Market Newsdesk

COLUMBUS, Ohio, March 5, 2021 /PRNewswire/ — Big Lots, Inc. (NYSE: BIG) today announced that on March 4, 2021 the Board of Directors declared a quarterly cash dividend of $0.30 per common share for the first quarter of fiscal 2021.

The dividend will be paid on April 2, 2021, to shareholders of record as of the close of business on March 19, 2021.

About Big Lots, Inc.
Headquartered in Columbus, Ohio, Big Lots, Inc. (NYSE: BIG) is a neighborhood discount retailer operating 1,410 stores in 47 states, as well as a best-in-class ecommerce platform with expanded capabilities via BOPIS, curbside pickup, Instacart and PICKUP with same day delivery. The company’s product assortment is focused on home essentials: Furniture, Seasonal, Soft Home, Food, Consumables, Hard Home, and Electronics, Toys & Accessories. Big Lots’ mission is to help people Live BIG and Save Lots. The company strives to be the BIG difference for a better life by delivering unmatched value to customers through surprise and delight, being a “best place to work” culture for associates, rewarding shareholders with consistent growth and top-tier returns, as well as doing good in local communities. For more information about the company, visit www.biglots.com.

Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words “anticipate,” “estimate,” “approximate,” “expect,” “objective,” “goal,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “may,” “target,” “forecast,” “guidance,” “outlook” and similar expressions generally identify forward-looking statements. Similarly, descriptions of objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements relate to the expectations of management as to future occurrences and trends, including statements expressing optimism or pessimism about future operating results or events and projected sales, earnings, capital expenditures and business strategy. Forward-looking statements are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance and are applicable only as of the dates of such statements. Although the company believes the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of knowledge, forward-looking statements, by their nature, involve risks, uncertainties and other factors, any one or a combination of which could materially affect business, financial condition, results of operations or liquidity.

Forward-looking statements that the company makes herein and in other reports and releases are not guarantees of future performance and actual results may differ materially from those discussed in such forward-looking statements as a result of various factors, including, but not limited to, developments related to the COVID-19 coronavirus pandemic, current economic and credit conditions, the cost of goods, the inability to successfully execute strategic initiatives, competitive pressures, economic pressures on customers and the company, the availability of brand name closeout merchandise, trade restrictions, freight costs, the risks discussed in the Risk Factors section of the company’s most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This release should be read in conjunction with such filings, and you should consider all of these risks, uncertainties and other factors carefully in evaluating forward-looking statements.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures the company makes on related subjects in public announcements and SEC filings.

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/big-lots-announces-quarterly-dividend-on-common-stock-301241281.html

SOURCE Big Lots, Inc.

STOCKHOLM
 , March 5, 2021 /PRNewswire/ — The shareholders of Swedish Match AB (publ), Reg. No. 556015-0756, are hereby notified of the Annual General Meeting (AGM) to be held on Tuesday, April 13, 2021. In light of the continued COVID-19 pandemic, the AGM will be conducted pursuant to so called mail-in procedures, meaning that no shareholders will attend the AGM in person or through proxy. Instead, shareholders can participate in the AGM by voting and submitting questions in advance pursuant to the instructions described below.

In order to participate in the AGM, a shareholder must

a. be registered in the register of shareholders maintained by Euroclear Sweden AB as of Thursday, April 1, 2021, and

b. notify attendance at the AGM no later than Monday, April 12, 2021. The exercise of voting rights in accordance with the mail-in procedure will be considered as a notification from the shareholder to attend the meeting.

Shareholders whose shares are registered in the names of banks or other nominees must temporarily register the shares in their own name in order to be entitled to participate in the AGM via the mail-in process. Shareholders who wish to register their shares in their own names must request that the nominee make such registration. Voting rights registration that has been requested by the shareholder in such time that the registration has been completed by the nominee no later than Wednesday April 7, 2021 will be taken into account in the preparation of the shareholders’ register.

The shareholders may request in the advance voting form that a resolution on one or several of the matters on the proposed agenda below should be deferred to a so-called continued general meeting, which cannot be conducted solely by way of advance voting. Such general meeting shall take place if the Annual General Meeting so resolves or if shareholders with at least one tenth of all shares in the company so requests.

A. Overview of Mail-In Procedures for the AGM

Due to the continued COVID-19 pandemic and in order to ensure the health and safety of the Company’s shareholders, employees and other stakeholders, the Board of Directors of Swedish Match AB has resolved on extraordinary meeting procedures pursuant to Section 22 of the temporary act on general meetings (2020:198) (the “Temporary Act”). Specifically, the following procedures will apply:

1. The AGM will take place on Tuesday, April 13, 2021. However, no shareholders, proxy holders or other external persons will be able to attend in person.

2. Shareholders will only be able to participate in the AGM by voting on the matters and the proposals on the meeting agenda and submitting questions to the Company in advance. See Section B, below, for more details on how.

3. The Agenda for the AGM is as set forth below in Section C, with certain items being further explained in Section D.

4. There will be no webcast in connection with the AGM. A press release will be issued following the AGM informing of those material items that are approved by the AGM as soon as the outcome of the mail-in voting procedure has been finally established. Details of the actual voting results will be included in the minutes of the meeting and will be published within two weeks thereafter.

At the time of the issue of this Notice of AGM, the total number of shares in the Company amounts to 162,200,000 shares, corresponding to 162,200,000 votes in total. The Company holds 4,241,628 shares as of the date of this notice which may not be represented at the Meeting.

B. Process for Advanced Voting and Questions

A shareholder can exercise its shareholder’s rights at the AGM by in advance (A) voting on the items on the agenda of the AGM, and (B) submitting questions to the Company.

Any registered shareholder intending to participate in the AGM (via advanced voting or questions), must submit the following information in connection with their respective submissions:

• the shareholder’s name,
• personal or organization number,
• postal address,
• email address, and
• telephone number.

The data received will be computerized and used solely for the purpose of the 2021 AGM. For information on how your personal data is processed, see www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.

For shareholders wishing to participate through an authorized representative (i.e., where such authorized representative is the one submitting advanced voting or questions on behalf of such shareholder), the Company will provide power of attorney templates on the Company’s website. Shareholders participating through an authorized representative must submit the power of attorney together with the voting form or question. If the shareholder is a legal entity, a copy of a registration certificate or a corresponding document for the legal entity shall be enclosed.

B1. Advance voting

Advance voting will be available as of Friday, March 5, 2021 up until and including Monday,12 April 2021. A shareholder can vote in advance by any of the following three methods:

1. Website Voting: Voting may be done electronically through signing with BankID on the website of Euroclear Sweden AB https://anmalan.vpc.se/euroclearproxy

2. Email Voting: Voting may be submitted by completing the advance voting form available on the Company’s website www.swedishmatch.com/agm and then emailing such form to the following email address [email protected], together with any power of attorney and/or other authorization documents (See Section B, above).

3. Regular Mail: Voting may be submitted by completing the advance voting form available on the Company’s website www.swedishmatch.com/agm and after completion sending a physical copy (i.e., printed out) of such form, together with any power of attorney and/or other authorization documents (See Section B, above) to the following address, Swedish Match AB (publ), “Advance voting 2021 AGM”, c/o Euroclear Sweden AB, P.O.191, SE-101 23 Stockholm, Sweden.

A shareholder cannot give any other instructions than selecting one of the options specified at each point in the advanced voting form. A vote (i.e. the postal voting in its entirety) is invalid if the shareholder has modified the form to provide specific instructions or conditions or if pre-printed text is amended or supplemented.

