Market Newsdesk

DALLAS, March 31, 2021 /PRNewswire/ —

Corporate Highlights

• Closed four transactions in 2020 deploying $34.8 million; additional $8.1 million deployed to existing borrowers
• Income producing assets as of December 31, 2020 reached an all-time high of $206.0 million, accompanied by strong credit trends
• Closed a $9.0 million transaction in March 2021, deploying $7.1 million
• Received two milestone payments from Cara Therapeutics totaling $5.0 million, with SWK retaining $3.0 million and the other $2.0 million being remitted to Enteris’ prior owner. 

Specialty Finance Segment Highlights:

• For the fourth quarter of 2020, finance portfolio realized yield was 16.6%, compared to 20.4% for the fourth quarter of 2019
• For the fourth quarter of 2020, finance portfolio effective yield was 13.8%, a 60 bps increase compared with 13.2% in the fourth quarter of 2019
• Income producing assets increased 17.6% year over year to $206.0 million as of December 31, 2020
• Total revenue for the quarter ended December 31, 2020 was $10.9 million, a 16.0% increase from $9.4 million for the quarter ended December 31, 2019
• Core specialty finance business generated adjusted non-GAAP net income of $23.3 million
• For the fiscal year 2020, SWK earned an 11.9% adjusted return on tangible financing book value
• December 31, 2020 tangible financing book value per share was $15.84, a 7.5% increase from the prior year

SWK Holdings Corporation (Nasdaq: SWKH), a life sciences focused specialty finance company catering to small and mid-sized companies, today provided a business update and announced its financial and operating results for the fourth quarter and full-year ended December 31, 2020.

“2020 was a strong year for SWK fueled by our strategy of investing in differentiated, patent-protected, life sciences products and the small and mid-sized companies responsible for their development.  2020 results are highlighted by a 17.6% year-over-year growth in income producing assets to an all-time high of $206.0 million.  Importantly, this growth has been achieved in a disciplined fashion as evidenced by strong portfolio credit trends,” stated Winston Black, Chairman and CEO of SWK Holdings. “We achieved this disciplined growth despite numerous challenges presented by the COVID-19 pandemic.  I am extremely proud of the resilience of the SWK team and our partners.”

Mr. Black continued, “During the fourth quarter, we closed two royalty monetizations and one loan financing, deploying $30.4 million. The transactions were with companies and products that address important market needs and provide value to patients, clinicians, and the broader healthcare system.  In March 2021, we closed a $9.0 million loan with Sincerus Pharmaceuticals, Inc., a 503B compounding pharmacy focused on dermatology customers.  We continue to source and evaluate numerous loan and royalty opportunities in-line with our historical experience.”

Mr. Black continued, “Our subsidiary Enteris BioPharma is working with our key partner, Cara Therapeutics, to advance its Oral KORSUVA™ program while progressing the three legs of its value creation strategy: 

“First, Enteris’ CEO Rajiv Khosla, PhD is focused on maximizing the potential of the company’s proprietary Peptelligence® and ProPerma™ technologies, which enable the oral delivery of peptide and small molecule therapeutics. In this regard, Enteris’ business development pipeline is very active, and we anticipate entry into several feasibility agreements over the coming quarters, with one already secured in 2021. Feasibility agreements are an important first step in building more comprehensive relationships with pharmaceutical partners.   

“Second, Enteris anticipates initiating a clinical program for one of its internal assets targeting a niche indication which currently is treated by a cumbersome injection that limits patient compliance, which can lead to suboptimal patient outcomes.  SWK anticipates providing an update on this program later in 2021.   

“Third, Enteris anticipates its newly expanded manufacturing facility, which includes a high potency API suite, will be cGMP operational in the coming weeks.  We believe high potency capabilities are an attractive and capacity constrained pharmaceutical manufacturing segment, as well as being complementary to Enteris’ core peptide focus.  Enteris is in the early stages of marketing the facility and its capabilities to pharmaceutical companies.   

“Finally, the partnership with Cara Therapeutics for Oral KORSUVA™ continues to advance as highlighted by Cara’s positive public statements.  During 2020, SWK received $5.0 million of milestone payments with SWK retaining $3.0 million of the payments and the other $2.0 million being remitted to Enteris’ prior owner.  We anticipate additional payments over the next several quarters, subject to the achievement of certain development milestones.  Oral KORSUVA™ is currently the subject of four separate clinical programs with multiple milestones anticipated throughout 2021, including topline results in the first half of 2021 from the Phase 2 atopic dermatitis clinical trial and initiation of a Phase 3 clinical trial for the treatment of pruritus in patients with stage III-IV chronic kidney disease expected in the second half of 2021, per recent guidance from Cara.”

