Market Newsdesk

April 1, 2021 7:46 am

Yiren Digital Reports Fourth Quarter and Fiscal Year 2020 Financial Results

PR Newswire

BEIJING, April 1, 2021 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading comprehensive personal financial service platform in China, today announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2020.

On December 31, 2020, the Company entered into definitive agreements in relation to a business restructuring with CreditEase Holdings (Cayman) Limited (“CreditEase”), the controlling shareholder of the Company, to streamline the Company’s service lines and reposition the Company as a comprehensive personal financial service platform (the “Restructuring”). Upon the completion of the Restructuring, the Company has ceased control over the business (the “Disposed Business”) currently operated by Hengcheng Technology Development (Beijing) Co., Ltd. (“Hengcheng”), a variable interest entity of the Company, and CreditEase has, through its subsidiaries and affiliates, obtained control over Hengcheng and the Disposed Business operated by Hengcheng, and paid the designated subsidiaries of the Company an aggregate amount of RMB 67.0 million in cash.

Fourth Quarter 2020 and Fiscal Year 2020 Operational Highlights

Wealth Management

Cumulative number of investors served reached 2,326,169 as of December 31, 2020, representing an increase of 1.9% from 2,283,828 as of September 30, 2020 and compared to 2,210,530 as of December 31, 2019.
Number of active investors^[1] of current investment products^[2] was 163,593 as of December 31, 2020, representing a decrease of 4% from 170,907 as of September 30, 2020, and compared to 88,015 as of December 31, 2019.
Total client assets^[3] for current investment products was RMB 8,550.7 million(US$1,310.5) as of December 31, 2020, representing an increase of 71.2% from 4,994.6 million as of September 30, 2020, and compared to RMB 1,063.6 million as of December 31, 2019.
Sales volume of current investment products amounted to RMB 6,836.9 million (US$ 1,047.8 million) in the fourth quarter of 2020, representing an increase of 48.8% from RMB 4,593.3 million in the third quarter of 2020 and compared to RMB 2,548.4 million in the same period of 2019. For the fiscal year 2020, sales volume of current investment products reached RMB 15,779.7 million (US$ 2,418.3 million), compared to RMB 3,929.1 million in 2019.

Consumer Credit

Total loan originations in the fourth quarter of 2020 reached RMB 4.2 billion (US$0.6 billion), representing an increase of 31.0% from RMB 3.2 billion in the third quarter of 2020 and compared to RMB 8.0 billion in the fourth quarter of 2019.
Cumulative number of borrowers served reached 5,249,936 as of December 31, 2020, representing an increase of 3.7% from 5,060,824 as of September 30, 2020 and compared to 4,695,487 as of December 31, 2019.
Number of borrowers served in the fourth quarter of 2020 was 189,117, representing an increase of 32.0% from 143,238 in the third quarter of 2020 and compared to 125,622 in the fourth quarter of 2019. Total number of borrowers served was 525,320 in 2020.
Total outstanding principal balance of performing loans reached RMB 23,593.1 million (US$3,615.8 million) as of December 31, 2020, representing a decrease of 15.8% from RMB 28,007.2 million as of September 30,2020.

[1] Active investors refer to those who have made at least one investment through our wealth management platform or have had client assets with us above zero in the past twelve months.

[2] Current investment products include wealth management products the Company source from financial institutions, which do not include any of the Company’s legacy products. Legacy products refer to the unsecured credit products the Company offered historically under its retail credit facilitation business which have been phased out for strategic reasons.

[3] Client assets refer to the outstanding balance of client assets generated through our platforms, where an asset is counted towards the outstanding balance for so long as it continues to be held by the investor who acquired it through our platform.

“Despite the unusual operating environment in 2020, we are pleased to see significant progresses in our strategic transitions, with wealth management growing into a main business pillar and with our new credit products continuing to ramp up in volume,” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. “We have successfully completed our legacy business restructuring at year-end, which will allow Yiren Digital to solely focus on the growth of our wealth management and loan facilitation-based credit businesses. With that, I believe Yiren Digital is well positioned to transition into China’s leading digital financial service platform.”

“On wealth management, we continue to see impressive growth momentum in the fourth quarter of 2020, and the demand remains strong going into the new year. More importantly, revenue generated from our current investment products is becoming a significant driver of revenue, increasing to 31% of our total net revenue from 12% last quarter. As of December 31, 2020, total client assets for our current investments products increased by 71% from prior quarter to RMB 8.6 billion. Notably, our insurance business has been growing at a better-than-expected rate, bringing in strong synergies to our other wealth management products and services, and will provide strong revenue contribution in 2021.”

“On credit business, the two loan products that we started to shift towards in early 2020 have now grown into our main revenue contributor. In the fourth quarter of 2020, our small revolving loans and secured auto loans together accounted for 87% of total loans originated as compared to 67% last quarter. Compared with our unsecured standard loan products, these two products show better risk performance and enjoy higher unit economics, which enables us to further drive up profitability going forward.”

“We continue to deliver solid financial results in the fourth quarter of 2020, increasing our total net revenue by 14% quarter over quarter to RMB 1.2 billion” said Ms. Na Mei, Chief Financial Officer of Yiren Digital. “On the balance sheet side, our cash position remains strong with RMB 2.6 billion of cash and short-term investment as of December 31, 2020. The restructuring has impacted our fourth quarter and fiscal year 2020 results and excluding the one-time loss recognized, our non-GAAP net income was RMB 96.2 million, increasing by 21% quarter over quarter. “

Fourth Quarter 2020 Financial Results

Total net revenue in the fourth quarter of 2020 was RMB 1,160.9 million (US$177.9 million), compared to RMB 2,363.6 million in the same period last year due to decreased loan volume. Revenue from wealth management business reached RMB 413.1 million (US$63.3 million), representing a decrease of 20.8% from RMB 521.8 million in the fourth quarter of 2019. Revenue from credit business reached RMB 747.8 million (US$114.6 million), representing a decrease of 59.4% from RMB 1,841.8 million in the fourth quarter of 2019.

Sales and marketing expenses in the fourth quarter of 2020 were RMB 295.1 million (US$45.2

million), compared to RMB 960.4 million in the same period last year. The decrease was primarily due to internal restructuring to optimize operating efficiencies.

Origination, servicing and other operating costs in the fourth quarter of 2020 were RMB 596.9 million (US$91.5 million), compared to RMB 173.9 million in the same period last year. The increase was primarily due to an increase in loan servicing costs of disposed business and commission expenses as insurance volume expands.

General and administrative expenses in the fourth quarter of 2020 were RMB 149.3 million (US$22.9 million), compared to RMB139.9 million in the same period last year.

Provision for contract assets, receivables and others in the fourth quarter of 2020 were RMB 34.5 million (US$5.3 million), compared to RMB 588.3 million in the same period last year due to decreased loan volume and improved risk performance as the loan product mix changed with the evolution of the Company’s credit business model.

Loss of disposal in the fourth quarter of 2020 were RMB 655.8 million (US$100.5 million). The loss was attributable to the Restructuring in which a one-time difference between the disposal consideration and the book value of the disposed businesses was recognized. The disposal consideration factored in the future expected losses of the disposed business.

Income tax benefit in the fourth quarter of 2020 was RMB 53.3 million (US$8.2 million).

Net loss in the fourth quarter of 2020 was RMB 559.6 million (US$85.8 million), as compared to net income of RMB 404.0 million in the same period last year.

Adjusted net income^[4](non-GAAP) in the fourth quarter of 2020 was RMB 96.2 million (US$14.7 million), excluding the loss of disposal from Restructuring.

Adjusted EBITDA

^[4]

(non-GAAP) in the fourth quarter of 2020 was RMB 48.9 million (US$7.5 million), compared to RMB 508.1 million in the same period last year.

Basic and diluted loss per ADS in the fourth quarter of 2020 was RMB 6.7(US$1.0), compared to a basic income per ADS of RMB 4.4 and a diluted income per ADS of RMB 4.3 in the same period last year.

Net cash used in operating activities in the fourth quarter of 2020 was RMB 219.1 million (US$33.6 million), compared to net cash generated from operating activities of RMB 88.1 million in the same period last year.

Net cash used in investing activities in the fourth quarter of 2020 was RMB 981.1 million (US$150.4 million), compared to net cash provided by investing activities of RMB 1,197.2 million in the same period last year.