The advanced voting form, together with any enclosed power of attorney and other authorization documentation must have been received by Swedish Match no later than on Monday, April 12, 2021. If received later, the vote will be disregarded.

For questions regarding advance voting, please contact Euroclear Sweden AB, ph.+46 (0)8 402 90 42 between 9:00 a.m. and 4:00 p.m. (CET) weekdays.

B2. Questions

Questions to the Company can be submitted to Swedish Match up until and including Saturday, April 3, 2021. Shareholders wishing to pose questions may do so by any of the following methods:

1. Email: Questions may be submitted by emailing to the following email address [email protected].

2. Regular Mail: Questions may be submitted by regular mail to the following address, Swedish Match AB, “AGM 2021”, Att: Group Communication, SE-118 85 Stockholm, Sweden.

The shareholder must include name of the shareholder and personal or organization number for the question to be answered. The shareholder should also state its postal address, email address and telephone number.

Questions submitted by shareholders must have been received by Swedish Match no later than on Saturday, April 3, 2021, and will be responded to and published not later than on Thursday, April 8, 2021. The questions and responses will be available at the Company, Swedish Match AB, Sveavägen 44, Stockholm, Sweden and on the Company’s website, www.swedishmatch.com/agm, and will be sent to the shareholder provided the shareholder’s address is known by the Company or provided by the shareholder together with the question.

The Board of Directors and the CEO shall, upon request of a shareholder, and provided that the Board of Directors deems this can be done without causing major harm to the Company, inform about matters which might affect the assessment of an item on the agenda or circumstances affecting Swedish Match’s or its subsidiaries’ financial situation or about Swedish Match’s relation to another Group entity, or in relation to the consolidated Annual Report.

C.   Agenda

1. Opening of the Meeting and election of the Chairman of the Meeting.

2. Preparation and approval of the voting list.

3. Election of one or two persons to verify the minutes.

4. Determination of whether the Meeting has been duly convened.

5. Approval of the Agenda.

6. Resolution on the Remuneration report.

7. Resolution on adoption of the income statement and balance sheet and of the consolidated income statement and consolidated balance sheet.

8. Resolution regarding allocation of the Company’s profit in accordance with the adopted balance sheet and resolution on a record day for dividend.

9. Resolution regarding discharge from liability in respect of the Board members and the President.

10. Resolution regarding the number of members of the Board of Directors to be elected by the Meeting.

11. Resolution regarding remuneration to the members of the Board of Directors.

12. Election of members of the Board, the Chairman of the Board and the deputy Chairman of the Board

a) Election of Charles A. Blixt (re-election)

b) Election of Andrew Cripps (re-election)

c) Election of Jacqueline Hoogerbrugge (re-election)

d) Election of Conny Karlsson (re-election)

e) Election of Alexander Lacik (re-election)

f) Election of Pauline Lindwall (re-election)

g) Election of Wenche Rolfsen (re-election)

h) Election of Joakim Westh (re-election)

i) Election of Conny Karlsson as the Chairman of the Board (re-election)

j) Election of Andrew Cripps as deputy Chairman of the Board (re-election)

13. Resolution regarding the number of auditors

14. Resolution regarding remuneration to the auditor

15. Election of auditor.

16. Resolution regarding:

a.    the reduction of the share capital by means of withdrawal of repurchased shares; and

b.    bonus issue.

17. Resolution regarding authorization of the Board of Directors to resolve on acquisitions of shares in the Company.

18. Resolution regarding authorization of the Board of Directors to resolve on transfer of shares in the Company.

19. Resolution regarding authorization of the Board of Directors to issue new shares.

20. Resolution on 

a.    amendment of the Articles of Association.

b.    a split of the Company’s shares (share split).

21. Resolution on amendment of the Articles of Association.

D. Proposals

Proposal for resolution under Item 1

Björn Kristiansson, attorney at law, is proposed as the Chairman of the Meeting, or if he is unable to attend the meeting, any other person proposed by Swedish Match’s Nominating Committee.

Proposal for resolution under Item 2

The voting list proposed to be approved is the voting list prepared by Euroclear Sweden AB on behalf of the company, based on the general meeting shareholders’ register and received advance votes, and verified by the persons assigned to check the minutes.

Proposal for resolution under Item 3

The Board of Directors proposes that two minute-checkers be elected, and that Filippa Gerstädt and Peter Lundkvist are elected, or, if someone or both of them are unable to attend the meeting, any other person proposed by Swedish Match’s Board of Directors.

Proposal for resolution under Item 7

Resolution on adoption of the income statement and balance sheet and of the consolidated income statement and consolidated balance sheet.

Proposal for resolution under Item 8

The Board of Directors proposes a dividend of 15.00 SEK per share and that the remaining profits are carried forward. The proposed record day for the right to receive the dividend is Thursday, April 15, 2021. Payment through Euroclear Sweden AB is expected to be made on Tuesday, April 20, 2021.

Proposal for resolution under Item 10

The Nominating Committee proposes that the Board of Directors shall be comprised of eight members and no deputies.

Proposal for resolution under Item 11

The Nominating Committee proposes that remuneration to the members of the Board of Directors will be awarded as follows for the period until the Annual General Meeting 2022 (2020 resolved remuneration within brackets). The Chairman of the Board will be awarded 2,252,000 SEK (2,165,000), the deputy Chairman will be awarded 1,040,000 SEK(1,000,000) SEK and the other Board members elected by the Meeting shall each be awarded 900,000 SEK (865,000). Furthermore, the Nominating Committee proposes that the Chairman of the Audit Committee will be awarded 364,000 SEK (350,000) and the other members of the Audit Committee will be awarded 156,000 SEK (150,000) each, and that the Chairman of the Remuneration Committee will be awarded 291,000 SEK (280,000) and the other members of the Remuneration Committee 146,000 SEK (140,000) each.

Proposal for resolution under Item 12

The Nominating Committee proposes re-election of the following members of the Board of Directors for the period until the end of the Annual General Meeting 2022: Charles A. Blixt, Andrew Cripps, Jacqueline Hoogerbrugge, Conny Karlsson, Alexander Lacik, Pauline Lindwall, Wenche Rolfsen and Joakim Westh. Conny Karlsson is proposed to be re-elected as Chairman of the Board and Andrew Cripps is proposed to be re-elected as deputy Chairman of the Board.

Proposal for resolution under Item 13

The Nominating Committee proposes the number of auditors to be one and no deputy auditor.

Proposal for resolution under Item 14

The Nominating Committee proposes that remuneration to the auditor is to be paid according to approved accounts.

Proposal for resolution under Item 15

The Nominating Committee proposes the re-election of the auditor company Deloitte AB as auditor for the period until the end of the Annual General Meeting 2022.

Proposal for resolution under Item 16 a)

The Board proposes that the Annual General Meeting resolves to reduce the share capital by way of cancellation of own shares. The purpose of the reduction is allocation to unrestricted equity to be used as resolved by the Annual General Meeting in accordance with Item b) below. The reduction of the share capital shall be made by cancellation of such own shares that are held by the Company three weeks prior to the Annual General Meeting. The reduction of the share capital may be made with no more than 10,806,531.30 SEK by way of cancellation of no more than 4,500,000 shares. The exact reduction amount and the exact number of shares proposed to be cancelled will be presented in the complete proposal, which will be held available no later than three weeks prior to the Annual General Meeting. The resolution to reduce the share capital under this Item a) may be effectuated without obtaining an authorization from the Swedish Companies Registration Office or, in disputed cases, a court of general jurisdiction, as the Company simultaneously effectuates a bonus issue, as set out under Item b) below, with an amount corresponding to no less than the amount the share capital is being reduced with, as set out above. Combined, these measures entail that neither the Company’s restricted equity nor its share capital is reduced.