Fourth Quarter 2020 Financial Results

For the fourth quarter 2020, SWK reported total revenue of $10.9 million compared to $9.4 million for the fourth quarter 2019.  The $1.5 million net increase in revenue was primarily due to pharmaceutical development revenue generated by Enteris.

Income before taxes for the fourth quarter 2020 totaled $3.3 million compared to $0.6 million for the same period of the previous year.  The year over year increase is primarily driven by a $2.4 million increase in pharmaceutical development revenue at Enteris, a $2.1 million decrease in expense for the amortization of Enteris-related intangibles, a $1.6 million decrease in impairment expense and a $2.4 million increase in contingent consideration expense.

GAAP net income for the quarter ended December 31, 2020 totaled $4.6 million, or $0.36 per diluted share, compared to $8.8 million, or $0.68 per diluted share for the fourth quarter 2019.  For the fourth quarter 2020, non-GAAP adjusted net income was $7.5 million and non-GAAP adjusted net income for the specialty finance segment was $6.4 million, compared to $6.2 million for the fourth quarter 2019.

Income producing assets (defined as finance receivables and corporate debt securities) totaled $206.0 million as of December 31, 2020.  This is a 17.6% increase compared with the income producing assets of $175.1 million as of December 31, 2019.

Tangible financing book value per share totaled $15.84 as of December 31, 2020, a 7.5% increase from $14.74 as of December 31, 2019.  Management views tangible financing book value per share as a relevant metric to value the company’s core specialty finance business.  Book value per share was $18.80 as of December 31, 2020 compared to $18.31 as of December 31, 2019.       

Tables detailing SWK’s financial performance for the fourth quarter 2020 are below.

Portfolio Status

During the fourth quarter 2020, the Company deployed $30.4 million through three transactions:

1. $16.5 million to EyePoint Pharmaceuticals, Inc. to purchase the royalties payable to EyePoint under its license agreement with Alimera Sciences, Inc. for ILUVIEN®.
2. $3.9 million to Trio Healthcare for the sale of certain royalty interests on a portfolio of ostomy products.
3. $10.0 million first lien loan to Flowonix Medical, Inc., which markets the Prometra pump.

At the end of the fourth quarter 2020, the weighted average projected effective yield of the finance receivables portfolio was 13.8%, including non-accrual positions, versus 13.2% as of the end of the fourth quarter in the previous year.  The projected effective yield is the rate at which income is expected to be recognized pursuant to the Company’s revenue recognition policies, if all payments are received pursuant to the terms of the finance receivables and excludes non-interest earning assets such as warrants and equity investments.

For the fourth quarter 2020, the realized yield of the finance receivables portfolio was 16.6%, versus 20.4% for the fourth quarter in the previous year.  The realized yield is inclusive of all fees, including all realized unamortized fees, amendment fees, and prepayment fees, and is calculated based on the simple average of finance receivables at the beginning and end of the period. The realized yield is greater than the effective yield due to actual cash collections being greater than modeled.

Total portfolio investment activity for the three months ended December 31, 2020 and 2019 was as follows (in thousands):

Portfolio Updates Post Year End

After the close of 2020, the Company closed a $9.0 million loan financing to Sincerus Pharmaceuticals, Inc. with $7.1 million funded at closing.

Unfunded commitments totaled $1.9 million as of March 25, 2021.  

Adjusted Non-GAAP Net Income

Net income in accordance with GAAP for the three-month period ended December 31, 2020, was $4.6 million, or $0.36 per diluted share.

The following table provides a reconciliation of SWK’s reported (GAAP) consolidated net income to SWK’s adjusted consolidated net income (Non-GAAP) for the three-month periods ended December 31, 2020 and December 31, 2019.  The table eliminates provisions for income taxes, non-cash mark-to-market changes on warrant assets and equity securities, amortization of Enteris intangible assets and loss on remeasurement of contingent consideration.

In the table above, management has deducted the following non-cash items: (i) change in the fair-market value of equities and warrants as mark-to-market changes are non-cash, (ii) income taxes as the Company has substantial net operating losses to offset against future income, (iii) amortization expense associated with Enteris intangible assets, and (iv) loss on remeasurement of contingent consideration.

Specialty Finance Adjusted Non-GAAP Net Income

The following table provides a reconciliation of SWK’s consolidated adjusted income before provision for income taxes, listed in the table above, to the non-GAAP adjusted net income for the specialty finance business for the three-month period ended December 31, 2020.  The table eliminates expenses associated with the acquisition of Enteris, and Enteris operating losses.  The adjusted income before the provision for income taxes is derived in the table above and eliminates provisions for income taxes, non-cash mark-to-market changes on warrant assets and equity securities.

