Market Newsdesk

March 5, 2021 7:03 am

NewAge Announces Evolution of Management Team

DENVER, March 05, 2021 (GLOBE NEWSWIRE) — NewAge, Inc. (Nasdaq: NBEV), the Colorado-based healthy products company intending to become the world’s leading social selling and distribution company today announced that it is making changes to its senior leadership team. As part of the changes Carin Casso Reinhardt, will be joining as Chief People Officer, and Gregory Gould will be transitioning from the Company between now and July 2, 2021.

Brent Willis, Chief Executive Officer of NewAge commented, “We are so pleased that Carin Reinhardt has joined the leadership team at NewAge as we organize ourselves to achieve our next phase of growth. We have grown from an idea four years ago to scale of now more than $500 million, and Carin’s expertise will be invaluable as we build the culture and capabilities of a multi-billion dollar multinational and leader in social selling.”

Carin Reinhardt is a first-generation American whose family originally comes from Mexico. She brings more than 20 years of Human Resources experience to the newly created role at NewAge.

Most recently she was the Chief Human Resources Officer for the National Renewable Energy Laboratory, a globally renowned research, sciences, and engineering organization with more than 3,000 employees across more than 70 countries. Before this she served as VP of Human Resources for Kroenke Sports & Entertainment, owner of the Los Angeles Rams, Denver Nuggets, Colorado Avalanche, Arsenal F.C., and multiple other sports and entertainment teams and venues. Prior to Kroenke, she spent almost 20 years with ASRC Federal Holding Company, a $1.5B Federal Contracting Services firm with more than 7,000 employees and customers including NASA, Department of Defense, and all US Military Branches.

Ms. Reinhardt stated, “I am so excited to be joining NewAge at this important moment in its history. I see tremendous growth potential in front of the Company, and am confident that my support in building out our culture and the performance management and talent development systems, will be critical components of capturing the full potential at NewAge.”

Concurrent with the hiring of the Chief People Officer, the Company is also announcing that Greg Gould will be transitioning between now and July 2. Brent Willis commented, “We want to thank Greg for all his work and excellent contributions to the firm in getting us to this new threshold and wish him all the best in his future endeavors.”

Greg Gould commented, “I am proud of the accomplishments that we have achieved over the last two and a half years during my tenure at NewAge. I believe Brent and the team are well positioned to take the Company to the next level as they build out the strategy to become the world’s leading social selling and distribution company. I wish them the best in their future successes.”

About NewAge, Inc.

NewAge is a purpose-driven firm intending to become the world’s leading social selling and distribution company. Colorado-based NewAge commercializes a portfolio of organic and healthy products worldwide through primarily a direct route-to-market system. The company competes in three major category platforms including health and wellness, healthy appearance, and nutritional performance and leads a network of more than 400,000 exclusive independent distributors and brand partners around the world.

The Company operates the websites NewAge.com, Noninewage.com, Ariix.com, Mavie.com, Thelimucompany.com, Zennoa.com and a number of other individual brand websites.

Safe Harbor Disclosure
This press release contains forward-looking statements that are made under the safe harbor provisions 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. Forward-looking statements are any statement reflecting management’s expectations regarding future results of operations, economic performance, and financial condition. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable, but there is no assurance they will prove to be accurate. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties and actual results may differ materially. NewAge competes in a rapidly growing and transforming industry and risk factors, including those disclosed in the Company’s filings with the Securities and Exchange Commission, might affect the Company’s operations. Unless required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements.

For investor inquiries about NewAge please contact:

NewAge Investor Relations:

Riley Timmer
Vice President, Investor Relations
Tel: 1-801-870-8685
[email protected]

Investor Relations Counsel:

Reed Anderson
ICR – Strategic Communications and Advisory
Tel: 1-646-277-1260
[email protected]

March 5, 2021 7:03 am

FedNat Holding Company Launches Proposed Public Offering of Common Stock

SUNRISE, Fla., March 05, 2021 (GLOBE NEWSWIRE) — FedNat Holding Company (Nasdaq: FNHC), a regional insurance holding company, announced today that it is commencing a proposed underwritten public offering of its shares of common stock. All of the shares will be offered by the Company. The Company also expects to grant the underwriter a 30-day option to purchase additional shares of common stock in an amount of up to 15% of the number of shares sold in the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Piper Sandler & Co. is acting as sole bookrunner for the proposed offering.

A shelf registration statement on Form S-3 relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on June 26, 2018. Before you invest, you should read the prospectus in the registration statement and related preliminary prospectus supplement that the Company filed with the SEC for more complete information about the Company and this offering. An electronic copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering are available on the SEC’s website at www.sec.gov. Alternatively, the underwriter will arrange to send you the prospectus and prospectus supplement if you request it by calling toll free at 866-805-4128.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About the Company

FedNat Holding Company is a regional insurance holding company that controls substantially all aspects of the insurance underwriting, distribution and claims processes through our subsidiaries and contractual relationships with independent agents and general agents. The Company, through its wholly owned subsidiaries FedNat Insurance Company, Maison Insurance Company, and Monarch National Insurance Company, is focused on providing homeowners insurance in Florida, Texas, Louisiana, Alabama, South Carolina and Mississippi. More information is available at https://www.fednat.com/investor-relations/.

Forward-Looking Statements

Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s expectations regarding the completion, terms, size, and timing of the public offering, and with respect to granting the underwriters a 30-day option to purchase additional shares. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering, and those factors described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020, and September 30, 2020, all of which have been filed with the Securities and Exchange Commission.

Contacts

Michael H. Braun, CEO (954) 308-1322

Ronald Jordan, CFO (954) 308-1363

Bernard Kilkelly, Investor Relations (954) 308-1409,

or [email protected]

March 5, 2021 6:58 am

Asensus Surgical Announces Finalization of Name and Ticker Symbol Change

Effective on March 5, 2021, Asensus Surgical will trade under ticker symbol ASXC

RESEARCH TRIANGLE PARK, N.C.–(BUSINESS WIRE)–Asensus Surgical, Inc. (formerly TransEnterix, Inc.) (NYSE American: ASXC), a medical device company that is digitizing the interface between the surgeon and patient to pioneer a new era of Performance-Guided Surgery™, today announced the formal completion of its previously announced name and ticker symbol change.

Effective today, Friday March 5, 2021, the Company’s stock will trade on the NYSE American under its new ticker symbol ASXC, and name, Asensus Surgical, Inc. The previous ticker symbol was “TRXC,” and the previous name was “TransEnterix, Inc.”

No actions are needed from current stockholders relative to the ticker symbol change.

About Asensus Surgical, Inc.

Asensus Surgical, Inc. is digitizing the interface between the surgeon and patient to pioneer a new era of Performance-Guided Surgery by unlocking the Clinical Intelligence to enable consistently superior outcomes and a new standard of surgery. This builds upon the foundation of Digital Laparoscopy with the Senhance® Surgical System powered by the Intelligent Surgical Unit™ (ISU™) to increase surgeon control and reduce surgical variability. With the addition of machine vision, augmented intelligence, and deep learning capabilities throughout the surgical experience, we intend to holistically address the current clinical, cognitive and economic shortcomings that drive surgical outcomes and value-based healthcare. Learn more about Performance-Guided Surgery and Digital Laparoscopy with the Senhance Surgical System here: www.senhance.com. Now available for sale in the US, EU, Japan, Russia, and select other countries. For a complete list of indications for use, visit: www.senhance.com/indications. For more information, visit www.asensus.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005045/en/

INVESTOR CONTACT:

Mark Klausner or Mike Vallie, 443-213-0499

[email protected]

or

MEDIA CONTACT:

Kristin Schaeffer

CG Life

[email protected]

KEYWORDS: United States North America North Carolina

INDUSTRY KEYWORDS: Hospitals Health Surgery Medical Devices

MEDIA:

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March 5, 2021 6:49 am

Cipher Mining Inc., a Newly Formed US-based Bitcoin Mining Company, to Become a Publicly Traded Company via a Merger with Good Works Acquisition Corp.

