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Oasis Digital Studios and Entertainment, Technology and Lifestyle Leader, McCartney Multimedia Join Forces to Support the Development, Management, and Distribution of AR-Enhanced NFTs

PR Newswire

Oasis and McCartney team up to enable artists, musicians, entertainers, photographers, chefs, and other lifestyle participants to create NFTs.

TORONTO, VANCOUVER, BC, ERIE, Pa. and LOS ANGELES, March 15, 2021 /PRNewswire/ – Liquid Avatar Technologies Inc. (CSE: LQID) (OTC:TRWRF) (FRA:4T51) (“Liquid Avatar Technologies” or the “Company“,), a global blockchain, digital identity and fintech solutions company together with ImagineAR Inc. (CSE: IP) (OTCQB: IPNFF), an Augmented Reality platform company, are excited to announce that Oasis Digital Studios (“Oasis”) is teaming up with globally renowned entrepreneur and digital diva, Ruth McCartney, and her firm McCartney Multimedia, Inc. to support the development of AR Enhanced Non-Fungible Tokens (NFTs) for the entertainment and lifestyle sectors.

McCartney Multimedia, Inc. is a full-service Creative Digital Agency. As early pioneers in web design since 1995, McCartney offers Talent, Artists and companies branding, web development, identity development, hosting, social media strategy and management, creative marketing campaigns, digital PR, database design, e-commerce, video production and mobile app creation.  By partnering with Oasis, McCartney is now offering its clients, partners, and industry collaborators the ability to engage in the fast-paced world of NFTs.

A Non-Fungible Token, or NFT is a digital asset that represents a wide range of tangible and intangible assets like digital and conventional artwork, collectibles, memorabilia, and other items. However, unlike typical NFTs which are generally digital video or images that represent “moments in time” like an NBA Top Shot or piece of artwork, Oasis will be creating and deploying embedded AR “triggers” in each Oasis supported NFT, and to support and introduce NFT programs, brands, and participants.  This will allow users to engage in enabled immersive and “living” shareable experiences through the Liquid Avatar Mobile App and AR enabled websites. 

“Having learned the value of collectibles and the passion of fans as a child when I earned pocket money in Liverpool helping my Mother Angie, and Beatles Fan Club secretary Freda Kelly organize global fan mail, I am excited to be able to offer our musician, Chef and artist network the chance to digitally create new sustainable products. In addition, they are able generate income from today’s version of the rare vinyl, ticket stubs and concert posters marketplace of the past. NFTs are a solution for the creative community to be able to generate a brand-new revenue stream, and more importantly, royalty bearing revenue at that,” said Ruth McCartney, Digital Diva and founder of McCartney Multimedia.

Oasis is bringing together leading individuals and organizations in blockchain technology, computer graphics, augmented reality, entertainment, art, sports, gaming, music, media, comic book, memorabilia, and pop culture arenas to support the fast-paced emergence of the NFT marketplace. 

With opportunities already in process, the Oasis model is to create an ongoing partnership with artists, sports personalities, talent, brands, and organizations, and share in the ongoing revenue of the initial sale and any residual sales, creating potential royalty-type revenue relationships.  The initial program offerings will consist of digital artwork, with the expected expansion to trading cards, limited editions, and series, and physical product programs.

“It is great to be working with Ruth and the McCartney team again, having worked with them in past on programs in the entertainment and technology sectors.  Ruth and the team are digital experts and are super connected to a host of great artists and entertainers that we believe will benefit from new opportunities with collectible and experiential, augmented reality enhanced, NFTs,” said David Lucatch, CEO – Liquid Avatar.  

The Liquid Avatar Mobile App, featuring user created digital icons that allow users to manage, control and create value from their biometrically verified digital identity, officially launched globally in the Google Play and Apple App Store on February 18, 2021.  With the foundational 1st phase already available, the Liquid Avatar app will launch updates in phases, with new features expected monthly.  The Company believes that as it plans to provide future features, regular releases will provide users with the opportunity to familiarize themselves with existing features before moving on to more comprehensive services and the opportunity to manage their digital identity and verifiable credentials.


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click here 



 


About McCartney Multimedia, Inc. – https://mccartney-multimedia.com/mccartney-multimedia-inc

McCartney Multimedia, Inc. is a full-service Creative Digital Agency. As early pioneers in web design since 1995, McCartney now offers branding, web development, identity development, hosting, social media strategy and management, creative marketing campaigns, digital PR, database design, e-commerce, video production and mobile app creation and NFTs.

McCartney’s other endeavors include McCartney Studios, that brings together Dr. Angie McCartney, Ruth McCartney and Martin Nethercutt who have backgrounds in the music and entertainment industries, the division reps, directors, DPs Eps and creatives and has over a dozen show in development on their slate.  Today, McCartney Studios focuses on storytelling, branding and visual media while the McCartney Group GmbH, based in Vienna, Austria specializes in European Sports and Artists management.

For more information, please visit: https://mccartney-multimedia.com/


About ImagineAR –


www.imaginear.com


 

ImagineAR Inc. (CSE: IP) (OTC: IPNFF) is an augmented reality (AR) platform, ImagineAR.com, that enables businesses of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds. Customers simply point their mobile device at logos, signs, buildings, (products, landmarks and more to instantly engage videos, information, advertisements, coupons,3D holograms and any interactive content all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The AR Enterprise platform supports both IOS and Android mobile devices and upcoming wearable technologies. The AR Platform is available as an SDK Plug-in for existing mobile apps.

All trademarks of the property of respective owners.

ON BEHALF OF THE BOARD
Alen Paul Silverrstieen President & CEO (818) 850-2490
https://twitter.com/IPtechAR  
https://www.facebook.com/imaginationparktechnologies 
https://www.instagram.com/iptechar  
https://www.linkedin.com/company/imagination-park-technologies-inc 


About Liquid Avatar Technologies Inc. –


www.liquidavatartechnologies.com


 

Liquid Avatar Technologies Inc., through its wholly owned subsidiary KABN Systems North America Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.

The Liquid Avatar Mobile App, available in the Apple App Store and Google Play is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas.  These icons allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want.  www.liquidavatar.com

KABN North America has a suite of revenue generating programs that support the Liquid Avatar program, including KABN KASH a cash back and reward program that has over 400 leading online merchants and coming soon, an integrated offering engine.  In Canada, KABN also has the KABN Visa Card, a “challenger banking” platform that allows users to manage and control a range of financial services for traditional and digital currencies.  The Company is currently exploring expansion of the KABN Visa program to other geographic regions, including the USA.

Oasis Digital Studios is a creative and development agency that supports a wide range of artists, talent, brands, and enterprises with Non-Fungible Token (NFT) solutions.

Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol “LQID” (CSE:LQID). 

The Company also trades in the US under the symbol “TRWRF” and in Frankfurt under the symbol “4T51”

If you have not already joined our mailing list and would like to receive updates on Liquid Avatar Technologies Inc., please click here to join!

For more information, please visit www.liquidavatartechnologies.com  

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

All websites referred to are expressly not incorporated by reference into this press release.

Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning the timing for the launch of Liquid Avatar apps, the plans for future features of the Liquid Avatar apps, expected geographic expansion, the ability of the Company to generate revenues, roll out new programs and to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: failure to obtain necessary approvals in a timely manner or at all; lack of sufficient capital to expand the Company’s geographic footprint or to add new features to the Company’s offerings; changes in general economic, business, and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

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SOURCE ImagineAR

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Brooks to Participate in the KeyBanc Life Sciences & MedTech Investor Forum

PR Newswire

CHELMSFORD, Mass., March 15, 2021 /PRNewswire/ — Brooks Automation, Inc. (Nasdaq:BRKS) announced today that company management will participate in the KeyBanc Life Sciences & MedTech Investor Forum on Tuesday, March 23, 2021 which includes a 35-minute webcast beginning at 1:15 p.m. ET.  The live webcast can be accessed through the Brooks investor relations website at www.brooks.investorroom.com/events.  A replay of the webcast will be available following the event.

About Brooks Automation
Brooks (Nasdaq: BRKS) is a leading provider of life science sample-based solutions and semiconductor manufacturing solutions worldwide.  The Company’s Life Sciences business provides a full suite of reliable cold-chain sample management solutions and genomic services across areas such as drug development, clinical research and advanced cell therapies for the industry’s top pharmaceutical, biotech, academic and healthcare institutions globally.  Brooks Life Sciences’ GENEWIZ division is a leading provider of gene sequencing and gene synthesis services.  With over 40 years as a partner to the semiconductor manufacturing industry, Brooks is a provider of industry-leading precision vacuum robotics, integrated automation systems and contamination control solutions to the world’s leading semiconductor chip makers and equipment manufacturers.  Brooks is headquartered in Chelmsford, MA, with operations in North America, Europe and Asia. For more information, visit www.brooks.com.

INVESTOR CONTACTS:

Sara Silverman

Director, Investor Relations
Brooks Automation
978.262.2635
[email protected]

Sherry Dinsmore

Brooks Automation
978.262.2400
[email protected]

 

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SOURCE Brooks Automation

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Alpha Announces Fourth Quarter 2020 Results

– Reports net loss from continuing operations of $55 million for the fourth quarter 2020

– Posts Adjusted EBITDA(1) of $7 million for the fourth quarter 2020

– Continues strong cost management across all operating segments

– Closes transaction divesting Cumberland Mine, furthering strategic repositioning towards a pure metallurgical coal producer

– Completes name change to Alpha Metallurgical Resources, Inc.

