Market Newsdesk

MISSISSAUGA, ON, May 11, 2021 /CNW/ – Aegis Brands Inc. (the “Company” or “Aegis Brands”) (TSX: AEG) today reported financial results for the first quarter ended March 27, 2021.

Highlights

• The sale of Second Cup was consummated on April 23, 2021.
• Consolidated Net Loss including Second Cup for Q1 was $1,801,000 or $0.08 per share compared with $2,897,000 or $0.13 per share one year ago.
• Bridgehead’s Q1 Net Income was $17,000 compared to a Net Loss of $560,000 last year.
• Hemisphere revenue rose by 38% in Q1 vs the previous quarter.
• Hemisphere’s Net Loss was $356,000 in Q1 compared to $1,120,000 in Q4 of 2020.

Aegis Brands Inc.

The sale of Second Cup Coffee Co. to Foodtastic was completed on April 23, 2021. The proceeds from the transaction were $14 million (subject to certain closing adjustments) of which $12 million was received at closing. As a result, the Company significantly strengthened its financial ability to carry out its strategic objectives in consolidation while growing the Bridgehead and Hemisphere Cannabis brands.

“With the sale complete, we are now able to focus on the future of Aegis Brands,” said Steven Pelton, President and CEO of Aegis Brands. “We look forward to seeking out new strategic growth and development opportunities with entrepreneurs who are poised to take advantage of this pivotal time for the company.”

Moving forward with a clean balance sheet, Aegis continues to seek out acquisition. In the wake of the disruption and innovation as a result of the pandemic, the Company sees a broad array of opportunities.

Bridgehead

Bridgehead exceeded management expectation in the first quarter and continued to see strong e-commerce and wholesale sales, now selling coffee in Costco, Whole Foods, and Farm Boy locations in addition to several local Ottawa vendors. Diversifying its presence across multiple revenue channels, Bridgehead is now available to consumers through e-commerce, wholesale (retail grocery) and traditional brick and mortar coffeehouses.

Bridgehead retail sales have been impacted as a result of the third wave of COVID-19 but looks forward to an eventual steady increase in traffic and sales at its stores, as COVID restrictions alleviate.

Bridgehead’s Same Store Sales were -29.41% compared with -38.52% in the fourth quarter of 2020, indicating a slow recovery as restrictions lifted in the latter part of the quarter in the Ottawa area. 16 out of 20 stores were open consistent with Q4 of 2020.

In 2020 the wholesale revenue channel grew by 48%. This year-to-date wholesale revenue is up 106% year over year.  E-commerce revenue climbed over $800,000 in 2020. In 2021, the Company expects e-commerce revenue to continue to outperform pre-pandemic level by four times.

“We have pivoted to provide additional points of distribution for our brand beyond our Ottawa coffeehouses,” said Kate Burnett, COO of Bridgehead. “These added revenue channels are here to stay and will allow Bridgehead to reach many more coffee lovers across the country.”

Bridgehead will open a new location at Carleton University in the fall of 2021, as it continues to explore expansion opportunities for the brand.

Hemisphere Cannabis Co.

Hemisphere’s revenue increased by 38% from Q4 of 2020 to Q1 this year. Currently operating four stores in Ontario, Hemisphere will have ten locations open by the end of 2021 including one in Alberta.

“We began opening Hemisphere locations in some of the hardest hit parts of Ontario during the pandemic in July 2020,” said Jenn Juby, Vice President of Retail for Hemisphere. “Having said that, we have received very strong responses to our brand and marketing efforts in Q1 and the start of Q2, including our 4/20 (cannabis holiday) promotion. We have plans to further leverage partnerships and create additional value-added offers throughout the year. We also expect a significant lift in sales when restrictions are lifted.”

About Aegis Brands Inc.

Aegis Brands Inc. owns and operates a Bridgehead Coffee and Hemisphere Cannabis Co. The Company’s vision is to build a portfolio of amazing brands that can grow and flourish with access to our resources and expertise. The Company is committed to letting each brand operate independently while providing shared expertise to help them thrive.  

For more information, please visit www.aegisbrands.ca or find the Company on Facebook and Twitter.

CONSOLIDATED HIGHLIGHTS: CONTINUING OPERATIONS OF BRIDGEHEAD, HEMISPHERE CANNABIS CO. AND AEGIS CORPORATE

The following table sets out selected IFRS and certain non-IFRS financial measures of the Company and should be read in conjunction with the Unaudited Condensed Interim Financial Statements of the Company for the 13 weeks ended March 27, 2021 and March 28, 2020.

