Market Newsdesk

Boston, MA, April 02, 2021 (GLOBE NEWSWIRE) — April 2nd, 2021 – TeamBonding Inc. is back for a second season of the podcast series: Team Building Saves the World. Join host Rich Rininsland as he takes you behind the scenes to discuss the road to live events, company culture, and insights from program developers, leaders, and professionals in the team building industry. Rich talks all about this in his Season 2 trailer. Episodes will cover the behind-the-scenes of TeamBonding’s most popular programs, how their ideas come to life, as well as discussing changes brought on by world events.  Listeners will get the inside scoop on how TeamBonding matches activities to groups, how to prepare for upcoming live events, and panel discussions with thought leaders of the team building industry. Season 2 will also look into how and why the concepts of team building are essential in today’s world, and check up on some of our most popular guests from last season. 

“We’re going to take a behind-the-scenes look at events from development to sales, production to performance. This season we want YOU to feel like you are a definite part of this team.”
– Rich Rininsland, Host of Team Building Around the World

Team Building Saves the World’s first episode premieres April 6th, 2021, with future episodes coming out bi-weekly on Tuesdays, and can be found on any platform you listen to your podcasts on. Additionally, this year there will be video clips to go with each episode. The podcast will have an increased social media presence, encouraging listeners to submit feedback, ask questions that may even be aired! Listeners can also submit questions or feedback via email [email protected] or at 617.426.1999, the podcast hotline.TeamBonding utilizes the knowledge and tools of experts and team building leaders all around the globe and is also partnered with the Catalyst Global Team Building Network, an association of team building providers with representatives in over 90 countries, speaking more than 20 languages.
No matter your location, TeamBonding has a proven solution to build your team.

Follow the team building podcast on Facebook, Linkedin, Twitter, and Instagram.

Attachment

• TeamBonding Podcast Press Release Season 2

Melissa Ehlers
TeamBonding
617.426.1999
[email protected]

RADNOR, Pa., April 02, 2021 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP reminds MultiPlan Corporation (NYSE: MPLN; MPLN.WS) (“MultiPlan”) f/k/a Churchill Capital Corp. III (“Churchill III”) investors that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of: (1) those who purchased or acquired MultiPlan securities between July 12, 2020 and November 10, 2020, inclusive (the “Class Period”); and (2) all holders of Churchill Capital Corp. III (“Churchill III”) Class A common stock entitled to vote on Churchill III’s merger with and acquisition of Polaris Parent Corp. and its consolidated subsidiaries consummated in October 2020 (the “Merger”).

Lead Plaintiff Deadline:



April 26, 2021

Website:	https://www.ktmc.com/multiplan-corp-securities-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=multiplan
Contact:	James Maro, Esq. (484) 270-1453
	Adrienne Bell, Esq. (484) 270-1435
	Toll free (844) 887-9500

Churchill III was formed in October 2019 as a special purpose acquisition vehicle. On February 14, 2020, Churchill III completed its initial public offering, selling 110 million ownership units to investors for gross proceeds of $1.1 billion (the “IPO”). Pursuant to the IPO prospectus, Churchill III was required to acquire a target business with an aggregate fair market value of at least 80% of the assets held in trust from the IPO proceeds and to do so within two years of the IPO.

The complaint alleges that on November 11, 2020, one month after the close of the Merger, Muddy Waters published a report on Churchill III titled “MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab”, which was based on extensive non-public sources such as interviews with former MultiPlan executives and other industry experts, as well as proprietary analysis. The report revealed, in part, that: (1) MultiPlan was in the process of losing its largest client, UnitedHealthcare, which was estimated to cost Churchill III up to 35% of its revenues and 80% of its levered free cash flow within two years; (2) MultiPlan was in significant financial decline because of its fundamentally flawed business model, which profited from excessively high healthcare costs; (3) UnitedHealthcare had purportedly launched a competitor, Naviguard, to reduce its business with MultiPlan and bring the over-priced and conflicted services offered by MultiPlan inhouse; and (4) MultiPlan had suffered from material, undisclosed pricing pressures that had caused it to slash the “take rate” it charged customers in half in some instances and falsely characterized revenue declines as “idiosyncratic” when in fact they were due to sustained, negative pricing trends afflicting MultiPlan’s business.

