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Howard University Names James Rhee the John H. Johnson Endowed Chair and Professor of Entrepreneurship

Former chairman & CEO of Ashley Stewart currently serves as member of JPMorgan Chase’s Advancing Black Pathways Council and Governing Committee of CEO Action for Racial Equity

Washington, April 01, 2021 (GLOBE NEWSWIRE) — Howard UniversityPresident Wayne A. I. Frederick proudly announces impact investor, CEO and educator James Rhee as the new John H. Johnson Endowed Chair of Entrepreneurship, effective July 1, 2021. During his three-year appointment, Rhee will teach a University-wide course titled, “Impact Investing, ESG and Life,” which will be supplemented with a speaker series featuring leaders from the most innovative global companies.

 

“We are delighted to have Mr. James Rhee share his array of knowledge on best investment practices, leadership and building brands with the students of Howard University. After hearing his passionate keynote for our Women in Business Digital Summit last summer, we knew that we had to have him back to share his expertise,” says President Frederick. “In addition to his course, I’m excited that the entire campus community will have an opportunity to hear from Mr. Rhee’s network of business colleagues during the entrepreneurship series. The information shared will truly motivate our students to dream and think big. Mr. Rhee will also serve as a senior adviser to the new Center for Women, Gender and Global Leadership, utilizing the skills he garnered as the former CEO of Ashley Stewart.” 

 

Rhee is the third person to serve in this prestigious role, following Melissa Bradley, founder, 1863 Ventures and Monique Greenwood, president and CEO of Akwaaba Bed & Breakfast Inns and former editor-in chief of Essence magazine. Housed in the Cathy Hughes School of Communications, the John H. Johnson Endowed Chair for Entrepreneurship was established by Linda Johnson Rice in memory of her father John H. Johnson of the Johnson Publishing Company in 2013.

 

The goal of the position is “to strengthen a culture of entrepreneurial activity across the University among students, faculty, staff, alumni and community business owners.” Rhee is a thought leader on impact/ESG investing, multidimensional transformation and principled leadership. In his class, portions of which he has taught at MIT Sloan School of Management and Duke Law School, students will learn practical valuation tools, contract structuring rules, investment portfolio construction and deal-making skills while also debating fundamental assumptions regarding fairness, freedom and equality of opportunity by tracing the life of a business enterprise from formation to sale.

 

“Howard University is one of our country’s most important institutions,” says Rhee. “To be able to contribute both to its growing legacy and future influence at this historically significant moment of our collective humanity is an honor and responsibility that I do not take lightly, especially as the son of Korean-American immigrants. I look forward to engaging with the students, faculty and broader Howard Community as we collectively explore ways in which capitalism and technology can shape a better society for all. Through my role as both Johnson Chair of Entrepreneurship and senior adviser to the new Center for Women, Gender and Global Leadership, I hope to do my part in further expanding Howard’s already impressive network of relationships in the business and investment communities.”

 

“We are pleased that James Rhee will be joining us as the next Johnson Entrepreneurship Chair, says Dean Gracie Lawson-Borders. “He will bring the depth and breadth of his entrepreneurial and business acumen to the position, and we look forward to him sharing a wealth of knowledge and practical experience with students and the entire University community.”

 

About James Rhee

James Rhee is an impact investor, founder, CEO and educator who empowers people, brands and organizations to fulfill their true potential by marrying capital with purpose and truth across multiple systems. The acclaimed story of the remarkable transformation and reimagination of Ashley Stewart, one of the country’s largest brands serving Black women, under his leadership as chairman, CEO and investor (2013-2020) has served as proof to millions of people, as well as the world’s leading businesses and organizations, that one can do better by being better. The reinvention of Ashley Stewart, which was facing almost certain liquidation in 2013, is proof of how trust and joy, grounded in math and amplified through digital excellence, can overcome impossible odds and fuel individual and enterprise-wide innovation. It is a tangible example of the power of diverse ecosystems, as well as a commentary on a potential way forward for achieving multistakeholder goals. At its core, it is also the story of an unlikely friendship between a son of Korean immigrants (who raised his hand to become the self-described “least qualified CEO”) and a predominantly Black female employee group who placed their mutual trust in each other, learned from one another, and then proceeded to quietly shock the world.

As a client of United Talent Agencies, he is a frequent speaker on impact and ESG investing, multidimensional transformation, DEI operationalization through Kindness & Math™, principled leadership and the future co-existence of capitalism, humanism and technology. As a senior leader of two Boston-based private equity firms, Rhee helped manage billions of dollars of growth and distressed capital before ultimately founding FirePine Group, a platform that has stewarded the capital of some of the world’s most sophisticated investors.

Rhee is at the vanguard of making knowledge, opportunity and capital accessible to all. He holds appointments at both MIT Sloan School of Management and Duke Law School as a senior lecturer, where he teaches future leaders about organizational systems and deconstructed investment principles relating to money, life and joy. In March 2021, Howard University announced that James would serve a three-year term as the Johnson Chair of Entrepreneurship as well as senior adviser to the newly endowed Center for Women, Gender and Global Leadership, beginning with the 2021-22 academic year. Rhee is exploring the intersection of impact investing, ESG and financial literacy through a new venture called Red Helicopter.

Rhee connects seemingly disparate leaders and organizations that are unified in their goal to make investments and forge relationships that catalyze purposeful growth. He serves alongside global difference makers as an Advisory Council member of JPMorgan Chase’s Advancing Black Pathways, a member of the Governing Committee of the CEO Action for Racial Equity and a Board Director of Conscious Capitalism. He is also a former member of the board of the National Retail Federation, where he served as chairman of the Innovation Advisory Committee.

His inspirational story has been featured in media outlets such as the Good Business Issue of Bloomberg BusinessWeek, Harvard Business Review, Boston Globe, Washington Post, Wall Street Journal, CNN, Thrive Global, USA Today, Inc. Magazine, Forbes, Women’s Wear Daily, Morgan Stanley’s Access and Opportunity Podcast, ABC News, National Urban League’s State of Black America, and the Huffington Post.