[4] “Adjusted net income(Loss)”, “Adjusted EBITDA” and “Adjusted EBITDA margin” are non-GAAP financial measures. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliation of Adjusted Net Income/(Loss)” and “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.

As of December 31, 2020, cash and cash equivalents was RMB 2,469.9 million (US$378.5 million), compared to RMB 2,836.2 million as of September 30, 2020. As of December 31, 2020, the balance of held-to-maturity investments was RMB 3.3 million (US$0.5 million), compared to RMB 2.3 million as of September 30, 2020. As of December 31, 2020, the balance of available-for-sale investments was RMB 175.5 million (US$26.9 million), compared to RMB 511.3 million as of September 30, 2020.

Delinquency rates. As of December 31, 2020, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 1.2%, 1.7% and 1.4% respectively, compared to 1.2%, 2.0% and 1.7% respectively as of December 31, 2019. As of December 31, 2020, the delinquency rates for loans originated under loan facilitation model that are past due for 15-29 days, 30-59 days and 60-89 days were 0.5%, 0.7% and 0.6% respectively, compared to 0.8%, 1.3% and 1.0% respectively as of December 31, 2019.

Cumulative M3+ net charge–off rates. As of December 31, 2020, the cumulative M3+ net charge-off rate for loans originated in 2017 was 16.9%, compared to 17.0% as of September 30, 2020. As December 31, 2020, the cumulative M3+ net charge-off rate for loans originated in 2018 was 18.6%, compared to 18.3% as of September 30, 2020. As of December 31, 2020, the cumulative M3+ net charge-off rate for loans originated in 2019 was 13.6%, compared to 11.9% as of September 30, 2020. Particularly, as of December 31, 2020, the cumulative M3+ net charge-off rate for loans originated in 2017, 2018 and 2019 under loan facilitation model was 10.6%, 10.2% and 8.5% respectively.

Fiscal Year 2020 Financial Results

Total net revenue in 2020 was RMB 3,962.0 million (US$607.2 million), compared to RMB 8,616.8 million in 2019 due to decreased loan volume. Revenue from wealth management business in 2020 reached RMB 1,432.4 million (US$219.5 million), representing a decrease of 34.2% from RMB 2,176.2 million in 2019. Revenue from credit business in 2020 was RMB 2,529.6 million (US$387.7 million), representing a decrease of 60.7% from RMB 6,440.6 million in 2019.

Sales and marketing expenses in 2020 was RMB 1,905.1 million (US$292.0 million), compared to RMB 4,457.4 million in 2019 due to decreased marketing campaigns in 2020 as a result of the COVID-19 outbreak.

Origination, servicing and other operating costs in 2020 was RMB 1,104.7 million (US$169.3 million), compared to RMB 665.1 million in 2019, mainly due to increased commission expenses as insurance volume expands.

General and administrative expenses in 2020 was RMB 630.6 million (US$96.6 million), compared to RMB 741.3 million in 2019.

Provision for contract assets, receivables and others in 2020 were RMB 371.6 million (US$57.0 million), compared to RMB 1,625.1 million in 2019, due to decreased loan volume and better risk performance as the loan product mix changed with the evolution of the Company’s credit business model.

Income tax benefit in 2020 was RMB 80.6 million (US$12.4 million).

Net loss in 2020 was RMB 692.7 million (US$106.2 million), compared to net income of RMB1,155.6 million in 2019. The loss was mainly due to a one-time loss on disposal of RMB 655.8 million post Restructuring.

Adjusted net loss (non-GAAP)
in 2020 was RMB 36.9 million (US 5.7 million), excluding the loss of disposal from the Restructuring. The loss was mainly attributable to the concessions that were granted in 2020 to provide relief to borrowers who were significantly impacted by COVID-19 outbreak.

Adjusted EBITDA (non-GAAP) in 2020 was a loss of RMB 73.2 million (US$11.2 million), compared to an adjusted EBITDA of RMB 1,491.3 million in 2019. Adjusted EBITDA margin^[4](non-GAAP) in 2020 was a loss of 1.8%, compared to 17.3% in 2019.

Basic and diluted loss per ADS in 2020 was RMB 7.7(US$1.2), compared to a basic income per ADS of RMB 12.5 and a diluted income per ADS of RMB 12.4 in 2019.

Net cash generated from operating activities in 2020 was RMB 282.0 million (US$43.2 million), compared to net cash generated from operating activities of RMB 274.2 million in 2019.

Business Outlook

Based on the Company’s preliminary assessment of business and market conditions, the Company’s guidance for 2021 is as follows:

For wealth management business, total sales volume of current products to be between RMB 20 billion and RMB 30 billion;
For credit-tech business, total loan originations to be between RMB 20 billion and RMB 25 billion.

This is the Company’s current and preliminary view, which is subject to changes and uncertainties.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted Net Income/(Loss), adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB 6.5250 to US$1.00, the effective noon buying rate on December 31, 2020, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital’s management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on April 1, 2021 (or 8:00 p.m.Beijing/Hong Kong Time on April 1, 2021).

Participants who wish to join the call should register online in advance of the conference at:

http://apac.directeventreg.com/registration/event/5099352

Please note the Conference ID number of 5099352.

Once registration is completed, participants will receive the dial-in information for the conference call, an event passcode, and a unique registrant ID number.

Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.

A replay of the conference call may be accessed by phone at the following numbers until April 8, 2020:

International	+61 2-8199-0299
U.S.	+1 646-254-3697
Replay Access Code:	5099352

Additionally, a live and archived webcast of the conference call will be available at ir.yirendai.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital’s control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading personal financial services platform in China. The Company provides customized asset allocation services and wealth management solutions to China’s mass affluent population as well as utilizes online and offline channels to provide retail credit facilitation services to individual borrowers and small business owners.

Unaudited Condensed Consolidated Statements of Operations
(in thousands, except for share, per share and per ADS data, and percentages)
	For the Three Months Ended				For the Year Ended
	December 31, 2019	September 30, 2020	December 31, 2020	December 31, 2020	December 31, 2019	December 31, 2020	December 31, 2020
	RMB	RMB	RMB	USD	RMB	RMB	USD
Net revenue:
Loan facilitation services	1,602,341	406,413	393,682	60,334	5,182,028	1,329,720	203,789
Post-origination services	117,110	195,570	201,873	30,938	757,783	670,440	102,750
Account management services	489,641	157,327	50,566	7,750	2,016,678	921,779	141,269
Others	154,536	263,452	514,730	78,886	660,295	1,040,023	159,391
Total net revenue	2,363,628	1,022,762	1,160,851	177,908	8,616,784	3,961,962	607,199
Operating costs and expenses:
Sales and marketing	960,396	485,055	295,133	45,231	4,457,353	1,905,095	291,969
Origination,servicing and other operating costs	173,942	239,655	596,926	91,483	665,083	1,104,682	169,300
General and administrative	139,935	159,670	149,276	22,878	741,268	630,555	96,637
Provision for contract assets, receivables and others	588,344	25,016	34,520	5,290	1,625,051	371,629	56,955
Loss of disposal	–	–	655,839	100,512	–	655,839	100,512
Total operating costs and expenses	1,862,617	909,396	1,731,694	265,394	7,488,755	4,667,800	715,373
Other income/(expenses):
Interest income, net	10,454	11,003	8,554	1,311	73,367	61,623	9,444
Fair value adjustments related to Consolidated ABFE	(35,596)	(30,905)	(54,106)	(8,292)	3,866	(143,988)	(22,067)
Others, net	6,942	2,726	3,444	528	191,757	14,844	2,275
Total other (expenses)/income	(18,200)	(17,176)	(42,108)	(6,453)	268,990	(67,521)	(10,348)
Income/(loss) before provision for income taxes	482,811	96,190	(612,951)	(93,939)	1,397,019	(773,359)	(118,522)
Share of results of equity investees	2,088	–	–	–	(2,180)	–	–
Income tax expense/(benefit)	80,914	16,353	(53,342)	(8,175)	239,228	(80,611)	(12,354)
Net income/(loss)	403,985	79,837	(559,609)	(85,764)	1,155,611	(692,748)	(106,168)

