Market Newsdesk

Transaction Expected to Accelerate Growth of the Internet and Digital Media Leader

Verizon to Maintain Minority Stake in the New Company to be Known as Yahoo

NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) — Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by affiliates of Apollo (the “Apollo Funds”) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.

One of the world’s premier global technology and media companies, Verizon Media is comprised of iconic brands such as Yahoo and AOL, as well as leading ad tech and media platform businesses. The corporate carveout will allow Verizon Media to aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide.

“We are excited to be joining forces with Apollo,” said Guru Gowrappan, CEO, Verizon Media. “The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo’s sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform. This transition will help to accelerate our growth for the long- term success of the company.”

“We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands,” said Reed Rayman, Private Equity Partner at Apollo. “We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo’s growth in its next chapter.”

“We are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology and consumer internet platforms,” said David Sambur, Senior Partner and Co-Head of Private Equity at Apollo. “Apollo has a long track record of investing in technology and media companies and we look forward to drawing on that experience to help Yahoo continue to thrive.”

“Verizon Media has done an incredible job turning the business around over the past two and a half years and the growth potential is enormous,” said Hans Vestberg, CEO, Verizon. “The next iteration requires full investment and the right resources. During the strategic review process, Apollo delivered the strongest vision and strategy for the next phase of Verizon Media. I have full confidence that Yahoo will take off in its new home.”

Verizon Media reported strong, diversified year-over-year revenue growth the past two quarters, driven by innovative ad offerings, consumer ecommerce, subscriptions, betting and strategic partnerships. Yahoo, one of the best recognized digital media brands in the world and the fourth most visited internet property globally, continues to evolve as a key destination for finance and news among Gen Z. This was most recently marked by Yahoo News becoming the fastest growing news organization on TikTok.

Under the terms of the agreement, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media. The transaction includes the assets of Verizon Media, including its brands and businesses. The transaction is subject to satisfaction of certain closing conditions and expected to close in the second half of 2021.

Goldman Sachs served as lead financial advisor to Verizon in the transaction. Evercore also served as financial advisor to Verizon. Kirkland & Ellis LLP and Freshfields Bruckhaus Deringer LLP are serving as legal counsel to Verizon.

LionTree served as lead financial advisor to and will invest alongside the Apollo Funds, bringing its global strategic relationships to Yahoo as the company continues to accelerate growth and pursue strategic investments in key verticals and product areas.

RBC Capital Markets also served as financial advisor to the Apollo Funds in connection with the transaction, alongside Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC; all are also providing financing for the transaction. Mizuho Securities USA LLC also served as lead structuring advisor to the Apollo Funds. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds.

About Verizon

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

About Apollo

Apollo is a leading global investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, among others. Apollo had assets under management of approximately $455 billion as of December 31, 2020 in credit, private equity and real assets funds. For more information about Apollo, please visit www.apollo.com.

About Verizon Media

Verizon Media, a division of Verizon Communications, Inc., houses a trusted media ecosystem of premium brands like Yahoo, TechCrunch and Engadget to help people stay informed and entertained, communicate and transact, while creating new ways for advertisers and media partners to connect. From XR experiences to advertising and content technology, Verizon Media is an incubator of innovation and is revolutionizing the next generation of content creation in a 5G world.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:

Allison Butler
Corporate Communications
Verizon Media
(202) 669- 9887
[email protected] 

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
[email protected]

Kim Ancin
+ 1 908-801-0500
[email protected] 

Investor Contact

Peter Mintzberg
Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0528
[email protected] 

NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”), a business development company, today announced that on April 30, 2021, it closed a private placement of $80 million in aggregate principal amount of 4.875% senior unsecured notes due 2026 (the “Notes”), which were initially assigned a BBB- rating by Egan-Jones. The net proceeds to the Company were approximately $77.7 million, after deducting payment of fees and estimated offering expenses.  

The Notes bear an interest rate of 4.875% per year, payable semiannually and will mature on April 30, 2026 and may be repaid in whole or in part, at Portman Ridge’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable. The Company intends to use the net proceeds of the private placement to redeem in full its 6.125% Senior Unsecured Notes due September 2022, make investments in portfolio companies in accordance with its investment objectives, and for general corporate purposes.