– Appoints new board members to diversify and enhance corporate governance

– Reiterates 2021 operating guidance

PR Newswire

BRISTOL, Tenn., March 15, 2021 /PRNewswire/ — Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported results for the fourth quarter ending December 31, 2020.

(millions, except per share)


Three months ended


Dec. 31, 2020


Sept. 30, 2020


Dec. 31, 2019


Net loss(2)

$(55.1)

$(68.5)

$(210.2)


Net loss(2) per diluted share

$(3.00)

$(3.74)

$(11.55)


Adjusted EBITDA(1)

$7.4

$12.4

$22.1


Operating cash flow(3)

$56.2

$(5.9)

$(5.7)


Capital expenditures(3)

$35.1

$27.8

$48.2


Tons of coal sold(2)

3.7

4.0

4.2


1. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.


2. From continuing operations.


3. Includes discontinued operations.

“Despite the numerous challenges of the last year, we are proud of our accomplishments including significant operating cost reductions, refreshed board composition, and our rebranding to Alpha Metallurgical Resources, which reflects our strategic shift and focus on metallurgical coal,” said chairman and chief executive officer, David Stetson. “We remain confident that in 2021 we can take advantage of improved market conditions and met coal prices as expected global infrastructure spending and stimulus actions come to fruition.”

Financial Performance

Alpha reported a net loss from continuing operations of $55.1 million, or $3.00 per diluted share, for the fourth quarter 2020. In the third quarter 2020, the company had a net loss from continuing operations of $68.5 million or $3.74 diluted share.

Total Adjusted EBITDA was $7.4 million for the fourth quarter, compared with $12.4 million in the third quarter, primarily due to lower coal revenues and higher Met costs per ton.

Coal Revenues

(millions)


Three months ended


Dec. 31, 2020


Sept. 30, 2020


Met

$289.8

$295.4


CAPP – Thermal

$33.6

$39.8


Met (excl. f&h)
(1)

$241.5

$245.6


CAPP – Thermal (excl. f&h)
(1)

$32.1

$36.8


Tons Sold

(millions)


Three months ended


Dec. 31, 2020


Sept. 30, 2020


Met

3.2

3.3


CAPP – Thermal

0.5

0.6


1. Represents Non-GAAP coal revenues which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”

 

The slight Met revenue decline in the fourth quarter was driven by reduced volume relative to the third quarter. The CAPP – Thermal revenues also decreased due to lower volumes.

Coal Sales Realization
(1)

(per ton)


Three months ended


Dec. 31, 2020


Sept. 30, 2020


Met

$75.24

$73.79


CAPP – Thermal

$59.81

$57.86


1. Represents Non-GAAP coal sales realization which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”

 

Global metallurgical coal prices were mixed, with Australian prices declining while Atlantic prices showed modest improvement, resulting in our average Met coal sales realization increase of two percent against the prior quarter to $75.24 per ton. The CAPP – Thermal segment also saw slightly higher realization in the fourth quarter.

Cost of Coal Sales

(in millions, except per ton data)


Three months ended


Dec. 31, 2020


Sept. 30, 2020


Cost of Coal Sales

$301.8

$309.7


Cost of Coal Sales (excl. f&h/idle)
(1)

$245.9

$250.7

(per ton)


Met
(1)

$69.25

$66.51


CAPP – Thermal
(1)

$44.15

$45.98


1. Represents Non-GAAP cost of coal sales per ton which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”

 

In the fourth quarter, the company reported another sub-$70 per ton cost performance in the Met segment, with costs averaging $69.25 per ton, down from $82.28 in the year-ago quarter. The third quarter 2020 cost of coal sales was a record low of $66.51 per ton. Fewer mines, combined with higher production per mine and reduced labor force, were instrumental in driving the cost of coal sales per ton lower in 2020.

The CAPP – Thermal segment also continued its impressive cost of coal sales performance, with fourth quarter cost of $44.15 per ton as compared to $45.98 for the prior quarter.

Selling, general and administrative (SG&A) and depreciation, depletion and amortization (DD&A) expenses

(millions)


Three months ended


Dec. 31, 2020


Sept. 30, 2020


SG&A

$15.3

$14.5


Less: non-cash stock compensation and one-time expenses

$(0.8)

$(1.0)


Non-GAAP SG&A(1)

$14.5

$13.5


DD&A

$(4.0)

$49.2


1. Represents Non-GAAP SG&A which is defined under “Non-GAAP Financial Measures.”

Alpha’s fourth quarter 2020 SG&A expenses were $14.5 million, excluding non-cash stock compensation expense and one-time expenses of $0.8 million, compared with $13.5 million in the prior quarter. 

Liquidity and Capital Resources

“In the fourth quarter, our teams continued their exceptional focus on cost performance with another quarter of sub-$70 met costs, and a full year average met cost of $70.19,” said Andy Eidson, Alpha’s president and chief financial officer. “While the year as a whole was challenging, both in terms of pricing and pandemic uncertainty, Alpha made progress on a number of our stated strategic goals. Divesting the Cumberland Mine has not only hastened our transition to a pure metallurgical producer, but has also meaningfully reduced our bonding and collateral requirements.”

Cash provided by operating activities for the fourth quarter 2020 was $56.2 million, which includes the receipt of $66.1 million in accelerated alternative minimum tax (AMT) credit monetization refund, and capital expenditures for the fourth quarter were $35.1 million. In the prior period, the cash used in operating activities was $5.9 million and capital expenditures were $27.8 million. 

As of December 31, 2020, Alpha had $139.2 million in unrestricted cash and $157.4 million in restricted cash, deposits and investments. Total long-term debt, including the current portion of long-term debt as of December 31, 2020, was $582.5 million, down approximately $15 million from the prior quarter. At the end of the fourth quarter, the company had total liquidity of $139.2 million, including cash and cash equivalents of $139.2 million and no remaining unused availability under the Asset-Based Revolving Credit Facility (ABL). The future available capacity under the ABL is subject to inventory and accounts receivable collateral requirements and the maintenance of certain financial ratios. As of December 31, 2020, the company had $3.4 million in borrowings and $123.1 million in letters of credit outstanding under the ABL. In January 2021, subsequent to the quarter close, the company posted $25.0 million in collateral to remain in compliance due to fluctuations in the borrowing base, a portion of which was then used to repay $3.4 million in borrowings under the ABL.

Operational and Strategic Update

As part of the ongoing strategic shift towards becoming a pure-play met company, Alpha closed a transaction to divest the Cumberland Mine and related assets on December 10, 2020. The previously announced transaction transferred the associated coal reserves, mining permits and operations, infrastructure and equipment to Iron Senergy LLC, releasing Alpha from all reclamation obligations, totaling $169 million in undiscounted future cash flows. After the Cumberland divestiture, the company operates only one remaining thermal mine, which is expected to cease operation by the end of 2022.

As a result of this renewed focus on supplying metallurgical products to the steel industry, the company also rebranded and changed its name to Alpha Metallurgical Resources, Inc., effective February 1, 2021. The company’s common stock began trading on the New York Stock Exchange under a new symbol, AMR, shortly thereafter.

In addition, Alpha continued to enhance its board of directors by adding Michael Quillen, the founder of Alpha Natural Resources and an industry veteran, as lead independent director in November 2020. Subsequent to the quarter end, Alpha appointed three new directors to the board. Effective February 1, Kenneth Courtis, Elizabeth Fessenden and Daniel Smith joined the board as independent directors. 

2021 Full-Year Guidance

In connection with the company’s strategic shift toward a pure-play metallurgical business, the reporting segments in the following guidance table have been reconfigured. The CAPP – Thermal reporting segment has been eliminated and is now included in the All Other segment. The prior CAPP – Met segment is now called the Met segment.

The company reiterates its previously issued 2021 operating guidance with coal shipments guidance range of 14.8 million tons to 16.2 million tons, with Met segment volume expected to be between 13.5 million to 14.5 million tons with pure metallurgical coal shipments of 12.5 million to 13.0 million tons and incidental thermal shipments in this segment of 1.0 million to 1.5 million tons. Our All Other segment volume is anticipated to be between 1.3 million tons to 1.7 million tons.

For 2021, Alpha has committed and priced approximately 53% of its metallurgical coal within the Met segment at an average price of $85.47 per ton and 86% of thermal coal in the Met segment at an average expected price of $50.80 per ton. In the All Other segment the company is 100% committed and priced at an average price of $57.57 per ton.

The company expects our strong cost performance to continue in 2021 with Met segment cost of coal sales per ton anticipated at a range of $68.00 to $74.00 and our All Other segment is expected to be in the range of $45.00 to $49.00 per ton.

For 2021, the company expects its SG&A to be in the range of $44 million to $49 million, excluding non-recurring items and stock compensation. Our overall 2021 capital expenditures guidance is in a range of $75 million to $95 million, near the maintenance capital level. Depreciation, depletion and amortization is expected to be between $125 million and $145 million and cash interest expense in the range of $51 million and $55 million.


