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Neonode Reports Year Ended December 31, 2020 Financial Results

PR Newswire

STOCKHOLM, March 10, 2021 /PRNewswire/ — Neonode Inc. (NASDAQ: NEON), today reported financial results for the fiscal year ended December 31, 2020.

FINANCIAL SUMMARY FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020:           

  • Revenue of $6.0 million, a decrease of 10.0% compared to prior year.
  • Operating expenses of $11.1 million, a decrease of 5.1% over the prior year.
  • Net loss of $5.6 million, or $0.56 per share compared to $5.3 million, or $0.60 per share for prior year.
  • Cash used by operations of $5.8 million compared to $3.5 million for prior year.
  • Cash and accounts receivable of $12.2 million as of December 31, 2020 compared to $3.7 million for the prior year end.

THE CEO’S COMMENTS

“My first year as CEO has been characterized by periods of frustration and at the same time great satisfaction. We had to navigate some definite headwinds in 2020, including not only the general global economic downturn caused by the COVID-19 pandemic but also the effects of the world going on lockdown, which brought on new challenges for our business development work and slowed decision making processes at most of our customers. However, the pandemic also created an unexpected opportunity for us to leverage existing products and knowhow in contactless touch applications. This is a new market for which we feel we are uniquely positioned to provide the perfect technology solution with our Touch Sensor Modules. Building on this we have identified and engaged with several new customers and partners in Asia, Europe, North America, and other parts of the world that will help us increase our product sales significantly in the coming years. During the year we have also recruited several new, strong members to our Sales and Engineering teams, who are driving our efforts to capitalize on the growing opportunities in current and new markets. Coming out of 2020, we feel we are well positioned with a very good team, a strong technology and IP portfolio, a well-recognized brand, and an impressive and growing customer list, which we will capitalize on in 2021 and the coming years,” said Dr. Urban Forssell, CEO of Neonode.

“Although our license revenue from existing legacy customers decreased in 2020 compared to the prior year, we are encouraged by positive customer interest in our technology and solutions offerings in the Military & Avionics, Industrial, and Automotive market segments. We are engaged with several customers in these markets and have identified several application areas where we believe our technology is very competitive and adds value, which we will use to grow our solutions and licensing businesses in the coming years. Our presence in the new market for contactless touch continues to grow. Here our focus is on the Interactive Kiosk and Elevator market segments and we are addressing these markets both directly with our Sales team and indirectly via different types of partners, mainly value-added resellers and distributors. Growth in contactless touch for kiosks and elevator is currently led by our customers and partners in Asia with a growing demand in Europe and North America. Customers and partners in China and Singapore have installed aftermarket solutions in elevators and public space kiosks in airports, hospitals and hospitality businesses and are now installing new contactless-touch-enabled devices in hospitals, train stations and other locations. In Japan and South Korea our partners are increasing the number of devices incorporating our sensor modules in elevators and kiosks in both retrofit and new OEM applications. Europe and North America are not far behind. We strongly believe the increasing demand related to these customer activities will define 2021 as the transition year in our drive to profitability,” concluded Dr. Forssell.

FINANCIAL OVERVIEW FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020

Since January 1, 2020, we have allocated revenues to three different business areas. Revenues allocated to HMI Solutions consist of license fees and related non-recurring engineering revenues while revenues allocated to HMI Products are derived from the sale of sensor modules and related non-recurring engineering revenues. We expect that future revenues within our Remote Sensing Solutions business area will be derived from license fees and non-recurring engineering revenues.

Net revenue for fiscal 2020 was $6.0 million, a 10.0% decrease, compared to 2019. For 2020, HMI Solutions revenues were $5.0 million, a decrease of 17.6% compared to 2019. This is primarily due to lower license fees from our automotive and consumer electronics customers. These decreases were partially offset by an increase in NRE fees for prototype work related to military avionics projects. Our HMI Products revenues were $1.0 million, an increase of 66.8% compared to 2019. This is due to larger volumes of our sensor modules being shipped to our distributors and customers designing and selling medical devices, airport baggage trolleys and contactless touch solutions for elevators and self-service kiosks, which incorporate our sensor modules. We continue to earn revenues from the sale of our AirBar products, however the number of AirBar units sold continues to decrease over time.