Following this news, the price of Churchill III’s securities declined. By November 12, 2020, the price of Churchill III’s Class A common stock fell to a low of just $6.12 per share, nearly 40% below the price at which shareholders could have redeemed their shares at the time of the shareholder vote on the Merger.

MultiPlan investors may, no later than April 26, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP, or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]

SAN FRANCISCO, April 02, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Ubiquiti Inc. (NYSE: UI) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.

Visit: www.hbsslaw.com/investor-fraud/UI
Contact an Attorney Now:[email protected]
                                             844-916-0895

Ubiquiti Inc. (NYSE: UI) Investigation:

The investigation focuses on whether Ubiquiti accurately reported the nature and scope of a recent security breach incident.

On Jan. 11, 2021, Ubiquiti urged customers to change their passwords and enable multi-factor authentication after it became aware of unauthorized access to certain of its information technology systems hosted by a third-party cloud provider. The company, however, downplayed the seriousness of the incident, advising its customers that it was not currently aware of evidence of access to databases that host user data.

But on March 30, 2021, KrebsonSecurity published an article entitled, “Whistleblower: Ubiquiti Breach ‘Catastrophic,’” reporting that a Ubiquiti security professional who helped the company respond to the two-month breach beginning in December 2020 informed Krebs that the breach was catastrophically worse than reported. Krebs quoted the source as saying “[t]he breach was massive, customer data was at risk, access to customers’ devices deployed in corporations and homes around the world was at risk.” The source also reportedly said the Jan. 11, 2021 breach disclosure was “downplayed and purposefully written to imply that a 3^rd party cloud vendor was at risk and that Ubiquiti was merely a casualty of that, instead of the target of the attack.” In reality, according to Krebs’ reporting, the attackers gained administrative access to Ubiquiti’s servers.

In response, the price of Ubiquiti shares fell over 16% during intraday trading on March 31, 2021.

“We’re focused on investors’ losses and whether Ubiquiti intentionally misrepresented the security of a core business,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

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

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

About Hagens Berman


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

Contact:

Reed Kathrein, 844-916-0895

SAN FRANCISCO, April 02, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Amdocs Limited (NASDAQ: DOX) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.

Visit: www.hbsslaw.com/investor-fraud/DOX
Contact an Attorney Now:[email protected]
844-916-0895

Amdocs Limited (NASDAQ: DOX) Investigation:

The investigation focuses on the accuracy of Amdocs’ reported financial results.

In past quarters, Amdocs repeatedly touted its strong sequential revenue growth, margins, and strong balance sheet.

But on March 31, 2021, these and other company representations were brought into question when Jehoshaphat Research published a scathing report entitled, “Where Did Amdocs’ Profits And Auditors Go?”, concluding that Amdocs is “a massive financial deception” and “the stock is uninvestable.”

Based on a review of Amdocs international subsidiaries’ filings overseas, Jehoshaphat’s claims Amdocs has overstated profits by as much as 50% that its reported profit margins are “wildly” inflated, and approximately 1/3 of Amdocs’ stated cash is unavailable for use.   Jehoshaphat reported that former employee and direct competitor interviews confirmed its findings that Amdocs “has been losing business for years but has made up for these losses by inflating financials, sometimes to a point beyond recognition by the country managers.” Jehoshaphat also raised concerns about the company subsidiaries’ auditor resignations during the last two years.

In response, the price of Amdocs shares fell over 11% on March 31, 2021, wiping out hundreds of millions of dollars of shareholder value.

“We’re focused on investors’ losses and whether Amdocs cooked its books,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

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

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

About Hagens Berman


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

Contact:
Reed Kathrein, 844-916-0895

STAMFORD, Conn., April 02, 2021 (GLOBE NEWSWIRE) — Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced a net loss of $1.4 million, or $0.35 basic and diluted loss per share for the quarter ended December 31, 2020, compared to a net loss of $87 thousand reported in the third quarter of 2020. The net loss for the year ended December 31, 2020 was $3.8 million, or $0.97 per fully diluted share, as compared to a net loss of $2.8 million, or $0.72 per fully diluted shares in the fiscal year 2019. The Bank’s loan loss provision on a year over year basis is down $2.8 million, or 56.3% to $2.2 million for the twelve months ended December 31, 2020.