2021 Guidance



in millions of tons


Low


High

Metallurgical

12.5

13.0

Thermal

1.0

1.5


Met Segment


13.5


14.5

All Other

1.3

1.7


Total Shipments


14.8


16.2



Committed/Priced1,2,3


Committed


Average Price

Metallurgical

53

%

$85.47

Thermal

86

%

$50.80


Met Segment


56


%


$80.68

All Other

100

%

$57.57



Committed/Unpriced1,3


Committed

Metallurgical

32

%

Thermal

8

%


Met Segment


30


%

All Other

—

%



Costs per ton


4


Low


High

Met Segment

$68.00

$74.00

All Other

$45.00

$49.00



In millions (except taxes)


Low


High

SG&A5

$44

$49

Idle Operations Expense

$24

$30

Cash Interest Expense

$51

$55

DD&A

$125

$145

Capital Expenditures

$75

$95

Tax Rate

—

%

5

%

 


Notes:   

1.

Based on committed and priced coal shipments as of March 11, 2021. Committed percentage based on the midpoint of shipment guidance range.

2.

Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.

3.

Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.

4.

Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward- looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have historically varied and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.

5.

Excludes expenses related to non-cash stock compensation and non-recurring business development expenses.

 

Conference Call

The company plans to hold a conference call regarding its fourth quarter 2020 results on March 15, 2021, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company’s website at https://investors.alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 866-270-1533 (domestic toll-free) or 412-317-0797 (international) approximately 15 minutes prior to the start of the call.


About Alpha Metallurgical Resources

Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com.  


Forward-Looking Statements

This news release includes forward-looking statements. These forward-looking statements are based on Alpha’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha’s control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. 

Investor Contact


[email protected]
 

Alex Rotonen, CFA
423.956.6882

Media Contact


[email protected]
 

Emily O’Quinn

423.573.0369

FINANCIAL TABLES FOLLOW

Non-GAAP Financial Measures

The discussion below contains “non-GAAP financial measures.” These are financial measures which either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP” or “GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “non-GAAP coal revenues,” “non-GAAP cost of coal sales,” and “Adjusted cost of produced coal sold.” We use Adjusted EBITDA to measure the operating performance of our segments and allocate resources to the segments. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton for our operations is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization – production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, net, idled and closed mine costs and coal inventory acquisition accounting impacts. Non-GAAP cost of coal sales per ton for our operations is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin per ton for our coal operations is calculated as non-GAAP coal sales realization per ton for our coal operations less non-GAAP cost of coal sales per ton for our coal operations. We also use Adjusted cost of produced coal sold to distinguish the cost of captive produced coal from the effects of purchased coal. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.

Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate the Company’s operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, and capital investments.

Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.

 


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS


(Amounts in thousands, except share and per share data)


Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019

Revenues:

Coal revenues

$

323,360

$

431,457

$

1,413,124

$

1,995,934

Other revenues

491

1,381

3,063

5,346

Total revenues

323,851

432,838

1,416,187

2,001,280

Costs and expenses:

Cost of coal sales (exclusive of items shown separately below)

301,831

387,000

1,281,011

1,667,768

Depreciation, depletion and amortization

(4,036)

50,221

139,885

215,757

Accretion on asset retirement obligations

6,559

6,990

26,504

23,865

Amortization of acquired intangibles, net

4,748

3,137

9,214

(3,189)

Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)

15,346

25,832

57,356

78,953

Merger-related costs

—

35

—

1,090

Asset impairment and restructuring

29,897

60,466

83,878

66,324

Goodwill impairment

—

124,353

—

124,353

Total other operating income:

Mark-to-market adjustment for acquisition-related obligations

4,676

(3,276)

(8,750)

(3,564)

Other (income) expense

(200)

7,518

(2,223)

(974)

Total costs and expenses

358,821

662,276

1,586,875

2,170,383

Loss from operations

(34,970)

(229,438)

(170,688)

(169,103)

Other (expense) income:

Interest expense

(18,290)

(17,444)

(74,528)

(67,521)

Interest income

153

1,701

7,027

7,247

Loss on modification and extinguishment of debt

—

—

—

(26,459)

Equity loss in affiliates

(388)

(2,070)

(3,473)

(6,874)

Miscellaneous loss, net

(1,519)

(7,393)

(1,972)

(10,195)

Total other expense, net

(20,044)

(25,206)

(72,946)

(103,802)

Loss from continuing operations before income taxes

(55,014)

(254,644)

(243,634)

(272,905)

Income tax (expense) benefit

(36)

44,407

2,164

53,287

Net loss from continuing operations

(55,050)

(210,237)

(241,470)

(219,618)

Discontinued operations:

(Loss) income from discontinued operations before income taxes

(45,103)

73,678

(205,429)

(105,185)

Income tax (expense) benefit from discontinued operations

—

(4,382)

—

8,484

(Loss) income from discontinued operations

(45,103)

69,296

(205,429)

(96,701)

Net loss

$

(100,153)

$

(140,941)

$

(446,899)

$

(316,319)

Basic loss per common share:

Loss from continuing operations

$

(3.00)

$

(11.55)

$

(13.20)

$

(11.68)

(Loss) income from discontinued operations

(2.47)

3.80

(11.22)

(5.14)

Net loss

$

(5.47)

$

(7.75)

$

(24.42)

$

(16.82)

Diluted loss per common share:

Loss from continuing operations

$

(3.00)

$

(11.55)

$

(13.20)

$

(11.68)

(Loss) income from discontinued operations

(2.47)

3.80

(11.22)

(5.14)

Net loss

$

(5.47)

$

(7.75)

$

(24.42)

$

(16.82)

Weighted average shares – basic

18,322,236

18,195,651

18,298,362

18,808,460

Weighted average shares – diluted

18,322,236

18,195,651

18,298,362

18,808,460

 


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(Amounts in thousands, except share and per share data)


December 31, 2020


December 31, 2019


Assets

Current assets:

Cash and cash equivalents

$

139,227

$

212,803

Trade accounts receivable, net of allowance for doubtful accounts of $293 and $0 as of December 31, 2020 and 2019

145,670

224,173

Inventories, net

108,051

150,888

Prepaid expenses and other current assets

106,252

77,723

Current assets – discontinued operations

10,935

45,892

Total current assets

510,135

711,479

Property, plant, and equipment, net of accumulated depreciation and amortization of $382,423 and $256,378 as of December 31, 2020 and 2019

363,620

436,398

Owned and leased mineral rights, net of accumulated depletion and amortization of $35,143 and $27,548 as of December 31, 2020 and 2019

463,250

523,012

Other acquired intangibles, net of accumulated amortization of $25,700 and $26,806 as of December 31, 2020 and 2019

88,196

124,246

Long-term restricted cash

96,033

122,524

Deferred income taxes

—

33,065

Other non-current assets

149,382

189,475

Non-current assets – discontinued operations

9,473

162,624

Total assets

$

1,680,089

$

2,302,823


Liabilities and Stockholders’ Equity

Current liabilities:

Current portion of long-term debt

$

28,830

$

28,476

Trade accounts payable

58,413

82,725

Acquisition-related obligations – current

19,099

33,639

Accrued expenses and other current liabilities

140,406

139,479

Current liabilities – discontinued operations

12,306

30,833

Total current liabilities

259,054

315,152

Long-term debt

553,697

564,458

Acquisition-related obligations – long-term

20,768

46,259

Workers’ compensation and black lung obligations

230,081

228,850

Pension obligations

218,671

204,086

Asset retirement obligations

140,074

164,406

Deferred income taxes

480

422

Other non-current liabilities

28,072

26,822

Non-current liabilities – discontinued operations

29,090

56,246

Total liabilities

1,479,987

1,606,701

Commitments and Contingencies


Stockholders’ Equity

Preferred stock – par value $0.01, 5.0 million shares authorized, none issued

—

—

Common stock – par value $0.01, 50.0 million shares authorized, 20.6 million issued and 18.3 million outstanding at December 31, 2020 and 20.5 million issued and 18.2 million outstanding at December 31, 2019

206

205

Additional paid-in capital

779,424

775,707

Accumulated other comprehensive loss

(111,985)

(58,616)

Treasury stock, at cost: 2.3 million shares at December 31, 2020 and 2019

(107,014)

(107,984)

(Accumulated deficit) retained earnings

(360,529)

86,810

Total stockholders’ equity

200,102

696,122

Total liabilities and stockholders’ equity

$

1,680,089

$

2,302,823

 


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS


(Amounts in thousands)


Year Ended December 31,


2020


2019


Operating activities:

Net loss

$

(446,899)

$

(316,319)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation, depletion and amortization

151,455

315,162

Amortization of acquired intangibles, net

10,075

(88)

Accretion of acquisition-related obligations discount

3,342

5,522

Amortization of debt issuance costs and accretion of debt discount

14,772

14,070

Mark-to-market adjustment for acquisition-related obligations

(8,750)

(3,564)

Loss on sale of business

36,113

—

(Gain) loss on disposal of assets

(2,401)

8,142

Gain on assets acquired in an exchange transaction

—

(9,083)

Accretion on asset retirement obligations

30,658

33,759

Employee benefit plans, net

14,439

20,846

Deferred income taxes

33,123

(12,098)

Goodwill impairment

—

124,353

Asset impairment and restructuring

256,518

83,485

Loss on modification and extinguishment of debt

—

26,459

Stock-based compensation

4,896

12,397

Equity in loss of affiliates

3,473

6,874

Other, net

(5,972)

(5,204)

Changes in operating assets and liabilities

Trade accounts receivable, net

91,190

47,424

Inventories, net

48,689

(40,694)

Prepaid expenses and other current assets

28,152

56,671

Deposits

(17,926)

15,170

Other non-current assets

(6,753)

(24,460)

Trade accounts payable

(28,620)

(28,148)

Accrued expenses and other current liabilities

15,428

(25,495)

Acquisition-related obligations

(32,560)

