Market Newsdesk

THE WOODLANDS, Texas, March 31, 2021 /PRNewswire/ — Newpark Resources, Inc. (NYSE: NR) announced today that it will release its first quarter 2021 results on Tuesday, May 4, 2021 after the market closes.  In conjunction with the release, the Company has scheduled a conference call, which will be broadcast live over the Internet, on Wednesday, May 5, 2021 at 10:00 a.m. Eastern / 9:00 a.m. Central. 

What:     Newpark Resources First Quarter 2021 Earnings Conference Call

When:    Wednesday, May 5, 2021 at 10:00 a.m. Eastern / 9:00 a.m. Central

How:      Live via phone – By dialing 412-902-0030 and asking for the Newpark Resources call at least 10 minutes prior to the start time, or Live over the Internet – By logging onto the web at the address below.

Where:   www.newpark.com

For those who cannot listen to the live call, a replay will be available through May 12, 2021 and may be accessed by dialing 201-612-7415 and using pass code 13718258#.  Also, an archive of the webcast will be available shortly after the call at www.newpark.com for 90 days.

Newpark Resources, Inc. is a geographically diversified supplier providing products, as well as rentals and services to a variety of industries, including oil and gas exploration, electrical transmission & distribution, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at www.newpark.com. 

 

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SOURCE Newpark Resources, Inc.

LOS ANGELES, March 31, 2021 /PRNewswire/ — The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Neptune Wellness Solutions Inc. (“Neptune” or the “Company”) (NASDAQ: NEPT) securities between July 24, 2019 and February 16, 2021, inclusive (the “Class Period”). Neptune investors have until May 17, 2021 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

In June 2019, Neptune acquired SugarLeaf Labs, LLC and Forest Remedies LLC (collectively, “SugarLeaf”), a registered North Carolina-based commercial hemp company providing extraction services and formulated products.

On February 15, 2021, Neptune announced net loss of CA$73.8 million for third quarter 2021 due in part to a CA$35.6 million impairment of goodwill and a CA$2.1 million impairment of “property, plant and equipment and right-of-use assets related to the acquisition of SugarLeaf in July 2019,” as well as accelerated amortization of CA$13.95 million “also related to the SugarLeaf acquisition.”

On this news, Neptune’s stock price fell $0.86 per share, or 30.71%, to close at $1.94 per share on February 16, 2021, thereby injuring investors.

Then, on February 17, 2021, before the market opened, Neptune issued a press release announcing the termination of an at-the-market offering conducted by the Company, which would have raised $18.6 million in gross proceeds.  Immediately after, Neptune issued a second press release announcing that the Company was conducting a $55 million registered direct offering.

On this news, Neptune’s stock price fell $0.21 per share, or 10.82%, to close at $1.73 per share on February 17, 2021, thereby injuring investors further.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the cost of Neptune’s integration of the assets and operations acquired in the SugarLeaf Acquisition would be larger than the Company had acknowledged, placing significant strain on the Company’s capital reserves; (2) accordingly, it was reasonably foreseeable that the company would need to conduct additional stock offerings to raise more capital; and (3) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Neptune securities during the Class Period, you may move the Court no later than May 17, 2021to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.  If you purchased Neptune securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com.  If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

 

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SOURCE The Law Offices of Frank R. Cruz, Los Angeles

VANCOUVER, BC, March 31, 2021 /PRNewswire/ – District Metals Corp. (TSXV: DMX) (FSE: DFPP); (“District” or the “Company”) is pleased to announce the results of a ground gravity survey at the high grade polymetallic Tomtebo Property located in the Bergslagen Mining District in south-central Sweden.  This gravity survey was carried out in December 2020, and focused on the Tomtebo Mine Trend (Figure 1) that is centered on the historic Tomtebo Mine, and is delineated by numerous conductive and magnetic high anomalies identified from the July 2020 SkyTEM survey. 

Gravity Survey Highlights:

• Numerous gravity high anomalies have been identified at the historic Tomtebo Mine (Figure 2). These gravity high anomalies are within and well outside of the known mineralized domains, which provides confirmation and immense expansion potential.

• The gravity high anomalies at the historic Tomtebo Mine show an exploration target of over 72.0 Mt at a density of 3.45 g/cm³ from near surface down to a depth of 650 m. The gravity survey established a background density of 2.72 g/cm³ for the host felsic volcanic rocks, and the modeled gravity high anomalies could correspond with polymetallic and/or iron sulphide mineralization, or a mafic unit.
• A very significant blind gravity high anomaly has been identified 1.0 km northeast along trend from the historic Tomtebo Mine (Figure 2). This gravity high anomaly remains open to the northeast and at depth where an exploration target of 34.0 Mt at a density of 3.45 g/cm³ has been modeled at shallow depths (40 to 320 m).
• A significant gravity high anomaly has been identified 600 m southwest from the historic Tomtebo Mine (Figure 2). This gravity high anomaly is associated with historic iron sulphide occurrences, which are known to sometimes coalesce with polymetallic sulphide mineralization in the Bergslagen District. This exploration target remains open to the southwest and at depth where 28.7 Mt at a density of 3.50 g/cm³ has been modeled at shallow depths (near surface to 420 m).

