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SINGAPORE, April 19, 2021 /PRNewswire/ — Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) (“Kenon“) announces its results for 2020 and updates to its businesses.

Recent Highlights

Qoros

• Kenon’s subsidiary Quantum has entered into an agreement to sell all of its remaining 12% interest in Qoros for a total purchase price of RMB1.56 billion (approximately $238 million).

Kenon

• In April 2021, Kenon’s board of directors approved an interim cash dividend of $1.86 per share (approximately $100 million in total) (the “Dividend“).
• Kenon’s net profit in 2020 was $496 million, as compared to a net loss of $22 million in 2019.

ZIM

• In February 2021, ZIM completed an initial public offering of its shares raising $204 million in net proceeds.
• Financial results:
• ZIM’s net profit in 2020 was $524 million, as compared to a net loss of $13 million in 2019.

OPC

• In January 2021, OPC completed the acquisition of Competitive Power Ventures group (“CPV“).
• Financial results:
• OPC’s revenues in 2020 increased to $386 million, as compared to $373 million in 2019.
• OPC’s net loss in 2020 was $13 million, as compared to net profit of $34 million in 2019 (including the negative impact of $12 million relating to non-recurring acquisition expenses in 2020 and $4 million relating to non-recurring revenue in 2019).
• OPC’s EBITDA^[1] in 2020 decreased to $75 million, as compared to $105 million in 2019.

Discussion of Results for the Year ended December 31, 2020

Kenon’s consolidated results of operations from its operating companies essentially comprise the consolidated results of OPC Energy Ltd (“OPC“). The results of Qoros Automotive Co., Ltd. (“Qoros“) (for four months until we reduced our stake in Qoros to 12% on April 29, 2020) and ZIM Integrated Shipping Ltd. (“ZIM“) are reflected under results from associates.

See Exhibit 99.2 of Kenon’s Form 6-K dated April 19, 2021 for summary Kenon consolidated financial information; summary OPC consolidated financial information; a reconciliation of OPC’s EBITDA (which is a non-IFRS measure) to net profit and summary operational information of each of OPC’s generation businesses.

OPC



 

The following discussion of OPC’s results of operations is derived from OPC’s consolidated financial statements, as translated into US dollars.

Summary Financial Information of OPC

 

Revenue

 

OPC’s revenue from the sale of electricity to private customers derives from electricity sold at the generation component tariffs, as published by the Israeli Electricity Authority (“EA”), with some discount. Accordingly, changes in the generation component tariffs generally affect the prices paid under PPAs by customers of OPC-Rotem and OPC-Hadera. The weighted-average generation component tariff for 2020, as published by the EA, was NIS 0.2678 per KW hour. In 2019, the weighted-average generation component tariff was approximately 8% higher at NIS 0.2909 per KW hour. OPC’s revenues from sale of steam are linked partly to the price of gas and partly to the Israeli Consumer Price Index.

Set forth below is a discussion of the changes in revenues by category between 2020 and 2019.

• Revenue from energy generated by OPC and sold to private customers – decreased by $15 million in 2020, as compared to 2019. As OPC’s revenue is denominated in NIS, translation of its revenue into US Dollars had a positive impact of $10 million. Excluding the impact of exchange rate fluctuations, these revenues decreased by $25 million primarily as a result of (i) a $21 million decrease in revenues due to a decrease in the generation component tariff, (ii) a $14 million decrease due to maintenance of the OPC-Rotem power plant and (iii) a $4 million decrease due to lower consumption of OPC’s customers, partially offset by an $14 million increase in revenues due to the commercial operation of the OPC-Hadera power plant which started in July 2020.
• Revenue from energy purchased by OPC and sold to private customers – increased by $13 million in 2020, as compared to 2019, primarily as a result of an increase in acquisition of energy for customers of the OPC-Hadera power plant and the OPC-Rotem power plant during maintenance periods for those plants.
• Revenue from private customers in respect of infrastructure services – increased by $4 million in 2020, as compared to 2019. As OPC’s revenue is denominated in NIS, translation of its revenue into US Dollars had a positive impact of $3 million. Excluding the impact of exchange rate fluctuations, these revenues increased by $1 million primarily as a result of a $7 million increase due to the commercial operation of the OPC-Hadera power plant partially offset by (i) a $3 million decrease due to lower consumption of OPC-Rotem’s customers and (ii) a $3 million decrease in infrastructure tariffs.
• Revenue from energy sold to the System Administrator – increased by $12 million in 2020, as compared to 2019, primarily as a result of increases in sale of energy by OPC-Rotem power plant and OPC-Hadera power plant to the System Administrator.