During the fourth quarter, Patriot recorded a $1.9 million charge associated with the establishment of a valuation allowance on its deferred tax assets and charges relating to a previous acquisition in the amount of $834 thousand. The income tax provision in the fourth quarter of 2020 was also impacted by a benefit for income taxes of $1.1 million due to reversal of an uncertain tax position.

During the COVID-19 pandemic, Patriot has kept all branches open while at the same time leveraging its non-contact ATM’s and Live Banker ATMs. Patriot continues to optimize on-line banking services and expand customer call center staffing. The investments to enhance the digital platform and the customer service experience have been well tested during 2020 and the global pandemic. Patriot’s mobile deposits were up 124% and use of its mobile app banking was up 25%.

Throughout 2020 the Bank provided CARES Act payment relief on approximately $232.4 million of loans. A significant percentage of the loans deferred as a result of the CARES Act have now resumed normal payments. The balance of loans remaining on deferral in conjunction with the CARES Act had declined to $52.6 million at December 31, 2020 and subsequently declined to $37.8 million at March 30, 2021.

Patriot President & CEO Robert Russell stated: “The Bank is fortunate to have committed and dedicated employees who are resilient and resourceful. The Bank, thanks to efforts of its staff, focused on service and process improvements throughout a very challenging year. We continue to observe positive improvements related to loans previously on deferral, net interest margin and noninterest expense. The leadership team continues to evaluate and upgrade its staff and processes as evidenced by its recent upgrade to its SBA staff.” Mr. Russell added: “We believe the changes that have been implemented and a culture of accountability position the Bank for a strong 2021 and beyond. We remain focused on the delivery of excellent customer service with products that support our communities.”    

Financial Results:

As of December 31, 2020, total assets were $880.7 million compared to $979.8 million as of December 31, 2019. Net loans totaled $719.6 million versus $802.0 million as of December 31, 2019. Total deposits were $685.7 million and $769.5 million at December 31, 2020 and 2019, respectively.

The change in loans and total assets represents the intentional resizing of the Bank’s balance sheet as the current economic uncertainties associated with the COVID-19 pandemic are assessed. The Company continues to originate loans, but at a slower pace than in the past, and has seen loan maturities and loan payoffs outpace loan originations during the year ended December 31, 2020.

The Bank remains focused on its cost of funds and funding sources. The overall decline in deposits of $83.9 million was the result of a planned decline in higher cost brokered deposits of $188.6 million partially offset by an increase in core and prepaid deposits in the amount of $104.7 million.

These balance sheet changes have significantly strengthened the Bank’s capital ratios and at the same time improved its net interest margin. These foundational changes position Patriot for a return to profitability in 2021 as margins are expected to continue to improve and the slowdown in business activity is expected to gradually rebound from the impact of the pandemic and return to more normalized levels.

Year-to-date December 31, 2020 net interest income was $24.2 million and declined $1.3 million, or 5.0% from year-to-date December 31, 2019. Net interest income for the fourth quarters of 2020 and 2019 was unchanged at $6.2 million for the respective periods. Net interest margin showed strong improvement as a lower cost of funds resulted in a 2.93% margin in the fourth quarter of 2020 compared with 2.65% for the fourth quarter of 2019.

Compared to the prior year, net interest income was negatively impacted by a lower average loan balance, and an increase in the rate paid on FHLB borrowings associated with the conversion of certain borrowings from a low variable teaser rate to higher fixed rate. Overall, net interest income reflects the impact of lower market rates connected to the COVID-19 pandemic.

Patriot recorded a provision for loan losses of $2.2 million and $5.0 million for the years ended December 31, 2020 and 2019, respectively. The year over year decline represents a decline of 56% compared to the year-to-date December 31, 2019. The decrease in provision for loan loss for the year ended 2020 was attributable to a reduced loan portfolio in 2020, stronger governance around credit administration and oversight of nonperforming assets. In addition, the 2019 provision included the impact of a single commercial loan charge-off as previously reported.   

