Market Newsdesk

November 12, 2020 9:25 am

Nortech Systems Announces Third-Quarter 2020 Results

Nortech Systems Announces Third-Quarter 2020 Results

MINNEAPOLIS–(BUSINESS WIRE)–Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, reported net sales of $26.3 million for the third quarter ended September 30, 2020, compared with $30.1 million for the third quarter of 2019.

Operating income for the third quarter of 2020 was $2.7 million which includes a gain on sale of property and equipment of $3.8 million; this compares with operating income of $0.7 million for the third quarter of 2019. Net income for the third quarter of 2020 was $2.0 million, or $0.73 per diluted common share. This compares with net income for the third quarter of 2019 of $0.4 million, or $0.16 per diluted common share. Nortech’s backlog at the end of the third quarter 2020 was $45.8 million.

The Company closed on sale and leaseback agreements with Essjay Investment Company, LLC (“Essjay”) relating to the Company’s manufacturing facilities in Bemidji and Mankato, Minnesota during the third quarter of 2020. The Company received net proceeds from the sale, excluding closing costs, of approximately $6.0 million and recorded a gain on sale of property of equipment of $3.8 million. The Company entered into a lease agreement for the Bemidji, Minnesota facility and the Mankato, Minnesota facility for an initial 15-year term, with multiple 5-year renewal options.

The Nortech Merrifield production facility consolidation is on track and expected to be complete on or before December 31, 2020. By the end of 2020, the Company will shift nearly all of its Printed Circuit Board (PCB) manufacturing to its Mankato, Minnesota production facility, Nortech’s PCB center of excellence, and much of its complex wire and cable assembly production to its Bemidji, Minnesota production facility, Nortech’s wire and cable assembly center of excellence. This consolidation is impacting approximately 60 employees, who have been offered positions at other Nortech facilities in Minnesota and given outplacement assistance.

“Although our third quarter revenue, gross profit and backlog have been impacted by the COVID-19 pandemic, we are pleased with our recent improving bookings trend, and the strides we have proactively made to improve our financial liquidity with our sale and leaseback closing, the PPP loan and the plant consolidation continuing as planned. We expect this will allow us to operate through the current COVID-19 pandemic, invest in the business, create positive momentum for 2021, and succeed long term,” stated Jay D. Miller, Chief Executive Officer and President.

Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. While this release is based on management’s best judgment and current expectations, actual results may differ and involve a number of risks and uncertainties. Specifically, the Company states that the consolidation of the Merrifield facility will be completed by year end yielding operational efficiencies and that its booking trend is improving. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: government regulation, volatility in market conditions which may affect market supply of and demand for the company’s products; increased competition; changes in the reliability and efficiency of operating facilities or those of third parties; risks related to availability of labor; commodity and energy cost instability; general economic, financial and business conditions that could affect the company’s financial condition and results of operations; as well as risk factors listed from time to time in the company’s filings with the SEC.

Condensed Consolidated Statements of Operations
(in thousands, except for share data)

	THREE MONTHS ENDED						NINE MONTHS ENDED
	September 30,						September 30,
	Unaudited			Unaudited			Unaudited			Unaudited
	2020			2019			2020			2019

Net Sales	$	26,362		$	30,058		$	80,263		$	85,515

Cost of Goods Sold		24,716			26,423			73,171			76,594

Gross Profit		1,646			3,635			7,092			8,921
		6.2	%		12.1	%		8.8	%		10.4	%

Operating Expenses
Selling Expenses		594			589			1,945			2,147
General and Administrative Expenses		2,164			2,333			5,819			7,374
Gain on Sale of Property and Equipment		(3,821	)		–			(3,821	)		–
Total Operating Expenses		(1,063	)		2,922			3,943			9,521

Income (Loss) from Operations		2,709			713			3,149			(600	)

Interest Expense		(126	)		(256	)		(526	)		(780	)

Income (Loss) Before Income Taxes		2,583			457			2,623			(1,380	)

Income Tax (Benefit) Expense		612			44			638			122

Net Income (Loss)	$	1,971		$	413		$	1,985		$	(1,502	)

Income (Loss) Per Common Share – Diluted	$	0.73		$	0.16		$	0.74		$	(0.56	)

Weighted Average Number of Common Shares Outstanding – Diluted		2,703,029			2,657,911			2,678,698			2,667,754

Condensed Consolidated Balance Sheets
(in thousands)

	September 30,		December 31,
	2020		2019
	Unaudited		Audited
Cash	$	328	$	351
Restricted Cash		1,366		309
Accounts Receivable		16,019		18,558
Inventories		14,496		14,279
Contract Assets		7,334		7,659
Prepaid Expenses and Other Current Assets		1,274		2,128
Property and Other Long-term Assets		15,555		14,408
Goodwill and Other Long-term Assets, Net		3,585		3,718
Total Assets	$	59,957	$	61,410

Accounts Payable	$	11,213	$	14,014
Current Portion of Lease Obligation		1,266		1,415
Other Current Liabilities		5,767		6,803
Long Term Line of Credit		2,546		10,088
Long-term Debt and Other Liabilities		6,887		3,297
Long Term Lease Obligation		10,152		5,817
Shareholders’ Equity		22,126		19,976
Total Liabilities and Shareholders’ Equity	$	59,957	$	61,410

