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BOQI International Medical Announces Fiscal Year 2020 Financial Results

NEW YORK, April 01, 2021 (GLOBE NEWSWIRE) — BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) announced its financial results for the fiscal year ended December 31, 2020.

Fiscal Year 2020 Financial Highlights:

  • Total revenues of $12,844,902 in the year ended December 31, 2020.
  • Gross profit of $2,442,817 in the year ended December 31, 2020.
  • Gross profit margin of 19% in the year ended December 31, 2020.

Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc., commented, “We are proud to announce that our revenues reached over $12.8 million in 2020 due to the acquisition of Guanzan Group, which generated millions of revenues from the wholesale distribution of both medical devices and pharmaceuticals. The acquisition of the Guanzan Group proved to be the cornerstone for our growth strategy. We are continuing with our strategy to build a comprehensive healthcare ecosystem through both organic growth and acquisitions, increasing shareholder value and achieving sustained profitability.”

Revenues

Revenues for the years ended December 31, 2020 and 2019 were $12,844,902 and $0, respectively. The revenues for the year ended December 31, 2020 were substantially attributable to the revenues of the Guanzan Group, which we acquired in March 2020, and to a limited degree, the revenues of the Pharmacy Group’s directly-owned stores.

As a result of accounting for the revenues of NF Energy and Boqi Zhengji as discontinued operations in 2020 and 2019, the Company did not report any revenues in 2019.

Revenues from the wholesale distribution of medical devices and pharmaceuticals generated revenues of $3,059,462 and $9,701,353, respectively, in the year ended December 31, 2020. Revenues from the retail pharmacy segment for the year ended December 31, 2020 were $84,087.

Cost of Revenues

Cost of revenues primarily consists of the cost of the medical devices, pharmaceuticals and other products sold to customers. Cost of revenues for the year ended December 31, 2020 was $10,402,085 compared with $0 for the year ended December 31, 2019. The increase reflected the costs associated with operations of the Guanzan Group.

Cost of revenue from the wholesale medical devices and the wholesale pharmaceuticals segments for the year ended December 31, 2020 were $2,481,616 and $7,850,315 respectively. Cost of revenue from the retail pharmacy segment for the year ended December 31, 2020 was $70,154.

Gross profit

For the year ended December 31, 2020, the Company had a gross profit margin of 19%.

The gross profit margin from wholesale distribution of medical devices and pharmaceuticals for the year ended December 31, 2020 were 18.9% and 19.1%, respectively. The retail pharmacy segment’s gross profit margin for the year ended December 31, 2020 was 16.6%.

Operating expenses

Operating expenses consist mainly of amortization of convertible notes, impairment loss of intangible assets and convertible notes issuance-related costs, auditing and legal service fees, other professional service fees and promotional expenses.

Operating expenses were $6,255,098 for the year ended December 31, 2020 compared to $985,974 for the year ended December 31, 2019, an increase of $5,269,124, or 534%. The increase is mainly due to amortization of convertible notes, and issuance-related costs for the convertible notes.

Operating expenses for the year ended December 31, 2020 consist mainly of amortization of the convertible notes in the amount of $2,091,927, meeting and promotional expenses in the amount of $938,086, depreciation and amortization expense of $56,041, audit fees of $329,693, convertible notes issuance-related costs in the amount of $211,425, legal fees of $172,575, and other professional service fees in the amount of $880,505.

For the year ended December 31, 2020, operating expenses of $4,365,751 were allocated to the parent company, which include amortization of convertible notes of $2,091,927 and professional service fees of $903,573. Operating expenses of the wholesale medical devices segment for the year ended December 31, 2020 were $88,932. Operating expenses of the wholesale pharmaceuticals segment for the year ended December 31, 2020 were $842,421. Operating expenses of the retail pharmacy segment for the year ended December 31, 2020 were $376,415.

Other income (expenses)

For the year ended December 31, 2020, we reported other income of $460,552 compared to other expense of $550,057 for the year ended December 31, 2019. For the year ended December 31, 2020, other income mainly consisted of the exchange gains resulting from the appreciation of the RMB against the US dollar during 2020; and amortization of the discount applicable to the issuance of convertible promissory notes.

For the year ended December 31, 2019, other loss of $550,057 mainly consisted of: (i) the change in fair value of derivative liabilities related to the convertible promissory notes issued during 2019; and (ii) amortization of the discount applicable to the issuance of convertible promissory notes.

Net loss from continuing operation

Net loss from continuing operations was $3,786,035 for the year ended December 31, 2020 compared to a net loss of $1,536,031 for the year ended December 31, 2019, an increase of $2,250,004, which was primarily a result of the significantly increased operating expense of the parent company and the operating expenses of the Guanzan Group.

Income (Loss) from operations of discontinued operations

As a result of the plans to dispose of the NF Group and Boqi Zhengji and the actions taken to fulfill the plans, the businesses of the NF Group and Boqi Zhengji are recorded as discontinued operations in accordance with ASC 205-20 Presentation of Financial Statements – Discontinued Operation and the results of the operations of the NF Group and Boqi Zhengji are presented under the line item net loss from discontinued operations for the years ended December 31, 2020 and 2019.

Income from the discontinued operation was $1,908,110 for the year ended December 31, 2020 compared to a loss of $2,916,248 for the year ended December 31, 2019, which was primarily due to the income recognized upon the disposal of the NF Group and Boqi Zhengji.

Net Loss

The Company reported a net loss of $1,877,925 for the year ended December 31, 2020 compared to a net loss of $4,452,279 for the year ended December 31, 2019, a decrease of $2,574,354.