Proposal for resolution under Item 16 b)

With the purpose of restoring the share capital after the proposed reduction of the share capital, as set out under Item a) above, the Board proposes that the Annual General Meeting simultaneously resolves to increase the share capital by way of a bonus issue with an amount corresponding to no less than the amount the share capital is reduced with by way of cancellation of shares, as set out under Item a) above. The bonus issue shall be carried out with the amount being transferred from equity without the issuance of new shares. The exact amount of the increase will be presented in the complete proposal, which will be held available no later than three weeks prior to the Annual General Meeting.

Resolutions by the Annual General Meeting in accordance with Items 16 a)-b) above shall be adopted as a joint resolution and require approval by shareholders representing no less than two thirds of the votes cast as well as the shares represented at the Annual General Meeting. The Board further proposes that the Annual General Meeting authorizes the Board to make such minor adjustments to the above resolutions as may be required to file the resolutions with the Swedish Companies Registration Office or Euroclear Sweden AB and to take such other measures required to execute the resolutions.

Proposal for resolution under Item 17

The Board of Directors proposes that it be authorized to resolve on acquisition of the Company’s own shares, on one or several occasions prior to the next Annual General Meeting, provided that the Company’s holding does not at any time exceed 10 percent of all shares in the Company. The shares shall be acquired on Nasdaq Stockholm, other regulated market or on a market equivalent to a regulated market outside the EEA after approval from the Swedish Financial Supervisory Authority at a price within the price interval registered at any given time, i.e. the interval between the highest bid price and the lowest selling price. The purpose of the repurchasing right is primarily to enable the Company to adapt its capital structure to its capital needs over time, and thereby contribute to an increased shareholder value.

The Board of Directors shall be able to resolve that a purchase of own shares shall be made within a repurchase program in accordance with the Market Abuse Regulation (EU) No 596/2014 (“MAR”) and the Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbour Regulation”), if the purpose of the purchase only is to decrease the Company’s equity.

The resolution of the Annual General Meeting with regard to the Board’s proposal under Item 17 requires the support of shareholders representing at least two thirds of both the votes cast and the shares represented at the Meeting.

Proposal for resolution under Item 18

The Board of Directors proposes that it be authorized to resolve on transfer of the Company’s own shares, on one or several occasions prior to the next Annual General Meeting.

The shares may only be transferred in conjunction with the financing of company acquisitions and other types of strategic investments and acquisitions, and the transfers may not exceed the maximum number of treasury shares held by the Company at any given time. Transfer of own shares shall be made on Nasdaq Stockholm, other regulated market or on a market equivalent to a regulated market outside the EEA after approval from the Swedish Financial Supervisory Authority at a price within the price interval registered at any given time (i.e. the interval between the highest bid price and the lowest selling price) at the time of the decision regarding the transfer and in accordance with the rules of Nasdaq Stockholm or the relevant market. Transfer of own shares can also be made in another manner in conjunction with the acquisition of companies or operations, where transfer of own shares may be made with deviation from the shareholders’ preferential rights. Payment for shares transferred in this manner may be made in cash or through a non-cash issue or offsetting of claims against the Company, or on other specific terms. The reason for the authorization and deviation from the shareholders’ preferential rights is, where appropriate, to be able to transfer shares in conjunction with the financing of any company acquisitions and other types of strategic investments and acquisitions in a cost-efficient manner.

The resolution of the Annual General Meeting with regard to the Board’s proposal under Item 18 requires the support of shareholders representing at least two thirds of both the votes cast and the shares represented at the Meeting.

Proposal for resolution under Item 19

The Board of Directors proposes it be authorized to, for the period until the next Annual General Meeting, to issue new ordinary shares on one or more occasions, with or without deviation from shareholders’ preferential rights and against payment in cash, in kind or by set-off. The number of shares that may be issued may not exceed a maximum dilution effect of 10 percent of the share capital and votes at the time of the Annual General Meeting 2021. The reasons for the authorization and deviation from shareholders’ preferential rights are that the Board wishes to increase the Company’s financial flexibility and to allow the Company to issue common shares as payment in connection with acquisitions the Company might make. The subscription price shall be determined according to prevailing market conditions at the time the shares are issued.

The resolution of the Annual General Meeting with regard to the Board’s proposal under Item 19 requires the support of shareholders representing at least two thirds of both the votes cast and the shares represented at the Meeting.

Proposal for resolution under Item 20 a)

With reference to the Board of Directors proposed share split under Item 20 b) on the agenda, the Board of Directors proposes that the Annual General Meeting resolve the limits for the number of shares in article 5 of the Articles of Association be changed so that the number of shares is limited to a minimum of one billion (1,000,000,000) and a maximum of four billion (4,000,000,000) shares. The Board of Directors further proposes that the Annual General Meeting resolve the limits for the Company’s share capital in article 4 of the Articles of Association be revised to a minimum of two hundred million (200,000,000) SEK and a maximum of eight hundred million (800,000,000) SEK. A resolution on an amendment of the Articles of Association in this respect is contingent on the general meeting resolving to approve a split of the Company’s shares in accordance with Item 20 b) on the agenda.

It is proposed that the Chief Executive Officer (“CEO”), or such person as the CEO may designate, be authorized to make such minor adjustments to the resolution as may prove necessary in connection with the registration of the resolution.

The resolution of the Annual General Meeting with regard to the Board’s proposal under Item 20 a) requires the support of shareholders representing at least two thirds of both the votes cast and the shares represented at the Meeting.

Proposal for resolution under Item 20 b)

The Board of Directors proposes, in order to achieve an appropriate share price for a listed company, that the Annual General Meeting resolve to authorize a split of the Company’s shares whereby one existing share of the Company will be divided into ten shares of the same class of shares (10:1 share split). A resolution on the proposed split is contingent on the general meeting resolving to approve change of the Company’s articles of association in accordance with Item 20 a) on the agenda. After the completion of the split, based on the current number of shares in the Company, the number of shares of the Company will increase from 162,200,000 to 1,622,000,000. The number of votes will increase from 162,200,000 votes to 1,622,000,000 votes. The quotient value of each share after the split will be approximately 0.24 SEK. The Board of Directors proposes that it be authorized to set a record date for the share split. However, the specified record date may not fall before the resolution on the share split has been registered with the Swedish Companies Registration Office.

It is proposed that the CEO, or such person as the CEO may designate, be authorized to make such minor adjustments to the resolution as may prove necessary in connection with the registration of the resolution.

Proposal for resolution under Item 21

The Board of Directors proposes that the Company’s Articles of Association be amended as follows:

It is proposed that the Chief Executive Officer (“CEO”), or such person as the CEO may designate, be authorized to make such minor adjustments to the resolution as may prove necessary in connection with the registration of the resolution.

The resolution of the Annual General Meeting with regard to the Board’s proposal under Item 21 will be valid only if it is supported by shareholders holding at least two thirds of the votes cast as well as the number of shares represented at the meeting.