Rhee is a regional winner of the E&Y Entrepreneur of the Year Award, the winner of one of five 2016 Power Player Awards granted by the National Retail Federation, and the recipient of the 2017 Black Retail Action Group Business Achievement Award, the 2018 Temple Fox School of Business Information Technology Innovator Award, the 2018 Essex County Urban League Centennial William M. Ashby Award for community building and a 2019 One To World Fulbright Award.

Rhee received his A.B. with honors from Harvard College and his J.D. with honors from Harvard Law School, where he was an editor of the Harvard Law Review. He lives outside Boston with his wife and three children. He is a former high school teacher. He is working on a book.

# # #

 

Attachment 



Alonda Thomas
Howard University
[email protected]

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GLOBAL TECH INDUSTRIES GROUP, INC. Announces Update Regarding Warrant Distribution

New York, April 01, 2021 (GLOBE NEWSWIRE) — (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com announced today an update regarding its previously announced warrant distribution (the “Warrant Distribution”). Since its last announcement regarding the Warrant Distribution, the Company has received several inquiries from shareholders, questioning the manner in which the Warrants will be distributed to the shareholders, so it is making this release in an attempt to respond to those inquiries.

As a reminder, the general terms of the Warrant Distribution provide that the Company’s shareholders of record as of the close of trading on April 1, 2021, the record date for the Warrant Distribution, will receive 0.10 of a Warrant for each share of the Company’s common stock held as of the record date. Fractional Warrants will not be issued. Instead, if any fractional Warrant would otherwise be required to be issued, the relevant Warrant holder will receive a number of Warrants that shall be rounded up (if the number is .5 or above) or down (if the number is less than .5) to the nearest whole number. The current payment date for the Warrant Distribution is April 8, 2021. Each full Warrant will represent the right to purchase one share of common stock for cash at an exercise price of $2.75 per share. The Warrants may be exercised on any business day prior to 5:00 p.m., New York City time, on April 8, 2023.

As the Warrants are not DTC eligible, they will be processed by the Company’s transfer agent as follows:

● All Warrants will be issued in book-entry form.
   
● If you are a registered shareholder of the Company and hold your common stock shares, as of the record date, in certificate or book-entry form through the transfer agent you need not do anything to receive your Warrants, as the transfer agent will automatically issue your Warrants directly to your transfer agent account via book-entry.
   
● If you hold your common stock shares in “Street Name” through banks, brokers or other Depository Trust Company (“DTC”) participants (“Participants”), the transfer agent will allocate Warrants to each Participant based upon their DTC position in the Company’s common stock as of the record date, which Warrants shall be issued via book-entry in the name of each Participant for the benefit of their respective beneficial holders. It shall be the responsibility of each Participant to ensure that each of their beneficial owners are properly allocated the appropriate number of Warrants from each Participants’ Warrant allocation from the transfer agent.
   
● If you hold your common stock shares in “Street Name” and your Warrants have been allocated to your account by your broker, you nevertheless maintain the right to move your Warrants, at any time, to direct registration with the Company by making such request directly to your broker. Upon making such request, the transfer agent will remove your Warrants from your broker’s “Street Name” Warrant allocation, and you will be issued a book-entry account statement from the transfer agent reflecting your Warrant position registered directly with the Company.

Inquiries from shareholders or Participants regarding the Warrant Distribution can be directed as follows:

Email: [email protected]

Tel: 855.200.8651

About Global Tech Industries Group, Inc.: GTII, a publicly traded company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.

Please follow our company at: www.otcmarkets.com/stock/GTII

Safe Harbor Forward-Looking Statements:
This press release may contain forward looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and acquire businesses and assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time.

Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.

Blaine Riley – [email protected]
International Monetary
620 Newport Center Drive, #1100
Newport Beach, CA 92660
949.200.4601



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US Foods Goes Virtual with Food Fanatics Live on April 7

US Foods Goes Virtual with Food Fanatics Live on April 7

Online event connects the foodservice community, sharing best practices to inspire restaurant operators as they get back in business

ROSEMONT, Ill.–(BUSINESS WIRE)–
US Foods Holding Corp. (NYSE: USFD) announced today it will host its annual Food Fanatics Live event virtually on April 7, 2021. Members of the foodservice community from across the U.S. are welcome to register to gain powerful industry insights from guest speakers, including Jack Li, founder of Datassential, view live cooking demonstrations from Food Fanatics® Chefs to inspire menu innovation and participate in back in business breakout sessions.

“We are thrilled to host our first virtual Food Fanatics Live. The event promises to bring attendees condensed, impactful content, delivered in an entertaining and engaging manner, with plenty of opportunities for audience participation,” said Diane Hund, senior vice president of marketing, US Foods. “With pent-up consumer demand for dining out and travel, US Foods is here to help support restaurants get back to business as COVID-19 restrictions begin to be lifted,” added Hund.

The event agenda includes breakout sessions designed to offer operators solutions to today’s industry challenges, including restaurant relief funding, staffing and marketing. US Foods experts will share information, tips and techniques on how to:

  • Amplify kitchen efficiency, menu appeal and profitability
  • Prepare restaurant teams for capacity increases
  • Market to diners via digital marketing and social media channels
  • Welcome diners back into restaurants by streamlining menus to handle increased volume
  • Incorporate new and attractive menu items that align with consumers’ continued interest in sustainable products

Under the banner of its long-standing “We Help You Make It” promise to foodservice operators, US Foods continues to offer a variety of free online resources and tools aimed at helping restaurateurs adapt to changing industry needs. Resources include webinars, virtual one-on-one consultations with the company’s Restaurant Operations Consultants and Food Fanatic Chefs and a robust resource library on its “Make it Now” site.

The Food Fanatics Live event will take place on April 7, 2021, at 1 p.m. CT. Learn more details and register here.

About US Foods

US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 300,000 restaurants and foodservice operators to help their businesses succeed. With 70 broadline locations and 80 cash and carry stores, US Foods provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more.

Sara Matheu

Director of Media Relations

773-580-3775

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Retail Restaurant/Bar Food/Beverage

MEDIA:

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Capstone Companies Reports 2020 Year-End Performance

Capstone Companies Reports 2020 Year-End Performance

DEERFIELD BEACH, Fla.–(BUSINESS WIRE)–
Capstone Companies, Inc. (OTC: CAPC) (“Capstone” or the “Company”), a designer, manufacturer and marketer of consumer inspired products that simplify daily living through technology reported its financial results for the full year 2020.