Liquidity and Capital Resources

At December 31, 2020, the Company had cash of $135,309 and working capital of $9,619,274 as compared to cash of $1,601 and working capital of $8,512,585 at December 31, 2019.

About BOQI International Medical Inc.

BOQI International Medical Inc. (NASDAQ: BIMI) was founded in 2006. In February 2019, the Board of Directors of the Company determined to focus on the health industry. The Company is now exclusively a healthcare products provider, offering a broad range of healthcare products and related services. For more information about BOQI International Medical, please visit www.usbimi.com.

Safe Harbor Statement

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company’s ability to achieve profitable operations, its ability to continue to operate as a going concern, its ability to continue to meet NASDAQ continued listing requirements, the effects of the spread of the Coronavirus (COVID-19), the demand for the Company’s products and the Company’s customers’ economic condition, risk of operations in the People’s Republic of China, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the United States Securities and Exchange Commission.

IR Contact:

Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: [email protected]


BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

  December 31     December 31  
  2020     2019  
ASSETS          
CURRENT ASSETS          
Cash $ 135,309     $ 1,601  
Restricted cash   –       –  
Accounts receivable, net   6,686,552       –  
Advances to suppliers   2,693,325       –  
Amount due from related parties   –       –  
Inventories, net   735,351       –  
Prepayments and other receivables   14,880,526       7,843  
Operating lease-right of use assets   53,425       –  
Assets from discontinued operations   –       30,052,334  
Total current assets   25,184,488       30,061,778  
               
NON-CURRENT ASSETS              
Deferred tax assets   193,211       –  
Property, plant and equipment, net   910,208       –  
               
Goodwill   6,914,232       –  
Total non-current assets   8,017,651       –  
               
TOTAL ASSETS $ 33,202,139     $ 30,061,778  
               
LIABILITIES AND EQUITY              
CURRENT LIABILITIES              
Short-term loans $ 904,228     $ –  
Long-term loans due within one year   34,201       –  
Convertible promissory notes, net   3,328,447       107,383  
Derivative liability   –       1,272,871  
Accounts payable, trade   5,852,050       –  
Advances from customers   194,086       –  
Amount due to related parties   226,514       382,037  
Taxes payable   773,649       –  
Other payables and accrued liabilities   4,228,976       5,837,931  
Lease liability-current   23,063       –  
Liabilities from discontinued operations   –       13,948,971  
Total current liabilities   15,565,214       21,549,193  
               
Lease liability-non current   22,457       –  
Long-term loans – non-current   720,997       –  
Total non-current liabilities   743,454       –  
               
TOTAL LIABILITIES   16,308,668       21,549,193  
               
EQUITY              
Common stock, $0.001 par value; 50,000,000 shares authorized;
   13,254,587 and 9,073,289 shares issued and outstanding as of
   December 31, 2020 and 2019, respectively		   13,254       9,073  
Additional paid-in capital   26,344,920       15,643,825  
Statutory reserves   2,263,857       2,227,634  
Accumulated deficit   (12,914,973 )     (10,881,667 )
Accumulated other comprehensive income   1,003,392       1,683,770  
Total BOQI International Medical Inc.’s equity   16,710,450       8,682,635  
               
NON-CONTROLLING INTERESTS   183,021       (170,050 )
               
Total equity   16,893,471       8,512,585  
               
Total liabilities and equity $ 33,202,139     $ 30,061,778  



BOQI INTERNATIONAL MEDICAL, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE GAIN/LOSS

  For the Year Ended
December 31 		 
  2020     2019  
REVENUES   12,844,902       –  
               
COST OF REVENUES   10,402,085       –  
               
GROSS PROFIT(LOSS)   2,442,817       –  
               
OPERATING EXPENSES:              
Sales and marketing   783,134       –  
General and administrative   5,471,964       985,974  
Total operating expenses   6,255,098       985,974  
               
LOSS FROM OPERATIONS   (3,812,281 )     (985,974 )
               
OTHER INCOME (EXPENSE)              
Interest income   304       –  
Interest expense   (84,913 )     (6,347 )
Exchange gains   547,114       –  
Other expense   (1,953 )     (543,710 )
Total other income (expense), net   460,552       (550,057 )
               
LOSS BEFORE INCOME TAXES   (3,351,729 )     (1,536,031 )
               
PROVISION FOR INCOME TAXES   434,306       –  
               
NET LOSS FROM CONTINUING OPERATIONS   (3,786,035 )     (1,536,031 )
               
DISCONTINUED OPERATIONS              
Income (loss) from operations of discontinued operations   1,908,110       (2,916,248 )
               
NET LOSS   (1,877,925 )     (4,452,279 )
Less: net income (loss) attributable to non-controlling interest   119,158       (13,714 )
NET LOSS ATTRIBUTABLE TO BOQI INTERATIONAL MEDICAL INC. $ (1,997,083 )   $ (4,438,565 )
               
OTHER COMPREHENSIVE LOSS              
Foreign currency translation adjustment   (941,957 )     (110,557 )
               
TOTAL COMPREHENSIVE LOSS   (2,819,882 )     (4,562,836 )
Less: comprehensive loss attributable to non-controlling interests   (17,113 )     (19,739 )
COMPREHENSIVE LOSS ATTRIBUTABLE TO BOQI INTERNATIONAL MEDICAL INC. $ (2,802,769 )   $ (4,543,097 )
               
WEIGHTED AVERAGE NUMBER OF COMMON SHARES              
Basic and diluted   10,672,814       8,169,179  
               