Other information

The financial statements, the auditor’s report and the Board of Directors’ complete proposal including the Board of Directors’ statement pursuant to Chapter 18, section 4 of the Companies Act, as well as other documentation, which, according to the Companies Act, shall be made available at the Annual General Meeting will be made available at Swedish Match headquarters (Legal Department) at Sveavägen 44, Stockholm, Sweden, no later than Tuesday, March 23, 2021. The documents will be sent to shareholders upon request, provided that such shareholder states its address. All the above documents will be available on the Company’s website, https://www.swedishmatch.com/ and be presented at the Annual General Meeting.

The share register will be available at Swedish Match AB, Sveavägen 44, Stockholm, Sweden.

Proxy form

Proxy forms are available upon request and on the Company’s website https://www.swedishmatch.com/

Stockholm, March 2021

Swedish Match AB (publ)

The Board of Directors

Contact:

Emmett Harrison, Senior Vice President Investor Relations
Office +46 70 938 0173

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

https://news.cision.com/swedish-match/r/notice-to-the-annual-general-meeting-of-swedish-match-ab–publ-,c3300841

The following files are available for download:

View original content:http://www.prnewswire.com/news-releases/notice-to-the-annual-general-meeting-of-swedish-match-ab-publ-301241381.html

SOURCE Swedish Match

VANCOUVER, BC, March 5, 2021 /CNW/ – Extreme Vehicle Battery Technologies Corp (“EV Battery Tech” or the “Company“) (CSE: ACDC) is pleased to provide an update on its product sales, the developments at EcoVille and other corporate developments.

Update on Products and Sales

• The Company officially launched its RV Freedom^TM on February 24, 2021. During the first day it went live, the Company received so many inquires on its website for this product, that it crashed the system. The Company has already started to increase its staff to keep up with the demand for this product. The Company ambitiously hopes to start shipping this product by the summer of 2021.
• The Company officially started taking deposits for its Home SmartWall^TM on January 21, 2021 and has seen great interest. Customers are able to make a deposit to secure themselves delivery of the Company’s first shipment of Home SmartWall’s expected later this year. The Company also ambitiously hopes to have display models sent to its affiliate showrooms in Toronto (Canada), Los Angeles (United States) and Rome (Europe) by this summer. With a capacity greater than that of Tesla’s Powerwall, a more sophisticated Battery Management System (BMS), safer chemical composition and a lower retail price, the Company aims to outsell Tesla in this category by 2022.
• The Company officially started taking orders for its Titan EnergyCore^TM on January 28, 2021. This Energy Storage System (ESS) is designed to be stackable so that it can be configured to be able to store enough energy to power an industrial operation or even an entire city. This product has seen a significant amount of interest from energy traders, renewable energy companies and developers. The Company also hopes to pursue larger government sales as cities move towards renewable energy and require the reliability of ESS solutions to back up the intermittent nature of the renewable energy power plants. The Company hopes deliver its first Titan EnergyCore^TM later this year.
• The Company signed a partnership agreement with Daymak Inc., Canada’s largest distributor of Light Electric Vehicles (LEVs) on February 8, 2021. The Company has already commenced the process to get its products into the Daymak distribution network, which includes some of the largest names in North America, such as Costco, Walmart and Best Buy. The Company is also working with Daymak to introduce new products into the LEV market together. Daymak’s CEO, Aldo XX has joined EV Battery Tech’s Advisory Board.

“We are extremely excited about the overwhelming level interest in our products thus far” stated EV Battery Tech CEO, Bryson Goodwin. “The amount of emails, calls, and orders on the RV Freedom alone, has forced us to increase our staff to handle the massive influx of interest.  This shows a lot of promise for the direction we’re heading in, and we’re delighted for our technology to have this much excitement surrounding it! I believe it truly deserves it!”

New Product Renderings

• The Company is pleased to announce it has updated the designs of the Home SmartWall^TM, and the Titan EnergyCore^TM. The new designs include a brush steel casing and are now displayed in a detailed 360 degree rendering, which more accurately display of what each product is intended to look like. Both of these are available for viewing at www.ionixpro.com.

Update on EcoVille

• Pursuant to the agreement between the Company and Squamish EcoVille Ltd. dba EcoVille Ltd. (“EcoVille“) previously announced on November 12, 2020, the Company has continued to collaborate with EcoVille and has made significant progress towards setting up energy storage system (ESS) solutions for the upcoming carbon-neutral, self-sufficient eco-community.
• EcoVille develops eco-communities by bringing together innovative technologies that enable communities to achieve self-sufficiency and carbon neutrality. Currently, EcoVille is developing projects in Squamish and Vancouver, British Columbia. EcoVille will require ESS solutions for its buildings, office space, and renewable energy power stations.

“We are in the customization phase of implementing a Titan EnergyCore^TM to the EcoVille community to allow us to have power stored from renewable sources.” Stated EcoVille Director, Yoga Yogendran. “We are also in the process of implementing multiple Home SmartWall’s^TM into townhomes as part of the phase 1 buildout. This will allow storage and peak shavings in the properties. As we progress into phase 2, we will be establishing further implementation of EV Battery Tech’s Ionix Pro products into the community.”

General Corporate Updates

• The Company has engaged AlphaOne Media Group Inc. (“AlphaOne Media“) to manage its investor relations division. The level of inquires both for the Company and its new products has increased exponentially and so the Company has now brought on a top tier Investor Relations firm to handle the increased traffic. Alpha One Media will assume this role effective immediately and also assist the Company with creating awareness for its products and services. Please see new contact numbers and emails below.
• Pursuant to the agreement dated August 31, 2020, the Company has issued 217,392 common shares of the Company as the second tranche of shares to Intelligent Battery Services Ltd, (“IBS“) previously referred to as Intelligent Battery Technologies Ltd., for a total aggregate value of $100,000 based on the 30-day volume weighted average price of the ACDC shares on the CSE.

• The Company has appointed Maryam Amin-Shanjani as its Chief Financial Officer. Ms. Shanjani is a CPA who brings decades of experience to Company in both public and private companies. The Company welcomes yet another talented officer to its executive team as it continues to grow.
• The Company has signed agreements with Sidis Holdings Limited, Axe Communications Inc., Market IQ Media Group Inc., Stockhouse Publishing Ltd., AI Genius Marketing Inc., Signal Point Communications Inc., Hapbee Media Group Inc., Amherst Baer Consultancy Corp., and Yabucoa Partners Corp. dba Street Smart to assist with the marketing for the Company and creating awareness for the Company’s shares.

On behalf of the Company,

Bryson Goodwin,
Chief Executive Officer

About EV Battery Tech

Extreme Vehicle Battery Technologies Corp. is a blockchain and battery technology company with revolutionary, patented Battery Management Systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing Electric Vehicle (EV) and Energy Storage Solution (ESS) markets. The company has committed to assisting global recycling solutions by offering recycling initiatives using their technology to analyze and fully refurbish used batteries.

About AlphaOne Media Group Inc.