CONSOLIDATED HIGHLIGHTS: DISCONTINUED OPERATIONS OF SECOND CUP

The following table sets out selected IFRS and certain non-IFRS financial measures of the Company and should be read in conjunction with the Unaudited Condensed Interim Financial Statements of the Company for the 13 weeks ended March 27, 2021 and March 28, 2020.

Held for Sale and Discontinued Operations

On February 7, 2021, the Company entered into a definitive agreement to sell substantially all of the assets comprising Second Cup to an affiliate of Quebec-based Foodtastic Inc. The sale price is $14 million in cash payable on closing (subject to customary closing adjustments) as well as a post-closing earn-out based on royalties earned from certain Second Cup cafés opened following completion of the sale. The sale was approved by 99.62% of the votes cast by the Company’s common shareholders at a special meeting of common shareholders on April 7, 2021 and was completed at end of business on April 23, 2021. In accordance with International Financial Reporting Standards (“IFRS”) Non-Current Assets Held for Sale and Discontinued Operations, the Company has classified this disposal group of assets as held for sale as its carrying amount will be recovered principally through a sale transaction rather than through continuing use.

As the disposal group represents a major line of business, and the Company has a single coordinated plan to dispose of this separate major line of business, the Company has presented the after-tax loss from discontinued operations as a single amount in the condensed interim consolidated statement of operations and comprehensive loss.

First Quarter –
Aegis Brands Inc.

System sales of cafés and stores

System sales of cafés and stores for the 13 weeks ended March 27, 2021 were $3,292,000 compared to $3,221,000 in the prior year, representing an increase of $71,000 or 2.2%. Sales in 2021 included $1,088,000 attributed to the Hemisphere business (2020 – $nil).  The decrease in café sales of Bridgehead is primarily due to temporary closures and scaled down nature of operations of those that were open (i.e. closure of dining room space; operations limited to take out and delivery, and shorter hours) as a direct impact of the COVID-19 pandemic.

Same café and store sales

During the Quarter, same café sales at Bridgehead locations decreased by 29.4%, as cafés continued to be impacted by the ongoing economic impacts of the COVID-19 pandemic, including temporary closures and significant restrictions on store operations, such as the closure of dining room space and operations limited to take-out, delivery and shorter hours.

Analysis of revenue

The Company generated revenue for the Quarter of $3,292,000 (2020 – $3,221,000), an increase of $71,000 from its Company-owned and operated locations.

Sales of $1,088,000 were generated through retail cannabis products and accessories at Hemisphere locations. The Company opened its first two recreational retail cannabis locations in the third Quarter of fiscal 2020 and added two locations in the fourth Quarter 2020.

Company-owned cafés and product sales at Bridgehead for the Quarter were $2,204,000 (2020 – $3,221,000), a decrease of $1,017,000. Revenues and business performance from company owed cafés were significantly impacted by the economic consequences of COVID19.

As per preceding discussions, sales across both brands continued to be weighed down by drop in consumer foot traffic as a direct result of restrictions from the COVID-19 pandemic.

Operating costs and expenses

Operating costs and expenses include the costs of Company-owned stores and product sales, general and administrative expenses, loss on disposal of assets, and depreciation and amortization. Total operating costs and expenses for the Quarter totaled $3,879,000 (2020 – $4,280,000) a decrease of $401,000. Operating costs in the Quarter were partially reduced by the amount of the financial relief that the Company applied for in connection with the Canada Emergency Wage Subsidy and the Canada Emergency Rent Subsidy programs introduced by the Federal Government in response to the ongoing COVID-19 pandemic.

Company-owned stores and product related expenses for the Quarter were $2,514,000 (2020 – $2,647,000) – $1,158,000 is attributable to Hemisphere (2020 – $33,000) and $1,356,000 (2020 – $2,614,000) attributable to Bridgehead.  For the Quarter, Bridgehead applied for $495,000 and $412,000 in subsidies provided by the CEWS and CERS government programs, respectively.  

General and administrative expenses were $608,000 (2020 – $653,000) for the Quarter, of which $186,000 attributable to Bridgehead and $422,000 is attributable to Aegis. The decrease of $45,000 is primarily due to a reduction in remuneration.

