Market Newsdesk

CHICAGO, March 11, 2021 (GLOBE NEWSWIRE) — Freedom Boat Club, a division of Brunswick Corporation (NYSE: BC), announced today that it has entered into a definitive agreement to acquire its Freedom Boat Club of Chicago franchise operation and territory from its current owner.  The scope of the transactions includes all four current Illinois-based locations and rights to build new club locations in part of Northern Illinois and portions of Northwest Indiana.  Currently, there are three Freedom Boat Club locations in downtown Chicago and one in the Northwest suburbs, with plans to launch new locations during the 2021 boating season.

Freedom Boat Club entered the Chicago market in 2014 and has continually attracted new boaters to its shared access concept.  Memberships at the Illinois club locations have grown around 30 percent annually over the past four years, a testament to prior ownership and its staff.

“Chicago is the third largest city in the United States, and we believe there is tremendous opportunity to grow Freedom Boat Club in this market,” said Cecil Cohn, Freedom Boat Club Network president.  “The franchise owner who established this territory, successfully grew the business and established the right team to provide exceptional service to its members.  With this acquisition, we will continue to accelerate Freedom’s growth in this market and advance our expansion into the Upper Midwest.  We look forward to continuing to serve our members and grow our footprint in some of the best boating communities throughout the world.”

This marks the second acquisition made by Freedom Boat Club over the past year, after successfully purchasing the Charleston, South Carolina territory in the spring of 2020.  Freedom Boat Club of Chicago is now Freedom’s fifth corporate owned territory joining Southwest Florida, Southeast Florida, Raleigh, North Carolina, and Charleston, South Carolina.

About
Freedom Boat Club:

Founded in 1989, Freedom Boat Club is the largest boat club operator and a premier marine franchisor in the nation.  FBC and its franchisees service over 37,000 memberships at 256 locations across 31 states, Canada, and Europe. For more information, visit https://www.freedomboatclub.com.

About Brunswick:

Headquartered in Mettawa, Ill., Brunswick Corporation’s leading consumer brands include Mercury Marine outboard engines; Mercury MerCruiser sterndrive and inboard packages; Mercury global parts and accessories including propellers and SmartCraft electronics; Power Products Integrated Solutions; MotorGuide trolling motors; Attwood, Mastervolt, and Whale marine parts; Land ’N’ Sea, BLA, Payne’s Marine, Kellogg Marine, and Lankhorst Taselaar marine parts distribution; Mercury and Quicksilver parts and oils; Bayliner, Boston Whaler, Crestliner, Cypress Cay, Harris, Heyday, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet and Uttern boats; Boating Services Network, Freedom Boat Club and Boat Class.  For more information, visit brunswick.com.

Forward-Looking Statements
Certain statements in this news release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “expect,” “anticipate,” “project,” “position,” “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: the effect of adverse general economic conditions, including the amount of disposable income consumers have available for discretionary spending; changes in currency exchange rates; fiscal policy concerns; adverse economic, credit, and capital market conditions; higher energy and fuel costs; competitive pricing pressures; the coronavirus (COVID-19) pandemic, including, without limitation, the impact on global economic conditions and on capital and financial markets, changes in consumer behavior and demand, the potential unavailability of personnel or key facilities, modifications to our operations, and the potential implementation of regulatory actions; managing our manufacturing footprint; weather and catastrophic event risks; international business risks; our ability to develop new and innovative products and services at a competitive price; our ability to meet demand in a rapidly changing environment; loss of key customers; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties, including as a result of pressures due to the pandemic; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; absorbing fixed costs in production; joint ventures that do not operate solely for our benefit; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to identify, complete, and integrate targeted acquisitions; the risk that strategic divestitures will not provide business benefits; maintaining effective distribution; adequate financing access for dealers and customers; requirements for us to repurchase inventory; inventory reductions by dealers, retailers, or independent boat builders; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which could affect manufacturing and business operations and could result in lost or stolen information and associated remediation costs; our ability to protect our brands and intellectual property; changes to U.S. trade policy and tariffs; having to record an impairment to the value of goodwill and other assets; product liability, warranty, and other claims risks; legal and regulatory compliance, including increased costs, fines, and reputational risks; changes in income tax legislation or enforcement; managing our share repurchases; and certain divisive shareholder activist actions.

Lee Gordon
Vice President – Brunswick Global Communications & Public Relations
Brunswick Office: 847-735-4003
Mercury Office: 920-924-1808
Cell: 904-860-8848
[email protected]

TORONTO, March 11, 2021 (GLOBE NEWSWIRE) — Abaxx Technologies Inc., (ABXX:NEO)(ABXXF:OTCQB) (“Abaxx” or the “Company”), a financial software (fintech) company, majority shareholder of Abaxx Singapore Pte. Ltd., the Abaxx Commodity Exchange (ACX), and producer of the SmarterMarkets™ Podcast, will make common shares available for trading on the OTCQB market under the ticker symbol ABXXF, beginning today Thursday, March 11, 2021.

Abaxx has retained B. Riley Securities to act as the Company’s OTCQB sponsor. B. Riley Securities, Inc. is a full-service investment bank and subsidiary of B. Riley Financial, Inc., based in Los Angeles with offices across the United States, providing corporate finance, research, sales and trading services.

The OTCQB® Venture Market is for early-stage and developing U.S. and international companies. To be eligible, companies must be current in their reporting and undergo an annual verification and management certification process.

Abaxx Technologies will continue to trade on Canada’s NEO Stock Exchange under the symbol ABXX.

About Abaxx Technologies

Abaxx is a development stage financial software company that has created proprietary technological infrastructure for both global commodity exchanges and the digital marketplace. The company’s formative technology increases transaction velocity, data security, and facilitates improved risk management for the majority owned, Abaxx Singapore Pte. Ltd. (“ACX”, or “Abaxx.Exchange”) – a commodity futures exchange that is seeking final regulatory approvals as a Recognized Market Operator (“RMO”) and Approved Clearing House (“ACH”) with the Monetary Authority of Singapore (“MAS”). Abaxx is the creator and producer of the SmarterMarkets™ podcast.

For more information please visit abaxx.tech, abaxx.exchange and SmarterMarketsPod.com

Media and investor inquiries:

Abaxx Technologies Inc.

Paris Golab, Investor Relations

Tel: +246 243-3390

E-mail: [email protected] 

Forward-Looking Statements

This News Release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx or the Company’s future plans, objectives or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Abaxx’ objectives, goals or future plans, statements, timing of the commencement of operations and estimates of market conditions. Such factors include, among others: risks relating to the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’ normal course of business.

Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. When relying on Abaxx forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Abaxx does not undertake to update this information at any particular time except as required in accordance with applicable laws. The NEO Exchange does not accept responsibility for the adequacy or accuracy of this press release.

SAN DIEGO, March 11, 2021 (GLOBE NEWSWIRE) — GBT Technologies Inc. ( OTC PINK: GTCH ) (“GBT” or the “Company”), defined its long range radio system logic and architecture. The Infinia project (internal name) is designed to be a high performance, fully integrated, radio transceiver system that is ideally suited for applications that require long range data and audio communication and network robustness.

It’s targeted for radio applications that operate in licensed frequency bands and provides extensive support for advanced communication protocols. GBT will evaluate the use of licenses and/or unlicensed frequencies. Infinia will be communicating in High Frequencies (HF) since ionospheric propagation environment enables very long distances. In order to assure high clarity and accuracy in these frequencies, particularly with data communication, we intend to investigate advanced electronic systems to provide clear, reliable and secured channels. Proper architecture for the system’s implementation was chosen including the system’s logical components. One of the main challenges in such complex systems is the design and integration of an embedded software to manage the data and audio communication. The system is designed to achieve a high performance, wideband digital HF transceiver, base unit and repeater. We defined the mobile unit’s size, taking into consideration portability and mobility. The mobile unit fundamentals features were defined to ensure a user’s friendly interface (LCD touch screen) and easy operation. GBT plans to design and build a prototype with and test it within a large city limits and national ranges.

“The main aim of our Infinia project is to develop a radio system to communicate data and audio information for ultra-long range and for that we chose the HF domain. Thus, these bands introduce a challenge of performance and quality. We plan to use state-of-the-art, modern technologies to overcome this challenge, with the goal of reliable data and clear audio communication. We researched and determined a suitable logic architecture for this type of implementation that offers wideband HF radio system. Priority will be given for health-related communication first with the goal of assisting users with wellness and saving lives around the globe. We will also seek to provide common online based operations for users like checking email, search the Internet or simply staying in touch with love ones. We intend to use our medical and AI technologies to ensure the security and reliability of our data and audio radio communication. We envision a world with modern communication capabilities everywhere on Earth and the Infinia system will be our proposed solution,” stated Danny Rittman, the Company’s CTO.

There is no guarantee that the Company will be successful in researching, developing or implementing this system. In order to successfully implement this concept, the Company will need to raise adequate capital to support its research and, if successfully researched, developed and granted regulatory approval, the Company would need to enter into a strategic relationship with a third party that has experience in manufacturing, selling and distributing this product. There is no guarantee that the Company will be successful in any or all of these critical steps.