INCOME/(LOSS) PER SHARE              
Continuing operation-Basic and diluted $ (0.36 )   $ (0.19 )
Discontinued operation-Basic and diluted $ 0.18     $ (0.36 )
Basic and diluted $ (0.18 )   $ (0.55 )



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DXC Technology Completes the Sale of DXC’s Healthcare Provider Software Business to the Dedalus Group

DXC Technology Completes the Sale of DXC’s Healthcare Provider Software Business to the Dedalus Group

TYSONS, Va. & MILAN, Italy–(BUSINESS WIRE)–DXC Technology (NYSE: DXC) today announced that it has completed the sale of DXC’s healthcare provider software business to the privately held Dedalus Group, a leading European healthcare and diagnostic software company, which is creating a stronger global presence in the clinical IT areas of hospital information systems (HIS), primary and social care, integrated care and diagnostics. The transaction was previously announced in July 2020.

The sale of DXC’s healthcare provider software business to Dedalus is consistent with DXC’s strategy and focus on the Enterprise Technology Stack. DXC expects to receive net proceeds of about $450 million from the transaction.

“The completion of the sale of our healthcare provider software business strengthens our balance sheet and unlocks new value for our stakeholders,” said Mike Salvino, President and CEO, DXC. “I would like to thank our people who are moving on to the Dedalus Group for their commitment and contributions over the years and for their focus on our customers during this process.”

“Dedalus’ vision is for a digitally enabled healthcare ecosystem where all stakeholders actively collaborate across the continuum of care to improve each citizen’s health outcomes,” said Andrea Fiumicelli, CEO of Dedalus Group. “The acquisition by Dedalus is on par with our growth initiative strategy that began four years ago. Our expanded software solutions enable the integration of processes, workflows and applications in order to improve healthcare outcomes for each individual and for the population as a whole. At the core of our business is a constant focus and commitment to data security and to create and deliver innovation at scale.”

“We have an incredible research and development team and a strong leadership team. Our mission is to innovate,” continued Giorgio Moretti, Chairman of Dedalus Group. “Our expectation in the coming years is that healthcare will embrace new technologies and service paradigms that will transform the experience of care for all citizens and care teams.”

Yann Chareton, Managing Director, Ardian Buyout, concluded, “This deal further enables Dedalus to make a decisive step in its consolidation strategy.”

About DXC Technology

DXC Technology (NYSE: DXC) helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. With decades of driving innovation, the world’s largest companies trust DXC to provide services across the Enterprise Technology Stack to deliver new levels of performance, competitiveness and customer experiences. Learn more about the DXC story and our focus on people, customers and operational execution at www.dxc.technology.

About Dedalus

Founded in Florence in 1982 by the current Chairman Giorgio Moretti, Dedalus Group is the leading healthcare and diagnostic software provider in Europe and one of the largest in the world. The shareholding structure ensures stability and great financial capacity through the presence of Ardian, the largest private investment company in Europe and the fourth in the world.

Starting in 2016, Dedalus has accelerated its expansion strategy by targeting the growing demand for innovative and comprehensive ICT and Clinical transformation solutions. Today Dedalus has a strong footprint in Germany, Italy, France, UK & Ireland, Northern Europe, Austria, Switzerland, Spain, China, Brazil, Australia, New Zealand and several locations in Latin America, the Middle East and Africa, having a presence in over 40 different countries. Thanks to its undisputed cutting-edge portfolio of leading, new generation solutions, Dedalus covers the whole spectrum of needs for healthcare operators, supporting over 6,000 hospitals and 5,000 laboratories around the world.www.dedalus.com.

About Ardian

Ardian is a world-leading private investment house with assets of US$100bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 670 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1.000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Forward-Looking Statements

All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent current expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the recent outbreak of the novel coronavirus (“COVID-19”) pandemic and the impact of varying private and governmental responses that affect our customers, employees, vendors and the economies and communities where they operate. For a written description of these factors, see the section titled “Risk Factors” in DXC’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020, and any updating information in subsequent SEC filings including DXC’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2020. No assurance can be given that any goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events except as required by law.

Richard Adamonis, Corporate Media Relations, +1-862-228-3481, [email protected]

John Sweeney, Investor Relations, +1-908-315-3665, [email protected]

KEYWORDS: Virginia Europe United States Italy North America

INDUSTRY KEYWORDS: Technology Security Other Technology Telecommunications Software Networks Internet General Health Health Data Management

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Merck Completes Acquisition of Pandion Therapeutics

Merck Completes Acquisition of Pandion Therapeutics

KENILWORTH, N.J.–(BUSINESS WIRE)–
Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced the successful completion of the cash tender offer, through a subsidiary, for all of the outstanding shares of common stock of Pandion Therapeutics, Inc. (Nasdaq: PAND) at a purchase price of $60 per share. As of the tender offer expiration, 27,770,123 shares of common stock of Pandion were validly tendered and not withdrawn from the tender offer, representing approximately 88.6% percent of the outstanding common stock of Pandion on a fully diluted basis. All such shares have been accepted for payment in accordance with the terms of the tender offer, and Merck expects to promptly pay for such shares.

Following the finalization of the tender offer, Merck completed the acquisition of Pandion today through a merger of Merck’s wholly-owned subsidiary with and into Pandion in which all shares not tendered into the offer were cancelled and converted into the right to receive cash equal to the $60 offer price per share, without interest, less any applicable tax withholding. At the completion of the merger, Pandion became a wholly-owned subsidiary of Merck. The common stock of Pandion will no longer be listed or traded on the Nasdaq Global Select Market.