Gerry McClinton, Capstone’s Chief Financial Officer, commented, “we experienced an unprecedented decline in our revenues and earnings resulting from the impact of the COVID-19 pandemic. During this time however, the Company finalized the development of its Connected Surfaces program.”

Stewart Wallach, Capstone’s Chairman and Chief Executive Officer, commented, “As we put 2020 behind us, we turn our attention to the positive achievements our Company made while supply chains were shutdown and working conditions were compromised across the globe.”

Wallach added, “we will be discussing the introduction of our Smart Mirror program which is the most innovative and promising product category in our history. Frankly, it’s astonishing that we were able to finalize this program while battling the effects of COVID-19.”

Webcast and Teleconference to Review Results and Outlook

Thursday, April 1, 2021

10:30 a.m. Eastern Time

Phone: (201) 689-8562

Internet webcast link available at: www.capstonecompaniesinc.com.

A telephonic replay will be available from 1:30 p.m. ET the day of the call until Thursday, April 8, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13716774. Alternatively, the archive of the webcast will be available on the Company’s website at www.capstonecompaniesinc.com, along with a transcript once available.

About Capstone Companies, Inc.

Capstone Companies, Inc. is a public holding company that engages, through its wholly owned subsidiaries, Capstone Industries, Inc., Capstone Lighting Technologies, LLC, and Capstone International HK, Ltd., in the development, manufacturing and marketing of consumer products to retail channels throughout North America and certain international markets.

Visit our websites; www.capstonecompaniesinc.com for more information about the Company and www.capstoneindustries.com and www.capstoneconnected.com for information on our current product offerings. Contents of referenced URL’s are not incorporated herein.

Forward Looking Statements. This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing Company’s views as of any subsequent date. Such forward-looking statements are based on information available to the Company as of the date of this press release and involve a number of risks and uncertainties, some beyond the Company’s control or ability to foresee, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including, including the impact of Coronavirus/COVID-19 pandemic on the Smart Mirror product line, any difficulty in marketing Company products in its target markets, competition in the market, and impact of evolving technologies in Smart Mirrors on Company’s prospects and products. Additional information that could lead to material changes in Company’s performance is contained in its filings with the Securities and Exchange Commission.

Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of current information, future events or otherwise. Any investment in the Company’s common stock, which is a “penny stock,” is highly risky and not suitable for investors who require liquidity and are unable to withstand the loss of their investment. Investors should only rely on public information in our filings with the SEC, especially disclosures of Risk Factors, as a basis for investment decisions about Company common stock. Company’s SEC filings can be accessed through SEC website: www.sec.gov or the corporate website listed below.

FINANCIAL TABLES FOLLOW. THE FOLLOWING SUMMARY FINANCIAL STATEMENT SHOULD BE READ ALONG WITH THE FORM 10K FINANCIAL STATEMENT FILED BY THE COMPANY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 
 

CAPSTONE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended

 

 

 

 

December 31,

 

 

 

 

2020

 

2019
 
Revenues, net

$

2,770,358

 

$

12,404,445

 

Cost of sales

 

(2,266,592

)

 

(9,972,871

)

Gross Profit

 

503,766

 

 

2,431,574

 

 
Operating Expenses:
Sales and marketing

 

300,420

 

 

378,605

 

Compensation

 

1,515,522

 

 

1,554,286

 

Professional fees

 

422,820

 

 

435,143

 

Product development

 

249,879

 

 

348,745

 

Other general and administrative

 

477,121

 

 

647,696

 

Goodwill impairment charge

 

623,538

 

 

–

 

Total Operating Expenses

 

3,589,300

 

 

3,364,475

 

 
Operating Loss

 

(3,085,534

)

 

(932,901

)

 
Other Income (Expenses):
Other Income, Net

 

89,600

 

 

29,505

 

Interest Income (Expense)

 

179

 

 

(3,206

)

Total Other Income, net

 

89,779

 

 

26,299

 

 
Loss Before Tax Benefit

 

(2,995,755

)

 

(906,602

)

 
Benefit for Income Tax

 

(611,939

)

 

(14,933

)

 
Net Loss

$

(2,383,816

)

$

(891,669

)

 
Net Loss per Common Share
Basic and Diluted

($

0.05

)

($

0.02

)

 
Weighted Average Shares Outstanding
Basic and Diluted

 

46,337,198

 

 

46,863,467

 

 

The accompanying notes are an integral part of these consolidated financial statements

 
 

CAPSTONE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

December 31,

 

December 31,

 

2020

 

2019
Assets:
Current Assets:
Cash

$

1,223,770

 

$

3,131,249

 

Accounts receivable, net

 

120,064

 

 

13,459

 

Inventories

 

8,775

 

 

24,818

 

Prepaid expenses

 

75,622

 

 

182,782

 

Income tax refundable

 

861,318

 

 

220,207

 

Total Current Assets

 

2,289,549

 

 

3,572,515

 

 
Property and Equipment, net

 

54,852

 

 

65,649

 

Operating lease- right of use asset

 

158,504

 

 

214,202

 

Deposit

 

25,560

 

 

46,021

 

Goodwill

 

1,312,482

 

 

1,936,020

 

Total Assets

 

3,840,947

 

 

5,834,407

 

 
Liabilities and Stockholders’ Equity:
Current Liabilities:
Accounts payable and accrued liabilities

$

825,690

 

$

635,593

 

Operating lease- current portion

 

63,307

 

 

51,174

 

Total Current Liabilities

 

888,997

 

 

686,767

 

 
Long Term Liabilities:
Operating lease- long- term portion

 

107,690

 

 

170,998

 

Deferred tax liabilities- long-term

 

259,699

 

 

–

 

Total Long Term Liabilities

 

367,389

 

 

170,998

 

Total Liabilities

 

1,256,386

 

 

857,765

 

 
Commitments and Contingencies (Note 5)
 
Stockholders’ Equity:
Preferred Stock, Series A, par value $.001 per share, authorized 6,666,667 shares, issued -0- shares

 

–

 

 

–

 

Preferred Stock, Series B-1, par value $.0001 per share, authorized 3,333,333 shares, issued -0- shares

 

–

 

 

–

 