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005683/en/

Chris Jones, CFO

[email protected]

952-345-2244

KEYWORDS: Minnesota United States North America

INDUSTRY KEYWORDS: Hardware Health Medical Devices Data Management Engineering Technology Aerospace Manufacturing

MEDIA:

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November 12, 2020 9:23 am

SOL Global Investments Core Portfolio Company Verano Holdings Announces Acquisition and Combination

SOL Global Investments Core Portfolio Company Verano Holdings Announces Acquisition and Combination

Verano Holdings Announces Business Combination with AltMed

TORONTO–(BUSINESS WIRE)–
SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to announce that Verano Holdings, LLC (“Verano”), the Company’s largest core investment holding, announced today the signing of a definitive merger agreement to acquire and combine operations with Alternative Medical Enterprises, LLC, Plants of Ruskin, LLC, and affiliated companies (collectively, “AltMed”), vertically-integrated medical cannabis companies that apply pharmaceutical industry standards to developing, cultivating, producing, and dispensing medical cannabis and medical cannabis products in Florida and Arizona. The transaction is expected to result in a highly-accretive combination of Verano and AltMed with the resulting company operating under the Verano name.

The transaction will have a significant positive impact on the Company’s recently announced net asset value and the Company will update the market regularly as information is available.

The Company owns approximately 12.6% of Verano as of the date of signing of the merger agreement.

Verano is a leading multi-state owner, developer, operator, and manager of cannabis cultivation, manufacturing, and dispensing licenses offering innovative products to the discerning, high-end customer market. Verano produces a full suite of premium, artisanal cannabis products sold under its consumer brands, including Encore™ Edibles, Avexia™ and Verano™. Verano’s unique Zen Leaf™ branded dispensary environments deliver an elevated cannabis shopping experience in both medical and adult-use markets. Active in 12 U.S. states, with 17 active retail locations and approximately 440,000 square feet of cultivation facilities, Verano has been profitable each year since its founding.

AltMed, founded in 2014 and profitable in recent years, is a fully-integrated medical cannabis company known for its robust research and development pipeline exemplified by its award-winning MÜV™ products and dispensaries. AltMed offers a full range of premium cannabis options developed in its vertically-integrated operations in Arizona and Florida. With 27 active retail locations, AltMed has 220,000 square feet of cultivation facilities in Florida, and 30,000 square feet in Arizona, which is rapidly expanding by an additional 50,000 square feet to meet increased demand.

This transformative transaction is expected to create a market leader in the United States by combining two profitable, fully-integrated platforms with the ability to scale by entering new markets and expanding deeper into existing key markets. The combination will accelerate Verano’s expansion into Florida and Arizona, currently among the largest and fastest-growing cannabis markets in the United States. Following the consummation of the transaction, the combined group of companies will operate under the Verano name and will have the ability to operate in 14 states, with eight cultivation facilities and 44 active retail locations. Approximately 32 additional retail locations are planned.

The combination is expected to result in substantial benefits to AltMed and Verano, including the following reasons for the transaction:

Establishes Verano as one of the three largest MSOs in the United States based on 2021 internal projections compared to current FactSet 2021 consensus estimates for revenue and EBITDA.
Creates a scale market leader well positioned for growth and accelerates expansion in limited license, high-growth markets – specifically Florida and Arizona.
Includes a premium, comprehensive product offering encompassing both medically-focused and lifestyle. Four product brands: Verano™, Avexia™, Encore™, and MÜV™; and two retail brands: Zen Leaf™ and MÜV™.
Joins companies with aligned cultures, industry-leading management teams, and best-in-class core competencies of people, processes, research and products.
Increases Verano’s reputation as a manufacturer of high-quality products on a large scale by adding similar capabilities in new states.
Enhances both companies’ abilities to provide a superior, patient and customer-focused cannabis experience.
Combines experienced management teams with significant and diverse industry expertise including pharmaceutical, real estate, manufacturing, agriculture and hospitality, with a proven track record as disciplined cannabis industry operators and good stewards of capital.
Increases the combined company’s financial profile with industry-leading margins and profitability.

“We are very excited to see Verano Holdings enter into a highly-accretive business combination,” said SOL Global CFO Paul Kania. “The transaction will allow for two profitable entities to continue their successes together as a leading multi-state operator in high-growth US markets. As our largest core holding, the announced transaction is a positive development for SOL Global shareholders.”

For further information on the transaction, please refer to the press release of Verano Holdings dated November 11, 2020.¹ There can be no assurances that the proposed transaction between Verano and AltMed will be completed as proposed or at all.

About SOL Global Investments Corp.:

SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. Our investment partnerships range from minority positions to large strategic holdings with active advisory mandates. SOL Global’s seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, Energy, and New Age Wellness.

Non-IFRS Financial Measures

This press release includes reference to net asset value, which is a financial measure that does not have a standardized meaning prescribed by IFRS. Net asset value is calculated as the value of total assets less the value of total liabilities at a specific date. The Company believes this non-IFRS financial measure not only provides management with comparable financial data for internal financial analysis but also provides meaningful supplemental information to investors. In particular, management believes this financial measure can provide information useful to its shareholders in understanding the performance of the Company and may assist in the evaluation of its business relative to that of its peers. Investors are cautioned that this non-IFRS measure should not be construed as an alternative to the measurements calculated in accordance with IFRS as, given its non-standardized meaning, it may not be comparable to similar measures presented by other issuers.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.