About Merck

For 130 years, Merck, known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world. For more information, visit www.merck.com and connect with us on Twitter, Facebook, Instagram, YouTube and LinkedIn.

Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA

This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2020 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Media:

Ian McConnell

(973) 901-572

Sienna Choi

(908) 873-4311

Investors:

Peter Dannenbaum

(908) 740-103

Raychel Kruper

(908) 740-210

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Clinical Trials Oncology

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American Industrial Partners Announces Final Extension of Seacor Holdings Inc. Tender Offer

American Industrial Partners Announces Final Extension of Seacor Holdings Inc. Tender Offer

NEW YORK–(BUSINESS WIRE)–
American Industrial Partners and its affiliate Safari Merger Subsidiary, Inc. (“Purchaser”) announced the final extension of its tender offer for shares of SEACOR Holdings Inc. (NYSE: CKH) (“SEACOR”) until 5:00 p.m. Eastern Time on Monday, April 5, 2021, which is the End Date under the Merger Agreement. A minimum of 66 2/3% of the outstanding shares must be tendered and delivered.

Purchaser is ready to close the transaction and, assuming that 66 2/3% of outstanding shares are tendered and delivered, closing and payment for the shares will occur promptly after the expiration.

American Stock Transfer & Trust Company, LLC, the depository for the tender offer, has indicated that, as of 5:00 p.m. on March 31, 2021, a total of approximately 12,358,379 shares, representing approximately 60.1% of the outstanding shares, had been validly tendered. The amount tendered includes approximately 606,308 shares tendered pursuant to guaranteed delivery procedures.

Shareholders who have already tendered their shares do not have to re-tender their shares or take any other action as a result of the extension of the tender offer. Shares tendered by guaranteed delivery do not count toward achieving the 66 2/3% minimum tender condition.

The tender offer is being made pursuant to the tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other offer documents) in the Tender Offer Statement on Schedule TO (together with any amendments or supplements thereto, the “Tender Offer Statement”) filed by Purchaser and its affiliates with the United States Securities and Exchange Commission on December 18, 2020, as amended.

About American Industrial Partners

American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, American Industrial Partners has completed over 100 transactions and currently has more than $7 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on American Industrial Partners, visit www.americanindustrial.com.

Additional Information and Where to Find It

The tender offer described in this communication commenced on December 18, 2020. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of SEACOR. On December 18, 2020, the bidders filed with the United States Securities and Exchange Commission (the “SEC”) a Tender Offer Statement on Schedule TO, and SEACOR filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. SEACOR’S STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. The Tender Offer Statement and the Solicitation/Recommendation Statement are available for free at the SEC’s web site at www.sec.gov. Additional copies may be obtained for free by contacting SEACOR. Free copies of these materials and certain other offering documents will be made available by SEACOR upon request by mail to SEACOR Holdings Inc., 2200 Eller Drive, P.O. Box 13038, Fort Lauderdale, FL 33316, attention: Investor Relations, or by phone at 1-954-523-2200, or by directing requests for such materials to the information agent for the offer named in the Tender Offer Statement. Copies of the documents filed with the SEC by SEACOR will be available free of charge under the “Investors” section of SEACOR’s internet website at seacorholdings.com. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, SEACOR files annual, quarterly and current reports, proxy statements and other information with the SEC. SEACOR’s filings with the SEC are also available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov.

Information Agent

Michael Madalon

D.F. King & Co., Inc.

212-269-5732 / 917-294-9326

[email protected]

Investors

Innisfree M&A Incorporated

Scott Winter / Jonathan Salzberger

212-750-5833

Media

Stephen Pettibone / Mike DeGraff

Sard Verbinnen & Co.

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

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CURE Pharmaceutical Reports Increase in Revenue to $7.7 Million on a Pro Forma Basis in 2020

CURE Pharmaceutical Reports Increase in Revenue to $7.7 Million on a Pro Forma Basis in 2020

Fiscal Year 2020 Highlights:

  • Generated dramatic growth in total and pro forma revenue
  • Released positive clinical data on its patented drug delivery technology and received new certifications at its research facility
  • Acquired and expanded consumer wellness subsidiary The Sera Labs, Inc.
  • Filed and received approval on an IND application on its drug candidate for the treatment of erectile dysfunction, further validating the Company’s core delivery platform CUREfilm®

 

OXNARD, Calif.–(BUSINESS WIRE)–CURE Pharmaceutical Holding Corp. (OTC: CURR), a vertically integrated drug delivery and product development company, reported its financial and operating results for the year ended Dec. 31, 2020, and provided recent operational highlights.

The Company’s total revenue of $2.1 million rose 229% compared to fiscal year 2019. On a pro forma basis, which includes full year revenue generated from CURE’s wholly owned subsidiary The Sera Labs, Inc., acquired October 2, 2020, revenue totaled $7.7 million. This compared to $3.0 million in 2019 pro forma revenue.

Gross profit increased to approximately $1.0 million from approximately $0.4 million in 2019.