Conference Call Information

SWK Holdings will host a conference call and live audio webcast on Friday, April 1, 2021, at 10:00 a.m. ET, to discuss its corporate and financial results for the fourth quarter 2020. Interested participants and investors may access the conference call by dialing either:

• (844) 378-6488 (U.S.)
• (412) 317-1079 (international)

An audio webcast will be accessible via the Investors Events & Presentations section of the SWK Holdings’ website:https://swkhold.investorroom.com/events.  An archive of the webcast will remain available for 90 days beginning at approximately 11:30 a.m. ET, on April 1, 2021.

Non-GAAP Financial Measures

This release includes non-GAAP adjusted net income and non-GAAP specialty finance net income, which are not metrics that are compliant with generally accepted accounting principles in the United States (GAAP). 

• Non-GAAP adjusted net income is adjusted for certain items (including (i) changes in the fair-market value of public equity-related assets and SWK’s warrant assets as mark-to-market changes are non-cash, (ii) income taxes as the Company has substantial net operating losses to offset against future income, and (iii) depreciation and amortization expenses, primarily associated with the Enteris acquisition).
• In addition to the adjustments noted above, non-GAAP specialty finance net income also excludes Enteris operating losses.
• Tangible financing book value per share excludes the deferred tax asset, intangible assets, goodwill, Enteris PP&E, and contingent consideration associated with the Enteris transaction.
• Adjusted return on tangible financing book value is calculated by dividing specialty finance division segment adjusted non-GAAP net income by Tangible financing book value.

These non-GAAP measures may not be directly comparable to similar measures used by other companies in our industry, as other companies may define such measures differently. Management believes that these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends and provides useful additional information relating to our operations and financial condition. These metrics should be considered in addition to, and not as a replacement for, the most comparable GAAP measure.

About SWK Holdings Corporation
SWK Holdings Corporation is a specialty finance company with a focus on the global healthcare sector. SWK partners with ethical product marketers and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for both SWK’s business partners and its investors. SWK believes its financing structures achieve an optimal partnership for companies, institutions and inventors seeking capital for expansion or capital and estate planning by allowing its partners to monetize future cash flow with minimal dilution to their equity stakes. SWK also owns Enteris Biopharma, whose core Peptelligence® drug delivery technology creates oral formulations of peptide-based and BCS class II, III, and IV small molecules. With Enteris, SWK has the opportunity to grow its specialty finance business by actively building a wholly-owned portfolio of milestones and royalties through licensing activities.  Additional information on the life science finance market is available on the Company’s website at www.swkhold.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plan,” “will,” “may,” “look forward,” “intend,” “guidance,” “future” or similar expressions are forward-looking statements. Because these statements reflect SWK’s current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption “Risk Factors” and elsewhere in SWK’s Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein, could affect the Company’s future financial results and could cause actual results to differ materially from those expressed in such forward-looking statements. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause the Company’s actual results to differ materially from expected and historical results. You should not place undue reliance on any forward-looking statements, which speak only as of the date they are made. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

 

 

 

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SOURCE SWK Holdings Corporation

NEW YORK, March 31, 2021 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Rodgers Silicon Valley Acquisition Corp. (“Rodgers” or the “Company”) (NASDAQ: RSVA) in connection with the Company’s proposed merger with Enovix Corporation (“Enovix”), an industry leader in advanced silicon-anode lithium-ion battery development and production. Under the terms of the merger agreement, Rodgers will combine Enovix through a reverse merger that will result in Enovix becoming a publicly traded company. The pro forma enterprise value of the combined company is expected to be approximately $1.128 billion.

If you own


RSVA


shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:



https://www.weisslawllp.com/RSVA/

Or please contact:



Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16^th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
[email protected]

WeissLaw LLP is investigating whether Rodgers’ board acted in the best interest of Rodgers’ public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of Enovix, and whether all information regarding the process undertaken by the board and the valuation of the transaction will be fully and fairly disclosed to Rodgers’ public shareholders. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-investigates-rodgers-silicon-valley-acquisition-corp-301260144.html

SOURCE WeissLaw LLP

VANCOUVER, BC, March 31, 2021 /PRNewswire/ – Entrée Resources Ltd. (TSX: ETG) (OTCQB: ERLFF) (the “Company” or “Entrée“) has today filed its annual operational and financial results for the year ended December 31, 2020. All numbers are in U.S. dollars unless otherwise noted.