(28,128)

Asset retirement obligations

(19,375)

(111,616)

Other non-current liabilities

(43,831)

(33,557)


Net cash provided by operating activities

129,236

131,880


Investing activities:

Capital expenditures

(153,990)

(192,411)

Proceeds on disposal of assets

4,023

2,780

Cash paid on sale of business

(52,192)

—

Capital contributions to equity affiliates

(3,443)

(10,051)

Purchase of investment securities

(21,129)

(92,855)

Maturity of investment securities

16,685

100,250

Other, net

77

535


Net cash used in investing activities

(209,969)

(191,752)


Financing activities:

Proceeds from borrowings on debt

57,500

544,946

Principal repayments of debt

(59,768)

(552,809)

Principal repayments of financing lease obligations

(3,176)

(3,654)

Debt issuance costs

—

(6,689)

Common stock repurchases and related expenses

(209)

(37,622)

Principal repayments of notes payable

(16,723)

(14,818)

Other, net

—

952


Net cash used in financing activities

(22,376)

(69,694)

Net decrease in cash and cash equivalents and restricted cash

(103,109)

(129,566)

Cash and cash equivalents and restricted cash at beginning of period

347,680

477,246

Cash and cash equivalents and restricted cash at end of period

$

244,571

$

347,680


Supplemental cash flow information:

Cash paid for interest

$

49,294

$

51,877

Cash paid for income taxes

$

5

$

3,039

Cash received for income tax refunds

$

68,801

$

72,236


Supplemental disclosure of noncash investing and financing activities:

Financing leases and capital financing – equipment

$

4,411

$

5,324

Accrued capital expenditures

$

7,493

$

4,110

 

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.


As of December 31,


2020


2019

Cash and cash equivalents

$

139,227

$

212,793

Short-term restricted cash (included in Prepaid expenses and other current assets)

9,311

12,363

Long-term restricted cash

96,033

122,524

Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows

$

244,571

$

347,680

 


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES


ADJUSTED EBITDA RECONCILIATION


(Amounts in thousands)


Three Months Ended


Year Ended December 31,


September 30, 2020


December 31, 2020


December 31, 2019


2020


2019

Net loss from continuing operations

$

(68,487)

$

(55,050)

$

(210,237)

$

(241,470)

$

(219,618)

Interest expense

18,746

18,290

17,444

74,528

67,521

Interest income

(376)

(153)

(1,701)

(7,027)

(7,247)

Income tax (benefit) expense

(45)

36

(44,407)

(2,164)

(53,287)

Depreciation, depletion and amortization

49,236

(4,036)

50,221

139,885

215,757

Merger-related costs

—

—

35

—

1,090

Non-cash stock compensation expense

1,078

696

4,885

4,897

12,348

Mark-to-market adjustment – acquisition-related obligations

3,624

4,676

(3,276)

(8,750)

(3,564)

Accretion on asset retirement obligations

6,736

6,559

6,990

26,504

23,865

Loss on modification and extinguishment of debt

—

—

—

—

26,459

Asset impairment and restructuring (1)

(226)

29,897

60,466

83,878

66,324

Goodwill impairment (2)

—

—

124,353

—

124,353

Cost impact of coal inventory fair value adjustment (3)

—

—

—

—

8,209

Gain on assets acquired in an exchange transaction (4)

—

—

—

—

(9,083)

Management restructuring costs (5)

—

—

7,720

941

7,720

Loss on partial settlement of benefit obligations

—

1,735

6,446

2,966

6,446

Amortization of acquired intangibles, net

2,074

4,748

3,137

9,214

(3,189)

Adjusted EBITDA

$

12,360

$

7,398

$

22,076

$

83,402

$

264,104


(1) Asset impairment and restructuring for the year ended December 31, 2020 includes long-lived asset impairments of $80,954 related to asset groups recorded within the Met and CAPP – Thermal reporting segments and restructuring expense of $2,924 recorded in CAPP – Thermal and All Other reporting segments. Asset impairment for the year ended December 31, 2019 includes a long-lived asset impairment of $60,169 related to asset groups recorded within the Met and CAPP – Thermal reporting segments and an asset impairment of $6,155 primarily related to the write-off of prepaid purchased coal as a result of Blackjewel’s Chapter 11 bankruptcy filing on July 1, 2019.


(2) The goodwill impairment testing as of December 31, 2019 resulted in a goodwill impairment of $124,353 to write down the full carrying value of goodwill.


(3) The cost impact of the coal inventory fair value adjustment as a result of the Merger was completed during the three months ended June 30, 2019.


(4) During the year ended December 31, 2019, the Company entered into an exchange transaction which primarily included the release of the PRB overriding royalty interest owed to the Company in exchange for met coal reserves which resulted in a gain of $9,083.


(5) Management restructuring costs are related to severance expense associated with senior management changes during the three months ended March 31, 2020 and the year ended December 31, 2019.

 


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES


RESULTS OF OPERATIONS


Three Months Ended September 30, 2020


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

295,376

$

39,813

$

—

$

335,189

Less: Freight and handling fulfillment revenues

(49,742)

(3,015)

—

(52,757)

Non-GAAP Coal revenues

$

245,634

$

36,798

$

—

$

282,432

Tons sold

3,329

636

—

3,965

Non-GAAP Coal sales realization per ton

$

73.79

$

57.86

$

—

$

71.23

Cost of coal sales (exclusive of items shown separately below)

$

276,248

$

33,999

$

(553)

$

309,694

Depreciation, depletion and amortization – production (1)

41,177

7,313

410

48,900

Accretion on asset retirement obligations

3,800

2,406

530

6,736

Amortization of acquired intangibles, net

2,535

(486)

25

2,074

Total Cost of coal sales

$

323,760

$

43,232

$

412

$

367,404

Less: Freight and handling costs

(49,742)

(3,015)

—

(52,757)

Less:  Depreciation, depletion and amortization – production (1)

(41,177)

(7,313)

(410)

(48,900)

Less: Accretion on asset retirement obligations

(3,800)

(2,406)

(530)

(6,736)

Less: Amortization of acquired intangibles, net

(2,535)

486

(25)

(2,074)

Less: Idled and closed mine costs

(5,091)

(1,742)

546

(6,287)

Non-GAAP Cost of coal sales

$

221,415

$

29,242

$

(7)

$

250,650

Tons sold

3,329

636

—

3,965

Non-GAAP Cost of coal sales per ton

$

66.51

$

45.98

$

—

$

63.22


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended September 30, 2020


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

295,376

$

39,813

$

—

$

335,189

Less: Total Cost of coal sales (per table above)

(323,760)

(43,232)

(412)

(367,404)

GAAP Coal margin

$

(28,384)

$

(3,419)

$

(412)

$

(32,215)

Tons sold

3,329

636

—

3,965

GAAP Coal margin per ton

$

(8.53)

$

(5.38)

$

—

$

(8.12)

GAAP Coal margin

$

(28,384)

$

(3,419)

$

(412)

$

(32,215)

Add: Depreciation, depletion and amortization – production (1)

41,177

7,313

410

48,900

Add: Accretion on asset retirement obligations

3,800

2,406

530

6,736

Add: Amortization of acquired intangibles, net

2,535

(486)

25

2,074

Add: Idled and closed mine costs

5,091

1,742

(546)

6,287

Non-GAAP Coal margin

$

24,219

$

7,556

$

7

$

31,782

Tons sold

3,329

636

—

3,965

Non-GAAP Coal margin per ton

$

7.28

$

11.88

$

—

$

8.02


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended December 31, 2020


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

289,756

$

33,604

$

—

$

323,360

Less: Freight and handling fulfillment revenues

(48,251)

(1,548)

—

(49,799)

Non-GAAP Coal revenues

$

241,505

$

32,056

$

—

$

273,561

Tons sold

3,210

536

—

3,746

Non-GAAP Coal sales realization per ton

$

75.24

$

59.81

$

—

$

73.03

Cost of coal sales (exclusive of items shown separately below)

$

273,984

$

28,754

$

(907)

$

301,831

Depreciation, depletion and amortization – production (1)

2,381

1,031

(7,680)

(4,268)

Accretion on asset retirement obligations

3,328

2,259

972

6,559

Amortization of acquired intangibles, net

5,014

(291)

25

4,748

Total Cost of coal sales

$

284,707

$

31,753

$

(7,590)

$

308,870

Less: Freight and handling costs

(48,251)

(1,548)

—

(49,799)

Less:  Depreciation, depletion and amortization – production (1)

(2,381)

(1,031)

7,680

4,268

Less: Accretion on asset retirement obligations

(3,328)

(2,259)

(972)

(6,559)

Less: Amortization of acquired intangibles, net

(5,014)

291

(25)

(4,748)

Less: Idled and closed mine costs

(3,445)

(3,543)

845

(6,143)

Non-GAAP Cost of coal sales

$

222,288

$

23,663

$

(62)

$

245,889

Tons sold

3,210

536

—

3,746

Non-GAAP Cost of coal sales per ton

$

69.25

$

44.15

$

—

$

65.64


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended December 31, 2020


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

289,756

$

33,604

$

—

$

323,360

Less: Total Cost of coal sales (per table above)

(284,707)

(31,753)

7,590

(308,870)

GAAP Coal margin

$

5,049

$

1,851

$

7,590

$

14,490

Tons sold

3,210

536

—

3,746

GAAP Coal margin per ton

$

1.57

$

3.45

$

—

$

3.87

GAAP Coal margin

$

5,049

$

1,851

$

7,590

$

14,490

Add: Depreciation, depletion and amortization – production (1)

