Market Newsdesk

April 7, 2021 7:33 am

SAIC Wins $800 Million U.S. Army Contract for Modeling & Simulation Systems Engineering

SAIC Wins $800 Million U.S. Army Contract for Modeling & Simulation Systems Engineering

RESTON, Va.–(BUSINESS WIRE)–
The U.S. Army awarded Science Applications International Corp. (NYSE: SAIC) a single-award contract worth approximately $800 million to continue providing engineering and professional support services to the Army Combat Capabilities Development Command, Aviation & Missile Center (DEVCOM AvMC), Software, Simulation, Systems Engineering and Integration (S3I) Directorate.

During the potential five-year, cost plus fixed-fee contract, SAIC will provide various systems-of-systems modeling and simulation support to all branches of the Armed Services, multiple Program Offices, and others for development and improvements to their systems.

Under the contract, SAIC will deliver live, virtual and constructive modeling and simulation, data science, system-of-systems modeling and simulation architecture, system engineering, model-based systems engineering, battlespace effectiveness experimentation, missile defense and multi-domain operations system-of-systems, and combatant command modeling and simulation-based exercise, war-games and training. Work is geographically dispersed with Government operations located at Redstone Arsenal, Alabama; Schriever Air Force Base, Colorado; and the Pacific Warfare Center located on the island of Oahu, Hawaii.

“This new work expands upon SAIC’s rich history of providing engineering and professional services in this area of the Army for several decades,” said Bob Genter, SAIC president, Defense and Civilian Sector. “We are honored to continue our work with the Army as the new primary provider for the S3I Modeling & Simulation Systems Engineering contract and we look forward to developing and bringing new and emerging technologies to the Army.”

The contract was awarded under the General Services Administration’s One Acquisition Solution for Integrated Services (OASIS) professional services contract, managed by the Army Contracting Command – Redstone Arsenal.

“SAIC is honored to provide our exceptional modeling and simulation support services to S3I and DEVCOM AvMC,” said Gabe Camarillo, SAIC senior vice president, Army Business Unit. “We look forward to extending our support to the Army and our warfighters for many years to come.”

Tasks under this contract may also involve related non-US systems. Modeling & Simulation for Systems Engineering includes life cycle support to aviation, missile and air defense systems, subsystems, components, subcomponents, testbeds / laboratories / infrastructure, external interfaces/networks, and support equipment. The Modeling & Simulation area consists of three divisions: Army Missile Systems Division, Strategic and Operational Analysis Division, and Modeling & Simulation Technology Division.

About SAIC

SAIC^® is a premier Fortune 500^® technology integrator driving our nation’s digital transformation. Our robust portfolio of offerings across the defense, space, civilian, and intelligence markets includes secure high-end solutions in engineering, IT modernization, and mission solutions. Using our expertise and understanding of existing and emerging technologies, we integrate the best components from our own portfolio and our partner ecosystem to deliver innovative, effective, and efficient solutions that are critical to achieving our customers’ missions.

We are more than 26,000 strong; driven by mission, united by purpose, and inspired by opportunities. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.1 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

Forward-Looking Statements

Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.comor on the SEC’s website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210407005544/en/

Lauren Presti

703.676.8982 | [email protected]

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Engineering Defense Aerospace Manufacturing Other Manufacturing Other Defense Contracts

MEDIA:

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April 7, 2021 7:33 am

Owens Corning to Announce First-Quarter 2021 Financial Results on April 28

Owens Corning to Announce First-Quarter 2021 Financial Results on April 28

TOLEDO, Ohio–(BUSINESS WIRE)–
Owens Corning (NYSE: OC) is scheduled to announce first-quarter 2021 financial results on Wednesday, April 28, 2021, before the New York Stock Exchange opens. The company will host a call to discuss its financial results at 9 a.m. ET the same day.

Webcast

https://services.choruscall.com/links/oc210428.html

A webcast replay will be available for one year using the same link.

Callers

Please dial in 10-15 minutes before the conference call is scheduled to begin and use the entry code 7704679.

U.S.: 1.888.317.6003
Canada: 1.866.284.3684
Other international locations: +1.412.317.6061

Telephone replay

Telephone replay will be available one hour after the end of the call through May 5, 2021. Please use conference replay entry code 10153900.

U.S.: 1.877.344.7529
Canada: 1.855.669.9658
Other international locations: +1.412.317.0088

About Owens Corning

Owens Corning is a global building and industrial materials leader. The company’s three integrated businesses are dedicated to the manufacture and advancement of a broad range of insulation, roofing and fiberglass composite materials. Leveraging the talents of 19,000 employees in 33 countries, Owens Corning provides innovative products and sustainable solutions that address energy efficiency, product safety, renewable energy, durable infrastructure, and labor productivity. These solutions provide a material difference to the company’s customers and make the world a better place. Based in Toledo, Ohio, USA, the company posted 2020 sales of $7.1 billion. Founded in 1938, it has been a Fortune 500^® company for 66 consecutive years. For more information, please visit www.owenscorning.com.

Owens Corning Company News / Owens Corning Investor Relations News

View source version on businesswire.com: https://www.businesswire.com/news/home/20210407005379/en/

Media Relations:

Todd Romain, 419.248.7826

Investor Relations:

Amber Wohlfarth, 419.248.5639

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Other Manufacturing Manufacturing

MEDIA:

April 7, 2021 7:33 am

FirstService Announces Election of Directors

TORONTO, April 07, 2021 (GLOBE NEWSWIRE) — FirstService Corporation (TSX: FSV) (NASDAQ: FSV) (“FirstService”) today announced that at its annual and special meeting of shareholders, held in Toronto yesterday, the eight director nominees listed in FirstService’s management information circular dated February 19, 2021 (the “Circular”) were elected as directors of FirstService. Directors have been elected to serve until the close of the next annual meeting of shareholders. The detailed results of the vote are set out below.

Nominee	Votes For	% Votes For	Votes Withheld	% Votes Withheld
Brendan Calder	27,592,729	92.302%	2,301,089	7.698%
Bernard I. Ghert	29,732,724	99.461%	161,094	0.539%
Jay S. Hennick	29,102,507	97.353%	791,311	2.647%
D. Scott Patterson	29,829,721	99.786%	64,097	0.214%
Frederick F. Reichheld	29,165,505	97.564%	728,313	2.436%
Joan Eloise Sproul	29,855,691	99.872%	38,127	0.128%
Michael Stein	26,694,349	89.297%	3,199,469	10.703%
Erin J. Wallace	29,439,534	98.480%	454,284	1.520%

* The number of votes disclosed reflects proxies received by management in advance of the meeting.