Cipher Mining Inc., a Newly Formed US-based Bitcoin Mining Company, to Become a Publicly Traded Company via a Merger with Good Works Acquisition Corp.

Transaction builds a U.S. based Bitcoin mining champion
Combined company valued at an enterprise value of $2.0 billion
Includes $425 million fully committed PIPE investment, secured with anchor investors, including Fidelity Management & Research Company and Counterpoint Global (Morgan Stanley)
The PIPE investment includes $50 million investment-in-kind from Cipher Mining’s parent company, Bitfury, and is structured as a credit for future purchases of operating services and equipment for Cipher
Planned mining capacity of 745MW by the end of 2025 and industry leading cost of energy of approximately 2.7c/kWh
The transaction is anticipated to close in Q2 2021

HOUSTON & NEW YORK–(BUSINESS WIRE)–
Cipher Mining Technologies Inc. (“Cipher Mining”), a newly formed U.S.-based Bitcoin mining operation, and Good Works Acquisition Corp. (Nasdaq: GWAC) (“Good Works”), a U.S. publicly-traded special purpose acquisition company, today announced they have entered a definitive agreement for a business combination. Upon closing of the transaction, the combined company will be named Cipher Mining Inc. (“Cipher” or the “Company”) and is expected to be listed on the Nasdaq under the new ticker symbol “CIFR”.

Company Highlights

Cipher Mining is a newly formed subsidiary of Bitfury Top HoldCo B.V. (“Bitfury” and, together with its subsidiaries, including Bitfury Holding B.V., “Bitfury Group”). The Bitfury Group is a leading provider of Bitcoin mining hardware and other blockchain software and services. Since its inception in 2011, Bitfury Group has deployed more than 500+ MW of computing power and mined more than 600 thousand Bitcoin. As a stand-alone company, Cipher is expected to be positioned as a U.S.-centric Bitcoin mining champion with potential to reach a cumulative deployed capacity of 745MW by the end of 2025. The Company’s U.S.-based data centers are planned to come on-line between Q4 2021 and Q2 2022 with a total of 445MW of power capacity and planned expansion of an additional 300MW deployed between 2023 and 2025. As the projected largest scale mining platform in the U.S., Cipher will provide investors the opportunity to invest in the Bitcoin industry via a leading mining company operating in a highly transparent and well-regulated environment.

Cipher’s contractual relationship with Bitfury Group is also expected to provide the Company with compelling value via access to best-in-class mining equipment and proven on-site operations development, management and maintenance experience.

Good Works’ Co-Chairman, Doug Wurth, commented, “The Good Works team collectively has a long history in the alternative asset markets. We were attracted to Cipher Mining as we believe the Bitcoin mining space represents a compelling way to gain risk-adjusted exposure to the growing crypto ecosystem. We brought to the table experience in power hosting arrangements, which gave us a clear-eyed view of the advantages of Cipher Mining’s power contracts, and the extraordinary value of its partnership with Bitfury Group. Cipher Mining’s management team and the size of its operations will enable it to execute well across many price environments, and we are excited to help them become the leading Bitcoin mining company in the United States.”

Tyler Page, Cipher Mining’s CEO continued, “Historically, the Bitcoin mining industry featured smaller, poorly capitalized, less experienced companies that were not fully equipped to manage the underlying price swings associated with Bitcoin. With this transaction, we will be able to combine the formidable skill sets and technologies developed by Bitfury Group over the past 10 years with what we believe will be a leadership position on the global cost curve, and thereby create a true leader in the Bitcoin mining industry. We believe that our U.S. domicile provides us additional advantages of low-cost, reliable power and a transparent, stable and secure regulatory and corporate environment. This combination of factors positions us to become the leading Bitcoin miner and also enables future vertical integration opportunities across the Bitcoin ecosystem.”

Transaction Overview

The transaction values the combined company at an enterprise value of US $2.0 billion. Pursuant to the merger and following the share exchanges, the combined company is expected to receive approximately US $595 million in gross cash proceeds from a combination of cash from a US $425 million fully committed stock PIPE, including a $50 million investment in-kind from Bitfury, and approximately US $170 million in cash held in Good Works’ trust account from its initial public offering in October 2020, assuming no public shareholders exercise their redemption rights at closing requiring payment from Good Works’ trust account. Cash from the transaction, net of transaction fees, will be used to fund the planned build out of the mining facilities of the company.

The PIPE is anchored by institutional investors including funds and accounts managed by Fidelity Management & Research Company and Counterpoint Global (Morgan Stanley). Current Cipher Mining shareholders will become the majority owners of the combined company at closing with approximately 70% ownership in the pro forma company and all existing shareholders and investors will continue to hold their equity ownership subject to a two year lock-up period. The PIPE investors, including Bitfury, will own approximately 15%, Good Works, inclusive of its founder shares will own approximately 7.5%, and Cipher employees will own approximately 7% of the pro forma company at closing.

Both the board of directors and shareholders of Cipher Mining have unanimously approved the proposed transaction, which is expected to be completed in the second quarter of 2021. The board of directors of Good Works has also unanimously approved the proposed transaction. The proposed transaction will be subject to approval by Good Works’ stockholders and satisfaction, or the waiver of the closing conditions identified in the agreement and plan of merger.

Additional information about the proposed transaction, including a copy of the agreement and plan of merger will be provided in a Current Report on Form 8-K to be filed by Good Works today with the U.S. Securities and Exchange Commission (the “SEC”) and will be available at www.sec.gov.

Advisors

J.P. Morgan Securities LLC is serving as exclusive advisor and lead placement agent to Good Works, and Wells Fargo Securities, LLC is serving as lead financial advisor to Cipher Mining. Wells Fargo Securities, LLC is also serving as co-placement agent on the PIPE.

Schiff Hardin LLP is acting as legal counsel to Good Works. Latham & Watkins LLP is acting as legal counsel to Cipher Mining. Mayer Brown LLP is acting as legal counsel to the placement agents.

Investor Conference Call Information

Cipher Mining and Good Works will host a joint investor call to discuss the proposed transaction and review an investor presentation today, March 5, 2021. An audio webcast of the call will be available on www.netroadshow.com/nrs/home/#!/?show=d8a8c0cd.

To access the audio replay, go to https://www.ciphermining.com/investors.html

Additional information about the proposed transaction, including a copy of the agreement and plan of merger and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Good Works prior to the call, and will be available free of charge on the SEC website at www.sec.gov.

Additional Information about the Business Combination and Where to Find It

In connection with the proposed transaction, Cipher Mining will become the wholly-owned subsidiary of Good Works and Good Works will be renamed Cipher Mining Inc. as of the closing of the proposed transaction. Good Works is expected to file a registration statement on Form S-4 (the “Form S-4”) with the SEC that will include a proxy statement and prospectus of Good Works and an information statement of Cipher Mining. Good Works and Cipher Mining urge investors, stockholders and other interested persons to read, when available, the Form S-4, including the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus and documents incorporated by reference therein, as well as other documents filed with the SEC in connection with the proposed transaction, as these materials will contain important information about Cipher Mining, Good Works and the proposed transaction. Such persons can also read Good Works’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, for a description of the security holdings of Good Works’ officers and directors and their respective interests as security holders in the consummation of the proposed transaction. When available, the definitive proxy statement/prospectus will be mailed to Good Works’ stockholders. Stockholders will also be able to obtain copies of such documents and all other relevant documents filed or that will be filed with the SEC by Good Works, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Good Works Acquisition Corp. 4265 San Felipe, Suite 603, Houston, TX 77027, attention: Cary Grossman. Before making any voting decision, investors and security holders of Good Works and Cipher Mining are urged to read the registration statement, the proxy statement/information statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed business combination as they become available because they will contain important information about the proposed business combination.

Participants in the Solicitation

Good Works, Cipher Mining and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Good Works’ stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Good Works’ directors and executive officers in Good Works’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 17, 2021. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Good Works’ stockholders in connection with the proposed transaction will be set forth in the proxy statement/prospectus for the proposed transaction when available. Information concerning the interests of Good Works’ participants in the solicitation, which may, in some cases, be different than those of Good Works Acquisition Corp.’s equity holders generally, will be set forth in the proxy statement/prospectus relating to the proposed transaction when it becomes available.