Our combined total gross margin was 82.0% in 2020 compared to 89.7% in 2019. The decrease in total gross margin in 2020 as compared to 2019 is primarily due to the change in the mix of the components of overall revenue with an increase in sales of sensor modules and NRE revenues which have a lower overall gross margin compared to the 100% gross margin license fee business. Our operating expense decreased slightly in 2020 compared to 2019 and our overall operating expenses remain within budget.

Net loss for fiscal 2020 was $5.6 million, or $0.56 per share, compared to a net loss of $5.3 million, or $0.60 per share, in fiscal 2019.

In fiscal 2020, our cash used by operations was $5.8 million compared to $3.5 million in fiscal 2019.

Cash and accounts receivable totaled $12.2 million and working capital was $10.4 million as of December 31, 2020 compared to $3.7 million and $2.4 million as of December 31, 2019, respectively.

For more information, please contact:

CONTACT:

Investor Relations

David Brunton

E-mail: [email protected]
Phone: +1 925 768 0620 

Chief Financial Officer

Maria Ek

E-mail: [email protected]

 

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

https://news.cision.com/neonode/r/neonode-reports-year-ended-december-31–2020-financial-results,c3303947

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SOURCE Neonode

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Commonwealth Care Alliance®Welcomes Three New Board Members

Commonwealth Care Alliance®Welcomes Three New Board Members

New appointees bring significant experience and expertise to the Board during pivotal moment for public health

BOSTON–(BUSINESS WIRE)–Commonwealth Care Alliance® (CCA), an integrated care system serving individuals with significant medical, behavioral health and social needs, today announced that Alexandra DaCosta, Stephanie Dyson, RN, MA and Rizal Hamdallah have been appointed to its Board of Directors. The appointment expands the CCA Board to 14 directors, 13 of whom are independent directors, and ensures the strong leadership necessary to advance CCA’s commitment to transform the nation’s healthcare for those with significant needs.

“We are pleased to welcome Alexandra, Stephanie and Rizal as new directors to the CCA board,” said Robert Gittens, CCA’s Chair of the Board. “They are joining CCA during a time of great public health challenges as the organization continues to provide exceptional care to our members and patients throughout the COVID-19 pandemic. The addition of these directors complements our board of directors’ skills and experiences, and we are confident they will provide valuable perspectives as we continue to execute our strategy and reach more members.”

“I am thrilled that the Board appointed these three highly skilled professionals who each bring complementary expertise, perspective and diversity to the CCA Board,” said Christopher D. Palmieri, President and CEO of Commonwealth Care Alliance. “These appointments come at a crucial time when CCA remains committed to fulfill our mission to improve the health and well-being of the individuals we so proudly serve amidst a rapidly changing and increasingly complex healthcare environment.”

Each new board member brings important and unique expertise to the organization, and will contribute greatly to CCA’s strategic direction:

  • Alexandra DaCosta is the Managing Director of Structure Products Sales at Cantor Fitzgerald, where she is head of Boston Fixed Income and co-head of Canada distribution. Prior to joining Cantor Fitzgerald in 2018, she spent 9 years at Nomura Securities as a Managing Director and head of the Boston office. Alex began her career at Deutsche Bank in London and New York. Alex serves on the Board of the University Cottage Club at Princeton University where she is the acting Secretary and part of the Executive Committee for the Glinka Fund which seeks to ease the financial burden of Club participation. Alex is also a member of the Advisory Board for Mass General Hospital for Children and was a Board member of the Boston Center for the Arts where she served on the Executive Committee, co-chaired the Fundraising Committee, and chaired the inaugural BCA Ball. Alex volunteers with Community Cooks, providing monthly home cooked meals for a local women’s shelter. She also volunteers with American Corporate Partners, acting as a mentor to veterans looking to transition to the civilian workforce. Alex graduated cum laude from Princeton University with a Bachelor of Arts in Politics, and certificate in Political Theory. Ms. DaCosta will join CCA’s Audit, Compliance and Risk Management (ACRM) and Finance Committees.
  • Stephanie Dyson is Vice President of Public Policy & Government Affairs for Biogen. She has had a distinguished career as a health policy strategist and government affairs executive focusing on a wide array of issue areas in both the private health sector and government that spans more than 20 years. Mrs. Dyson brings cross-industry perspective, combined with expertise in executing strategy aligned with business priorities with an emphasis on innovative and realistic strategies for changing markets. Prior to joining Biogen, Mrs. Dyson was Vice President of Care Delivery Policy at United HealthGroup. She previously served as Head of Public Policy and Reimbursement at Genentech, Vice President of Government Affairs at DaVita (now Healthcare Partners) and Vice President, Government Affairs & Policy at Achaogen. Mrs. Dyson has also served in multiple senior-leadership positions at the US Department of Health and Human Services’ agency, Centers for Medicare & Medicaid Services (CMS), culminating her tenure as the Deputy Office Director of External Affairs. Mrs. Dyson is a registered nurse and received a graduate degree in Political Management and Policy from The George Washington University. Ms. Dyson will join CCA’s ACRM and Quality Committees.
  • Rizal Hamdallah is Chief Innovation Officer at Clif Bar and Company, joining the company in 2020. Prior to this role, he held the positions of Chief Global Growth Officer and Chief Innovation Officer at Ocean Spray Cranberries where he led several successful product launches and was instrumental in the creation of Lighthouse, the company’s innovation incubator. From 2017 to 2019, Mr. Hamdallah spearheaded the Innovation Lab at Tyson Foods where he helped shape the company’s investment in plant-based protein and developed a revolutionary new product model for reducing food waste. Earlier in his career, Mr. Hamdallah held positions at leading consumer packaged goods industry brands, including SC Johnson, Unilever, and Nestlé. He also founded GetBetty, Inc., a Chicago-based start-up offering on-demand beauty services. In 2019, Mr. Hamdallah was named one of the Boston Business Journal’s “40 Under 40” honorees. Mr. Hamdallah earned a Master of Product Design and Development Management from Northwestern University. Mr. Hamdallah will join CCA’s Quality Committee, Innovation & Investment Advisory Committee and Consumer Voice Advisory Council.

For more information about the CCA Board of Directors, please visit the Leadership Section of our website https://www.commonwealthcarealliance.org/about-us/cca/leadership.

About CCA

Commonwealth Care Alliance® (CCA) is an integrated care system influencing innovative models of complex care nationwide. A not-for-profit, community-based payer and provider serving individuals with significant health needs, CCA’s uncommon care® model is proven effective in addressing unmet social determinants of health, behavioral health and medical needs. Mission-based and person-centered, CCA is singularly focused on sustainable and evidence-based healthcare breakthroughs that fill important gaps in care and improve the health and well-being of people with complex needs. This includes advocating for affordable, high-quality and cost-effective healthcare policies that lead to healthcare equity for individuals who need it most.

For five consecutive years, CCA One Care earned a top rating from a consumer survey conducted by the Centers for Medicare & Medicaid Services, and CMS rated CCA Senior Care Options 4.5 out of 5 stars for 2021. Learn more about CCA’s pioneering healthcare solutions and validated care model at http://www.commonwealthcarealliance.org/ or follow us on Twitter and LinkedIn.

Conor Yunits

(617) 933-5270

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: General Health Other Consumer Hospitals Consumer Health

MEDIA:

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Diana Shipping Inc. Announces Date for Its 2021 Annual Meeting of Shareholders

ATHENS, Greece, March 10, 2021 (GLOBE NEWSWIRE) — Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announced today that, due to the public health impact of the COVID-19 pandemic, the Company will hold its 2021 Annual Meeting of Shareholders (the “Meeting”) in a virtual format only. The Board of Directors (the “Board”) has scheduled the Meeting for May 20, 2021 in virtual format. Shareholders and their proxy representatives will not be able to attend the Meeting physically. The Board has set a record date for the Meeting of March 31, 2021.

Additional information confirming how shareholders may vote before or during the Meeting, as well as the time of the virtual Meeting and how to access it as a shareholder, will be included in the Company’s proxy statement to be separately provided to shareholders. In order to streamline the virtual meeting process, the Company strongly encourages shareholders to vote in advance of the Meeting.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.



Corporate Contact:
Ioannis Zafirakis        
Director, Chief Financial Officer,
Chief Strategy Officer, Treasurer and Secretary
Telephone: + 30-210-9470-100
Email: [email protected]
Website: www.dianashippinginc.com

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: [email protected]

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SOS Shareholder Alert – SOS Limited Investors Who Have Suffered Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C.