Preferred Stock, Series C, par value $1.00 per share, authorized 67 shares, issued -0- shares

 

–

 

 

–

 

Common Stock, par value $.0001 per share, authorized 56,666,667 shares, issued 46,296,364 shares at December 31, 2020 and 46,579,747 shares at December 31, 2019

 

4,630

 

 

4,658

 

Additional paid-in capital

 

7,053,328

 

 

7,061,565

 

Accumulated deficit

 

(4,473,397

)

 

(2,089,581

)

Total Stockholders’ Equity

 

2,584,561

 

 

4,976,642

 

Total Liabilities and Stockholders’ Equity

$

3,840,947

 

$

5,834,407

 

 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
 

CAPSTONE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

For the Twelve Months Ended

 

 

December 31,

 

 

2020

 

2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
Net Loss

$

(2,383,816

)

$

(891,669

)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

24,297

 

 

44,194

 

Stock based compensation expense

 

28,068

 

 

40,707

 

Noncash lease expense

 

55,698

 

 

20,248

 

Goodwill impairment charge

 

623,538

 

 

–

 

Deferred income tax benefit

 

–

 

 

(12,000

)

Increase in deferred income tax liabilities- long term

 

259,699

 

 

–

 

Non cash accounts receivable allowance

 

173,426

 

 

–

 

(Increase) decrease in accounts receivable, net

 

(106,605

)

 

51,052

 

Decrease in inventories

 

16,043

 

 

2,679

 

Increase in prepaid expenses

 

107,160

 

 

61,094

 

Decrease in deposits

 

20,461

 

 

56,784

 

Increase in accounts payable and accrued liabilities

 

16,671

 

 

174,147

 

Decrease in deferred rent incentive

 

–

 

 

(108,844

)

Decrease in income tax payable

 

–

 

 

(11,694

)

Increase in income tax refundable

 

(641,111

)

 

–

 

Decrease in operating lease liabilities

 

(51,175

)

 

(12,278

)

Net cash provided by used in operating activities

 

(1,857,646

)

 

(585,580

)

 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment

 

(13,500

)

 

(34,123

)

Net cash used in investing activities

 

(13,500

)

 

(34,123

)

 
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of Shares

 

(36,333

)

 

(71,407

)

Net cash used in financing activities

 

(36,333

)

 

(71,407

)

 
Net Decrease in Cash

 

(1,907,479

)

 

(691,110

)

Cash at Beginning of Year

 

3,131,249

 

 

3,822,359

 

Cash at End of Year

$

1,223,770

 

$

3,131,249

 

 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest

$

–

 

$

3,206

 

 
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Operating lease- right-of-use asset at commencement

$

–

 

$

224,550

 

 
Operating lease liabilities at commencement

$

–

 

$

234,450

 

 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
 

CAPSTONE COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

Preferred Stock

 

Preferred Stock

 

 

 

Additional

 

 

 

 

 

 

Series A

 

Series B

 

Series C

 

Common Stock

 

Paid-In

 

Accumulated

 

Total

 

 

Shares

 

Par Value

 

Shares

 

Par Value

 

Shares

 

Par Value

 

Shares

 

Par Value

 

Capital

 

Deficit

 

Equity
 
Balance at December 31, 2018

–

$

–

–

$

–

–

$

–

47,046,364

 

$

4,704

 

$

7,092,219

 

$

(1,197,912

)

$

5,899,011

 

 
Stock options for compensation

–

 

–

–

 

–

–

 

–

–

 

 

–

 

 

40,707

 

 

–

 

 

40,707

 

Repurchase of shares

(466,617

)

 

(46

)

 

(71,361

)

 

(71,407

)

Net Loss

–

 

–

–

 

–

–

 

–

–

 

 

–

 

 

–

 

 

(891,669

)

 

(891,669

)

Balance at December 31, 2019

–

 

–

–

 

–

–

 

–

46,579,747

 

 

4,658

 

 

7,061,565

 

 

(2,089,581

)

 

4,976,642

 

 
 
Stock options for compensation

–

 

–

–

 

–

–

 

–

–

 

 

–

 

 

28,068

 

 

–

 

 

28,068

 

Repurchase of shares

–

 

–

–

 

–

–

 

–

(283,383

)

 

(28

)

 

(36,305

)

 

–

 

 

(36,333

)

Net Loss

–

 

–

–

 

–

–

 

–

–

 

 

–

 

 

–

 

 

(2,383,816

)

 

(2,383,816

)

Balance at December 31, 2020

–

$

–

–

$

–

–

$

–

46,296,364

 

$

4,630

 

$

7,053,328

 

$

(4,473,397

)

$

2,584,561

 

 
The accompanying notes are an integral part of these condensed consolidated financial statements.

 

Aimee C. Brown

Corporate Secretary

(954) 252-3440, ext. 313

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Other Retail Other Manufacturing Specialty Online Retail Consumer Other Consumer Manufacturing Retail

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AbCellera and Gilead Sciences Announce New Multi-Year, Multi-Target Antibody Discovery Collaboration

AbCellera and Gilead Sciences Announce New Multi-Year, Multi-Target Antibody Discovery Collaboration

Expanded collaboration includes an eight-target discovery partnership leveraging AbCellera’s entire technology stack, including the Trianni Mouse® and the OrthoMabTM bispecific platforms

VANCOUVER, British Columbia–(BUSINESS WIRE)–AbCellera (Nasdaq: ABCL) today announced agreements to expand its collaboration with Gilead Sciences, Inc. (Gilead) including a multi-year, multi-target antibody discovery collaboration and access to AbCellera’s humanized mouse technology, the Trianni Mouse®. Under the financial terms of the agreements, AbCellera will receive an upfront payment and is eligible for milestone payments and royalties based on the development and commercialization of antibodies generated by AbCellera under this collaboration.

Building on the successful completion of the first collaboration together, under the new agreement AbCellera will generate panels of antibodies for up to eight new targets, across multiple indications, selected by Gilead. The expanded collaboration will leverage the full breadth of AbCellera’s technology stack, including the recently added capabilities for sourcing diverse, fully-humanized antibodies using the Trianni Mouse® platform and combining any two antibodies to create native bispecifics using the OrthoMabTM protein engineering platform.