Weighted average number of ordinary shares outstanding, basic	185,586,690	182,144,192	167,964,040	167,964,040	185,219,586	180,301,898	180,301,898
Basic income/(loss) per share	2.1768	0.4383	(3.3317)	(0.5106)	6.2391	(3.8422)	(0.5888)
Basic income/(loss) per ADS	4.3536	0.8766	(6.6634)	(1.0212)	12.4782	(7.6844)	(1.1776)

Weighted average number of ordinary shares outstanding, diluted	186,322,276	182,730,892	167,964,040	167,964,040	186,535,464	180,301,898	180,301,898
Diluted income/(loss) per share	2.1682	0.4369	(3.3317)	(0.5106)	6.1951	(3.8422)	(0.5888)
Diluted income/(loss) per ADS	4.3364	0.8738	(6.6634)	(1.0212)	12.3902	(7.6844)	(1.1776)

Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from/(used in) operating activities	88,104	3,098	(219,069)	(33,576)	274,168	282,028	43,222
Net cash provided by/(used in) investing activities	1,197,182	(99,460)	(981,096)	(150,359)	1,110,001	(1,796,663)	(275,351)
Net cash (used in)/provided by financing activities	(730,595)	81,693	899,487	137,853	(1,149,705)	955,448	146,429
Effect of foreign exchange rate changes	(2,336)	(3,389)	(538)	(82)	193	(2,807)	(430)
Net decrease in cash, cash equivalents and restricted cash	552,355	(18,058)	(301,216)	(46,164)	234,657	(561,994)	(86,130)
Cash, cash equivalents and restricted cash, beginning of period	2,716,787	3,026,422	3,008,364	461,052	3,034,485	3,269,142	501,018
Cash, cash equivalents and restricted cash, end of period	3,269,142	3,008,364	2,707,148	414,888	3,269,142	2,707,148	414,888

Unaudited Condensed Consolidated Balance Sheets
(in thousands)
	As of
	December 31, 2019	September 30, 2020	December 31, 2020	December 31, 2020
	RMB	RMB	RMB	USD

Cash and cash equivalents	3,198,086	2,836,229	2,469,909	378,530
Restricted cash	71,056	172,135	237,239	36,358
Accounts receivable	3,398	100,657	122,742	18,811
Contract assets, net	2,398,685	1,231,190	750,174	114,969
Contract cost	160,003	124,005	65,529	10,043
Prepaid expenses and other assets	1,333,221	986,747	278,591	42,697
Loans at fair value	418,492	180,058	192,156	29,449
Financing receivables	29,612	267,938	1,253,494	192,106
Amounts due from related parties	988,853	1,584,084	884,006	135,480
Held-to-maturity investments	6,627	2,349	3,286	504
Available-for-sale investments	460,991	511,267	175,515	26,899
Property, equipment and software, net	195,855	163,696	147,193	22,558
Deferred tax assets	45,407	50,175	16,745	2,566
Right-of-use assets	334,134	160,825	105,674	16,195
Total assets	9,644,420	8,371,355	6,702,253	1,027,165
Accounts payable	43,583	24,757	9,903	1,517
Amounts due to related parties	106,645	293,620	970,309	148,706
Liabilities from quality assurance program and guarantee	4,397	2,065	22,783	3,492
Deferred revenue	358,203	135,590	50,899	7,801
Payable to investors at fair value	–	9,876	52,623	8,065
Accrued expenses and other liabilities	2,338,745	1,993,273	1,686,632	258,488
Refund liability	1,801,535	1,285,109	10,845	1,662
Deferred tax liabilities	218,888	150,486	38,741	5,937
Lease liabilities	282,334	135,544	81,854	12,545
Total liabilities	5,154,330	4,030,320	2,924,589	448,213
Ordinary shares	121	121	121	19
Additional paid-in capital	5,038,691	5,059,529	5,058,176	775,199
Treasury stock	(37,097)	(40,147)	(40,147)	(6,153)
Accumulated other comprehensive income	21,855	18,595	17,108	2,622
Accumulated deficit	(533,480)	(697,063)	(1,257,594)	(192,735)
Total equity	4,490,090	4,341,035	3,777,664	578,952
Total liabilities and equity	9,644,420	8,371,355	6,702,253	1,027,165


Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except for number of borrowers, number of investors and percentages)
	For the Three Months Ended				For the Year Ended
	December 31, 2019	September 30, 2020	December 31, 2020	December 31, 2020	December 31, 2019	December 31, 2020	December 31, 2020
	RMB	RMB	RMB	USD	RMB	RMB	USD
Operating Highlights
Amount of investment in legacy products	8,790,755	2,620,252	531,062	81,389	41,203,595	12,372,812	1,896,216
Number of investors in legacy products	105,849	41,851	15,610	15,610	348,832	122,085	122,085
Amount of investment in current investment products	2,548,414	4,593,256	6,836,906	1,047,802	3,929,131	15,779,685	2,418,343
Number of investors in current investment products	13,896	76,707	99,112	99,112	32,668	153,700	153,700
Amount of loans facilitated under loan facilitation model	1,086,746	3,148,367	4,202,538	644,067	3,431,443	9,614,819	1,473,535
Amount of loans facilitated	7,998,046	3,206,977	4,202,538	644,067	39,103,048	11,651,463	1,785,665
Number of borrowers	125,622	143,238	189,117	189,117	541,955	525,320	525,320
Remaining principal of performing loans facilitated under loan facilitation model	3,627,706	6,250,343	8,863,461	1,358,385	3,627,706	8,863,461	1,358,385
Remaining principal of performing loans	51,157,313	28,007,249	23,593,103	3,615,801	51,157,313	23,593,103	3,615,801

Segment Information
Wealth management:
Revenue	521,849	281,050	413,057	63,303	2,176,215	1,432,364	219,520
Sales and marketing expenses	67,080	43,879	39,012	5,979	643,542	195,671	29,988
Origination,servicing and other operating costs	3,061	105,522	266,492	40,842	87,477	442,507	67,817

Consumer credit:
Revenue	1,841,779	741,712	747,794	114,605	6,440,569	2,529,598	387,679
Sales and marketing expenses	893,316	441,176	256,121	39,252	3,813,811	1,709,424	261,981
Origination,servicing and other operating costs	170,881	134,133	330,434	50,641	577,606	662,175	101,483

Reconciliation of Adjusted Net Income/(Loss)
Net income/(loss)	403,985	79,837	(559,609)	(85,764)	1,155,611	(692,748)	(106,168)
Loss of disposal	–	–	655,839	100,512	–	655,839	100,512
Adjusted net income/(loss)	403,985	79,837	96,230	14,748	1,155,611	(36,909)	(5,656)

Reconciliation of Adjusted EBITDA
Net income/(loss)	403,985	79,837	(559,609)	(85,764)	1,155,611	(692,748)	(106,168)
Interest income, net	(10,454)	(11,003)	(8,554)	(1,311)	(73,367)	(61,623)	(9,444)
Loss of disposal	–	–	655,839	100,512	–	655,839	100,512
Income tax expense/(benefit)	80,914	16,353	(53,342)	(8,175)	239,228	(80,611)	(12,354)
Depreciation and amortization	30,083	23,404	16,829	2,579	125,850	91,772	14,065
Share-based compensation	3,556	8,952	(2,274)	(349)	43,941	14,173	2,172
Adjusted EBITDA	508,084	117,543	48,889	7,492	1,491,263	(73,198)	(11,217)
Adjusted EBITDA margin	21.5%	11.5%	4.2%	4.2%	17.3%	-1.8%	-1.8%

Delinquency Rates				Including:Loan Facilitation Model
	15-29 days	30-59 days	60-89 days	15-29 days	30-59 days	60-89 days
All Loans
December 31, 2015	0.7%	1.2%	0.9%	1.3%	1.9%	1.5%
December 31, 2016	0.6%	0.9%	0.8%	0.6%	0.8%	0.7%
December 31, 2017	0.8%	1.0%	0.8%	0.5%	0.8%	0.6%
December 31, 2018	1.0%	1.8%	1.7%	1.0%	1.8%	1.7%
December 31, 2019	1.2%	2.0%	1.7%	0.8%	1.3%	1.0%
December 31, 2020	1.2%	1.7%	1.4%	0.5%	0.7%	0.6%