FirstService shareholders also approved the appointment of PricewaterhouseCoopers LLP as the auditor of FirstService for the ensuing year, an amendment to the FirstService stock option plan along with ratifying and approving the issuance of certain stock options granted to employees of FirstService and a non-binding advisory resolution on FirstService’s approach to executive compensation, all as set out in the Circular.

About FirstService Corporation

FirstService Corporation is a North American leader in the property services sector serving its customers through two industry leading platforms: FirstService Residential – North America’s largest manager of residential communities; and FirstService Brands – one of North America’s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.

FirstService generates approximately US$2.8 billion in annual revenues and has approximately 24,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns. The common shares of FirstService trade on the NASDAQ under the symbol “FSV” and on the Toronto Stock Exchange under the symbol “FSV”. More information is available at www.firstservice.com.

COMPANY CONTACTS:

D. Scott Patterson

President & Chief Executive Officer
(416) 960-9566

Jeremy Rakusin

Chief Financial Officer

(416) 960-9566

April 7, 2021 7:33 am

REPEAT — Clean Power Shares Announcement by PowerTap of the Appointment of Yves Gionet to the PowerTap Advisory Board

VANCOUVER, British Columbia, April 07, 2021 (GLOBE NEWSWIRE) — Clean Power Capital Corp. (CSE: MOVE)(FWB: 2K6)(OTC: MOTNF) (“Clean Power” or the “Company” or “MOVE”). As an investor of PowerTap Hydrogen Fueling, the Company wishes to share PowerTap’s announcement that it has appointed Mr. Yves Gionet to the PowerTap advisory board.

For a full copy of PowerTap’s recent announcement, please see PowerTap’s news release at the following link: https://www.globenewswire.com/fr/news-release/2021/04/05/2204549/0/en/PowerTap-Announces-Appointment-of-Former-Toyota-Executive-Yves-Gionet-to-the-PowerTap-Advisory-Board.html

About Clean Power Capital Corp.

Clean Power is an investment company, that specializes in investing into private and public companies opportunistically that may be engaged in a variety of industries, with a current focus in the health and renewable energy industries. In particular, the investment mandate is focused on high return investment opportunities, the ability to achieve a reasonable rate of capital appreciation and to seek liquidity in its investments.

Learn more about Clean Power by visiting our website at: https://cleanpower.capital/

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

Clean Power Contact
Raghu Kilambi, CEO
[email protected]
604-687-2038

PR Contact Vito Palmeri AMW PR
c: 347.471.4488 | o: 212.542.3146
[email protected]

Notice Regarding Forward Looking Information:

This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Clean Power. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, the Company’s ability to build out its planned hydrogen fueling station network, and the Company’s ability to raise sufficient funds to fund its business plan. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the timing and ability of the Company to complete any potential investments or acquisitions, if at all, and the timing thereof. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward- looking information contained in this press release.

Although the Company believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.

The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

April 7, 2021 7:33 am

Curtiss-Wright Selected by Lockheed Martin Aeronautics to Provide First Open Architecture COTS Modules for Service Onboard F-22 Raptor Aircraft

Curtiss-Wright Selected by Lockheed Martin Aeronautics to Provide First Open Architecture COTS Modules for Service Onboard F-22 Raptor Aircraft

Open architecture modules will support mission processing upgrades under the F-22 Tactical Mandates (TACMAN) program

DAVIDSON, N.C.–(BUSINESS WIRE)–
Curtiss-Wright Corporation (NYSE: CW) today announced that it was awarded a contract by Lockheed Martin Aeronautics, a Lockheed Martin company, to provide its industry-leading rugged commercial-off-the-shelf (COTS) processor module technology to upgrade the F-22 Raptor, the world’s preeminent tactical fighter aircraft. The selection of Curtiss-Wright’s COTS technology is in alignment with the United States Air Force’s (USAF) Digital Trinity for e-systems: digital engineering; agile software development; and open architecture. The use of these U.S.-built open standards-based COTS processing modules and commercial best practices will deliver cost-effective new capabilities to the USAF sooner and more affordably. This open standards approach will also enable more economical and timely upgrades of the aircraft’s avionics systems.

“Curtiss-Wright is very proud to be the first vendor selected to supply COTS processing technology for use on the F-22 Raptor, supporting the DoD’s vigorous mandate to bring the benefits of the Modular Open Systems Approach to deployed platforms,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “Our commitment to championing the use of industry-leading open standards solutions, as evidenced in the formation of our MOSA Task Force, is unwavering, and it is very exciting to see this vision realized on the USAF’s leading tactical fighter. We look forward to supporting many more important platforms and programs as the DoD’s movement to open architecture electronics systems continues to expand and accelerate.”

Representing a major industry milestone in the advancement of the DoD’s mandated Modular Open Systems Approach (MOSA), Curtiss-Wright’s open standards-based processor card is the first COTS module to be selected for service onboard the F-22. The module will be used in support of the F-22 Tactical Mandates program to upgrade the aircraft’s Central Integrated Processor (CIP). The CIP provides data and signal processing for the F-22’s radar, sensors, electronic warfare, and other compute intensive capabilities.

Prior to its selection, the Curtiss-Wright processor module was successfully subjected to a rigorous and extensive durability test program to meet the F-22 Raptor’s extreme environmental requirements. The module also provides support for Trusted and Secure Computing hardware and software protections.

Under the contract, shipments began in Q4 2020, and are scheduled to run through 2023. Curtiss-Wright is manufacturing the products covered by this agreement in the United States, and is shipping them to Lockheed Martin Aeronautics in Ft. Worth, Texas.

For more information about Curtiss-Wright’s open architecture COTS modules, please visit the Defense Electronics segment at www.curtisswrightds.com.

About the F-22 Raptor

The 5^th Generation F-22 is a tactical fighter aircraft developed by Lockheed Martin for the USAF. Its unique combination of stealth, speed, agility, and situational awareness, combined with lethal long-range air-to-air and air-to-ground weaponry, makes it the best air dominance fighter in the world. Under the F-22 modernization program, the aircraft will undergo upgrades to the air vehicle, engine, and training systems to improve F-22 weapons, communications, electronic warfare (EW), and Intelligence Surveillance Reconnaissance (ISR) capabilities.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE: CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company is headquartered in Davidson, N.C. and employs approximately 8,200 people worldwide. For more information, visit www.curtisswright.com.

Note: Trademarks are property of their respective owners.

This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including statements relating to Curtiss-Wright’s expectations of a continued relationship with an existing customer, the continued funding and success of this program, the performance of its products in this program, and the future opportunities associated with this program, are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US and Foreign government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company’s current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210407005230/en/

Jim Ryan

(704) 869-4621

[email protected]

KEYWORDS: United States North America North Carolina Texas

INDUSTRY KEYWORDS: Data Management Aerospace Technology Manufacturing Air Transport Software Defense Contracts Engineering Hardware

MEDIA:

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April 7, 2021 7:33 am

Mydecine Announces Four Lead Novel Drug Candidates and Prepares for Pre-IND Meetings with the FDA and Health Canada To Prepare For Human Clinical

DENVER, April 07, 2021 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company’), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, has announced its four lead novel drug candidates as the Company prepares for its Pre-Investigational New Drug (IND) meetings with the FDA and Health Canada.