About Us

GBT Technologies, Inc. (OTC PINK: GTCH) (“GBT”) (http://gbtti.com) is a development stage company which considers itself a native of Internet of Things (IoT), Artificial Intelligence (AI) and Enabled Mobile Technology Platforms used to increase IC performance. GBT has assembled a team with extensive technology expertise and is building an intellectual property portfolio consisting of many patents. GBT’s mission, to license the technology and IP to synergetic partners in the areas of hardware and software. Once commercialized, it is GBT’s goal to have a suite of products including smart microchips, AI, encryption, Blockchain, IC design, mobile security applications, database management protocols, with tracking and supporting cloud software (without the need for GPS). GBT envisions this system as a creation of a global mesh network using advanced nodes and super performing new generation IC technology. The core of the system will be its advanced microchip technology; technology that can be installed in any mobile or fixed device worldwide. GBT’s vision is to produce this system as a low cost, secure, private-mesh-network between any and all enabled devices. Thus, providing shared processing, advanced mobile database management and sharing while using these enhanced mobile features as an alternative to traditional carrier services.

Forward-Looking Statements

Certain statements contained in this press release may constitute “forward-looking statements”. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release.

Contact:

Dr. Danny Rittman, CTO
[email protected]

TORONTO, March 11, 2021 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported fourth quarter and full year results for the period ended December 31, 2020, along with the outlook for 2021.

“2020 was a brutal year but we more than survived and have come out stronger from it. The ‘Going Concern Note’ has been removed from our financial statements; we released two feasibility studies that shows the potential to extend the life of our Mexican operations by 9.5 years, and outlines a 6-year life for our Gold Bar mine, which recovered from what was tantamount to a near-death experience for the operation in early 2020. The future of our Fox Complex is becoming more visible. Access to the Froome deposit is nearly complete and commercial production is planned to start in Q4. This will extend the life of the Black Fox mine by 2.5 years, providing a bridge to our second phase of growth at Fox, which we will unveil in Q2. Given our large gold resource base in the Timmins area, we expect it to support a potential ten-year mine life with annual production of 100-150,000 ounces of gold.

Our recent financings in late 2020 and early 2021 were met with huge market demand and more importantly have supplied us with adequate funds for our key development projects and exploration programs in 2021. We currently have liquid assets of $49 million! Finally, we extended the maturity date of our debt from August 2021 to August 2023, with a supportive lending partner.

Beneficial developments that we welcomed, but were beyond our control, were the massive increases in the prices of silver and copper and the resultant increase in the values of our silver and copper assets. For example, using the current price of copper in the financial model from our 2017 Preliminary Economic Assessment of Los Azules, we arrive at a Net Present Value, discounted at 8%, of approximately $5 billion. In respect of the potential value of our silver assets, if we combine the San José mine and the Fenix Project, it could potentially represent a medium-sized silver producer. One investment banker we spoke to suggested the value of such a company could be a minimum of $140 million. We believe that there is significant value to be realized by spinning these assets out in two separate vehicles. In this manner we could raise the necessary capital to advance these properties, while maintaining a large shareholding. I believe that the shares of these new companies will grow in value along with the growth in demand for these metals, on the back of the green technology movement. Specifically, the electrification of transportation, renewable energy technologies and the continuing urbanization of Asia and Africa.

While I am deeply pained by our awful financial performance in 2019 and 2020, I recognize that those years are behind us and the past cannot be changed, but we can and are shaping a better future. This year will not be stellar as we continue to fix operating issues and continue to invest in exploration and business systems – the foundations for a strong mining company. Looking beyond this year, myself and our entire senior management team, many of which are new hires, feel very optimistic about the company’s growth and are committed to delivering it to you!

Let me leave you with one last thought. As you know our stock symbol is MUX and here is what we are striving to make it mean – Motivated, United, Xceptional”

 commented Rob McEwen, Chairman & Chief Owner.

If you would like to be immediately contacted with our progress, please provide me with your contact details via my personal assistant Tara Saratsiotis. Her email is [email protected]

• For the full year 2020, production was 114,800 gold equivalent ounces⁽¹⁾ (GEOs)(see Table 1), compared to 174,400 GEOs in 2019.

  Our consolidated net loss in 2020 of $152.3 million, or $0.38 per share (see Table 2) relates primarily to the impairment for the Gold Bar Mine of $83.8 million; investment of $27.5 million on advanced projects and exploration; a gross loss of $27 million from our operations; and general and administrative costs of $9 million.

• Our three 100%-owned mines generated a cash gross loss of $4.0 million⁽²⁾ in 2020, and a gross loss of $27 million. Cash gross profit (loss) is calculated by adding back depletion and depreciation to gross profit (loss).
• We are forecasting our 2021 gold equivalent production to be in the range of 141,000 to 160,400 GEOs⁽¹⁾ a 23% to 40% increase over 2020.
• At Black Fox, development of the vent drive that will provide initial access to the Froome underground deposit has advanced 95% by the end of February 2021. We are on track to reach the main deposit before the end of March, and complete the necessary development work to allow for commercial production to be achieved by the fourth quarter of 2021.
• Gold Bar Feasibility Study Update was filed in February 2021. Using a $1,500/oz gold price the NPV(8%) is $55.2 million, over a 6-year mine life. Probable gold reserves estimated at December 31, 2020 were 300,000 oz (Table 3.2). Exploration programs are ongoing with the objective of extending the mine life beyond 6 years.
• Fenix Feasibility Study was filed in February 2021. Using a $1,500/oz gold price and $17/oz silver price the NPV(8%) is $32 million, over a 9.5-year mine life. Fenix has the key permits towards construction.
• The Grey Fox project’s Indicated resource estimate was updated in April 2020, increasing 43% to 888,000 oz Au at 7.1 g/t (see Table 2.4). An independent preliminary economic study on expanding production at the Fox Complex is expected to be completed by the end of Q2.
• In 2020, we completed 43,000 feet (13,000 meters) of drilling at Black Fox, and 111,000 feet (34,000 meters) of drilling at Gold Bar.
• Cash and liquid assets⁽²⁾ at March 10^th, 2021 was $49 million.
• Our year-end conference call will take place today, Thursday, March 11^th at 11am EST. Details are provided below.

Operations Update

Black Fox Mine, Canada (100% Interest)

Production from Black Fox in 2020 was 24,400 GEOs. Total cash costs and AISC were $1,397 and $1,650 per GEO, respectively.

We incurred $6.5 million in 2020 for exploration initiatives, compared to $25.8 million in 2019. We remain focused on our principal exploration goal of cost-effectively discovering and extending gold deposits adjacent to our existing operations to contribute to near-term gold production.

The Froome deposit, which is part of the Fox Complex, is accessed from two declines starting at the Black Fox pit and is situated approximately one-half mile west of the Black Fox mine. The mineralized material from Froome will be hauled approximately 20 miles (32 km) to the Stock Mine mill, where it will be processed. Development of the vent drive that will provide initial access to the Froome underground deposit has advanced 95% by the end of February 2021. We are on track to reach the main deposit before the end of Q1 and to complete the necessary development work required to achieve commercial production by the fourth quarter of 2021.

The Stock exploration area sits adjacent to our Stock mill, which currently processes ore from our Black Fox mine. The Stock West mineralized zone was discovered in mid-2019; in 2020 five drill rigs completed 53,600 feet (16,350 meters) of follow-up drilling. Initial results suggest the potential to define a significant new zone of mineralization 800m (1/2 mile) from our Stock processing facility. The majority of our 2020 drilling was designed to infill the gaps between our encouraging 2019 intercepts. This will increase the density of the data needed to develop a 3D model and the Company expects to generate an initial resource estimate while drilling continues. Four contracted drill rigs completed a total of 58,600 feet (17,900 meters) by year-end. Drilling resumed in early January 2021. Assuming this drilling is successful in identifying sufficient gold to support a decision to re-open the historic Stock Mine, we are well positioned to act quickly and begin dewatering the mine in the second half of 2021. Previously the mine was dewatered in just 4 months.

In April 2020, the Indicated resource estimate for Grey Fox project increased 43% to 888,000 oz Au at 7.1 g/t. We have engaged an independent engineering group to complete a Preliminary Economic Assessment (PEA) on the Grey Fox – Black Fox, Stock and Timmins resources utilizing our existing central milling capacity. We plan to grow annual production at the Fox Complex to 100-150,000 ounces of gold, at a targeted cash cost of $800/oz and an all-in sustaining cost (AISC) of $1,100/oz, over a +10-year life, with production envisioned to start ramping up from 2022. The PEA’s completion is expected in Q2, and will support the optimal business case on which to further complete a feasibility study. Mining from the Froome deposit, as described above, is expected to bridge gold production, providing cash flow while we continue to drill and assess additional potential resources at the Black Fox, Grey Fox, Stock and Timmins projects for future development towards expanded production.

Gold Bar Mine, USA (100% Interest)

Gold Bar produced 28,000 GEOs in 2020. Total cash costs and AISC were $2,106 and $2,459 per GEO, respectively.

The outbreak of the COVID-19 pandemic had a significant impact on 2020 production, as the Gold Bar operation shut down in Q2 and isolation quarantine protocols reduced operating shifts in Q4 after site personnel tested positive for COVID-19. The slower ramp up to full mining rates following the shutdown was primarily due to delays related to mining contractor rehiring of operators.

In 2020, we spent $5.1 million on exploration activities in and around the Gold Bar mine, which included 110,500 feet (33,700 m) of drilling and metallurgical testing to support the updated reserve estimates. Drilling at Gold Bar South has successfully advanced the project and is expected to contribute to Gold Bar mine’s future production. Subject to the receipt of permit approvals as planned, the mining of Gold Bar South could begin as early as Q1 2022.

In January 2021, updated resource model and resource and reserve estimates were completed, providing us with a more accurate model to plan from moving forward. Remodeling of these deposits has been completed in-house and reviewed by an independent third-party mining consultant. Optimization of the reserve will continue into 2021, to improve ore deliveries to the pad.