Online Channels
December 31, 2015	0.5%	0.8%	0.6%	0.4%	0.7%	0.5%
December 31, 2016	0.5%	0.9%	0.8%	0.8%	1.1%	1.7%
December 31, 2017	1.3%	1.2%	0.9%	0.3%	0.2%	0.0%
December 31, 2018	1.2%	2.3%	2.2%	0.9%	1.7%	1.5%
December 31, 2019	1.6%	2.9%	2.5%	1.0%	2.1%	1.6%
December 31, 2020	0.9%	1.5%	1.6%	0.6%	1.0%	1.1%

Offline Channels
December 31, 2015	0.7%	1.2%	1.0%	1.3%	2.0%	1.6%
December 31, 2016	0.6%	0.9%	0.8%	0.6%	0.8%	0.7%
December 31, 2017	0.6%	0.9%	0.7%	0.5%	0.9%	0.7%
December 31, 2018	0.9%	1.6%	1.5%	1.1%	1.9%	1.8%
December 31, 2019	1.0%	1.7%	1.5%	0.7%	0.9%	0.7%
December 31, 2020	1.3%	1.8%	1.3%	0.4%	0.6%	0.4%

Net Charge-Off Rate				Including:Loan Facilitation Model

Loan Issued Period	Amount of Loans Facilitated During the Period	Accumulated M3+ Net Charge-Off as of December 31, 2020	Total Net Charge-Off Rate as of December 31, 2020	Amount of Loans Facilitated During the Period	Accumulated M3+ Net Charge-Off as of December 31, 2020	Total Net Charge-Off Rate as of December 31, 2020
	(in RMB thousands)	(in RMB thousands)		(in RMB thousands)	(in RMB thousands)

2015	53,143,029	4,409,316	8.3%	4,530,824	253,460	5.6%
2016	53,805,112	5,024,432	9.3%	3,749,815	321,396	8.6%
2017	69,883,293	11,815,925	16.9%	5,043,494	535,515	10.6%
2018	63,176,149	11,725,429	18.6%	4,211,573	427,707	10.2%
2019	39,103,048	5,305,343	13.6%	3,431,443	293,272	8.5%
2020Q1-Q3	6,781,464	45,840	0.7%	5,412,281	44,695	0.8%

M3+ Net Charge-Off Rate												Including:Loan Facilitation Model
Loan Issued Period	Month on Book											Month on Book
	4	7	10	13	16	19	22	25	28	31	34	4	7	10	13	16	19	22	25	28	31	34
2015Q1	0.8%	2.0%	3.4%	4.7%	5.7%	6.5%	7.1%	7.5%	7.7%	7.8%	7.8%	1.0%	1.9%	2.7%	3.6%	4.3%	4.8%	5.1%	5.3%	5.3%	5.2%	5.2%
2015Q2	0.8%	2.3%	3.8%	5.2%	6.4%	7.3%	7.9%	8.3%	8.5%	8.7%	8.8%	1.1%	2.8%	4.2%	5.3%	6.2%	6.7%	7.0%	7.0%	6.9%	6.8%	6.8%
2015Q3	0.4%	1.6%	3.1%	4.4%	5.6%	6.5%	7.1%	7.6%	7.9%	8.1%	8.4%	0.6%	2.2%	3.8%	5.0%	5.9%	6.5%	6.7%	6.8%	6.7%	6.7%	6.7%
2015Q4	0.4%	1.6%	3.1%	4.4%	5.5%	6.3%	6.9%	7.4%	7.9%	8.3%	8.5%	1.0%	1.5%	2.2%	2.8%	3.1%	3.4%	3.7%	4.0%	4.2%	4.4%	4.4%
2016Q1	0.3%	1.2%	2.5%	3.6%	4.5%	5.2%	5.8%	6.4%	7.0%	7.4%	7.6%	0.6%	0.9%	1.3%	1.7%	2.0%	2.2%	2.4%	2.7%	2.9%	3.0%	3.2%
2016Q2	0.4%	1.6%	3.1%	4.3%	5.2%	6.0%	6.8%	7.6%	8.1%	8.4%	8.7%	0.6%	1.4%	2.3%	3.0%	3.6%	4.2%	4.8%	5.4%	5.8%	6.0%	6.2%
2016Q3	0.3%	1.6%	3.1%	4.3%	5.4%	6.6%	7.8%	8.6%	9.2%	9.5%	9.8%	0.4%	1.7%	2.7%	4.1%	5.3%	6.5%	7.7%	8.6%	9.3%	9.3%	9.5%
2016Q4	0.2%	1.5%	2.9%	4.4%	5.9%	7.4%	8.4%	9.3%	10.0%	10.4%	10.7%	0.3%	2.1%	3.8%	5.4%	7.2%	9.2%	10.4%	11.5%	12.4%	12.9%	13.3%
2017Q1	0.3%	1.6%	3.3%	5.1%	7.1%	8.5%	9.7%	10.7%	11.3%	11.8%	12.1%	0.3%	1.6%	3.4%	5.3%	7.5%	8.9%	10.0%	10.9%	11.6%	12.1%	12.3%
2017Q2	1.1%	3.0%	5.7%	8.3%	10.2%	11.9%	13.3%	14.3%	15.1%	15.5%	15.8%	4.1%	5.8%	7.9%	9.6%	11.3%	12.5%	13.2%	13.9%	14.6%	14.9%	15.1%
2017Q3	0.4%	3.1%	6.4%	9.0%	11.5%	13.4%	14.8%	15.9%	16.7%	17.2%	17.4%	0.3%	1.6%	3.5%	4.9%	6.5%	7.6%	8.4%	8.9%	9.4%	9.9%	10.1%
2017Q4	0.7%	4.1%	7.5%	10.6%	13.3%	15.3%	16.8%	17.9%	18.7%	19.2%	19.2%	0.2%	2.3%	5.1%	6.5%	7.9%	9.0%	9.7%	10.2%	10.7%	11.2%	10.6%
2018Q1	0.4%	3.1%	6.6%	10.0%	12.9%	15.1%	16.8%	18.1%	19.1%	19.3%		0.2%	2.9%	5.1%	6.8%	7.2%	7.9%	8.4%	8.7%	9.0%	8.6%
2018Q2	0.5%	3.7%	7.4%	10.8%	13.6%	15.8%	17.7%	19.2%	19.6%			0.7%	4.1%	7.1%	9.4%	11.2%	12.4%	13.4%	14.1%	14.3%
2018Q3	0.4%	3.0%	6.2%	9.1%	11.7%	13.9%	15.9%	16.6%				0.2%	2.8%	3.6%	4.5%	5.2%	6.4%	7.0%	7.0%
2018Q4	0.3%	2.5%	5.6%	8.6%	11.7%	14.5%	15.8%					0.6%	2.2%	3.4%	5.2%	6.9%	9.0%	9.7%
2019Q1	0.2%	2.5%	5.6%	9.0%	12.7%	14.6%						0.0%	0.8%	2.0%	3.4%	5.3%	5.9%
2019Q2	0.3%	2.9%	6.9%	11.3%	13.7%							0.1%	1.5%	4.5%	7.5%	8.8%
2019Q3	0.3%	3.4%	8.0%	10.9%								0.2%	2.9%	6.8%	9.0%
2019Q4	0.3%	3.9%	7.0%									0.4%	3.1%	4.9%
2020Q1	0.5%	2.4%										0.6%	2.3%
2020Q2	0.4%											0.5%

View original content:http://www.prnewswire.com/news-releases/yiren-digital-reports-fourth-quarter-and-fiscal-year-2020-financial-results-301260600.html

SOURCE Yiren Digital

April 1, 2021 7:35 am

Vireo Health Announces Closing of Previously Announced Divestiture of Ohio Medical Solutions

PR Newswire

MINNEAPOLIS, April 1, 2021 /PRNewswire/ — Vireo Health International, Inc. (“Vireo” or the “Company”) (CSE: VREO; OTCQX: VREOF), the science-focused, multi-state cannabis company, today announced that the sale of its former subsidiary, Ohio Medical Solutions, LLC, to Ayr Wellness, Inc. closed on March 31, 2021. In connection with the closing of the transaction, Vireo received cash proceeds of $1.15 million, and was relieved of $3.6 million in right of use liabilities affiliated with lease obligations.

“The closing of this transaction was another important milestone in the successful execution of our core market strategy, which has been focused on increasing scale in our vertically-integrated markets of Arizona, Maryland, Minnesota, New Mexico, and New York,” said Chairman & Chief Executive Officer, Dr. Kyle Kingsley. “Our improving strength in these markets, combined with more favorable regulatory environments at both the local and federal levels, has improved our confidence in the overall trajectory of our business and we no longer plan to consider further divestitures of our asset portfolio as we see greater opportunities to generate more compelling value for shareholders.”