Depreciation and amortization expense was $757,000 (2020 – $616,000), of which $216,000 is attributable to Hemisphere, $531,000 attributable to Bridgehead and $9,000 is attributable to Aegis Corporate. Total amortization of right-of-use assets was $499,000 and the amortization on fixed and intangible assets came to $258,000.

EBITDA

EBITDA for the Quarter from continuing operations was $170,000 compared with EBITDA loss of $443,000 last year.  Adjusted for asset impairment charges of $364,000 last year (2021 – $nil), EBITDA loss for last year was $79,000.

Interest and Financing Costs

The Company reported net interest and financing costs of $180,000 from continuing operations. This is composed primarily of interest expense recorded on the Company’s lease payments for right-of-use assets recognized in accordance with IFRS 16.

Net loss

The Company reported a net loss from continuing operations for the Quarter of $661,000 or $0.03 per share compared with $824,000 or $0.04 per share last year.  Total net loss and comprehensive loss came to $1,801,000 or $0.08 per share compared with $2,897,000 or $0.13 per share last year.

Reconciliations of net income (loss) to EBITDA, adjusted EBITDA, adjusted net income (loss) and adjusted net income (loss) per share are provided in the section “Definitions and Discussion of Certain non-IFRS Financial Measures”.

DEFINITIONS AND DISCUSSION ON CERTAIN NON-GAAP FINANCIAL MEASURES

In this MD&A, the Company reports certain non-GAAP financial measures such as system sales of cafés and stores, same café and store sales, operating income (loss), EBITDA, adjusted EBITDA, adjusted net income (loss) and adjusted net income (loss) per share.  Non-GAAP measures are not defined under IFRS and are not necessarily comparable to similarly titled measures reported by other issuers.

System sales of cafés and stores

System sales of cafés and stores comprise the Gross Revenue from Company-operated cafés and retail cannabis dispensaries.

Same café and store sales

Same café and store sales represents the percentage change, on average, in retail sales at cafés and retail cannabis dispensaries that have been open for more than 12 months.  It is one of the key metrics the Company uses to assess its performance and provides a useful comparison between fiscal quarters.  The two principal factors that affect this metric are changes in customer traffic and changes in average check (the average dollar amount on a single transaction at the café or store). For comparison, same café sales for Bridgehead were measured against sales in the prior year before acquisition by the Company.

Operating income (loss)

Operating income (loss) represents revenue, less cost of goods sold, less operating expenses, and less impairment charges. This measure is not defined under IFRS, although the measure is derived from input figures in accordance with IFRS.  Management views this as an indicator of financial performance that excludes costs pertaining to interest and financing, and income taxes.

EBITDA and adjusted EBITDA

EBITDA represents earnings before interest and financing, income taxes, and depreciation and amortization.  Adjustments to EBITDA are for items that are not necessarily reflective of the Company’s underlying operating performance.  As there is no generally accepted method of calculating EBITDA, this measure is not necessarily comparable to similarly titled measures reported by other issuers. EBITDA is presented as management believes it is a useful indicator of the Company’s ability to meet debt service and capital expenditure requirements and evaluate liquidity.  Management interprets trends in EBITDA as an indicator of relative financial performance. EBITDA should not be considered by an investor as an alternative to net income or cash flows as determined in accordance with IFRS.

Adjusted net income (loss) and adjusted net income (loss) per share

Adjustments to net earnings (loss) and net earnings (loss) per share are for items that are not necessarily reflective of the Company’s underlying operating performance. These measures are not defined under IFRS, although the measures are derived from input figures in accordance with IFRS.  Management views these as indicators of financial performance.

Reconciliations of net income (loss) to operating income (loss) and EBITDA, adjusted net income (loss) and adjusted net income (loss) per share are provided below ($000’s except per share amounts):

 

 

 

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Canadian securities laws. These forward-looking statements contain statements of intent, belief or current expectations of Aegis. Forward-looking information is often, but not always identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

The forward-looking statements included in this press release, including statements regarding the earn-out component of the purchase price, the nature of Aegis’ growth strategy going forward and execution on any of its potential plans (including with respect to the growth and development of Bridgehead Coffee and Hemisphere Cannabis and identification of future acquisition targets), and the strength of Aegis’ balance sheet going forward, are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements. In respect of the forward-looking statements and information included in this press release, Aegis has provided such in reliance on certain assumptions that it believes are reasonable at this time, including the ability of the Company to manage the risks (economic, operational, financial, and other risks) associated with the COVID-19 pandemic,  the ability of the Company to identify new acquisition opportunities and to successfully integrate past and future acquisition targets into the Company’s business, and the Company’s ability to generally execute on its strategy going forward. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release.