“Our first four novel drug candidates deliver on our long-term strategic road map for drug development with regular milestones that iteratively add value over time. By increasing the complexity of these compounds, we are increasing layers of patents applied, which in turn, also adds pharmaceutical value to the drug candidates,” said Joshua Bartch, Co-Founder and CEO, Mydecine Innovations Group. “The promise of these molecules is undeniable. By providing scalable, more stable compounds and delivery mechanisms for research and development, it means that new treatments for previously untreatable mental illnesses are close at hand.”

The four initial drug candidates include:

MYCO – 001 is pure psilocybin from natural fungal sources. Its target uses include mid-to-late stage clinical trials.
MYCO – 002 is an entactogenic compound that has been created with the goal of reducing harm and improving the safety profile vs. traditional MDMA.
MYCO – 003 is a psilocybin-based formula with reduced anxiety potential, with the aim of removing the possibility of “bad trips,” even with severely ill patients.
MYCO – 004 is a patch delivered tryptamine compound. Properties include short duration (~2hours), transdermal, precision dosing and long-term compound stability. The target use is mid-to-late-stage clinical trials, taking advantage of current publicly-available data.

These drug candidates were developed with the research team at Mydecine, led by Chief Science Officer and Co-Founder of Mydecine, Rob Roscow, along with collaboration from Dr. Denton Hoyer, drug-discovery expert and Mydecine Scientific Advisory Board Member. Mydecine believes that these drug candidates are unique and patentable in the United States and Canada and has received advice from counsel confirming such belief.

“In addition to Mydecine’s natural product portfolio, we believe these natural compounds also provide excellent starting points for new compounds which further meet the demands of the clinic and have improved safety, efficacy and formulation properties. Our research focus on molecular design achieves these goals,” said Dr. Hoyer.

“These candidates add layers of safety and dose-ability for the use of psychedelic compounds in medical research and eventually medical practice,” said Mr. Roscow. “We are essentially taking the value that is currently present in natural molecules, such as the psilocybin molecule in MYCO-001, and adding in patentable safety features. We want to create attractive features for the research community by providing compounds that can enhance therapy, reduce anxiety, and maximize delivery mechanisms.”

About Mydecine Innovations Group

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.

At the heart of Mydecine’s core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.

Learn more at: https://www.mydecine.com/ and follow us on Facebook, Twitter, and Instagram.

For more information, please contact:

Media Contacts

Anne Donohoe / Nick Opich
KCSA Strategic Communications
[email protected]
1-212-896-1265 / 1-212-896-1206

Investor Contacts

Charles Lee, Investor Relations
[email protected]
1-720-277-9879

Allison Soss / Erika Kay
KCSA Strategic Communications
[email protected]
1-212-896-1267

On behalf of the Board of Directors:

Joshua Bartch, Chief Executive Officer [email protected]

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at

www.mydecine.com

.

This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company’s products. 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 information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

April 7, 2021 7:33 am

Overseas Shipholding Group Reports Fourth Quarter and Full Year 2020 Results

Overseas Shipholding Group Reports Fourth Quarter and Full Year 2020 Results

TAMPA, Fla.–(BUSINESS WIRE)–
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the fourth quarter and full year 2020.

Highlights

Net income for the full year 2020 was $30.0 million, or $0.33 per diluted share, compared with $8.7 million, or $0.10 per diluted share for the full year 2019.

Net loss for the fourth quarter was $844 thousand, or $(0.01) per diluted share, compared with net income of $11.0 million, or $0.12 per diluted share, for the fourth quarter 2019.

Shipping revenues for the fourth quarter 2020 were $97.5 million, down 0.9% compared with the fourth quarter 2019. Shipping revenues for the full year 2020 were $418.7 million, up 17.8% compared with the full year 2019.

Time charter equivalent (TCE) revenues^(A), a non-GAAP measure, for the fourth quarter 2020 were $86.1 million, down 8.2% compared with the fourth quarter 2019. TCE revenues for the full year 2020 were $375.9 million, up 12.2%, compared with the full year 2019.

Fourth quarter 2020 Adjusted EBITDA^(B), a non-GAAP measure, was $20.5 million, down 39.1% from $33.7 million in the same period in 2019. Full year Adjusted EBITDA was $124.9 million, up 36.3%, from $91.6 million in the same period in 2019.

Total cash^(C) was $69.8 million as of December 31, 2020.

In November 2020, the Company closed on a $49.2 million loan for a term of 7 years. OSG’s subsidiaries, OSG 205 LLC and OSG Courageous II LLC, obtained the loan to finance one new 204,000 barrel U.S. Flag oil and chemical ATB barge, the OSG 205, and to refinance the tug to which the barge is paired, the OSG Courageous. In December 2020, the Company took delivery of the barge. The ATB unit is operating in the Jones Act trade and has entered into a one-year time charter.

Sam Norton, President and CEO, stated, “The full year 2020 financial results reported today met our expectations and gave us confidence in realizing the full potential of OSG’s diverse mix of business assets. To have realized these results in the midst of a global pandemic is largely the work of OSG professionals whose dedication and commitment to a safe and virus free environment has enabled us to provide operational readiness of our vessels throughout the past year. The continuing effects of the pandemic will present more pronounced financial pressures in the short run, the result of an expiring book of time charters coming off at a time when global petroleum fuels demand remains muted. However, we consider the prospects for a vaccine enabled recovery in the second half of this year to be strong, and look forward to a resumption of the positive market trends witnessed in recent years.”

As reported by the Company in its Form 12b-25 filing made on March 17, 2021, due to the prolonged depressed market conditions that exist as a result of the COVID-19 pandemic’s direct impact on our business, we sought and obtained modifications to certain of our financial covenants in our vessel financing facilities.

^{A, B, C}Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release below.

Fourth Quarter 2020 Results

Shipping revenues were $97.5 million for the quarter, down 0.9% compared with the fourth quarter of 2019. TCE revenues for the fourth quarter of 2020 were $86.1 million, a decrease of $7.7 million, or 8.2%, compared with the fourth quarter of 2019, primarily due to (a) two fewer ATBs in our fleet, (b) a 74-day increase in scheduled drydocking, (c) a decrease in Delaware Bay lightering volumes and (d) a 232-day increase in lay-up days primarily due to two vessels placed in lay-up, a decision taken in light of the lack of demand due to COVID-19 economic impact. The decrease was offset by the addition to our fleet of three crude oil tankers, Alaskan Explorer, Alaskan Legend and Alaskan Navigator, which were purchased in March 2020, and two ATBs, OSG 204 and OSG Endurance and OSG 205 and OSGCourageous, which were delivered at the end of May 2020 and beginning of December 2020, respectively.