2020 HIGHLIGHTS

Oyu Tolgoi Underground Development
The Oyu Tolgoi project in Mongolia includes two separate land holdings: the Oyu Tolgoi mining licence, which is held by Entrée’s joint venture partner Oyu Tolgoi LLC (“OTLLC“) and the Entrée/Oyu Tolgoi joint venture property (the “Entrée/Oyu Tolgoi JV Property“), which is a partnership between Entrée and OTLLC. On March 8, 2021, OTLLC’s 66% shareholder Turquoise Hill Resources Ltd. (“Turquoise Hill“) provided an update on underground development on the Oyu Tolgoi mining licence:

• Work on the Oyu Tolgoi underground project has continued to materially progress in line with the Definitive Estimate (as defined below) despite COVID-19 controls and ongoing travel restrictions implemented by the Government of Mongolia. Ongoing impacts to domestic and international movement could have an impact on key project milestones on the Oyu Tolgoi mining licence.
• Overall, underground lateral development has now reached 53,000 equivalent metres with development required before first drawbell on the Oyu Tolgoi mining licence substantially complete. More than one million tonnes of underground material has moved through Shaft 2 since commissioning and scheduled annual maintenance of Shaft 2 was successfully completed in October 2020 using remote technology. Materials Handling System 1 progress continues with civil work complete on Primary Crusher 1 and steel and cable installation continuing thereon.
• Remobilization of international shaft-sinking specialists occurred in the fourth quarter 2020. Installation and commissioning of sinking related equipment continues at Shafts 3 and 4. Activities at Shaft 4 in the fourth quarter 2020 were focused on completing all construction and commissioning activities for load testing and verification in preparation for shaft sinking, which commenced in early February 2021. Shafts 3 and 4 will provide ventilation to support the ongoing development associated with production ramp up for Panels 1 and 2. Should flight restrictions continue, productivity on the project and the ability to perform specialized maintenance and commissioning activities could be impacted. Turquoise Hill continues to assess any potential implications, particularly for Panel 1 and Panel 2 ramp-up which Shafts 3 and 4 support.
• In the first quarter 2020, OTLLC submitted a resources and reserves update for registration pursuant to local regulatory requirements in Mongolia. On July 2, 2020, Turquoise Hill announced the completion of an updated Oyu Tolgoi Feasibility Study (“OTFS20“), which incorporates the new block cave mine design for Hugo North Lift 1 Panel 0 previously announced by Turquoise Hill on May 13, 2020. The expert review of the resources and reserves update is in progress and OTFS20 is expected to be considered for endorsement by the Mongolian regulators following registration.
• OTFS20 incorporates an update to the first sustainable production schedule and capital cost estimates for the underground mine development based on the new Panel 0 mine design. On December 18, 2020, Turquoise Hill announced the completion and delivery by Rio Tinto of the definitive estimate of cost and schedule (the “Definitive Estimate“), which refines the analysis contained in OTFS20. The results of the Definitive Estimate include a revised base case development capital cost of $6.75 billion for the new design, confirmation that sustainable first production from the Oyu Tolgoi mining licence is forecast to occur in October 2022, and verification that all surface infrastructure required for sustainable first production from Panel 0 on the Oyu Tolgoi mining licence is now complete. Additional project infrastructure will still be needed to support the production ramp-up profile and the life of mine material handling infrastructure capacity. The Definitive Estimate also finalized pillar locations on the Panel 0 boundaries and optimized the drawpoint layout to minimize exposure to the lower fault. OTLLC board approval of the Definitive Estimate will be considered following registration of the resources and reserves update and endorsement of OTFS20.
• The Hugo North (including Hugo North Extension) Lift 1 mine plan incorporates the development of three panels and in order to reach the full sustainable production rate of 95,000 tonnes per day from the underground operations, all three panels need to be in production. The Hugo North Extension deposit on the Entrée/Oyu Tolgoi JV Property is located at the northern portion of Panel 1.
• Turquoise Hill has advised that several mining studies are in progress, which are focused on the evaluation of different design and sequencing options for Panels 1 and 2 as part of OTLLC’s planned Pre-Feasibility and Feasibility Study level work. These studies are underpinned by additional geology and geotechnical data that is being collected from underground and surface drilling. The data collection is complete for Panel 0 and the focus of data collection and analysis has now shifted to Panel 1 and Panel 2. Data collection and analysis is being prioritized to complete study work in line with mining progression

Corporate

• During Q3 2020, the Company closed a non-brokered private placement of 10,278,000 units of the Company at a price of C$0.43 per unit for gross proceeds of approximately C$4.4 million. Each unit consists of one common share and one-half of one transferable common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of C$0.60 per share for a period of three years following the date of issuance.
• For the full 2020 year, the operating loss was $2.3 million compared to an operating loss of $2.1 million in 2019.
• For the full 2020 year, operating cash outflow before working capital was $1.5 million compared to an operating cash outflow before working capital of $1.5 million in 2019.
• As at December 31, 2020, cash was $7.3 million and the working capital balance was $7.3 million.
• The Company recognizes the unprecedented situation surrounding the ongoing COVID-19 pandemic and is closely monitoring the effect of the COVID-19 pandemic on its business and operations and will continue to update the market on the impacts to the Company’s business and operations in relation to these extraordinary circumstances.