“We are very pleased to announce the closing of this debt offering which addresses a near-term debt maturity while significantly reducing our cost of debt,” said Ted Goldthorpe, Chief Executive Officer of Portman Ridge. “We continue to assess options to improve our overall cost of capital to support our portfolio companies and generate value for shareholders.”   

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes and will not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering memorandum. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

The Notes have not been registered under the Securities Act, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

About Portman Ridge Finance Corporation

Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.

Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company’s website at www.portmanridge.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.

Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC.

Contacts:


Portman Ridge Finance Corporation
650 Madison Avenue, 23rd floor
New York, NY 10022
[email protected]

Jason Roos
[email protected]
(212) 891-2880

Jeehae Linford
The Equity Group Inc.
[email protected]
(212) 836-9615

SCOTTSDALE, Ariz., May 03, 2021 (GLOBE NEWSWIRE) — AMMO, Inc. (Nasdaq: POWW ) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, is pleased to announce today the successful closing of the previously announced acquisition of the GunBroker.com business (GunBroker.com), the world’s largest on-line auction marketplace dedicated to firearms, hunting, shooting and related products. The Transaction involved an approximate $240 million merger of reorganized entities resulting in GunBroker.com and certain affiliates becoming a wholly owned subsidiary of AMMO (the “Transaction”).

“We couldn’t be more excited about bringing the GunBroker.com team into the AMMO family. Everyone worked hard to make this happen – and we will now set about to further expand the GunBroker.com brand as we leverage the amazing IT platform Steve Urvan and his team developed to bring AMMO products and a host of other products and merchandise to the vibrant GunBroker.com marketplace,” said Fred Wagenhals, AMMO’s Chairman and CEO. Fred further noted that “the AMMO management team viewed the Transaction as accretive to our shareholders when we announced the letter of intent. With the Transaction successfully closed, our team has reached another vertical integration milestone for the Company, representing an opportunity to diversify our revenue base with high profit-margin business offered through a premier brand deploying best-in-class secure transactional technology.”

Steve Urvan commented: “I am excited we have closed the Transaction so I can take my seat on the Board of this dynamic and growing company. I am confident our newly expanded AMMO team will bring innovative products and solutions for our expanding and loyal customer base. The GunBroker.com marketplace is going to enjoy the new shopping opportunities that serve the firearms, ammunition and accessory outdoor and shooting sports markets as we roll them onto the platform.”

The Company anticipates issuing post-Transaction updated guidance on Tuesday, May 11, 2021.

Lucosky Brookman LLP acted as legal counsel and Riveron Consulting LLC acted as financial and technology advisors to the Company. Arnall Golden Gregory LLP served as legal counsel and Maxim Group LLC served as the financial advisor to IA Tech LLC for the GunBrokers.com business.

About AMMO, Inc.

With its corporate offices headquartered in Scottsdale, Arizona. AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK^™ Visual Ammunition, /stelTH/^™ subsonic munitions, and armor piercing rounds for military use. For more information, please visit: www.ammo-inc.com.

About GunBroker.com

GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.com.

Forward Looking Statements

This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed on Form 8-K.

Investor Contact:

Rob Wiley, CFO
AMMO, Inc.
Phone: (480) 947-0001
[email protected]

CALABASAS, Calif., May 03, 2021 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and enterprise application solutions provider, will hold a conference call on Thursday, May 13 at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss results for the fiscal third quarter ended March 31, 2021. Financial results will be issued in a press release prior to the call.

NETSOL management will host the presentation, followed by a question and answer period.

Date: Thursday, May 13, 2021
Time: 9:00 a.m. Eastern time (6:00 a.m. Pacific time)
U.S. dial-in: 1-877-407-0789
International dial-in: 1-201-689-8562

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

The conference call will be broadcasted live and available for replay here and via the Investor Relations section of NETSOL’s website.

A replay of the conference call will be available after 12:00 p.m. Eastern time on the same day through May 27, 2021.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13719508

About NETSOL Technologies

NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of more than 1300 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent® – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete finance and leasing lifecycle.