“We are excited to build on the success of the first program and deepen our relationship with the team at Gilead,” said Carl Hansen, Ph.D., CEO and President of AbCellera. “We are particularly pleased to see the value created for our partners by quickly integrating the Trianni Mouse® and OrthoMabTM platforms, which we acquired in second half of 2020.”

AbCellera’s partners benefit from an operating system designed to support many antibody modalities, unlock new targets, and increase the speed and the probability of success of their therapeutic antibody discovery programs. AbCellera’s AI-powered technology stack brings together microfluidics, single cell analysis, machine learning, computation, custom robotics, and automation to compound the power of each step in the discovery process.

About AbCellera Biologics Inc.

AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce cost, and tackle the toughest problems in drug development. For more information, visit www.abcellera.com.

AbCellera Forward-looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

Inquiries

Media: Jessica Yingling, Ph.D.; [email protected], +1(236)521-6774

Business Development: Kevin Heyries, Ph.D.; [email protected], +1(604)559-9005

Investor Relations: Melanie Solomon; [email protected], +1(778)729-9116

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Health Other Science Clinical Trials Research Science Pharmaceutical Biotechnology

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PharmaCyte Biotech Successfully Completes 1 Year Stability Study

PharmaCyte Biotech Successfully Completes 1 Year Stability Study

LAGUNA HILLS, Calif.–(BUSINESS WIRE)–
PharmaCyte Biotech, Inc. (OTCQB: PMCB), a biotechnology company focused on developing cellular therapies for cancer and diabetes using its signature live-cell encapsulation technology, Cell-in-a-Box®, announced today that it has successfully completed the twelve-months product stability testing required by the U.S. Food and Drug Administration (FDA) for its CypCaps™ final clinical trial product. This product will be used in the company’s planned clinical trial in locally advanced, inoperable pancreatic cancer upon the FDA lifting the clinical hold on PharmaCyte’s Investigational New Drug Application (IND).

PharmaCyte’s Chief Executive Officer, Kenneth L. Waggoner, said of the completed twelve-month stability study, “We are pleased that our CypCaps™ product successfully completed all of the required stability tests and that the product has now shown itself to be stable and active after being stored for 1 year at -80oC. The study will continue in order to determine the maximum shelf life of the CypCaps™ product. It should be noted that this data is exceptional for a product of this kind.”

As reported previously, the ongoing stability study is designed to determine the shelf life of the Cell-in-a-Box® encapsulated cell product, CypCaps™, stored frozen at -80oC. Upon analysis after 12 months in storage at -80oC, the unfrozen CypCaps™ product passed all of the specified tests, including cell viability, enzyme activity and cell potency as well as pH, label check, capsule appearance, and integrity. This twelve-month data, as well as all future longer-term time points of the shelf life analyses, such as the next time point to be evaluated after 18-months of storage at -80oC, will be reported to the FDA. This ongoing stability study was initiated prior to the submission of the company’s IND to the FDA, and the information and data will form part of the package of information together with data from additional studies requested by the FDA.

In a survey of European biotech/biomedical companies developing advanced therapeutic medicinal products (i.e., products containing living cells like CypCaps™), shelf life issues were reported to be one of the major challenges that such products face (ten Ham et al., 2018, Molecular Therapy: Methods & Clinical Development vol. 11, pp121-130). Laboratory data on non-GMP produced encapsulated cells have suggested that the shelf life of Cell-in-a-Box products stored at -80oC is even longer than 1 year.

To learn more about PharmaCyte’s pancreatic cancer treatment and how it works inside the body to treat locally advanced inoperable pancreatic cancer, we encourage you to watch the company’s documentary video complete with medical animations at: https://www.PharmaCyte.com/Cancer.

About PharmaCyte Biotech

PharmaCyte Biotech, Inc. is a biotechnology company developing cellular therapies for cancer and diabetes based upon a proprietary cellulose-based live cell encapsulation technology known as “Cell-in-a-Box®.” This technology is being used as a platform upon which therapies for several types of cancer and diabetes are being developed.

PharmaCyte’s therapy for cancer involves encapsulating genetically engineered human cells that convert an inactive chemotherapy drug into its active or “cancer-killing” form. For pancreatic cancer, these encapsulated cells are implanted in the blood supply to the patient’s tumor as close as possible to the site of the tumor. Once implanted, a chemotherapy drug that is normally activated in the liver (ifosfamide) is given intravenously at one-third the normal dose. The ifosfamide is carried by the circulatory system to where the encapsulated cells have been implanted. When the ifosfamide flows through pores in the capsules, the live cells inside act as a “bio-artificial liver” and activate the chemotherapy drug at the site of the cancer. This “targeted chemotherapy” has proven effective and safe to use in past clinical trials and we believe results in little to no treatment related side effects.

PharmaCyte’s therapy for Type 1 diabetes and insulin-dependent Type 2 diabetes involves encapsulating a human cell line that has been genetically engineered to produce and release insulin in response to the levels of blood sugar in the human body. The encapsulation of the cell line will be done using the Cell-in-a-Box® technology. Once the encapsulated cells are implanted in a diabetic patient, we anticipate that they will function as a “bio-artificial pancreas” for purposes of insulin production.

Safe Harbor

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that express the current beliefs and expectations of the management of PharmaCyte. Any statements contained herein that do not describe historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results, performance and achievements to differ materially from those discussed in such forward-looking statements. Factors that could affect our actual results include our ability to raise the necessary capital to fund our operations and to find partners to supplement our capabilities and resources, our ability to satisfactorily address the issues raised by the FDA in order to have the clinical hold on our IND removed, as well as such other factors that are included in the periodic reports on Form 10-K and Form 10-Q that we file with the U.S. Securities and Exchange Commission. These forward- looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, except as otherwise required by law, whether as a result of new information, future events or otherwise.

More information about PharmaCyte Biotech can be found at www.PharmaCyte.com. Information may also be obtained by contacting PharmaCyte’s Investor Relations Department.

Dr. Gerald W. Crabtree

Investor Relations:

PharmaCyte Biotech, Inc.