 

Cost of Sales (Excluding Depreciation and Amortization)

 

• Natural gas and diesel oil consumption – decreased by $3 million in 2020, as compared to 2019. As OPC’s cost of sales is denominated in NIS, translation of its cost of sales into US Dollars had a negative impact of $5 million. Excluding the impact of exchange rate fluctuations, OPC’s cost of sales decreased by $8 million primarily as a result of (i) a $12 million decrease in electricity generation due to maintenance and load reduction at the OPC-Rotem power plant and (ii) a $7 million decrease due to a decrease in the gas price as a result of the drop in generation component and USD-NIS exchange rate fluctuations, partially offset by an $11 million increase in gas expenses due to the commencement of commercial operations of the OPC-Hadera power plant.
• Payment to IEC for infrastructures services and purchase of electricity – increased by $24 million in 2020, as compared to 2019. As OPC’s cost of sales is denominated in NIS, translation of its cost of sales into US Dollars had a negative impact of $4 million. Excluding the impact of exchange rate fluctuations, OPC’s cost of sales increased by $20 million primarily as a result of (i) a $13 million increase due to the commencement of commercial operation of the OPC-Hadera power plant and start of sales to customers and (ii) a $10 million increase due to an increase in acquisition of energy as a result of maintenance and corresponding load reductions on the OPC-Rotem power plant, partially offset by a $3 million decrease due to a decline in infrastructure tariffs.

Finance Expenses, net 

Finance expenses, net increased by approximately $24 million in 2020 as compared to 2019, primarily as a result of (i) a $12 million one-off expense due to early repayment of Series A debentures, (ii) a $6 million increase as a result of commercial operation of the OPC-Hadera power plant and the related discontinuance of capitalisation of financing expenses, and (iii) a $5 million increase as a result of US Dollar – Israeli Shekel exchange rate fluctuations.

Liquidity and Capital Resources

As of December 31, 2020, OPC had cash and cash equivalents and short-term deposits of $562 million, debt service reserves (out of restricted cash) of $46 million, and total outstanding consolidated indebtedness of $921 million, consisting of $49 million of short-term indebtedness and $872 million of long-term indebtedness. All of OPC’s debt at December 31, 2020 was denominated in NIS.

Recent Business Developments

CPV transaction

On January 25, 2021, OPC announced that it has completed the acquisition of CPV. The details of the acquisition are discussed in more detail in Kenon’s Form 6-K dated January 24, 2021.

Private Placement

In January 2021, OPC issued 10,300,000 new shares in a private placement for a purchase price of approximately $107 million, at a per share price of NIS 34.0. The issuance of the shares resulted in Kenon’s stake in OPC being diluted to 58.6%.

Update on Tzomet Project

Tzomet Energy Ltd. (“Tzomet”) is developing an open-cycle natural gas-fired power station with capacity of approximately 396 MW in Israel. OPC expects that the total cost of completing the Tzomet project will be approximately NIS 1-1.5 billion (approximately $0.3-0.5 billion). Construction of the Tzomet project began in 2020, and is expected to reach commercial operation in January 2023. As of December 31, 2020, OPC had invested an aggregate of NIS 694 million (approximately $216 million) in the project.

ZIM

IPO

In February 2021, ZIM successfully completed an initial public offering of its shares raising $204 million in net proceeds. The issuance of shares in the IPO resulted in Kenon’s stake being diluted to 27.8%.

Discussion of ZIM’s Results for 2020

For the year ended December 31, 2020, ZIM’s net profit was $524 million, as compared to a loss of $13 million in 2019.

ZIM carried approximately 2,841 thousand TEUs in 2020 representing a 0.7% increase as compared to 2019, in which ZIM carried approximately 2,821 thousand TEUs. The average freight rate per TEU in 2020 was $1,229 per TEU, as compared to $1,009 per TEU in 2019.

ZIM’s revenues increased by 21.0% in 2020 to approximately $4.0 billion, as compared to approximately $3.3 billion in 2019, primarily due to (i) an increase of $645 million in revenues from containerized cargo due to an increase in average freight rate, (ii) an increase of $33 million in income from related services, and (iii) an increase of $22 million in income from slots and chartered vessels.