Investor Relations Contact:

Matt Glover and Tom Colton

Gateway Investor Relations
1-949-574-3860
[email protected]

OVERLAND PARK, Kan., May 03, 2021 (GLOBE NEWSWIRE) — Yellow Corporation (NASDAQ: YELL) is recruiting employees for new positions in Maybrook, New York. On Wednesday, May 5, Yellow will host a hiring event as the trucking company looks to fill jobs including dock workers, local drivers (full-time position includes a $7,500 hiring bonus), and linehaul drivers (includes a $7,500 hiring bonus). Yellow intends to hire qualified individuals immediately for 53 jobs in Maybrook with more positions open nationwide.

Yellow is the second largest less-than-truckload carrier and the fifth largest transportation company in North America. Yellow’s 30,000 employees are based in all 50 states as well as Puerto Rico, Canada and Mexico.

Yellow’s Maybrook hiring event is among more than two dozen similar recruiting events taking place across America between now and July. By the end of 2021, Yellow aims to hire thousands of new employees nationwide with at least 1,500 of those positions earmarked for commercial drivers.

“Seventy percent of America’s freight moves on our nation’s highways, so it’s essential that the industry continue to ramp up hiring to keep the U.S. supply chain humming along,” said Darren Hawkins, Chief Executive Officer of Yellow.

“Yellow pays very competitive wages and offers outstanding healthcare benefits for employees,” said Mr. Hawkins. “For those with trucking experience or not, or folks looking for a new opportunity or needing to make a job change due to pandemic fallout, it’s an exciting time to build a career and a future at Yellow.”

In addition to the May 5 recruiting day, Yellow continues to regularly sponsor its Maybrook Driver Academy, which provides classroom and road training for those interested in careers as commercial drivers.

“Hiring is our number one priority,” said Hawkins. “Our freight professionals serve as the economic lifeline to nearly every community in America. Transportation and trucking people are patriots.”

On Wednesday, May 5, Yellow’s recruiting event will take place at its YRC Freight Maybrook terminal, 1000 Homestead Avenue, Maybrook, New York, from 9:00 AM – 4:00 PM. Candidates will have the opportunity to interview with hiring managers and receive assistance with applications and paperwork. No reservation is necessary.

Yellow regularly sponsors its Maybrook Driving Academy for qualified candidates who are interested in obtaining a Commercial Driver’s License (CDL) tuition-free. For information on dates, please contact Yellow at (833) 475-8201.

For more information or to apply, please visit www.MyYellow.com, and click “Careers” in the top right.

About Yellow Corporation

Yellow Corporation has one of the largest, most comprehensive logistics and less-than-truckload (LTL) networks in North America with local, regional, national, and international capabilities. Through its teams of experienced service professionals, Yellow Corporation offers industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial, and retail goods with confidence. Yellow Corporation, headquartered in Overland Park, Kan., is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company HNRY Logistics.

Please visit our website at www.myyellow.com for more information.

Media Contacts:	Mike Kelley
	913-696-6121	Heather Nauert
	[email protected]	[email protected]
Investor Contact:	Tony Carreño
	913-696-6108
	[email protected]

CRESSKILL, N.J. and JERUSALEM, May 03, 2021 (GLOBE NEWSWIRE) — BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today announced that the Company will ring the NASDAQ closing bell on Wednesday, May 5, 2021, to highlight May as Mental Health Awareness Month.

“We are thrilled to have the opportunity to raise awareness of May as Mental Health Awareness Month by ringing the NASDAQ closing bell,” stated Christopher von Jako, Ph.D., President and Chief Executive Officer of BrainsWay. “The ongoing global COVID-19 pandemic has led to a significant rise in a multitude of mental health conditions, and it is critical that we highlight the various resources available to those in need. BrainsWay is dedicated to developing and providing advanced solutions for brain disorders using our revolutionary technology, Deep Transcranial Magnetic Stimulation, or Deep TMS, which has been utilized to treat over 100,000 patients for depression and obsessive-compulsive disorder. I would like to thank NASDAQ for their support in helping us drive recognition of the mental health crisis and the commitment of healthcare providers by allowing us to ring the closing bell on behalf of our dedicated team who strive each day to boldly advance neuroscience to improve health and transform lives.”

