plan risk; exposure to credit risk; substantial debt and interest payment requirements; restrictive debt covenants; reliance on debt management and interest cost reduction strategies; and reliance on government support), market risks (such as foreign currency fluctuations; changing interest rates; increases in commodity prices; and inflation rate fluctuations). For more details, see the Risks and uncertainties section in Other in the MD&A which may be viewed on SEDAR at www.sedar.com. Any one or more of the foregoing factors may be exacerbated by the ongoing COVID-19 outbreak and may have a significantly more severe impact on the Corporation’s business, results of operations and financial condition than in the absence of such outbreak. As a result of the current COVID-19 pandemic, additional factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: risks related to the impact and effects of the COVID-19 pandemic on economic conditions and financial markets and the resulting impact on our business, operations, capital resources, liquidity, financial condition, margins, prospects and results; uncertainty regarding the magnitude and length of economic disruption as a result of the COVID-19 outbreak and the resulting effects on the demand environment for our products and services; uncertainty regarding market and economic recovery in the aftermath of the COVID-19 pandemic; emergency measures and restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions; disruptions to global supply chain, customers, workforce, counterparties and third-party service providers; further disruptions to operations, orders and deliveries; technology, privacy, cyber security and reputational risks; and other unforeseen adverse events.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management’s expectations as at the date of this press release and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Sunrise, Florida, May 17, 2021 (GLOBE NEWSWIRE) —  Nano Dimension Ltd. (Nasdaq: NNDM ), an industry leading Additively Manufactured Electronics (AME) / PE (Printed Electronics) provider, today announced that it will release its financial results for the first quarter of 2021 before the Nasdaq market opens on Thursday, May 20, 2021. 

Mr. Yoav Stern, President and Chief Executive Officer, and Ms. Yael Sandler, Chief Financial Officer, will host a conference call on May 20, 2021, at 9:00 a.m. ET, to discuss the financial results.

To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your call five minutes before the conference call commences.

U.S. Dial-in Number: 1-866-744-5399
Israel Dial-in Number: 972-3-9180692
At: 9:00 a.m. Eastern Time, 6:00 a.m. Pacific Time, 4:00 p.m. Israel Time

A replay will be available after the end of the conference call on the Company’s website. Participants will be required to state their name and company upon entering the call.

About Nano Dimension

Nano Dimension (Nasdaq: NNDM) is a provider of intelligent machines for the fabrication of Additively Manufactured Electronics (AME). High fidelity active electronic and electromechanical subassemblies are integral enablers of autonomous intelligent drones, cars, satellites, smartphones, and in vivo medical devices. They necessitate iterative development, IP safety, fast time-to-market and device performance gains, thereby mandating AME for in-house, rapid prototyping and production. The DragonFly LDM® system is being deployed in a wide range of industries, including academic and research institutions, defense, aerospace, autonomous automotive, robotics, and biotech. Its ability to enable on-site prototyping in a matter of hours instead of weeks; create products with better performance; reduce the size and weight of electronic parts and devices; enable innovation; and critically important, protect IP, is a paradigm shift in how industry and research institutions will research, develop, and produce High-Performance Electronic Devices (Hi-PEDs™.) Nano Dimension machines serve cross-industry needs by depositing proprietary consumable conductive and dielectric materials simultaneously, while concurrently integrating in-situ capacitors, antennas, coils, transformers and electromechanical components, to function at unprecedented performance. Nano Dimension bridges the gap between PCB and semiconductor integrated circuits. A revolution at the click of a button: From CAD to a functional high-performance AME device in hours, solely at the cost of the consumable materials. For more information, please visit www.nano-di.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Nano Dimension is using forward-looking statements in this press release when it discusses the timing of releasing financial results. Because such statements deal with future events and are based on Nano Dimension’s current expectations, they are subject to various risks and uncertainties. Actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano Dimension’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 11, 2021, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano Dimension undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Nano Dimension is not responsible for the contents of third-party websites.

NANO DIMENSION INVESTOR RELATIONS CONTACT:

Yael Sandler, CFO | [email protected]

U.S. Investor Relations:

Dave Gentry
RedChip Companies Inc.
[email protected]
407-491-4498 or 1-800-RED-CHIP (733-2447)

MESA, Ariz., May 17, 2021 (GLOBE NEWSWIRE) — Iveda Solutions, Inc. (OTC: IVDA) (“Iveda” or the “Company”), the worldwide provider of IvedaAI™ intelligent video search technology, Sentir^® video surveillance products, IvedaPinpoint™ and IvedaHome™ IoT (Internet of Things) platforms with smart devices, today announced that the Company signed a new contract for ~US $1.5 million (NTD 42 million) with Taiwan Taoyuan International Airport.

Taiwan Taoyuan International Airport is an international airport serving Taipei and northern Taiwan. It is Taiwan’s largest and busiest airport. The scope of the project includes the expansion of the airport’s facility management system and power monitoring of its 161KVA high voltage transformer station. The project is expected to begin this month.

“Taoyuan Airport has been a customer for many years and I’m grateful for their continued reliance on the solutions and the expertise we offer,” said I.H. Shiau, president of Iveda Taiwan.

Iveda plans to work with Siemens to build a new SCADA (supervisory control and data acquisition) system using the airport’s metasystem database. The goal is to reduce functional limitations and improve the alerting system for early awareness of anomalies.

Siemen’s RTU-A8000 will be adopted to initiate airport smart signal collection to comply with international security regulations. This will integrate a wide range of energy sources and will be used in utility and power transmission, as well as distribution. The new system will ensure a smooth and safe operation. It will also improve the human-machine interface while increasing the number of SQL data storage points for future report consolidation of energy-saving data.

Iveda plans to establish a facility management system utilizing a virtual machine platform and a geographic information system (GIS). The all-encompassing system includes the following functions: database management, alarm processing, maintenance management, permission authentication, network management and power monitoring.

Iveda plans to introduce the IvedaSPS (Smart Power Solution) and its smart utility cabinet as part of the overall solution.

The facility management system will integrate the management of Taoyuan Airport’s power and electrical mechanical systems. Fire alarm and related systems will be monitored utilizing GIS to provide spatial information for immediate notification and coordination of necessary actions.

“Over the years, we’ve successfully demonstrated our capability to deploy smart city solutions,” said David Ly, CEO of Iveda. “As we develop new technology to fuel the digital transformation of many cities, Iveda is leading the charge in making cities worldwide, truly smart.”

A 3D Building Information Modeling (BIM) will be built following equipment modification standards and the structural design of the project to ensure the quality of construction services. This will allow engineers to have visibility of the electrical-mechanical infrastructure behind the wall in 3D.

Iveda and Sentir are registered trademarks of Iveda Solutions, Inc. IvedaAI, IvedaPinpoint and IvedaHome are trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners.

About Iveda Solutions Inc.

Iveda Solutions Inc. (OTCMKTS:IVDA) specializes in IoT platforms that offer service providers a turn-key cloud video surveillance system, smart sensors and intelligent video search technology. Iveda utilizes proprietary command center, big data storage and deep-learning algorithms. Iveda has a SAFETY Act Certification from the U.S. Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA.” For more information call (480) 307-8700 or visit www.iveda.com. To follow Iveda visit www.facebook.com/ivedasolutions, www.twitter.com/ivedasolutions or www.linkedin.com/company/iveda-solutions.

Forward-Looking Statements Disclaimer

This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda’s business is subject to significant risks and uncertainties. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

For more information, please contact:

Iveda
Luz A. Berg
Chief Marketing Officer & GM
480 307-8700
[email protected]
or
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: [email protected]