Market Newsdesk

Santa Ana, CA, May 11, 2021 (GLOBE NEWSWIRE) — Scottish American announced today that it acquired Empire Underwriters LLC (“Empire”) of Tampa, FL on May 1, 2021. Terms of the transaction were not disclosed.

Empire Underwriters is a national managing general agency, insurance wholesaler, excess, and surplus lines facility and program manager serving producers in 46 states. Empire’s executive team has over 100 years of combined experience to bring agents and brokers aggressive account management and superior service.

“Our organization is dedicated to the success of agents and brokers nationwide, and we have assembled a team of highly experienced experts,” says Greg Brittain, VP Underwriting, Empire Underwriters. “We look forward to working with Scottish American,” says Hugo Soltero, VP-Senior Broker, Empire Underwriters, “and continuing to deliver the most responsive service to the retail agent and broker,

“We are pleased that Empire has joined Scottish American, “ says Paul Thomson, Founder, Scottish American.  “They share our high-performance standard, and forward thinking and I am confident they will be a good addition to our team.”

Giordano, Halleran & Ciesla provided legal counsel to Scottish American.  Hinshaw & Culbertson LLP provided legal counsel to Empire Underwriters.  No other advisors, diligence firms or legal counsel were disclosed.

About Scottish American

Scottish American was founded in 2009 by Scotsman Paul Thomson. It grew out of an investment fund focused on acquiring and managing insurance distribution businesses. The company takes pride in its unconventional, producer-led culture. Teamwork is exemplified by lack of official titles and and entirely flat organizational structure. Responsibility isn’t delegated, it’s taken. Scottish American works with a long list of carriers in both admitted and non-admitted markets on the East and West Coasts, as well as in Texas. For more information, please visit www.scottishamerican.com.

BEVERLY, Mass., May 11, 2021 (GLOBE NEWSWIRE) — LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics company that develops fully automated rapid pathogen detection systems, is pleased to announce the hiring of four additional sales representatives, including three for the veterinary market and one for the contract drug manufacturing market.

Dr. Jack Regan, LexaGene’s CEO and Founder states, “We are excited to have recruited very talented and experienced sales representatives from some of the biggest names in veterinary healthcare. Our new sales representatives have universally expressed optimism about selling LexaGene’s technology into veterinary hospitals, and the same is true for our sales representative targeting contract drug manufacturing organizations. Our rapidly growing sales team is now undergoing LexaGene specific training and will soon be offering incentives for early adopters so we can quickly expand our installation base.”

Dr. Regan continues, “We are focusing on the veterinary market as we see it as a largely untapped market. There are 77M dogs and 58M cats in the United States,¹ and many pet owners spare no expense on caring for their animal companions. The overall size of the veterinary diagnostics market is expected to soon reach $4B and is growing at a compound annual growth rate “CAGR” of 8.8%.² Currently, there are 18,600 private practice veterinary clinics that see enough animals per day to be target customers for LexaGene.^3,4”

Feedback from key opinion leaders has boosted the Company’s confidence that the MiQLab™ system will become a powerful tool for veterinarians interested in rapid in-clinic diagnostics to improve patient care. The MiQLab represents a change in business model for veterinarians who currently rely on reference laboratories for infectious disease testing. Instead of shipping samples out and waiting days for results, the MiQLab generates results, inside the clinic, soon after the patient sample has been collected. This drastic improvement in time-to-result, particularly when antibiotic resistant superbugs are detected, is expected to improve prescription practices and lead to better patient outcomes.  

Jeff Mitchell, LexaGene’s CFO, adds, “We are anticipating strong demand in veterinary diagnostics and have strategically hired additional sales managers to more effectively cover the United States. Although new technology adoption does take time, we are very optimistic that a significant percentage of the targeted practices will soon become LexaGene customers. While searching for additional sales managers, we were excited and gratified to see the amount of interest from many seasoned sales professionals working for the largest animal health companies in the United States.”