Investor Relations Department

Telephone: 917.595.2856

Email: [email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Biotechnology Diabetes Health Clinical Trials Oncology

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JdV by Hyatt Brand Expands Into Canada

JdV by Hyatt Brand Expands Into Canada

Hyatt continues to expand brand presence of independent hotels in Canada with new hotel joining JdV by Hyatt brand today and another slated to join later this year

CHICAGO–(BUSINESS WIRE)–Hyatt Hotels Corporation (NYSE: H) announced the continued expansion of the JdV by Hyatt brand with The Anndore House joining the brand today and plans for The Walper Hotel to join the brand later this year. This milestone signifies the JdV by Hyatt brand’s intentional growth in a new market while offering experiences in places that matter most to guests, members, customers and owners. While the brand has 14 properties across the United States and China, The Anndore House marks its debut in Toronto today, and The Walper Hotel is currently slated to join the JdV by Hyatt brand this May.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210401005218/en/

The Anndore House (Photo: Business Wire)

The Anndore House (Photo: Business Wire)

“We are thrilled to introduce the JdV by Hyatt brand to Canada and expand our brand footprint in the Americas through two new hotels with The Anndore House and The Walper Hotel,” said Scott Richer, regional vice president of real estate and development, Hyatt. “The JdV by Hyatt brand offers our spirited guests a collection of vibrant, independent hotels and a socially inclusive stay through joy-driven service and eclectic, locally inspired experiences.”

Further details on each of the new hotels are included below:

The Anndore House, a JdV by Hyatt hotel

  • Formerly a 10-story residential building, The Anndore House features décor and amenities reflective of its vibrant Toronto neighborhood. The 115-room boutique hotel currently offers two food and beverage outlets as well as lively artwork throughout the entire property. The food and beverage offerings include the Mediterranean eatery, Constantine, owned by the Mercatto Group and led by Chef Craig Harding. Crows Nest Barbershop is also in-house, and its team expects to open the very first Crows Nest Café later this year.

The Walper Hotel, a JdV by Hyatt hotel

  • The 92-room Walper Hotel, located in the heart of Kitchener, one of Ontario’s oldest neighborhoods and a hub of vibrant growth in the burgeoning Waterloo-Toronto Tech Corridor, is expected to join the JdV by Hyatt brand later this year. With enhancements currently underway on the existing hotel, The Walper Hotel will feature the JdV by Hyatt brand’s inclusive spirit and heartfelt service.

Reimagining the Guest Experience with a Special Offer

Guided by insights from our guests, members and colleagues, Hyatt is rethinking the guest experience with creativity and care to provide enhanced convenience, flexibility and wellbeing through the following special offer:

World of Hyatt Gives Members 1,000 Reasons to Stay Somewhere New

In celebration of the 1,000th Hyatt hotel opening, and to provide World of Hyatt members even more ways to be rewarded, World of Hyatt is offering members the opportunity to earn 1,000 Bonus Points per qualifying night at participating new Hyatt hotels around the world. That’s 500 more Bonus Points when guests check out between April 1 and June 30, 2021. Participating hotels and respective offer stay periods can be found at worldofhyatt.com/newhotelbonus.

For more information about Hyatt hotels, please visit: www.hyatt.com or call a Hyatt Global Contact Center at 1-800-233-1234.

Guided by its purpose of care, Hyatt’s multi-layered Global Care & Cleanliness Commitment further enhances its operational guidance and resources around colleague and guest safety and peace of mind. More information on Hyatt’s commitment can be found here: hyatt.com/care-and-cleanliness

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

Terms & Conditions

Offer valid for 500 Bonus Points for each qualifying night stayed by World of Hyatt members in good standing during a hotel’s offer period at participating hotels and resorts. Where a qualifying night and the hotel’s offer period coincide with any check outdate from April 1 – June 30, 2021, World of Hyatt members in good standing will receive an additional 500 Bonus Points for a total of 1,000 Bonus Points for each qualifying night during that period.

Offer valid at participating hotels and resorts for stays with a checkout date during each hotel’s offer period. For each hotel’s offer period, visit worldofhyatt.com/newhotelbonus.

To be eligible for this offer you must be a World of Hyatt member in good standing at time of reservation and stay, stay at a participating hotel with a checkout date during that hotel’s offer period, provide your World of Hyatt membership number at time of check-in, and either pay an Eligible Rate or redeem a free night award.

An “Eligible Rate” and “Ineligible Rate” are defined in the World of Hyatt Terms and Conditions (located at worldofhyatt.com/terms). Only one point bonus may be earned per member, per stay, regardless of the number of rooms booked. Only the room occupied by the member will count toward this offer. Two or more consecutive nights at the same hotel will be deemed one stay. All points awarded under this offer are Bonus Points. This offer is subject to the complete terms and conditions of the World of Hyatt program. Please allow 3-4 weeks after travel is completed for World of Hyatt Bonus Points to be credited to your Account. To join World of Hyatt, visit worldofhyatt.com. Qualifying nights will automatically be tracked when you provide your World of Hyatt membership number at check-in. A limited number of rooms are allocated to this offer; reservations subject to availability. Offer not valid with groups, conventions, other promotional offers, tour packages or special rate programs. Promotional blackout periods may apply due to seasonal periods or special events, and normal arrival/departure restrictions apply. Hyatt reserves the right to alter or withdraw this offer at any time without notice. The trademarks Hyatt®, World of Hyatt® and related marks are trademarks of Hyatt International Corporation or its affiliates. © 2021 Hyatt Corporation. All rights reserved.

For additional information, visit worldofhyatt.com/newhotelbonus.