AlphaOne Media Group Inc. (“AlphaOne”) is a full-service Investor Relations and Marketing company that focusses on both private and public companies. AlphaOne offers communication services such as investor relations as well as marketing services over several mediums to provide effective, thorough market awareness programs that are specifically designed to maximize exposure and bring value to shareholders. AlphaOne’s dedicated and experienced team strives to promote its clients to the public and educate potential investors on their developments.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements respecting (i) proposed staffing increases; (ii) expected timing for manufacturing and shipping the Company’s products, including the RV Freedom and the Home SmartWall; (iii) the delivery of display models to the Company’s affiliate showrooms; (iv) the performance of the Company’s products, including the performance of the Home SmartWall relative to Tesla’s Powerwall; (v) anticipated sales of the Company’s products, including sales of the Home SmartWall relative to sales of Tesla’s Powerwell; (vi) the ability of the Titan EnergyCore to store energy sufficient to power an industrial operation or an entire city; and (vii) supplying the Titan EnergyCore to governments. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

SOURCE EV Battery Tech

BEIJING, March 5, 2021 /PRNewswire/ — China Online Education Group (“51Talk” or the “Company”) (NYSE:COE), a leading online education platform in China, with core expertise in English education, announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.

Fourth
 Quarter 2020
 Financial and Operating Highlights

• Net revenues were RMB535.1 million (US$82.0 million), a 34.7% increase from RMB397.2 million for the fourth quarter of 2019.
• Gross margin was 72.7%, compared with 72.1% for the fourth quarter of 2019.
• GAAP net income was RMB31.8 million, compared with GAAP net income RMB0.8 million for the fourth quarter of 2019.
• Non-GAAP net income^[1] was RMB38.6 million, compared with non-GAAP net income RMB4.5 million for the fourth quarter of 2019.
• Operating cash inflow was RMB188.5 million (US$28.9 million), compared with RMB167.1 million cash inflow for the fourth quarter of 2019.
• Cash, cash equivalents, time deposits and short-term investments balance reached RMB1,727.7 million (US$264.8 million) as of December 31, 2020.
• Gross billings^[2] were RMB720.9 million (US$110.5 million), a 23.8% increase from RMB582.3 million for the fourth quarter of 2019.

     Fiscal Year 2020 Financial and Operating Highlights

• Net revenues were RMB2,054.1 million (US$314.8 million), a 38.9% increase from RMB1,478.5 million for the fiscal year 2019.
• Gross margin was 71.7%, compared with 70.2% for the fiscal year 2019.
• GAAP net income was RMB147.0 million(US$22.5 million), compared with GAAP net loss RMB104.4 million for the fiscal year 2019.
• Non-GAAP net income was RMB173.7 million (US$26.6 million), compared with non-GAAP net loss RMB87.7 million for the fiscal year 2019.
• Operating cash inflow was RMB719.3 million (US$110.2 million), compared with RMB397.9 million cash inflow for the fiscal year 2019.
• Gross billings were RMB2,722.6 million (US$417.3 million), a 30.9% increase from RMB2,080.6 million for the fiscal year 2019.

Key Financial and Operating Data

“The growth momentum from the beginning of 2020 continued into the fourth quarter,” said Mr. Jack Jiajia Huang, Founder, Chairman and Chief Executive Officer of 51Talk. “Reflecting solid strategic execution in our online K-12 English mass-market offerings, fourth quarter net revenues grew 34.7% year-over-year to reach RMB535.1 million. We also recorded historically high operating cash flow of RMB188.5 million. In addition, the number of new paying students grew over 70.0% year-over-year driven by our effective curriculum and improving service quality, while our active students reached 353,800, up 37.6% compared with the same period in 2019. 

“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. 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 our financial position for future growth. We also witnessed remarkable growth in new paying students which increased 60.0% year-over-year.

“We are also very excited about our recent acquisition of GKid’s product portfolio and industry-leading AI technologies. GKid offers innovative AI-driven online English courses through highly interactive animation and picture books for children. With product offerings intended for those between the ages of three and eight, this acquisition both extends our addressable market and broadens our product and curriculum portfolio. We foresee many potential collaboration and integration opportunities between our platform and GKid’s products and industry-leading AI technologies, leading to both new products and product improvements which will better serve our students.

“As we head further into 2021, we are focusing on user growth and enhanced brand promotions to drive market share expansion. To better attract and retain users, we will continue optimizing learning experiences through upgraded product offerings and an enriched curriculum mix. We are developing innovative AI-powered robotic tutors to help students review core knowledge points with the aim of enhancing overall learning efficiency. To make our courses more interesting and engaging to young children, we are also integrating more interactive features into our textbooks. Additionally, we are diversifying our curriculum portfolio in order to provide a holistic learning experience, through investing in R&D, upgrading services to students, and expanding our teacher operations. Finally, we target to further increase our branding and marketing efforts to heighten brand awareness as we enter the next phase of growth.

“We are also delighted to have successfully delivered over 50 million one-on-one online English lessons, including free trials, between November 2019 and December 2020 – a rapid increase that took our cumulative deliveries since our inception in 2011 to more than 150 million, and a strong testament to our accelerating growth trajectory. As 51Talk continues to grow, we are confident our balanced growth strategy will continue to yield solid value for our stakeholders,” concluded Mr. Huang.

“I’m extremely 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 Mr. Min Xu, Chief Financial Officer of 51Talk. “We recorded Non-GAAP net income of RMB173.7 million for 2020, compared to a Non-GAAP net loss of RMB87.7 million in 2019.  In 2021, investment will be channeled towards the development of our curriculum, technology and brand as we look to capitalize on market dynamics, drive user growth and achieve the leading market position.”

Fourth Quarter 2020
 Financial Results

Net Revenues

Net revenues for the fourth quarter of 2020 were RMB535.1 million (US$82.0 million), a 34.7% increase from RMB397.2 million for the same quarter last year. The increase was primarily attributed to an increase in the number of active students. The number of active students in the fourth quarter of 2020 was 353,800, a 37.6% increase from 257,200 for the same quarter last year.

Net revenues from one-on-one offerings for the fourth quarter of 2020 were RMB514.6 million (US$78.9 million), a 38.8% increase from RMB370.8 million for the same quarter last year. Net revenues from small class offering for the fourth quarter of 2020 were RMB20.5 million (US$3.1 million), a 22.5% decrease from RMB 26.4 million for the same quarter last year.

Cost of Revenues

Cost of revenues for the fourth quarter of 2020 was RMB146.1 million (US$22.4 million), a 32.1% increase from RMB110.6 million for the same quarter last year. The increase was primarily driven by an increase in total service fees paid to teachers, mainly due to an increased number of paid lessons. 

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus (COVID-19) outbreak, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration, temporarily reduced and exempted employer obligation on social security contributions from February 2020. The impact of coronavirus policies on cost of revenues was RMB0.2 million in the fourth quarter. Excluding the impact, total cost of revenues for the fourth quarter would have been RMB146.3 million (US$22.4 million), representing a 32.3% year-over-year increase.

Cost of revenues of one-on-one offerings for the fourth quarter of 2020 was RMB137.8 million (US$21.1 million), a 40.4% increase from RMB98.2 million for the same quarter last year. Cost of revenues of small class offering for the fourth quarter of 2020 was RMB8.3 million (US$1.3 million), a 33.5% decrease from RMB12.5 million for the same quarter last year.

Gross Profit and Gross Margin

Gross profit for the fourth quarter of 2020 was RMB388.9 million (US$59.6 million), a 35.8% increase from RMB286.5 million for the same quarter last year.

Gross margin for the fourth quarter of 2020 was 72.7%, compared with 72.1% for the same quarter last year.

Excluding the positive impact of the coronavirus related social security contribution exemption, gross profit and gross margin for the fourth quarter would have been RMB388.7 million (US$59.6 million) and 72.6% respectively.