The forward-looking information contained in this press release includes, without limitation, the completion of the merger transaction between Verano and AltMed, the transaction resulting in a highly accretive business combination, the anticipation that the transaction will create a market leading multi-state cannabis operator in the United States, the strategic business and expansion plans of the resulting entity and the anticipated effect of the transaction on the Company’s net asset value. Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.

By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including the failure by Verano or Altmed to obtain all necessary corporate and regulatory approvals, national or regional economic, legal, regulatory and competitive conditions, plans for commercialization, changes in relationships with vendors, access to capital and expectations regarding market acceptance. Other risk factors include: the risks resulting from investing in the US marijuana industry, which may be legal under certain state and local laws but is currently illegal under U.S. federal law; the risks of investing in securities of private companies which may limit the Company’s ability to sell or otherwise liquidate those securities and realize value; reliance on management; the ability of the Company to service its debt; the Company’s ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company’s current MD&A, which has been filed on SEDAR and can be accessed at www.sedar.com.

Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

¹https://www.globenewswire.com/news-release/2020/11/11/2124578/0/en/Verano-Holdings-Announces-Agreement-to-Acquire-and-Combine-Operations-with-AltMed-in-Florida-and-Arizona-Creating-One-of-the-Largest-U-S-Private-Cannabis-Companies.html

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005681/en/

SOL Global Investments Corp.

Paul Kania, CFO

Phone: (212) 729-9208

Email: [email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Health Pharmaceutical

MEDIA:

November 12, 2020 9:22 am

IIROC Trade Resumption – IN

Canada NewsWire

TORONTO, Nov. 12, 2020 /CNW/ – Trading resumes in:

Company: InMed Pharmaceuticals Inc.

TSX Symbol: IN

All Issues: Yes

Resumption (ET): 9:50 AM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

November 12, 2020 9:20 am

Tyler Technologies Signs Statewide Agreement with Nevada for Tyler Supervision

Tyler Technologies Signs Statewide Agreement with Nevada for Tyler Supervision

Solution to be used for adult parole and probation by more than 700 authorized state users

PLANO, Texas–(BUSINESS WIRE)–Tyler Technologies, Inc. (NYSE: TYL) announced today it has signed an agreement for Tyler Supervision™ with the state of Nevada’s Department of Public Safety (DPS), specifically the Nevada Parole and Probation (NPP) Department. NPP is looking to replace its current Offender Information Tracking System (OTIS) with a modern technology environment. The department’s objective is to implement a new solution that will allow users to perform work in a more efficient manner and implement more automated processes.

NPP is currently using a 20-year-old, homegrown application for parole and probation management. The current solution has limited functionality and is not able to update with new features to keep up with the agency’s growing needs. NPP selected Tyler’s solution to help it make a major technological step forward for management of adult parole and probation cases, allowing the agency to coordinate, communicate, record, and track each step of the supervision process.

“Our current system is crucial for tracking parolees and probationers within the state. But the system is antiquated, and it is nearly impossible to make the changes and enhancements required for advanced case management. We are looking forward to implementing a statewide solution that will bring many efficiencies and advanced functionality for parole and probation,” said Captain Tom Lawson, NPP.

Tyler Supervision will replace NPP’s legacy system and allow the agency to better manage its caseloads and department. Given that the Nevada Department of Health and Human Services already uses Tyler Supervision and several Nevada courts utilize Tyler’s Odyssey^®case management solution, this project will allow critical data sharing among all agencies, enabling efficiencies across the state. The solution will also bring additional benefits including:

Intuitive features such as Voice Biometric telephone check-in using Tyler’s automated Interactive Voice Response (IVR) system to streamline agency management
Ability to track fines, fees, and other charges and generate recurring invoices, create a payment plan, and receive payments
Ability to see critical case information in one place
Advanced CJIS security standards and Amazon GovCloud requirements for data protection
24/7 access through a web-based software-as-a-service (SaaS) solution

“We’re pleased to expand upon our partnership in Nevada by bringing our fully integrated cloud solution, Tyler Supervision, to Nevada’s adult parole and probation processes,” said Rusty Smith, president of Tyler’s Courts & Justice Division. “We understand that this project is NPP’s top technology priority, and we look forward to helping NPP realize its vision of having a comprehensive case management system that is both adaptive to evolving business needs and intuitive for today’s modern users.”

About Tyler Technologies, Inc.

Tyler Technologies (NYSE: TYL) provides integrated software and technology services to the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate more efficiently and connect more transparently with their constituents and with each other. By connecting data and processes across disparate systems, Tyler’s solutions are transforming how clients gain actionable insights that solve problems in their communities. Tyler has more than 26,000 successful installations across more than 10,000 sites, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler was named to Forbes’ “Best Midsize Employers” list in 2019 and has been recognized three times on Forbes’ “Most Innovative Growth Companies” list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005080/en/

Jennifer Kepler

Tyler Technologies

972.713.3770

[email protected]

KEYWORDS: United States North America Texas Nevada

INDUSTRY KEYWORDS: Courts Data Management Public Policy/Government Law Enforcement/Emergency Services State/Local Technology Software

MEDIA:

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November 12, 2020 9:19 am

Asetek Liquid Cooled Supermicro Servers Installed in New HPC Cluster at Lawrence Livermore National Labs

– Asetek’s Direct-to-Chip Liquid Cooling Solution Increases Power Density and High Wattage Processing for Science and Technology Research

PR Newswire

AALBORG, Denmark, Nov. 12, 2020 /PRNewswire/ — Asetek, the leader in flexible, reliable and proven liquid cooling for high performance computing (HPC) and artificial intelligence (AI), today announced that its Direct-to-Chip (D2C) liquid cooling technology was utilized by Supermicro in a new high-performance computing cluster at Lawrence Livermore National Labs (LLNL). The integration of Asetek liquid cooling solutions enables the deployment of high wattage processors in high density configurations to support the compute-intensive workloads critical for science and technology research.