ZIM’s operating expenses and cost of services increased by 0.9% to approximately $2.84 billion, as compared to approximately $2.81 billion in 2019, primarily due to (i) an increase in expenses of related service and sundry of $39 million, (ii) an increase in cargo handling expenses of $12 million, offset by (iii) a decrease in bunker expenses of $25 million.

Qoros



 

Kenon’s subsidiary Quantum (2007) LLC (“Quantum“) has entered into an agreement with the China-based investor related to the Baoneng Group that holds 63% of Qoros (the “Majority Shareholder in Qoros“) to sell all of its remaining 12% interest in Qoros. The key terms of the agreement are set forth below.

The total purchase price is RMB1.56 billion (approximately $238 million), which is the same valuation as the previous sales by Quantum to the Majority Shareholder in Qoros. The deal is subject to certain conditions, including a release of the share pledge over the shares to be sold (substantially all of which have been pledged to Qoros’ lending banks), approval of the transaction by the National Development and Reform Commission and registration with the State Administration of Market Regulation.

An entity within the Baoneng Group has guaranteed the obligations of the Majority Shareholder in Qoros under this agreement.

The purchase price is to be paid over time pursuant to the following schedule:

 

 

The first and second payments, including the deposit, will be paid into a designated account set up in the name of the Majority Shareholder in Qoros over which Quantum has joint control. According to the agreement, the transfer of these payments to Quantum will occur by the end of Q2 2022, provided that the relevant conditions are met in connection with the registration of the shares to the purchaser subject to receipt by Quantum of collateral acceptable to it. The agreement provides that the third and fourth payments will be paid directly to Quantum.

Car Sales

Qoros sold approximately 12,600 cars in 2020 as compared to approximately 26,000 cars in 2019. Qoros sold approximately 700 cars in Q1 2021 as compared to approximately 500 cars in Q1 2020.

Additional Kenon Updates

Kenon’s (Unconsolidated) Liquidity and Capital Resources

As of December 31, 2020, Kenon’s unconsolidated cash balance was $222 million. Following the payment of a dividend as described below, Kenon’s unconsolidated cash balance will be approximately $122 million. There is no material debt at the Kenon level.

Interim dividend for the year ending December 31, 2021

In April 2021, Kenon’s board of directors approved an interim cash dividend of $1.86 per share (an aggregate amount of approximately $100 million) relating to the year ending December 31, 2021, payable to Kenon’s shareholders of record as of the close of trading on April 29, 2021 (the “Record Date“), to be paid on or about May 6, 2021 (the “Payment Date“).

In November 2020, Kenon paid a dividend of approximately $120 million ($2.23 per share).

These dividends are consistent with Kenon’s strategy of realizing the value of its businesses for its shareholders.

The New York Stock Exchange’s (the “NYSE“) ex-dividend date, which is the date on which Kenon’s shares will begin trading on the NYSE without the entitlement to the Dividend, is April 28, 2021 (the “NYSE Ex-Dividend Date“). The NYSE will adjust the price of Kenon’s shares on the NYSE Ex-Dividend Date to reflect the Dividend.

The Tel Aviv Stock Exchange’s (“TASE“) ex-dividend date, which is the date on which Kenon’s shares will begin trading on the TASE without the entitlement to the Dividend, is April 29, 2021 (the “TASE Ex-Dividend Date“). The TASE will adjust the price of Kenon’s shares on the TASE Ex-Dividend Date to reflect the Dividend.

We encourage you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your shares credited to your account.

Singapore tax is not expected to be imposed on Kenon’s shareholders in connection with the Dividend. Nevertheless, the Dividend may constitute a taxable event to Kenon’s shareholders according to their jurisdiction and the relevant tax law applicable (including for the purpose of withholding tax in accordance with applicable law and/or regulation). Kenon’s shareholders should consult their tax advisors with respect to the federal, state, and/or any other applicable tax consequences of the Dividend, and the potential imposition of withholding taxes in connection with the Dividend.

About Kenon

Kenon is a holding company that operates dynamic, primarily growth-oriented businesses. The companies it owns, in whole or in part, are at various stages of development:

• OPC (58% interest) – a leading owner, developer and operator of power generation facilities in the Israeli and US power markets;
• ZIM (28% interest) – an international shipping company; and
• Qoros (12% interest^[2]) – a China-based automotive company.