The Allowance for Loan Losses at December 31, 2020 totaled 1.45% of total loans compared with 1.25% at December 31, 2019. The increase in the Allowance as a percent of loans in 2020 compared to 2019, reflects additional provisions associated with the estimated impact of the COVID-19 pandemic on the economy and local business community in 2020 and a slightly lower loan portfolio.

Noninterest income was $2.0 million and $2.5 million for the years ended December 31, 2020 and 2019, respectively representing a decline of 20%. The decrease in noninterest income for the year-to-date period was due largely to reduced deposit fees and charges of $171 thousand and lower levels of gains on sales of SBA loans of $325 thousand associated with delays in executing the sale of those loans in 2020.

Noninterest expense for the year ended December 31, 2020 was $28.1 million versus $26.7 million representing an increase of 5% from a year earlier. The increase was primarily due to higher project expenses and a non-cash intangible write-off aggregating $834 thousand relating to a prior period acquisition, and higher salaries and benefits costs.

The income tax benefit was $337 thousand for 2020 and reflects the establishment of a valuation allowance partially offsetting a reversal of a prior tax reserve as noted previously. The tax benefit recorded in 2019 was $899 thousand.

As of December 31, 2020, shareholders’ equity was $63.2 million, compared with $67.0 million at December 31, 2019. Patriot’s book value per share was $16.03 at December 31, 2020, compared with $17.04 at December 31, 2019. The Bank’s capital ratios continue to be strong, maintaining its “well capitalized” regulatory status. As of December 31, 2020, the Bank’s Tier 1 leverage ratio was 9.80%, Tier 1 risk-based capital ratio was 11.25% and total risk-based capital ratio was 12.50%.

Patriot Bank is headquartered in Stamford and operates 9 branch locations: in Scarsdale, NY; and Darien, Fairfield, Greenwich, Milford, Norwalk, Orange, Stamford, Westport, CT with Express Banking locations at Bridgeport/ Housatonic Community College, downtown New Haven and Trumbull at Westfield Mall. The Bank also maintains SBA lending offices in Stamford, Connecticut, Florida, Georgia, Ohio, along with a Rhode Island operations center.

About the Company:

Founded in 1994, and now celebrating its 26th year, Patriot National Bancorp, Inc. (“Patriot” or “Bancorp”) is the parent holding company of Patriot Bank N.A. (“Bank”), a nationally chartered bank headquartered in Stamford, CT. Patriot operates with full service branches in Connecticut and New York and provides lending products and services nationally. Patriot’s mission is to serve its local community and nationwide customer base by providing a growing array of banking solutions to meet the needs of individuals and small businesses owners. Patriot places great value in the integrity of its people and how it conducts business. An emphasis on building strong client relationships and community involvement are cornerstones of our philosophy as we seek to maximize shareholder value.

“Safe Harbor” Statement Under Private Securities Litigation Reform Act of 1995:

Certain statements contained in Bancorp’s public statements, including this one, may be forward looking and subject to a variety of risks and uncertainties. These factors include, but are not limited to: (1) changes in prevailing interest rates which would affect the interest earned on the Company’s interest earning assets and the interest paid on its interest bearing liabilities; (2) the timing of re-pricing of the Company’s interest earning assets and interest bearing liabilities; (3) the effect of changes in governmental monetary policy; (4) the effect of changes in regulations applicable to the Company and the Bank and the conduct of its business; (5) changes in competition among financial service companies, including possible further encroachment of non-banks on services traditionally provided by banks; (6) the ability of competitors that are larger than the Company to provide products and services which it is impracticable for the Company to provide; (7) the state of the economy and real estate values in the Company’s market areas, and the consequent effect on the quality of the Company’s loans; (8) demand for loans and deposits in our market area; (9) recent governmental initiatives that are expected to have a profound effect on the financial services industry and could dramatically change the competitive environment of the Company; (10) other legislative or regulatory changes, including those related to residential mortgages, changes in accounting standards, and Federal Deposit Insurance Corporation (“FDIC”) premiums that may adversely affect the Company; (11) the application of generally accepted accounting principles, consistently applied; (12) the fact that one period of reported results may not be indicative of future periods; (13) the state of the economy in the greater New York metropolitan area and its particular effect on the Company’s customers, vendors and communities and other such factors, including risk factors, as may be described in the Company’s other filings with the Securities and Exchange Commission (the “SEC”); (14) political, social, legal and economic instability, civil unrest, war, catastrophic events, acts of terrorism; (15) widespread outbreaks of infectious diseases, including the ongoing novel coronavirus (COVID-19) outbreak; (16) changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; (17) our ability to access cost-effective funding; (18) our ability to implement and change our business strategies; (19) changes in the quality or composition of our loan or investment portfolios; (20) technological changes that may be more difficult or expensive than expected; (21) our ability to manage market risk, credit risk and operational risk in the current economic environment; (22) our ability to enter new markets successfully and capitalize on growth opportunities; (23) changes in consumer spending, borrowing and savings habits; (24) our ability to retain key employees; and (25) our compensation expense associated with equity allocated or awarded to our employees.

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)			December 31, 2020				September 30, 2020				December 31, 2019
Assets
Cash and due from banks:
Noninterest bearing deposits and cash			$	3,006			$	3,231			$	2,693
Interest bearing deposits				31,630				46,405				36,711
		Total cash and cash equivalents		34,636				49,636				39,404
Investment securities:
Available-for-sale securities, at fair value				49,262				47,823				48,317
Other investments, at cost				4,450				4,450				4,450
		Total investment securities		53,712				52,273				52,767
Federal Reserve Bank stock, at cost				2,783				2,783				2,897
Federal Home Loan Bank stock, at cost				4,503				4,503				4,477
Gross loans receivable				730,180				751,298				812,164
Allowance for loan losses				(10,584	)			(11,171	)			(10,115	)
	Net loans receivable			719,596				740,127				802,049
SBA loans held for sale				1,217				6,824				15,282
Accrued interest and dividends receivable				6,620				6,834				3,603
Premises and equipment, net				33,423				33,632				34,568
Other real estate owned				1,906				1,954				2,400
Deferred tax asset, net				11,496				12,066				11,133
Goodwill				1,107				1,107				1,107
Core deposit intangible, net				343				567				623
Other assets				9,387				10,623				9,526
	Total assets		$	880,729			$	922,929			$	979,836
Liabilities
Deposits:
	Noninterest bearing deposits		$	158,676			$	161,871			$	88,135
	Interest bearing deposits			526,980				565,560				681,400
		Total deposits		685,656				727,431				769,535
Federal Home Loan Bank and correspondent bank borrowings				90,000				90,000				100,000
Senior notes, net				11,927				11,909				11,853
Subordinated debt, net				9,782				9,774				9,752
Junior subordinated debt owed to unconsolidated trust, net				8,110				8,108				8,102
Note payable				994				1,044				1,193
Advances from borrowers for taxes and insurance				3,786				2,492				3,681
Accrued expenses and other liabilities				7,255				7,634				8,726
		Total liabilities		817,510				858,392				912,842
Commitments and Contingencies				–				–				–
Shareholders’ equity
Preferred stock				–				–				–
Common stock				106,329				106,293				106,170
Accumulated deficit				(42,592	)			(41,210	)			(38,773	)
Accumulated other comprehensive loss				(518	)			(546	)			(403	)
		Total shareholders’ equity		63,219				64,537				66,994
	Total liabilities and shareholders’ equity		$	880,729			$	922,929			$	979,836