The deployment of 26 racks and more than 1500 compute nodes was installed by Supermicro and includes Asetek Direct-to-Chip (D2C) liquid cooling loops and Asetek InRackCDUs to transfer the heat captured from the nodes to facilities liquid. Asetek InRackCDU is a warm water-cooling distribution unit capable of providing up to 80kW of cooling capacity to enable deployment of high wattage processors in clusters with high interconnect densities. InRackCDU uses warm water up to 45°C (113°F), eliminating the need for expensive and inefficient chillers.

“The new HPC cluster at LLNL was customized to support advanced computationally intensive workloads for pioneering experimentation and analysis,” said Vik Malyala, senior vice president, FAE and Business Development, Supermicro. “By providing an integrated rack system with Asetek liquid cooling, we were able to maximize efficiency and performance of the cluster as well extend our leadership in green computing.”

“We are thrilled to see the deployment of Supermicro’s integrated rack system with Asetek liquid cooling in a new HPC cluster at Lawrence Livermore National Labs,” said John Hamill, Chief Operating Officer at Asetek. “In this time when research is so critical, Supermicro is enabling compute performance and datacenter efficiency by providing the industry’s most comprehensive liquid cooling offering for AI and HPC data centers.”

Learn more about Supermicro server systems featuring Asetek liquid cooling at https://www.supermicro.com/en/solutions/high-performance-computing.

To learn more about Asetek liquid cooling, please visit www.asetek.com.

About Asetek

Asetek, the creator of the all-in-one liquid cooler, is the global leader for liquid cooling solutions for high performance gaming and enthusiast PCs, and environmentally aware data centers. Founded in 2000, Asetek is headquartered in Denmark and has operations in China, Taiwan and the United States. Asetek is listed on the Oslo Stock Exchange (ASETEK.OL).

www.asetek.com

Media Contact

Margo Westfall

Asetek Sr. Marketing Manager
[email protected]
+1 408.644.5616

This information was brought to you by Cision http://news.cision.com

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SOURCE Asetek

November 12, 2020 9:18 am

Mechanical Technology, Incorporated Announces Third Quarter 2020 Financial Results

PR Newswire

ALBANY, N.Y., Nov. 12, 2020 /PRNewswire/ — Mechanical Technology, Incorporated (“MTI” or the “Company”), a publicly traded company (OTC Pink: MKTY) headquartered in Albany, New York, announced its second quarter financial results for 2020. Please visit https://www.mechtech.com under News.

For the third quarter 2020, net income was $1.5 million, bringing the year to date total net income to $1.97 million which represents a year over year increase of 352% year to date.

The financial performance is a result of the MTI Instrument subsidiary successfully delivering on the United States Air Force historic contract. The aforementioned increase in revenue combined with an improvement in product margin of 378 basis has contributed to the improvement in operating income.

MTI subsidiary EcoChain, Inc., has successfully ramped up capacity and is trending favorably, revenues were $176k for the current quarter, an increase of 252% over the prior quarter. EcoChain, Inc. is continuing to invest in mining purchases to reach facility capacity, estimated to be in November 2020.

About MTI
MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through MTI Instruments, MTI is engaged in the design, manufacture and sale of test and measurement instruments and systems that use a comprehensive array of technologies to solve complex, real world applications in numerous industries, including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage. Through EcoChain, MTI is developing cryptocurrency mining facilities powered by renewable energy that integrate with the bitcoin blockchain network. For more information about MTI, please visit https://www.mechtech.com.

Statements in this press release that are not historical fact and in particular, with respect to future growth opportunities and continued investments in innovation, constitute forward-looking statements involving risks, uncertainties, estimates, and assumptions that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Such forward-looking statements are made as of today, and MTI disclaims any duty to update such statements. Factors that could cause anticipated results not to occur include, but are not limited to: general economic conditions and the uncertainty of the U.S. and global economy, particularly in light of the COVID-19 pandemic; our inability to develop and utilize new technologies that address the needs of our customers and otherwise keep pace with technological developments; the loss of services of one or more of our key employees or the inability to hire, train, and retain key personnel; the dependence of our business on a small number of customers and potential loss of government contracts
; our inability to build and maintain relationships with our customers; and changes in national and global economic or other conditions that impact demand for our products and/or accelerated purchases of our products by our customers due to changes in their business needs.

For more information about the Company, please visit https://www.mechtech.com.