Risks and uncertainties that may cause such differences include but are not limited to: risks that the Transaction may have a negative impact on the market price and liquidity of the common shares; risks that no amounts on account of the earn-out may ever be paid; risks related to the Company’s strategy going forward; risks related to the COVID-19 pandemic; and other risks inherent in the industry in which Aegis operates.

When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Aegis’ operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (
www.sedar.com
).

The forward-looking statements in this press release are made as of the date it was issued and Aegis does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that outcomes implied by forward-looking statements will not be achieved. Aegis cautions readers not to place undue reliance on these statements.

SOURCE Aegis Brands Inc.

BEIJING, May 11, 2021 /PRNewswire/ — Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading digital media platform and content-driven e-commerce company in China, today updated its operating metrics for the first quarter ending March 31, 2021.

First Quarter 2021 Operating Metrics Highlights

• Downloads of the Company’s CHEERS Video Application¹ increased by 91.6% year over year to 192.6 million as of March 31, 2021.
• Average daily active users (“DAUs”)² of the Company’s CHEERS Video Application increased by 73.2% year over year to 7.1 million.
• Stock Keeping Units (“SKUs”) carried on the Company’s CHEERS e-Mall platform increased by 284.2% year over year to 36,887.
• Gross merchandise value (“GMV”)³ of the CHEERS e-Mall platform increased by 963.2% year over year to RMB432 million.

In addition, the Company announced that both of its earnout targets for fiscal year 2019 and 2020 for Glory Star New Media Group Limited (“GS Media”) under the Share Exchange Agreement, dated September 6, 2019 (the “Agreement”), and as amended by that certain Joinder to the Agreement, dated as of November 1, 2019 and the Amendment to the Agreement, dated December 29, 2020, by and among the Company, GS Media, and other parties to the Agreement, were fully achieved.

Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, “Our first quarter operating metrics reflects strong growth momentum, new opportunities from easing government restrictions, and successful execution of our transition strategy.  We fulfilled our earnout commitments for 2019 and 2020, while continuing to drive the growth of our online business. Our online business contributed 67.5% of our total revenues last year, and we expect it to comprise an even greater portion of our business this year. With our CHEERS e-Mall operations now independently operated, we are pushing forward our evolution from an offline production company into a content-driven internet company. Premium content is a core part of this strategy, and we launched a new show and several new livestreaming programs for our CHEERS e-Mall during the quarter. Going forward, we are confident that our continued transition, investment in supporting technologies, and production of premium content will position us to capitalize on the growth trend for the content-driven e-commerce industry.”

About Glory Star New Media Group Holdings Limited

Glory Star New Media Group Holdings Limited is a leading digital media platform and content-driven e-commerce company in China. Glory Star’s ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people’s lives. The Company’s large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.

Safe Harbor Statement

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking states include, but are not limited to, the Company’s ability to develop its online retail and SaaS industry value chains, expand its business relationship with existing clients and continue its business growth trajectory.  These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; and a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.

Contacts
Glory Star New Media Group Holdings Limited
Yida Ye
Email: [email protected]

ICR LLC.
Robin Yang
Tel: +1 (646) 308-0546
Email: [email protected]

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SOURCE Glory Star New Media Group Holdings Limited

EMERYVILLE, Calif., May 11, 2021 /PRNewswire/ — Dynavax Technologies Corporation (“Dynavax”) (Nasdaq: DVAX) today announced the pricing of $200.0 million aggregate principal amount of 2.50% convertible senior notes due 2026 (the “notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Dynavax also granted the initial purchasers of the notes an option to purchase up to an additional $30.0 million aggregate principal amount of notes. The sale of the notes is expected to close on May 13, 2021, subject to customary closing conditions.

The notes will be general unsecured obligations of Dynavax and will accrue interest payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021, at a rate of 2.50% per year. The notes will mature on May 15, 2026, unless earlier converted, redeemed or repurchased. The initial conversion rate of the notes will be 95.5338 shares of Dynavax’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $10.47 per share of Dynavax’s common stock). The initial conversion price of the notes represents a premium of approximately 32.5% over the last reported sale price of Dynavax’s common stock on May 10, 2021. The notes will be convertible by the holders thereof into cash, shares of Dynavax’s common stock or a combination of cash and shares of Dynavax’s common stock, at Dynavax’s election.