Operating income for the fourth quarter of 2020 was $2.2 million compared to operating income of $18.7 million in the fourth quarter of 2019.

Net loss for the fourth quarter was $844 thousand, or $(0.01) per diluted share, compared with net income of $11.0 million, or $0.12 per diluted share, for the fourth quarter 2019.

Adjusted EBITDA was $20.5 million for the quarter, a decrease of $13.2 million compared with the fourth quarter of 2019, driven primarily by the decrease in TCE revenues.

Full Year 2020 Results

Shipping revenues were $418.7 million for the full year 2020, up 17.8% compared with the full year 2019. TCE revenues for the full year 2020 were $375.9 million, an increase of $40.7 million, or 12.2%, compared with the full year 2019. The increase in shipping revenues and TCE revenues was primarily due to the addition to our fleet of two Marshall Islands flagged MR tankers, Overseas Gulf Coast and Overseas Sun Coast, which entered service during the fourth quarter of 2019, three crude oil tankers, Alaskan Explorer, Alaskan Legend and Alaskan Navigator, which were purchased in March 2020, and two ATBs, OSG 204 and OSG Endurance and OSG 205 and OSGCourageous, which were delivered at the end of May 2020 and beginning of December 2020, respectively. The increase was offset by (a) two fewer ATBs in our fleet, (b) a 322-day increase in scheduled drydocking, (c) a decrease in Delaware Bay lightering volumes and (d) a 160-day increase in lay-up days primarily due to one vessel that was redelivered from time charter during the third quarter of 2020 and placed in lay-up, a decision taken in light of the lack of demand due to COVID-19 economic impact.

Operating income for the full year 2020 was $58.6 million compared to operating income of $33.4 million for the full year 2019.

Net income for the full year 2020 was $33.0 million, or $0.33 per diluted share, compared with net income of $8.7 million, or $0.10 per diluted share, for the full year 2019.

Adjusted EBITDA was $124.9 million for the full year 2020, an increase of $33.3 million compared with the full year 2019.

Conference Call

The Company will host a conference call to discuss its fourth quarter and full year 2020 results at 9:30 a.m. Eastern Time (“ET”) on Wednesday, April 7, 2021.

To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.osg.com/.

An audio replay of the conference call will be available starting at 11:30 a.m. ET on Wednesday, April 7, 2021 through 10:59 p.m. ET on Wednesday, April 21, 2021 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10153746.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATB, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates two Marshall Islands flagged MR tankers which trade internationally.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the continued stability of our niche businesses, and the impact of our time charter contracts on our future financial performance. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will continue to have, a profound impact on our workforce, and many aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our filings with the SEC. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

Consolidated Statements of Operations ($ in thousands, except per share amounts)

	Three Months Ended December 31,						Years Ended December 31,
	2020			2019			2020			2019
	(unaudited)			(unaudited)
Shipping Revenues:
Time and bareboat charter revenues	$	80,427		$	75,064		$	344,512		$	263,683
Voyage charter revenues	17,119			23,361			74,180			91,864
	97,546			98,425			418,692			355,547
Operating Expenses:
Voyage expenses	11,448			4,652			42,813			20,414
Vessel expenses	39,009			35,657			159,466			134,618
Charter hire expenses	22,861			22,630			90,608			90,359
Depreciation and amortization	15,024			13,662			58,513			52,499
General and administrative	6,957			6,482			26,869			23,399
Bad debt expense	—			—			—			4,300
Loss on disposal of vessels and other property, including impairments, net	24			19			982			106
Total operating expenses	95,323			83,102			379,251			325,695
Income from vessel operations	2,223			15,323			39,441			29,852
Equity in income of affiliated companies	—			3,328			—			3,552
Gain on termination of pre-existing arrangement	—			—			19,172			—
Operating income	2,223			18,651			58,613			33,404
Other income, net	1,808			448			1,621			1,440
Income before interest expense and income taxes	4,031			19,099			60,234			34,844
Interest expense, net	(5,902		)	(6,509		)	(24,045		)	(25,633		)
(Loss)/income before income taxes	(1,871		)	12,590			36,189			9,211
Income tax benefit/(expense)	1,027			(1,611		)	(6,185		)	(536		)
Net (loss)/income	$	(844	)	$	10,979		$	30,004		$	8,675

Weighted Average Number of Common Shares Outstanding:
Basic – Class A	90,004,773			89,375,508			89,794,392			89,251,818
Diluted – Class A	90,004,773			89,954,079			90,838,262			89,658,938

Per Share Amounts from Continuing Operations:
Basic and diluted net (loss)/income – Class A	$	(0.01	)	$	0.12		$	0.33		$	0.10

Consolidated Balance Sheets
	December 31, 2020			December 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents	$	69,697		$	41,503
Restricted cash	49			60
Voyage receivables, including unbilled of $6,740 and $5,611, net of reserve for doubtful accounts	13,123			9,247
Income tax recoverable	387			1,192
Other receivables	1,817			3,037
Prepaid expenses	1,310			1,292
Inventories and other current assets	2,293			1,178
Total Current Assets	88,676			57,509
Vessels and other property, less accumulated depreciation and amortization	832,174			737,212
Deferred drydock expenditures, net	43,134			23,734
Total Vessels, Deferred Drydock and Other Property	875,308			760,946
Restricted cash	73			114
Investments in and advances to affiliated companies	—			3,599
Intangible assets, less accumulated amortization	27,217			31,817
Operating lease right-of-use assets	215,817			286,469
Other assets	24,646			35,013
Total Assets	$	1,231,737		$	1,175,467

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	$	48,089		$	35,876
Current installments of long-term debt	38,922			31,512
Current portion of operating lease liabilities	90,613			90,145
Current portion of finance lease liabilities	4,000			4,011
Total Current Liabilities	181,624			161,544
Reserve for uncertain tax positions	189			864
Long-term debt, net	390,198			336,535
Deferred income taxes, net	80,992			72,833
Noncurrent operating lease liabilities	147,154			219,501
Noncurrent finance lease liabilities	21,360			23,548
Other liabilities	30,409			19,097
Total Liabilities	851,926			833,922

Commitments and contingencies (Note 18)

Equity:
Common stock – Class A ($0.01 par value; 166,666,666 shares authorized; 86,365,422 and 85,713,610 shares issued and outstanding)	864			857
Paid-in additional capital	592,564			590,436
Accumulated deficit	(213,335		)	(243,339		)
	380,093			347,954
Accumulated other comprehensive loss	(282		)	(6,409		)
Total Equity	379,811			341,545
Total Liabilities and Equity	$	1,231,737		$	1,175,467