About JdV by Hyatt

A community for the spirited, light-hearted, and young-at-heart, the JdV by Hyatt brand offers a collection of vibrant, independent hotels that are true reflections of the urban neighborhoods they call home. Each hotel provides an experience that is inclusive in spirit and space, welcoming all vibes, tribes and unique souls—effortlessly bringing people together with joy-driven service. Embracing its namesake, each property invites guests and locals to connect, live in the moment and celebrate the joy of life. Follow @JDVHotels on Facebook, Instagram, and Twitter for news and updates. For more information, please visit www.jdvhotels.com.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company offering 20 premier brands. As of December 31, 2020, the Company’s portfolio included more than 975 hotel, all-inclusive, and wellness resort properties in 69 countries across six continents. The Company’s purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top employees, build relationships with guests and create value for shareholders. The Company’s subsidiaries operate, manage, franchise, own, lease, develop, license, or provide services to hotels, resorts, branded residences, and vacation ownership properties, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination by Hyatt™, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, JdV by Hyatt™, Hyatt House®, Hyatt Place®, tommie™, UrCove,and Hyatt Residence Club® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members. For more information, please visit www.hyatt.com.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the duration of the COVID-19 pandemic and its short and longer-term effects, including the demand for travel, transient and group business, and levels of consumer confidence, and the pace of recovery following the pandemic, any additional resurgence, or COVID-19 variants; the impact of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants, and the impact of actions that governments, businesses, and individuals take in response, on global and regional economies, travel limitations or bans, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, such as the COVID-19 pandemic, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions, and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K and our Quarterly Reports on Form 10-Q, which filings are available from the SEC. These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Robert Martinez

Hyatt

+1 312-780-5447

[email protected]

KEYWORDS: United States North America Canada Illinois

INDUSTRY KEYWORDS: Lodging Destinations Travel Vacation

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The Walper Hotel (Photo: Business Wire)
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The Anndore House (Photo: Business Wire)
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ImmunityBio Appoints Dr. Linda Maxwell and CEO Richard Adcock to Board of Directors

ImmunityBio Appoints Dr. Linda Maxwell and CEO Richard Adcock to Board of Directors

CULVER CITY, Calif.–(BUSINESS WIRE)–
ImmunityBio, Inc. (NASDAQ: IBRX), a clinical-stage immunotherapy company, today announced the appointment of health innovation expert and executive Linda Maxwell, M.D., MBA, as an independent member of the company’s board of directors. The company also appointed CEO Richard Adcock to the board; he was named CEO of NantKwest in October and remains the CEO of the company after the merger of NantKwest with ImmunityBio in March. Both appointments are effective March 29, 2021.

The nine-member ImmunityBio board is led by Founder and Executive Chairman Patrick Soon-Shiong, M.D. The board includes two other recently appointed outside members, former CIA director John Brennan and retired U.S. Army General Wesley Clark, along with current board members Michael Blaszyk, Cheryl Cohen, Christobel Selecky, and Barry Simon, M.D.

“Linda’s background as a physician and surgeon combined with her extensive global healthcare industry and business experience will enable us to build on ImmunityBio’s strong foundation and help us take the company to the next level,” said Soon-Shiong. “As a company working to bring novel therapeutic approaches to treating cancer and other serious conditions, we will benefit greatly from Linda’s insights on innovation.”

The company also announced that two current directors—Fred Driscoll and John D. Thomas—will conclude their service on the board effective with the new appointments.

“We are grateful to Fred and John for their many years of service and the value they brought to our shareholders and employees,” said Soon-Shiong. “During their tenure, we have expanded our pipeline and grown our portfolio of immunotherapy agents. Their contributions during that time were important to establishing this strong foundation and baseline for the growth we anticipate.”

About Dr. Linda Maxwell

Dr. Maxwell is a medical educator, surgeon, and health technology entrepreneur and innovator. She has guided a wide variety of startup companies through clinical development capitalization and commercialization as Founder and Executive Director of the Biomedical Zone, Canada’s first and only hospital-embedded, physician-led business incubator for emerging health technology companies. Dr. Maxwell also managed a life sciences tech transfer portfolio at the University of Oxford and the UK national Health Service, executing patent strategy, spin-out company formation, and early stage capital raising. She has also served as a healthcare innovation expert in various Canadian federal, provincial, and local government entities, as a member of the Department Audit Committee and the Public Health Agency of Canada, as an advisor to the Canadian Medial Association and the Canadian Space Agency. Dr. Maxwell earned an A.B. with honors from Harvard University, an M.D. from Yale University and an M.B.A. from the University of Oxford. She serves as an independent member of the Board of Directors of United Therapeutics, Inc.

“I’m honored to join the ImmunityBio board at such an important time of growth and opportunity for the company,” she said. “I’m impressed with both the science and the leadership that I believe will take the company on an upward trajectory as it makes innovative contributions to medicine.”

About ImmunityBio

ImmunityBio is a leading, late-clinical-stage immunotherapy company developing next-generation therapies that drive immunogenic mechanisms for defeating cancers and infectious diseases. The company’s immunotherapy platform activates both the innate (natural killer cell and macrophage) and adaptive (T cell) immune systems to create long-term “immunological memory.”

ImmunityBio has a comprehensive immunotherapy pipeline with more than 40 clinical trials (company sponsored or investigator initiated)—of which 25 are at Phase II and III stage of development—across 19 indications in solid and liquid cancers and infectious diseases. Currently 17 first-in human immunotherapy agents are in clinical testing and, to date, over 1,800 patients have been studied with our antibody cytokine fusion proteins, albumin chemo immunomodulators, Adeno and yeast vaccines and our off-the-shelf natural killer cell products. Anktiva™ (ImmunityBio’s lead cytokine infusion protein) is a novel interleukin-15 (IL-15) superagonist complex and has received Breakthrough Therapy and Fast Track Designations from the U.S. Food and Drug Administration (FDA) for BCG-unresponsive CIS non-muscle invasive bladder cancer (NMIBC).

The company’s platforms are based on the foundation of four separate modalities: Antibody cytokine fusion proteins, synthetic immunomodulators, second-generation human adenovirus (hAd5) and yeast vaccine technologies, and state-of-the-art, off-the-shelf natural killer cells, including autologous and allogenic cytokine-enhanced memory NK cells. ImmunityBio is currently developing a dual construct COVID-19 vaccine candidate using its hAd5 platform.