2,381

1,031

(7,680)

(4,268)

Add: Accretion on asset retirement obligations

3,328

2,259

972

6,559

Add: Amortization of acquired intangibles, net

5,014

(291)

25

4,748

Add: Idled and closed mine costs

3,445

3,543

(845)

6,143

Non-GAAP Coal margin

$

19,217

$

8,393

$

62

$

27,672

Tons sold

3,210

536

—

3,746

Non-GAAP Coal margin per ton

$

5.99

$

15.66

$

—

$

7.39


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended December 31, 2019


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

370,200

$

60,576

$

681

$

431,457

Less: Freight and handling fulfillment revenues

(59,320)

(10,450)

—

(69,770)

Non-GAAP Coal revenues

$

310,880

$

50,126

$

681

$

361,687

Tons sold

3,273

893

8

4,174

Non-GAAP Coal sales realization per ton

$

94.98

$

56.13

$

85.13

$

86.65

Cost of coal sales (exclusive of items shown separately below)

$

331,395

$

55,653

$

(48)

$

387,000

Depreciation, depletion and amortization – production (1)

39,122

12,897

(2,165)

49,854

Accretion on asset retirement obligations

2,613

3,528

849

6,990

Amortization of acquired intangibles, net

4,574

(1,437)

—

3,137

Total Cost of coal sales

$

377,704

$

70,641

$

(1,364)

$

446,981

Less: Freight and handling costs

(59,320)

(10,450)

—

(69,770)

Less:  Depreciation, depletion and amortization – production (1)

(39,122)

(12,897)

2,165

(49,854)

Less: Accretion on asset retirement obligations

(2,613)

(3,528)

(849)

(6,990)

Less: Amortization of acquired intangibles, net

(4,574)

1,437

—

(3,137)

Less: Idled and closed mine costs

(2,757)

(1,260)

713

(3,304)

Non-GAAP Cost of coal sales

$

269,318

$

43,943

$

665

$

313,926

Tons sold

3,273

893

8

4,174

Non-GAAP Cost of coal sales per ton

$

82.28

$

49.21

$

83.13

$

75.21


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Three Months Ended December 31, 2019


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

370,200

$

60,576

$

681

$

431,457

Less: Total Cost of coal sales (per table above)

(377,704)

(70,641)

1,364

(446,981)

GAAP Coal margin

$

(7,504)

$

(10,065)

$

2,045

$

(15,524)

Tons sold

3,273

893

8

4,174

GAAP Coal margin per ton

$

(2.29)

$

(11.27)

$

255.63

$

(3.72)

GAAP Coal margin

$

(7,504)

$

(10,065)

$

2,045

$

(15,524)

Add: Depreciation, depletion and amortization – production (1)

39,122

12,897

(2,165)

49,854

Add: Accretion on asset retirement obligations

2,613

3,528

849

6,990

Add: Amortization of acquired intangibles, net

4,574

(1,437)

—

3,137

Add: Idled and closed mine costs

2,757

1,260

(713)

3,304

Non-GAAP Coal margin

$

41,562

$

6,183

$

16

$

47,761

Tons sold

3,273

893

8

4,174

Non-GAAP Coal margin per ton

$

12.70

$

6.92

$

2.00

$

11.44


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Year Ended December 31, 2020


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

1,263,855

$

148,880

$

389

$

1,413,124

Less: Freight and handling fulfillment revenues

(206,509)

(12,940)

—

(219,449)

Non-GAAP Coal revenues

$

1,057,346

$

135,940

$

389

$

1,193,675

Tons sold

13,070

2,437

6

15,513

Non-GAAP Coal sales realization per ton

$

80.90

$

55.78

$

64.83

$

76.95

Cost of coal sales (exclusive of items shown separately below)

$

1,140,556

$

136,944

$

3,511

$

1,281,011

Depreciation, depletion and amortization – production (1)

124,060

20,453

(5,885)

138,628

Accretion on asset retirement obligations

14,214

9,285

3,005

26,504

Amortization of acquired intangibles, net

12,889

(3,775)

100

9,214

Total Cost of coal sales

$

1,291,719

$

162,907

$

731

$

1,455,357

Less: Freight and handling costs

(206,509)

(12,940)

—

(219,449)

Less:  Depreciation, depletion and amortization – production (1)

(124,060)

(20,453)

5,885

(138,628)

Less: Accretion on asset retirement obligations

(14,214)

(9,285)

(3,005)

(26,504)

Less: Amortization of acquired intangibles, net

(12,889)

3,775

(100)

(9,214)

Less: Idled and closed mine costs

(16,640)

(8,973)

(3,267)

(28,880)

Non-GAAP Cost of coal sales

$

917,407

$

115,031

$

244

$

1,032,682

Tons sold

13,070

2,437

6

15,513

Non-GAAP Cost of coal sales per ton

$

70.19

$

47.20

$

40.67

$

66.57


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Year Ended December 31, 2020


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

1,263,855

$

148,880

$

389

$

1,413,124

Less: Total Cost of coal sales (per table above)

(1,291,719)

(162,907)

(731)

(1,455,357)

GAAP Coal margin

$

(27,864)

$

(14,027)

$

(342)

$

(42,233)

Tons sold

13,070

2,437

6

15,513

GAAP Coal margin per ton

$

(2.13)

$

(5.76)

$

(57.00)

$

(2.72)

GAAP Coal margin

$

(27,864)

$

(14,027)

$

(342)

$

(42,233)

Add: Depreciation, depletion and amortization – production (1)

124,060

20,453

(5,885)

138,628

Add: Accretion on asset retirement obligations

14,214

9,285

3,005

26,504

Add: Amortization of acquired intangibles, net

12,889

(3,775)

100

9,214

Add: Idled and closed mine costs

16,640

8,973

3,267

28,880

Non-GAAP Coal margin

$

139,939

$

20,909

$

145

$

160,993

Tons sold

13,070

2,437

6

15,513

Non-GAAP Coal margin per ton

$

10.71

$

8.58

$

24.17

$

10.38


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 


Year Ended December 31, 2019


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

1,709,863

$

285,390

$

681

$

1,995,934

Less: Freight and handling fulfillment revenues

(242,049)

(34,133)

—

(276,182)

Non-GAAP Coal revenues

$

1,467,814

$

251,257

$

681

$

1,719,752

Tons sold

12,926

4,218

8

17,152

Non-GAAP Coal sales realization per ton

$

113.56

$

59.57

$

85.13

$

100.27

Cost of coal sales (exclusive of items shown separately below)

$

1,389,619

$

274,320

$

3,829

$

1,667,768

Depreciation, depletion and amortization – production (1)

152,835

57,483

4,025

214,343

Accretion on asset retirement obligations

9,599

10,929

3,337

23,865

Amortization of acquired intangibles, net

10,389

(13,578)

—

(3,189)

Total Cost of coal sales

$

1,562,442

$

329,154

$

11,191

$

1,902,787

Less: Freight and handling costs

(242,049)

(34,133)

—

(276,182)

Less:  Depreciation, depletion and amortization – production (1)

(152,835)

(57,483)

(4,025)

(214,343)

Less: Accretion on asset retirement obligations

(9,599)

(10,929)

(3,337)

(23,865)

Less: Amortization of acquired intangibles, net

(10,389)

13,578

—

3,189

Less: Idled and closed mine costs

(8,699)

(2,702)

(3,164)

(14,565)

Less: Cost impact of coal inventory fair value adjustment (2)

(4,751)

(3,458)

—

(8,209)

Non-GAAP Cost of coal sales

$

1,134,120

$

234,027

$

665

$

1,368,812

Tons sold

12,926

4,218

8

17,152

Non-GAAP Cost of coal sales per ton

$

87.74

$

55.48

$

83.13

$

79.80


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.


(2) The cost impact of the coal inventory fair value adjustment as a result of the Merger was completed during the three months ended June 30, 2019.

 


Year Ended December 31, 2019


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Coal revenues

$

1,709,863

$

285,390

$

681

$

1,995,934

Less: Total Cost of coal sales (per table above)

(1,562,442)

(329,154)

(11,191)

(1,902,787)

GAAP Coal margin

$

147,421

$

(43,764)

$

(10,510)

$

93,147

Tons sold

12,926

4,218

8

17,152

GAAP Coal margin per ton

$

11.40

$

(10.38)

$

(1,313.75)

$

5.43

GAAP Coal margin

$

147,421

$

(43,764)

$

(10,510)

$

93,147

Add: Depreciation, depletion and amortization – production (1)

152,835

57,483

4,025

214,343

Add: Accretion on asset retirement obligations

9,599

10,929

3,337

23,865

Add: Amortization of acquired intangibles, net

10,389

(13,578)

—

(3,189)

Add: Idled and closed mine costs

8,699

2,702

3,164

14,565

Add: Cost impact of coal inventory fair value adjustment (2)

4,751

3,458

—

8,209

Non-GAAP Coal margin

$

333,694

$

17,230

$

16

$

350,940

Tons sold

12,926

4,218

8

17,152

Non-GAAP Coal margin per ton

$

25.82

$

4.08

$

2.00

$

20.46


(1) Depreciation, depletion and amortization – production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.


(2) The cost impact of the coal inventory fair value adjustment as a result of the Merger was completed during the three months ended June 30, 2019.