Operational Highlights for Fiscal Year 2020

  • Received positive results from a pharmacokinetic (PK) study examining the bioavailability of CURE’s proprietary CUREfilm® delivery system compared to soft gels;
  • Secured NSF International, cGMP certification for its 25,000 square foot manufacturing facility;
  • Filed and received FDA approval on its Investigational New Drug (IND) application for CUREfilm® Blue, an oral soluble film of sildenafil citrate (the active ingredient present in Viagra®), designed for the treatment of erectile dysfunction (ED);
  • Acquired The Sera Labs, a trusted leader in the health, wellness, and beauty sectors, further positioning CURE as an integrated healthcare company;
  • Sera Labs announced Nicole Kidman as the Global Brand Ambassador and Strategic Partner for all its topical product lines including its anti-aging skincare brand Seratopical;
  • Together, Sera Labs and CURE launched a new consumer product line, Nutri-Strips™, leveraging CURE’s patented and advanced novel oral film strip technology to deliver nutraceuticals to consumers nationally

“We made great progress in 2020 and are now well positioned to become a fully integrated healthcare company, as propelled by the acquisition of Sera Labs,” said Rob Davidson, CEO of CURE Pharmaceutical. “We have more than doubled our revenue in 2020, mostly through our wellness subsidiary Sera Labs. Meanwhile, we continue to forge ahead in our pharmaceutical research and development initiatives. These initiatives include our recently announced psychedelic and antiviral clinical programs which target high-growth, unmet need categories with leading compounds that leverage our proven drug delivery platform CUREfilm®.”

About CURE Pharmaceutical Holding Corp.

CURE Pharmaceutical® is the pioneering developer of CUREform™, a patented drug delivery platform that offers a number of unique immediate- and controlled-release drug delivery vehicles designed to improve drug efficacy, safety, and patient experience for a wide range of active ingredients.

As a vertically integrated company, CURE’s 25,000 square foot, FDA-registered, NSF® cGMP-certified manufacturing facility enables it to partner with pharmaceutical and wellness companies worldwide for private and white-labeled production. CURE has partnerships in the U.S., China, Mexico, Canada, Israel, and other markets in Europe.

Forward Looking Statement

Statements CURE makes in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. CURE intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act and is making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements include, without limitation, the ability to successfully market the partnered products, the difficulty in predicting the timing or outcome of related research and development efforts, partnered product characteristics and indications, marketing approvals and launches of other products, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing, the acceptance and demand of new pharmaceutical products, the impact of patents and other proprietary rights held by competitors and other third parties and the ability to obtain financing on favorable terms. The forward-looking statements in this press release reflect CURE’s judgment as of the date of this press release. CURE disclaims any intent or obligation to update these forward-looking statements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Licensing Contact:

Jonathan Berlent

Chief Business Officer

CURE Pharmaceutical

[email protected]

516.660.9148

Investment Contact:

[email protected]

Gary Zwetchkenbaum

Plum Tree Consulting LLC

[email protected]

516.455.7662

Media Contact:

Kathryn Brown

CMW Media

[email protected]

858.264.6600

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Alternative Medicine Health Fitness & Nutrition Research Pharmaceutical Science

MEDIA:

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Diamondback Energy, Inc. Announces Final Results of Debt Tender Offers and Consent Solicitations

MIDLAND, Texas, April 01, 2021 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback” or the “Company”) announced today the final results of Diamondback’s previously announced (i) cash tender offer (the “Diamondback Tender Offer”) to purchase any and all of Diamondback’s outstanding 5.375% Senior Notes due 2025 (the “2025 Notes”) pursuant to the Offer to Purchase for Cash and Consent Solicitation Statement, dated March 4, 2021 (the “Diamondback Offer to Purchase”) and (ii) cash tender offers (the “QEP Tender Offers” and, together with the Diamondback Tender Offer, the “Tender Offers”) to purchase any and all of QEP Resources, Inc.’s (“QEP”) outstanding 5.375% Senior Notes due 2022 (the “2022 Notes”), 5.250% Senior Notes due 2023 (the “2023 Notes”) and 5.625% Senior Notes due 2026 (the “2026 Notes” and, together with the 2022 Notes and the 2023 Notes, the “QEP Notes” and, together with the 2025 Notes, the “Notes”) from holders of each series of the QEP Notes pursuant to the Offer to Purchase for Cash and Consent Solicitation Statement, dated March 4, 2021 (the “QEP Offer to Purchase” and, together with the Diamondback Offer to Purchase, the “Offers to Purchase”). In connection with the Tender Offers, Diamondback also solicited consents from holders of each series of the Notes (collectively, the “Consent Solicitations”) to effect certain amendments (the “Proposed Amendments”) to the indentures governing each series of the Notes (collectively, the “Indentures”).

According to information received from D.F. King & Co., Inc., the tender agent and information agent for the Tender Offers and Consent Solicitations, as of 11:59 p.m., New York City time, on March 31, 2021 (the “Expiration Date”), an aggregate of $367,790,000 principal amount of the 2025 Notes, representing approximately 45.97% of the outstanding 2025 Notes and an aggregate of $1,548,731,000 principal amount of the QEP Notes, representing approximately 96.68% of the outstanding QEP Notes (which consists of an aggregate of $440,161,000 principal amount of the 2022 Notes, representing approximately 94.65% of the outstanding 2022 Notes, an aggregate of $626,815,000 principal amount of the 2023 Notes, representing approximately 98.43% of the outstanding 2023 Notes and an aggregate of $481,755,000 principal amount of the 2026 Notes, representing approximately 96.35% of the outstanding 2026 Notes), had been validly tendered and not withdrawn pursuant to the Tender Offers and Consent Solicitations.