Consolidated Statements of Cash Flows
	Years Ended December 31,
	2020			2019
Cash Flows from Operating Activities:
Net income	$	30,004		$	8,675
Items included in net income not affecting cash flows:
Depreciation and amortization	58,513			52,499
Bad debt expense	—			4,300
Gain on termination of pre-existing arrangement	(19,172		)	—
Amortization of debt discount and other deferred financing costs	2,286			1,965
Compensation relating to restricted stock, stock unit and stock option grants	2,333			1,662
Deferred income tax expense/(benefit)	6,298			(991		)
Interest on finance lease liabilities	1,973			1,462
Non-cash operating lease expense	91,696			90,922
Distributed/(undistributed) earnings of affiliated companies	3,562			(14		)
Items included in net income related to investing and financing activities:
Loss on extinguishment and prepayments of debt, net	793			72
Loss on disposal of vessels and other property, including impairments, net	982			106
Payments for drydocking	(30,732		)	(12,278		)
Changes in operating assets and liabilities:
Operating lease liabilities	(92,753		)	(83,608		)
(Increase)/decrease in receivables	(3,876		)	2,549
Increase/(decrease) in income tax receivable	6,133			(601		)
(Decrease)/increase in deferred revenue	(2,903		)	4,848
Net change in other operating assets and liabilities	(2,469		)	1,881
Net cash provided by operating activities	52,668			73,449
Cash Flows from Investing Activities:
Acquisition, net of cash acquired	(16,973		)	—
Expenditures for vessels and vessel improvements	(62,586		)	(118,055		)
Proceeds from disposal of vessels and other property	1,407			3,404
Expenditures for other property	—			(4,459		)
Deposit for vessel purchases	—			(10,800		)
Net cash used in investing activities	(78,152		)	(129,910		)
Cash Flows from Financing Activities:
Extinguishment of debt and prepayments	(41,021		)	(3,271		)
Issuance of debt, net of issuance and deferred financing costs	143,949			47,824
Payments on debt	(44,933		)	(23,866		)
Tax withholding on share-based awards	(197		)	(294		)
Payments on principal portion of finance lease liabilities	(4,172		)	(2,896		)
Net cash provided by financing activities	53,626			17,497
Net increase/(decrease) in cash, cash equivalents and restricted cash	28,142			(38,964		)
Cash, cash equivalents and restricted cash at beginning of year	41,677			80,641
Cash, cash equivalents and restricted cash at end of year	$	69,819		$	41,677

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months and fiscal year ended December 31, 2020 and the comparable periods of 2019. Revenue days in the quarter ended December 31, 2020 totaled 1,756 compared with 1,887 in the prior year quarter. Revenue days in the fiscal year ended December 31, 2020 totaled 7,639 compared with 7,215 in the prior year. A summary fleet list by vessel class can be found later in this press release.

For the three months ended December 31,	2020				2019
	Spot Earnings		Fixed Earnings		Spot Earnings		Fixed Earnings
Jones Act Handysize Product Carriers:
Average rate	$	1,712	$	62,935	$	45,640	$	59,832
Revenue days	111		828		92		1,102
Non-Jones Act Handysize Product Carriers:
Average rate	$	34,076	$	11,093	$	39,904	$	16,114
Revenue days	205		162		179		175
ATBs:
Average rate	$	—	$	30,056	$	20,666	$	24,150
Revenue days	—		116		66		89
Lightering:
Average rate	$	75,162	$	—	$	55,056	$	—
Revenue days	89		—		184		—
Alaska ^(a):
Average rate	$	—	$	58,987	$	—	$	—
Revenue days	—		245		—		—

For the years ended December 31,	2020				2019
	Spot Earnings		Fixed Earnings		Spot Earnings		Fixed Earnings
Jones Act Handysize Product Carriers:
Average rate	$	24,568	$	61,411	$	25,036	$	57,910
Revenue days	359		3,889		523		4,052
Non-Jones Act Handysize Product Carriers:
Average rate	$	30,582	$	15,213	$	30,671	$	13,912
Revenue days	699		710		482		417
ATBs:
Average rate	$	16,987	$	28,536	$	19,117	$	21,861
Revenue days	277		291		255		773
Lightering:
Average rate	$	56,003	$	61,012	$	63,162	$	—
Revenue days	476		87		713		—
Alaska ^(a):
Average rate	$	—	$	58,742	$	—	$	—
Revenue days	—		851		—		—

(a) Excludes one Alaska vessel currently in layup.

Fleet Information

As of December 31, 2020, OSG’s operating fleet consisted of 25 vessels, 13 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.

	Vessels Owned	Vessels Chartered-In	Total at December 31, 2020
Vessel Type	Number	Number	Total Vessels	Total dwt ⁽³⁾
Handysize Product Carriers ⁽¹⁾	6	11	17	810,825
Crude Oil Tankers ⁽²⁾	3	1	4	772,194
Refined Product ATBs	2	—	2	54,182
Lightering ATBs	2	—	2	91,112
Total Operating Fleet	13	12	25	1,728,313

	(1)		Includes two owned shuttle tankers, 11 chartered-in tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, all of which are U.S. flagged, as well as two owned Marshall Island flagged non-Jones Act MR tankers trading in international markets.
	(2)		Includes three crude oil tankers doing business in Alaska and one crude oil tanker bareboat chartered-in and in layup.
	(3)		Total dwt is defined as aggregate deadweight tons for all vessels of that type.

Reconciliation to Non-GAAP Financial Information

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures provide investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

(A) Time Charter Equivalent (TCE) Revenues

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. TCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follows:

	Three Months Ended December 31,				Years Ended December 31,
($ in thousands)	2020		2019		2020		2019
TCE revenues	$	86,098	$	93,773	$	375,879	$	335,133
Add: Voyage Expenses	11,448		4,652		42,813		20,414
Shipping revenues	$	97,546	$	98,425	$	418,692	$	355,547

Vessel Operating Contribution

Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.

	Three Months Ended December 31,					Years Ended December 31,
($ in thousands)	2020			2019		2020		2019
Niche market activities	$	18,313		$	24,658	$	79,826	$	88,438
Jones Act handysize tankers	(2,464		)	9,385		15,670		12,902
ATBs	1,335			1,443		4,658		8,816
Alaska crude oil tankers	7,044			—		25,651		—
Vessel operating contribution	24,228			35,486		125,805		110,156
Depreciation and amortization	15,024			13,662		58,513		52,499
General and administrative	6,957			6,482		26,869		23,399
Bad debt expense	—			—		—		4,300
Loss on disposal of vessels and other property, including impairments, net	24			19		982		106
Income from vessel operations	$	2,223		$	15,323	$	39,441	$	29,852

(B) EBITDA and Adjusted EBITDA

EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted to exclude amortization classified in charter hire expenses, interest expense classified in charter hire expenses, loss/(gain) on disposal of vessels and other property, including impairments, net, non-cash stock based compensation expense and loss on repurchases and extinguishment of debt and the impact of other items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income/(loss) or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled measures used by other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA.