PHILADELPHIA, March 10, 2021 (GLOBE NEWSWIRE) — Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of SOS Limited (“SOS” or the “Company”) (NYSE: SOS) to determine whether the Company engaged in securities fraud or other unlawful business practices.

On February 26, 2021, SeekingAlpha reported that Hindenburg Research reported that SOS “drop[ped] 17% after Hindenburg Research [said] it’s short on the stock, noting [SOS’s] significant regulatory risk.”

SeekingAlpha also reported that Culper Research “released a short report on SOS . . ., saying it believes the shares are ‘worthless’. Culper says SOS’s claims around its cryptocurrency mining purchases and acquisition appears to be ‘extremely problematic.’”

On this news, SOS’s American Depositary Receipt (“ADR”) price fell $1.27, or 21.03%, closing at $4.77 per ADR on February 26, 2021.

INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, SOS SECURITIES AND SUFFERED LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S

SECURITIES CLASS ACTION QUESTIONNAIRE

OR CONTACT KEVIN CAULEY, DIRECTOR, CLIENT RELATIONS, (215) 792-6676, EXT. 802,

[email protected]

,

[email protected]

,

[email protected]

, TO

DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.

Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct.  Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.   

This press release may constitute attorney advertising.



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IIROC Trading Resumption – SFX

Canada NewsWire

VANCOUVER, BC, March 10, 2021 /CNW/ – Trading resumes in:

Company: Sphinx Resources Ltd.

TSX-Venture Symbol: SFX

All Issues: Yes

Resumption (ET): 9:45 AM

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

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

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MingZhu Logistics Holdings Limited Announces $20 Million Registered Direct Offering

PR Newswire

SHENZHEN, China, March 10, 2021 /PRNewswire/ — MingZhu Logistics Holdings Limited (Nasdaq: YGMZ) (the “Company”), a China-based trucking services provider, today announced that it entered into securities purchase agreements with certain institutional investors in connection with a registered direct offering of an aggregate of 3,333,335 units of its securities (each, a “Unit”), with each Unit consisting of (i) one ordinary share of the Company, par value $0.001 per share, and (ii) one warrant to purchase 0.75 ordinary share (together, the “Warrants”), for aggregate gross proceeds of $20 million, before deducting the placement agent’s fees and other estimated offering expenses.  The Warrants will be exercisable six months after the date of issuance (the “Initial Exercise Date”) at an exercise price of $6.60 per share, subject to adjustments, and will expire three years after the Initial Exercise Date. The offering is expected to close on or about March 12, 2021, subject to the satisfaction of customary closing conditions.

FT Global Capital, Inc. is acting as the exclusive placement agent in connection with the offering.

The Company currently intends to use the net proceeds of the offering for working capital and general corporate purposes.

The Company’s securities described above are being offered pursuant to an effective registration statement on Form F-1 (SEC File No. 333-253950), that was previously filed with the Securities and Exchange Commission (“SEC”) on March 5, 2021, subsequently amended and declared effective on March 9, 2021, and by means of a prospectus a copy of which has been filed with the SEC and is available on the SEC’s website at www.sec.gov. The offering is being made only by means of such prospectus.

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

For further details of this transaction, please see the Company’s 6-K to be filed with the SEC.

About MingZhu Logistics Holdings Limited

Founded in 2002 and Headquartered in Shenzhen, China, MingZhu is 4A-grade trucking services provider, offering both network density and broad geographic coverage to meet customers’ diverse transportation needs. The Company operates two regional terminals in Guangdong Province and Xinjiang Autonomous Region, respectively, with a mix of self-own fleets of tractors and trailers and subcontractors’ fleets. More information about MingZhu can be found at: www.szygmz.com/en/.

Cautionary Note Regarding Forward-Looking Statements 

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements also are subject to risks, uncertainties and assumptions, including those detailed from time to time in the Company’s filings with the SEC, and represent the Company’s views only as of the date they are made and should not be relied upon as representing the Company’s views as of any subsequent date. The Company undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. 

For more information, please contact:

At the Company:

Dennis Tan

Email: [email protected]
Phone: +86 150 1854 1833

Investor Relations:

Sherry Zheng

Email: [email protected]
Phone: +1 718 213 7386

 

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SOURCE MingZhu Logistics Holdings Limited

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Husqvarna Group joins Climate Leadership Coalition

PR Newswire

STOCKHOLM, March 10, 2021 /PRNewswire/ — Husqvarna Group has joined the global business network Climate Leadership Coalition (CLC) as part of its ambition to lead the industry in the shift to a low-carbon, resource-smart economy.