The ceremony will begin at approximately 3:45 p.m. ET on Wednesday, May 5, 2021, and can be viewed live at https://www.nasdaq.com/marketsite/bell-ringing-ceremony.

About BrainsWay

BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. The Company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to obtain three FDA-cleared indications backed by pivotal studies demonstrating clinically proven efficacy. Current indications include major depressive disorder, obsessive-compulsive disorder, and smoking addiction. The Company is dedicated to leading through superior science and building on its unparalleled body of clinical evidence. Additional clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway. Founded in 2003, with offices in Cresskill, NJ and Jerusalem, Israel, BrainsWay is committed to increasing global awareness and broad access to Deep TMS. For the latest news and information about BrainsWay, please visit www.brainsway.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inadequacy of financial resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in launching and/or successfully completing planned studies and clinical trials; failure to obtain approvals by regulatory agencies on the Company’s anticipated timeframe, or at all; inability to retain or attract key employees whose knowledge is essential to the development of Deep TMS products; unforeseen difficulties with Deep TMS products and processes, and/or inability to develop necessary enhancements; unexpected costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company’s intellectual property, including intellectual property licensed to the Company; the potential for product liability; changes in legislation and applicable rules and regulations; unfavorable market perception and acceptance of Deep TMS technology; inadequate or delays in reimbursement from third-party payers, including insurance companies and Medicare; inability to commercialize Deep TMS, including internationally, by the Company or through third-party distributors; product development by competitors; inability to timely develop and introduce new technologies, products and applications, and the effect of the global COVID-19 health pandemic on our business and continued uncertainty and market impact relating thereto.

Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward- looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov.

Contacts:

BrainsWay:
Hadar Levy
SVP and General Manager
[email protected]

Investors:
Bob Yedid
LifeSci Advisors
646-597-6989
[email protected]

GARDEN CITY, N.Y., May 03, 2021 (GLOBE NEWSWIRE) — Beyond Air, Inc. (NASDAQ: XAIR), a clinical-stage medical device and biopharmaceutical company focused on developing inhaled nitric oxide (NO) for the treatment of patients with respiratory conditions, including serious lung infections and pulmonary hypertension, and gaseous NO (gNO) for the treatment of solid tumors, today announced the appointment of Peter Senior to Director of Business Development.

“I am thrilled to welcome Peter to Beyond Air at such a pivotal moment for the company,” said Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. “Peter provides us with essential nitric oxide experience, bringing with him a wealth of knowledge of the global gas business. His skills will be instrumental to further the development of the LungFit^® franchise, especially as we look to secure an ex-US partner for our leading candidate LungFit^® PH.”

“Beyond Air’s commitment to expanding and simplifying therapeutic access to nitric oxide made my decision to join the team an easy one. I am excited to provide my expertise during this key phase of the development of Beyond Air,” said Peter Senior.

Peter Senior joins Beyond Air after spending 26 years at Linde plc where he most recently served as the Director of Healthcare Partnerships and External Relations. In this role, Peter was responsible for expanding Linde’s healthcare portfolio after the merger with Praxair, which made Linde the largest gas company in the world. Linde has sold INOmax^® in over 20 countries outside the US over the past 15 years and recently entered the US nitric oxide market with the NOxBOXi^® delivery system via the Praxair merger. Prior to the merger, Peter was Global Head of Marketing and Business Development for the hospital sector where he coordinated the marketing and business development activities of Linde’s global hospital business.

As Director of Business Development at Beyond Air, Peter will lead the global business development strategy and efforts for the LungFit^® family.

About Beyond Air, Inc.

Beyond Air, Inc. is a clinical-stage medical device and biopharmaceutical company developing a revolutionary NO Generator and Delivery System, LungFit^®, that uses NO generated from ambient air to deliver precise amounts of NO to the lungs for the potential treatment of a variety of pulmonary diseases. LungFit^® can generate up to 400 ppm of NO, for delivery either continuously or for a fixed amount of time and has the ability to either titrate dose on demand or maintain a constant dose. The Company is currently applying its therapeutic expertise to develop treatments for pulmonary hypertension in various settings, in addition to treatments for respiratory tract infections that are not effectively addressed with current standards of care. Beyond Air is currently advancing its revolutionary LungFit^® for clinical trials for the treatment of severe lung infections such as SARS-CoV-2 and nontuberculous mycobacteria (NTM). Additionally, Beyond Air is using ultra-high concentrations of NO with a proprietary delivery system to target certain solid tumors in the pre-clinical setting. For more information, visit www.beyondair.net.

