Market Newsdesk

GRAND CAYMAN, Cayman Islands, March 8, 2021 /PRNewswire/ — Patria Investments Limited, or “Patria” (NASDAQ: PAX) today announced the closing of its first evergreen, publicly-traded, Core Infrastructure fund, Patria Infraestrutura Energia Core (“PICE”). PICE has closed on total commitments of approximately R$ 800 million, and is a yield-focused investment vehicle that will seek to invest in high-quality, operational power generation and transmission assets in Brazil. This platform is designed to hold investments for longer periods than traditional private equity.

After building a successful franchise of infrastructure funds that invest in value-add opportunities in Latin America, Patria is now expanding its product offering with this new family of infrastructure funds focusing on core infrastructure. PICE is the first infrastructure vehicle in a group of evergreen listed funds managed by Patria. PICE will be listed in the São Paulo Stock Exchange (“B3”), which will allow for its investors to have liquidity through the secondary market.   

Alexandre Saigh, Patria’s Chief Executive Officer, said: “We are grateful for the strong trust of our investors that have supported us in the launching of this new initiative. In our opinion, the current environment of low interest rates creates a large need for products with attractive returns and moderate risk. Core Infrastructure offers a very compelling investment opportunity due to its attractive, yet defensive return profile. We are confident that our leading infrastructure platform, through our very experienced investment team, is uniquely positioned to offer the highest quality income oriented infrastructure investment products to our clients.”

About Patria Investments

With more than 30 years’ experience of successful investments in Latin America and offering products in Private Equity, Infrastructure, Real Estate and Credit, Patria is one of the leading private markets investment firms in Latin America in terms of capital raised and one of the largest managers focused on investments in Latin America. With a strong market presence, it seeks to provide investors with attractive investment products that allow for a diversified portfolio and consistent returns. With $12.7 billion of assets under management (as of September 30, 2020) and an investment portfolio composed of over 55 companies and assets, Patria has ten offices in the world’s major financial centers. For more information, please go to www.patria.com 

Forward-Looking Statements

This press release may contain 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. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our 424(b) prospectus, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact:
Shareholder Relations
Grand Cayman, Cayman Islands
t +1 345 640 4904
[email protected]

Press service:
Ideal H+K Strategies
[email protected]

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SOURCE Patria Investments Limited

SAN FRANCISCO, March 8, 2021 /PRNewswire/ — Kindred Biosciences, Inc. (NASDAQ: KIN), a biopharmaceutical company focused on saving and improving the lives of pets, will release its fourth quarter and full year 2020 financial results on March 16, 2021, after the market close. The Company will host a conference call at 4:30 p.m. Eastern time/1:30 p.m. Pacific time that day.

Access the call by dialing toll-free (855) 433-0927 from the U.S. or (484) 756-4262 internationally, and using conference ID 3989605.

The call will also be webcast live here, with a replay available at that link for 30 days.

About Kindred Biosciences
Kindred Biosciences is a biopharmaceutical company developing innovative biologics focused on saving and improving the lives of pets. Its mission is to bring to pets the same kinds of safe and effective medicines that human family members enjoy. The company’s strategy is to identify targets that have already demonstrated safety and efficacy in humans and to develop therapeutics based on these validated targets for dogs and cats. KindredBio has a deep pipeline of novel biologics in development across many therapeutic classes, alongside state-of-the-art biologics manufacturing capabilities and a broad intellectual property portfolio.

For more information, visit: www.kindredbio.com

Contact
Katja Buhrer 
[email protected] 
(917) 969-3438

 

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SOURCE Kindred Biosciences, Inc.

SAN RAFAEL, Calif., March 8, 2021 /PRNewswire/ — BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced that the U.S. Food and Drug Administration (FDA) granted Regenerative Medicine Advanced Therapy (RMAT) designation to valoctocogene roxaparvovec, an investigational gene therapy for the treatment of adults with severe hemophilia A. The FDA granted RMAT designation based on the potential of the valoctocogene roxaparvovec clinical data to address the unmet medical need within this population. 