Sustainability is an integral part of the Husqvarna Group strategy, which combines innovation capability with a commitment to addressing climate change and resource scarcity. Husqvarna Group has a strong track record of demonstrating the business case for engagement. Over the last five years, it has reduced its absolute CO2 emissions by 32% while profitably growing the business, by increasing sales by 16%. In joining the CLC, the Group is stepping up its commitment.

The CLC is a multi-stakeholder initiative comprising of some 80 organizations, primarily in the Nordic region. It is designed to support climate leaders by sharing best practice, policy approaches and strategies and by participating in regional and global policy development.

“Society needs to shift to a low-carbon, circular economy. The CLC’s policy work will be an excellent way to take part in dialogue on EU carbon pricing, which is an important building block to deliver on our Science-based target to reduce CO2 emissions across our value chain in line with what is required to limit global temperature rise to 1.5°C. We have set a high ambition that stretches to the emissions that occur when our products are being used. Insights from other leaders and dialogue with policy makers will help us get there,” says Henric Andersson, President and CEO of Husqvarna Group.  

For more information

Åsa Larsson, Global Media and Sustainability Manager:
[email protected]

Sustainovate – Husqvarna Group’s sustainability framework

In 2020, the second chapter of Sustainovate began. The Group has set new, bolder targets that align and strengthen the 2025 business strategy and underline how the sustainability agenda is business critical. Sustainovate 2025 is designed to maximize its contribution to addressing climate change and resource scarcity. Together, it will drive the Group’s ambitions to lead the industry in the shift to a low-carbon, resource-smart economy. Read more about Husqvarna Group sustainability framework Sustainovate, targets and results here www.husqvarnagroup.com/en/sustainability

Climate Leadership Coalition (CLC)

CLC is a non-profit association and its members represent companies, academia, cities and employ 450,000 people globally. CLC’s members believe that the transition to a more sustainable economy and consumption habits is not only possible but also economically viable. For more information www.clc.fi

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

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SOURCE Husqvarna AB

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SwaddleDesigns Cloth Face Masks Selected by Schools Across the Country

SwaddleDesigns Applauds the FEMA Expense Reimbursement Program for Cloth Masks Purchased by Schools to Support the Safe Reopening

Seattle, WA, March 10, 2021 (GLOBE NEWSWIRE) — School reopening is a national priority.  When students, teachers and staff wear a well-fitting and effective face mask, there is clear evidence that the risk of spreading COVID-19 or it’s variants is dramatically reduced. The CDC has recommended universal mask wearing at all schools to protect student and teachers.

When faced with a decision whether to purchase high-quality reusable cloth masks for everyone at the school or assume that everyone will self-purchase and wear a high-quality mask, many schools have decided that purchasing masks for their community is the best and safest approach.

Until recently, many schools were unable to afford to buy face masks.  To support the safe reopening of schools, President Biden directed FEMA to reimburse schools for PPE including reusable cloth masks.

The CDC has highlighted the importance of wearing an effective, well-fitting mask and wearing the mask correctly, covering your mouth and nose.

To reduce COVID transmission in school settings, it is important for all students, teachers and staff to wear effective and well-fitting masks. If a mask does not fit well or is not worn correctly, the risk of droplet leakage and transmission increases. 

Designed by Lynette Damir, RN, SwaddleDesigns 3-layer cotton face masks are very comfortable, well-fitted, effective and tested. Fitted to provide coverage of cheeks, nose, and mouth. The masks keep the nose covered even with talking which is an important benefit of the design.

SwaddleDesigns program for schools features cloth face masks for students, teachers, and staff. SwaddleDesigns offers 3 sizes of masks to ensure a comfortable and well-fitted mask for preschoolers, elementary school children, teens and adults.

“When our customers tell us that SwaddleDesigns masks are their absolute favorite masks, it is a wonderful feeling to know that our masks are providing comfortable protection during this difficult time,” said Lynette Damir, RN, founder and CEO of SwaddleDesigns. “I am especially happy that children find our masks comfortable to wear.”