About Cipher

Cipher will be established as an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure. Our goal is to be the leading Bitcoin mining company in the United States. We expect that the operations at our four initial planned data centers in Ohio and Texas will enable the Bitcoin network to continue to operate and flourish. Through our business model, Cipher expects to operate powerful computers that mine Bitcoin and validate transactions on the Bitcoin network. We believe Cipher will leverage our best-in-class technology, market-leading power purchase arrangements, and a seasoned, dedicated senior management team to become the market leader in Bitcoin mining.

About Good Works

Good Works is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. The Good Works name reflects the fact that its management and directors donated half of their founder shares to charitable organizations in light of the impact that COVID-19 has had on the ability of non-profits to generate contributions and revenues. The Company’s management team consists of Messrs. Fred Zeidman, CEO and Co-Chairman, Douglas Wurth, Co-Chairman, and Cary Grossman, President. I-B Good Works, LLC, an affiliate of I-Bankers Securities is the sponsor of Good Works. Good Works is a publicly-traded special purpose acquisition company, or SPAC, with approximately $170 million in trust. Management of Good Works has deep experience in private equity investing, corporate finance and executive level management in a number of industries. In addition, they have experience in Bitcoin mining through involvement in a Power Hosting Company and have extensive experience in SPAC mergers and board governance of public and private companies.

Forward Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination between Good Works and Cipher Mining, including statements regarding the benefits of the proposed business combination, the anticipated timing of the proposed business combination, the services offered by Cipher Mining and the markets in which Cipher Mining operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Good Works’ or Cipher Mining’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” “positions,” “enables” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Good Works’ securities; (ii) the risk that the proposed business combination may not be completed by Good Works’ business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Good Works; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by the stockholders of Good Works, the satisfaction of the minimum trust account amount following redemptions by Good Works’ public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the effect of the announcement or pendency of the proposed business combination on Cipher Mining’s business relationships, performance, and business generally; (v) risks that the proposed business combination disrupts current plans of Cipher Mining and potential difficulties in Cipher Mining employee retention as a result of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted against Good Works or Cipher Mining related to the agreement and plan of merger or the proposed business combination; (vii) the ability to maintain the listing of Good Works’ securities on the NASDAQ; (viii) the price of Good Works’ securities, including volatility resulting from changes in the competitive and highly regulated industries in which Cipher Mining plans to operate, variations in performance across competitors, changes in laws and regulations affecting Cipher Mining’s business and changes in the combined capital structure; and (ix) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Good Works’ final proxy statement/information statement/prospectus contained in the Form S-4 registration statement described below, including those under “Risk Factors” therein, the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by Good Works from time to time with the U.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Good Works and Cipher Mining assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Good Works nor Cipher Mining gives any assurance that either Good Works or Cipher Mining will achieve its expectations.

Non-Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Good Works, Cipher Mining or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005234/en/

Good Works Acquisition Corp.:

Contact:

Cary Grossman

713-204-3873

[email protected]

Cipher Mining

Mark Roberts

Blueshirt Capital Advisors

[email protected]

Cipher Mining Media Contact:

Ryan Dicovitsky

Dukas Linden Public Relations

908-907-7703

[email protected]

KEYWORDS: United States North America Texas New York

INDUSTRY KEYWORDS: Software Technology Internet Data Management

MEDIA:

March 5, 2021 6:48 am

MGIC Investment Corporation Releases Monthly Operating Statistics

PR Newswire

MILWAUKEE, March 5, 2021 /PRNewswire/ — MGIC Investment Corporation (NYSE: MTG) today issued an Operational Summary of the primary mortgage insurance of its insurance subsidiaries for the month of February 2021. The summary is also available on the company’s investor website under Newsroom, Press Releases.

The information concerning new delinquency notices and cures is compiled from reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the accuracy of the data provided by servicers, the number of business days in a month, transfers of servicing between loan servicers, and whether all servicers have provided the reports in a given month. Notices of delinquency are typically reported to us when loans are two payments past due (for example, for February we report as a new delinquency any delinquent loan that missed its January 1st (or earlier) payment that was not previously reported to us). We expect the number of delinquencies will continue to be influenced by various factors related to the COVID-19 pandemic, including its length and severity, the length of time that measures intended to reduce its transmission remain in place, the resulting level of unemployment, the impact of various government initiatives to mitigate the resulting economic harm and efforts to reduce its transmission.

The information concerning the percentage of loans in forbearance is based on the most recent information provided by Fannie Mae and Freddie Mac (the GSEs), as well as loan servicers, and we believe substantially all reported forbearances are related to COVID-19. While the forbearance information provided by the GSEs refers to delinquent loans in forbearance as of the prior month-end, the information provided by loan servicers may be more current.

	December	January	February
Beginning Primary Delinquent Inventory (# of loans)	59,236	57,710	56,315
Plus: New Delinquency Notices	4,941	4,810	4,330
Less: Cures	6,352	6,094	5,446
Less: Paid Claims	112	108	95
Less: Rescissions and Denials	3	3	1
Ending Primary Delinquent Inventory (# of loans)	57,710	56,315	55,103
% of New Delinquency Notices in Forbearance	46%	47%	46%
% of Primary Delinquency Inventory in Forbearance	62%	60%	61%

About MGIC
Mortgage Guaranty Insurance Corporation “MGIC” (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance.

From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC’s website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures, and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.

Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward looking statements. Forward looking statements consist of statements which relate to matters other than historical fact, including matters that inherently refer to future events and involve certain important risks and uncertainties, any of which could cause our actual results to differ materially from those expressed in our forward-looking statements. More information about the risks, uncertainties and assumptions affecting the company can be found in the risk factors included as Exhibit 99 to our Annual Report on Form 10-K for the year ended December 31, 2020, and in other filings we make with the Securities and Exchange Commission. No investor should rely on the fact that such statements are current at any time other than the time at which this press release was issued.

View original content:http://www.prnewswire.com/news-releases/mgic-investment-corporation-releases-monthly-operating-statistics-301241144.html

SOURCE MGIC Investment Corporation

March 5, 2021 6:48 am

Loxo Oncology at Lilly Announces Publication of Pirtobrutinib (LOXO-305) Phase 1/2 Data in The Lancet

PR Newswire

INDIANAPOLIS, March 5, 2021 /PRNewswire/ — Loxo Oncology at Lilly, a research and development group of Eli Lilly and Company (NYSE: LLY), today announced that The Lancet has published data from the pirtobrutinib (previously referred to as LOXO-305) global Phase 1/2 BRUIN clinical trial in relapsed or refractory chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma (MCL), and other non-Hodgkin’s lymphomas. Pirtobrutinib is an investigational, highly selective, non-covalent Bruton’s tyrosine kinase (BTK) inhibitor.

The data in the publication include key findings previously presented at the 2020 American Society of Hematology (ASH) Annual Meeting. The publication includes safety and efficacy data for 323 relapsed or refractory patients (including 170 with CLL/SLL, 61 with MCL, 26 with Waldenström’s macroglobulinemia and 66 with other B-cell lymphomas) that were enrolled to the BRUIN Phase 1/2 trial as of September 27, 2020.

“Patients with B-cell malignancies who have been previously treated with the most commonly used regimens represent an area of growing and urgent unmet need”, said Anthony Mato, M.D., director of the CLL Program at Memorial Sloan Kettering Cancer Center and lead author of The Lancet paper. “These data establish that the third generation BTK inhibitor pirtobrutinib possesses a compelling efficacy and safety profile with the potential to address this exact unmet need.”

“While covalent BTK inhibitors and venetoclax have transformed the treatment of CLL, we now see many patients needing new therapeutic alternatives,” said Brian Koffman, MDCM (retired), chief medical officer of the CLL Society. “In the coming years, we envision that this need will grow, and we are pleased to see data that pirtobrutinib may be a new option for these patients.”