OUTLOOK AND STRATEGY
The Company’s primary objective for the 2021 year is to work with other Oyu Tolgoi stakeholders to advance potential amendments to the joint venture agreement (the “Entrée/Oyu Tolgoi JVA“) that currently governs the relationship between Entrée and OTLLC and upon finalization, transfer the Shivee Tolgoi and Javhlant mining licences to OTLLC as manager of the Entrée/Oyu Tolgoi joint venture (the “Entrée/Oyu Tolgoi JV“).  The form of Entrée/Oyu Tolgoi JVA was agreed between the parties in 2004, prior to the execution of the Oyu Tolgoi Investment Agreement and commencement of underground development. The Company currently is registered in Mongolia as the 100% ultimate holder of the Shivee Tolgoi and Javhlant mining licences.

The Company believes that amendments that align the interests of all stakeholders as they are now understood would be in the best interests of all stakeholders, provided there is no net erosion of value to Entrée. No agreements have been finalized and there are no assurances agreements may be finalized in the future.

In addition, the Company is currently in the process of reviewing the data and assumptions underlying OTFS20, the OTFS20 block cave designs, updated costs and schedules and the updated mineral resources and reserves in order to assess the potential impact on the Entrée/Oyu Tolgoi JV Property resources and reserves and the assumptions and outputs from the Company’s 2018 Technical Report. The Company will update the market following completion of its review and assessment.

SUMMARY OF OPERATING RESULTS

Operating Loss
For the full 2020 year, the operating loss was $2.3 million compared to an operating loss of $2.1 million in 2019.  Project expenditures in 2020 included expenditures of $0.2 million for administration costs in Mongolia compared to $0.2 million in the comparative 2019 period.  Holding costs on all other properties in 2020 and 2019 were insignificant.

General and administration expenditures in 2020 were $1.4 million and were consistent with the same period in 2019. 

Depreciation expenses in 2020 were consistent with the same period in 2019.

Non-operating Items
The foreign exchange gain in 2020 was primarily the result of movements between the C$ and U.S. dollar as the Company holds its cash in both currencies and the loan payable is denominated in U.S. dollars.

Interest expense was primarily related to the loan payable to OTLLC pursuant to the Entrée/Oyu Tolgoi JVA and is subject to a variable interest rate.

The amount recognized as a loss from equity investee is related to exploration costs on the Entrée/Oyu Tolgoi JV Property.

Deferred revenue finance costs are related to recording the non-cash finance costs associated with the deferred revenue balance, specifically the Sandstorm Gold Ltd. stream.

The total assets as at December 31, 2020 were higher than at December 31, 2019 due to funds received from the non-brokered private placement completed during Q3 2020 while total non-current liabilities were higher due to recording the non-cash deferred revenue finance costs for the 2020 year. 

The Company’s Annual Financial Statements and Management’s Discussion and Analysis (“MD&A“), and Annual Information Form are available on the Company’s website at www.EntreeResourcesLtd.com and on SEDAR at www.sedar.com. The Company’s Annual Report on Form 20-F (“Annual Report“) has been filed with the U.S. Securities and Exchange Commission (“SEC“), and is available on the Company’s website at www.EntreeResoucesLtd.com and on EDGAR at www.sec.gov.  Shareholders can receive a hard copy of the Company’s audited Annual Financial Statements upon request.

QUALIFIED PERSON
Robert Cinits, P.Geo., consultant to Entrée and the Company’s former Vice President, Corporate Development, and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the technical information in this release.  For further information on the Entrée/Oyu Tolgoi JV Property, see the Company’s Technical Report, titled “Entrée/Oyu Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical Report”, with an effective date of January 15, 2018, available on SEDAR at www.sedar.com. 

ABOUT ENTRÉE RESOURCES LTD.
Entrée Resources Ltd. is a well-funded Canadian mining company with a unique carried joint venture interest on a significant portion of one of the world’s largest copper-gold projects – the Oyu Tolgoi project in Mongolia.  Entrée has a 20% or 30% carried participating interest in the Entrée/Oyu Tolgoi JV, depending on the depth of mineralization. Sandstorm, Rio Tinto and Turquoise Hill are major shareholders of Entrée, holding approximately 23%, 9% and 8% of the shares of the Company, respectively.  More information about Entrée can be found at www.EntreeResourcesLtd.com.