RMAT is an expedited program intended to facilitate development and review of regenerative medicine therapies, such as valoctocogene roxaparvovec, that are intended to address an unmet medical need in patients with serious conditions. The RMAT designation is complementary to Breakthrough Therapy Designation, which the Company received in 2017, allowing early, close, and frequent interactions with the FDA. One additional feature of the RMAT program is that sponsors of products that have been granted RMAT designation and which receive accelerated approval may be able to fulfill the post-approval requirements from clinical evidence obtained from sources other than the traditional confirmatory clinical trials.

The RMAT designation comes coincidently during Bleeding Disorders Awareness Month initiated by the National Hemophilia Foundation to celebrate and honor the bleeding disorders community.

“We are encouraged that the FDA granted RMAT Designation to valoctocogene roxaparvovec.  This designation confirms our belief in this treatment’s potential to address unmet medical needs for people with hemophilia A at this time,” said Hank Fuchs, M.D., President of Worldwide Research and Development at BioMarin. “We look forward to continuing a productive dialogue with the FDA around the RMAT designation, which provides options for the Agency to leverage data post approval, while also recognizing the agency’s initial request to see two years of data from the Phase 3 study to evaluate the safety and efficacy of this investigational treatment option that could potentially provide a transformational treatment choice for the hemophilia community.”

“During Bleeding Disorders Awareness Month, we applaud the FDA for its efforts to recognize the potential of cell and gene therapies to help people with hemophilia who have medical needs not currently addressed,” said Leonard A. Valentino, MD, President & CEO of the National Hemophilia Foundation (NHF). “Established under the 21st Century Cures Act, RMAT designation has the potential to provide more treatment choices to people with bleeding disorders at a faster pace, which benefits the whole community. The FDA’s RMAT designation is a critical program to advance the efficient development and regulatory review of regenerative medicine products that have the potential to address unmet needs,” said the Alliance for Regenerative Medicine (ARM). “As the global voice of the regenerative medicine sector, ARM played a critical role in the creation of this pathway. The FDA has granted more than 50 RMAT designations to investigational products and in February approved an RMAT-designated product for the first time, illustrating the agency’s commitment to advancing the development of regenerative medicines.” 

Regulatory Status

In the Complete Response Letter of August 18, 2020 to the Company’s Biologics License Application (BLA) for valoctocogene roxaparvovec, the FDA recommended that the Company complete the Phase 3 GENEr8-1 study and submit two-year follow-up safety and efficacy data on all study participants. The Company plans to meet with FDA to review the two-year data request and share the Phase 3 GENEr8-1 results announced on January 10, 2021. In the EU, BioMarin is targeting submission of the Marketing Authorization Application (MAA) with these results to the EMA in the second quarter of 2021 pending confirmation in planned pre-submission meetings.

In addition to the RMAT Designation and Breakthrough Therapy Designation, BioMarin’s valoctocogene roxaparvovec also has received orphan drug designation from the FDA and EMA for the treatment of severe hemophilia A. The Orphan Drug Designation program is intended to advance the evaluation and development of products that demonstrate promise for the diagnosis and/or treatment of rare diseases or conditions. 

Robust Clinical Program

BioMarin has multiple clinical studies underway in its comprehensive gene therapy program for the treatment of severe hemophilia A. In addition to the global Phase 3 study GENEr8-1 and the ongoing Phase 1/2 dose escalation study, the Company recently began enrolling participants in a Phase 3b, single arm, open-label study to evaluate the efficacy and safety of valoctocogene roxaparvovec at a dose of 6e13 vg/kg with prophylactic corticosteroids in people with hemophilia A. The Company is running a Phase 1/2 Study with the 6e13kg/vg dose of valoctocogene roxaparvovec in approximately 10 participants with pre-existing AAV5 antibodies, as well as another Phase 1/2 Study with the 6e13 vg/kg dose of valoctocogene roxaparvovec in people with hemophilia A with active or prior FVIII inhibitors. 