Gross margin for one-on-one offerings for the fourth quarter of 2020 was 73.2%, compared with 73.5% for the same quarter last year. 51Talk’s small class offering gross margin for the fourth quarter of 2020 was 59.5%, compared with 52.7% for the fourth quarter of 2019. The increase was mainly due to an optimization of the small class offering portfolio that reduced the number of lower margined products.

Operating Expenses

Total operating expenses for the fourth quarter of 2020 were RMB385.7 million (US$59.1 million), an 33.7% increase from RMB288.4 million for the same quarter last year. The increase was mainly due to an increase in sales and marketing expenses.

Sales and marketing expenses for the fourth quarter of 2020 were RMB284.5 million (US$43.6 million), a 40.5% increase from RMB202.5 million for the same quarter last year. The increase was mainly due to higher sales personnel costs related to increases in the number of sales and marketing personnel and higher marketing and branding expenses. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the fourth quarter of 2020 were RMB282.6 million (US$43.3 million), a 40.2% increase from RMB201.6 million for the same quarter last year. Non-GAAP sales and marketing expenses, excluding branding expenses, were 33.6% of the gross billings for the fourth quarter of 2020, compared with 30.4% for the same quarter last year. The impact of coronavirus policy related the exemption of employer obligation on social security contributions on sales and marketing expense was RMB5.3 million in the fourth quarter. Excluding the impact, sales and marketing expenses for the fourth quarter would have been RMB289.8 million (US$44.4 million), representing a 43.1% year-over-year increase.

Product development expenses for the fourth quarter of 2020 were RMB44.6 million (US$6.8 million), a 20.3% increase from RMB37.0 million for the same quarter last year. The increase was primarily due to higher product development personnel costs related to increases in both the number of personnel and average salary. Excluding share-based compensation expenses, non-GAAP product development expenses for the fourth quarter of 2020 were RMB43.3 million (US$6.6 million), a 17.6% increase from RMB36.8 million for the same quarter last year. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on product development expense was RMB1.5 million in the fourth quarter. Excluding the impact, product development expense for the fourth quarter would have been RMB46.1 million (US$7.1 million), representing a 24.6% year-over-year increase.

General and administrative expenses for the fourth quarter of 2020 were RMB56.6 million (US$8.7 million), a 15.8% increase from RMB48.9 million for the same quarter last year. The increase was primarily due to higher general and administrative personnel costs related to increases in both the number of personnel and average salary. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the fourth quarter of 2020 were RMB53.0 million (US$8.1 million), a 14.4% increase from RMB46.3 million for the same quarter last year. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on general and administrative expense was RMB1.2 million in the fourth quarter. Excluding the impact, general and administrative expense for the fourth quarter would have been RMB57.8 million (US$8.9 million), representing a 18.2% year-over-year increase.

Other income

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus

(COVID-19) outbreak, the State Taxation Administration (STA) exempted a wide range of consumer services from value added tax (VAT) from January 2020. The income obtained by taxpayers from providing essential services shall be exempted from VAT. The favorable impact of coronavirus relief policies was RMB7.5 million in the fourth quarter.

On September 30, 2019, Ministry of Finance and the State Taxation Administration announced that from October 1, 2019 to December 31, 2021, the taxpayers engaging in the provision of essential services are allowed to deduct an extra 15% of the deductible input value-added tax for the current period from the payable value-added tax. The impact of the policy of additional value-added tax credit for the income generated by the essential services provided by enterprises was RMB0.3 million in the fourth quarter.

Income/(loss) from Operations

Operating income for the fourth quarter of 2020 was RMB11.0 million (US$1.7 million), compared with loss from operations of RMB1.9 million for the same quarter last year. Operating margin for the fourth quarter was 2.1%, compared with operating margin of negative 0.5% for the same quarter last year.

Non-GAAP operating income for the fourth quarter of 2020 was RMB17.8 million (US$2.7 million), compared with non-GAAP operating income of RMB1.8 million for the same quarter last year. Non-GAAP operating margin for the fourth quarter was 3.3%, compared with non-GAAP operating margin of 0.5% for the same quarter last year.

The favorable impact of coronavirus relief policies was RMB15.7 million in the fourth quarter. Excluding the favorable impact, loss from operations and non-GAAP operating income for the fourth quarter would have been RMB4.7 million (US$0.7 million) and RMB2.1 million (US$0.3 million) respectively, representing negative 0.9% GAAP operating margin and 0.4% non-GAAP operating margin.

Net


income

Net income for the fourth quarter of 2020 was RMB31.8 million (US$4.9 million), compared with net income of RMB 0.8 million for the same quarter last year. Net margin for the fourth quarter was 5.9%, compared with net margin of 0.2% for the same quarter last year.

Non-GAAP net income for the fourth quarter of 2020 was RMB38.6 million (US$5.9 million), compared with non-GAAP net income of RMB4.5 million for the same quarter last year. Non-GAAP net margin for the fourth quarter was 7.2%, compared with non-GAAP net margin of 1.1% for the same quarter last year.

The favorable impact of coronavirus relief policies was RMB15.7 million in the fourth quarter. Excluding the favorable impact, net income and non-GAAP net income for the fourth quarter would have been RMB16.1 million (US$2.5 million) and RMB22.9 million (US$3.5 million) respectively, representing net margin of 3.0% and 4.3% respectively.

Income tax benefits for the fourth quarter of 2020 wereRMB8.9 million, including the releasing of valuation allowance for deferred tax assets of RMB9.7 million.

Basic net income per American depositary share (“ADS”) attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.48(US$0.23), compared with basic net income per ADS of RMB0.04 for the same quarter last year. Diluted net income per American depositary share (“ADS”) attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.39(US$0.21), compared with diluted net income per ADS of RMB0.04 for the same quarter last year. Each ADS represents 15 Class A ordinary shares.

Non-GAAP basic net income per ADS attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.79(US$0.27), compared with non-GAAP basic net income per ADS attributable to ordinary shareholders of RMB0.22 for the same quarter last year. Non-GAAP diluted net income per ADS attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.68(US$0.26), compared with non-GAAP diluted net income per ADS attributable to ordinary shareholders of RMB0.20 for the same quarter last year.

The favorable impact of coronavirus relief policies was RMB15.7 million in the fourth quarter. Excluding the favorable impact, basic net income per American depositary share (“ADS”) attributable to ordinary shareholders for the fourth quarter of 2020 was RMB0.75(US$0.11) and non-GAAP basic net income per American depositary share (“ADS”) attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.06(US$0.16), respectively. Excluding the favorable impact, diluted net income per American depositary share (“ADS”) attributable to ordinary shareholders for the fourth quarter of 2020 was RMB0.70(US$0.11) and non-GAAP diluted net income per American depositary share (“ADS”) attributable to ordinary shareholders for the fourth quarter of 2020 was RMB1.00(US$0.15), respectively.

Balance Sheet

As of December 31, 2020, the Company had total cash, cash equivalents, time deposits and short-term investments of RMB1,727.7 million (US$264.8 million), compared with RMB1,053.4 million as of December 31, 2019. As a part of cash, cash equivalents, time deposits and short-term investments, the Company had non-current time deposits of RMB414.0 million (US$63.4 million), compared with RMB113.4 million as of December 31, 2019.

The Company had advances from students^[4] (current and non-current) of RMB2,721.0 million (US$417.0 million) as of December 31, 2020, compared with RMB2,186.6 million as of December 31, 2019.