This News Release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws
 with respect to
corporate strategies and plans; requirements for additional capital; uses of funds and projected expenditures; the expectations set out in OTLLC’s OTFS20 and the Company’s 2018 Technical Report on the Company’s interest in the Entrée/Oyu Tolgoi JV Property; timing and status of Oyu Tolgoi underground development; the mine design for Hugo North Lift 1 Panel 0 and the related cost and production schedule implications; the re-design studies for Panels 1 and 2 of Hugo North (including Hugo North Extension) Lift 1 and the possible outcomes, content and timing thereof; timing and amount of production from Lift 1 of the Entrée/Oyu Tolgoi JV Property, potential production delays and the impact of any delays on the Company’s cash flows, expected copper and gold grades, liquidity, funding requirements and planning; future commodity prices; the potential impact of COVID-19 on Oyu Tolgoi underground development and the Company’s business, operations and financial conditions; the estimation of mineral reserves and resources; projected mining and process recovery rates; estimates of capital and operating costs, mill throughput, cash flows and mine life; capital, financing and project development risk; mining dilution; discussions with the Government of Mongolia, Rio Tinto, OTLLC and Turquoise Hill on a range of issues including Entrée’s interest in the Entrée/Oyu Tolgoi JV Property, the Shivee Tolgoi and Javhlant mining licences and certain material agreements;
potential actions by the Government of Mongolia with respect to the Shivee Tolgoi and Javhlant mining licences and Entrée’s interest in the Entrée/Oyu Tolgoi JV Property; the potential for Entrée to be included in or otherwise receive the benefits of the Oyu Tolgoi Investment Agreement or another similar agreement; the potential for the Government of Mongolia to seek to directly or indirectly invest in Entrée’s interest in the Hugo North Extension and Heruga deposits; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new mineralized zones; potential metallurgical recoveries and grades; plans for future exploration and/or development programs and budgets; permitting time lines; anticipated business activities; proposed acquisitions and dispositions of assets; and future financial performance.

In certain cases, forward-looking statements and information can be identified by words such as “plans”, “expects” or “does not expect”, “is expected”, “budgeted”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of Entrée’s future performance and are based on numerous assumptions regarding present and future business strategies, the correct interpretation of agreements, laws and regulations, local and global economic conditions and negotiations and the environment in which Entrée will operate in the future, including commodity prices, projected grades, projected dilution, anticipated capital and operating costs, anticipated future production and cash flows, the anticipated location of certain infrastructure and sequence of mining within and across panel boundaries, the construction and continued development of the Oyu Tolgoi underground mine and the status of Entrée’s relationship and interaction with the Government of Mongolia, OTLLC, Rio Tinto and Turquoise Hill. With respect to the construction and continued development of the Oyu Tolgoi underground mine, important risks, uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements and information include, amongst others, the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability of a long term domestic power source for Oyu Tolgoi (or the availability of financing for OTLLC or the Government of Mongolia to construct such a source); the willingness of third parties to extend existing power arrangements; the potential impact of COVID-19, including any restrictions imposed by health and governmental authorities relating thereto; the ability of OTLLC to secure and draw down on the supplemental debt under the Oyu Tolgoi project finance facility and the availability of additional financing on terms reasonably acceptable to OTLLC, Turquoise Hill and Rio Tinto to further develop Oyu Tolgoi; the impact of changes in, changes in interpretation to or changes in enforcement of, laws, regulations and government practises in Mongolia; delays, and the costs which would result from delays, in the development of the underground mine; the status of the relationship and interaction between OTLLC, Rio Tinto, Turquoise Hill and the Government of Mongolia on the continued operation and development of Oyu Tolgoi, future funding plans and requirements and OTLLC internal governance (including the outcome of any such interactions or discussions); the willingness and ability of the parties to the Oyu Tolgoi Underground Mine Development and Financing Plan to amend or replace the agreement; the nature and quantum of the current and projected economic benefits to Mongolia resulting from the continued operation of Oyu Tolgoi; the anticipated location of certain infrastructure and sequence of mining within and across panel boundaries; projected commodity prices and their market demand; and production estimates and the anticipated yearly production of copper, gold and silver at the Oyu Tolgoi underground mine.