The Tender Offers and the Consent Solicitations were conditioned on the closing of the acquisition of QEP by the Company pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), by and among QEP, Diamondback and Bohemia Merger Sub, Inc., dated as of December 20, 2020. The transactions contemplated by the Merger Agreement closed on March 17, 2021, as a result of which QEP is now a wholly owned subsidiary of Diamondback. Consummation of the Tender Offers and payment for the Notes validly tendered pursuant to the Tender Offers remain subject to the satisfaction or waiver of certain conditions as set forth in the Offers to Purchase.

Each of the Tender Offers and Consent Solicitations expired on the Expiration Date, and no tenders submitted after the Expiration Date will be valid.  The deadline for holders to validly withdraw tenders of the Notes and revoke consents was on March 17, 2021 (the “Early Tender Date”). March 24, 2021 (the “Initial Settlement Date”) was the settlement date for Notes tendered prior to the Early Tender Date and accepted for payment on March 23, 2021. Subject to the satisfaction or waiver of certain conditions set forth in the Offers to Purchase, Diamondback expects April 2, 2021 to be the final settlement date for Notes accepted for payment that were validly tendered after the Early Tender Date but prior to the Expiration Date.

Because the principal amount of QEP Notes tendered prior to the Early Tender Date exceeded a majority of the outstanding QEP Notes, treated as one class, the requisite consents necessary to adopt the Proposed Amendments with respect to the QEP Notes as described in the QEP Offer to Purchase was obtained, and Diamondback caused QEP to execute a supplement to the Indentures with respect to the QEP Notes to effect the Proposed Amendments to such Indentures. The Proposed Amendments became operative with respect to the QEP Notes on the Initial Settlement Date when Diamondback purchased a majority in aggregate principal amount of the outstanding QEP Notes, treated as one class, pursuant to the QEP Tender Offer.

Goldman Sachs & Co. LLC, Morgan Stanley and Wells Fargo Securities were retained as dealer managers and solicitation agents. D.F. King & Co., Inc. was retained to serve as both the tender agent and the information agent. Persons with questions regarding the Tender Offers and the Consent Solicitations should contact Goldman Sachs & Co. LLC at (212) 902-5962 (collect) or (800) 828-3182 (U.S. toll-free), Morgan Stanley at (212) 761-1057 (collect) or (800) 624-1808 (U.S. toll-free) and Wells Fargo Securities at (704) 410-4756 (collect) or (866) 309-6316 (U.S. toll-free). Copies of the Offers to Purchase and other related materials may be obtained by contacting D.F. King & Co., Inc. at 1 (866) 796-1292 (US toll-free) or 1 (212) 269-5550 (collect) or email: [email protected].

This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. No offer, solicitation, purchase or sale was made in any jurisdiction in which such offer, solicitation, or sale would have been unlawful. The Tender Offers were made solely pursuant to the terms and conditions set forth in the applicable Offers to Purchase. None of Diamondback or its affiliates, its board of directors, QEP, the dealer managers, the tender agent and the information agent or the trustee for the Notes made any recommendation as to whether holders of the Notes should have tendered or refrained from tendering the Notes.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, that address activities that Diamondback assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including with respect to the Tender Offers, any future debt financing transactions, current adverse industry and macroeconomic conditions, commodity price volatility, production levels, the impact of the recent presidential and congressional elections on energy and environmental policies and regulations, any other potential regulatory actions (including those that may impose production limits in the Permian Basin), the impact and duration of the ongoing COVID-19 pandemic, acquisitions and sales of assets (including the recently completed Guidon acquisition and the QEP acquisition discussed in this news release and anticipated synergies), future dividends, production, drilling and capital expenditure plans, severe weather conditions (including the impact of the recent severe winter storms on production volumes), impact of impairment charges and effects of hedging arrangements. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Diamondback. Information concerning these risks and other factors can be found in Diamondback’s filings with the Securities and Exchange Commission (“SEC”), including its reports on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s web site at http://www.sec.gov. Diamondback undertakes no obligation to update or revise any forward-looking statement.

Investor Contact:
Adam Lawlis
+1 432.221.7467
[email protected]

 



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E2open Partners with Air France Industries KLM Engineering & Maintenance on Customs Compliance Platform

E2open Partners with Air France Industries KLM Engineering & Maintenance on Customs Compliance Platform

Global Trade Management project to automate AFI KLM E&M export compliance

AUSTIN, Texas–(BUSINESS WIRE)–E2open (NYSE:ETWO), the network for the digital economy, and Air France Industries KLM Engineering & Maintenance (AFI KLM E&M), a leading provider of airline Maintenance Repair and Overhaul (MRO) services, announce a partnership to implement E2open’s global exports and customs compliance solutions.

E2open’s Global Trade Management applications automate shipment screening for regulatory trade compliance requirements, seamlessly recommending export license and import trade documents, allowing companies to efficiently manage all cross-border trade compliance, country controls, restricted party screening, license determination and entry visibility, in addition to document generation. AFI KLM E&M supports 200 international customers and more than 2,800 aircraft with over 600,000 parts shipped from multiple hubs. The customs compliance platform will help ensure AFI KLM E&M’s high-quality products and services reach their customers on-time while meeting regulatory requirements and ultimately helps safeguard air safety and aircraft operations around the globe.

“The combination of powerful compliance risk management and scalability through automation can be a key source of advantage in today’s global economy where businesses are rapidly diversifying and regulations are frequently changing,” said Michael Farlekas, president and chief executive officer at E2open. “Our highly configurable solution platform, including export and import management, plus up-to-date Global Knowledge® repository will empower AFI KLM E&M to provide their customers with the highest quality products and services on time while reducing costs and improving efficiency.”