 


Three Months Ended September 30, 2020


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Non-GAAP Cost of coal sales

$

221,415

$

29,242

$

(7)

$

250,650

Less: cost of purchased coal sold

(12,511)

70

—

(12,441)

Adjusted cost of produced coal sold

$

208,904

$

29,312

$

(7)

$

238,209

Produced tons sold

3,142

636

—

3,778

Adjusted cost of produced coal sold per ton (1)

$

66.49

$

46.09

$

—

$

63.05


(1) Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 


Three Months Ended December 31,  2020


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Non-GAAP Cost of coal sales

$

222,288

$

23,663

$

(62)

$

245,889

Less: cost of purchased coal sold

(19,993)

(93)

—

(20,086)

Adjusted cost of produced coal sold

$

202,295

$

23,570

$

(62)

$

225,803

Produced tons sold

2,939

535

—

3,474

Adjusted cost of produced coal sold per ton (1)

$

68.83

$

44.06

$

—

$

65.00


(1) Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 


Three Months Ended December 31,  2019


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Non-GAAP Cost of coal sales

$

269,318

$

43,943

$

665

$

313,926

Less: cost of purchased coal sold

(43,091)

(598)

—

(43,689)

Adjusted cost of produced coal sold

$

226,227

$

43,345

$

665

$

270,237

Produced tons sold

2,779

876

8

3,663

Adjusted cost of produced coal sold per ton (1)

$

81.41

$

49.48

$

83.13

$

73.77


(1) Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 


Year Ended December 31, 2020


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Non-GAAP Cost of coal sales

$

917,407

$

115,031

$

244

$

1,032,682

Less: cost of purchased coal sold

(85,769)

(925)

—

(86,694)

Adjusted cost of produced coal sold

$

831,638

$

114,106

$

244

$

945,988

Produced tons sold

11,941

2,423

6

14,370

Adjusted cost of produced coal sold per ton (1)

$

69.65

$

47.09

$

40.67

$

65.83


(1) Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 


Year Ended December 31, 2019


(In thousands, except for per ton data)


Met


CAPP – Thermal


All Other


Consolidated

Non-GAAP Cost of coal sales

$

1,134,120

$

234,027

$

665

$

1,368,812

Less: cost of purchased coal sold

(237,681)

(6,976)

—

(244,657)

Adjusted cost of produced coal sold

$

896,439

$

227,051

$

665

$

1,124,155

Produced tons sold

10,727

4,091

8

14,826

Adjusted cost of produced coal sold per ton (1)

$

83.57

$

55.50

$

83.13

$

75.82


(1) Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/alpha-announces-fourth-quarter-2020-results-301246810.html

SOURCE Alpha Metallurgical Resources, Inc.

Posted on

Alliance Data Provides Card Services Performance Update For February 2021

PR Newswire

COLUMBUS, Ohio, March 15, 2021 /PRNewswire/ — Alliance Data Systems Corporation (NYSE: ADS), a leading provider of data-driven marketing, loyalty and payment solutions, provided an update on its Card Services segment. The following tables present the Company’s net charge-offs and delinquency rate for the periods indicated.


For the


month ended


February 28, 2021


For the two


months ended


February 28, 2021

(dollars in thousands)

End of period receivables

$

15,881,520

$

15,881,520

Average receivables

$

15,741,872

$

15,963,617

Year over year change in average receivables

(14)%

(14)%

Net charge-offs

$

67,970

$

130,041

Net charge-offs as a percentage of average receivables (1)

5.2%

4.9%


(1) Compares to 6.8% and 7.0% for the month and two months ended February 29, 2020, respectively.


As of


February 28, 2021


As of


February 29, 2020

(dollars in thousands)

30 days + delinquencies – principal

$

643,211

$

1,025,419

Period ended receivables – principal

$

15,113,966

$

17,409,172

Delinquency rate

4.3%

5.9%

About Alliance Data

Alliance Data
® (NYSE: ADS) is a leading provider of data-driven marketing, loyalty and payment solutions serving large, consumer-based industries. The Company creates and deploys customized solutions that measurably change consumer behavior while driving business growth and profitability for some of today’s most recognizable brands. Alliance Data helps its partners create and increase customer loyalty across multiple touch points using traditional, digital, mobile and emerging technologies. A FORTUNE 500 and S&P MidCap 400 company headquartered in Columbus, Ohio, Alliance Data consists of businesses that together employ nearly 8,000 associates at 45 locations worldwide.

Alliance Data’s Card Services business is a comprehensive provider of market-leading private label, co-brand, general purpose and business credit card programs, digital payments, including Bread®, and Comenity-branded financial services. LoyaltyOne® owns and operates the AIR MILES® Reward Program, Canada’s most recognized loyalty program, and Netherlands-based BrandLoyalty, a global provider of tailor-made loyalty programs for grocers. More information about Alliance Data can be found at www.AllianceData.com.

Follow Alliance Data on Twitter,Facebook, LinkedIn, Instagram and YouTube.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, initiation or completion of strategic initiatives, future dividend declarations, and future economic conditions, including, but not limited to, fluctuation in currency exchange rates, market conditions and COVID-19 impacts related to relief measures for impacted borrowers and depositors, labor shortages due to quarantine, reduction in demand from clients, supply chain disruption for our reward suppliers and disruptions in the airline or travel industries.

We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. These risks and uncertainties include, but are not limited to, factors set forth in the Risk Factors section in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

 


Contact:



Investors/Analysts

Brian Vereb

Alliance Data

614-528-4516


[email protected] 



Media

Shelley Whiddon

Alliance Data

214-494-3811


[email protected]

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/alliance-data-provides-card-services-performance-update-for-february-2021-301246528.html

SOURCE Alliance Data Systems Corporation

Posted on

Farmmi Wins New Multi-Product U.S. Export Order

PR Newswire

LISHUI, China, March 15, 2021 /PRNewswire/ — Farmmi, Inc. (“Farmmi” or the “Company”) (NASDAQ: FAMI), an agriculture products supplier in China, today announced its subsidiary Zhejiang Forest Food Co., Ltd., won a new multi-product order for its distinctive and flavorful dried whole and sliced mushrooms, and dried black fungus. The customer, a trading company supplying to major global hotel and supermarket chains, including the STANFORD hotel chain and the H-MART supermarket chain, will export Farmmi’s products to the U.S.

Ms. Yefang Zhang, Farmmi’s Chairwoman and CEO, commented, “Our mushrooms give professionals and aspiring cooks a highly versatile, easy-to-use ingredient that is nutrition-rich and delicious. We remain focused on supporting our customers with the excellent healthy products they are seeking, while stressing sustainable practices across our supply chain to ensure we are delivering great products in the best way possible.”

About Farmmi, Inc.

Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a leading agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms and other edible fungi.  For further information about the Company, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including the potential impact of COVID-19 on our business within and outside of China. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

Cision View original content:http://www.prnewswire.com/news-releases/farmmi-wins-new-multi-product-us-export-order-301246985.html

SOURCE Farmmi, Inc.

Posted on

Galecto Announces Outcome of Data Safety Monitoring Board Interim Review of Phase 2b GALACTIC-1 Study of GB0139 for Idiopathic Pulmonary Fibrosis: DSMB Recommends Study to Continue with Modifications

Galecto expects to continue dosing patients in the 3 mg arm, whereas the 10 mg arm and combinations with nintedanib or pirfenidone will be discontinued at the recommendation of the DSMB

BOSTON, March 15, 2021 (GLOBE NEWSWIRE) — Galecto, Inc. (NASDAQ: GLTO), a biotechnology company focused on the development of novel treatments for fibrosis and cancer, today announced that an independent Data Safety Monitoring Board (DSMB) has completed its interim review of the company’s Phase 2b GALACTIC-1 study of GB0139 for the treatment of Idiopathic Pulmonary Fibrosis (IPF). On Friday, March 12, the DSMB recommended that, based upon a safety analysis of the data, the company discontinue dosing and enrolling patients in the 10 mg arm along with patients in the 3 mg arm who are receiving combination treatment with the currently approved treatments of IPF, nintedanib and pirfenidone. We expect the 3 mg and placebo arms in patients who are not on concomitant nintedanib or pirfenidone will continue enrolling patients.

GALACTIC-1 is a 52-week randomized, double-blind, multicenter, parallel, placebo-controlled Phase 2b study being conducted across more than 100 centers globally, investigating the safety and efficacy of Galecto’s lead compound, GB0139, in patients with IPF. Initial unblinded data readout is anticipated in 2022.

The DSMB informed the company, based on unblinded safety and efficacy data, that there was an imbalance in the serious adverse experiences across the study groups, but not an imbalance between the groups in mortality. Galecto expects to continue recruiting patients who are not taking nintedanib or pirfenidone at screening and who would be randomized to receive GB0139 3 mg or placebo. The DSMB recommended the patients randomized to the 10mg group and all those taking nintedanib or pirfenidone should be discontinued from the study. Based on these recommendations, the Company plans to work with both the study investigators and the appropriate regulatory authorities to implement these changes promptly.

“Galecto is committed to patient safety and continuing the development of life changing treatments for patients with IPF. Around 50% of IPF patients in Europe and the US do not receive treatment with either pirfenidone or nintedanib, representing a very significant unmet medical need, as they have no available treatment options. Based on our prior phase 1b/2a study of GB0139 in IPF patients, we believe the 3 mg dose has the potential to be an effective clinical dose for these patients,” said Dr. Hans Schambye, CEO of Galecto. He added “there is a very strong demand for a tolerable alternative to the approved therapies.”