From a very talented pool of candidates, the Company has hired the following sales managers for veterinary diagnostics sales and open-access sales:

• Julie Griggs is LexaGene’s West Regional Sales Manager. She has 18 years of experience in companion animal health and comes to LexaGene from Antech Diagnostics. Previously, she worked for Covetrus, Zoetis, Banfield, Village Animal Clinic, and Sunburst Animal Clinic. Julie is a Certified Veterinary Technician. 
• Kara Alkire is LexaGene’s Southeast Regional Sales Manager. She has 15 years of sales experience in companion animal health and comes to LexaGene from Bayer Animal Health / Elanco. Previously, she worked at Heska selling companion animal health products. Kara has a Bachelor of Science in Biology with a Minor in Chemistry from the College of Charleston, SC.
• Whitney Fernandes is LexaGene’s Northeast Regional Sales Manager. She has 8 years of sales experience in companion animal health and equine. She comes to LexaGene from American Regent Animal Health and previously worked at Smartpak Equine. Whitney is a certified pharmacy technician and has a Bachelor of Science in Business Management from the University of Massachusetts. 
• Chris Bartlett is LexaGene’s Open-Access Sales Manager. He has 20 years of experience specializing in the sale of capital equipment technologies for laboratory, diagnostic, and single use bioprocessing applications. Chris comes to LexaGene from Refine Technology and has a Bachelor of Science degree in Microbiology from North Carolina State University.

These highly talented sales managers join Sarah Mumbower, LexaGene’s Midwest Regional Sales Manager. Sarah has 5 years’ experience in companion animal health and came to LexaGene in 2020 from IDEXX. She is a Certified Veterinary Technician.

In addition, LexaGene is announcing that on May 11, 2021, the board of directors approved inducement grants in accordance with the Company’s Omnibus Incentive Plan (the “Plan”) for independent, non-executive directors totaling 396,000 restricted share units (“RSUs”) and 396,000 share options (“Options”). The sum covers an initial grant for LexaGene’s newest board member who joined in February, as well as annual grants for the other three independent non-executive directors.

Each Option is exercisable into one common share of the Company (“Share”) at a price of CAD$0.66 per Share, for a period of ten years from the date of grant. The CAD$0.66 per share was 120% above the close price of the Company’s stock on the TSX Venture Exchange on May 10, 2021. The Options vest 10% on the grant date, and 15% every six months thereafter with an expiry date of May 11, 2031.

The RSUs start vesting on May 11, 2023, in equal 10% increments on the 11^th day of each month thereafter expiring on February 11, 2024.

To be added to the LexaGene email list, please subscribe on the Company website.

On Behalf of the Board of Directors

Dr. Jack Regan

Chief Executive Officer & Chairman

About LexaGene Holdings Inc.

LexaGene is a molecular diagnostics company that develops molecular diagnostic systems for pathogen detection and genetic testing for other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing and biodefense. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The MiQLab™ system delivers excellent sensitivity, specificity, and breadth of detection and can return results in approximately two hours. The unique open-access feature is designed for custom testing so that end-users can load their own real-time PCR assays onto the instrument to target any genetic target of interest.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors — including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues — that could cause actual results to differ materially from the Company’s expectations as disclosed in the Company’s documents filed from time to time on SEDAR (see 

www.sedar.com

). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

________________________

¹ https://www.avma.org/resources-tools/reports-statistics/us-pet-ownership-statistics
² https://www.marketsandmarkets.com/Market-Reports/veterinary-diagnostics-market-26017452.html?gclid=EAIaIQobChMI2duon7Oy7AIVohx9Ch0vAAHoEAAYASAAEgLbwPD_BwE
³ U.S. Department of Labor, Census Bureau 2018
⁴ https://www.avma.org/sites/default/files/resources/2018-econ-rpt3-veterinary-services.pdf

• Reduces borrowing costs with one of the industry’s leading annual interest rates of 9.75%
• Credit agreement is non-dilutive
• Improves liquidity and operational flexibility
• Supports the Company’s continued strategic growth plans

CHICAGO, May 11, 2021 (GLOBE NEWSWIRE) — Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced it has entered into an Amended and Restated Credit Agreement (the “Restated Credit Agreement”) for a senior secured term loan of US$130 million. The Restated Credit Agreement has a maturity date of May 30, 2023, and provides for additional, non-dilutive funding of US$100 million, with an annual interest rate of 9.75% for the incremental amount. Chicago Atlantic Advisers, LLC (“Chicago Atlantic”) will act as the administrative agent and collateral agent. Closing on the foregoing transaction is subject to customary conditions, contingencies and approvals.