Other risks, uncertainties and factors which could cause actual results, performance or achievements of Entrée to differ materially from future results, performance or achievements expressed or implied by forward-looking statements and information include, amongst others, unanticipated costs, expenses or liabilities; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; development plans for processing resources; matters relating to proposed exploration or expansion; mining operational and development risks, including geotechnical risks and ground conditions; regulatory restrictions (including environmental regulatory restrictions and liability); risks related to international operations, including legal and political risk in Mongolia; risks related to the potential impact of global or national health concerns, including the COVID-19 pandemic; risks associated with changes in the attitudes of governments to foreign investment; risks associated with the conduct of joint ventures; inability to upgrade Inferred mineral resources to Indicated or Measured mineral resources; inability to convert mineral resources to mineral reserves; conclusions of economic evaluations; fluctuations in commodity prices and demand; changing foreign exchange rates; the speculative nature of mineral exploration; the global economic climate; dilution; share price volatility; activities, actions or assessments by Rio Tinto, Turquoise Hill or OTLLC and by government authorities including the Government of Mongolia; the availability of funding on reasonable terms; the impact of changes in interpretation to or changes in enforcement of laws, regulations and government practices, including laws, regulations and government practices with respect to mining, foreign investment, royalties and taxation; the terms and timing of obtaining necessary environmental and other government approvals, consents and permits; the availability and cost of necessary items such as water, skilled labour, transportation and appropriate smelting and refining arrangements; unanticipated reclamation expenses; changes to assumptions as to the availability of electrical power, and the power rates used in operating cost estimates and financial analyses; changes to assumptions as to salvage values; ability to maintain the social licence to operate; accidents, labour disputes and other risks of the mining industry; global climate change; title disputes; limitations on insurance coverage; competition; loss of key employees; cyber security incidents; misjudgements in the course of preparing forward-looking statements;
as well as those factors discussed in
 the Company’s most recently filed MD&A and in the Company’s Annual Information Form for the financial year ended December 31, 2020, dated March 31, 2021 filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

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SOURCE Entrée Resources

NEW YORK, March 31, 2021 /PRNewswire/ —

WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Vroom, Inc. (NASDAQ: VRM) between November 11, 2020 and March 3, 2021, inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2021.

SO WHAT: If you purchased Vroom securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Vroom class action, go to http://www.rosenlegal.com/cases-register-2063.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Vroom had not demonstrated that it was able to control and scale growth in respect to its salesforce to meet the demand for its products; (2) as a result, the Company was forced to discount aged inventory to move through its retail channels or liquidated in its wholesale channels; (3) as a result, the ecommerce gross profit per unit was reasonably likely to decline; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Vroom class action, go to http://www.rosenlegal.com/cases-register-2063.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      [email protected]
      [email protected]
      www.rosenlegal.com

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SOURCE Rosen Law Firm, P.A.

YOKNEAM, Israel, March 31, 2021 /PRNewswire/ — On Track Innovations Ltd. (“OTI”) (OTCQX: OTIVF) (the “Company” or “OTI“), a global provider of near field communication (NFC) and cashless payment solutions, today provided a business update and announced financial results for the fourth quarter and full year ended December 31, 2020.

Management Comments

Mr. Yehuda Holtzman, OTI’s CEO, commented, “During 2020, we grew our continuing core business revenues by 20% year-over-year, and more than 35% in our Retail segment despite significant headwinds from the Covid-19 pandemic. I am pleased with this performance. It suggests that our underlying business remains strong and that our new strategy is gaining traction. This bodes well for 2021, when, like everyone, we hope the major global impact of the pandemic diminishes.” 

Continued Mr. Holtzman, “Part of our strategy continues to be the emphasis on sales which lead to a sustainable and recurring revenue stream. We are pleased that in line with this strategy, in the fourth quarter, our licensing and transaction fees revenues (of which a major portion results in a recurring revenue stream) grew by 26% compared to the fourth quarter of 2019 and by 19% compared to the third quarter of 2020. Furthermore, in the fourth quarter we saw strongly increased traction in key regions which has led to a relatively large number of new customers for OTI. While the financial results do not yet show the full story, as our focus is now future recurring revenue streams, we have indeed seen early and initial sales from these new customers. In fact, a large portion have solid and significant potential for ongoing growth, and all will potentially generate recurring revenue for OTI over the coming years.”

Concluded Mr. Holtzman, “Looking ahead, I expect that 2021 will be another growth year for OTI. Our goal is increased sales while maintaining tight control over expenses. We anticipate that the revenue growth, combined with our improved operational efficiencies, will enable us to reach profitability during the second half of 2021.”