About Hemophilia A

People living with hemophilia A lack sufficient functioning Factor VIII protein to help their blood clot and are at risk for painful and/or potentially life-threatening bleeds from even modest injuries. Additionally, people with the most severe form of hemophilia A (FVIII levels <1%) often experience painful, spontaneous bleeds into their muscles or joints. Individuals with the most severe form of hemophilia A make up approximately 50 percent of the hemophilia A population. People with hemophilia A with moderate (FVIII 1-5%) or mild (FVIII 5-40%) disease show a much-reduced propensity to bleed. The standard of care for individuals with severe hemophilia A is a prophylactic regimen of replacement Factor VIII infusions administered intravenously up to two to three times per week or 100 to 150 infusions per year. Despite these regimens, many people continue to experience breakthrough bleeds, resulting in progressive and debilitating joint damage, which can have a major impact on their quality of life.

Hemophilia A, also called Factor VIII deficiency or classic hemophilia, is an X-linked genetic disorder caused by missing or defective Factor VIII, a clotting protein. Although it is passed down from parents to children, about 1/3 of cases are caused by a spontaneous mutation, a new mutation that was not inherited. Approximately 1 in 10,000 people have Hemophilia A.

About BioMarin

BioMarin is a global biotechnology company that develops and commercializes innovative therapies for serious and life-threatening rare and ultra-rare genetic diseases. The Company’s portfolio consists of six commercialized products and multiple clinical and pre-clinical product candidates. For additional information, please visit www.biomarin.com. Information on BioMarin’s website is not incorporated by reference into this press release.

Forward Looking Statements

This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc., including without limitation, statements about the development of BioMarin’s valoctocogene roxaparvovec program generally, the RMAT designation, the Company’s plans to meet with the FDA to review the 2-year data request and share the Phase 3 GENEr8-1 results announced on January 10, 2021, BioMarin targeting submission of the MAA with these results to the EMA in the second quarter of 2021; the potential of valoctocogene roxaparvovec to address the unmet medical need within this hemophilia A  population.  These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: results and timing of current and planned preclinical studies and clinical trials of valoctocogene roxaparvovec, including final analysis of data from the continuation of these trials; any potential adverse events observed in the continuing monitoring of the patients in the clinical trials; the content and timing of decisions by the FDA, the EMA and other regulatory authorities; the content and timing of decisions by local and central ethics committees regarding the clinical trials; our ability to successfully manufacture the product candidate for the preclinical and clinical trials;  and those other risks detailed from time to time under the caption “Risk Factors” and elsewhere in BioMarin’s Securities and Exchange Commission (SEC) filings, including without limitation, BioMarin’s Annual Report on Form 10-K for the year ended December 31, 2020 as such factors may be updated by any subsequent reports. BioMarin undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.BioMarin® is a registered trademark of BioMarin Pharmaceutical Inc.

 

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SOURCE BioMarin Pharmaceutical Inc.

NEW YORK, March 8, 2021 /PRNewswire/ — InvestorsObserver issues critical PriceWatch Alerts for OPGN, XSPA, JAGX, ORTX, and NOVN.

To see how InvestorsObserver’s proprietary scoring system rates these stocks, view the InvestorsObserver’s PriceWatch Alert by selecting the corresponding link.

• OPGN: https://www.investorsobserver.com/lp/pr-stocks-lp-2/?stocksymbol=OPGN&prnumber=030820211
• XSPA: https://www.investorsobserver.com/lp/pr-stocks-lp-2/?stocksymbol=XSPA&prnumber=030820211
• JAGX: https://www.investorsobserver.com/lp/pr-stocks-lp-2/?stocksymbol=JAGX&prnumber=030820211
• ORTX: https://www.investorsobserver.com/lp/pr-stocks-lp-2/?stocksymbol=ORTX&prnumber=030820211
• NOVN: https://www.investorsobserver.com/lp/pr-stocks-lp-2/?stocksymbol=NOVN&prnumber=030820211

(Note: You may have to copy this link into your browser then press the [ENTER] key.)

InvestorsObserver’s PriceWatch Alerts are based on our proprietary scoring methodology. Each stock is evaluated based on short-term technical, long-term technical and fundamental factors. Each of those scores is then combined into an overall score that determines a stock’s overall suitability for investment.