“We are extremely pleased to see the pirtobrutinib data from the ongoing Phase 1/2 BRUIN study published in The Lancet and shared with the broader clinical community”, said David Hyman, M.D., chief medical officer of Loxo Oncology at Lilly. “The data to date from this study have continued to strengthen our conviction that pirtobrutinib has the potential to meaningfully improve the inadequate treatment options available to CLL and MCL patients who have been previously treated with the main treatment classes of today’s standard of care. We are focused on quickly advancing the pirtobrutinib development program, including through a series of Phase 3 studies that will be initiated over the course of 2021.”

In addition to the Phase 1/2 BRUIN clinical trial, Loxo Oncology at Lilly plans to initiate four global, randomized Phase 3 studies for pirtobrutinib in 2021, three in CLL and one in MCL.

About Pirtobrutinib (LOXO-305)
Pirtobrutinib is an investigational, oral, highly selective, non-covalent Bruton’s tyrosine kinase (BTK) inhibitor. BTK plays a key role in the B-cell antigen receptor signaling pathway, which is required for the development, activation and survival of normal white blood cells, known as B-cells, and malignant B-cells. BTK is a validated molecular target found across numerous B-cell leukemias and lymphomas including chronic lymphocytic leukemia, mantle cell lymphoma, Waldenström macroglobulinemia, and marginal zone lymphoma. Currently available BTK inhibitors irreversibly inhibit BTK and the long-term efficacy of these therapies can be limited by acquired resistance, most commonly through BTK C481 mutations. In rapidly growing tumors with inherently high rates of BTK turnover, resistance to covalent BTK therapies may be the result of incomplete target inhibition. Pirtobrutinib was designed to reversibly bind BTK, deliver consistently high target coverage regardless of BTK turnover rate, preserve activity in the presence of the C481 acquired resistance mutations, and avoid off-target kinases that have complicated the development of both covalent and investigational non-covalent BTK inhibitors. Interested patients and physicians can contact the Loxo Oncology at Lilly Physician and Patient BTK Clinical Trial Hotline at 1-855-LOXO-305 or email [email protected].

About the BRUIN Phase 1/2 Trial
This first-in-human, global, multi-center Phase 1/2 trial evaluates pirtobrutinib as a single agent in patients with previously treated chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), or non-Hodgkin’s lymphomas (NHL). The trial includes a Phase 1 dose escalation phase and a Phase 2 dose expansion phase. The Phase 1 dose escalation enrolls patients with CLL/SLL or NHL who have received at least two prior lines of therapy and have progressed or are intolerant to standard of care. The dose escalation phase followed a “3+3” design with pirtobrutinib dosed orally in 28-day cycles. As dose cohorts were cleared, additional patients could enroll in cleared cohorts and intra-patient dose escalation was permitted. The primary objective of the Phase 1 portion of the trial is to determine the maximum tolerated dose and recommended Phase 2 dose. Key secondary objectives include measures of safety, pharmacokinetics, and anti-tumor activity (i.e. Overall Response Rate (ORR) and Duration of Response, as determined by appropriate histology-specific response criteria). In the Phase 2, patients are enrolled across various cohorts, depending on disease type and prior therapy. The primary endpoint for Phase 2 is ORR. Secondary endpoints include duration of response (DOR), overall survival (OS), safety, and pharmacokinetics (PK).

About Loxo Oncology at Lilly
Loxo Oncology at Lilly was created in December 2019, combining the Lilly Research Laboratories oncology organization and Loxo Oncology, which was acquired by Lilly in early 2019. Loxo Oncology at Lilly brings together the focus and spirit of a biotech with the scale and resources of large pharma, with the goal of rapidly delivering impactful new medicines for people with cancer. Our approach centers on creating new oncology medicines that unequivocally work early in clinical development and will matter to patients.

About Eli Lilly and Company

Lilly is a global health care leader that unites caring with discovery to create medicines that make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at lilly.com and lilly.com/newsroom. P-LLY

Disclosure: Dr. Mato has provided consulting and advisory services to Loxo Oncology at Lilly and Eli Lilly and Company.

Lilly Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about pirtobrutinib (LOXO-305) for the potential treatment of previously treated chronic lymphocytic leukemia, small lymphocytic lymphoma, mantle cell lymphoma and other non-Hodgkin lymphomas and reflects Lilly’s current beliefs and expectations. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of research, development, and commercialization. Among other things, there can be no guarantee that studies will be initiated or completed as planned, that future study results will be consistent with the results to date, or that pirtobrutinib (LOXO-305) will receive regulatory approvals or be commercially successful. For further discussion of these and other risks and uncertainties, see Lilly’s most recent Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.

Refer to:	Lauren Cohen; [email protected] ; 617-678-2067 – media
	Kevin Hern; [email protected] ; 317-277-1838 – investors

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SOURCE Eli Lilly and Company

March 5, 2021 6:43 am

51Talk Announces The First Profitable Year in Company History, Eyes Future Growth

PR Newswire

BEIJING, March 5, 2021 /PRNewswire/ — 51Talk (China Online Education Group, NYSE: COE), China’s leading online education platform and the first online English education brand listed in the United States, announced its unaudited financial results for the fourth quarter on March 5, 2021.

The company delivered solid results in the fourth quarter of 2020. 51Talk registered a non-GAAP net income of RMB38.6 million and its GAAP net income is RMB31.8 million, amounting to the company’s fifth consecutive quarter of profitability. The company’s fourth quarter net revenues maintained strong growth momentum and grew 34.7% year-over-year to reach RMB535.1 million.

However, the company’s share price has a long history of staying on the low side. During 2019, 51Talk’s share price was even around $6 per share. In early 2020, as U.S. investors recognized the opportunity in China’s high-growth English language training market, the company’s shares begun to pick up.

51Talk delivers solid financial results in the fourth quarter of 2020

The company continued to maintain a high gross margin of more than 70% and record high gross billings of RMB720.9 million. In terms of operating cash flow, the company also recorded historically high operating cash flow of RMB188.5 million, a year-over-year increase of RMB167.1 million.

“Despite 2020 presenting an array of unforeseen challenges, our strong pre-established foundational groundwork allowed us to not only manage this tumultuous period but in fact benefit from the shifting environment as we took advantage of new opportunities.” said Jack Jiajia Huang, founder, chairman and chief executive officer of 51Talk.

Full year net revenues grew 38.9% to RMB2.1 billion. 2020 operating cash flow rose 80.8% to reach a historical high of RMB719.3 million, compared with RMB397.9 million in 2019, further strengthening the company’s financial position for future growth.

“I’m proud that we concluded a turbulent 2020 with solid operating and financial results, evidenced by sustained revenue growth and the first profitable year in our company history,” said Min Xu, Chief Financial Officer of 51Talk, as 51Talk recorded Non-GAAP net income of RMB173.7 million for 2020, compared to a net loss of RMB87.7 million in 2019.

In a late 2020 interview with Capital Watch, Xu said that he saw 51Talk’s stock as undervalued. He commented with confidence that as the company grow, outperform its peers and competitors, get more news and market research out there, 51Talk will get investors’ attention and the stock price will reflect its intrinsic value and growth potential.”

Strong growth of paying students on 51Talk platform during Covid-19 pandemic

Besides financial success, the fourth quarter also witnessed growth of paying students. In the fourth quarter, the number of 51Talk’s paying students grew over 70.0% year-over-year driven by its effective curriculum and sound service quality, while its active students reached 353,800, up 37.6% compared with the same period in 2019. The year of 2020 also witnessed remarkable growth in new paying students which increased 60.0% year-over-year.

51Talk’s strong market growth and rapid growth of paying students was due to “the impressive strategic execution of 51Talk’s online K-12 English mass-market offerings”, according to Huang.

Business success in the fourth quarter could not go without 51Talk’s up-to-date curriculums, cutting-edge technologies, and quality services.

51Talk was the first platform to build an online English teaching network, and the first to set up a team of experts to prepare English teaching materials for young Chinese users and continue to subdivide the curriculum with the core of the one-to-one model for young people.

51Talk has been focusing on the field of English education, and has achieved good results with its courses and small classes for younger kids. It underpins the importance of the learning experience and performance in a bid that every student can get quality English teaching resources.