Together, AFI KLM E&M and E2open will streamline cross-border transactions, automate export processes, establish regulatory compliance, reduce complexities and cut costs, all while utilizing comprehensive, current and accurate data on regulatory controls, restricted parties, classifications and landed costs.

“The complexity of our business and operating our supply chain is increasing as we see significant growth and diversity of our business across the globe,” said Géry Mortreux, executive vice president at Air France Industries. “We’re excited to partner with E2open to ensure we stay abreast of the ever changing regulations, leverage global trade and compliance best practices, and further the digital transformation of our supply chain. The new platform provides best-in-class, time-critical compliance to improve our operations, allowing us to better serve our global customers.”

About AFI KLM E&M

Air France Industries KLM Engineering & Maintenance is a major multi-product MRO (Maintenance, Repair, Overhaul) provider. With a workforce of over 14,000, AFI KLM E&M offers comprehensive technical support for airlines, ranging from engineering and line maintenance to engine overhaul, aero structure and fan thrust reverser support, as well as the management, repair and supply of aircraft components, structured around a powerful logistics network. AFI KLM E&M supports almost 2,800 aircraft operated by 200 major international and domestic airlines.

About E2open

At E2open, we’re creating a more connected, intelligent supply chain. It starts with sensing and responding to real-time demand, supply and delivery constraints. Bringing together data from customers, distribution channels, suppliers, contract manufacturers and logistics partners, our collaborative and agile supply chain platform enables companies to use data in real time, with artificial intelligence and machine learning to drive smarter decisions. All this complex information is delivered in a single view that encompasses your demand, supply and logistics ecosystems. E2open is changing everything. Demand. Supply. Delivered. Visit www.e2open.com.

E2open, the E2open logo and Global Knowledge are registered trademarks of E2open, LLC, or its affiliates. All other trademarks, registered trademarks and service marks are the property of their respective owners.

Sales and Customer Information:

Diane Mitchell | VP, Corporate Marketing | E2open | [email protected] | 512-735-5692

Media Contact:

WE Communications for E2open | [email protected] | 512-527-7029

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Supply Chain Management Retail Data Management Technology Software

MEDIA:

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Scott D. Farmer to Retire as Cintas Corporation CEO on May 31; Todd M. Schneider Elected New CEO & President, Effective June 1

Scott D. Farmer to Retire as Cintas Corporation CEO on May 31; Todd M. Schneider Elected New CEO & President, Effective June 1

Farmer to Remain Executive Chairman of the Board, while Schneider Will Join Expanded Board as Member

MEDIA USE ASSETS – DOWNLOAD HERE: Farmer, Schneider Images

CINCINNATI–(BUSINESS WIRE)–Cintas Corporation (NASDAQ:CTAS) today announced Scott D. Farmer, Cintas Chairman & Chief Executive Officer, will retire as CEO on May 31, 2021. Mr. Farmer will remain Executive Chairman, a role he has held since 2016.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210401005214/en/

Scott D. Farmer will retire as CEO of Cintas Corporation (NASDAQ:CTAS) on May 31, 2021, and remain on as Executive Chairman of the Board. He has been a Cintas employee-partner for 40 years, the last 18 as CEO. (Photo Credit: Courtesy of Cintas Corporation)

Scott D. Farmer will retire as CEO of Cintas Corporation (NASDAQ:CTAS) on May 31, 2021, and remain on as Executive Chairman of the Board. He has been a Cintas employee-partner for 40 years, the last 18 as CEO. (Photo Credit: Courtesy of Cintas Corporation)

The company also announced that its Board of Directors has increased the number of Directors from 8 to 9 and elected Todd M. Schneider as Chief Executive Officer & President and a Director of the company, effective June 1, 2021.

“It has been a great privilege to serve as Cintas’ CEO for 18 years. The company has grown and changed significantly over that time but our core values and the culture that binds our employee-partners together has remained a steady foundation for the success Cintas has achieved,” Mr. Farmer said. “I am proud of our many collective accomplishments, including the innovative products and services we provide our customers as well as the tremendous dedication of our employee-partners. Our company is in a position of financial strength, with a strong and experienced leadership team executing a proven strategy that has allowed our continued success even through the recent pandemic, making this the appropriate time for an orderly transition.”

Under Mr. Farmer’s leadership the company’s revenue grew from $2.69 billion in 2003 to more than $7 billion at the end of its previous fiscal year. Cintas Lead Director, Joe Scaminace said, “Scott has done a great job leading Cintas through years filled with challenges, change and opportunities, including the Great Recession and the recent pandemic as well as the integration of SAP technology across the organization at the same time the company was integrating its largest acquisition to date, G&K Services. The entire Cintas Board of Directors thanks Scott for his service to the company as CEO and we are grateful that he remains at the helm as Executive Chairman.”

After a comprehensive succession planning process, the Board unanimously selected Mr. Schneider to assume the position of CEO. “Todd joined Cintas’ Management Trainee program right out of college in 1989. He has held many positions over the course of 32 years. Todd has an extensive knowledge of our company, fully supports and exemplifies our culture and has served as Executive Vice President & Chief Operating Officer since 2018, which will ensure a seamless transition. Todd is undeniably the right person to lead Cintas to even greater success in the future,” said Mr. Farmer.

“I am honored that the board selected me as the next CEO of this great company and grateful for the opportunity to build on the long trajectory of success that Cintas has achieved under Scott Farmer’s leadership,” said Mr. Schneider. “With the proven leadership team currently in place, along with our exemplary employee-partners providing excellent care to our customers, I believe Cintas’ future is brighter than ever.”