ImmunityBio is a leading producer of cryopreserved and clinical dose forms of off-the-shelf natural killer (NK) cell therapies. The company has established GMP manufacturing capacity at scale with cutting-edge cell manufacturing expertise and ready-to-scale facilities, as well as extensive and seasoned R&D, clinical trial, and regulatory operations and development teams. For more information, please visit: www.immunitybio.com

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are considered forward-looking statements, which are usually identified by the use of words such as “anticipates,” “believes,” “continues”, “could”, “estimates,” “expects,” “intends,” “may,” “plans,” “potential”, “predicts”, “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. These forward-looking statements are neither forecasts, promises nor guarantees, and are based on the current beliefs of ImmunityBio’s management as well as assumptions made by and information currently available to ImmunityBio. Such statements reflect the current views of ImmunityBio with respect to future events and are subject to known and unknown risks, including business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about ImmunityBio, including, without limitation, (i) potential adverse effects or changes to relationships with employees, suppliers or other parties resulting from the completion of the merger of NantKwest and ImmunityBio, Inc., (ii) the outcome of any legal proceedings that may be instituted against the parties and others related to the merger, (iii) unexpected costs, charges or expenses resulting from the merger, (iv) uncertainty of the expected financial performance of the combined company following completion of the merger, including the possibility that the expected synergies and value creation from the merger will not be realized or will not be realized within the expected time period, (v) the ability of ImmunityBio to continue its planned preclinical and clinical development of its development programs, and the timing and success of any such continued preclinical and clinical development and planned regulatory submissions, (vi) inability to retain and hire key personnel, and (vii) the unknown future impact of the COVID-19 pandemic delay on certain clinical trial milestones and/or ImmunityBio’s operations or operating expenses. More details about these and other risks that may impact ImmunityBio’s business are described under the heading “Risk Factors” in the Company’s Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 10, 2021 and in subsequent filings made by ImmunityBio with the SEC, which are available on the SEC’s website at www.sec.gov. ImmunityBio cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. ImmunityBio does not undertake any duty to update any forward-looking statement or other information in this press release, except to the extent required by law.

Investors

Sarah Singleton

ImmunityBio, Inc.

844-696-5235, Option 5

Media

Amy Jobe, Ph.D.

LifeSci Communications

315-879-8192

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Oncology Health Infectious Diseases Research Science Pharmaceutical Biotechnology

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Tetra Tech Wins $12 Million USAID Energy Sustainability Activity Contract

Tetra Tech Wins $12 Million USAID Energy Sustainability Activity Contract

PASADENA, Calif.–(BUSINESS WIRE)–Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today that the U.S. Agency for International Development (USAID) awarded the Company a 5-year, $12 million, single-award contract to improve Kosovo’s energy sector by strengthening the capacity of local institutions to advance energy market development and regional integration, and facilitate private sector investments in sustainable energy generation.

Tetra Tech energy specialists will work with the Government of Kosovo to strengthen a regional energy market based on European Union standards and foster increased private-sector investment that will leverage $300 million in investments and generate an additional renewable energy capacity of 200 megawatts.

Tetra Tech has partnered with USAID in Kosovo since 2007 to provide innovative clean energy services to help advance economic growth. Tetra Tech facilitated the private-sector development of one of the first grid-connected solar photovoltaic power plants, supported 300 million euros worth of energy sector investment, and increased women’s participation in the utility sector.

“Tetra Tech has supported USAID’s sustainable energy programs in Kosovo for 14 years,” said Dan Batrack, Tetra Tech Chairman and CEO. “We look forward to continuing to use our Leading with Science® approach to create resilient energy solutions that promote energy security and economic prosperity for the people of Kosovo.”

About Tetra Tech

Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 20,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.

Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions (“Future Factors”), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section “Risk Factors” included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

Jim Wu, Investor Relations

Charlie MacPherson, Media & Public Relations

(626) 470-2844

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Robbins Geller Rudman & Dowd LLP Announces Lead Plaintiff Deadline in the XL Fleet Corp. Class Action Lawsuit

Robbins Geller Rudman & Dowd LLP Announces Lead Plaintiff Deadline in the XL Fleet Corp. Class Action Lawsuit

SAN DIEGO–(BUSINESS WIRE)–
Robbins Geller Rudman & Dowd LLP announces that purchasers of XL Fleet Corp. (NYSE:XL) securities between October 2, 2020 and March 2, 2021, inclusive (the “Class Period”) have until May 7, 2021 to seek appointment as lead plaintiff in the XL Fleet class action lawsuit, Suh v. XL Fleet Corp., No. 21-cv-02002 (S.D.N.Y.), which is assigned to Judge Lorna G. Schofield.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased XL Fleet securities during the Class Period to seek appointment as lead plaintiff in the XL Fleet class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the XL Fleet class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the XL Fleet class action lawsuit. An investor’s ability to share in any potential future recovery of the XL Fleet class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the XL Fleet class action lawsuit or have questions concerning your rights regarding the XL Fleet class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at [email protected]. Lead plaintiff motions for the XL Fleet class action lawsuit must be filed with the court no later than May 7, 2021.

XL Fleet provides vehicle electrification solutions for commercial and municipal fleets in North America, offering hybrid and plug-in hybrid electric drive systems. XL Fleet formed via the merger of XL Hybrids, Inc. and Pivotal Investment Corporation II (“Pivotal”), which closed on or about December 22, 2020. Pivotal was a special purpose acquisition company (“SPAC”).

The XL Fleet class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) XL Fleet’s salespeople were pressured to inflate their sales pipelines to boost XL Fleet’s reported sales and backlog; (ii) at least 18 of the 33 customers that XL Fleet featured were inactive and had not placed an order since 2019; (iii) XL Fleet’s technology had been materially overstated and offered only 5% to 10% of fleet savings; (iv) XL Fleet lacked the supply chain and engineers to roll out new products on the announced timelines; and (v) as a result of the foregoing, defendants’ positive statements about XL Fleet’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On March 3, 2021, Muddy Waters Research published a report entitled “XL Fleet Corp. (NYSE: XL): More SPAC Trash,” alleging, among other things, that salespeople “were pressured to inflate their sales pipelines materially in order to mislead XL [Fleet]’s board and investors” and that “customer reorder rates are in reality quite low” due to “poor performance and regulatory issues.” Citing interviews with former employees, the report alleged that “at least 18 of 33 customers XL [Fleet] featured were inactive.” Muddy Waters also claimed that XL Fleet has “weak technology” and that “XL’s announcement of future Class 7-8 upfits seems highly promotional” because the task is “too technologically complex for XL [Fleet] engineers to deliver on the promised timeline.” On this news, XL Fleet’s share price fell approximately 13%, damaging investors.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For eight consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.

Robbins Geller Rudman & Dowd LLP

J.C. Sanchez, 800-449-4900

[email protected]

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