San José Mine, Argentina (49% Interest)

Our attributable production from San José in 2020 was 31,800 gold ounces and 2,013,000 silver ounces, for a total of 54,500 GEOs. Total cash costs⁽²⁾ and all-in sustaining costs (AISC)⁽²⁾ were $1,233 and $1,514 per GEO, respectively.

Gold and silver production decreased significantly in 2020 as a result of suspensions of mining activities due to COVID-19 combined with operating below capacity during ongoing countrywide travel restrictions.

In 2021, our partner Hochschild Mining is planning a significant exploration program at San José. Towards the end of 2020 drilling started to return encouraging results in the Saavedra area close to where mining takes place. During Q1 2021, 6,500 ft (2,000 m) of resource drilling is planned at the Betania and Isabel veins, with campaigns also continuing at the Telken zone close to Newmont’s Cerro Negro mine and at Aguas Vivas, north-west of San José.

El Gallo Project, Mexico (100% Interest)

Production from El Gallo in 2020 was 8,000 GEOs from residual leaching of the heap leach pad. During 2020, residual leaching costs were $11.4 million, or $1,409 per GEO sold.

For 2021, we expect to recover 4,500-5,900 GEOs from residual leaching of the heap leach pad.

COVID-19 Update

McEwen Mining continues to maintain wide-ranging prevention measures for its workforce and neighboring communities, including screening, physical distancing, travel restrictions, contact tracing and avoiding exposure for at-risk individuals.

Table 1 below provides production and cost results for Q4 and the full year 2020, with comparative results from 2019.

	Q4		Full Year		2021 Guidance
	2019	2020	2019	2020
Consolidated Production
Gold (oz)	36,100	24,100	134,300	92,100	110,500-127,900
Silver (oz)	865,000	532,400	3,365,800	2,020,000	2,300,000-2,450,000
GEOs(1)	46,300	30,100	174,400	114,800	141,000-160,400
Gold Bar Mine, Nevada ( 3 )
GEOs(1)	9,713	6,000	30,712	28,000	37,000-45,000
Cash Costs ($/GEO)(1)	1,281	3,439	1,101	2,106
AISC ($/GEO)(1)	1,452	3,726	1,282	2,459
Black Fox Mine, Canada
GEOs(1)	9,921	8,000	35,721	24,400	27,500-32,500
Cash Costs ($/GEO)(1)	729	1,307	825	1,397
AISC ($/GEO)(1)	934	1,439	1,225	1,650
El Gallo Mine, Mexico
GEOs(1)	2,490	1,500	16,333	8,000	4,500-5,900
		(5)		(5)
San José Mine, Argentina (49%)
Gold production (oz)(4)	14,000	8,700	51,700	31,800	41,500-44,500
Silver production (oz)(4)	861,800	531,500	3,354,500	2,013,000	2,300,000-2,450,000
GEOs(1)(4)	24,200	14,600	91,700	54,500	72,000-77,000
Cash Costs ($/GEO)(1)	826	1,234	867	1,233
AISC ($/GEO)(1)	1,034	1,455	1,140	1,514

Table 2 below provides financial highlights for Q4 and full year 2020, with comparative results from 2019.

	Q4 2019		Q4 2020		Full Year 2019		Full Year 2020
Treasury
Liquid Assets ($ millions)(2)					49.7		25.9
Cash ($ millions)					46.5		20.8
Working Capital ($ millions)					43.2		7.9
Debt (Term loan) ($ millions)					50.0		50.0
Gross Profit (Loss)
Black Fox Mine ($ millions)	4.1		0.2		5.7		(4.1	)
San José Mine (49%) ($ millions)	6.9		9.1		16.6		25.0
El Gallo Project ($ millions)	(0.5	)	(1.8	)	4.0		(1.5	)
Gold Bar Mine ($ millions)	(2.3	)	(12.1	)	(0.7	)	(21.4	)
Cash Gross Profit (Loss)
Black Fox Mine ($ millions)	6.8		3.8		18.9		6.8
San José Mine (49%) ($ millions)	16.7		12.9		50.9		39.6
El Gallo Project ($ millions)	(0.4	)	(1.8	)	4.6		(1.3	)
Gold Bar Mine ($ millions)	2.1		(8.8	)	10.2		(9.6	)
Consolidated Operating Results
Net (Loss) ($ millions)	(25.1	)	(23.5	)	(59.7	)	(152.3	)
Net (Loss) per Share ($)	(0.07	)	(0.06	)	(0.17	)	(0.38	)
Cash Flow
Cash Provided By (Used In) Operating Activities ($ millions)	(17.6	)	(2.6	)	(39.5	)	(27.9	)

Notes:

1. ‘Gold Equivalent Ounces’ are calculated based on a gold to silver price ratio of 85:1 for Q4 2019, 77:1 for Q4 2020, 84:1 for 2019, and 89:1 for 2020. 2021 production and cost guidance is calculated based on 75:1 gold to silver price ratio.
2. Cash gross profit, cash costs per ounce, all-in sustaining costs (AISC) per ounce, and liquid assets are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For definition of the non-GAAP measures see “Non-GAAP Financial Measures” section in this press release; for the reconciliation of the non-GAAP measures to the closest U.S. GAAP measures, see the Management Discussion and Analysis for the year ended December 31, 2020 filed on Edgar and SEDAR.
3. Gold Bar started commercial production on May 23, 2019.
4. Represents the portion attributable to us from our 49% interest in the San José Mine.
5. Both cash costs and AISC per GEO no longer represent key metrics used by management to evaluate residual leaching at the El Gallo Project. For this reason, the Company has ceased relying on, and disclosing, cash costs and all-in-sustaining costs per ounce as a key metric.

For the SEC Form 10-Q Financial Statements and MD&A refer to: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000314203

Conference Call and Webcast

We invite you to join our conference call, where management will discuss our Q4 and year-end 2020 financial results and project developments and follow with a question-and-answer session. Questions can be asked directly by participants over the phone during the webcast.

The webcast will be archived on McEwen Mining’s website at https://www.mcewenmining.com/media following the call.

Thursday, March 11 th , 2021 at 11:00 am EST	To call into the conference call over the phone, please register here: http://www.directeventreg.com/registration/event/4266439
	Audience URL: https://event.on24.com/wcc/r/2948535/322FE1DE7B9003D0125B7DAA2B27B02E

Resource and Reserve Updates

The following statements apply to information contained in the resource and reserve tables below:

• Mineral Resources are inclusive of Mineral Reserves;
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate;
• Numbers in the tables have been rounded to reflect the accuracy of the estimates and may not sum due to rounding;
• The Inferred Mineral Resource in these estimates has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration;
• Quantity and grade of reported Inferred resources are uncertain in nature and there has been insufficient exploration to classify these Inferred resources as Measured or Indicated;
• Mineral Resources and Reserves were estimated using the guidelines set out in the CIM Definition Standards for Mineral Resources and Reserves prepared by the CIM Standing Committee on Reserve Definitions, reserves estimates are also compliant with SEC Industry Guide 7;

San José Mine

Hochschild Mining Plc (“Hochschild”), our joint venture partner, prepared the mineral resource and mineral reserve estimates for the San José mine as at December 31, 2020.

These figures, reported on a 100% basis, were prepared by Hochschild and audited by P&E Mining Consultants Inc. whose audit letter dated February 8, 2021, concluded that the estimates for the San José mine prepared by Hochschild at December 31, 2020 provide a reliable estimation of reserves and resources. The reserves as presented are in-situ and include mining dilution and mining losses, however they do not include allowances for mill or smelter recoveries.

Table 1.1: San José Mine – Mineral Reserve Estimate, December 31, 2020 – 100% basis

Classification	Quantity (‘000 t)	Gold Grade (g/t)	Silver Grade (g/t)	Contained Gold (‘000 oz)	Contained Silver (M oz)
Proven	815	6.73	409	176	10.7
Probable	187	5.46	354	33	2.1
Total Proven & Probable	1,002	6.49	399	209	12.8

Table 1.1 Notes:

• Reserves are stated on a 100% basis. McEwen Mining Inc. has a 49% attributable interest in the San José mine.
• Mineral reserves were estimated by Hochschild Mining Plc; P&E Mining Consultants Inc. have audited the resource and reserve estimates and found that they meet the requirements for disclosure under Canadian National Instrument 43-101 (NI 43-101) and the Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy (“JORC”) as well as the US Securities and Exchange Commission Industry Guide 7 for reserves.
• Metal prices used for reserve estimation US$1,800/oz for gold and US$20.00/oz for silver.
• For reserves average internal dilution was 7%, average mining and geotechnical dilution was 43% and mine extraction was 30%.
• Reserve cut-off grades: Cut and fill = 285 gpt AgEq., Long hole = 228 gpt AgEq. [AgEq = (Au x 86) + Ag].

Table 1.2: San José Mine – Mineral Resource Estimate, December 31, 2020 – 100% basis

Classification	Quantity (‘000 t)	Gold Grade (g/t)	Silver Grade (g/t)	Contained Gold (‘000 oz)	Contained Silver (M oz)
Measured	1,752	7.89	484	444	27.3
Indicated	1,000	5.68	335	183	10.8
Total Measured & Indicated	2,752	7.09	429	627	38.0
Total Inferred	1,861	5.58	345	334	20.6

Table 1.2 Notes:

• Resources are stated on a 100% basis. McEwen Mining Inc. has a 49% attributable interest in the San José mine.
• Mineral resources were estimated by Hochschild Mining Plc; P&E Mining Consultants Inc. have audited the resource and reserve estimates and found that they meet the requirements for disclosure under Canadian National Instrument 43-101 (NI 43-101) and the Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy (“JORC”) as well as the US Securities and Exchange Commission Industry Guide 7 for reserves.
• Resource estimations utilized inverse distance and ordinary kriging methods depending upon data density.
• Metal prices used for resource estimation US$1,800/oz for gold and US$20.00/oz for silver.
• Resources for 2020 were defined at a cut-off grade of 285 gpt silver equivalent [AgEq = (Au x 86) + Ag].