View original content to download multimedia:http://www.prnewswire.com/news-releases/thinking-about-buying-stock-in-opgen-xpresspa-jaguar-health-orchard-therapeutics-or-novan-301242352.html

SOURCE InvestorsObserver

WENZHOU, China, March 8, 2021 /PRNewswire/ — ZK International Group Co., Ltd. (Nasdaq: ZKIN) (“ZKIN”, “ZK International” or the “Company”), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems, today announced that the Company has been chosen as a key supplier for Fuzhou municipal water supply infrastructure upgrade program and entered into a three-year Strategic Procurement Agreement with Fuzhou Water Supply Group Co., Ltd. (“Fuzhou Water Group”).  

Fuzhou is the capital of Fujian province. As one of the largest cities in Fujian province, China, it has a total estimated population of 7,740,000 as of 31 December 2018. In 2015, Fuzhou was ranked as the 10th fastest growing metropolitan area in the world by Brookings Institution. In 2018, the municipal government issued a regulation to immediately begin upgrading the existing water supply infrastructure that serves approximately 310,000 households, increasing the use of stainless steel piping and decreasing the use of plastic and galvanized piping in the water supply infrastructure, due to the potential contamination plastic and galvanized piping material may cause to the water. To conform to the new regulation, Fuzhou Water Group organized a tender where leading stainless steel pipe manufacturers in China were invited to bid for the next year’s stainless steel pipe procurement program.

Fuzhou Water Group started the process of accepting bids and assessing each bid by various criteria such as production quality, manufacturing capacity, delivery period, and financial liquidity. Of all the companies that were invited to participate in the bidding program, ZK International made it to the final approved supplier list. Following the new regulation, Fuzhou Water Group is mandated to use stainless steel pipe for its future water pipe construction projects and pipe replacement projects.

Mr. Jiancong Huang, Chairman of ZK International, commented, “We are pleased to be selected as a key supplier for the municipal water infrastructure upgrade program amongst several of our competitors during this bidding process as well as to begin a new working relationship with Fuzhou Water Group. We have positioned our Company with the long-term view to take advantage of the various government legislation to upgrade and improve the various water infrastructures across China.  We look forward to cultivating our relationship with their team and being part of the new government regulated plans in the Fujian province. With this three-year procurement agreement, along with other key pending contracts and agreements, we are excited that this agreement will allow us to grow our revenues and profitability into 2021.”

About Fuzhou Water Supply Group Co., Ltd.

Fuzhou Water Group, established in 1954, was the first water enterprise in Fuzhou to engage in the comprehensive business of water supply and environmental treatment. Its business mainly focuses on water supply and drainage, wading engineering and environmental management. Fuzhou Water Group has approximately 1,300 employees and a consolidated total assets of approximately 1.7 billion yuan. Fuzhou Water Group delivers water to 1.6 million population on a daily basis.

About ZK International Group Co., Ltd.

ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards.  ZK International is preparing to capitalize on the $850 Billion commitment made by the Chinese Government to improve the quality of water, which in its current supply state is 70% unfit for direct drinking. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors.  ZK has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the “Water Cube” and “Bird’s Nest”, which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water to not only to the China market but to international markets such as Europe, East Asia and Southeast Asia.  

For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company’s SEC filings please visit www.sec.gov.

Safe Harbor Statement 

This news release contains 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, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International.  Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company’s filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized.  In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Investor Contact:

Sherry Zheng

Weitian Group LLC
Email: [email protected]  
Phone: +1 718-213-7386

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SOURCE ZK International Group Co., Ltd.

PETACH-TIKVA, Israel, March 8, 2021 /PRNewswire/ — Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, today provided an update regarding its award of a grant from the Israeli Investment Authority that will fund 15% of Eltek’s expected $1.5 million investment in Advanced Manufacturing Equipment fit to Industry 4.0 standards, which focuses on interconnectivity, automation, machine learning, and real-time data.