For further information on Kenon’s businesses and strategy, see Kenon’s publicly available filings, which can be found on the SEC’s website at www.sec.gov. Please also see http://www.kenon-holdings.com for additional information.

---

^[1] EBITDA is a non-IFRS measure. See Exhibit 99.2 of Kenon’s Form 6-K dated April 19, 2021 for the definition of OPC’s EBITDA and a reconciliation to its net profit for the applicable period.

^[2] Kenon has agreed to sell its remaining 12% interest to the majority shareholder in Qoros; upon completion of this sale, Kenon will no longer be a shareholder of Qoros.

Caution Concerning Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to,
statements relating to Kenon’s subsidiary Quantum’s agreement to sell its remaining interest in Qoros and related statements, including statements relating to the terms of the transaction, the timing for payments and transfer of shares and conditions to the parties’ obligations,
 statements
about the Dividend, including the Payment Date, the Record Date, the NYSE Ex-Dividend Date, the TASE Ex-Dividend Date, the crediting of accounts with the Dividend, the amount of cash to be retained by
Kenon following the Dividend and statements about the expected Singapore tax treatment of the Dividend
, as well as statements relating to the Tzomet project, including expected installed capacity and expected cost and timing for completion of the project, and other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon’s control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to
completion of the transaction, including risks relating to meeting the conditions to the obligations under the transaction including risks relating to regulatory approvals and the condition that the pledge over the shares to be sold be released, and risks relating to the payments to be made to Quantum and released from the designated account and the timing thereof and risks related to the
payment of the Dividend and that the amounts retained by
Kenon are not sufficient to meet its cash needs, statements relating to the expected tax treatment of the Dividend in Singapore,
 potential failure to complete the development and reach commercial operation of the Tzomet project as described or at all, including risks related to costs associated with delays or higher costs in reaching commercial operation and other risks and factors
including
 those risks set forth under the heading “Risk Factors” in Kenon’s Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact Info

 

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SOURCE Kenon Holdings Ltd.

SAN DIEGO, April 19, 2021 /PRNewswire/ — As businesses across America develop and start to implement return-to-work plans, Petco Health and Wellness Company, Inc. (NASDAQ: WOOF), a complete partner in pet health and wellness, is urging employers to consider adopting a pet-friendly workplace policy among other post-pandemic changes and sharing information and resources for employees and employers ready to welcome pets at work.

The company will introduce a new playbook and toolkit this summer to help employers transition their workplace into a safe, healthy and productive environment for both people and pets. Offerings will include options ranging from DIY solutions for creating a pet-friendly workplace to benefits like pet insurance, Vital Care, on-site pet services and supplies.

“At Petco, we’ve experienced the benefits of working with and around pets all day for decades – whether in our Petco Pet Care Centers or our pet-friendly support center offices,” said Ron Coughlin, Petco’s Chairman and CEO. “The past year of quarantining and working from home has brought more pets into American families than ever before and significantly deepened the bonds we share with them. We want to see those bonds continue and ensure these pets remain an integral part of our families well into the future. As pet parents consider heading back to offices, we believe they will and should expect their employers to welcome their pets as well – and Petco is here to help companies do it.”

More than 3 million incremental new pets have entered U.S. homes in the past year,* and many of them have rarely, if ever, been separated from their humans for more than a few minutes or by more than one door in the house. Older family pets have long forgotten their old routines and become used to their two-legged family members being home most of if not all day long. Now, after more than a year of working from home – often with pets, children and other family members in tow – Petco’s latest survey** shows that 69% of pet parents are stressed about what returning to work means for their pets, and hopeful their employers may add “pet-friendly” to the list of post-pandemic office perks.

Other key findings from the survey include:

• 44% of pet parents want their employers to adopt a pet-friendly workplace, and 41% would consider switching jobs if it meant they could bring their pet to work.
• 83% of pet parents had minimized stress levels due to working from home in close contact with their furry friends.
• 62% of pet parents have a more positive attitude toward companies that allow pets at work. If an employer had a pet-friendly policy:
• 58% believe it would help alleviate stress while at work.
• 52% would be likely to stay at their employer longer.
• 47% believe it would promote better work productivity
• Pet parents’ top three worries about returning to the workplace are their pet’s loneliness, their pet’s separation anxiety, and missing the comfort and joy experienced with having their pet with them while working.
• 65% of pet parents who cannot bring their pets with them to the office worry about their pet’s separation anxiety, and 56% are concerned about leaving the pet at home all day without supervision or exercise.