Dynavax may redeem for cash all or any portion of the notes, at its option on or after May 20, 2024 and prior to the 31st scheduled trading day immediately preceding the maturity date, if the last reported sale price of Dynavax’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Dynavax provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

If Dynavax undergoes a “fundamental change” (as defined in the indenture governing the notes), subject to certain conditions and exceptions, noteholders may require Dynavax to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if Dynavax delivers a notice of redemption, Dynavax will, in certain circumstances, increase the conversion rate for a noteholder who elects to convert its notes in connection with such a corporate event or convert its notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be.

Dynavax estimates that the net proceeds from the offering of the notes will be approximately $195.1 million (or approximately $224.4 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by Dynavax. Dynavax expects to use the net proceeds from the offering of the notes, together with cash on hand, to repay in full the outstanding debt and other obligations under Dynavax’s term loan agreement and to pay the costs of the capped call transactions described below. Dynavax expects that approximately $190.2 million will be needed to repay the outstanding debt and other obligations under the term loan agreement and approximately $24.2 million will be needed to pay the cost of the capped call transactions.

If the initial purchasers exercise their option to purchase additional notes in full, Dynavax expects to use approximately $3.6 million of the net proceeds from the sale of such additional notes to enter into additional capped call transactions. Dynavax expects to use any remaining net proceeds from the sale of such additional notes for general corporate purposes.

In connection with the pricing of the notes, Dynavax entered into capped call transactions with one of the initial purchasers and other financial institutions (the “option counterparties”). The capped call transactions will cover, subject to customary adjustments, the number of shares of Dynavax’s common stock that initially underlie the notes. The capped call transactions are expected to offset the potential dilution to Dynavax’s common stock as a result of any conversion of notes, with such offset subject to a cap initially equal to $15.80 (which represents a premium of 100% over the last reported sale price of Dynavax’s common stock on May 10, 2021).

In connection with establishing their initial hedges of the capped call transactions, Dynavax has been advised that the option counterparties and/or their respective affiliates expect to enter into various derivative transactions with respect to Dynavax’s common stock concurrently with or shortly after the pricing of the notes and/or purchase shares of Dynavax’s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Dynavax’s common stock or the trading price of the notes at that time.

In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Dynavax’s common stock and/or purchasing or selling Dynavax’s common stock or other securities of Dynavax in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so on each exercise date of the capped call transactions, which are expected to occur during the 30 trading day period beginning on the 31st scheduled trading day prior to the maturity date of the notes, or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the notes). This activity could also cause or avoid an increase or a decrease in the market price of Dynavax’s common stock or the notes, which could affect a noteholder’s ability to convert its notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that a noteholder will receive upon conversion of such notes.  

Neither the notes, nor any shares of Dynavax’s common stock issuable upon conversion of the notes, have been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Dynavax

Dynavax is a commercial stage biopharmaceutical company developing and commercializing novel vaccines. The Company’s first commercial product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], is approved in the U.S. and the European Union for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older. Dynavax is also advancing CpG 1018^TM adjuvant as a premier vaccine adjuvant through research collaborations and partnerships. Current collaborations are focused on adjuvanted vaccines for COVID-19, pertussis and universal influenza.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of federal securities laws, including statements concerning the expected closing of the offering, the potential dilution to Dynavax’s common stock and the anticipated use of net proceeds from the offering. These forward-looking statements include all statements contained in this press release that are not historical facts and such statements are, in some cases, identified by words such as “anticipate,” “could,” “expect,” “intend,” “may,” “plan,” “will,” “would” or the negative or plural of these words or similar expressions or variations. These forward-looking statements are based on the information currently available to Dynavax and on assumptions Dynavax has made. Actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond Dynavax’s control including, without limitation: market risks, trends and conditions; and those risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in Dynavax’s Securities and Exchange Commission filings and reports, including Dynavax’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as well as future filings and reports by Dynavax. Except as required by law, Dynavax undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, changes in expectations or otherwise.