SwaddleDesigns cloth mask performance was tested by Manhar Dhanak, PhD and his team at Florida Atlantic University. The researchers tested SwaddleDesigns 3-layer cotton face mask using their droplet cough emulator. The lab test demonstrated the SwaddleDesigns mask provided superior protection with effective filtration and minimal leakage of droplets.  

SwaddleDesigns encourages everyone to use the simple Candle Test to assess their face masks at home. If you can blow out a candle while wearing the mask, then you need a better mask. All SwaddleDesigns masks pass the Candle Test.

SwaddleDesigns offers custom printing for schools, business, organizations, and government customers. Businesses and schools select SwaddleDesigns masks, because the comfortable design leads to 100% mask wearing compliance due to comfort. 

In March 2020, SwaddleDesigns converted their baby blanket facilities to make reusable cloth masks. Using her healthcare background, textile expertise, and scientific studies on masks, Lynette designed reusable cloth masks with a focus on comfort and secure fit.

Based in Seattle, SwaddleDesigns is woman-owned, family run business and was founded by Lynette Damir, RN.

Attachment 



Tiffany Daniels
SwaddleDesigns
206-999-7152
[email protected]

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GLOBAL TECH INDUSTRIES GROUP, INC. ANNOUNCES AUTHORIZATION BY BOARD OF DIRECTORS TO EVALUATE DIVIDEND CONSISTING OF WARRANTS TO PURCHASE THE COMPANY’S COMMON STOCK

New York, March 10, 2021 (GLOBE NEWSWIRE) — (


GTII


:
OTCQB) Global Tech Industries Group, Inc. (“GTII” or the “Company”), www.gtii-us.com announced today that its Board of Directors has authorized the Company’s Chief Executive Officer to evaluate the feasibility of declaring a dividend (or other distribution) to holders of the Company’s common stock, in the form of warrants to purchase shares of its common stock for cash. The purpose of this corporate action would be to return a portion of the Company’s future value to the stockholders in a manner that gives all stockholders the opportunity to participate in the Company’s potential future growth.

GTII intends to evaluate the feasibility of such a corporate action and report its evaluations back to the Board of Directors, including a proposed structure for the corporate action, as well as a proposed record date, exercise price and terms for a warrant agreement. The final terms of any such corporate action would be subject to the approval of the Board of Directors.

About Global Tech Industries Group, Inc.: GTII, a publicly traded company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.

Please follow our company at: www.otcmarkets.com/stock/GTII

Safe Harbor Forward-Looking Statements:
This press release may contain forward looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and acquire businesses and assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time.

Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.

Blaine Riley – [email protected]
International Monetary
620 Newport Center Drive, #1100
Newport Beach, CA 92660
949.200.4601

 
 
 
 
 
 
 
 



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Apellis Announces Two New Publications from the Positive Phase 2 FILLY Study Evaluating Pegcetacoplan in Geographic Atrophy

  • Data published in Ophthalmology and the American Journal of Ophthalmology underscore the potential of pegcetacoplan, an investigational targeted C3 therapy, for geographic atrophy

WALTHAM, Mass., March 10, 2021 (GLOBE NEWSWIRE) —  Apellis Pharmaceuticals, Inc. (Nasdaq: APLS), a global biopharmaceutical company and leader in targeted C3 therapies, today announced that two leading journals, Ophthalmology and the American Journal of Ophthalmology, published post hoc analyses from the Phase 2 FILLY study of intravitreal pegcetacoplan for geographic atrophy (GA) secondary to AMD. GA is a leading cause of blindness that affects approximately five million people around the world1,2 and has no approved treatments.

  • The analysis, “Impact of Baseline Characteristics on Geographic Atrophy Progression in the FILLY Trial Evaluating the Complement C3 Inhibitor Pegcetacoplan,” was published in the American Journal of Ophthalmology, and showed that efficacy results across patient subgroups were consistent with the FILLY results.
  • Published in Ophthalmology, “Characterizing New-Onset Exudation in the Randomized Phase 2 FILLY Trial of Complement Inhibitor Pegcetacoplan for Geographic Atrophy,” further clarified characteristics of investigator-determined exudations reported in the study.