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
			Three Months Ended												Year Ended
(In thousands, except per share amounts)			December 31, 2020				September 30, 2020				December 31, 2019				December 31, 2020				December 31, 2019
Interest and Dividend Income
	Interest and fees on loans		$	8,113			$	8,578			$	10,223			$	35,835			$	40,568
	Interest on investment securities			326				340				460				1,460				1,667
	Dividends on investment securities			86				85				109				399				453
	Other interest income			22				28				161				209				956
		Total interest and dividend income		8,547				9,031				10,953				37,903				43,644
Interest Expense
	Interest on deposits			1,134				2,028				3,533				9,154				13,985
	Interest on Federal Home Loan Bank borrowings			708				628				708				2,671				2,175
	Interest on senior debt			229				229				229				915				915
	Interest on subordinated debt			235				235				273				991				1,118
	Interest on note payable and other			4				5				5				19				25
		Total interest expense		2,310				3,125				4,748				13,750				18,218
		Net interest income		6,237				5,906				6,205				24,153				25,426
Provision for loan losses				371				85				1,769				2,170				4,971
		Net interest income after provision for loan losses		5,866				5,821				4,436				21,983				20,455
Non-interest Income
	Loan application, inspection and processing fees			76				54				39				223				113
	Deposit fees and service charges			68				73				126				321				492
	Gains on sale of loans			102				380				27				566				891
	Rental income			130				131				130				523				589
	Other income			89				66				86				346				398
		Total non-interest income		465				704				408				1,979				2,483
Non-interest Expense
	Salaries and benefits			3,357				3,460				3,409				14,323				13,681
	Occupancy and equipment expenses			833				810				923				3,513				3,521
	Data processing expenses			377				433				375				1,571				1,463
	Professional and other outside services			691				627				777				2,828				3,010
	Project expenses, net			664				6				188				818				465
	Advertising and promotional expenses			77				107				125				454				380
	Loan administration and processing expenses			39				75				54				174				155
	Regulatory assessments			318				355				371				1,477				1,233
	Insurance expenses			70				67				(24	)			285				136
	Communications, stationary and supplies			105				118				135				476				518
	Other operating expenses			708				560				466				2,199				2,092
		Total non-interest expense		7,239				6,618				6,799				28,118				26,654
		Loss before income taxes		(908	)			(93	)			(1,955	)			(4,156	)			(3,716	)
Provision (benefit) for income taxes				474				(6	)			(443	)			(337	)			(899	)
		Net loss	$	(1,382	)		$	(87	)		$	(1,512	)		$	(3,819	)		$	(2,817	)
		Basic loss per share	$	(0.35	)		$	(0.02	)		$	(0.39	)		$	(0.97	)		$	(0.72	)
		Diluted loss per share	$	(0.35	)		$	(0.02	)		$	(0.39	)		$	(0.97	)		$	(0.72	)