View original content to download multimedia:http://www.prnewswire.com/news-releases/mechanical-technology-incorporated-announces-third-quarter-2020-financial-results-301172008.html

SOURCE Mechanical Technology, Incorporated

November 12, 2020 9:18 am

FOUR MINORITY OWNED SUPPLIERS OF THE YEAR ARE SELECTED AND RECOGNIZED BY NMSDC FOR THEIR PURSUIT OF EXCELLENCE IN PROVIDING SUPPLY CHAIN SOLUTIONS TO CORPORATE PARTNERS

New York City, New York, Nov. 12, 2020 (GLOBE NEWSWIRE) — National Minority Supplier Development Council (NMSDC) President and CEO, Adrienne Trimble, is exuberant about the tremendous success of the organization’s annual national conference this week, through a 100% virtual platform. “While we were not together face-to-face,” she notes, “All attendees had access to the same – and perhaps even more – high-caliber speakers, learning sessions, and networking opportunities they’ve come to expect from NMSDC. Just through a different platform.” NMSDC’s 2020 National Conference + Business Opportunity Exchange was held 100% online from October 26-29, 2020.

NMSDC’s commitment to advance minority business economic inclusion is reflected in the event’s “In This Together” theme and reinforced by sessions featuring speakers with expert insight about how to pivot during today’s extraordinarily challenging conditions. The NMSDC Annual Conference + Business Opportunity Exchange is the nation’s largest forum for minority supplier development, with a 48-year history of attracting thousands of corporate executives, minority business owners, and government officials each year.

Trimble stated, “Now more than ever, our Corporate Partners and MBEs need us to push forward and find new ways to get around every obstacle. NMSDC, our 23 affiliate Regional Councils throughout the United States, five international partners and the Business Consortium Fund (BCF) represent an oasis of support for MBEs through our mission to certify, develop, connect, and advocate for their economic sustainability.”

NMSDC embraced new technologies that enabled the organization to accomplish their objectives without sacrificing quality, service, or health. The 100% virtual conference platform showcased those changes – from vibrant sessions and informative workshops to an awards celebration and lively entertainment. By introducing a virtual version of their Business Opportunity Exchange component of the conference – corporations and MBEs again made meaningful connections and continued to build their professional networks.

This has been an incredibly difficult year for all MBEs and despite the impact of three pandemics (COVID-19, racial discrimination and social unrest, and a Recession), NMSDC moved forward aggressively and pivoted because it was necessary for the survival of MBEs. We are providing sustainable economic solutions to the racial injustice, institutionalized racism and injuries which Black people have suffered in America. “Statements are great, but they need to be backed by real actions that are going to address how minority businesses are going to compete for contracts on an ongoing basis,” Trimble said. “Until you understand what the real problem is, you can’t solve it.”

For Trimble, the case is not about just doing social good but of driving transformative economic prosperity through capitalism. When companies hire minority-owned suppliers, which tend to hire more workers of color, they are creating jobs in forgotten communities and helping to provide disposable income to people who can, in turn, afford to buy their goods and services. A close examination of wealth in the U.S. finds evidence of staggering racial disparities. The most sustainable solution to accelerate the elimination of this wealth gap is to increase the number and success of minority owned businesses; her goal is to close the ethnic wealth disparities.

SUPPLIER OF THE YEAR

Each year, at the national annual conference, NMSDC presents its prestigious “Supplier of the Year” Awards to recognize a select number of certified minority business enterprise (MBE) and their exemplary achievements in providing solutions to our corporate partners. This award is regarded as the most significant honor to an MBE because it recognizes Asian, Black, Hispanic and Native American business enterprises for their business growth and development, operational success, support of other minority businesses and active participation in the community. The honorees are divided into four categories, based on annual revenues. One company from each class is named National Supplier of the Year. These suppliers have made it through this disruptive year and have continued their unwavering support to corporate America despite these voluminous challenges.

Class I: Firm with less than $1 million in annual revenue – National Winner: Twice Media Productions, LLC

Class II: Firm with $1 million to $10 million in annual revenue – National Winner: The JPI Group, LLC

Class III: Firm with $10 million to $50 million in annual revenue – National Winner: United Mechanical and Metal Fabricators Inc.

Class IV: Firm with more than $50 million in annual revenue – National Winner: ActOne Group (The Act 1 Group, Inc.)

About NMSDC | nmsdc.org

Chartered in 1972, The National Minority Supplier Development Council (NMSDC) was stood up because of the civil rights movement in the late 1960s and continues to be the leading minority business development organization in the United States. NMSDC supports the economic sustainability of more than 12,000 certified minority business enterprises (MBEs) and advances minority business development by facilitating procurement opportunities between its certified MBEs and its network of Corporate Members. The NMSDC network includes a National Office in New York, 23 affiliate regional councils, five international partner organizations and the Business Consortium Fund (BCF) as its funding arm.

Tammy Wilkins
National Minority Supplier Development Council, Inc.
212-944-2430
[email protected]

November 12, 2020 9:18 am

Astrotech Reports First Quarter of Fiscal Year 2021 Financial Results

Astrotech Reports First Quarter of Fiscal Year 2021 Financial Results

AUSTIN, Texas–(BUSINESS WIRE)–
Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the first quarter of fiscal year 2021, which ended September 30, 2020.