Three Months Ended

December 31,

Years Ended

December 31,

($ in thousands)

2020

2019

2020

2019

Net (loss)/income

$

(844

)

$

10,979

$

30,004

$

8,675

Income tax (benefit)/expense

(1,027

)

1,611

6,185

536

Interest expense

5,902

6,509

24,045

25,633

Depreciation and amortization

15,024

13,662

58,513

52,499

EBITDA

19,055

32,761

118,747

87,343

Amortization classified in charter hire expenses

143

96

570

873

Interest expense classified in charter hire expenses

360

390

1,477

1,592

Loss on disposal of vessels and other property, including impairments, net

24

19

982

106

Non-cash stock based compensation expense

646

450

2,332

1,662

Loss on extinguishment of debt, net

290

—

793

72

Adjusted EBITDA

$

20,518

$

33,716

$

124,901

$

91,648

(C) Total Cash

($ in thousands)

December 31,

2020

December 31,

2019

Cash and cash equivalents

$

69,697

$

41,503

Restricted cash – current

49

60

Restricted cash – non-current

73

114

Total Cash

$

69,819

$

41,677

Category: Earnings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210407005202/en/

Investor Relations & Media Contact:

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Maritime Transport Oil/Gas Manufacturing Energy Other Manufacturing

MEDIA:

Logo

Posted on April 7, 2021 7:33 am
First Drill Hole Intersects Broad Zone of Sulphide Copper Mineralization at Marimaca

VANCOUVER, British Columbia, April 07, 2021 (GLOBE NEWSWIRE) — Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased to announce the assay results of the first drill hole of a five-hole program targeting extensions of sulphide mineralization below the Company’s flagship Marimaca Oxide Deposit (“MOD”). Drilling encountered a broad zone of chalcopyrite and minor chalcocite, indicating potential for economic sulphide mineralization.

Highlights

Drill hole MAR-125 intersected 116m (expected approximate true width) at an average grade of 0.51% CuT from 162m, including two higher grade zones of:

20m with an average grade of 0.77% CuT from 162m; and

42m with an average grade of 0.92% CuT from 236m.

Intersection represents a significantly broader zone of mineralization than anticipated from earlier, nearby, sulphide drilling intersections

First drill hole of an initial five-hole campaign to test for extensions of mineralization at depth

First hole designed to extend mineralization closer to sulphide zones identified in historical drilling

Remaining four holes designed to test the limits of mineralization with step outs of approximately 300m at depth and between 400m and 700m along strike to the north and south of the first hole

Sulphide drilling to be completed shortly, with assay results on remaining holes expected by the end of April 2021

In response to escalating COVID situation in Chile, the Company has initiated a break in drilling which is not expected to impact the original target of testing all identified targets by the end of 1H 2021.

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

“The results of the first hole of this initial campaign are extremely pleasing, exceeding both the widths and grades we had projected for this zone based on earlier drilling completed nearby. The broad intercept of chalcopyrite mineralization shows good continuity downhole, with potentially economic grades, especially at the bottom of the intercept.

“The drilling has also provided additional geological information, which we are using to refine our understanding of the controls of mineralization and to inform future drillhole locations, targeting mineralized extensions at depth and along strike.

“The next four holes are significant step outs from the known mineralized zones outside of the Mineral Resource Estimate area and are designed to test the limits of the mineralized body, both at depth and along strike. The second hole will be collared approximately 350m to the east of MAR-125, targeting mineralization up to 300m below the current deepest mineralization. The third, fourth and fifth holes will be located between 400m and 700m to the north and south of MAR-125, aiming to test for extensions along strike.

“This first hole has provided encouragement that there is potential for economically interesting sulphide mineralization at Marimaca, while the next four drill holes are designed to better delineate the tonnage potential of this.”

Discussion of Campaign Objectives and Results

The current five-hole drilling campaign at the Marimaca Copper Project is designed to test for extensions to mineralization below the MOD. Based on the structural controls of the mineralization, the results of previous geophysical campaigns and earlier drilling, which extended beyond the current Mineral Resource Estimate (“MRE”) area, the Company believes there is the potential for extensions of the mineralized body at depth across the full strike length of the MOD. All drill holes will be drilled at an azimuth of 270^o and at -60^o, roughly perpendicular to the north-south striking, easterly dipping mineralizing structures. Intercepts should, therefore, be relatively close to the true width of the mineralization.

Figure 1: Cross Section showing location of MAR-125 and planned MAS-003 relative to historical drilling and MRE –
https://www.globenewswire.com/NewsRoom/AttachmentNg/572b37e5-f803-40a1-a2ae-4963cd448be1

The first drill hole (MAR-125) encountered a broad zone of dominantly chalcopyrite mineralization with some pyrite and minor chalcocite over a down hole width (expected to be equivalent to approximate true width) of 116m with an average grade of 0.51% CuT. This includes two zones of higher-grade mineralization including 20m with an average grade of 0.77% CuT and 42m with an average grade of 0.92% CuT at the end of the mineralized intercept. The hole was collared to test mineralization approximately 100m to the east of the earlier hole ATR-82, which intersected 44m of sulphide copper mineralization with an average grade of 1.05% CuT, and 200m and 300m east of holes ATR-93 and ATR-94 respectively, which both intersected mineralization with true widths of around 40m with average grades above 1.0% CuT. MAR-125 has demonstrated an extension to this higher-grade mineralization and provides further areas to target for follow up drilling.

MAR-125 is located in the center of the current MRE area, proximal to a zone of relatively high-grade sulphide mineralization intercepted in several drill holes over widths of between 30m and 50m. The remaining four drill holes have been located to test the limits of the mineralization by stepping out significantly at depth and along strike beyond the current MRE area. The collar of the second hole, MAS-03, is located approximately 100m to the south and 350m to the east of MAR-125 and is aimed to intersect mineralization approximately 300m below MAR-125. MAS-02 and MAS-04, located approximately 400m and 700m, respectively, south of MAR-125, and are planned as significant step outs along strike, targeting the conductivity high noted in the IP survey completed across the MOD

Figure 2: Plan View of Drillhole Locations –
https://www.globenewswire.com/NewsRoom/AttachmentNg/6744bbff-91a6-4c0b-a107-5f87741f5a82

Sampling and Assay Protocol

True widths cannot be determined with the information available at this time. Marimaca Copper RC holes were sampled on a 2-metre continuous basis, with dry samples riffle split on site and one quarter sent to the Andes Analytical Assay preparation laboratory in Calama and the pulps then sent to the same company laboratory in Santiago for assaying. A second quarter was stored on site for reference. Samples were prepared using the following standard protocol: drying; crushing to better than 85% passing -10#; homogenizing; splitting; pulverizing a 500-700g subsample to 95% passing -150#; and a 125g split of this sent for assaying. All samples were assayed for CuT (total copper), CuS (acid soluble copper) by AAS. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Pulps and sample rejects are stored by Marimaca Copper for future reference.