“We do not expect the recommended changes, which relate solely to the inhaled GB0139 in IPF, to impact any of our other planned trials. We continue to look forward to initiating three additional Phase 2 trials this year with our other clinical stage assets GB2064 (oral LOXL2 inhibitor) and GB1211 (oral Galectin-3 inhibitor). We anticipate completing enrollment in the GALACTIC-1 trial this year with initial data readout in 2022,” added Dr. Schambye.

About Galecto

Galecto (NASDAQ: GLTO) is a clinical stage biotechnology company incorporated in the U.S. with advanced programs in fibrosis and cancer centered on the development of small-molecule inhibitors of galectin-3 and lysyl oxidase-like 2, or LOXL2, which play key roles in regulating fibrosis. The company’s pipeline includes our lead product candidate, which is an inhaled galectin-3 modulator currently in phase 2b for the potential treatment of idiopathic pulmonary fibrosis. Our pipeline also includes two additional assets about to move into phase 2 studies.

Galecto intends to use its website as a means of disclosing material non-public information. For regular updates about Galecto, visit www.galecto.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about the GALACTIC-1 trial, including plans for continuing to enroll patients, working with investigators and regulatory authorities, the timing of completing enrollment and the initial unblinded data readout, Galecto’s focus and commitment, GB0139’s potential (including the effectiveness of the 3 mg dose), plans for clinical development (including the timing of their initiation) and potential to market, and Galecto’s product candidates and pipeline. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. For such statements, Galecto claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Galecto’s expectations. Factors that could cause actual results to differ materially from the forward-looking statements include risks and uncertainties related to the development of Galecto’s product candidates, their therapeutic potential and outcomes related to our clinical trials, our ability to modify the GALACTIC-1 trial protocol to the satisfaction of the FDA or other regulatory agencies, our ability to continue to enroll patients and complete the GALACTIC-1 trial with fewer dosage groups, the risk that FDA or other regulatory agency imposes a clinical hold on the GALACTIC-1 trial, having adequate funds and their use, and those additional risks and uncertainties disclosed in Galecto’s filings with the Securities and Exchange Commission. These forward-looking statements represent Galecto’s judgment as of the time of this release. Galecto disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.

For more information, contact:

Galecto Inc.  
Hans Schambye, CEO
Jon Freve, CFO		  
+45 70 70 52 10  
   
Investors/US Media/EU
Ashley R. Robinson
[email protected]		 Mary-Ann Chang
[email protected]
+1 617 775 5956 +44 7483 284 853



Posted on

SeaChange International’s Strategic Roadmap and Operational Progress Strengthens Company’s Position for Fiscal 2022

Company to Present OTT Streaming Technologies and Host Q&A Session on Thursday, March 18 at 1 PM ET

WALTHAM, Mass., March 15, 2021 (GLOBE NEWSWIRE) — SeaChange International, Inc. (NASDAQ: SEAC), a leading provider of video delivery platforms, today reported that its recent operational progress on strategic initiatives has placed the Company in a stronger position for fiscal 2022.

Recent Operational Progress and Strategic Initiatives

Under the leadership of Robert Pons, who was appointed Executive Chairman on January 13, 2021, the Company has implemented several strategic initiatives that have created a more focused and capable organization. The initiatives have also enhanced SeaChange’s technology platform and go-to-market approach to better align with the worldwide explosive growth in over-the-top (OTT) streaming services demand during the pandemic.

SeaChange’s strategic initiatives have included:

  • Enhancing the Company’s go-to-market strategy to position SeaChange as the leading enabler of video streaming services to cable companies and content owners globally
  • Refining the Company’s business model to more effectively monetize the value of SeaChange’s software and services and drive a greater return on investment for the Company’s customers
  • Strengthening the team with key appointments, including technology veteran Matthew Stecker to the board of directors, and the promotion of Christoph Klimmer to SVP of Global Sales and Marketing

“While we are still in the early phases of our new strategic roadmap, these initiatives have already produced encouraging results, including a customer-centric sales motion that has deepened and expanded customer engagements,” said Pons. “We are now positioned to enable a customer’s OTT streaming service with a full suite of offerings, including advanced analytics to report business KPIs, monetization tools such as an advertising insertion technology and a client application that reaches end users to all major device platforms. Longer term, we believe the execution of our strategic roadmap will enable us to drive scale, capture market share, and create even greater value for both our customers and shareholders.”

SeaChange’s Expansive Technology Platform Enabling Streaming Services for Leading Cable Companies

With more than $250 million previously invested in SeaChange’s technology platform, the Company’s innovative software solutions are empowering cable companies like Grupo TVCable as well as content owners such as Westcoast Digital Services to seamlessly manage, deliver, and monetize their content.

“Today, more than 80 customers globally rely on SeaChange’s software solutions and professional services to orchestrate the delivery of content to all screens and devices,” said Klimmer. “In addition to dynamic content delivery and management requirements, we are seeing a growing need across the industry for technologies like our analytics engine to generate valuable and actionable insights to optimize end user retention and monetization.”

“The increasing value our technology is providing to leading cable operators and content owners demonstrates SeaChange’s elevated value proposition and critical role in the industry. As an enabling technology, SeaChange effectively serves as a conduit to facilitate the delivery of video content to end users globally. This favorable positioning squarely aligns SeaChange with the strong secular tailwinds in the growing, multi-billion-dollar video streaming market,” added Klimmer.

In calendar 2020, SeaChange deployed comprehensive technology solutions for cable companies and content owners like Westcoast Digital Services. SeaChange’s technology enabled Westcoast Digital Services to launch a device-agnostic, direct-to-consumer video-on-demand service with premium content from all major studios under the brand, wevuTM. Richard Corps, co-founder and CEO of Westcoast Digital Services, commented: “SeaChange’s solution supports our unique business model of selling redeemable movie cards for digital movies in Tesco retail stores, that are available to stream on all devices. Our partnership with SeaChange has equipped us with an all-encompassing end-to-end solution, from content processing, user management, monetization and payment to the end user-facing client apps.”

As the industry evolves, SeaChange adapts to technological advances by providing customers like Grupo TVCable an easy transition to new ways of business. Ronald Spina, Commercial Director at Grupo TVCable, said: “With the support of the SeaChange solution, Grupo TVCable has successfully launched Xtrim, our OTT video service. SeaChange has fully equipped our team with a platform that integrates everything from content processing, user management, monetization, and payment to end-user-facing client applications. Our relationship with SeaChange has allowed us to build and grow our business model by providing our Pay TV service customers with an OTT option and access to premium content on any device, anywhere within the Ecuadorian region.”

SeaChange plans to report its financial results for the fourth quarter and fiscal year ended January 31, 2021, in April. The conference call details will be announced approximately one week prior to the call.

OTT Streaming Technology Demonstration

SeaChange will host a webinar to demonstrate the depth and breadth of its technology platform on Thursday, March 18 at 1:00 p.m. Eastern time (10:00 a.m. Pacific time). The demonstration will be followed by a question-and-answer session hosted by Executive Chairman Robert Pons, CFO Michael Prinn, and SVP of Global Sales and Marketing Christoph Klimmer.

All are invited to listen to the event by registering here. A replay of the webinar will be available in the investor relations section of SeaChange’s website.

About SeaChange International, Inc.

SeaChange International (NASDAQ: SEAC) powers hundreds of cloud and on-premises platforms with live TV and video on demand (VOD) for millions of end users worldwide. SeaChange’s end-to-end solution enables operators and content owners to cost-effectively launch a direct-to-consumer video service to manage, curate and monetize their linear and on demand content across all major device platforms such as Smart-TVs, mobile devices, and Set-Top-Boxes. For more information, please visit www.seachange.com.

SeaChange Contact:

Matt Glover
Gateway Investor Relations
949-574-3860
[email protected]



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Corcept Therapeutics Initiates Phase 1b Trial of Relacorilant Plus Pembrolizumab (Keytruda®) in Patients with Adrenal Cancer with Cortisol Excess

MENLO PARK, Calif., March 15, 2021 (GLOBE NEWSWIRE) — Corcept Therapeutics Incorporated (NASDAQ: CORT), a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of cortisol, today announced enrollment of the first patient in the Phase 1b trial of relacorilant in combination with the PD-1 checkpoint inhibitor pembrolizumab (Merck’s medication, Keytruda®) in patients with adrenal cancer with cortisol excess.

“Cortisol activity blunts the cancer-killing attributes of immunotherapeutic agents such as checkpoint inhibitors,” said Andreas Grauer, MD, Corcept’s Chief Medical Officer, “which may be why pembrolizumab is rarely effective as monotherapy in patients with adrenal cancer with cortisol excess. Our trial will examine whether adding relacorilant to pembrolizumab therapy will reduce cortisol-activated immune suppression sufficiently to help pembrolizumab achieve its intended tumor-killing effect, while relacorilant treats the Cushing’s syndrome caused by excess cortisol activity.”

The open-label, Phase 1b trial has a planned enrollment of 20 patients with metastatic or unresectable adrenal cancer with cortisol excess at five sites in the United States.

About Relacorilant

Relacorilant is a non-steroidal, selective modulator of the glucocorticoid receptor that does not bind to the body’s other hormone receptors. Corcept is studying relacorilant in a variety of serious disorders, including Cushing’s syndrome and adrenal, ovarian and pancreatic cancer. Relacorilant is proprietary to Corcept and is protected by composition of matter and method of use patents. Relacorilant has received orphan drug designation in the United States for the treatment of Cushing’s syndrome and pancreatic cancer.