In October, we completed two strategic capital raises for a total of $24.2 million, strengthening our balance sheet for our future growth. The financings allow for continued operating expenses and working capital as we increase sales of our TRACER 1000™ explosives trace detector (ETD) to DHL (Deutsche Post AG) and other customers in the security market, launch the AgLAB-1000-D2™ into the hemp and cannabis industry, and develop, in partnership with Cleveland Clinic, the BreathTest-1000™ to screen for volatile organic compound (VOC) metabolites found in a person’s breath that could indicate they may have an infection, including Coronavirus Disease 2019 (“COVID-19”) or the resulting disease, pneumonia.

In September, we announced the completion of non-detection testing with the US Transportation Security Administration (TSA), an important milestone that positions us well for detection testing, which is the final phase of TSA’s Air Cargo Screening Technology Qualification Test (ACSQT). Once detection testing is completed successfully, we understand that the TRACER 1000™ will be listed on the Air Cargo Screening Technology List (ACSTL) as an “approved” device and thereby approved for cargo sales in the United States. We also announced that we surpassed $1 million in purchase orders of our TRACER 1000 with an additional $1 million in future service and support commitments as we look to continue to gain market share in the domestic and international ETD markets.

“We are excited to have passed the $1 million milestone for our TRACER 1000 in October. We believe we offer the most advanced ETD on the market and we are excited to be nearing completion of detection testing with the TSA,” stated Thomas B. Pickens III, Chairman and Chief Executive Officer of Astrotech Corporation. “We are also thrilled to have entered into a partnership between BreathTech and Cleveland Clinic, one of the world’s leading breath analysis institutions. Dr. Dweik and his colleagues at Cleveland Clinic have successfully led many clinical trials applying mass spectrometry to identify unique metabolites using breath samples. We believe that our technology has the potential to play an important role in providing a quick, non-invasive, easy-to-use screening device that can be utilized in numerous locations including hospitals, nursing homes, schools, and airports as we look to get all of our lives back to normal again.”

First Quarter Fiscal Year 2021 Financial Highlights

Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.

Commercial sales of the TRACER 1000 continued, leading to revenue of $140 thousand for the first quarter of fiscal 2021. Additional purchase orders have already been received.
SG&A expenses decreased $276 thousand, or 23.0%, and R&D expenses decreased $246 thousand, or 28.8%.
Monthly cash outlay for this fiscal year has been reduced to approximately $493 thousand, a 19.1% reduction from our cash outlay through the first three months of fiscal year 2020.
The Company terminated its corporate office lease in Austin, Texas, resulting in net cash savings of approximately $870 thousand over the next three years.

About Astrotech

Astrotech (NASDAQ: ASTC) is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. 1^st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.

About AgLAB-1000™ and BreathTest-1000™

This press release contains information about our new products under development, AgLAB-1000 and BreathTest-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, the severity and duration of the COVID-19 pandemic and its impact on the U.S. and worldwide economy, the timing, scope and effect of further U.S. and international governmental, regulatory, fiscal, monetary and public health responses to the COVID-19 pandemic, the Company’s use of proceeds from the common stock offerings, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, and whether the market will accept our products and services, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings including the annual report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to update these forward-looking statements.

ASTROTECH CORPORATION
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share data)
(Unaudited)

	Three Months Ended September 30,
	2020			2019
Revenue	$	140		$	1
Cost of revenue		113			—
Gross profit		27			1
Operating expenses:
Selling, general and administrative		926			1,202
Research and development		609			855
Disposal of corporate lease		544			—
Total operating expenses		2,079			2,057
Loss from operations		(2,052	)		(2,056	)
Interest and other expense, net		(59	)		(12	)
Loss from operations before income taxes		(2,111	)		(2,068	)
Income tax benefit		—			—
Net loss	$	(2,111	)	$	(2,068	)
Weighted average common shares outstanding:
Basic and diluted		7,719			5,591
Basic and diluted net loss per common share:
Net loss	$	(0.27	)	$	(0.37	)
Total comprehensive loss	$	(2,111	)	$	(2,068	)

ASTROTECH CORPORATION
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)

	September 30, 2020			June 30, 2020
Assets
Current assets
Cash and cash equivalents	$	1,853		$	3,349
Accounts receivable		52			101
Inventory:
Raw materials		114			416
Work-in-process		337			38
Finished goods		161			222
Income tax receivable		—			429
Prepaid expenses and other current assets		283			117
Total current assets		2,800			4,672
Property and equipment, net		100			99
Assets held for disposal		—			237
Operating leases, right-of-use assets, net		287			851
Other assets		—			71
Total assets	$	3,187		$	5,930
Liabilities and stockholders’ equity (deficit)
Current liabilities
Accounts payable		75			239
Payroll related accruals		473			433
Accrued expenses and other liabilities		676			627
Income tax payable		2			2
Term note payable – related party		2,500			2,500
Term note payable		330			210
Lease liabilities		198			339
Total current liabilities		4,254			4,350
Term note payable, net of current portion		211			332
Lease liabilities, net of current portion		166			623
Other liabilities		—			—
Total liabilities		4,631			5,305
Commitments and contingencies
Stockholders’ equity (deficit)
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at September 30, 2020 and June 30, 2020		—			—
Common stock, $0.001 par value, 50,000,000 shares authorized; 8,243,686 and 8,250,286 shares issued at September 30, 2020 and June 30, 2020, respectively; 7,843,770 and 7,850,362 shares outstanding at September 30, 2020 and June 30, 2020, respectively		190,599			190,599
Treasury stock, 399,916 shares at cost at September 30, 2020 and June 30, 2020		(4,129	)		(4,129	)
Additional paid-in capital		13,976			13,934
Accumulated deficit		(201,890	)		(199,779	)
Total stockholders’ equity (deficit)		(1,444	)		625
Total liabilities and stockholders’ equity (deficit)	$	3,187		$	5,930