Qualified Person

The technical information in this news release, including the information that relates to geology, drilling and mineralization was prepared under the supervision of, or has been reviewed by Sergio Rivera, Vice President of Exploration, Marimaca Copper Corp, a geologist with more than 36 years of experience and a member of the Colegio de Geólogos de Chile and of the Institute of Mining Engineers of Chile, and who is the Qualified Person for the purposes of NI 43-101 responsible for the design and execution of the drilling program.

Mr. Rivera confirms that he has visited the Marimaca Project on numerous occasions, is responsible for the information contained in this news release and consents to its publication.

Contact Information

For further information please visit www.marimaca.com or contact:

Tavistock

+44 (0) 207 920 3150

Jos Simson/Emily Moss
[email protected]

Forward Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. These statements relate to future events or the Company’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, the impact of a rebranding of the Company, the future development and exploration potential of the Marimaca Project. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Marimaca Copper, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, the availability of and costs of financing needed in the future as well as those factors disclosed in the Company’s documents filed from time to time with the securities regulators in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. Accordingly, readers should not place undue reliance on forward-looking statements. Marimaca Copper undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

Posted on April 7, 2021 7:33 am
Aleafia Health Launches Everyday Cannabis Brand Divvy

TORONTO, April 07, 2021 (GLOBE NEWSWIRE) — Aleafia Health Inc. (TSX: AH, OTC: ALEAF) (“Aleafia Health” or the “Company”) is pleased to announce the launch of its everyday cannabis brand Divvy, tailored to frequent cannabis consumers who are both price and quality conscious.

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/a795ef64-5162-43e6-b724-616600fd87d4

“Led by our experienced growers, Aleafia Health has developed a long track record of cultivating high quality cannabis. But it’s only now through our expanded production footprint that we are producing quality dried flower at scale,” said Aleafia Health CEO Geoffrey Benic. “We continue our entrance into the adult-use market in a meaningful way with our Sunday Market brand family, targeting our key competitive advantages. With Divvy, the proposition for frequent cannabis consumers is based on quality, price point, and a product that is environmentally sustainable, both in its cultivation and packaging.”

Divvy launches in adult-use markets with five new dried flower and pre-roll SKUs, including three different 12 x 0.35g pre-roll multipacks which feature premium, reusable tin packaging. Throughout 2021, the Company expects to add to the Divvy portfolio with larger quantity line extensions, new cultivars, and new, non-flower formats. The new brand portfolio benefits from Aleafia Health’s low-cost cannabis cultivation advantage.

Together, pre-rolls and dried flower represented 70 per cent of total legal cannabis sales during the three months ended December 31, 2020, according to data from the Ontario Cannabis Store. Shipments of Divvy products have been completed to provincial adult-use wholesalers. Divvy is the second new brand launched under the Sunday Market brand family, each targeting a specific consumer segment and featuring its own roster of cannabis products.

For Investor & Media Relations:

Nicholas Bergamini, VP Investor Relations
1-833-879-2533
[email protected]
LEARN MORE: www.AleafiaHealth.com

About Aleafia Health:

Aleafia Health is a vertically integrated and federally licensed Canadian cannabis company offering cannabis health and wellness services and products in Canada and with sales and operations in Australia and Germany. The Company operates medical clinics, education centres and production facilities for the production and sale of cannabis.

Aleafia Health owns four significant licensed cannabis production facilities, including the first large-scale, legal outdoor cultivation facility in Canadian history. The Company produces a diverse portfolio of commercially proven, high-margin derivative products including oils, capsules, edibles, sublingual strips, and vapes. Aleafia Health operates the largest national network of medical cannabis clinics and education centres staffed by MDs, nurse practitioners and educators and operates internationally in three continents.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian and United States securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, 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 involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including risks contained in the Company’s annual information form filed with Canadian securities regulators available on the Company’s SEDAR profile at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

Posted on April 7, 2021 7:33 am
The European Commission Grants Marketing Authorization for New Subcutaneous Administration of TYSABRI® (natalizumab) to Treat Relapsing-Remitting Multiple Sclerosis

TYSABRI is a well-established high-efficacy treatment that now provides two routes of administration enabling flexibility to meet patients’ individual preferences and needs

The subcutaneous option provides a shorter administration time and expands access to treatment for patients and physicians beyond the infusion setting

The approval adds to Biogen’s strong MS portfolio and is part of its leading, innovative work to improve the understanding of optimal clinical outcomes as part of the long-term treatment of patients with MS

CAMBRIDGE, Mass., April 07, 2021 (GLOBE NEWSWIRE) — Biogen Inc. (Nasdaq: BIIB) today announced that the European Commission (EC) has granted marketing authorization for a subcutaneous (SC) injection of TYSABRI® (natalizumab) to treat relapsing-remitting multiple sclerosis (MS). The new route of administration offers comparable efficacy and safety to the TYSABRI intravenous (IV) formulation building on the therapy’s long-term data, established clinical benefits and well-characterized safety profile. TYSABRI is the only high-efficacy MS therapy to offer two routes of administration options providing patients and physicians the flexibility to choose the one that best fits their individual needs.

The SC and IV formulations of TYSABRI are dosed 300 mg, every four weeks (Q4W) by a healthcare provider. The SC option expands the clinical settings, beyond infusion centers, where patients can be treated. In addition, the SC formulation is administered in a shorter timeframe compared to the IV formulation and allows physicians to reduce or remove the post-dose observation period for some patients after six doses as clinically appropriate. The addition of the SC administration also offers people living with MS another option at a time when they are being encouraged to discuss considerations around COVID-19 vaccination and their MS treatment with their physicians.^1,2

“The subcutaneous administration of TYSABRI expands choices when it comes to controlling MS disease activity,” said Sven G. Meuth, M.D., PhD, professor of Neurology and Director of the Clinic of Neurology at the University Hospital of Düsseldorf. “I believe the SC administration offers an opportunity to receive comparable efficacy and safety to the intravenous formulation with reduced administration time which may be meaningful for patients. For physicians, the SC administration offers the ability to prescribe and administer TYSABRI in their practice, providing more locations where patients can be treated.”