About Nitric Oxide (NO)

Nitric Oxide (NO) is a powerful molecule, naturally synthesized in the human body, proven to play a critical role in a broad array of biological functions. In the airways, NO targets the vascular smooth muscle cells that surround the small resistance arteries in the lungs. Currently, exogenous inhaled NO is used in adult respiratory distress syndrome, post certain cardiac surgeries and persistent pulmonary hypertension of the newborn to treat hypoxemia. Additionally, NO is believed to play a key role in the innate immune system and in vitro studies suggest that NO possesses anti-microbial activity not only against common bacteria, including both gram-positive and gram-negative, but also against other diverse pathogens, including mycobacteria, viruses, fungi, yeast and parasites, and has the potential to eliminate multi-drug resistant strains.

About LungFit^®*

Beyond Air’s LungFit^® is a cylinder-free, phasic flow nitric oxide generator and delivery system and has been designated as a medical device by the US Food and Drug Administration (FDA). The ventilator compatible version of the device can generate NO from ambient air on demand for delivery to the lungs at concentrations ranging from 1 part per million (ppm) to 80 ppm. LungFit^® system could potentially replace large, high-pressure NO cylinders providing significant advantages in the hospital setting, including greatly reducing inventory and storage requirements, improving overall safety with the elimination of NO2 purging steps, and other benefits. LungFit^® can also deliver NO at concentrations at or above 80 ppm for potentially treating severe acute lung infections in the hospital setting (e.g. COVID-19, bronchiolitis) and chronic, refractory lung infections in the home setting (e.g. NTM). With the elimination of cylinders, Beyond Air intends to offer NO treatment in the home setting.

* Beyond Air’s LungFit^® is not approved for commercial use. Beyond Air’s LungFit^® is for investigational use only. Beyond Air is not suggesting NO use over 80 ppm or use at home.

Forward Looking Statements

This press release contains “forward-looking statements” concerning inhaled nitric-oxide and the Company’s LungFit^® product, including statements with regard to potential regulatory developments, the potential impact on patients and anticipated benefits associated with its use. Forward-looking statements include statements about our expectations, beliefs, or intentions regarding our product offerings, business, financial condition, results of operations, strategies or prospects. You can identify such forward-looking statements by the words “anticipates,” “expects,” “intends,” “impacts,” “plans,” “projects,” “believes,” “estimates,” “likely,” “goal,” “assumes,” “targets” and similar expressions and/or the use of future tense or conditional constructions (such as “will,” “may,” “could,” “should” and the like) and by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. These forward-looking statements are only predictions and reflect our views as of the date they are made with respect to future events and financial performance. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including risks related to: our approach to discover and develop novel drugs, which is unproven and may never lead to efficacious or marketable products; our ability to fund and the results of further pre-clinical and clinical trials; obtaining, maintaining and protecting intellectual property utilized by our products; our ability to enforce our patents against infringers and to defend our patent portfolio against challenges from third parties; our ability to obtain additional funding to support our business activities; our dependence on third parties for development, manufacture, marketing, sales, and distribution of products; the successful development of our product candidates, all of which are in early stages of development; obtaining regulatory approval for products; competition from others using technology similar to ours and others developing products for similar uses; our dependence on collaborators; our short operating history and other risks identified and described in more detail in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and other filings with the SEC, all of which are available on our website. We undertake no obligation to update, and we do not have a policy of updating or revising, these forward-looking statements, except as required by applicable law.

CONTACTS:

Steven Lisi, Chief Executive Officer
Beyond Air, Inc.
[email protected]

Maria Yonkoski, Head of Investor Relations
Beyond Air, Inc.
[email protected]

Corey Davis, Ph.D.
LifeSci Advisors, LLC
[email protected]
(212) 915-2577