About Vireo Health International, Inc.

Vireo Health International, Inc. is a physician-led cannabis company focused on bringing the best of technology, science, and engineering to the cannabis industry. Vireo manufactures proprietary, branded cannabis products in environmentally friendly facilities, state-of-the-art cultivation sites and distributes its products through its growing network of Green Goods™ and other retail locations and third-party dispensaries. Vireo’s team of more than 400 employees, led by scientists, engineers, and cultivation experts, is focused on efficiency and the creation of best-in-class products, while driving scientific innovation within the cannabis industry and developing meaningful intellectual property. Today, Vireo is licensed to grow and/or process cannabis in eight markets and operates 16 dispensaries nationwide. For more information about Vireo Health, please visit www.vireohealth.com.

Forward Looking Statement Disclosure

This press release contains “forward-looking information” within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes “financial outlooks” within the meaning of applicable United States or Canadian securities laws, such information is being provided as preliminary financial results and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as “potential,” “plans,” “is expected,” “expects,” “does not expect,” “growing” or “foreseeable.” Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Media Inquiries	Investor Inquiries
Albe Zakes	Sam Gibbons
Vice President, Corporate Communications	Vice President, Investor Relations
[email protected]	[email protected]
(267) 221-4800	(612) 314-8995

View original content to download multimedia:http://www.prnewswire.com/news-releases/vireo-health-announces-closing-of-previously-announced-divestiture-of-ohio-medical-solutions-301260458.html

SOURCE Vireo Health International, Inc.

April 1, 2021 7:33 am

Empire Life adds the Express Scripts Canada Opioid Management Solution to its drug benefits

Canada NewsWire

New offering reduces exposure to opioids and helps prevent dependence and misuse

KINGSTON, ON, April 1, 2021 /CNW/ – The Empire Life Insurance Company (“Empire Life”) (TSX: EML.PR.A) today announced it is adding the Express Scripts Canada Opioid Management Solution to its pay-direct drug benefit plans. The goal is to reduce exposure to opioids and educate group benefits plan members about the risks associated with chronic use of these powerful drugs, while helping address members’ needs.

The Opioid Management Solution is designed for those who have not taken opioids in the past six months. How it works:

First fill of a prescription is limited to no more than a seven-day supply. Without restricting access, this minimizes exposure to opioids. The remaining portion of the prescription is kept on file in case it is needed. Acute pain can usually be treated with a three day (or fewer) supply of opioids. The average first fill, however, is more than 18 days.¹
Short-acting opioids are dispensed before long-acting opioids.
Automated messages are sent by Express Scripts Canada to pharmacists to alert them about the first fill and to promote plan member education.

The opioid crisis claimed the lives of more than 19,000 Canadians between January 2016 and September 2020.² 29% of Canadians aged 18 years and older reported using some form of opioids in the past five years, and of these, more than one-quarter reported that they have leftover opioids stored in the home.³

“We’re very pleased to be adding the Express Scripts Canada Opioids Management Solution to our drug plans,” says Vanessa Lycos, Vice-president of group product and marketing at Empire Life. “We’re continually looking for innovative ways to enhance Group insurance plan member health in a safe and sustainable way”.

“Express Scripts Canada believes that minimizing exposure to opioids and helping prevent progression to overuse and abuse will help protect Canadians from the physical, emotional and financial effects of the opioid epidemic,” says Karen Kesteris, Chief Product Officer, Express Scripts Canada. “Our Opioid Management Solution is the industry’s most complete and effective approach to help drive change in our nation’s opioid epidemic.”

The Opioid Management Solution through Empire Life is not available in Quebec.

About Empire Life

Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. Our mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of December 31, 2020, Empire Life had total assets under management of $18.8 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.

About Express Scripts Canada
Express Scripts Canada is a leading health benefits manager in Canada and has been recognized as one of the most innovative. Our clients include Canada’s leading insurers, third party administrators and government. We work with these clients to develop industry-leading solutions to deliver superior healthcare in a cost-controlled environment. We provide Active Pharmacy™ services to more than 7 million Canadian patients and adjudicate more than 100 million pharmacy, dental, and extended health claims. Through our proprietary consumer intelligence, clinical expertise, and patients-first approach, we promote better health decision for plan members, while managing and reducing drug benefit costs for plan sponsors. Express Scripts Canada is a subsidiary of Express Scripts, a Cigna company. Express Scripts is a healthcare opportunity company that unlocks new value in pharmacy, medical, and beyond to further total health.

¹	Express Scripts Canada 2020 Prescription Drug Trend Report

²	Government of Canada. Opioid- and Stimulant-related Harms in Canada (2021).

³	Statistics Canada. Results of the Survey on Opioid Awareness (2018).

For further information:

Shelly Potter

Sr. Manager, Group Marketing/Communication
[email protected] or 416 428-7540

Nancy Tibbo

Sr. Manager, Marketing & Communications, Express Scripts Canada
416 918-7137 or [email protected]

SOURCE The Empire Life Insurance Company

April 1, 2021 7:33 am

ImagineAR (OTCQB:IPNFF) Selected by 13 Sports Organizations and Media Broadcasters on Hype Sports Innovation Draft Day

PR Newswire

ImagineAR Selections Include Sinclair Broadcast Group, Rogers Sports & Media, Vegas Knights, Philadelphia Phillies, Minnesota Vikings

VANCOUVER, BC and ERIE, Pa., April 1, 2021 /PRNewswire/ – Imagine AR Inc. (CSE: IP) (OTCQB: IPNFF) (“ImagineAR” or “Company”) an Augmented Reality Company that enables sports teams, businesses and enterprises to instantly create their own AR mobile campaigns, is pleased to announce that thirteen different Sports Teams, Federations and Media Broadcasters selected ImagineAR during the Hype Sports Innovation Draft Day on March 31, 2021.

“Today’s Hype Sports Innovation Draft Day was a historic event for the stakeholders of ImagineAR that goes beyond the selection of 13 rights holders representing a worldwide list of sports federations, teams, and media broadcast groups,” said Neal Bendesky, ImagineAR’s VP of Sports. “We are appreciative to Ryan McCumber and the Hype team for offering this unique opportunity for emerging start-ups to help these partners to adjust and innovate after the pandemic. Our augmented reality platform is an effective tool to assist the sports, music, retail and entertainment industries imagine and adapt to blaze a new trail for their business models. Thanks to Hype, we can now grow our brand and activate AR solutions for worldwide clients including:”

NFL: Minnesota Vikings
MLB: Philadelphia Phillies
NHL: St. Louis Blues, Vegas Golden Knights
World Governing Body of Cricket: International Cricket Council (ICC)
World Governing Body of Football: Deutscher Fußball-Bund (DFB)
Bundesliga: 1. FC Koln
Leading provider of Local Sports & News (USA): Sinclair Broadcast Group
Leading provider Mass Media & Sports Properties (Canada): Rogers Sports & Media
Serie A (Top flight of Italian Football): Bologna FC
Uruguayan Primera Division: C.FdeF
MLS & USL: Inter Miami
Categoria Primera A: Atletico Nacional

HYPE Sports Innovation has built the largest global ecosystem in sports innovation. With over 40,000 members, including retail brands, athletic clubs, federations and academia together with over 11,000 startups, HYPE has an unrivalled capacity for outreach to global partners across all sectors in this highly diverse field.

GrubHub WebAR Live Streaming Concert with Megan Thee Stallion

(Billboard March 29, 2021)

As per the Billboard Article published on March 29, 2021, ‘Megan Thee Stallion, Noah Cyrus and King Princess Take Over GrubHub Sound Bites Interactive Concert’, Noah Cyrus, King Princess and Megan Thee Stallion came together for GrubHub Sound Bites’s first-ever immersive AR livestream concert. The free event, which virtually took place on March 26, honored Women’s History Month and World Central Kitchen.

As part of the ImagineAR experience, fans were encouraged to scan customized QR codes that appeared throughout the show to receive special discounts and perks. Those included a chance to win a meet-and-greet with each artist, seeing behind-the-scenes footage, winning a $5 perk to place orders and chances to win a GrubHub gift card.

Within the first 48 hours following the livestream, over 10 million viewers have engaged with the content while driving over 160k interactions from the QR’s scan engagement.