Fox Complex

The mineral resource estimate for the Black Fox Mine and Grey Fox area was carried out by McEwen Mining; the mineral reserve for the Black Fox Mine was developed by the site engineering team. All resource and reserve statements are as at December 31, 2020.

Table 2.1: Black Fox Mine – Mineral Resource Estimate, December 31, 2020

Classification	Quantity (‘000 tonnes)	Grade Gold (g/t)	Contained Gold (‘000 oz)
Measured	374	5.35	64
Indicated	118	5.06	19
Total Measured & Indicated	492	5.28	84
Inferred	242	5.32	41

Table 2.1 Notes:
• Resources are reported at a cut-off grade of 3.0 g/t Au, assuming an underground extraction scenario, a gold price of US$1,500/oz and a metallurgical recovery of 96 percent.

Table 2.2: Black Fox Mine – Mineral Reserve Estimate, December 31, 2020

Classification	Quantity (‘000 tonnes)	Grade Gold (g/t)	Contained Gold (‘000 oz)
Proven	33	3.96	4
Probable	72	4.10	10
Total Probable	105	4.05	14

Table 2.2 Notes:
• Reserves are based on a cut-off value of 3.64 g/t Au assuming a gold price of US$1,650/oz.
• Reserves are stated at a mill feed reference point and include for diluting materials and mining losses.

Table 2.3: Grey Fox Property – Mineral Resource Estimate, December 31, 2020

Classification		Quantity (‘000 t)	Grade Gold (g/t)		Contained Gold (‘000 oz)
Indicated Mineral Resource
Underground	Contact Zone	1,212	6.76		263
	147 Zone	1,028	7.65		253
	147 NE Zone	467	7.79		117
	South Zone	708	7.16		163
	Gibson Zone	502	5.70		92
Total Indicated		3,917	7.05		888
Inferred Mineral Resource
Underground	Contact Zone	173	7.02		39
	147 Zone	144	7.05		33
	147 NE Zone	47	8.34		13
	South Zone	98	6.64		21
	Gibson Zone	356	5.92		68
Total Inferred		818	6.58		173
Table 2.4 Notes: All figures rounded to reflect the relative accuracy of the estimates. Composites were capped where appropriate. Mineral resources reported at a cut-off grade of 3.6 g/t Au

Gold Bar Mine

The mineral resource estimate for the Gold Bar Mine was carried out by McEwen Mining.

Table 3.1: Gold Bar – Mineral Resource Estimate, December 31, 2020

Classification	Quantity (‘000 t)	Grade Gold (oz/ton)	Grade Gold (Metric g/t)	Contained Gold (‘000 oz)
Indicated	16,698	0.027	0.91	491
Inferred	1,982	0.024	0.82	52

Table 3.1 Notes:

• Mineral resources are based on the following economic input parameters: $3.19/ore ton mining cost, $1.99/waste tone mining cost, $4.91/ore ton crushed process cost, $3.77/ore ton ROM process cost, $3.16/ore ton G&A cost, $0.475/toz gold refining charge, $1.538/toz transport & sales cost, 99.95% payable gold, 1% royalty at GBS only, 78% crushed oxide recovery at Pick & Ridge, 50% mid-carbon recovery at Pick & Ridge, 72% ROM oxide recovery at Pick & Ridge, 61% ROM oxide recovery at GBS, 0% ROM mid-carbon recovery;
• Resources are reported using gold variable cutoff grades depending on rock type, mining area, carbon content, clay content and process response.
• Resources stated in the table above are contained within a $1,725/oz Gold sales price Lerchs-Grossmann (LG) pits.

The reserve estimate for the Gold Bar mine as at December 31, 2020 was prepared by Joseph McNaughton, P.E., Senior Mining Engineers, Partner, Independent Mining Consultants and reviewed by Jeff Choquette and Todd Wakefield of Mine Technical Services Ltd.

Table 3.2: Gold Bar – Mineral Reserve Estimate, February 12, 2021

Classification	Quantity (‘000 t)	Grade Gold (oz/ton)	Grade Gold (Metric g/t)	Contained Gold (‘000 oz)	Recoverable (‘000 oz)
Probable	15,570	0.024	0.84	420	300

Table 3.2 Notes:

• Resources stated as contained within a potentially economically minable open pit using the following optimization parameters: US$1,500/oz Au, $3.19 per ore ton mining cost, $1.99 per waste ton mining cost, $4.91 per ton crushed process cost, $3.77 per ore ton run-of-mine (ROM) process cost, $3.16 per ore ton G&A cost, $0.475 per ton gold refining charge, $1.538 per ounce transport and sales cost, 99.95% payable gold, 1% royalty on Gold Bar South, 78% crushed oxide recovery at Pick and Ridge, 50% mid-carbon recovery at Pick and Ridge, 72% run-of-mine oxide recovery at Pick and Ridge, 61% ROM oxide recovery at Gold Bar South, 0% ROM mid-carbon recovery.
• Reserves are based on variable cutoff grades depending on rock type, mining area, carbon content, clay content and process response.
• Reserves are contained within an engineered pit design between the $1,250/oz and $1,400 gold sales price Lerchs-Grossmann pit shells.
• Based on end of December 2020 topography.

Technical Information

The technical contents of this news release has been reviewed and approved by Peter Mah, P.Eng., COO of McEwen Mining and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

The technical information in this news release related to resource and reserve estimates has been reviewed and approved by Luke Willis, P.Geo., McEwen Mining’s Director of Resource Modelling and Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

Reliability of Information Regarding San José

Minera Santa Cruz S.A., the owner of the San José Mine, is responsible for and has supplied to the Company all reported results from the San José Mine. McEwen Mining’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

CAUTIONARY NOTE TO US INVESTORS REGARDING RESOURCE ESTIMATION

McEwen Mining presently prepares its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards permitted in reports filed with the SEC under Industry Guide 7 (“Guide 7”). Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC under Guide 7. The estimation of measured and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Therefore, U.S. investors are also cautioned not to assume that all or any part of inferred resources exist, or that they can be legally or economically mined.

Canadian regulations permit the disclosure of resources in terms of “contained ounces” provided that the tonnes and grade for each resource are also disclosed; however, under Guide 7, the SEC only permits issuers to report “mineralized material” in tonnage and average grade without reference to contained ounces. Under Guide 7, the tonnage and average grade described herein would be characterized as mineralized material. We provide such disclosure about our properties to allow a means of comparing our projects to those of other companies in the mining industry, many of which are Canadian and report pursuant to NI 43-101, and to comply with applicable disclosure requirements.

CAUTIONARY NOTE REGARDING NON-GAAP MEASURES

In this release, we have provided information prepared or calculated according to United States Generally Accepted Accounting Principles (“U.S. GAAP”), as well as provided some non-U.S. GAAP (“non-GAAP”) performance measures. Because the non-GAAP performance measures do not have any standardized meaning prescribed by U.S. GAAP, they may not be comparable to similar measures presented by other companies.

Cash Costs and All-in Sustaining Costs

Cash costs consist of mining, processing, on-site general and administrative costs, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, and exclude depreciation and amortization. All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, sustaining exploration and development costs, sustaining capital expenditures, and sustaining lease payments. Both cash costs and all-in sustaining costs are divided by the gold equivalent ounces sold to determine cash costs and all-in sustaining costs on a per ounce basis. We use and report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe that these measures provide investors and analysts with useful information about our underlying costs of operations. A reconciliation to production costs applicable to sales, the nearest U.S. GAAP measure is provided in McEwen Mining’s Annual Report on Form 10-K for the year ended December 31, 2019.

Cash Gross Profit

Cash gross profit is a non-GAAP financial measure and does not have any standardized meaning. We use cash gross profit to evaluate our operating performance and ability to generate cash flow; we disclose cash gross profit as we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our ongoing business and capital activities. The most directly comparable measure prepared in accordance with GAAP is gross profit. Cash gross profit is calculated by adding depletion and depreciation to gross profit. A reconciliation to gross profit, the nearest U.S. GAAP measure is provided in McEwen Mining’s Annual Report on Form 10-K for the year ended December 31, 2019.

Liquid assets

The term liquid assets used in this report is a non-GAAP financial measure. We report this measure to better understand our liquidity in each reporting period. Liquid assets is calculated as the sum of the Balance Sheet line items of cash and cash equivalents, restricted cash and investments, plus ounces of doré held in precious metals inventories valued at the London PM Fix spot price at the corresponding period. A reconciliation to the nearest U.S. GAAP measure is provided in McEwen Mining’s Annual Report on Form 10-K for the year ended December 31, 2019.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.’s (the “Company”) estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina.

CONTACT INFORMATION:
Investor Relations: (866)-441-0690 Toll Free (647)-258-0395 Mihaela Iancu ext. 320 [email protected] Join our email list for updates:https://www.mcewenmining.com/contact-us/	Website: www.mcewenmining.com Facebook: facebook.com/mcewenmining Facebook: facebook.com/mcewenrob Twitter: twitter.com/mcewenmining Twitter:  twitter.com/robmcewenmux Instagram: instagram.com/mcewenmining	150 King Street West Suite 2800, P.O. Box 24 Toronto, ON, Canada M5H 1J9

SAN FRANCISCO, March 11, 2021 (GLOBE NEWSWIRE) — RiskIQ, the leader in Attack Surface Management, today announced explosive growth of its RiskIQ PassiveTotal platform, with users increasing by 37,299 in 2020, a YOY increase of 40%. Fueled by significant improvements to its unique data sets and the launch of a new Threat Intelligence Portal, SOCs across hundreds of organizations worldwide saw the platform become a staple of their threat investigations during a tumultuous year in cybersecurity.