 

 

The grant also provides for potential future grants covering additional 5% of these capital investments, as soon as Eltek demonstrates improvements in certain of its operational indicators. Major portions of Eltek’s investment programs are expected to be completed and become operational by mid-2021.

Eli Yaffe Eltek’s CEO commented: “The investment will strengthen Eltek’s manufacturing capabilities and increase our competitiveness by implementing improved production processes and adoption of Industry 4.0 technologies.”

In addition, Eltek received final approval from the Israel Innovation Authority (“IIA”) for a 50%, royalty bearing participation in an approximately $250,000 one-year development program, which is set to start in March 2021. The total R&D program may be extended for a second year, subject to IIA approval. This R&D program is meant to enable Eltek to achieve a significantly faster production rate in certain stages of its manufacturing process, which will also drastically reduce scrap.  There can be no assurance that the R&D program will succeed in achieving its goals or that all pre-defined benefits will be attained. The development program and process is designed to ensure air cleanness in order to meet ISO-14644-1 Standard class ISO 5 for cleanroom measurement.   

We believe that if successfully completed, this R&D program will yield significant growth in manufacturing capacity with relatively minor investment in equipment, enhancing Eltek’s ability to offer highly reliable printed circuit boards in a shorter production time and at reduced prices.

These two programs are in addition to ongoing development projects that Eltek had held with a governmental authority, announced in July 2017 and January 2020.

Eli Yaffe Eltek’s CEO added: “The two prior programs that were approved in 2017 and 2020 together with the newly approved programs are part of a technology road map that Eltek launched as part of its strategic plan to become an innovative industry leader for low quantity production of high performance printed circuit boards”

About Eltek

Eltek – “Innovation Across the Board”, is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is the Israeli leader in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.

Eltek was founded in 1970. The Company’s headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiaries in North America and by agents and distributors in Europe, India, South Africa and South America.

For more information, visit Eltek’s web site at www.nisteceltek.com

Forward Looking Statement:

Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company’s Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

Investor Contact:

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SOURCE Eltek Ltd.

BEIJING, March 8, 2021 /PRNewswire/ — Luokung Technology Corp. (NASDAQ: LKCO) (“Luokung” or the “Company”), a leading interactive location-based services and big data processing technology company based in China, today announced that the Company has filed a Motion for Temporary Restraining order (“TRO”) with the U.S. Federal District Court for the District of Columbia (“Court”).

As announced in a press release on Friday, March 5, 2021, the Company, together with two U.S. shareholders, has filed a complaint in the Court.  The complaint alleges that Luokung’s designation as a “Communist Chinese military company” (“CCMC”) by the Department of Defense (“DoD”), and the restrictions associated with that designation under Executive Order 13959 (or “EO 13959”) signed by former President Trump, are unlawful.

As part of that case, Luokung has filed a motion for temporary emergency relief asking the Court to enter a TRO and enjoin the application or enforcement of the prohibitions in EO 13959 as they apply to Luokung.

Management Commentary

Mr. Xuesong Song, Chairman and CEO of Luokung, stated, “We have been proactive in reaching out to the government to address the CCMC designation and the lack of responsiveness has caused frustration and confusion for the Company and its shareholders. Luokung is not a CCMC and is not a state-owned enterprise. Luokung’s business is providing spatial-temporal big data processing technology that we are developing for use in such applications like autonomous driving in China. We have always respected and abided by the laws and regulations of our markets and the requirements of the exchanges in the United States. In the coming days, we intend to argue our position in a proactive manner.”

Luokung looks forward to defending its and its U.S. shareholders’ interests in the Court, but notes there is no guarantee that its claims will prevail.

Background

On January 14, 2021 the DoD placed the Company on a list of entities operating directly or indirectly in the United States and deemed to be a CCMC under EO 13959, issued by former President Trump on November 12, 2020. The DoD list is maintained under the authority of Section 1237 of the National Defense Authorization Act for Fiscal Year 1999 (“Section 1237”).