51Talk’s “Education for All” strategy and its high-quality Filipino Teachers’ One-On-One Model have helped the leading platform achieve excellent results.

In 2020, the company made improving competency within itself a top priority. Aware of its users’ thirst for excellent English teachers, 51Talk has introduced about 30,000 high-quality Filipino foreign teachers over the past ten years and kept improving operations in terms of product, technology, and service to enhance human efficiency and ensure teaching quality through refined management. Beside every Filipino teacher, a Chinese tutor was there to follow the study process, monitoring the performance and offering needed services when necessary.

In September 2020, the company also ramped up a series of level K courses for children aged between three and five, which are easy to learn, fun to play with, and friendly to viewers, helping them make a good start on learning the English language.

As a staunch technology advocate, 51Talk welcomes the combination of AI technology and online English education. 51Talk just finished the acquisition of GKid, a Shanghai-based online English education platform, who offers innovative AI-driven online English courses through highly interactive animation and picture books for children from three to eight.

Huang believes that this acquisition both extends 51Talk’s addressable market and broadens its product and curriculum portfolio. He foresees “potential collaboration and integration opportunities” between 51Talk’s platform and GKid’s products and industry-leading AI technologies.

User growth, market, brand promotion key to 2021’s market expansion

“As we head further into 2021, we are focusing on user growth and enhanced brand promotions to drive market share expansion.” Huang said.

To achieve this goal, 51Talk will continue to optimize its learning experiences through upgraded product offerings and an enriched curriculum mix to better attract and retain users, develop innovative AI-powered robotic tutors to help students review core knowledge points with the aim of enhancing overall learning efficiency, and integrate more interactive features into its textbooks to make its courses more interesting and engaging to young children, according to Huang.

The company is also diversifying its curriculum portfolio to provide a holistic learning experience, through investing in R&D, upgrading services to students, and expanding its teacher operations.

51Talk targets to further increase its branding and marketing efforts to heighten brand awareness as it seeks for future growth. In 2021, experience stores will continue to be a major part of its online merge offline strategy to boost market penetration in non-tier-one cities. There are more than 100 experience stores in 20 provinces in China till the end of 2020.

Xu added that in 2021, investment will be channeled towards the development of its curriculum, technology and brand as 51Talk looks to capitalize on market dynamics, drive user growth and achieve the leading market position.

Education has been one of China’s fast-growing industries, boosted by the rising household income, parents’ willingness to spend on their children’s studies, government incentives, and the end to the one-child policy. By providing students across China with access to quality English education, 51Talk is standing out to achieve its mission of helping China speak with the world.

51Talk firmly believes that English education should not be a luxury, and that education for all is its goal. 51Talk will strive to provide quality English education to more families in 2021.

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SOURCE 51Talk

March 5, 2021 6:33 am

Ault Global HoldingsResumes Bitcoin Mining

Ault Global HoldingsResumes Bitcoin Mining

Alliance Cloud Services Begins Initial Buildout of 617,000 Square Foot Michigan Cloud Data Center Providing Up to 300MW of Low-Cost Power

LAS VEGAS–(BUSINESS WIRE)–
Ault Global Holdings, Inc. (NYSE American: DPW) a diversified holding company (the “Company”), announced today that it has resumed bitcoin mining through its wholly-owned subsidiary, Ault Alliance, Inc., at its 617,000 square foot energy-efficient facility in Michigan. The Company also announced that it has begun the initial 30,000 square foot data center buildout at the Michigan facility. The Company plans to ramp up its bitcoin mining operations after the initial buildout is completed during the quarter ending June 30, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210305005152/en/

The Michigan facility provides up to 300MWs of critical power capacity under a perennial energy abatement agreement with guaranteed pricing at relatively low energy rates for the next five years. Securing a low-cost source of energy is a critical component of profitable cryptocurrency mining operations. While the Company believes the Michigan facility and its anticipated future operations will be successful, the Company cannot assure you that its expectations will materialize in a timely manner, if at all.

“Since we abandoned our bitcoin mining activities approximately a year ago, much has changed for the Company,” said Milton “Todd” Ault, III, the Company’s Executive Chairman. “We have significantly strengthened our balance sheet, which allows us to invest in growing our cryptocurrency mining operations. We believe that we are now in a position to better withstand the volatility associated with cryptocurrency mining, as we have secured a low-cost energy source that we control. We believe our improved capital structure combined with low energy costs at a facility we own positions the Company for success.”

For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.AultGlobal.com or available at www.sec.gov.

About Ault Global Holdings, Inc.

Ault Global Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global Holding’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.AultGlobal.com.

Forward-Looking Statements

This press 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. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.AultGlobal.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005152/en/

[email protected] or 1-888-753-2235

KEYWORDS: United States North America Nevada Michigan

INDUSTRY KEYWORDS: Professional Services Data Management Technology Finance Consulting Banking

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March 5, 2021 6:33 am

Hibbett Reports Fourth Quarter and Fiscal 2021 Results

Hibbett Reports Fourth Quarter and Fiscal 2021 Results

Fourth Quarter Comparable Sales Increased 21.9%; Full Year Comparable Sales Increased 22.2%
Fourth Quarter Brick and Mortar Comparable Sales Increased 17.7%
Fourth Quarter E-Commerce Comparable Sales Increased 44.8%
Fourth Quarter Diluted EPS of $1.39; Adjusted Diluted EPS of $1.40
Full Year Diluted EPS of $4.36; Adjusted Diluted EPS of $6.12

BIRMINGHAM, Ala.–(BUSINESS WIRE)–
Hibbett Sports, Inc. (Nasdaq/GS: HIBB), an athletic-inspired fashion retailer, today provided financial results for its fourth quarter and fiscal year ended January 30, 2021, and business updates.

Mike Longo, President and Chief Executive Officer, stated, “The strong momentum that we experienced in our business in the second and third quarters continued in the fourth quarter. Our ongoing ability to deliver a compelling assortment of merchandise through superior customer service and a best-in-class omni-channel platform generated outstanding fourth quarter performance in both sales and profitability and provided a strong conclusion to a record-setting Fiscal 2021. The resilience of our team members, our customers and our business model contributed to transaction growth and a higher average ticket both in-store and online during the fourth quarter.”

Mr. Longo continued, “Our vendor partners recognize the value of the connections we make with the customers that shop with Hibbett and City Gear. We believe that the relationships with our vendor partners will likely continue to strengthen as we become even more engaged with the athletically-inspired consumer in the communities we serve.”

Finally, Mr. Longo added, “Following a record year, we believe the Hibbett and City Gear brands are positioned very well in the industry and the momentum we have created in Fiscal 2021 is sustainable. We will remain focused on providing attractive and differentiated customer experiences in stores and online.”

Fourth Quarter Results

Net sales for the 13-week period ended January 30, 2021, increased 20.4% to $376.8 million compared with $313.0 million for the 13-week period ended February 1, 2020. Comparable sales increased 21.9%. Brick and mortar comparable sales increased 17.7%. E-commerce comparable sales grew by 44.8% and represented 17.1% of total net sales for the fourth quarter compared to 14.2% in the prior year fourth quarter. We believe the increase in overall sales was positively impacted by continued strength in omni-channel adoption, improved new customer retention, availability of in-demand footwear, apparel and accessories, and incremental stimulus payments which collectively helped increase the revenue per transaction in the quarter.

Gross margin was 37.1% of net sales for the 13-week period ended January 30, 2021, compared with 31.5% of net sales for the 13-week period ended February 1, 2020. The approximate 560 basis point increase was driven by higher sell through, a low promotional environment, and leverage of store occupancy expenses. These impacts were slightly offset by a higher mix of e-commerce sales, which carries a lower margin due to incremental shipping costs. Our gross margin of 37.1% compared to a non-GAAP gross margin of 31.3% in the prior year.