Boosted Telemetry

RiskIQ PassiveTotal contributed to thousands of threat investigations in 2020, serving as an essential tool for analysts and incident responders as they navigated a roiled cyberthreat landscape. Overall, the platform now services 600,000 searches a month.

RiskIQ Global Collection Network produces data sets collected, classified, and correlated from crawling and absorbing the internet on a massive scale, giving analysts unique, in-depth insight into internet infrastructure relationships.

The RiskIQ Component Library is the largest in the threat intelligence industry, labeling all Internet assets based on logical categories such as operating systems, cloud services, remote access, and more. The company continuously improves this library, increasing its component detection by 116% in 2020.

These critical R&D efforts gave users of PassiveTotal a more vivid picture of an attacker’s infrastructure, tools, and techniques than they’ve ever had before.

Widespread Adoption and Recognition

These unique investigative capabilities continually surfaced in the press throughout the year by enabling investigations into election-relatedscams and misinformation, pandemic-related cybercrime, the aftermath of the SolarWinds hack, and more.

RiskIQ PassiveTotal was recognized by Forbes, which named RiskIQ one of its 20 Best Cybersecurity Startups To Watch In 2020. PassiveTotal was also a winner of a 2020 Cybersecurity Excellence Award for Threat Detection, Intelligence, and Response products for its crucial role in incident response.

Global Threat Hunting Workshops

RiskIQ supported the platform’s massive adoption with a global threat hunting workshop program that issued more than 3,000 CPE credits in 2020 to thousands of analysts worldwide, with thousands more watching on-demand sessions. These workshops focus on recent security threats and include hands-on exercises led by RiskIQ experts to examine new tactics and techniques used by threat actors.

Threat Intelligence Portal

RiskIQ introduced a powerful new portal featuring daily human-curated attack surface threat intelligence on global, industry, and local threats. These insights help organizations and analysts detect and investigate suspicious and malicious indicators affecting their organization with recommended actions. RiskIQ has curated threat intelligence from open and closed sources, including actual real-time attacks observed in the RiskIQ Global Collection Network, which spans over 2,500 networks globally and generates billions of events daily.

Overall, the company’s platform and intelligence team have published 22% more indicators than were publicly available for the articles available in the portal. The portal continuously improves via community defense to cover the most pressing cyber threats. With it, security teams have instant access to intelligence about their adversaries in an actionable, integrated, and relevant manner.

Interlock Ecosystem

In June, RiskIQ launched its Partner Interlock program, joining forces with Microsoft, Splunk, Crowdstrike, and more to form an ecosystem and collaboration framework for leading security solution providers to enable proactive attack surface management and protection for companies of all sizes. This next-generation partner program provides fast deployment of Security Intelligence for EDR, SIEM, Network, SOAR, and other security products for a unified experience with automated prevention and response.

Interlock members can rapidly deploy RiskIQ attack surface visibility and internet security intelligence across their enterprise security ecosystem (or infrastructure) for automated and informed threat detection, investigations, and prevention.

Looking Ahead to 2021 and Beyond

2020 was a year of explosive growth and innovation for RiskIQ. Still, this work has been long in the making, built on multiple granted and pending patents for automated attack surface discovery, external threat detection, and threat infrastructure analysis. RiskIQ will introduce more game-changing features in 2021, further solidifying its place as the leading threat hunting and incident response platform in the world.

“The enterprise attack surface is now the Internet,” said RiskIQ CEO Lou Manousos. “This is a multi-stakeholder problem, we are all in this together, and security teams need full visibility across the web to respond to threats and incidents quickly and decisively. The tremendous growth and increasing recognition of RiskIQ PassiveTotal is a testament to the value of automated security intelligence to security teams worldwide.”

Learn more about RiskIQ’s ability to help you successfully defend your attack surface, and sign up for RiskIQ Community to begin discovering unknowns and investigating threats across your digital attack surface.

About RiskIQ

RiskIQ is a leader in digital attack surface management, providing the most comprehensive discovery, intelligence, and mitigation of threats associated with an organization’s digital presence. With more than 75% of attacks originating outside the firewall, RiskIQ allows enterprises to gain unified insight and control over web, social and mobile exposures. Trusted by thousands of security analysts, security teams, and CISO’s, RiskIQ’s platform combines advanced internet data reconnaissance and analytics to expedite investigations, understand digital attack surfaces, assess risk, and take action to protect the business, brand, and customers. Based in San Francisco, the company is backed by Summit Partners, Battery Ventures, Georgian Partners, and MassMutual Ventures.

Try RiskIQ Community Edition for free by visiting https://www.riskiq.com/community/. To learn more about RiskIQ, visit www.riskiq.com.

© 2021 RiskIQ, Inc. All rights reserved. RiskIQ is a registered trademark of RiskIQ, Inc. in the United States and other countries. All other trademarks contained herein are the property of their respective owners.

Contact

Holly Hitchcock
Front Lines Media
‪(669) 247-6521‬
[email protected]

Combined assets reach audience of more than 85 million in the U.S., establishing Super League as a leading provider of content-driven advertising solutions in-event, in-stream, and in-game

SANTA MONICA, Calif., March 11, 2021 (GLOBE NEWSWIRE) — Super League Gaming (Nasdaq: SLGG), a global leader in competitive video gaming and esports entertainment for everyday players of all ages, announced today the acquisition of Mobcrush, a live streaming technology platform used by hundreds of thousands of gaming influencers who generate and distribute almost two million hours of original content annually and have accumulated more than 4.5 billion fans and subscribers across the most popular live streaming and social media platforms, including Twitch, YouTube, Facebook, Instagram, Twitter, and more. Mobcrush also owns Mineville, one of six exclusive, official Minecraft server partners that is enjoyed by more than 22 million unique players annually. Mineville is highly complementary to Minehut, Super League’s owned and operated Minecraft community, strengthening the combined company’s leading position with young gamers. This strategic, all-stock transaction, is anticipated to be accretive and enable Super League to take a significant leap forward in providing brands, advertisers, and other consumer facing businesses with massive audience reach across the most important engagement channels in video gaming – competitive events, social media and live streaming content, and in-game experiences.

With this acquisition, Super League is expected to achieve a new level of scale through content and proprietary technology systems:

• U.S. audience of 85 million monthly, making the combined company a Top 50 US media property (Nielsen DCR December 2020)
• More than 7.7 billion annual US video views across digital live streaming platforms (Nielsen DCR 2020)
• More than two billion annual video views on social media platforms
• More than 200,000 gameplay highlights generated and distributed across streaming video and social media platforms per month
• More than 60 million hours of annual gameplay across owned and operated platforms
• A combined player base of more than three million per month, with a reach of more than 400,000 players per day

“Super League and Mobcrush share a mission to empower passionate gamers and streamers through proprietary tools to create gameplay and streaming entertainment content that inspires connectivity and engagement for the greater good of gaming,” said Ann Hand, Chief Executive Officer of Super League. “With this acquisition we are building a formidable, highly scalable gaming-centric media and advertising platform that reaches one of the largest addressable audiences of gamers in the U.S. The revenue opportunities available through our combined advertiser solutions, as well as growth in direct gamer and content monetization, are tremendous.”

Mobcrush has become a sought-after partner for advertisers seeking television-equivalent and ad-blocker-proof digital video inventory targeting gamers, a demographic that continues to grow in importance. Mobcrush’s Sponsored Live Breaks product complements Super League’s offerings within its robust social media content network, original shows, and unique in-game programs.

“Super League is one of the strongest brands in the esports entertainment ecosystem and achieved impressive digital audience and content growth during COVID,” said Mike Wann, CEO of Mobcrush. “I am thrilled we can bring our expertise in streaming to the table. Together, we offer brands and advertisers a huge opportunity to create meaningful connections with the most sought-after audience in today’s media landscape – the engaged young gamer. Combining with Super League also means doubling down on a shared vision of empowering passionate gamers and streamers, allowing them to supercharge their own growth, and helping them turn their passions into their livelihoods. The best is yet to come.”

An equally important set of opportunities comes from the combination of Mobcrush’s live streaming technology platform and proprietary AI-driven gameplay highlights software, with Super League’s patented visualization technology and cloud-based, remote video production and monitoring division, Virtualis Studios. Together, the companies will provide content producers at all levels – streamers, creators, digital and television production companies, branded content studios, and more – with an exciting suite of tools and capabilities designed both for the unique needs of today’s production and distribution realities, and the enduring changes within the landscape resulting from the pandemic.

“Media is all about scale, and Super League’s proposed acquisition of Mobcrush creates a demonstrably larger targeted audience reach to attract a greater share of advertisers’ wallets,” said Mark Jung, Super League Board Member, founder of IGN Entertainment, and former COO of FOX Digital. “Super League’s management team continues to do an exceptional job identifying how to bring value to players and reach fans and viewers exactly where they spend the majority of their time.”

The transaction, which is expected to close as early as Super League’s second fiscal quarter of 2021, is subject to customary closing conditions and regulatory approvals, including shareholder approval. Additional details regarding the transaction, including a copy of the merger agreement, can be found in the Company’s Current Report on Form 8-K, filed today and available in the investor relations section of Super League’s website here.