Added Mr. Holtzman, “We plan to complete the sale of our Polish subsidiary ASEC that includes the Mass Transit Ticketing segment, very soon. This will allow us to better focus on our core business of unattended cashless payment systems. This is another element of our strategy to better align and focus our business structure for accelerated future growth in the unattended cashless payment sector. In addition, we have engaged an investment bank to explore strategic options and are investing resources in this process.”

Following OTI’s sale of ASEC in Poland, the financial results of ASEC were included as discontinued operations and all the prior periods’ information has been reclassified to conform with the current period’s presentation.

Fourth Quarter 2020 Financial Results Summary

• Revenue in the quarter was $2.1 million, compared to $2.8 million in the fourth quarter of 2019.
• Licensing and transaction fees amounted to $430 thousand, compared with $340 thousand in the fourth quarter of last year.
• Gross profit in the quarter was $0.6 million, or 30% of revenues, compared to $0.8 million, or 29% of revenues, in the fourth quarter of 2019.
• Operating expenses totaled $2.5 million in the quarter, compared to operating expenses of $2.3 million in the same year-ago quarter.
• Net loss from continuing operations was $2.2 million, compared to a net loss of $1.6 million in the same year-ago quarter.
• Net loss was $2.7 million, or loss of $0.05 per share, compared to a net loss of $2.0 million, or loss of $0.05 per share, in the same year-ago quarter.
• Adjusted EBITDA loss from continuing operations was $1.7 million in the quarter, compared to adjusted EBITDA loss of $1.3 million in the same year-ago quarter. 

Full Year 2020 Financial Results Summary

• Total revenue in 2020 was $12.7 million, compared to $10.6 million in 2019.
• Licensing and transaction fees amounted to $1.6 million, compared with $1.5 million in 2019.
• Gross profit in 2020 was $5.1 million, or 40% of revenues, compared to $4.2 million, or 40% of revenues in 2019.
• Operating expenses totaled $9.8 million in 2020, compared to operating expenses of $9.3 million in 2019. Operating expenses in 2019 included a gain of $0.3 million related to the sale of a building by OTI’s South African subsidiary.
• Net loss from continuing operations in 2020 was $5.0 million, compared to a net loss of $5.3 million in 2019.
• Net loss in 2020 was $6.1 million, or loss of $0.12 per share, compared to a net loss of $5.9 million, or loss of $0.14 per share, in 2019.
• Adjusted EBITDA loss from continuing operations in 2020 was $4.2 million, compared to an adjusted EBITDA loss of $4.9 million in 2019. 
• As of December 31, 2020, the company had cash and cash equivalents and short-term investments of $1.5 million.

Conference
 Call

Management will host a live investor conference call at 9:00 a.m. ET on April 1, 2021, to discuss OTI’s financial results, provide a corporate update, and conclude with a Q&A session taking live questions from participants as well as answering many of the previously submitted questions by investors.

To participate, please use the following information:

U.S. Dial-in: 1 888 668 9141
International Dial-in: +972 3 918 0609
Webcast: http://veidan-stream.com/otiq4-2020.html

Please dial in a few minutes before the start of the call and request to join the “On Track Innovations Earnings Conference Call” to ensure timely participation.

The conference call will also be available for replay by clicking on the above webcast link or via a link on the investor relations section of the Company’s website.

About On Track Innovations Ltd
On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.

Safe Harbor / Forward-Looking Statements
This press release contains express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “will,” “look forward,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “believe,” “should,” “can” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others: the Company’s long-term strategy, the closing of the sale of ASEC, the realization of the Company’s potential and goals and focus on its core business, the Company’s expected growth, future recurring revenue and the outcome of the strategic process the Company is undergoing. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, including those as a result of the current COVID-19 pandemic. Performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions “Risk Factors” in our most recent Annual Report (Form 10-K) and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company’s filings with the Securities and Exchange Commission.  Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

Use of Non-GAAP Financial Information
This press release contains certain non-GAAP measures, namely, adjusted EBITDA from continuing operations, or adjusted earnings from continuing operations before interest, income tax, depreciation and amortization. Adjusted EBITDA from continuing operations represents earnings before interest or financing expenses, income tax, depreciation and amortization, and further eliminates the effect of stock-based compensation expense and other (income) expenses, net. OTI believes that adjusted EBITDA from continuing operations should be considered in evaluating the Company’s operations since it provides a clear indication of the Company’s operating results. This measure should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for the U.S. GAAP results. The non-GAAP measures included in this press release have been reconciled to the U.S. GAAP results in the table below.

RECONCILIATION OF NON-GAAP ADJUSTMENT

The following table reflects selected On Track Innovations Ltd. non-GAAP results reconciled to GAAP results (US dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE On Track Innovations Ltd. (OTI)