FINANCIAL RATIOS AND OTHER DATA
					Three Months Ended												Year Ended
			(Dollars in thousands)		December 31, 2020				September 30, 2020				December 31, 2019				December 31, 2020				December 31, 2019
Quarterly Performance Data:
		Net (loss) income			$	(1,382	)		$	(87	)		$	(1,512	)		$	(3,819	)		$	(2,817	)
		Return on Average Assets				-0.61	%			-0.04	%			-0.61	%			-0.40	%			-0.15	%
		Return on Average Equity				-8.41	%			-0.53	%			-8.74	%			-5.82	%			-2.03	%
		Net Interest Margin				2.93	%			2.61	%			2.65	%			2.68	%			1.40	%
		Efficiency Ratio				108.04	%			100.12	%			102.80	%			107.60	%			95.51	%
		Efficiency Ratio excluding project costs				98.58	%			100.03	%			99.95	%			104.59	%			93.84	%
		% increase loans				-2.81	%			-5.20	%			1.48	%			-10.09	%			4.07	%
		% increase deposits				-5.74	%			-7.11	%			0.98	%			-10.90	%			3.53	%
Asset Quality:
		Nonaccrual loans			$	20,005			$	20,440			$	18,049			$	20,005			$	18,049
		Other real estate owned			$	1,906			$	1,954			$	2,400			$	1,906			$	2,400
		Total nonperforming assets			$	21,911			$	22,394			$	20,449			$	21,911			$	20,449
		Nonaccrual loans / loans				2.74	%			2.72	%			2.22	%			2.74	%			2.22	%
		Nonperforming assets / assets				2.49	%			2.43	%			2.09	%			2.49	%			2.09	%
		Allowance for loan losses			$	10,584			$	11,171			$	10,115			$	10,584			$	10,115
		Valuation reserve			$	482			$	492			$	1,258			$	482			$	1,258
		Allowance for loan losses with valuation reserve			$	11,066			$	11,663			$	11,373			$	11,066			$	11,373
		Allowance for loan losses / loans				1.45	%			1.49	%			1.25	%			1.45	%			1.25	%
		Allowance / nonaccrual loans				52.91	%			54.65	%			56.04	%			52.91	%			56.04	%
		Allowance for loan losses and valuation reserve / loans				1.51	%			1.55	%			1.40	%			1.51	%			1.40	%
		Allowance for loan losses and valuation reserve / nonaccrual loans				55.32	%			57.06	%			63.01	%			55.32	%			63.01	%
		Gross loan charge-offs			$	968			$	75			$	71			$	1,778			$	2,660
		Gross loan (recoveries)			$	(10	)		$	(13	)		$	(11	)		$	(77	)		$	(194	)
		Net loan charge-offs (recoveries)			$	958			$	62			$	60			$	1,701			$	2,466
Capital Data and Capital Ratios
		Book value per share (1)			$	16.03			$	16.39			$	17.04			$	16.03			$	17.04
		Shares outstanding				3,943,572				3,937,041				3,930,669				3,943,572				3,930,669
Bank Capital Ratios:
		Leverage Ratio				9.80	%			9.35	%			9.28	%			9.80	%			9.28	%
		Tier 1 Capital				11.25	%			11.08	%			10.64	%			11.25	%			10.64	%
		Total Risk Based Capital				12.50	%			12.33	%			11.83	%			12.50	%			11.83	%
(1) Book value per share represents shareholders’ equity divided by outstanding shares.
Deposits:
	(In thousands)				December 31,				September 30,				December 31,
					2020				2020				2019
	Non-interest bearing:
	Non-interest bearing				$	99,344			$	102,004			$	88,135
	Prepaid DDA					59,332				59,867				–
		Total non-interest bearing				158,676				161,871				88,135
	Interest bearing:
	NOW					30,529				29,518				26,864
	Savings					98,635				91,169				64,020
	Money market					146,389				142,909				99,115
	Certificates of deposit, less than $250,000					160,968				160,610				193,942
	Certificates of deposit, $250,000 or greater					49,172				50,359				67,550
	Brokered deposits					41,287				90,995				229,909
		Total Interest bearing				526,980				565,560				681,400
		Total Deposits			$	685,656			$	727,431			$	769,535

Contacts:
Patriot Bank, N.A.	Joseph Perillo	Robert Russell	Michael Carrazza
900 Bedford Street	Chief Financial Officer	President & CEO	Chairman
Stamford, CT 06901	203-252-5954	203-252-5939	203-251-8230
www.BankPatriot.com

SAN FRANCISCO, April 02, 2021 (GLOBE NEWSWIRE) — Kalytera Therapeutics, Inc. (TSX VENTURE EXCHANGE: KLY and OTC: KALTF) (the “Company” or “Kalytera“) today announced that the Company has changed its name to Claritas Pharmaceuticals, Inc.

The decision to rename the Company signals the re-launch of the Company, and its intent to focus on the development of its proprietary drug, R-107, for the treatment of vaccine-resistant strains of COVID-19 as well as other viral infections. R-107 is a nitric oxide-releasing molecule designed to treat vaccine-resistant COVID-19 infection as well as the viruses that cause influenza and the common cold.

The Company’s ticker symbol will change as a result of the name change. The new ticker symbol will be CLAS, pending final approval of the TSX Venture Exchange which is anticipated early next week.

Shareholders will receive letters of transmittal from the Company’s transfer agent, which will also be posted on SEDAR, and which can be used to exchange their current share certificates for certificates with the Company’s new name. Shareholders holding shares in electronic form need not take any action. All shareholders should refer to the letter of transmittal and instructions from their broker/dealer.