About Super League Gaming

Super League Gaming (Nasdaq: SLGG) is a leading gaming community and content platform that gives everyday gamers multiple ways to connect and engage with others while enjoying the video games they love. Powered by patented, proprietary technology systems, Super League offers players the ability to create gameplay-driven experiences they can share with friends, the opportunity to watch live streaming broadcasts and gameplay highlights across digital and social channels, and the chance to compete in events and challenges designed to celebrate victories and achievements across multiple skill levels. With gameplay and content offerings featuring more than a dozen of the top video game titles in the world, Super League is building a broadly inclusive, global brand at the intersection of gaming, experiences and entertainment. Whether to access its expanding direct audience or the company’s unique content production and virtual event capabilities, third parties ranging from consumer brands, video game publishers, television companies, traditional sports organizations, concert promoters, and more, are turning to Super League to provide integrated solutions that drive business growth. For more: superleague.com

About Mobcrush

Mobcrush is a leading gaming technology platform that empowers gamers and influencers to reach all of their fans simultaneously across live streaming and social media platforms. Mobcrush has been downloaded by more than 600,000 creators who generate almost 2 million hours of original content annually and have accumulated more than 4.5 billion fans and subscribers. Along with free multi-streaming distribution, Mobcrush’s proprietary technology ReplayEngine gives gamers the ability to capture and share amazing highlight moments in real time via artificial intelligence with a single tap. Mobcrush powers full-service live streaming, influencer activations, and esports content creation and distribution at scale. The company’s Sponsored Live Breaks and other advertising solutions create authentic connections for brands with creators and their fans across a broad spectrum of video game entertainment. The company also owns and operates InPVP’s Mineville, one of six official Microsoft Minecraft partner servers, enjoyed by more than 22 million unique players annually. Through its longstanding commitment to advancing the intersection of gameplay, live streaming, and content creation, Mobcrush continues to be a leading platform helping players and creators pursue their passion and make a living while doing so.

Media Contact:
Gillian Sheldon
Super League Gaming
[email protected]

Investor Relations:

Sean McGowan and Cody Slach
Gateway Investor Relations
[email protected]

Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements in this communication include, among other things, statements about our possible or assumed business strategies, potential growth opportunities, new products and potential market opportunities. Risks and uncertainties include, among other things, our ability to implement our plans, forecasts and other expectations with respect our business; our ability to realize the anticipated benefits of the proposed acquisition of Mobcrush, including the possibility that the expected benefits will not be realized or will not be realized within the expected time period; unknown liabilities that may or may not be within our control; attracting new customers and maintaining and expanding our existing customer base; our ability to scale and update our platform to respond to customers’ needs and rapid technological change; increased competition on our market and our ability to compete effectively, and expansion of our operations and increased adoption of our platform internationally. Additional risks and uncertainties that could affect our financial results are included in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2019 and other filings that we make from time to time with the Securities and Exchange Commission which, once filed, are available on the SEC’s website at www.sec.gov. In addition, any forward-looking statements contained in this communication are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

MARTINSVILLE, Va., March 11, 2021 (GLOBE NEWSWIRE) — Maria Duey, a senior financial executive with over 20 years of experience in mergers and acquisitions and investor relations at publicly-traded global manufacturing companies, has joined the Board of Directors of Hooker Furniture Corporation (NASDAQ-GS:HOFT) based here.

Duey is currently CEO and founder of Leonine Advisory, a consulting firm specializing in strategic planning and mergers and acquisitions for middle-market companies. She previously spent 18 years at Masco Corp., a leading manufacturer of branded home improvement and building products, where she implemented and led investor relations strategy and managed and executed numerous acquisitions, divestitures and investments. She also served in a similar capacity for several years at automotive aftermarket company Horizon Global.

“Speaking for the entire Hooker Furniture Board of Directors, we are ecstatic to have Maria Duey join our Board,” said Paul B. Toms, Chairman of the HFC Board. “She brings a strong background in strategic planning, investor relations and mergers & acquisitions as well as experience in large multi-national consumer goods companies. We believe Maria offers a complementary skillset to our existing directors and is a good fit culturally. We’re grateful she chose to join our Board and know she will be a solid contributor.”

“Hooker Furnishings’ focus on high-quality home products across multiple and expanding distribution channels makes this an exciting time to join the Board,” said Duey, “especially with the company approaching its 100^th anniversary. I’m honored to join this strong Board and to begin working with the company’s talented management team to help create value for all stakeholders.”

Duey, a Detroit-area resident, holds an MBA from the Kellogg School of Management at Northwestern University and an undergraduate degree from Michigan State University.

Based in Martinsville, Va., Hooker Furniture Corporation is ranked among the nation’s largest publicly traded furniture sources and encompasses twelve distinct operating businesses. These brands include: Hooker Furniture, Hooker Upholstery, Bradington-Young, Sam Moore Furniture, Shenandoah Furniture, H Contract, Accentrics Home, Pulaski Furniture, Samuel Lawrence Furniture, Prime Resource International, Samuel Lawrence Hospitality and HMIdea. Hooker Furnishings Corporation’s corporate offices and upholstery manufacturing facilities are located in Virginia and North Carolina, with showrooms in High Point, N.C. and Ho Chi Minh City, Vietnam. Hooker Furnishings operates distribution centers in the United States, China, and Vietnam. The company’s stock is listed on the Nasdaq Global Select Market under the symbol HOFT.

Contact: Paul Huckfeldt, Chief Financial Officer
Email: [email protected]
Phone:   276-632-2133

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/20a4a243-31fa-4600-b5c1-ced343467311

–Record Quarterly Origination Volume of $24 Billion, Up 189% Year-Over-Year– 

–Quarterly Net Revenue More Than Quadrupled Year-Over-Year to $455 Million– 

–Fourth Quarter Net Income of $184 Million; $1.33 per Share—

ANN ARBOR, Mich., March 11, 2021 (GLOBE NEWSWIRE) — Home Point Capital Inc. (NASDAQ: HMPT) (together with its subsidiaries, “Home Point Capital” or the “Company”), the parent entity of Home Point Financial Corporation (“Homepoint”), today announced its financial results for the fourth quarter and full year ended December 31, 2020.

“Our results for the fourth quarter of 2020 capped a transformative year for Home Point Capital, driven by record performance across our originations platform in every dimension,” said Willie Newman, President and Chief Executive Officer. “During 2020 Home Point Capital generated origination volume of $62 billion, including $24 billion in the fourth quarter. Our growth was primarily driven by our wholesale channel, where we doubled our market share versus 2019. This performance highlights the impact of our differentiated business model.”

“The positive momentum we generated in 2020 has enabled us to enter 2021 in a position of significant strength, and the recent completion of Home Point Capital’s initial public offering marks an important milestone in the evolution of our company. I would like to thank all of Home Point Capital’s constituents – our associates, our partners, our customers and our shareholders in promoting our principles and pursuing our mission of creating financially healthy, happy homeowners.”

Fourth Quarter and Full Year 2020 Financial Summary

	($mm, except per share values)		For the quarter ended									For the year ended 12/31
			12/31/2020			9/30/2020			12/31/2019				2020			2019
	Total Originations		$	23,956		$	18,120		$	8,276		$	62,001		$	22,268
	Gain on sale margin (bps)1			176			278			77			223			90
	Servicing portfolio – Units			359,323			307,236			236,362			359,323			236,362
	Servicing portfolio – UPB		$	91,483		$	73,951		$	52,601		$	91,483		$	52,601
	Total revenue, net		$	455.1		$	510.4		$	96.8		$	1,377.2		$	199.7
	Total expenses		$	224.2		$	163.0		$	76.2		$	588.6		$	241.1
	Net income (loss)		$	184.5		$	264.0		$	16.1		$	607.0		$	(29.2	)
	Net income (loss) per share2		$	1.33		$	1.90		$	0.12		$	4.45		$	(0.21	)
	(1) Calculated as gain on sale, net, divided by Origination volume.
	(2) On January 21, 2021, Home Point Capital effected a stock split of its outstanding common stock pursuant to which the 100 outstanding shares were split into 1,388,601.11 shares each, for a total of 136,860,103 shares of outstanding common stock. As a result, all amounts relating to per share amounts have been retroactively adjusted to reflect this stock split.

Fourth Quarter 2020 Highlights

• Record quarterly origination volume of $24 billion, nearly tripling volume from the fourth quarter of 2019, and up 32% versus the third quarter of 2020
• Market share of 8.2% in the wholesale channel, up from 4.5% in the fourth quarter of 2019, and up from 7.3% in the third quarter of 2020¹
• Total revenue, net of $455 million, a 370% increase from the year-ago quarter, and an 11% decline from the third quarter of 2020
• Net income of $185 million (or $1.33 per share), up from $16 million (or $0.12 per share) year-over-year, and down from $264 million (or $1.90 per share) in the third quarter of 2020
• Servicing customers of 359,323, up 52% from year-end 2019, and up 17% from the third quarter of 2020
• Servicing portfolio UPB of $91.5 billion, up 75% from year-end 2019, and up 24% from the third quarter of 2020   

Full Year 2020 Highlights

• Total origination volume of $62 billion, up 178% from 2019 volume of $22 billion
• Wholesale channel market share of 7.0% in 2020, double from market share of 3.5% in 2019²
• Total revenue, net of $1.4 billion, a nearly seven-fold increase from net revenue of $200 million in 2019
• Net income of $607 million (or $4.45 per share), compared to a net loss of $29 million (or $(0.21) per share) in 2019

¹ Source: Inside Mortgage Finance.
² Source: Inside Mortgage Finance.