Store operating, selling and administrative (SG&A) expenses were 26.8% of net sales for the 13-week period ended January 30, 2021, which was consistent with the 26.8% of net sales for the 13-week period ended February 1, 2020. In terms of dollar spend, employee compensation, advertising, variable expenses associated with higher sales volume and asset impairments due to accelerating the closure of poor performing stores were the main drivers of the increase. City Gear acquisition and integration expenses were significantly lower in the current year quarter than in the same period last year. Excluding these acquisition and integration costs, comparable SG&A expenses on a non-GAAP basis increased approximately 140 basis points to 26.7% of net sales for the 13-week period ended January 30, 2021, from 25.3% of net sales for the 13-week period ended February 1, 2020. This increase was primarily driven by asset impairments, higher advertising costs and expenses associated with increased e-commerce activity.

Net income for the 13-week period ended January 30, 2021, was $23.9 million, or $1.39 per diluted share, compared with net income of $6.0 million, or $0.34 per diluted share, for the 13-week period ended February 1, 2020. On an adjusted basis, net income for the 13-week period ended January 30, 2021, was $24.1 million, or $1.40 per diluted share, compared with adjusted net income for the 13-week period ended February 1, 2020, of $9.0 million, or $0.51 per diluted share.

During the fourth quarter, we opened 10 new stores, rebranded four Hibbett stores to City Gear stores and closed 21 stores, bringing the store base to 1,067 in 35 states as of January 30, 2021. Store closures were composed of underperforming stores and rebrands.

We ended the fourth quarter of Fiscal 2021 with $209.3 million of available cash and cash equivalents on our unaudited condensed consolidated balance sheet. As of January 30, 2021, we had no debt outstanding and full availability under our $75.0 million secured credit facility.

Inventory at the end of the fourth quarter of Fiscal 2021 was $202.0 million, a 29.9% decrease compared to the prior year fourth quarter. Strong brick and mortar and e-commerce demand during the quarter in addition to ongoing constraints in the supply chain were the main drivers of the inventory reduction.

Fiscal Year Results

Net sales for the 52-week period ended January 30, 2021, increased 19.9% to $1.42 billion compared with $1.18 billion for the 52-week period ended February 1, 2020. Comparable sales increased 22.2%. Brick and mortar comparable sales were up 13.3%, and e-commerce comparable sales increased 89.3%, representing 16.7% of total sales on a full year basis compared to 10.4% of total sales in the comparable period last year.

Gross margin was 35.5% of net sales for the 52-week period ended January 30, 2021, compared with 32.4% for the 52-week period ended February 1, 2020. Excluding City Gear acquisition and integration costs incurred in both years, inventory reserve adjustments in the current year and strategic store alignment costs incurred in the prior year, adjusted gross margin was 35.8% of net sales for the 52-week period ended January 30, 2021, compared with 32.4% of net sales for the 52-week period ended February 1, 2020.

SG&A expenses, including goodwill impairment, were 26.5% of net sales for the 52-week period ended January 30, 2021, compared with 26.9% of net sales for the 52-week period ended February 1, 2020. Leverage generated from increased sales revenue was the primary driver of the modest decline. On a non-GAAP basis, comparable SG&A expenses were 23.7% of net sales for the 52-week period ended January 30, 2021, compared with 25.2% of net sales for the 52-week period ended February 1, 2020.

Net income for the 52-week period ended January 30, 2021, was $74.3 million, or $4.36 per diluted share, compared to $27.3 million, or $1.52 per diluted share, for the 52-week period ended February 1, 2020. On an adjusted basis, net income for the 52-week period ended January 30, 2021, was $104.3 million, or $6.12 per diluted share, compared to $41.9 million, or $2.33 per diluted share, for the 52-week period ended February 1, 2020.

During Fiscal 2021, we opened 16 new stores, rebranded 12 Hibbett stores to City Gear stores and closed 42 stores. Store closures were composed of underperforming stores and rebrands.

Fiscal 2022 Outlook

Although it is difficult to forecast future results due to the challenges posed by the ongoing COVID-19 pandemic and uncertainty regarding the business environment, further stimulus payments and potential labor and tax legislation, we are providing limited forward guidance regarding our outlook for Fiscal 2022, which ends January 29, 2022.

Our projected financial results for Fiscal 2022 are influenced by many factors, several of which are discussed below:

We believe we have attracted new customers to our store locations and to our omni-channel platform in Fiscal 2021 due to pent-up demand, market disruption and government stimulus payments. Many of these new customers made repeat purchases. We expect to continue to attract and retain new customers during Fiscal 2022.
Accelerating consumer adoption of e-commerce, which we believe is likely a permanent change, will continue to benefit our omni-channel business.
Our strong vendor relationships allow us to meet customer demand for fashion inspired athletic footwear, apparel and accessories both in-store and online.
Other initiatives, including net low double digit store growth per brand, an improved in-store experience resulting from our store refresh program, increased speed to market via supply chain enhancements and an improved focus on our sales culture.

Specific items not factored into our outlook include further government stimulus payments, unannounced and/or unexpected market disruption, changes to the Federal minimum wage, increases in corporate tax rates and shifts in consumer spending habits.

Based on the considerations above, we forecast the following GAAP results for Fiscal 2022 in comparison to Fiscal 2021:

Comparable sales ranging from negative low-single digits to positive low-single digits;
Gross margin decline of approximately 130 to 170 basis points;
SG&A decline as a percent of sales ranging from 5 to 45 basis points;
Diluted earnings per share in the range of $5.00 to $5.50, assuming an effective tax rate of approximately 25.0% and a weighted average diluted share count of approximately 17.0 million.

Additionally, non-GAAP results for Fiscal 2022 are not expected to materially differ from our GAAP results.

During Fiscal 2022, we plan to invest $45.0 million to $50.0 million of capital on attractive organic growth opportunities that we believe will lead to higher sales and on various infrastructure projects that will enhance our distribution and back office efficiency. We believe that these growth opportunities will enhance the consumer experience in stores and online and modernize our technology and processes. In addition to our capital expenditure plans, we intend to opportunistically allocate capital to share repurchases and currently have approximately $136.3 million remaining under our share repurchase authorization.

Investor Conference Call and Simulcast

Hibbett Sports, Inc. will conduct a conference call at 10:00 a.m. ET on Friday, March 5, 2021, to discuss fourth quarter and Fiscal 2021 results. The number to call for the live interactive teleconference is (212) 231-2938. A replay of the conference call will be available until March 12, 2021, by dialing (402) 977-9140 and entering the passcode, 21991660. A slide deck of supporting information that will be referenced during the call can be found at hibbett.com under the Investor Relations tab, or at https://hibbettsportsinc.gcs-web.com/.

The Company will also provide an online Web simulcast and rebroadcast of its fourth quarter conference call. The live broadcast of Hibbett’s quarterly conference call will be available online at www.hibbett.com under the Investor Relations tab on March 5, 2021, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call and be available for replay for 30 days.

About Hibbett Sports, Inc.

Hibbett, headquartered in Birmingham, Alabama, is a leading athletic-inspired fashion retailer with 1,067 stores under the Hibbett Sports and City Gear brands, primarily located in small and mid-sized communities. Founded in 1945, Hibbett has a rich history of convenient locations, personalized customer service and access to coveted footwear and apparel from top brands like Nike, Jordan and adidas. Consumers can browse styles, find new releases, shop looks and make purchases by visiting www.hibbett.com. Purchases can be made online or by visiting their nearest store. Follow us @hibbettsports and @citygear on Facebook, Instagram, and Twitter.

About Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including adjusted net income, earnings per share, gross margin, SG&A expenses and operating income as a percentage of net sales. Management believes these non-GAAP financial measures are useful to investors to facilitate comparisons of our current financial results to historical operations and the financial results of peer companies, as they exclude the effects of items that may not be indicative of, or are unrelated to, our underlying operating results, such as expenses related to the COVID-19 pandemic, the acquisition and integration of City Gear and our accelerated store closure plan in Fiscal 2020. The costs related to the COVID-19 pandemic include impairment charges of goodwill, tradename and other assets and lower of cost or net realizable value inventory reserve charges. The costs related to the acquisition and integration of City Gear include amortization of inventory step-up value, professional service fees, change in valuation of the contingent earnout, legal and accounting fees. Costs related to the strategic realignment plan included lease and equipment impairment costs, third party liquidation fees, store exit costs, and residual net lease costs and were specific to Fiscal 2020.