Research shows that having a pet, or even interacting with one, has positive effects on both animals and people, which supports three of the five pillars – physical, mental and social health – of Petco’s Whole Health philosophy. The presence of friendly animals can reduce people’s heart rate, blood pressure and cholesterol; and regularly interacting with animals can reduce anxiety and promote calmness. Pets in the workplace can even enhance productivity, employee engagement and socialization among co-workers. Particularly given the concerns around post-pandemic separation anxiety and its impact on pet mental health, allowing pets into the office is also beneficial for pets’ mental well-being and will help ease the return to work transition.

“It’s no secret that pets come with a multitude of benefits for humans, from reducing stress to improving health,” said Dr. Whitney Miller, Chief Veterinarian at Petco. “Pets encourage us to stay active and provide incredible companionship, especially over the past year, when so many people have felt isolated at home and bereft of social interaction. When it comes to pets in the workplace, I’m confident that as more companies witness the positive effects that pets have on employees and company culture, the more they’ll see enhanced overall morale, which bodes well for business performance.”

As a leading pet-friendly employer, Petco can offer expertise for how other companies can foster and manage pet-friendly office environments, and keep both pets and people safe, comfortable and happy. With employers already making changes in their office spaces and flexible work policies, Petco invites other companies to include pets in the conversation around shifts in the workplace and offer employees the flexibility to bring their pets to work.

Petco’s recommended set of pet-friendly workplace guidelines and etiquette includes:

• Creating a thorough policy for bringing pets to work that includes requiring up-to-date pet vaccinations, an action plan for any pet-related incidents and clear requirements for pet housing, such as pet gates, small animal habitats and aquariums.
• Ensuring there are readily accessible outdoor areas for pet breaks.
• Investing in built-in or removable pet gates at employee workspaces to make containment safe and easy.
• Designating pet-free zones for employees who have allergies.
• Clearing any pet-zone areas of potentially dangerous items such as cables, human food or furniture that could easily be knocked down.
• Providing pet clean-up stations, offering things like stain and odor eliminator spray and deodorizing wipes, for inevitable “accidents” around the office.

Petco established National Pets at Work Day in 2016 to lead the charge in raising awareness for the mental, social and business health benefits associated with having pets in the workplace for pets, people and employers alike. Today, Petco is using #PetsAtWork to call on pet parents to share how bringing pets to the office would support their happiness in returning to work, and asking business owners, HR leaders and office space landlords to share the benefits they’ve experienced by going pet-friendly or what they would need to make the switch.

Petco provides pet parents with unique benefits aimed at supporting them throughout pet parenthood, including Petco Insurance, which offers accident and illness coverage for dogs and cats, as well as a pet bereavement policy that affords partners appropriate time to grieve when they lose a beloved pet. Additionally, Petco’s in-store and online dog training covers a variety of topics from potty and crate training to managing undesirable behaviors and helping with separation anxiety.

For more information on National Pets at Work Day, the benefits of pet-friendly workplaces and key tips for employers thinking about how to go pet-friendly, visit petco.com/petsatwork. Employers interested in learning more can reach out to [email protected].

*Source: Packaged Facts with adjustments from company internal estimates. 

**Statistics from 2021 Petco consumer survey of 2,001 U.S. pet parents.

About Petco, The Health + Wellness Co.

Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners. Since our founding in 1965, we’ve been trailblazing new standards in pet care, delivering comprehensive wellness solutions through our products and services, and creating communities that deepen the pet-pet parent bond. We operate more than 1,500 Petco locations across the U.S., Mexico and Puerto Rico, including a growing network of more than 100 in-store veterinary hospitals, and offer a complete online resource for pet health and wellness at petco.com and on the Petco app. In tandem with Petco Love (formerly the Petco Foundation), an independent nonprofit organization, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, we’ve helped find homes for more than 6.5 million animals.

Contact:

Yvonne Tarrab

[email protected]

 

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SOURCE Petco Health and Wellness Company, Inc.

NEW YORK, April 19, 2021 /PRNewswire/ — BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI), a leading developer of cellular therapies for neurodegenerative diseases, announced today that the Company will hold a conference call to update shareholders on financial results for the first quarter ended March 31, 2021, and provide a corporate update, at 8:00 a.m. Eastern Time on April 26, 2021.