Origination Segment

Home Point Capital’s Origination segment originates and sells residential real estate mortgage loans. These loans are sourced through three channels. Our primary channel is Wholesale, where we work with mortgage brokerages to source new customers. In our Correspondent channel, we acquire customers through a network of mortgage banks and financial institutions. Our Direct channel retains Home Point Capital serviced customers in our ecosystem.

The Origination segment generated a contribution margin of $302 million for the fourth quarter of 2020, up from $29 million for the fourth quarter of 2019, and down from $425 million for the third quarter of 2020. For the year ended December 31, 2020, the Origination segment generated a contribution margin of $1.1 billion versus $90 million for the prior year.

Origination Segment – Financial Highlights and Key Performance Indicators

	($mm)		For the quarter ended												For the year ended 12/31
			12/31/2020				9/30/2020				12/31/2019					2020				2019
	Gain on loans, net		$	422.2			$	503.3			$	64.8			$	1,385.0			$	200.6
	Loan fee income			35.5				28.2				12.3				96.1				32.1
	Loan servicing fees			(1.5	)			0.2				(0.4	)			(3.5	)			(0.8	)
	Interest income, net			(0.2	)			0.3				0.5				1.6				2.7
	Total Origination segment revenue			456.0				532.0				77.2				1,479.2				234.6
	Directly attributable expense			(153.6	)			(107.4	)			(48.1	)			(385.0	)			(145.1	)
	Contribution margin		$	302.4			$	424.6			$	29.1			$	1,094.2			$	89.5
	Key Performance Indicators
	Origination Volume by Channel
	Wholesale		$	14,130			$	10,984			$	4,542			$	37,902			$	11,565
	Correspondent			8,576				6,281				3,539				21,273				10,215
	Direct			1,249				855				196				2,826				487
	Total Originations		$	23,955			$	18,120			$	8,277			$	62,001			$	22,267
	Gain on sale margin (bps)1			176				278				77				223				90
	Market Share for the period ended2:
	Overall share of origination market			1.9	%			1.6	%			1.1	%			1.5	%			1.0	%
	Share of wholesale channel			8.2	%			7.3	%			4.5	%			7.0	%			3.5	%
	Origination Volume by Purpose:
	Purchase			29.5	%			29.0	%			44.3	%			30.9	%			50.6	%
	Refinance			70.5	%			71.0	%			55.7	%			69.1	%			49.4	%
	Third Party Partners:
	Number of Broker Partners			5,372				4,921				3,085				5,372				3,085
	Number of Correspondent Partners			604				594				537				604				537
	(1) Calculated as gain on sale, net, divided by Origination volume.
	(2) For each period, overall share calculated as the Company’s originations dollar value divided by the total residential originations in the United States per Inside Mortgage Finance, a third party provider of residential mortgage industry news and statistics. For each period, wholesale channel share calculated as the Company’s wholesale originations dollar value divided by the total wholesale originations in the United States per Inside Mortgage Finance.

Servicing Segment

Home Point Capital’s Servicing segment generates revenue through contractual fees earned by performing daily administrative and management activities for mortgage loans that were sourced by the Company’s Originations segment. These loans are serviced on behalf of investors/guarantors, primarily Fannie Mae, Freddie Mac and Ginnie Mae.

The Servicing segment generated a contribution margin of $(34) million for the fourth quarter of 2020, compared to $3 million for the fourth quarter of 2019 and $(20) million for the third quarter of 2020. For the year ended December 31, 2020, the Servicing segment generated a contribution margin of $(66) million versus $25 million for the prior year.

Servicing Segment – Financial Highlights and Key Performance Indicators

	($mm)		For the quarter ended												For the year ended 12/31
			12/31/2020				9/30/2020				12/31/2019					2020				2019
	Gain on loans, net		$	–			$	–			$	(0.8	)		$	–			$	(1.1	)
	Loan servicing fees			55.8				48.1				40.5				191.7				145.1
	Change in fair value of MRSs			(54.7	)			(66.7	)			(22.0	)			(285.3	)			(173.1	)
	Interest income, net			0.3				0.6				5.6				7.4				18.9
	Other income			0.1				0.1				–				0.3				–
	Total Servicing segment revenue			1.5				(17.9	)			23.3				(85.9	)			(10.2	)
	Change in MSR due to val., net of hedge			(17.2	)			11.8				(10.4	)			81.1				74.5
	Directly attributable expense			(18.3	)			(13.9	)			(9.8	)			(61.0	)			(39.6	)
	Contribution margin		$	(34.0	)		$	(20.0	)		$	3.1			$	(65.8	)		$	24.7
	Key Performance Indicators
	Mortgage Servicing
	MSR servicing portfolio – UPB		$	91,483			$	73,951			$	52,601			$	91,483			$	52,601
	Servicing portfolio – Units			359,323				307,236				236,362				359,323				236,362
	60+ days delinquent, incl. forbearance			4.4	%			6.6	%			1.7	%			4.4	%			1.7	%
	60+ days delinquent, excl. forbearance			1.5	%			2.6	%		NA					1.5	%		NA
	MSR multiple		2.9x				2.6x				3.4x				2.9x				3.4x

Balance Sheet and Liquidity Highlights

Home Point Capital had available liquidity of $281 million as of December 31, 2020, comprising $165 million of cash and cash equivalents and $116 million of undrawn capacity from mortgage servicing rights lines of credit and other credit facilities. The Company’s warehouse capacity of $4.2 billion at the end of 2020 increased from $1.7 billion at the end of 2019.

	($mm)		As of
			12/31/2020			9/30/2020			12/31/2019
	Cash and cash equivalents		$	165.2		$	271.5		$	30.6
	Mortgage servicing rights (at fair value)			748.5			583.3			575.0
	Warehouse lines of credit			3,005.4			2,092.5			1,478.2
	Term debt and other borrowings, net			454.0			374.1			425.0
	Total shareholders’ equity			927.5			742.7			410.3

Conference Call and Webcast

Members of Home Point Capital’s management team will host a conference call and live webcast on Thursday, March 11, 2021 at 8:30 a.m. ET. to review the Company’s financial results for the fourth quarter and full year ended December 31, 2020.

The conference call may be accessed by dialing (877) 423-9813 (toll-free) or (201) 689-8573 (international), using the passcode 13716990. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast will also be available and can be accessed through the Investor Relations section of Home Point Capital’s website at investors.homepoint.com.

An investor presentation will be referenced during the call, and it will be available prior to the call through the Investor Relations section of Home Point Capital’s website.

A telephonic replay of the call will be available approximately two hours after the live call through Thursday, March 18, 2021 by dialing (844) 512-2921 (toll-free) or (412) 317-6671 (international), passcode 13716990. To access a replay of the webcast, please visit Events in the Investor Relations section of Home Point Capital’s website.

About Home Point Capital

Home Point Capital is evolving the homebuying and home ownership experience. Home Point Capital’s primary business entity, Home Point Financial Corporation, is a leading mortgage originator and servicer focused on driving financially healthy and successful homeownership. Through additional wholly owned subsidiaries Home Point Mortgage Acceptance Corporation and Home Point Asset Management, the company supports sustainable homeownership as a crucial element of each consumer’s broader journey towards financial security and wellbeing, delivering a seamless and less stressful homebuying experience.

Founded in 2015 and headquartered in Ann Arbor, Michigan, Homepoint works closely with a nationwide network of more than 5,500 mortgage broker and correspondent partners with deep knowledge and expertise about the communities and customers they serve. Today, Homepoint is the nation’s third-largest wholesale mortgage lender and the 10th-largest nonbank mortgage lender.

Home Point Financial Corporation d/b/a Homepoint. NMLS No. 7706 (For licensing information, go to: nmlsconsumeraccess.org). Home Point Financial Corporation does not conduct business under the name, “Homepoint” in IL, KY, LA, MD, NY, or WY. In these states, the company conducts business under the full legal name, Home Point Financial Corporation. 2211 Old Earhart Road, Suite 250, Ann Arbor, MI 48105. Toll-Free Tel: 888-616-6866.

Forward Looking Statements

This press release contains certain “forward-looking statements,” as that term is defined in the U.S. federal securities laws. In addition, from time to time, the Company or its representatives have made, or may make, forward-looking statements orally or in writing. These forward-looking statements include, but are not limited to, statements other than statements of historical facts, including among others, statements relating to the Company’s future financial performance, the Company’s business prospects and strategy, anticipated financial position, liquidity and capital needs, the industry in which the Company operates and other similar matters. Words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “could,” “would,” “will,” “may,” “can,” “continue,” “potential,” “should” and the negative of these terms or other comparable terminology often identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those contemplated include, among others: the spread of the COVID-19 outbreak and severe disruptions in the U.S. and global economy and financial markets it has caused; our reliance on our financing arrangements to fund mortgage loans and otherwise operate our business; the dependence of our loan origination and servicing revenues on macroeconomic and U.S. residential real estate market conditions; counterparty risk; the requirement to make servicing advances that can be subject to delays in recovery or may not be recoverable in certain circumstances; competition for mortgage assets that may limit the availability of desirable originations, acquisitions and result in reduced risk-adjusted returns; our ability to continue to grow our loan origination business or effectively manage significant increases in our loan production volume; competition in the industry in which we operate; our success and growth of our production and servicing activities and the dependence upon our ability to adapt to and implement technological changes; the effectiveness of our risk management efforts; our ability to detect misconduct and fraud; any cybersecurity risks, cyber incidents and technology failures; our vendor relationships; our failure to deal appropriately with various issues that may give rise to reputational risk, including legal and regulatory requirements; exposure to new risks and increased costs as a result of initiating new business activities or strategies or significantly expanding existing business activities or strategies; the impact of changes in political or economic stability or by government policies on our material vendors with operations in India; the impact of interest rate fluctuations; risks associated with hedging against interest rate exposure; the impact of any prolonged economic slowdown, recession or declining real estate values; risks associated with financing our assets with borrowings; risks associated with a decrease in value of our collateral; the dependence of our operations on access to our financing arrangements; risks associated with the financial and restrictive covenants included in our financing agreements; risks associated with higher risk loans that we service; risks associated with derivative financial instruments; our ability to foreclose on our mortgage assets in a timely manner or at all; our ability to obtain and/or maintain licenses and other approvals in those jurisdictions where required to conduct our business; legislative and regulatory changes that impact the mortgage loan industry or housing market; and changes in regulations or the occurrence of other events that impact the business, operations or prospects of government agencies or such changes that increase the cost of doing business with such entities. You should carefully consider the foregoing factors and the other risks and uncertainties that may affect the Company’s business, including those described in documents filed from time to time by the Company with the Securities and Exchange Commission. Many of the important factors that will determine these results are beyond our ability to control or predict. You are cautioned not to put undue reliance on any forward-looking statements, which speak only as of the date thereof. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements.