The EC’s approval of the SC route of administration for TYSABRI is based on data from the DELIVER and REFINE studies, which showed comparability to the Q4W IV administration of 300mg TYSABRI in efficacy, pharmacokinetic and pharmacodynamic profiles. Overall, the safety of TYSABRI SC in both studies was generally consistent with the well-established benefit-risk profile of TYSABRI IV in other clinical studies and the post-marketing setting, with the exception of injection site pain which can occur with SC injections.^3,4

“TYSABRI is a trusted high-efficacy therapy with a well characterized safety profile for patients living with MS. Nearly 15 years of real-world experience helps reinforce its effectiveness in reducing MS disease activity, showing that early treatment leads to better clinical outcomes,” said Maha Radhakrishnan, M.D., Chief Medical Officer at Biogen. “With chronic conditions like MS, we must continue to pursue innovations that can help patients better integrate their treatment preferences into their lives. This approval reflects our commitment to explore new possibilities with TYSABRI and meet the evolving needs of people living with MS.”

Approved by the EC in 2006, TYSABRI’s efficacy and safety have been shown through clinical trials and extensive real-world evidence gathered over nearly 15 years. During that time, Biogen has initiated research, through efforts such as the MS PATHS network and TYSABRI Observational program (TOP), that have broadened the clinical data for TYSABRI providing physicians and patients with more information on this established high-efficacy MS therapy with a well-characterized safety profile.

About TYSABRI
^®
(natalizumab)

TYSABRI is a well-established treatment indicated for relapsing forms of multiple sclerosis (MS) in adults that has been proven in clinical trials to slow physical disability progression, reduce the formation of new brain lesions and cut relapses. In the European Union, it is indicated as a single disease modifying treatment (DMT) in adults with highly active relapsing-remitting MS (RRMS) for patients with highly active disease activity despite a full and adequate course of treatment with at least one DMT or patients with rapidly evolving severe RRMS. In the U.S., TYSABRI is indicated as monotherapy for the treatment of patients with relapsing forms of MS. TYSABRI is approved in 80 countries, and approximately 213,000 people worldwide have been treated with TYSABRI, with over 835,000 patient-years of experience, based on clinical trials and prescription data.⁵

TYSABRI increases the risk of progressive multifocal leukoencephalopathy (PML), a rare opportunistic viral infection of the brain which has been associated with death or severe disability. Risk factors that increase the risk of PML are the presence of anti-JC virus antibodies, prior immunosuppressant use and longer TYSABRI treatment duration. Patients who have all three risk factors have the highest risk of developing PML. When initiating and continuing treatment with TYSABRI, physicians should consider whether the expected benefit of TYSABRI is sufficient to offset this risk.

TYSABRI also increases the risk of developing encephalitis and meningitis caused by herpes simplex and varicella zoster viruses, and serious, life-threatening and sometimes fatal cases have been reported in the post-marketing setting in MS patients receiving TYSABRI. Clinically significant liver injury, including acute liver failure requiring transplant, has also been reported in the post-marketing setting. Other serious adverse events that have occurred in TYSABRI-treated patients include hypersensitivity reactions (e.g., anaphylaxis), a decrease in lymphocyte counts and infections, including opportunistic and other atypical infections.

For information on TYSABRI prescribing information in the EU, please visit: https://ec.europa.eu/health/documents/community-register/html/h346.htm. Please click here for Important Safety Information, including Boxed Warning, and full Prescribing Information, including Medication Guide for TYSABRI in the U.S., or visit your respective country’s product website.

About Biogen

At Biogen, our mission is clear: we are pioneers in neuroscience. Biogen discovers, develops and delivers worldwide innovative therapies for people living with serious neurological and neurodegenerative diseases as well as related therapeutic adjacencies. One of the world’s first global biotechnology companies, Biogen was founded in 1978 by Charles Weissmann, Heinz Schaller, Kenneth Murray and Nobel Prize winners Walter Gilbert and Phillip Sharp. Today Biogen has the leading portfolio of medicines to treat multiple sclerosis, has introduced the first approved treatment for spinal muscular atrophy, commercializes biosimilars of advanced biologics and is focused on advancing research programs in multiple sclerosis and neuroimmunology, Alzheimer’s disease and dementia, neuromuscular disorders, movement disorders, ophthalmology, neuropsychiatry, immunology, acute neurology and neuropathic pain.

We routinely post information that may be important to investors on our website at www.biogen.com. To learn more, please visit www.biogen.com and follow us on social media Twitter, LinkedIn, Facebook, YouTube.

Biogen Safe Harbor

This news release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, relating to the potential benefits, safety and efficacy of TYSABRI; the results of certain real-world data; results from the DELIVER and REFINE studies; the identification and treatment of MS; our research and development program for the treatment of MS; and the potential of Biogen’s commercial business, including TYSABRI. These forward-looking statements may be identified by words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential,” “will,” “would” and other words and terms of similar meaning. You should not place undue reliance on these statements or the scientific data presented.

These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including without limitation the occurrence of adverse safety events; risks of unexpected costs or delays; failure to protect and enforce our data, intellectual property and other proprietary rights and uncertainties relating to intellectual property claims and challenges; regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates or expansion of product labeling; failure to obtain regulatory approvals in other jurisdictions; product liability claims; and the direct and indirect impacts of the ongoing COVID-19 pandemic on our business, results of operations and financial condition. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. Investors should consider this cautionary statement as well as the risk factors identified in our most recent annual or quarterly report and in other reports we have filed with the U.S. Securities and Exchange Commission. These statements are based on our current beliefs and expectations and speak only as of the date of this news release. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

References:

National Multiple Sclerosis Society. COVID-19 Guidance for People Living with MS. Available at: https://www.nationalmssociety.org/coronavirus-covid-19-information/multiple-sclerosis-and-coronavirus/covid-19-vaccine-guidance. Accessed: January 2021.

Multiple Sclerosis International Federation. MS, the coronavirus and vaccines – updated global advice. Available at: https://www.msif.org/news/2020/02/10/the-coronavirus-and-ms-what-you-need-to-know/. Accessed: January 2021.

Plavina T, Fox EJ, Lucas N, et al. A Randomized trial evaluating various administration routes of natalizumab in multiple sclerosis. J Clin Pharmacol. 2016;56(10):1254-1262.

Trojano M, Ramió-Torrentà L, Grimaldi LM, et al. A randomized study of natalizumab dosing regimens for relapsing–remitting multiple sclerosis. Alternatives. April 2021:63-92. doi: 10.1177/03043754020270S105.

Combined post-marketing data based on prescriptions and clinical trials exposure to TYSABRI as of July 31, 2020.

MEDIA CONTACT:
David Caouette
+ 1 617 679 4945
[email protected]
INVESTOR CONTACT:
Mike Hencke
+1 781 464 2442
[email protected]

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