About Cintas Corporation:

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe and looking their best. With offerings including uniforms, mats, mops, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety training, Cintas helps customers get Ready for the Workday®. The company is also the creator of the Total Clean Program™ — a first-of-its-kind service that includes scheduled delivery of essential cleaning supplies, hygienically clean laundering, and sanitizing and disinfecting products and services. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

Michelle Goret

Vice President of Corporate Affairs

513-972-4155

[email protected]

Paul F. Adler

Vice President – Treasurer & Investor Relations

513-972-4195

[email protected]

J. Michael Hansen

Executive Vice President & Chief Financial Officer

513-972-2079

[email protected]

KEYWORDS: Ohio United States North America Canada

INDUSTRY KEYWORDS: Professional Services Training Consumer Construction & Property Textiles Education Other Consumer Other Professional Services Building Systems Medical Supplies Manufacturing Health

MEDIA:

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Todd M. Schneider has been elected Chief Operating Officer of Cintas Corporation (NASDAQ:CTS), effective June 1, 2021, when he will also join the Board as a Member. He has spent all 32 years of his professional career at Cintas, serving as the company’s Executive Vice President and Chief Operating Officer since 2018. (Photo Credit: Courtesy of Cintas Corporation)
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Cintas Corporation CEO and Chairman Scott D. Farmer (left) will retire as CEO on May 31, 2021 after 18 years in the role and 40 years at the company. He will be succeeded as CEO by Todd M. Schneider (right), the company’s current Executive Vice President and Chief Operating Officer, on June 1, 2021. Farmer will remain on as the Executive Chairman of the Board, while Schneider will join the Board as a new Member at that time. (Photo Credit: Courtesy of Cintas Corporation)
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Cintas Corporation CEO and Chairman Scott D. Farmer (left) will retire as CEO on May 31, 2021 after 18 years in the role and 40 years with the company. He will be succeeded as CEO by Todd M. Schneider (right), the company’s current Executive Vice President and Chief Operating Officer, on June 1, 2021. Farmer will remain on as the Executive Chairman of the Board, while Schneider will join the Board as a new Member at that time. (Photo Credit: Courtesy of Cintas Corporation)
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Scott D. Farmer will retire as CEO of Cintas Corporation (NASDAQ:CTAS) on May 31, 2021, and remain on as Executive Chairman of the Board. He has been a Cintas employee-partner for 40 years, the last 18 as CEO. (Photo Credit: Courtesy of Cintas Corporation)
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REPRO MED SYSTEMS, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP notifies investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Repro Med Systems, Inc. d/b/a KORU Medical Systems

LEAD PLAINTIFF DEADLINE IS MAY 25, 2021

NEW YORK, April 01, 2021 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Hers LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of persons and entities that purchased or otherwise acquired Repro Med Systems, Inc. d/b/a KORU Medical Systems (“KORU” or the “Company”) (NASDAQ: KRMD) securities between August 4, 2020 and January 25, 2021, inclusive (the “Class Period”).

All investors who purchased shares of Repro Med Systems, Inc. d/b/a KORU Medical Systems
and incurred losses are urged to contact the firm immediately at

[email protected]

or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or

join the case

on our website,

www.whafh.com.

If you have incurred losses in the shares of Repro Med Systems, Inc. d/b/a KORU Medical Systems you may,no later than May 25, 2021, request that the Court appoint you lead plaintiff of the proposed class.   Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Repro Med Systems, Inc. d/b/a KORU Medical Systems.


CLICK HERE TO JOIN CASE

On November 3, 2020, after the market closed, KORU announced its third quarter 2020 financial results, reporting that net sales declined sequentially to $6.1 million. During the conference call the next day, the Company attributed the lower sales to, among other things, “higher allowances for gross rebates for certain customers” and “payment discounts and distribution fees.”

On this news, the Company’s stock price fell $1.97, or 32%, to close at $4.16 per share on November 4, 2020, on unusually heavy trading volume.

Then, on January 25, 2021, after the market closed, KORU announced its preliminary financial results for fiscal 2020, expecting revenue of approximately $24.0 million, an increase of 3.4% over the prior year. The Company attributed the results to, among other things, “[s]lower growth in net revenue as a result of strengthening our contractual position with large customers.” In the press release, KORU also announced that its CEO, Donald Pettigrew, resigned, effective immediately.

On this news, KORU’s stock price fell $0.80, or 15.5%, to close at $4.33 per share on January 26, 2021, on unusually heavy trading volume.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.



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Navios Maritime Partners L.P. Announces Availability of Its Form 20-F for the Year Ended December 31, 2020

MONACO, April 01, 2021 (GLOBE NEWSWIRE) — Navios Maritime Partners L.P. (“Navios Partners”) (NYSE:NMM) announced that its Annual Report on Form 20-F for the year ended December 31, 2020 has been filed with the SEC and can be accessed on Navios Partners’ website www.navios-mlp.com under the “Investors” section.

Alternatively, unitholders may also request a hard copy of the complete audited financial statements, free of charge, by contacting Navios Partners at:

Navios Maritime Partners L.P.
Attn: 20-F Request
7, Avenue de Grande Bretagne
Office 11B2
MC 98000 Monaco

Tel: +1 (212) 906 8645
Email: [email protected]

About Navios Maritime Partners L.P.

Navios Partners (NYSE:NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit our website at www.navios-mlp.com.

Contact

Navios Maritime Partners L.P.
+1 (212) 906 8645
[email protected]

Nicolas Bornozis
Capital Link, Inc.
[email protected]