Consolidated Statements of Income (Loss)

($ in millions, except per share data)
(Unaudited)

	($mm, except per share values)		For the quarter ended												For the year ended 12/31
			12/31/2020				9/30/2020				12/31/2019					2020				2019
	Gain on loans, net		$	422.2			$	503.3			$	64.0			$	1,384.9			$	199.5
	Loan fee income			35.5				28.2				12.3				96.1				32.1
	Interest income			17.8				14.7				16.7				60.2				51.8
	Interest expense			(21.7	)			(17.6	)			(16.0	)			(69.6	)			(57.9	)
	Interest income (expense), net			(3.9	)			(2.9	)			0.7				(9.4	)			(6.1	)
	Loan servicing fees			54.3				48.4				40.2				188.2				144.2
	Change in FV of MSR			(54.7	)			(66.7	)			(22.0	)			(285.3	)			(173.1	)
	Other income			1.7				0.1				1.6				2.7				3.2
	Total revenue, net			455.1				510.4				96.8				1,377.2				199.8
	Compensation and benefits			151.8				117.2				51.6				403.2				156.2
	Loan expense			16.8				11.9				5.4				45.4				15.6
	Loan servicing expense			8.0				6.5				5.1				30.8				20.9
	Occupancy and equipment			9.0				7.0				4.2				26.0				16.8
	General and administrative			24.1				12.1				6.7				52.5				21.4
	Depreciation and amortization			1.3				1.3				1.5				5.5				5.9
	Other expense			13.2				7.1				1.5				25.3				4.3
	Total Expenses			224.2				163.1				76.0				588.6				241.1
	Pre-tax income			230.9				347.3				20.8				788.6				(41.3	)
	Pre-tax margin			51	%			68	%			21	%			57	%		NM
	Income tax expense (benefit)			49.2				93.3				4.6				198.6				(9.5	)
	Income from equity method investment			2.8				9.9				0.1				16.9				2.7
	Net income (loss)		$	184.5			$	263.9			$	16.3			$	607.0			$	(29.1	)
	Net margin			41	%			52	%			17	%			44	%		NM
	Basic and diluted earnings per share 1 :
	Basic net income (loss) per share		$	1.33			$	1.90			$	0.12			$	4.45			$	(0.21	)
	Diluted total net income (loss) per share			1.31				1.89				0.12				4.42				(0.21	)
	Basic weighted average common stock outstanding (mm)			138.9				138.8				138.9				136.4				138.9
	Diluted weighted average common stock outstanding (mm)			140.3				139.7				138.9				137.2				138.9
	Adjusted income statement metrics 2 :
	Adjusted revenue		$	440.6			$	532.1			$	86.6			$	1,475.2			$	276.9
	Adjusted net income			170.9				272.7				8.0				667.7				28.2
	Adjusted net margin			39	%			51	%			9	%			45	%			10	%
	(1) On January 21, 2021, Home Point Capital effected a stock split of its outstanding common stock pursuant to which the 100 outstanding shares were split into 1,388,601.11 shares each, for a total of 136,860,103 shares of outstanding common stock. As a result, all amounts relating to per share amounts have been retroactively adjusted to reflect this stock split.
	(2) Non-GAAP measures. See non-GAAP reconciliation for a reconciliation of each measure to the nearest GAAP measure.

Consolidated Balance Sheet

($ in millions)
(Unaudited)

	($mm)		As of
			12/31/2020			9/30/2020			12/31/2019
	Assets:
	Cash and cash equivalents		$	165.2		$	271.5		$	30.6
	Restricted cash			31.7			41.9			51.1
	Cash and cash equivalents and Restricted cash			196.9			313.4			81.7
	Mortgage loans held for sale (at fair value)			3,301.7			2,281.8			1,554.2
	Mortgage servicing rights (at fair value)			748.5			583.3			575.0
	Property and equipment, net			21.7			18.6			12.1
	Accounts receivable, net			152.8			79.3			57.9
	Derivative assets			334.3			314.8			40.5
	Goodwill and intangibles			10.8			11.1			11.9
	GNMA loans eligible for repurchase			2,524.2			2,919.9			499.2
	Other assets			87.6			65.7			76.2
	Total assets		$	7,378.6		$	6,587.9		$	2,908.8
	Liabilities and Shareholders’ Equity:
	Warehouse lines of credit		$	3,005.4		$	2,092.5		$	1,478.2
	Term debt and other borrowings, net			454.0			374.1			425.0
	Accounts payable and accrued expenses			167.5			269.0			39.7
	GNMA loans eligible for repurchase			2,524.2			2,919.9			499.2
	Other liabilities			299.9			189.7			56.4
	Total liabilities			6,451.1			5,845.2			2,498.5
	Shareholders’ Equity:
	Common stock			–			–			–
	Additional paid in capital			519.5			519.2			454.9
	Retained earnings (accumulated deficit)			408.0			223.6			(44.5	)
	Total shareholders’ equity			927.5			742.7			410.3
	Total liabilities and shareholders’ equity		$	7,378.6		$	6,587.9		$	2,908.8

GAAP to Non-GAAP Reconciliations

($ in millions)

	RECONCILIATION OF ADJUSTED REVENUE TO TOTAL REVENUE, NET
	($mm)		For the quarter ended												For the year ended 12/31
			12/31/2020				9/30/2020				12/31/2019					2020				2019
	Total revenue, net		$	455.1			$	510.4			$	96.8			$	1,377.2			$	199.7
	Income from equity method investment			2.8				9.9				0.1				16.9				2.7
	Change in fair value of MSR, net of hedge			(17.2	)			11.8				(10.4	)			81.1				74.5
	Adjusted revenue		$	440.6			$	532.1			$	86.6			$	1,475.2			$	276.9

	RECONCILIATION OF ADJUSTED NET INCOME (LOSS) TO TOTAL NET INCOME (LOSS)
	($mm)		For the quarter ended												For the year ended 12/31
			12/31/2020				9/30/2020				12/31/2019					2020				2019
	Total net income (loss)		$	184.5			$	264.0			$	16.1			$	607.0			$	(29.2	)
	Change in fair value of MSR, net of hedge			(17.2	)			11.8				(10.4	)			81.1				74.5
	Income tax effect of change in fair value of MSR, net of hedge			3.6				(3.1	)			2.3				(20.4	)			(17.1	)
	Adjusted net income (loss)		$	170.9			$	272.7			$	8.0			$	667.7			$	28.2

Non-GAAP Financial Measures

To provide investors with information in addition to our results as determined under Generally Accepted Accounting Principles (“GAAP”), we disclose Adjusted revenue, Adjusted net Income, and Adjusted net margin as “non-GAAP measures,” which management believes provide useful information to investors. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for revenue, net income, or any other operating performance measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies.

We define Adjusted revenue as Total net revenue exclusive of the impact of the change in fair value of MSRs related to changes in valuation inputs and assumptions, net of MSRs hedge and adjusted for Income from equity method investment.

We define Adjusted net income as Net income (loss) exclusive of the impact of the change in fair value of MSRs related to changes in valuation inputs and assumptions, net of MSRs hedge.

We exclude changes in fair value of MSRs, net of hedge from each of Adjusted revenue and Adjusted net income (loss) as they add volatility and are not indicative of the Company’s operating performance or results of operation. This adjustment does not include changes in fair value of MSRs due to realization of cash flows, which remain in each of Adjusted revenue and Adjusted net income (loss). Realization of cash flows occurs when cash is collected as customers make scheduled payments, partial prepayments of principal, or pay their mortgage in full.

We define Adjusted net margin by dividing Adjusted net income by Adjusted revenue.

We believe that Adjusted revenue, Adjusted net Income, and Adjusted net margin can provide useful information to investors and others in understanding and evaluating our operating results. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, or any other operating performance measure calculated in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies.

We believe that the presentation of Adjusted revenue, Adjusted net Income, and Adjusted net margin provides useful information to investors regarding our results of operations because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted revenue, Adjusted net Income, and Adjusted net margin provide indicators of performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. The Company measures the performance of the segments primarily on a contribution margin basis. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. However, other companies may define Adjusted revenue, Adjusted net Income, and Adjusted net margin differently, and as a result, our measures of Adjusted revenue, Adjusted net Income, and Adjusted net margin may not be directly comparable to those of other companies.

Investor Relations Contact:

Home Point Capital:
Gary Stein
[email protected] 
(734) 205-9680

Media Contacts:

Home Point Capital:
Brad Pettiford
[email protected] 

Haven Tower for Home Point Capital:
[email protected]