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005675/en/

Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Medical Devices Health Technology Agriculture Natural Resources Hardware

MEDIA:

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November 12, 2020 9:18 am

Beantown Throwdown Goes Virtual: Region’s Top Multi-University Start-up Pitch Competition Slated for November 18

As part of Global Entrepreneur Week, MIT Enterprise Forum Cambridge hosts collegiate entrepreneurs battling for title of Best Student Start-up

CAMBRIDGE, Mass., Nov. 12, 2020 (GLOBE NEWSWIRE) — College and university student entrepreneurs will soon battle for bragging rights and prizes during the 8 ^th Annual Beantown Throwdown – focusing on markets ranging from digital healthcare and employment/staffing services to on-call delivery and personal grooming.

Hosted by MIT Enterprise Forum (MITEF) Cambridge and moving online this year, the region’s longest-standing and largest cross-college pitch-off competition will be held Wednesday, November 18, from 5:30-7 p.m. Registration and more information is available he r e.

Scheduled during Global Entrepreneur Week, the program features a representative from each team making a five-minute pitch, then responding to five minutes of questions from a judging panel with extensive experience in innovative technologies and business models. This year’s experts include:

Gabi Zijderveld, Chief Marketing Officer, Affectiva
Yadid Ayzenberg, Global Head of Sleep Devices and Director, Bose Corporation
Ravindra Rathi, Director of Beverage Transformation, PepsiCo
Jeremy Segal, Senior Vice President of Corporate Development, Progress

The night will also include a fireside chat between Boston Globe Innovation Economy Columnist and Innovation Leader Co-founder Scott Kirsner and Rudina Seseri, founder and partner of Glasswing Ventures. With decades of experience advising, reporting on and investing in technology firms, the pair will share insights into some of the most important trends affecting entrepreneurs and their companies.

Given the virtual format and number of teams participating, the Beantown Throwdown this year will feature a two-part program – with half the teams pitching in the fall and the other half in the spring. The winning teams from the two sessions will then compete for top honors in a pitch-off to be held in the spring. Prizes will be awarded to all teams to help drive their entrepreneurial endeavors forward. More information will be made available at a later date.

For the fall session, contestants will include:

Babson College: Busy Boda – a mobile phone-based motorbike hailing app initially targeting Kenya
Boston College: Conditer – a patisserie where style meets the culinary arts
Brown University: Cress Health – digital technologies for wellness and mental health
MIT: Surge Employment Solutions – meeting human capital needs with formerly incarcerated people
Tufts University: Cogna Technology – the next revolution in sleep
Wentworth Institute of Technology: Watch the Krown – stylish and functional haircare products

“Early stage entrepreneurs can struggle to get visibility for their startups and to connect with potential investors, mentors and others who can help them succeed,” said MIT Enterprise Forum Cambridge Executive Director Katja Wald. “The pandemic has made that even more challenging. Additionally, most don’t get as many opportunities as they’d like to meet peers from other colleges and universities. Beantown Throwdown is designed to help overcome those obstacles while celebrating the creativity, vision and drive embodied in these student-run startups.”

The Beantown Throwdown is made possible by sponsors CHEN PR, Withum, Caldwell IP, Hamilton Brook Smith Reynolds and Morse. A limited number of sponsorship opportunities are still available; please contact Amy Goggins ([email protected] or 617-650-2562) at MITEF Cambridge for more information.

About the MIT Enterprise Forum Cambridge

The MIT Enterprise Forum Cambridge is the founding chapter and one of the worldwide chapters comprising the MIT Enterprise Forum, Inc. We offer a range of programs and events for any entrepreneur, anywhere, to facilitate critical one-on-one mentoring while providing services that increase the skills and expertise necessary for startups to succeed. Check us out on Twitter, Facebook, LinkedIn, YouTube or Spotify.

PRESS CONTACT:
Katja Wald
MIT Enterprise Forum Cambridge
[email protected]
(617) 253-8238

November 12, 2020 9:18 am

Monopar Therapeutics Reports Third Quarter 2020 Financial Results and Business Update

Validive

^®

Phase 2b/3 Clinical Trial on Track to Start Before Year-end

Issuance of New Patents For Validive

Camsirubicin Phase 2 Clinical Trial to Start Late 2020/Early 2021

WILMETTE, Ill., Nov. 12, 2020 (GLOBE NEWSWIRE) — Monopar Therapeutics Inc. (Monopar or the Company) (Nasdaq: MNPR), a clinical-stage biopharmaceutical company primarily focused on developing proprietary therapeutics designed to extend life or improve the quality of life for cancer patients, today announced third quarter 2020 financial results and business update.