“This was ImagineAR’s first successful WebAR event for First Tube Media and probably the biggest music live streaming WebAR event in history” according to Alen Paul Silverrstieen, CEO of ImagineAR.

ImagineAR Issues Stock Options to Directors and Officers

Imagine AR announces that on April 1, 2021 the Company granted 1,500,000 stock options to directors and officers of the Company. These stock options are granted in accordance with the terms of the stock option plan of ImagineAR Inc. The options will vest 50% on the date of grant with the remainder vesting in 90 days and each option entitles the holder thereof to purchase one (1) common share of ImagineAR Inc. at a price of $0.41 per common share for a period of three (3) year.

About ImagineAR
http://www.imaginear.com
ImagineAR Inc. (CSE: IP) (OTC: IPNFF) is an augmented reality (AR) platform, ImagineAR.com, that enables businesses of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds. Customers simply point their mobile device at logos, signs, buildings, (products, landmarks and more to instantly engage videos, information, advertisements, coupons,3D holograms and any interactive content all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The AR Enterprise platform supports both IOS and Android mobile devices and upcoming wearable technologies. The AR Platform is available as an SDK Plug-in for existing mobile apps.
All trademarks of the property of respective owners.
ON BEHALF OF THE BOARD
Alen Paul Silverrstieen
President & CEO
(818) 850-2490
https://twitter.com/IPtechAR
https://www.facebook.com/imaginationparktechnologies
https://www.instagram.com/iptechar
https://www.linkedin.com/company/imagination-park-technologies-inc

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning the ability of the Company to generate revenues, roll out new programs and to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

View original content to download multimedia:http://www.prnewswire.com/news-releases/imaginear-otcqbipnff-selected-by-13-sports-organizations-and-media-broadcasters-on-hype-sports-innovation-draft-day-301260531.html

SOURCE Imagination Park Technologies Inc.

April 1, 2021 7:33 am

Invitae introduces new program to increase access to genetic testing for adult neurodegenerative conditions

— New sponsored testing program can make it easier for patients to receive genetic testing in Parkinson’s disease, early-onset Alzheimer’s disease, ALS and other common conditions —

PR Newswire

SAN FRANCISCO, April 1, 2021 /PRNewswire/ — Invitae Corporation (NYSE: NVTA), a leading medical genetics company, today announced the availability of sponsored genetic testing for patients in the U.S., Canada, Australia and Brazil who are suspected of having or are at risk for developing some of the most common adult neurodegenerative conditions, including Parkinson’s disease (PD), amyotrophic lateral sclerosis (ALS) and early-onset Alzheimer’s disease (AD). The new program will make genetic testing available at no charge to individuals at risk for or suspected of having these difficult-to-diagnose conditions. Sponsored testing programs have been shown to increase access to genetic testing, which can help confirm a diagnosis, inform treatment and enable participation in clinical trials for patients.

“As a researcher and clinician working to provide patients and their families access to the genetic testing needed to get clear answers with actionable results, I’ve seen first-hand how important it is to continue expanding access to genetic testing for these devastating disorders,” said Robert Nussbaum, M.D., chief medical officer of Invitae. “Early access to genetic testing has been shown to significantly speed time to diagnosis in neurological conditions. By offering no-charge, sponsored testing we are removing another barrier to testing, helping more patients benefit from genetic-informed care. As I have seen before for many other conditions, there is a virtuous cycle in which increased access to testing leads to earlier and better diagnoses that spurs the development of new therapies and in turn drives increased access to testing and better care.”

There are strong genetic links to many neurodegenerative conditions, but in the past diagnosing these conditions relied only on clinical criteria and presenting symptoms alone, prolonging diagnosis. Genetic testing is emerging as an important tool in the early detection of neurodegenerative disorders. Earlier detection of a neurodegenerative condition can provide patients with the opportunity to receive early treatment that may help delay further progression of the disease.

Through the program, individuals aged 18 and over who are suspected of having or are at risk for developing ALS, PD or AD with onset under age 65 or hereditary prion disease may be eligible for no-charge testing. In addition to patients exhibiting symptoms, individuals who have a family history of early-onset disease (under the age of 65) are eligible for testing, as are family members of those with a known disease-causing variant covered by the program’s testing. All testing is ordered through a clinician.

The program also includes clinical support. Genetic counseling will be available to patients in the U.S. and Canada who receive positive test results. Cost of the testing will be underwritten by program sponsors and no patient-identifiable information will be shared with program sponsors.

Learn more about the Adult Neurodegenerative Disorders Sponsored Testing program.

About Invitae
Invitae Corporation (NYSE: NVTA) is a leading medical genetics company, whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. Invitae’s goal is to aggregate the world’s genetic tests into a single service with higher quality, faster turnaround time, and lower prices. For more information, visit the company’s website at invitae.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the benefits of genetics testing; the importance of expanded access to genetic testing; the design and expected outcomes of the company’s new sponsored testing program; and the benefits of the company’s sponsored testing programs. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the company’s history of losses; the company’s ability to compete; the company’s failure to manage growth effectively; the company’s need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the company’s ability to use rapidly changing genetic data to interpret test results accurately and consistently; security breaches, loss of data and other disruptions; laws and regulations applicable to the company’s business; and the other risks set forth in the company’s filings with the Securities and Exchange Commission, including the risks set forth in the company’s Annual Report on Form 10-K for the year ended December 31, 2020. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.

Contact:
Laura D’Angelo
[email protected]
(628) 213-3283

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SOURCE Invitae Corporation

April 1, 2021 7:33 am

Pacific Western Bank Announces Agreement to Acquire Homeowners Association Services Division From MUFG Union Bank, N.A.

LOS ANGELES, April 01, 2021 (GLOBE NEWSWIRE) — PacWest Bancorp (Nasdaq: PACW) (“PacWest”) announced today that its wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”), has entered into a definitive agreement to acquire MUFG Union Bank, N.A.’s (“Union Bank”) Homeowners Association (“HOA”) Services Division. The HOA Services Division provides a full range of banking services to community management companies and their homeowners associations. This acquisition will significantly expand the Bank’s existing HOA banking practice, which provides lockbox, electronic receivables processing and other financial services to HOA management companies.

The Bank will acquire certain assets and assume certain liabilities related to Union Bank’s HOA Services Division for a premium of 5.9% on deposits plus the net book values of certain assumed assets and liabilities for cash consideration of approximately $250 million. The final consideration will be based on balances at closing.

“We are very pleased to announce this acquisition, which we believe will significantly enhance our position catering to the specialized banking needs of community management companies and the HOA clients they serve,” said Matt Wagner, PacWest’s President and CEO. “This HOA business, under the continuing leadership of Kimberly Siebler and her team, will provide Pacific Western Bank with what we believe is a robust HOA banking services technology platform and an experienced and accomplished team in an important niche market segment.”

Union Bank’s HOA Services Division is a long-time provider of specialized HOA banking services to a national base of clients with approximately $4 billion in deposits. The existing management team and employees will transition with the HOA Services Division to the Bank in connection with the close of the acquisition, which is expected to occur in the fourth quarter of 2021, subject to regulatory approvals and customary closing conditions.

This acquisition advances the Bank’s strategy to expand its product offerings to its customers and to diversify its revenue and funding sources. Management believes that the HOA business unit’s high quality, low-cost deposits will diversify the Bank’s existing core deposits and provide an attractive funding source in a rising interest rate environment.

Piper Sandler & Co. acted as financial advisor to PacWest in the transaction. Holland & Knight LLP served as legal counsel to the Bank and PacWest. Keefe, Bruyette & Woods, Inc., a Stifel Company, acted as financial advisor to Union Bank. Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to Union Bank.

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $29 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has 70 full-service branches located in California, one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The Bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.