While our management uses these non-GAAP financial measures as a tool to enhance their ability to assess certain aspects of our financial performance, our management does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial statements. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial statements, allows for greater transparency in the review of our financial and operational performance. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measure prepared in accordance with GAAP, please see the sections titled “GAAP to Non-GAAP Reconciliation” that accompany this press release.

Disclosure Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the Company anticipates will or may occur in the future, including, but not limited to, such things as our Fiscal 2022 outlook, including future capital expenditures and share repurchases, expansion, strategic plans, financial objectives, dividend payments, stock repurchases, growth of the Company’s business and operations, including future cash flows, revenues, and earnings, the impact of the COVID-19 pandemic on our business, our effective tax rate and other such matters, are forward-looking statements. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, or performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to: changes in general economic or market conditions that could affect overall consumer spending or our industry; changes to the financial health of our customers; our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business; the potential impact of new trade, tariff and tax regulations on our profitability; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer demand for our products and manage our inventory in response to changing demands; increased competition causing us to lose market share or reduce the prices of our products or to increase significantly our marketing efforts; the impact of public health crises, including the COVID-19 pandemic, or other significant or catastrophic events; fluctuations in the costs of our products; acceleration of costs associated with the protection of the health of our employees and customers; loss of key suppliers or manufacturers or failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner, including due to port disruptions; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; our ability to successfully manage or realize expected results from acquisition, including our acquisition of City Gear, and other significant investments or capital expenditures; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; risks related to data security or privacy breaches; our ability to raise additional capital required to grow our business on terms acceptable to us; our potential exposure to litigation and other proceedings; and our ability to attract key talent and retain the services of our senior management and key employees.

These forward-looking statements are based largely on our expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. For additional discussion on risks and uncertainties that may affect forward-looking statements, see “Risk Factors” disclosed in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any changes in such assumptions or factors could produce significantly different results. The Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise.


HIBBETT SPORTS, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (Dollars in thousands, except per share amounts)

	13-Weeks Ended									52-Weeks Ended
	January 30, 2021					February 1, 2020				January 30, 2021					February 1, 2020
				% to Sales				% to Sales					% to Sales				% to Sales
Net sales	$	376,830				$	313,024			$	1,419,657				$	1,184,234
Cost of goods sold	237,123			62.9	%	214,281		68.5	%	915,169			64.5	%	800,783		67.6	%
Gross margin	139,707			37.1	%	98,743		31.5	%	504,488			35.5	%	383,451		32.4	%
Store operating, selling and administrative expenses	101,017			26.8	%	83,927		26.8	%	356,856			25.1	%	318,011		26.9	%
Goodwill impairment	—			—	%	—		—	%	19,661			1.4	%	—		—	%
Depreciation and amortization	7,688			2.0	%	7,023		2.2	%	29,583			2.1	%	29,323		2.5	%
Operating income	31,002			8.2	%	7,793		2.5	%	98,388			6.9	%	36,117		3.0	%
Interest (expense) income, net	(28		)	—	%	32		—	%	(436		)	—	%	211		—	%
Income before provision for income taxes	30,974			8.2	%	7,825		2.5	%	97,952			6.9	%	36,328		3.1	%
Provision for income taxes	7,042			1.9	%	1,824		0.6	%	23,686			1.7	%	8,984		0.8	%
Net income	$	23,932		6.4	%	$	6,001	1.9	%	$	74,266		5.2	%	$	27,344	2.3	%

Basic earnings per share	$	1.45				$	0.35			$	4.49				$	1.54
Diluted earnings per share	$	1.39				$	0.34			$	4.36				$	1.52

Weighted average shares outstanding:
Basic	16,534					17,202				16,547					17,746
Diluted	17,203					17,574				17,037					17,957

Percentages may not foot due to rounding.


HIBBETT SPORTS, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (In thousands)

	January 30, 2021		February 1, 2020
Assets
Cash and cash equivalents	$	209,290	$	66,078
Inventories, net	202,038		288,011
Other current assets	28,472		18,423
Total current assets	439,800		372,512

Property and equipment, net	107,159		100,956
Operating right-of-use assets	216,224		229,155
Finance right-of-use assets, net	3,285		2,250

Goodwill	—		19,661
Tradename intangible asset	23,500		32,400
Deferred income taxes, net	14,625		8,996
Other assets, net	3,573		3,829
Total assets	$	808,166	$	769,759

Liabilities and Stockholders’ Investment
Accounts payable	$	107,215	$	131,662
Operating lease obligations	58,613		60,649
Finance lease obligations	956		886
Other accrued expenses	58,536		40,464
Total current liabilities	225,320		233,661

Long-term operating lease obligations	186,133		190,699
Long-term finance lease obligations	2,599		1,704
Other noncurrent liabilities	3,078		14,712
Stockholders’ investment	391,036		328,983
Total liabilities and stockholders’ investment	$	808,166	$	769,759


HIBBETT SPORTS, INC. AND SUBSIDIARIES Supplemental Information (Unaudited)

	13-Weeks Ended						52-Weeks Ended
	January 30, 2021			February 1, 2020			January 30, 2021			February 1, 2020
Sales Information
Net sales increase	20.4		%	2.3		%	19.9		%	17.4		%
Comparable sales increase	21.9		%	4.0		%	22.2		%	5.3		%

Store Count Information
Beginning of period	1,074			1,097			1,081			1,163
New stores opened	10			4			16			13
Rebranded stores	4			3			12			11
Stores closed	(21		)	(23		)	(42		)	(106		)
End of period	1,067			1,081			1,067			1,081

Estimated square footage at end of period (in thousands)	6,022			6,102

Balance Sheet Information
Average inventory per store	$	189,351		$	266,430

Share Repurchase Information
Shares purchased under our stock repurchase program	150,318			532,702			578,336			1,564,642
Cost (in thousands)	$	6,969		$	14,114		$	16,718		$	34,904
Settlement of net share equity awards	7,493			—			42,449			29,432
Cost (in thousands)	$	414		$	—		$	897		$	555


HIBBETT SPORTS, INC. AND SUBSIDIARIES GAAP to Non-GAAP Reconciliation (Dollars in thousands, except per share amounts) (Unaudited)

	13-Week Period Ended January 30, 2021
	GAAP Basis (As Reported)		Acquisition⁽¹⁾		COVID-19⁽²⁾		Non-GAAP Basis (As Adjusted)
									% to Sales
Cost of goods sold	$	237,123	$	—	$	—	$	237,123	62.9	%
Gross margin	$	139,707	$	—	$	—	$	139,707	37.1	%
SG&A expenses	$	101,017	$	229	$	—	$	100,788	26.7	%
Operating income	$	31,002	$	229	$	—	$	31,231	8.3	%
Provision for income taxes	$	7,042	$	52	$	—	$	7,094	1.9	%
Net income	$	23,932	$	177	$	—	$	24,109	6.4	%
Diluted earnings per share	$	1.39	$	0.01	$	—	$	1.40

1) Excluded acquisition amounts during the 13-week period ended January 30, 2021, related to the acquisition of City Gear, LLC, consist of change in the valuation of contingent earnout.

2) There were no excluded amounts related to the COVID-19 pandemic during the 13-week period ended January 30, 2021.


	13-Week Period Ended February 1, 2020
	GAAP Basis (As Reported)		Acquisition⁽¹⁾		Strategic Realignment⁽²⁾			Non-GAAP Basis (As Adjusted)
										% to Sales
Cost of goods sold	$	214,281	$	—	$	(764	)	$	215,045	68.7	%
Gross margin	$	98,743	$	—	$	(764	)	$	97,979	31.3	%
SG&A expenses	$	83,927	$	4,180	$	502		$	79,245	25.3	%
Operating income	$	7,793	$	4,180	$	(262	)	$	11,711	3.7	%
Provision for income taxes	$	1,824	$	975	$	(61	)	$	2,738	0.9	%
Net income	$	6,001	$	3,205	$	(201	)	$	9,005	2.9	%
Diluted earnings per share	$	0.34	$	0.18	$	(0.01	)	$	0.51

1) Excluded acquisition costs represent costs incurred during the 13-week period ended February 1, 2020, related to the acquisition of City Gear, LLC, consist primarily of change in the valuation of contingent earnout and legal, accounting and professional fees.