Third Quarter Business Update

Lead Product Candidate Validive

Monopar’s Phase 2b/3 clinical trial of Validive (clonidine HCl mucobuccal tablet) for the prevention of severe oral mucositis (SOM) in patients undergoing chemoradiotherapy for oropharyngeal cancer (OPC) is on track to commence before year-end. There currently is no FDA-approved prevention or treatment for radiation-induced SOM.
The U.S. Patent and Trademark Office allowed patent claims for Monopar’s lead product candidate, Validive, covering “Clonidine and/or clonidine derivatives for use in the prevention and/or treatment of adverse side effects of chemotherapy.” The recently issued patents would provide protection should Monopar determine in the future to conduct additional Validive development and commercialization activities related to adverse side effects of chemotherapy beyond OPC.

Camsirubicin

The Phase 2 clinical trial of camsirubicin is anticipated to begin at the end of 2020 or in early 2021. Monopar has partnered with Grupo Español de Investigación en Sarcomas (GEIS), which will lead the multi-country, randomized, open-label Phase 2 clinical trial evaluating camsirubicin head-to-head against standard-of-care doxorubicin in patients with advanced soft tissue sarcoma (ASTS).
The trial will begin with a dose escalation “run-in” prior to the randomization portion of the trial. The primary endpoint of the trial will be progression-free survival, with secondary endpoints including overall survival, response rate, and incidence of treatment-emergent adverse events.

MNPR-101

Forward progress was made on the Monopar/NorthStar collaboration focused on developing a novel treatment for severe COVID-19 by partnering with 1) IsoTherapeutics Group, LLC to develop and manufacture radioimmunotherapeutics targeting uPAR (uPRITs), 2) Aragen Bioscience, Inc. to perform studies aimed at selecting a lead candidate uPRIT to advance into IND-enabling development, and 3) The University of Texas Health Science Center at Tyler and its Texas Lung Injury Institute (TLII) to perform in vitro and in vivo studies through the TLII and to participate in the clinical development of uPRITs.

Third Quarter Summary Financial Results

Results for the Third Quarter Ended September 30, 2020 Compared to the Third Quarter Ended September 30, 2019

Cash and Net Loss

Cash and cash equivalents as of September 30, 2020 were $18.0 million, which includes $6.7 million of net proceeds raised in the third quarter of 2020 under the Company’s Capital on Demand^®Sales Agreement with JonesTrading Institutional Services, at an average gross price per share of $9.66. Monopar anticipates that its current cash and cash equivalents will fund the Company’s planned operations through 2021, including the initiation and completion of the Phase 2b portion of its Validive clinical trial and the initiation of the Phase 3 portion, the funding of the initiation of the GEIS Phase 2 camsirubicin clinical trial, and continuation of the development of the COVID-19 uPRIT program. The Company will need to raise funds or engage a partner to complete the Validive Phase 3 clinical trial. Net loss for the third quarter of 2020 was $1.6 million or $0.15 per share compared to net loss of $0.7 million or $0.08 per share for the third quarter of 2019.

Research and Development (R&D) Expenses

R&D expenses for the third quarter of 2020 were $1.2 million, compared to $0.2 million, for the third quarter of 2019. This increase of $1.0 million is primarily attributed to increases in expenses for the planning of the camsirubicin Phase 2 clinical trial and manufacturing expenses of $0.4 million, increases in the Validive clinical trial planning and manufacturing expenses of $0.3 million, and increases in R&D personnel salaries and benefits, including equity grants and salaries and benefits for three new R&D personnel of $0.3 million.

General and Administrative (G&A) Expenses

G&A expenses for the third quarter of 2020 were $0.4 million, compared to $0.5 million, for the third quarter of 2019.

About Monopar Therapeutics

Monopar Therapeutics is a clinical-stage biopharmaceutical company primarily focused on developing proprietary therapeutics designed to extend life or improve the quality of life for cancer patients. The Company’s pipeline consists of Validive^® for the prevention of chemoradiotherapy-induced severe oral mucositis in oropharyngeal cancer patients; camsirubicin for the treatment of advanced soft tissue sarcoma; and a preclinical stage uPAR targeted antibody, MNPR-101, for advanced cancers and severe COVID-19. For more information, and links to SEC filings that contain detailed financial information, visit: https://ir.monopartx.com/quarterly-reports.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Examples of these forward-looking statements include statements concerning Monopar’s ability to commence its Phase 2b/3 clinical trial of Validive before the end of 2020, whether the recently issued patents would provide protection for development and commercialization in potential future indications, GEIS’s ability to begin the camsirubicin Phase 2 clinical trial at the end of 2020 or early 2021, whether the Monopar/NorthStar collaboration will be successful in developing a uPRIT to treat severe COVID-19 with its development partners and whether the Company’s current cash and cash equivalents will fund the Company’s planned operations through 2021. The forward-looking statements involve risks and uncertainties including, but not limited to, not commencing the Validive Phase 2b/3 clinical trial or the Phase 2 GEIS-sponsored camsirubicin clinical trial within expected timeframes, if at all, our ability to commence the Validive Phase 3 portion without additional fundraising or a development partnership, to raise sufficient funds or engage a partner to complete the Phase 3 clinical trial, and not successfully developing a COVID-19 uPRIT with the Company’s development collaborators. Actual results may differ materially from those expressed or implied by such forward-looking statements. Risks are described more fully in Monopar’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Monopar undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made. Any forward-looking statements contained in this press release represent Monopar’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.

Contact

Kim R. Tsuchimoto
Chief Financial Officer
[email protected]

Follow Monopar on social media for updates:
Twitter: @MonoparTx LinkedIn: Monopar Therapeutics