The Company’s new CUSIP and ISIN numbers for the Company’s active listed securities under its new name are:

• Common shares: ISIN: CA1806341071 ; CUSIP: 180634107
• Warrants designated as WT: ISIN: CA1806341154 ; CUSIP: 180634115
• Warrants designated as WTS22: ISIN: CA1806341238 ; CUSIP: 180634123

The Company also announced today that it is holding its annual and special meeting of shareholders on June 17, 2021 (together with any adjournment or postponement thereof, the “Meeting”). The record date for the Meeting is April 28, 2021. Only shareholders of record at the close of business on April 28, 2021, may vote at the Meeting. The Company’s proxy statement will be sent to shareholders of record and will describe the matters to be voted upon. Only shareholders of record at the close of business on April 6, 2021, may vote at the meeting. The Company’s proxy statement will be sent to shareholders of record and will describe the matters to be voted upon. The Meeting will begin at 9:00 a.m. Pacific Time and will include an update on the Company’s operations and business strategy. For the convenience of shareholders, shareholders may view the Meeting live via a webcast. The link for the webcast will be included in shareholder materials, and will also be posted on the Company’s website in the investors section.

At the Meeting, shareholders will be asked to vote on the election of directors; the appointment of the Company’s auditors; and the renewal of the Company’s rolling 10% stock option plan. Shareholders will also be asked to consider and vote on a resolution that would approve a special resolution authorizing the Company to transfer and sell to the former shareholders of Talent Biotechs Ltd. (the “Former Shareholders”) all assets of the Company’s program developing cannabidiol for the prevention and treatment of graft versus host disease (the “GVHD Program”) in consideration for the release and discharge by the Former Shareholders of all obligations the Company and its subsidiaries have to such Former Shareholders. In addition, shareholders will also be asked to consider and vote on a resolution that would authorize the board of directors of the Company (the “Board”) to implement, at a later date, a potential consolidation (the “Potential Consolidation”) of the Company’s common shares (the “Common Shares”) on the basis of a ratio of one post-consolidation Common Share to up to 20 pre-consolidation Common Shares (or a lower number of pre-consolidation Common Shares as may be determined by the Board).

The Company is seeking authority to complete a Potential Consolidation at a later date if and when it is in the best interests of the Company to do so, but the Board has not made a decision to implement a Potential Consolidation at this time. Even if the Potential Consolidation is approved by shareholders at the Meeting the Board will have the discretion to not proceed with the Potential Consolidation. If the Board decides to proceed with the Potential Consolidation, the purpose for doing so would be to generate interest in the Company among certain investors, to comply with the pricing policies of the TSX Venture Exchange (the “TSXV”), to improve the trading liquidity of the Common Shares and to reduce volatility in the price of the Common Shares.

In addition to shareholder approval, the Potential Consolidation is subject to the approval of the TSXV. If the Potential Consolidation were to be implemented today at the maximum authorized consolidation ratio, the 571,027,592 currently issued and outstanding Common Shares would be consolidated into 28,551,380 Common Shares. Additional information on the Potential Consolidation, and the risks associated therewith, can be found in the management information circular of the Company that will be sent to Claritas shareholders in connection with the Meeting and will be available on the Company’s SEDAR profile

About Claritas Pharmaceuticals

Claritas Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company focused on developing and commercializing therapies for patients with significant unmet medical needs. Claritas focuses on areas of unmet medical need, and leverages its expertise to find solutions that will improve health outcomes and dramatically improve people’s lives.

• Website Home: https://claritaspharma.com/
• News and Insights: https://claritaspharma.com/news/
• Investors: https://claritaspharma.com/investors/

Cautionary Statements


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 press release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation in respect of its product candidate pipeline, planned clinical trials, regulatory approval prospects, intellectual property objectives, and other statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”, “continue”, “estimate”, “forecasts” and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the ris
k that future clinical studies may not proceed as expected or may produce unfavorable results. Claritas
undertakes no obligation to comment on analyses, expectations or statements made by third parties, its securities, or financial or operating results (as applicable). Although Claritas believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Claritas’ control. The company’s name change has not yet been affected and the company believes that it will affect the name change subject to regulatory compliance as soon as practicable after this news release. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. Claritas disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. 

Contact Information

Robert Farrell
President, CEO
(888) 861-2008
[email protected]