Contacts:

Nicole Arndt, Senior Manager, Investor Relations
[email protected]
510-665-7264

Derek Cole, President
Investor Relations Advisory Solutions
[email protected]

 

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SOURCE Dynavax Technologies

VANCOUVER, BC, May 11, 2021 /PRNewswire/ – New Found Gold Corp. (“New Found” or the “Company“) (TSXV: NFG) (OTC: NFGFF) is pleased to announce the appointment of Mr. Douglas Hurst as a Director of the Company effective immediately.

• Mr. Hurst was part of the founding group of Newmarket Gold, which, following discovery of the high-grade Swan Zone at the company’s Fosterville mine, was sold to Kirkland Lake Gold in 2016 for approximately $1 billion.
• Mr. Hurst is a serially successful mining entrepreneur and executive. He founded International Royalty Corporation, which was sold to Royal Gold for approximately $700 million in 2010. He also serves as the Chairman of Northern Vertex Mining and as a director of Calibre Mining and Newcore Gold.

Collin Kettell, Chairman of New Found, stated: “On behalf of the Board of Directors I am delighted to welcome Doug to the New Found team. As a founder and executive of Newmarket Gold, Doug is intimately familiar with how the high-grade Swan Zone discovery progressed, ultimately leading to the acquisition of Newmarket by Kirkland Lake Gold. New Found believes that the geological setting and style of high grade epizonal gold mineralization at our Queensway project in Newfoundland has strong similarities to the high-grade discoveries at Fosterville, and we look forward to Doug’s insights and advice. Doug’s extensive experience spans all aspects of the resource space from exploration through to production as well as the royalty business. I look forward to working with Doug as we advance our exciting discoveries at Queensway.”

Doug Hurst, Director of New Found, stated: “I am humbled and honoured to be a part of this story moving forward. Queensway is shaping up to be a wonderful gold discovery, and it certainly has very similar geological characteristics to the high-grade discoveries at Fosterville.”

Biography:

Mr. Hurst holds a Bachelor of Science in geology from McMaster University (1986) and has over 30 years of experience in the mining industry as a geologist, consultant, mining analyst, and senior executive. He was a mining analyst with McDermid St. Lawrence, Sprott Securities and a contract analyst to Pacific International Securities and Octagon Capital up until 1995. From 1995 to 2003 Mr. Hurst operated D.S. Hurst Inc. a company offering corporate, evaluation and financing consulting services to the mining industry. He was a founder and executive of International Royalty Corporation from 2003 to 2006, and a director until 2010 when the company was purchased by Royal Gold for approximately $700 million.  Mr. Hurst was also part of the founding group of Newmarket Gold, which was sold to Kirkland Lake Gold in 2016 for approximately $1 billion.  Mr. Hurst currently serves as the Chairman of Northern Vertex Mining and as a director of both Calibre Mining and Newcore Gold.

Resignation:

New Found also announces the resignation of Mr. John Anderson as a Director of the Company, effectively immediately.  “I would also like to very much thank John Anderson for a very significant contribution to the Company as we built it from the private stage through becoming a public company and making significant discoveries on our Queensway project,” stated Collin Kettell, Chairman of New Found. “John is currently very active on multiple business initiatives in the mining industry, and we understand his decision to resign from New Found board to pursue these other interests. We wish him great success in his future endeavours.”

About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 200,000m drill program at Queensway.  Seven rigs are currently in operation at Queensway with the drill count planned to increase to ten rigs by the end of May 2021. With a current working capital balance of approximately $74 million, New Found is well funded for this program. 

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR profile at www.sedar.com.

Contact
To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.

New Found Gold Corp.

Per: “Craig Roberts”
Craig Roberts, P.Eng., Chief Executive Officer
Email: [email protected]
Phone: (604) 562 9664

Neither the 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.

Forward-Looking Statement Cautions

This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to further the exploration and drilling
on the Company’s Queensway gold project in Newfoundland
. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

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SOURCE New Found Gold Corp.

LEHI, Utah, May 11, 2021 /PRNewswire/ — Purple Innovation, Inc. (NASDAQ: PRPL) (“Purple”), the leader in comfort innovation and the creator of the renowned Purple^® Mattress, will report first quarter 2021 financial results on Monday, May 17, 2021, at approximately 7:00 a.m. ET. The Company will hold a conference call that day at 8:30 a.m. ET to review the financial results. 