2) Excluded strategic realignment amounts during the 13-week period ended February 1, 2020, related to our accelerated store closure plan, consist of gain on operating leases net of accelerated amortization on right-of-use assets in cost of goods sold and professional fees, impairment costs and loss on fixed assets in SG&A.


HIBBETT SPORTS, INC. AND SUBSIDIARIES GAAP to Non-GAAP Reconciliation (Dollars in thousands, except per share amounts) (Unaudited)

	52-Week Period Ended January 30, 2021
	GAAP Basis (As Reported)		Acquisition⁽¹⁾		COVID-19⁽²⁾		Non-GAAP Basis (As Adjusted)
									% to Sales
Cost of goods sold	$	915,169	$	—	$	3,043	$	912,126	64.2	%
Gross margin	$	504,488	$	—	$	3,043	$	507,531	35.8	%
SG&A expenses	$	356,856	$	4,608	$	15,743	$	336,505	23.7	%
Goodwill impairment	$	19,661	$	—	$	19,661	—		—	%
Operating income	$	98,388	$	4,608	$	38,447	$	141,443	10.0	%
Provision for income taxes	$	23,686	$	1,394	$	11,645	$	36,725	2.6	%
Net income	$	74,266	$	3,214	$	26,802	$	104,282	7.3	%
Diluted earnings per share	$	4.36	$	0.19	$	1.57	$	6.12

1) Excluded acquisition amounts during the 52-week period ended January 30, 2021, related to the acquisition of City Gear, LLC, consist primarily of change in the valuation of contingent earnout and accounting and professional fees.

2) Excluded amounts during the 52-week period ended January 30, 2021, related to the COVID-19 pandemic, consist primarily of net non-cash lower of cost or market reserve charges in cost of goods sold and impairment costs (goodwill, tradename and other assets) in SG&A.

	52-Week Period Ended February 1, 2020
	GAAP Basis (As Reported)		Acquisition⁽¹⁾		Strategic Realignment⁽²⁾			Non-GAAP Basis (As Adjusted)
										% to Sales
Cost of goods sold	$	800,783	$	956	$	(1,120	)	$	800,947	67.6	%
Gross margin	$	383,451	$	956	$	(1,120	)	$	383,287	32.4	%
SG&A expenses	$	318,011	$	17,432	$	2,031		$	298,548	25.2	%
Operating income	$	36,117	$	18,388	$	911		$	55,416	4.7	%
Provision for income taxes	$	8,984	$	4,547	$	225		$	13,756	1.2	%
Net income	$	27,344	$	13,841	$	686		$	41,871	3.5	%
Diluted earnings per share	$	1.52	$	0.77	$	0.04		$	2.33

1) Excluded acquisition amounts during the 52-week period ended February 1, 2020, related to the acquisition of City Gear, LLC, consist primarily of the amortization of inventory step-up in cost of goods sold and change in the valuation of contingent earnout, legal, accounting and professional fees in SG&A.

2) Excluded strategic realignment amounts during the 52-week period ended February 1, 2020, related to our accelerated store closure plan, consist primarily of gain on operating leases net of accelerated amortization on right-of-use assets in cost of goods sold and professional fees, impairment costs and loss on fixed assets in SG&A.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005055/en/

Robert Volke – SVP, Chief Financial Officer

Jason Freuchtel – Director, Investor Relations

(205) 380-7121

KEYWORDS: Alabama United States North America

INDUSTRY KEYWORDS: Retail Department Stores Fashion

MEDIA:

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March 5, 2021 6:33 am

TILT Holdings Inc. Announces the Launch of Her Highness NYC Branded THC Products in Massachusetts Market Within 30 Days of Contract Signing

Her Highness NYC, a Female-Owned, Premium Cannabis Brand, Is Now Available for Purchase at Select Dispensaries across Massachusetts

PHOENIX, March 05, 2021 (GLOBE NEWSWIRE) — TILT Holdings Inc. (“TILT” or the “Company”) (CSE: TILT) (OTCQX: TLLTF), a provider of business solutions to the global cannabis industry that includes inhalation technologies, cultivation, manufacturing, processing, brand development, distribution and retail, is pleased to announce the launch of Her Highness NYC (“Her Highness”) branded THC products in Massachusetts. The Company previously announced the signing of an exclusive manufacturing and distribution contract with the provider of the female-forward cannabis couture products inspired and engineered by women on February 4, 2021. Her Highness products are being manufactured and distributed by TILT’s wholly owned subsidiary, Commonwealth Alternative Care, Inc. (“CAC”), located in Taunton.

“Going from contract to launch in 30 days with a brand new product line is a testament to our cultivation, manufacturing and distribution capabilities, as well as our expertise in managing complex supply chains,” said TILT’s President Gary Santo. “I challenged our team to meet that deadline and could not be prouder of the hard work, dedication and innovation each and every person showed in making this happen. As a key aspect of our growth strategy, we expect TILT to continue to bring new, dynamic products to the markets we serve as we continue to create partnerships with premium brands.”

“We are very impressed by the professionalism and expertise TILT has provided as our partner,” said Her Highness Co-Founder and Co-CEO Allison Krongard. The speed at which they have brought us to market is the quickest we have experienced. We are excited to work with TILT to expand our product offerings throughout Massachusetts and look forward to expanding our partnership to bring Her Highness products to additional markets.”

“Our mission has always been to deliver female-forward cannabis couture, and with Tilt Holdings, we’re one step closer to bringing that vision throughout the US,” comments Her Highness Co-CEO and Co-Founder Laura Eisman. “We know Tilt will carry our vision and mission by precisely crafting and distributing our products.”

Patients and customers can now purchase a suite of Her Highness products, including Last Prisoner Project Single Pre-Rolls, Power Puffs Kief Pre-Rolls and Pleasure Oil, at a growing number of dispensaries state wide. Her Highness Products are also available at CAC’s Taunton medical dispensary.

For more information, visit https://www.tiltholdings.com/ and https://www.commonwealthaltcare.org

About TILT

TILT helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, TILT services brands and cannabis retailers across 35 states in the U.S., as well as Canada, Israel, Mexico, South America and the European Union. TILT’s core businesses include Jupiter Research, LLC , a wholly owned subsidiary and leader in the vaporization segment focused on hardware design research and manufacturing; and cannabis operations CAC in Massachusetts and Standard Farms, LLC in Pennsylvania. For more information, visit www.tiltholdings.com

Forward-Looking Information

This news release contains forward-looking information based on current expectations. Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward looking information may include, without limitation, CAC’s ability to successfully manufacture and distribute Her Highness products in Massachusetts, the success of TILT’s brand strategy, the anticipated growth of worldwide medical cannabis markets, the opinions or beliefs of management, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of TILT, and includes statements about, among other things, future developments, the future operations, strengths and strategy of TILT. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These statements should not be read as guarantees of future performance or results. These statements are based upon certain material factors, assumptions and analyses that were applied in drawing a conclusion or making a forecast or projection, including TILT’s experience and perceptions of historical trends, the ability of TILT to maximize shareholder value, current conditions and expected future developments, as well as other factors that are believed to be reasonable in the circumstances.

Although such statements are based on management’s reasonable assumptions at the date such statements are made, there can be no assurance that it will be completed on the terms described above and that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information. TILT assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.

By its nature, forward-looking information is subject to risks and uncertainties, and there are a variety of material factors, many of which are beyond the control of TILT, and that may cause actual outcomes to differ materially from those discussed in the forward-looking statements.

For additional information regarding forward-looking statements and their related risks, please refer to the “Risk Factors and Uncertainties” section in the Management Discussion and Analysis of the Company for the quarter ended on September 30, 2020, which is available on the Company’s SEDAR profile at www.sedar.com.

The CSE has neither approved nor disapproved the contents of this news release.

Investor Relations Contact:

Taylor Allison
[email protected]

Media Contact:
Ellen Mellody
[email protected]
570-209-2947