“Geographic atrophy remains the most significant unmet need in the retina, and we are committed to advancing the first medicine for people living with this relentless disease,” said Federico Grossi, M.D., Ph.D., chief medical officer of Apellis. “These data from two new analyses of our positive Phase 2 FILLY study reinforce the potential of pegcetacoplan in GA, and we look forward to sharing results from our Phase 3 GA studies in the third quarter of this year.”

Pegcetacoplan is currently being evaluated in two pivotal studies, DERBY and OAKS, which enrolled more than 1,200 patients with GA.

About Pegcetacoplan (APL-2)

Pegcetacoplan is an investigational, targeted C3 therapy designed to regulate excessive activation of the complement cascade, part of the body’s immune system, which can lead to the onset and progression of many serious diseases. Pegcetacoplan is a synthetic cyclic peptide conjugated to a polyethylene glycol polymer that binds specifically to C3 and C3b. Pegcetacoplan is being evaluated in several clinical studies across hematology, ophthalmology, nephrology, and neurology. Marketing applications for pegcetacoplan for paroxysmal nocturnal hemoglobinuria (PNH) are under review by the U.S. Food and Drug Administration (FDA), which has granted the application Priority Review designation, and the European Medicines Agency (EMA). Pegcetacoplan was granted Fast Track designation by the FDA for the treatment of geographic atrophy and received orphan drug designation for the treatment of C3G by the FDA and EMA. For additional information regarding pegcetacoplan clinical trials, visit https://apellis.com/our-science/clinical-trials.

About Geographic Atrophy (GA) 
GA is an advanced form of age-related macular degeneration (AMD), a leading cause of blindness. GA lesions affect the central portion of the retina, known as the macula, which is responsible for central vision. Excessive complement activation drives irreversible lesion growth in GA3, and C3 is the only target to precisely control complement overactivation. GA is progressive and irreversible, leading to central visual impairment and permanent loss of vision. Based on published studies, approximately one million people have GA in the United States and 5 million people have GA globally.1,2 There are currently no approved treatments for GA.

About FILLY

The FILLY study was a 246-patient, Phase 2, multicenter, randomized, single-masked, sham-controlled clinical trial evaluating pegcetacoplan in patients with GA secondary to AMD conducted at over 40 clinical sites in the United States, Australia, and New Zealand. Pegcetacoplan was administered as an intravitreal injection monthly or every other month (EOM) for 12 months, followed by six months of monitoring after the end of treatment. The primary efficacy endpoint was the change in GA lesion area from baseline to Month 12 in pegcetacoplan-treated patients compared to sham.

About DERBY and OAKS

DERBY (621 patients enrolled) and OAKS (638 patients enrolled) are Phase 3, multicenter, randomized, double-masked, sham-controlled studies comparing the efficacy and safety of intravitreal pegcetacoplan with sham injections in patients with GA secondary to AMD. The primary objective of the studies is to evaluate the efficacy of pegcetacoplan in patients with GA assessed by change in the total area of GA lesions from baseline as measured by fundus autofluorescence.

About Apellis 
Apellis Pharmaceuticals, Inc. is a global biopharmaceutical company that is committed to leveraging courageous science, creativity, and compassion to deliver life-changing therapies. Leaders in targeted C3 therapies, we aim to develop transformative therapies for a broad range of debilitating diseases that are driven by excessive activation of the complement cascade, including those within hematology, ophthalmology, nephrology, and neurology. For more information, please visit www.apellis.com.

Apellis Forward-Looking Statement 
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements in respect of the expected closing of the exchanges. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including whether the conditions for the closing of the exchanges will be satisfied and other factors discussed in the “Risk Factors” section of Apellis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2021 and the risks described in other filings that Apellis may make with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Apellis specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Contact:

Mark Dole
[email protected]
617.997.3484

Investor Contact:

Argot Partners
[email protected] 
212.600.1902 

1 Rudnicka AR, Jarrar Z, Wormald R, et al. Age and gender variations in age-related macular degeneration prevalence in populations of European ancestry: a meta-analysis. Ophthalmology 2012;119:571–580.

2 Wong WL, Su X, Li X, et al. Global prevalence of age-related macular degeneration and disease burden projection for 2020 and 2040: a systematic review and meta-analysis. Lancet Glob Health 2014;2:e106–116.

3 Seddon, JM, Rosner, B. Validated prediction models for macular degeneration progression and predictors of visual acuity loss identify high-risk individuals. Am J Ophthalmol 2019;198:223–261.