 

 

BrainStorm’s Chief Executive Officer, Chaim Lebovits, will present a corporate update after which participant questions will be answered. Joining Mr. Lebovits to answer investment community questions will be Ralph Kern, MD, MHSc, President and Chief Medical Officer, Stacy Lindborg, PhD, Executive Vice President and Global Head of Clinical Research, David Setboun, PharmD, MBA, Executive Vice President and Chief Operating Officer, Preetam Shah, PhD, MBA, Executive Vice President and Chief Financial Officer.

Participants are encouraged to submit their questions prior to the call by sending them to: [email protected]. Questions should be submitted by 5:00 p.m. Eastern Time, Sunday, April 25, 2021.

The investment community may participate in the conference call by dialing the following numbers:

Participant Numbers:

Toll Free:                                    877-407-9205
International:                              201-689-8054 
Webcast URL:                            https://www.webcaster4.com/Webcast/Page/2354/40513

Those interested in listening to the conference call live via the internet may do so by visiting the “Investors & Media” page of BrainStorm’s website at https://ir.brainstorm-cell.com/overview and clicking on the conference call link.

Those that wish to listen to the replay of the conference call can do so by dialing the numbers below. The replay will be available for 14 days.

Replay Numbers:

Toll Free:                                    877-481-4010
International:                              919-882-2331 
Replay Passcode:                      40513 

About NurOwn® 
The NurOwn^® technology platform (autologous MSC-NTF cells) represents a promising investigational therapeutic approach to targeting disease pathways important in neurodegenerative disorders. MSC-NTF cells are produced from autologous, bone marrow-derived mesenchymal stem cells (MSCs) that have been expanded and differentiated ex vivo. MSCs are converted into MSC-NTF cells by growing them under patented conditions that induce the cells to secrete high levels of neurotrophic factors (NTFs). Autologous MSC-NTF cells are designed to effectively deliver multiple NTFs and immunomodulatory cytokines directly to the site of damage to elicit a desired biological effect and ultimately slow or stabilize disease progression.

About BrainStorm Cell Therapeutics Inc.
BrainStorm Cell Therapeutics Inc. is a leading developer of innovative autologous adult stem cell therapeutics for debilitating neurodegenerative diseases. The Company holds the rights to clinical development and commercialization of the NurOwn^® technology platform used to produce autologous MSC-NTF cells through an exclusive, worldwide licensing agreement. Autologous MSC-NTF cells have received Orphan Drug designation status from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) for the treatment of amyotrophic lateral sclerosis (ALS). BrainStorm has completed a Phase 3 pivotal trial in ALS (NCT03280056); this trial investigated the safety and efficacy of repeat-administration of autologous MSC-NTF cells and was supported by a grant from the California Institute for Regenerative Medicine (CIRM CLIN2-0989). BrainStorm completed under an investigational new drug application a Phase 2 open-label multicenter trial (NCT03799718) of autologous MSC-NTF cells in progressive multiple sclerosis (MS).

For more information, visit the company’s website at www.brainstorm-cell.com.

Contacts
Investor Relations:
Corey Davis, Ph.D.
LifeSci Advisors, LLC
Phone: +1 646-465-1138
[email protected]

Media:

Paul Tyahla

SmithSolve
Phone: + 1 973-713-3768
[email protected]

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SOURCE Brainstorm Cell Therapeutics Inc

SHENZHEN, China, April 19, 2021 /PRNewswire/ — X Financial (NYSE: XYF) (the “Company”), a leading technology-driven personal finance company in China, today announced that it is postponing the release of its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020, toApril 23, 2021, after market closes.

X Financial’s management team will host an earnings conference call at 7:00 AM U.S. Eastern Time on Monday, April 26, 2021 (7:00 PM Beijing / Hong Kong Time on the same day).

Dial-in details for the earnings conference call are as follows:

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until May 3, 2021:

Additionally, a live and archived webcast of the conference call will be available at http://ir.xiaoyinggroup.com.

About X Financial

X Financial (NYSE: XYF) (the “Company”) is a leading online personal finance company in China. The Company is committed to connecting borrowers on its platform with its institutional funding partners. With its proprietary big data-driven technology, the Company has established strategic partnerships with financial institutions across multiple areas of its business operations, enabling it to facilitating loans to prime borrowers under a robust risk assessment and control system.

For more information, please visit: http://ir.xiaoyinggroup.com.

For more information, please contact:

X Financial
Mr. Frank Fuya Zheng
E-mail: [email protected]

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]

In US 
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

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SOURCE X Financial