“This upsized credit facility was strategically planned to provide additional coverage of recently announced M&A activity, to enhance our overall financial position, and create flexibility for us to pursue opportunities that could drive further growth and margin expansion,” said George Archos, Verano Co-Founder and CEO. “We very much appreciate the support of Chicago Atlantic, and the improved terms of the new facility. Being able to secure one of industry’s leading rates signals the growth in acceptance of the cannabis industry as it continues to evolve and mature.”

In making the announcement, John Mazarakis, Partner of Chicago Atlantic, noted, “We are excited to see Verano execute on its growth plan and we are looking forward to expanding our partnership. The terms of the upsized loan reflect Verano’s impressive operating performance, which resulted in this credit facility carrying one of the lowest cost of capital to-date in the industry. Verano is a clear leader in the cannabis space, and the company’s consistent focus on profitable growth is what attracted us to this opportunity.”

About Verano

Verano Holdings Corp. is a leading, vertically-integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products. With a mission to address vital health and wellness needs, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands: Verano, Avexia, Encore, and MÜV^™. The company’s portfolio encompasses 14 U.S. States, with active operations in 11, which includes nine production facilities comprising approximately 770,000 square feet of cultivation. Verano designs, builds, and operates dispensaries under retail brands Zen Leaf^™ and MÜV^™, delivering a superior cannabis shopping experience in both medical and adult-use markets. Learn more at www.verano.com

About Chicago Atlantic Advisers / Green Ivy Capital

Chicago Atlantic Advisers, LLC is an asset management firm specializing in direct lending and opportunistic private credit investing. Founded in 2018 by Tony Cappell, John Mazarakis, and Andreas Bodmeier, the firm seeks to capitalize on North American investment opportunities that are time-sensitive, complex, or in dislocated markets, where risk is fundamentally mispriced. Through its affiliate Green Ivy Capital, LLC, the firm manages a diversified portfolio of credit investments in the cannabis space and is actively investing across the value chain.

Forward Looking Statements

This press release may contain certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information and forward-looking statements may include, but are not limited to statements or information with respect to the Company’s position in the marketplace, the Company’s strategic growth plans, and delivery of shareholder value.

Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risk factors discussed in the Company’s filings on SEDAR at www.sedar.com. 

Any forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.

***

Contacts:

Investors

Verano Holdings
Aaron Miles
Head of Investor Relations
[email protected]

Media

Verano Holdings
David Spreckman
VP, Marketing & Communications
[email protected]
312-819-4852

TORONTO, May 11, 2021 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE:MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, is pleased to announce it will release first quarter financial results for the three month period ended March 31, 2021 before markets open on Monday, May 17, 2021.

MediPharm Labs executive management team will also host a conference call and audio webcast on Monday, May 17, 2021, at 8:30 a.m. eastern time to discuss the Company’s financial results and outlook.

Audio Conference Call Dial In Details:

Toll-free number: +1-833-502-0471 / International number: +1-236-714-2179 / Conference ID: 5847315

Participants are asked to dial in approximately 15 minutes before the start of the call.

Audio Webcast:

An audio webcast will be available in the Events section of the MediPharm Labs’ Investor Relations website https://ir.medipharmlabs.com/news-events or by visiting the following link here.

For those who are unable to participate on the live conference call and webcast, a replay will be available approximately one hour after completion of the call.

A replay of the audio webcast will be available after the call has ended until May 24, 2021 11:59 p.m. eastern time. Within North America dial +1-800-585-8367 or International dial +1-416-621-4642 outside North America using Conference ID: 5847315.

About MediPharm Labs Corp.

Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and has fully commercialized its Australian extraction facility. MediPharm Labs Australia was established in 2017.

For further information, please contact:

Laura Lepore, VP, Investor Relations
Telephone: 705-719-7425 ext 1525
Email: [email protected]
Website: www.medipharmlabs.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.