Investors and analysts interested in participating in the call are invited to dial (877) 425-9470 (domestic) or (201) 389-0878 (international) and provide the Conference ID: 13719816. The conference call will also be available to interested parties through a live webcast at investors.purple.com. Please visit the website at least 15 minutes prior to the start of the call to register and download any necessary software.

A telephone replay of the call will be available until May 31, 2021, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the Conference ID: 13719816. Please note participants must enter the conference identification number in order to access the replay.  After the conference call, a webcast replay will remain available on the investor relations section of the Company’s website for 30 days.

The Company has filed a Form 12b-25, a Notification of Late Filing, with the Securities and Exchange Commission in order to extend the due date of its Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the “Quarterly Report”) for five calendar days, as permitted by Rule 12b-25 under the Securities Exchange Act. In its Form 12b-25 filing the Company has advised that the Quarterly Report could not be filed within the prescribed time period due to the Securities and Exchange Commission’s public statement on April 12, 2021 informing market participants that warrants issued by special purpose acquisition companies (“SPACs”) may require classification as a liability of the entity measured at fair value, with changes in fair value each period reported in earnings. The Company is reviewing the impacts of the corrections on the Company’s unaudited financial statements for the quarterly period ended March 31, 2021. As a result of the foregoing, the Company was unable to provide complete financial results for the quarterly period ended March 31, 2021 by the required due date of May 10, 2021.

As required on Form 12b-25, the Company also provided limited financial information related to the quarter ended March 31, 2021 compared to March 31, 2020.

The Company also filed a Form 10-K/A on May 10, 2021 to amend the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 to restate the financial statement for the years ended December 31, 2020 and 2019 and previously issued unaudited financial statements for the periods ended September 30, 2020 and 2019, June 30, 2020 and 2019, and March 31, 2020 and 2019 to reflect the change in accounting treatment of it warrants.

About Purple

Purple is a digitally-native vertical brand with a mission to help people feel and live better through innovative comfort solutions. We design and manufacture a variety of innovative, premium, branded comfort products, including mattresses, pillows, cushions, frames, sheets and more. Our products are the result of over 25 years of innovation and investment in proprietary and patented comfort technologies and the development of our own manufacturing processes. Our proprietary gel technology, Hyper-Elastic Polymer^®, underpins many of our comfort products and provides a range of benefits that differentiate our offerings from other competitors’ products. We market and sell our products through our direct-to-consumer online channels, traditional retail partners, third-party online retailers and our owned retail showrooms. For more information on Purple, visit purple.com.

Investor Contact:

Brendon Frey, ICR
[email protected]
 203-682-8200

Purple Innovation, Inc.

Misty Bond

Director of Purple Communications
[email protected]
385-498-1851

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SOURCE Purple Innovation, Inc.

–

Tuesday, May 18
^th – 2:00 p.m. ET–

MISSISSAUGA, ON, May 11, 2021 /PRNewswire/ – Nuvo Pharmaceuticals^® Inc. (TSX: MRV) (OTCQX: MRVFF) d/b/a Miravo Healthcare (Miravo or the Company), a Canadian focused healthcare company with global reach and a diversified portfolio of commercial products, today announced Jesse Ledger, Miravo’s President & Chief Executive Officer and Mary-Jane Burkett, Miravo’s Vice President & Chief Financial Officer will be presenting at the Q2 Virtual Investor Summit. 

About The Investor Summit
The Investor Summit (formerly MicroCap Conference) is an exclusive, independent conference dedicated to connecting smallcap and microcap companies with qualified investors.  The Q2 Investor Summit will take place virtually, featuring 80+ companies and over 300 institutional and retail investors. 
Please visit the website at www.investorsummitgroup.com

About Miravo Healthcare
Miravo is a Canadian focused, healthcare company with global reach and a diversified portfolio of commercial products.  The Company’s products target several therapeutic areas, including pain, allergy, neurology and dermatology.  The Company’s strategy is to in-license and acquire growth-oriented, complementary products for Canadian and international markets.  Miravo’s head office is located in Mississauga, Ontario, Canada, the international operations are located in Dublin, Ireland and the Company’s manufacturing facility is located in Varennes, Québec, Canada.  The Varennes facility operates in a Good Manufacturing Practices (GMP) environment respecting the U.S, Canada and E.U. GMP regulations and is regularly inspected by Health Canada and the U.S. Food and Drug Administration.  For additional information, please visit www.miravohealthcare.com.

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SOURCE Nuvo Pharmaceuticals Inc.