About Corcept Therapeutics

Corcept is a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the stress hormone cortisol. Korlym® was the first drug approved by the U.S. Food and Drug Administration for patients with Cushing’s syndrome. Corcept has discovered a large portfolio of proprietary compounds, including relacorilant, that selectively modulate the effects of cortisol. The company owns extensive United States and foreign intellectual property covering the composition of its selective cortisol modulators and the use of cortisol modulators to treat a variety of serious disorders.

Forward Looking Statements

Statements in this press release, other than statements of historical fact, are forward-looking statements based on our current plans and expectations that are subject to risks and uncertainties that might cause our actual results to differ materially from those statements express or imply. These risks and uncertainties include, but are not limited to, the progress, enrollment, timing, design and results of our clinical trials; our ability to operate our business and achieve our goals and conduct our clinical trials during the COVID-19 pandemic; the availability of competing treatments; risks related to the development of relacorilant as a product candidate for adrenal cancer with cortisol excess, including its clinical attributes, regulatory approvals, mandates and oversight, and other requirements; and the scope and protective power of our intellectual property. In this press release, forward-looking statements include those concerning the clinical attributes of relacorilant and its effects in patients with adrenal cancer. These and other risks are set forth in our SEC filings, which are available at our website and the SEC’s website. We disclaim any intention or duty to update forward-looking statements made in this press release.

Keytruda

®

is a registered trademark of Merck & Co, Inc.

CONTACT:

Christopher S. James, MD
Director, Investor Relations
Corcept Therapeutics
650-684-8725
[email protected]
www.corcept.com



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Icanic Brands Receives Over $1,000,000 Cash Injection via Exercise of Warrants

VANCOUVER, British Columbia, March 15, 2021 (GLOBE NEWSWIRE) — Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF) (“Icanic Brands” or the “Company”), a multi-state brand operator of premium Cannabis brands in California and Nevada, is pleased to announce the Company has thus far received $1,083,773 from the exercise of warrants during Q1-2021.

In addition to the Company being cash flow positive, the receipt of over $1,000,000 from the exercise of warrants helps strengthen the Company’s financial resources and balance sheet.

“The exercise of the warrants is another great step for our company to further strengthen our balance sheet,” said Brandon Kou, CEO of Icanic Brands. “This vote of confidence from our investors is validation for our team and continues to show us we are moving in the right direction on a daily basis. We are excited to be able to utilize this additional capital in meaningful ways to further increase shareholder value.”

Icanic Brands would also like to announce the Company has entered into a 6 month marketing and consulting contract with North Equities Corp., (“North Equities”). North Equities will facilitate greater investor engagement and widespread dissemination of the Company’s news as well as increase the Company’s current social media presence.

In accordance with the terms of the agreement, the Company will issue North Equities 183,150 common shares (the “Shares”) at a deemed price of $0.546 per share, for a 6-month engagement ending September 12, 2021.  The Shares are priced by calculating the 7-day volume-weighted average trading price of the Company’s common shares for the 7 trading days prior to the execution of the Agreement. All Shares issued are subject to a statutory 4-month hold period.

About North Equities:

The North Equities team has more than 100 team-years of equity experience and has helped more than 200 companies acquire more than 120k+ investors combined. With the perfect combination of expertise, tactics, and a track record in fundraising and marketing, North Equities has created the next evolution of investor engagement and marketing.

About Icanic Brands Company, Inc.

Icanic Brands Company, Inc. is a leading cannabis branded products manufacturer based in California & Nevada, the largest and most competitive cannabis markets in the world. The company’s mission is to make cannabis safe and approachable – that starts with manufacturing high-quality products delivering consistent experiences.

For more information, please visit the company’s website at: www.icaninc.com.

About Ganja Gold

Ganja Gold, Inc., a wholly-owned subsidiary of Icanic Brands Company, Inc. (CSE: ICAN, OTCQB: ICNAF), is the premier brand of infused pre-rolls in the state. Ganja Gold focuses on using only the best available flower and concentrates with state of the art proprietary technology to create connoisseur level pre-rolls unseen in the marketplace. With our flagship Tarantula™, Ganja Gold continues to set the bar in quality and experience.

For more information about Ganja Gold, visit their website at www.ganjagold.com

ICANIC BRANDS COMPANY INC.

Per: “Brandon Kou”
  Chief Executive Officer

For further information about Icanic Brands, please contact the Company at:

Email: [email protected]
Phone: (778)999-4226


The CSE does not accept responsibility for the adequacy or accuracy of this release.


Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.



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Blueberries Medical Enters Growing Peruvian Medical Cannabis Market: Enters Binding LOI with Futura Farms

TORONTO, March 15, 2021 (GLOBE NEWSWIRE) — Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA) (the “Company” or “Blueberries“), a Latin American licensed producer of medicinal cannabis and cannabis-derived products, today announced its wholly owned subsidiary Blueberries SAS will supply premium, formulated cannabis oil to Futura Farms, a licensed distributor serving the Peruvian market.

This is the Company’s first agreement in Peru and the next step in Blueberries’ international growth strategy under way. As part of this strategy, the Company has initiated distribution of its medical and wellness products to Colombia, USA and now Peru.

With a population of 33 million, and the fifth largest economy in Latin America, Peru’s medical cannabis market is estimated to be worth US$99 million (Prohibition Partners). With a regulatory environment similar to Colombia, Peru is an early mover in Latin America, and has established a legal framework for producing, importing, and selling cannabis products for medical use. Consequently, the Peruvian market is advancing rapidly and has the potential to register diverse cannabis-based products.

Futura Farms is a pioneer company in the development of the medical cannabis sector in Peru and Latin America, creating alliances with key partners in the industry worldwide, utilizing its expertise in the field, and reaffirming its commitment to improve the quality of life in the region.

“As we undertake our global strategy, it is essential for us to partner with companies such as Futura Farms that not only have the expertise in their local markets, but also have an authentic appreciation for the patients’ needs and a constant commitment to scientific developments. We have great expectations about this initiative,” said Jose Forero, Blueberries President of Latin American Operations. “Peru is one of the top medical cannabis markets in the Latin America and Futura Farms is one of very few companies with a cannabis importation license in that country, making this agreement of outstanding strategic value to Blueberries’ international expansion.”

The agreement consists of initially supplying 200 kg of bulk, premium, formulated cannabis oil to be delivered to Peru in 2021, to be marketed to the licensed pharmaceutical establishments that have fulfilled their Good Storage Practices (“GSP”) requirements issued by Peru’s General Directorate of Medicines, Supplies and Drugs (“DIGEMID”).

“Blueberries is an outstanding ally that will allow us to bring certified high-quality products to our market. I have personally seen the passion they put into their cultivation, extraction, and production processes, which will easily translate into successful cannabis-based treatments. We feel confident that this strategic partnership will help propel the medicinal cannabis industry in Peru,” said Jose Escalante, Chief Executive Officer of Futura Farms. “Our vision is to democratize the use of medical cannabis and we are thrilled to have found a company like Blueberries, whose values resonate with our own.”

About Futura Farms

Futura Farms is a licensed distributor of cannabis-based products, with operations based in Lima, Peru. Futura Farms is led by a team of seasoned professionals with expertise in medicine, education, marketing, and product and business development in the pharmaceutical industry. With a clear vision to democratize the access to medical cannabis, they have specialized in the development of products and services that enhance the physician and patient experience within cannabis-based treatments. Futura Farms is fully licensed for the distribution of CBD and THC derived products in Peru.

For more information about the Company visit www.futurafarms.pe, or please contact:

Jose Escalante, Chief Executive Officer
[email protected]
Tel: +51 923 270 879

Raul Injoque, Chief Operating Officer
[email protected]
Tel: +51 943 223 934

About Blueberries Medical Corp.

Blueberries is a Latin American licensed producer of naturally grown premium quality cannabis with its primary operations ideally located in the Bogotá Savannah of central Colombia. The Company is led by a specialized team with proprietary expertise in agriculture, genetics, extraction, medicine, pharmacology and marketing, Blueberries is fully licensed for the cultivation, production, domestic distribution, and international export of CBD and THC-based medical cannabis in Colombia. Blueberries’ combination of leading scientific expertise, agricultural advantages and distribution arrangements has positioned the Company to become a leading international supplier of naturally grown, processed, and standardized medicinal-grade cannabis oil extracts and related products.

Additional information about the Company is available at www.blueberriesmed.com. For more information, please contact:

Jose Forero, President, Latin American Operations
[email protected]
Tel: +57 310 345 8808

Ian Atacan, Chief Financial Officer
[email protected]
Tel: +1 (416) 562 3220

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking statements relate, among other things, to: commencement of commercial production of CBD-dominant oils and products, successful implementation of full GMP standards at its extraction facility to allow for additional export potential to international markets, achieving additional milestones is contemplated, or at all, ability to expand distribution networks, ability to expand and upgrade the Company’s cultivation facilities in Colombia, internal expectations, expectations regarding the ability of the Company to access new Latin American and international markets, the ability to attract and retain new customers, and future expansion plans including development of the cultivation, production, industrialization and marketing of cannabis for commercial and scientific purposes.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Colombian and international medical cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in Colombia, Argentina and elsewhere; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Additional information regarding the Company, and other risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s Listing Statement dated January 31, 2019 filed on its issuer profile on SEDAR at www.sedar.com.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.