Fiscal
Year
2020
Financial Results

Net Revenues

Net revenues for 2020 were RMB2,054.1 million (US$314.8 million), a 38.9% increase from RMB1,478.5 million for 2019. The increase was primarily attributed to an increase in the number of active students. 

Net revenues from one-on-one offerings for 2020 were RMB1,957.0 million (US$299.9 million), a 43.3% increase from RMB1,365.7 million for 2019. Net revenues from small class offerings for 2020 were RMB97.1 million (US$14.9 million), compared with RMB112.8 million for 2019.

Cost of Revenues

Cost of revenues for 2020 was RMB580.4 million (US$89.0 million), a 31.9% increase from RMB439.9 million for 2019. The increase was primarily driven by an increase in total service fees paid to teachers, mainly due to an increased number of paid lessons. 

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus (COVID-19) outbreak, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Taxation Administration temporarily reduced and exempted employer obligation on social security contributions for February 2020. The impact of coronavirus policies on cost of revenues was RMB1.3 million for 2020. Excluding the impact, total cost of revenues for 2020 would have been RMB581.7 million (US$89.1 million), representing a 32.2% year-over-year increase.

Cost of revenues of one-on-one offerings for 2020 was 540.7 million (US$82.9 million), an 40.0% increase from RMB386.1 million for 2019. Cost of revenues of small class offerings for 2020 was RMB39.7 million (US$6.1 million), a 26.2% decrease from RMB53.8 million for 2019.

Gross Profit and Gross Margin

Gross profit for 2020 was RMB1,473.7 million (US$225.9 million), a 41.9% increase from RMB1,038.6 million for 2019.

Gross margin for 2020 was 71.7%, compared with 70.2% for 2019.

Excluding the positive impact of the coronavirus related social security contribution exemption, gross profit and gross margin for 2020 would have been RMB1,472.4 million (US$225.7 million) and 71.7% respectively.

One-on-one offerings gross margin for 2020 was 72.4%, compared with 71.7% for 2019. 51Talk’s small class offering gross margin for 2020 was 59.1%, compared with 52.3% for 2019.

Operating Expenses

Total operating expenses for 2020 were RMB1,412.7 million (US$216.5 million), a 23.3% increase from RMB1,146.1 million for 2019. The increase was mainly the result of the increases in sales and marketing expenses.

Sales and marketing expenses for 2020 were RMB1,035.6 million (US$158.7 million), an 30.7% increase from RMB792.6 million for 2019. The increase was mainly due to higher payroll due to increasing sales personnel and higher marketing and branding expenses. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for 2020 were RMB1,026.8 million (US$157.4 million), an 30.0% increase from RMB789.6 million for 2019. Non-GAAP sales and marketing expenses, excluding branding expenses, were 32.1% of the gross billings for 2020, compared with 32.3% for last year. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on sales and marketing expense was RMB21.1 million for 2020. Excluding the impact, sales and marketing expenses for 2020 would have been RMB1,056.7 million (US$161.9 million), representing a 33.3% year-over-year increase.

Product development expenses for 2020 were RMB162.8 million (US$25.0 million), a 3.4% increase from RMB157.5 million for 2019. Excluding share-based compensation expenses, non-GAAP product development expenses for 2020 were RMB158.4 million (US$24.3 million), a 2.8% increase from RMB154.0 million for 2019. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on product development expense was RMB6.0 million for 2020. Excluding the impact, product development expense for 2020 would have been RMB168.8 million (US$25.9 million), representing an 7.2% year-over-year increase.

General and administrative expenses for 2020 were RMB214.2million (US$32.8 million), a 9.3% increase from RMB196.0 million for 2019. The increase was primarily due to higher general and administrative personnel costs related to increases in the number of personnel and the higher professional services fees in connection with the follow-on public offering. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for 2020 were RMB200.8 million (US$30.8 million), an 8.1% increase from RMB185.7 million for 2019. The impact of coronavirus policy related to the exemption of employer obligation on social security contributions on general and administrative expense was RMB4.8 million for 2020. Excluding the impact, general and administrative expense for 2020 would have been RMB219.0 million (US$33.6 million), representing an 11.7% year-over-year increase.

Other income

As part of Chinese government’s effort to ease the burden of businesses affected by the coronavirus

(COVID-19) outbreak, the State Taxation Administration (STA) exempted a wide range of consumer services from value added tax (VAT) from January 2020. The income obtained by taxpayers from providing essential services shall be exempted from VAT. The favorable impact of coronavirus relief policies was RMB32.3 million in 2020.

On September 30, 2019, Ministry of Finance and the State Taxation Administration announced that from October 1, 2019 to December 31, 2021, the taxpayers engaging in the provision of essential services are allowed to deduct an extra 15% of the deductible input tax for the current period from the payable tax. The impact of the policy of additional value-added tax credit for the income generated by the essential services provided by enterprises was RMB11.1 million in 2020.

Income/(loss) from Operations

Operating income for 2020 was RMB104.4 million (US$16.0 million), compared with loss from operations of RMB107.6 million for 2019. Operating margin for 2020 was 5.1%, compared with operating margin of negative 7.3% for 2019.

Non-GAAP operating income for 2020 was RMB131.2 million (US$20.1 million), compared with loss from operations of RMB90.8 million for 2019. Non-GAAP operating margin for 2020 was 6.4%, compared with non-GAAP operating margin of negative 6.1% for 2019.

The favorable impact of coronavirus relief policies was RMB65.5 million in 2020. Excluding the favorable impact, operating income and non-GAAP operating income for 2020 would have been RMB38.9 million (US$6.0 million) and RMB65.7 million (US$10.1 million) respectively, representing 1.9% GAAP operating magin and 3.2% non-GAAP operating margin.

Net income/(loss)

Net income for 2020 was RMB147.0 million (US$22.5 million), compared with net loss of RMB104.4 million for 2019. Net margin for 2020 was 7.2%, compared with net margin of negative 7.1% for 2019.

Non-GAAP net income for 2020 was RMB173.7 million (US$26.6 million), compared with net loss of RMB87.7 million for 2019. Non-GAAP net margin for 2020 was 8.5%, compared with non-GAAP net margin of negative 5.9% for 2019.

The favorable impact of coronavirus relief policies was RMB65.5 million in 2020. Excluding the favorable impact, net income and non-GAAP net income for 2020 would have been RMB81.5 million (US$12.5 million) and RMB108.2 million (US$16.6 million), representing net margin of 4.0% and 5.3% respectively.

Income tax benefits for 2020 wereRMB4.1 million, including the releasing of valuation allowance for deferred tax assets of RMB9.7 million.

Basic net income per American depositary share (“ADS”) attributable to ordinary shareholders for 2020 was RMB6.90(US$1.06), compared with basic net loss per ADS of RMB5.08 for 2019. Diluted net income per American depositary share (“ADS”) attributable to ordinary shareholders for 2020 was RMB6.46(US$0.99), compared with diluted net loss per ADS of RMB5.08 for 2019. Each ADS represents 15 Class A ordinary shares.

Non-GAAP basic net income per American depositary share (“ADS”) attributable to ordinary shareholders for 2020 was RMB8.15(US$1.25), compared with non-GAAP basic net loss per ADS of RMB4.27 for 2019. Non-GAAP diluted net income per American depositary share (“ADS”) attributable to ordinary shareholders for 2020 was RMB7.63(US$1.17), compared with non-GAAP diluted net loss per ADS of RMB4.27 for 2019. Each ADS represents 15 Class A ordinary shares.