FORWARD LOOKING STATEMENTS

This communication contains certain forward-looking information that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995 about PacWest, the Bank, Union Bank’s HOA Services Division and the proposed acquisition. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward-looking statements. Such statements are based on information available at the time of the communication and are based on current beliefs and expectations of PacWest’s management and are subject to significant risks, uncertainties and contingencies, many of which are beyond the control of PacWest, Pacific Western Bank and Union Bank. Such risks and uncertainties include, but are not limited to, the following factors: the expected synergies and other financial benefits from the acquisition might not be realized within the expected time frames or at all, regulatory approvals of the acquisition may not be obtained or adverse regulatory conditions may be imposed in connection with regulatory approvals of the acquisition, conditions to the closing of the acquisition may not be satisfied, and the loss of customers and/or personnel may adversely impact the financial benefits of the acquisition. The COVID-19 pandemic is adversely affecting PacWest, its employees, customers and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity and prospects is uncertain. The length of the COVID-19 pandemic and the severity of its impact on key macro-economic indicators such as unemployment and GDP may have a material impact on our allowance for credit losses and related provision for credit losses. Continued deterioration in general business and economic conditions could adversely affect PacWest’s revenues and the values of its assets, including goodwill, and liabilities, lead to a tightening of credit, and increase stock price volatility. In addition, PacWest’s results could be adversely affected by changes in interest rates, sustained high unemployment rates, deterioration in the credit quality of its loan portfolio or in the value of the collateral securing those loans, deterioration in the value of its investment securities, the magnitude of individual loan losses on security monitoring loans, and legal and regulatory developments. Actual results may differ materially from those set forth or implied in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by PacWest with the U.S. Securities and Exchange Commission.

We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACTS

Matthew P. Wagner

President and CEO
303.802.8900

Bart R. Olson

Executive Vice President and CFO
714.989.4149

William J. Black

Executive Vice President
Strategy and Corporate Development
919.597.7466

April 1, 2021 7:33 am

Legacy Distribution Group, A Subsidiary of CBD Global Sciences, to Begin Distribution for Mad Tasty

Denver, Colorado, April 01, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — CBD Global Sciences, Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt:GS3), (“CBD Global” or the “Company”), is pleased to announce the addition of new brands to its CBD products distribution channel.

Legacy Distribution Group, “Legacy Distribution” (Denver, CO) is one of the country’s first CBD-only Direct Store Delivery (DSD) distributors. CBD Global’s Legacy Distribution Group recently welcomed Mad Tasty to its family of CBD brands. Legacy is excited and motivated to build upon Mad Tasty’s significant sales success and help them to fully capture the Colorado market.

Brad Wyatt, CEO of CBD Global, shared, “Another addition to the Legacy Distribution family of quality CBD infused beverages. MAD TASTY has proven to be an innovator in the space and has partnered with incredible collaborators to bring its beverage to market. We look forward to working with the team at Mad Tasty.”

ABOUT MAD TASTY

MAD TASTY is a sparkling water with zero sugar or sweeteners and 20 mg of hemp extract founded by musician and songwriter Ryan Tedder, lead singer of OneRepublic. Clean, all-natural, and hydrating, MAD TASTY is a low-calorie functional beverage that expands bandwidth for a refreshing experience that keeps energy up all day. Collaborators with Ryan in the creation and marketing of Mad Tasty include First Bev, a private equity fund focused 100% on the beverage industry, Interscope, one of the world’s premier record labels, and Sorse Technology™ which is a technology company that houses the MAD scientist who created the formulation for the beverage. For every 12 oz can sold, MAD TASTY donates 12 oz of clean water through DROP4DROP, which gives clean drinking water to people and places in need. Available in two fresh flavors, Grapefruit and Watermelon Kiwi, non-GMO, vegan and gluten-free, MAD TASTY is available in Southern California, Texas, Colorado, and other hemp friendly states, as well as online at www.MADTASTY.com.

ABOUT CBD GLOBAL SCIENCES INC.

CBD Global Sciences, Inc., is a vertically integrated hemp-based CBD producer and branding investment vehicle which currently owns two product categories, branded under the name Aethics™ (www.aethics.com) and CANNAOIL (www.cannaoilshop.com), which include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals, Hydration products and Confectionary products. CBD Global Sciences hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online. With its newly formed Legacy Distribution it has begun to penetrate markets with little to no CBD on the shelves and is becoming the premier path to market for many widely known CBD infused brands.

CBD Global Sciences, through its wholly owned subsidiary, Strasburg Pharms, grows, and operates irrigated land in Colorado, that grows hemp with only all-natural Colorado water, soil, sun, and nutrients and NEVER sprayed with pesticides or chemicals. Our genetics are hand selected and maintained to present the best cannabinoid profile with extremely high CBD.

For further information, please contact, Investor Relations, (888) 401-2239, [email protected]

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation after the CSE listing. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties; and delay or failure to receive board, shareholder, or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

April 1, 2021 7:33 am

C2C Gold Completes Tag Property Sale Agreement With Engineer Gold Mines Ltd.

VANCOUVER, British Columbia, April 01, 2021 (GLOBE NEWSWIRE) — C2C GOLD CORP. (CSE: CTOC; OTCQB: CTCGF) is pleased to announce the completion of the sale of its interest in the Tag property, located in British Columbia, to Engineer Gold Mines Ltd. As consideration for the sale the Company received $200,000 in cash and 2,000,000 common shares of Engineer. In addition the Company retained a 1% net smelter return royalty interest on the property.

About C2C Gold Corp.

C2C Gold Corp is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The Company holds the Badger, Millertown, and Barrens Lake projects, which cumulatively cover an area of 1,151 km² with road access and proximity to communities and power lines. All projects lie within the Central Newfoundland Gold Belt and provide a large land position in a top mineral exploration jurisdiction. Mineral development in Newfoundland has advanced significantly with increased exploration and development activities throughout the province. C2C also holds one of the largest land packages, with several prominent projects, within the prolific White Gold and Klondike districts in Canada’s Yukon.

For additional information:

Lori Walton, Chief Executive Officer
(604)757-7180
[email protected]
www.c2cgold.com

April 1, 2021 7:33 am

Inozyme Pharma Expands its Scientific Advisory Board

– Appoints veteran leaders with deep scientific and clinical expertise in vascular calcification, renal disease, and diseases with neointimal proliferation –

BOSTON, April 01, 2021 (GLOBE NEWSWIRE) — Inozyme Pharma, Inc., a rare disease biopharmaceutical company developing novel therapeutics for the treatment of disorders of abnormal mineralization, announced today changes to its scientific advisory board (SAB), including the addition of three leading key opinion leaders with specific expertise in the company’s lead indications:

W Charles O’Neill IV, M.D., Director of the Ultrasonography Program in the Renal Division at Emory University School of Medicine
Jouni Uitto, M.D., Ph.D., Professor of Dermatology and Cutaneous Biology, and Biochemistry and Molecular Biology, and Chair of the Department of Dermatology and Cutaneous Biology at The Sidney Kimmel Medical College at Thomas Jefferson University, in Philadelphia, Pennsylvania
Paul B. Yu, M.D., Ph.D., Section Head of Cardiovascular Life Sciences at Brigham and Women’s Hospital and Associate Professor of Medicine at Harvard Medical School

David Thompson, M.A., M.S., Ph.D., a senior adviser to Inozyme, who served as Inozyme’s Senior Vice President and Chief Scientific Officer from 2018-2020, will also be joining the SAB.

Enrique M. De La Cruz, Ph.D., Jon S. Morrow, M.D., Ph.D., and Mark A. Lemmon, Ph.D. are stepping down from the SAB, effective immediately.

“We are honored to welcome Charles, Jouni, and Paul, to Inozyme, and we are excited to have David accept this new role on our scientific advisory board. Their combined experience in ABCC6 deficiency, neointimal proliferation, and mineralization diseases with low pyrophosphate will be invaluable as we continue to explore the role of ENPP1 in new and intriguing indications,” said Yves Sabbagh, Ph.D., Senior Vice President and Chief Scientific Officer of Inozyme Pharma. “Inozyme is deeply thankful to Enrique, Jon, and Mark for their valuable advice and counsel through the early years.”

W Charles O’Neill IV, M.D., is an accomplished physician-scientist in the Renal Division at Emory University School of Medicine where he leads an active basic and translational research program. His current research focuses on the pathophysiology of vascular calcification in renal failure, specifically examining the role of endogenous pyrophosphate in the etiology of vascular calcification.

Jouni Uitto, M.D., Ph.D., is currently Professor of Dermatology and Cutaneous Biology, and Biochemistry and Molecular Biology, and Chair of the Department of Dermatology and Cutaneous Biology at The Sidney Kimmel Medical College at Thomas Jefferson University, in Philadelphia, Pennsylvania. He is also Director of the Jefferson Institute of Molecular Medicine at Thomas Jefferson University. Dr. Uitto is internationally recognized for his research on connective tissue biochemistry and molecular biology in relation to cutaneous diseases and skin aging with a special interest in Pseudoxanthoma Elasticum (PXE), also known as ABCC6 deficiency.