The Company was added to the Section 1237 List on January 14, 2021. Pursuant to the EO, U.S. persons, including both individuals and entities, are prohibited from engaging in the purchase for value or sale of companies added to the Section 1237 List on January 14, 2021, effective March 15, 2021. However, it should be noted that on January 27, 2021, the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) issued General License 1A – Authorizing Transactions Involving Securities of Certain Communist Chinese Military Companies (“General License 1A”). Under General License 1A, OFAC indicated that all transactions and activities prohibited by EO 13959, as amended by EO 13974 on January 13, 2021 (collectively the “EO”), were authorized through 9:30 am Eastern Daylight Time, May 27, 2021 for any “entity whose name closely matches, but does not exactly match, the name of” a CCMC.

The Company believes Luokung qualifies for the extended date under the plain language of General License 1A. The name on the DoD January 14, 2021 Section 1237 List is not an exact match of Luokung, but merely a close match, and thus any restrictions on U.S. persons’ trading of Luokung securities and derivatives should take effect on May 27, 2021, if at all, rather than March 15, 2021, under General License 1A. Luokung has requested confirmation from OFAC that it qualifies under General License 1A and has been informed that a response from OFAC will be forthcoming before March 15, 2021. Luokung is also seeking a declaration from the Court that General License 1A applies to Luokung, including as part of its TRO request to the Court.

About Luokung Technology Corp.

Luokung Technology Corp. is a leading interactive location-based services and big data processing technology company in China. It provides integrated DaaS, SaaS, and PaaS services for Internet and Internet of Things of Spatial-Temporal big data based on its patented technology. Based on geographic information systems and intelligent Spatial-Temporal big data, it establishes city-level and industry-level digital twin holographic data models to actively serve smart cities, intelligent transportation, smart industry, LBS.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “probable”, “potential”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination and analysis of the existing law, rules and regulations and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you the statement herein will be accurate. As a result, you are cautioned not to rely on any forward-looking statements.

CONTACT:

The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-5327-4727
Email: [email protected]

Investor Relations

Adam Prior

Senior Vice President
The Equity Group Inc.
Tel: 212-836-9606     
Email: [email protected]

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SOURCE Luokung Technology Corp.

NEWARK, N.J., March 8, 2021 /PRNewswire/ — Genie Energy (NYSE: GNE, GNEPRA) today provided additional information on the financial impact to the company of Winter Storm Uri, which disrupted the Texas electricity market in mid-February 2021. 

The unprecedented severity of the storm triggered an exceptional increase in electricity demand.  As a result, wholesale prices in the Electric Reliability Council of Texas (“ERCOT”) service area reached or exceeded maximum allowed clearing prices for sustained periods.

Because complete supply costs are not yet available, Genie Energy is not yet able to fully quantify the financial impact of Winter Storm Uri.  However, invoices received to date as well as other costs incurred place the loss from the situation in the first quarter of 2021 at approximately $12.5 million.  The final amount of the losses is still unknown. 

The company plans to provide updates when it announces fourth quarter 2020 results on March 11^th and when it gains access to complete price and volume settlement data from its supplier.  Moreover, the results of formal disputes regarding pricing and volume settlement and corrective actions that Genie and other market participants are seeking from the State of Texas, ERCOT, the Public Utility Commission of Texas, and other regulatory agencies of jurisdiction may impact the final cost. 

The company serves approximately 10,000 electricity meters in ERCOT’s service territory comprising approximately 21,000 residential customer equivalents, or approximately 5% of its global customer base. 

Despite the evolving impact of the Winter Storm Uri in Texas, Genie Energy has consistently maintained, and continues to maintain, sufficient liquidity to conduct its operations in the ordinary course of business and management remains confident that the company has the resources to address the ultimate impacts from this extraordinary event.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K.  We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

ABOUT GENIE ENERGY LTD


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Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a global provider of energy services.  The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Retail Energy International division supplies customers in Europe and Asia.  The Genie Energy Services division includes Diversegy, a commercial and industrial brokerage and consultative services company, and Genie Solar Energy and Prism Solar, which design, supply and install commercial solar solutions. For more information, visit Genie.com.

 

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SOURCE Genie Energy Ltd.