The favorable impact of coronavirus relief policies was RMB65.5 million in 2020. Excluding the favorable impact, basic net income per American depositary share (“ADS”) attributable to ordinary shareholders for 2020 was RMB3.82(US$0.59) and non-GAAP basic net income per American depositary share (“ADS”) attributable to ordinary shareholders for 2020 was RMB5.08(US$0.78), respectively. Excluding the favorable impact, diluted net income per American depositary share (“ADS”) attributable to ordinary shareholders for 2020 was RMB3.58(US$0.55) and non-GAAP diluted net income per American depositary share (“ADS”) attributable to ordinary shareholders for 2020 was RMB4.75(US$0.73), respectively.

Outlook

For the first quarter of 2021, the Company currently expects net revenues to be between RMB595 million and RMB600 million, which would represent an increase of approximately 22.2% to 23.2% from RMB487.1 million for the same quarter last year.

The above outlook is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

Share Repurchase Program

On September 8, 2020, 51Talk announced that its board of directors had authorized a share repurchase program of up to US$20.0 million between September 8, 2020 and September 7, 2021. As of March 3, 2021, the Company had repurchased 260,530 ADSs for approximately US$6.6 million under this program.

Notes to Unaudited Financial Information

The unaudited financial information disclosed in this press release is preliminary. The audit of the financial statements and related notes to be included in the Company’s annual report on Form 20-F for the year ended December 31, 2020 is still in progress.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 5, 2021 (8:00 PM Beijing/Hong Kong time on March 5, 2021).

Dial-in details for the earnings conference call are as follows:

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for “China Online Education Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.51talk.com.

A replay of the conference call will be accessible until March 12, 2021, by dialing the following telephone numbers:

About China Online Education Group

China Online Education Group (NYSE: COE) is a leading online education platform in China, with core expertise in English education. The Company’s mission is to make quality education accessible and affordable. The Company’s online and mobile education platforms enable students across China to take live interactive English lessons with overseas foreign teachers, on demand. The Company connects its students with a large pool of highly qualified foreign teachers that it assembled using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students.

Use of Non-GAAP Financial Measures

In evaluating its business, 51Talk considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP sales and marketing expenses, non-GAAP product development expenses, non-GAAP general and administrative expenses, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders per share and per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this press release.

51Talk believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. 51Talk believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to 51Talk’s historical performance. 51Talk computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. 51Talk believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in the 51Talk’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at the end of this press release provides more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.525 to US$1.00, the rate in effect as of December 31, 2020 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “aims”, “future”, “intends”, “plans”, “believes”, “estimates”, “likely to” and similar statements. Among other things, 51Talk’s business outlook and quotations from management in this announcement, as well as 51Talk’s strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about 51Talk’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 51Talk’s goals and strategies; 51Talk’s expectations regarding demand for and market acceptance of its brand and platform; 51Talk’s ability to retain and increase its student enrollment; 51Talk’s ability to offer new courses; 51Talk’s ability to engage, train and retain new teachers; 51Talk’s future business development, results of operations and financial condition; 51Talk’s ability to maintain and improve infrastructure necessary to operate its education platform; competition in the online education industry in China; the expected growth of, and trends in, the markets for 51Talk’s course offerings in China; relevant government policies and regulations relating to 51Talk’s corporate structure, business and industry; general economic and business condition in China, the Philippines and elsewhere and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 51Talk’s filings with the SEC. All information provided in this press release is as of the date of this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

China Online Education Group
Investor Relations
+86 (10) 8342-6262
[email protected]

The Piacente Group, Inc.
Brandi Piacente
+86 (10) 6508-0677
+1 (212) 481-2050
[email protected]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

View original content:http://www.prnewswire.com/news-releases/china-online-education-group-announces-fourth-quarter-2020-results-301241379.html

SOURCE China Online Education Group

BEIJING, March 5, 2021 /PRNewswire/ — Tarena International, Inc. (NASDAQ: TEDU)  (“Tarena” or the “Company”), a leading provider of adult professional education and K-12 education services in China today announced that it will report its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020, before the U.S. market opens on March 19, 2021. Tarena’s management will host an earnings conference call and live webcast at 8:00 a.m. on March 19, 2021, U.S. Eastern Time (8:00 p.m. on March 19, 2021, Beijing Time). Participants can join the conference using the below options:

Dialing-in to the conference call:

Please register in advance of the conference, using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique registrant ID.

Conference call registration link: http://apac.directeventreg.com/registration/event/7788806. It will automatically direct you to the registration page of ” Tarena’s Fourth Quarter and Fiscal Year 2020 Earnings Conference Call ” where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter “7788806”.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial in number(s), direct event passcode and registrant ID) provided in the confirmation email received at the point of registering.

Joining the conference call via a live webcast:

Additionally, a live and archived webcast of the conference call will be available at https://ir.tedu.cn/.

Listening to the conference call replay:

A replay of the conference call may be accessed by phone at the following number until March 27, 2021, 08:59 ET:

United States: +1 855 452 5696
INTERNATIONAL: +61 2 8199 0299
Conference ID: 7788806

About Tarena International, Inc.

Tarena is a leading provider of adult professional education and K-12 education services in China. Through its innovative education platform combining live distance instruction, classroom-based tutoring and online learning modules, Tarena offers adult professional education courses in IT and non-IT subjects. Its adult professional education courses provide students with practical skills to prepare them for jobs in industries with significant growth potential and strong hiring demand. Tarena also offers K-12 education programs, including computer coding and robotics programming courses, etc., targeting students aged between three and eighteen.

View original content:http://www.prnewswire.com/news-releases/tarena-to-report-fourth-quarter-and-fiscal-year-2020-financial-results-on-march-19-2021-301241369.html

SOURCE Tarena International, Inc.

BEIJING, March 5, 2021 /PRNewswire/ — Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s online post-secondary and professional education, today announced that it will report its fourth quarter and full year 2020 unaudited financial results on Thursday, March 18, 2021, before the open of U.S. markets.

Sunlands’ management team will host a conference call at 8:00 a.m. U.S. Eastern Time, (8:00 p.m.Beijing/Hong Kong time) on March 18, 2021, following the quarterly results announcement.

Dial-in details for the earnings conference call are as follows:

Please dial in 10 minutes before the call is scheduled to begin. When prompted, ask to be connected to the call for “Sunlands Technology Group”. Participants will be required to state their name and company upon entering the call.

A live webcast and archive of the conference call will be available on the Investor Relations section of Sunlands’ website at http://www.sunlands.investorroom.com/.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until March 25, 2021, by dialing the following telephone numbers:

About Sunlands

Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is the leader in China’s online post-secondary and professional education in terms of gross billings in 2017, according to iResearch. With a one to many, live streaming platform, Sunlands offers various degree and diploma-oriented post-secondary courses as well as online professional courses and educational content, to help students prepare for professional certification exams and attain professional skills. Students can access its services either through PC or mobile applications. The Company’s online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company’s proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.

For investor and media inquiries, please contact:

Sunlands Technology Group
Investor Relations
Email: [email protected]

The Piacente Group, Inc. 
Brandi Piacente 
Phone: +1 (212) 481-2050 
Email: [email protected] 

Ross Warner 
Phone: +86-10-6508-0677
Email: [email protected]

View original content:http://www.prnewswire.com/news-releases/sunlands-technology-group-to-report-fourth-quarter-and-full-year-2020-financial-results-on-thursday-march-18-2021-301241364.html

SOURCE Sunlands Technology Group