Paul B. Yu, M.D., Ph.D., is a physician-scientist at Brigham and Women’s Hospital and an Associate Professor of medicine at Harvard Medical School. Dr. Yu’s clinical focus areas include cardiovascular disease, pulmonary vascular disease, and cardiovascular disease related to rheumatologic conditions. His research explores how signaling via the bone morphogenetic protein (BMP), activin, growth and differentiation factor (GDF), and TGF-beta signaling pathways regulate the consequences of injury and inflammation in cardiovascular, musculoskeletal, and metabolic diseases.

The new and expanded SAB and the Clinical Advisory Board (CAB) of Inozyme is as follows:

SAB:

Yves Sabbagh, Ph.D., Chair	Inozyme Pharma (Senior Vice President and Chief Scientific Officer)
Demetrios Braddock, M.D. Ph.D.	Yale University School of Medicine
Charles O’Neill, M.D.	Emory University School of Medicine
Joseph Schlessinger, Ph.D.	Yale University School of Medicine
Ed Skolnik, M.D.	New York University Langone Medical Center
Robert Terkeltaub, M.D.	UC San Diego School of Medicine (UCSD)
David Thompson, M.A., M.S., Ph.D.	Inozyme Pharma (Senior Advisor)
Jouni Uitto, M.D., Ph.D.	The Sidney Kimmel Medical College at Thomas Jefferson University
Paul B. Yu, M.D., Ph.D	Brigham and Women’s Hospital and Harvard Medical School

CAB:

Michael A. Levine, M.D., Chair	The Children’s Hospital of Philadelphia (CHOP)
Thomas O. Carpenter, M.D.	Yale University School of Medicine
Frank Rutsch, M.D.	Münster University Children’s Hospital

About Inozyme Pharma

Inozyme Pharma, Inc. (Nasdaq: INZY), is a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization. Through our in-depth understanding of the biological pathways involved in mineralization, we are pursuing the development of therapeutics to address the underlying causes of these debilitating diseases. It is well established that two genes, ENPP1 and ABCC6, play key roles in a critical mineralization pathway and that defects in these genes lead to abnormal mineralization. We are initially focused on developing a novel therapy to treat the rare genetic diseases of ENPP1 and ABCC6 deficiencies.

Inozyme Pharma was founded in 2017 by Joseph Schlessinger, Ph.D., Demetrios Braddock, M.D., Ph.D., and Axel Bolte, MSc, MBA, with technology developed by Dr. Braddock and licensed from Yale University. For more information, please visit www.inozyme.com.

Cautionary Note Regarding Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the initiation and timing of our future clinical trials and our research and development programs. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with the Company’s ability to obtain and maintain necessary approvals from the FDA and other regulatory authorities; continue to advance its product candidates in preclinical studies and clinical trials; replicate in later clinical trials positive results found in preclinical studies and early-stage clinical trials of its product candidates; advance the development of its product candidates under the timelines it anticipates in planned and future clinical trials; obtain, maintain and protect intellectual property rights related to its product candidates; manage expenses; and raise the substantial additional capital needed to achieve its business objectives. For a discussion of other risks and uncertainties, and other important factors, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the “Risk Factors” section, as well as discussions of potential risks, uncertainties, and other important factors, in the Company’s most recent filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof and should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so.

Contacts

Investors:
Inozyme Pharma
Axel Bolte, co-founder, president, and chief executive officer
[email protected]

Media:
SmithSolve
Alex Van Rees
(973) 442-1555 ext. 111
[email protected]

April 1, 2021 7:33 am

Collection Sites, LLC Named AditxtScore™ Channel Partner to Offer AditxtScore™ for COVID-19 Immunity Status Monitoring Through Its Mobile Testing Centres

TORONTO, April 01, 2021 (GLOBE NEWSWIRE) — Medivolve Inc. (“Medivolve”) (NEO:MEDV; OTC:COPRF; FRA:4NC) today announced that its wholly owned subsidiary, Collection Sites, LLC will offer AditxtScore™ for COVID-19 through its mobile testing centres. Aditx Therapeutics (Nasdaq: ADTX), is a biotech innovation company focused on improving the health of the immune system.

Collection Sites, LLC provides testing programs to various organizations and customers in different industries, including entertainment and education. As an AditxtScore™ Channel Partner, Collection Sites, LLC will now offer its customers AditxtScore™ for COVID-19 as an immune monitoring service. Collection Sites, LLC can implement the test with current staff and no additional investment. Specimens collected by Collection Sites will be sent to and processed at Aditxt’s CLIA-certified AditxtScore™ Centre.

“We welcome Collection Sites as an AditxtScore Channel Partner and we look forward to working with their team to expand the availability of AditxtScore for COVID-19 through their mobile testing centres,” said Amro Albanna, co-Founder and CEO of Aditxt.

“As the rollout of COVID-19 vaccines progress across the United States, people are going to want to monitor their immunity levels regularly,” added Medivolve CEO, Doug Sommerville. “This will be one of the many ongoing services offered through our future telehealth sites as immune responsiveness will be top of mind for people for the foreseeable future. We are excited to be able to bring this testing modality to our customers and believe it will be a significant revenue contributor now and in the future.”

Corporate Update

Medivolve is also pleased to provide a corporate update on certain of its historical investments. Medivolve has amended its agreement with Sunnybrook Research Institute (“Sunnybrook”) and Amino Therapeutics, Inc. (“Amino”) and also terminated its agreement with Sinai Health System (“Mount Sinai”). All three agreements were initially entered into in early 2020 when the company was still an investment issuer. These updates reduce future capital investment in their respective research programs, allowing the company to focus solely on its current telehealth strategy. Further, Medivolve has divested its interest in Athletics & Health Solutions and Eco Capital Growth Corp. for nominal consideration as these entities no longer fit with the company’s business strategy.

“While we believe researchers at Mount Sinai, Sunnybrook and Amino are performing valuable work, at this time management has determined it is more advantageous for the Company to focus on its telehealth strategy,” commented Doug Sommerville, Medivolve CEO. “By reducing the future capital investments required by these agreements, we can more efficiently deploy our capital to grow Medivolve’s telehealth and diagnostics business.”

Specifically, Medivolve has terminated the Mount Sinai agreement, relinquishing its rights to the Royalty and Option on any commercial IP developed as part of the agreement. This termination eliminates $375,000 of aggregate research investment that would be owed to Mount Sinai. Further, Medivolve has amended its Sunnybrook agreement to reduce its royalty interest in half in exchange for a 50% reduction in the consideration payable to Sunnybrook. Medivolve also amended its share purchase agreement with Amino to reduce the company’s equity ownership interest in Amino to 10% in exchange for a release of all outstanding payments still owing to Amino.

About Medivolve Inc.

Medivolve Inc.
(NEO:MEDV; OTC:COPRF; FRA:4NC) seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, Medivolve offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment.

Medivolve has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.

Medivolve’s primary focus is to provide convenient and assessable medical services for testing of the COVID-19 virus to help combat the pandemic. This is achieved largely through two acquisitions: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments will be handled through the online portal www.testbeforeyougo.com. Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution.

About Aditx Therapeutics

Aditxt is developing technologies specifically focused on improving the health of the immune system through immune monitoring and reprogramming. The immune monitoring technology is designed to provide a personalized comprehensive profile of the immune system. The immune reprogramming technology is currently at the pre-clinical stage and is designed to retrain the immune system to induce tolerance with an objective of addressing rejection of transplanted organs, autoimmune diseases, and allergies. For more information, please visit: www.aditxt.com

For additional information, please contact:

Doug Sommerville, CEO
[email protected]

For investing inquiries please contact:
[email protected]

For US media enquires please contact:
Veronica Welch
[email protected]

Aditx Therapeutics Media Contact

Public Relations
Kevin Harrington
5W Public Relations
[email protected]

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the distribution agreement with Aditxt Therapeutics Inc.; the proposed roll-out of Aditxt tests; the Company’s expectations for the demand for such tests; projected timelines for testing results; projected revenues from the testing; the pursuit by Medivolve of opportunities; and the merits or potential returns of any such opportunities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE NEO STOCK EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.