The potential quantity and density of the exploration targets described above are conceptual in nature, and it is not possible to make assumptions on metal grades from a gravity survey.  There has been insufficient or no drilling to define a mineral resource or to determine if polymetallic sulphide mineralization is present, respectively.  It is uncertain if further drilling will result in these exploration targets being delineated as a mineral resource or resulting in the discovery of polymetallic sulphide mineralization.

Garrett Ainsworth, CEO of District, commented: “Our ground gravity survey covering the Tomtebo Mine Trend has worked extraordinarily well.  Interpretation of the gravity data has successfully confirmed proof of concept and identified compelling expansion potential at the historic Tomtebo Mine.  This survey has also revealed two high priority gravity targets with coincident magnetic and/or conductive anomalies located 0.6 to 1.0 km along trend from the Tomtebo Mine.  We are especially excited about the gravity high anomaly located one kilometer to the northeast of the Tomtebo Mine, which represents a potential grassroots discovery opportunity with a modeled tonnage that compares with the historic production tonnage from the historic Falun Mine.”

The December 2020 ground gravity survey covered a 2 km by 3 km portion of the Tomtebo Mine Trend with 200 m line spacings and stations 50 m along the lines, which totaled approximately 400 gravity stations.  The large density differential between the surrounding host felsic volcanic rocks, and targeted polymetallic sulphide mineralization on the Tomtebo Mine Trend has generated an important data layer that in combination with magnetic, electromagnetic, and geochemical data has revealed priority drill targets.

Gravity Survey Background

Gravity surveys measure differences in the Earth’s gravity field in milligals (mGal), which is sensitive to variations in rock density, and can be used to detect excess mass, which may indicate a potential massive sulphide deposit at depth, and to estimate the size of the excess mass. The sulphide minerals found in massive sulphide (VMS or SedEx) deposits have relatively high density values in marked contrast to lower density values measured in their volcanic and sedimentary host rocks. In its purest form, massive sulphide mineral density ranges from 4.0 to 7.5 g/cm³ while the felsic volcanic host rock ranges from 2.6 to 2.8 g/cm³.  Gravity high anomalies of 3.2 g/cm³ or greater are typical VMS and SedEx signatures that center over these types of deposits.

Volcanic Massive Sulphide (VMS) and SedEx deposits can often be identified by gravity survey data.  Metal content zonation within VMS systems in particular is typical from proximal feeder copper-gold zones being strongly conductive and weakly to strongly magnetic with the more distal SedEx silver-zinc-lead zones being weakly- to non-conductive and weakly to strongly magnetic, which can be greatly complemented by gravity data.  Where targets are blind, exploration drilling should be prioritized in areas that exhibit at least two coincident anomalies of conductivity, magnetics, or gravimetry. 

Figure 1: Ground Gravity Survey Station Plan

Figure 2: Terrain Corrected Gravity on Tomtebo Mine Trend

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company.  Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Tomtebo Property. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Tomtebo Property.

About District Metals Corp.

District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company’s mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.

The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-central Sweden is the Company’s main focus. Tomtebo comprises 5,144 ha, and is situated between the historic Falun Mine and Boliden’s Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district. Mineralization that is open at depth and along strike at the historic mines on the Tomtebo Property has not been followed up on, and modern systematic exploration has never been conducted on the Property.

On Behalf of the Board of Directors
“Garrett Ainsworth“
President and Chief Executive Officer

(604) 288-4430

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information.

This news release contains certain statements that may be considered “forward-looking statements” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that not historical facts are forward looking statements including anticipated results of future exploration and the results of additional compilation work. 

These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen District the Company’s ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity and satisfy the  exploration expenditure requirements required by the definitive purchase agreement between the Company and the vendor of the Tomtebo property (the “Definitive Purchase Agreement“) by the times specified therein (failing which the Tomtebo Property will be forfeited without any repayment to the Company); and stability in financial and capital markets. 

There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include; the risk that historic data regarding the Tomtebo property is unreliable; the risk that information concerning production and mineralization at current and historic mines within the Bergslagen District proves to be inaccurate; the risk that the Company will be unable to raise sufficient capital to finance planned exploration (including incurring prescribed exploration expenditures required by the Definitive Purchase Agreement, failing which the Tomtebo Property will be forfeited without any repayment of the purchase price); future metal prices, general economic, market or business conditions, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading “Risks and Uncertainties” in the Company’s MD&A for the financial year ended June 30, 2020.  The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. Readers are cautioned not to put undue reliance on these forward-looking statements.

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SOURCE District Metals Corp.

LAVAL, Quebec, March 31, 2021 /PRNewswire/ — Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health” or the “Company”) today announced that it and certain of its affiliates have entered into a definitive agreement to sell all of their equity interests in Amoun Pharmaceutical Company S.A.E. (“Amoun”) to Abu-Dhabi based ADQ (the “Purchaser”), one of the region’s largest holding companies, for total gross consideration of approximately U.S. $740 million (including the assignment to the Purchaser of an intercompany loan granted by Bausch Health to Amoun), subject to certain adjustments. As part of the transaction, cash generated by Amoun during the period from the locked-box date of January 1, 2021 to closing will be for the benefit of the Purchaser¹ (subject to working capital during such period), and such cash is not expected to be part of Bausch Health’s consolidated results and will be adjusted for reporting purposes from the consideration, together with other gross to net adjustments, such as taxes and other items. Amoun is one of the largest and most recognized pharmaceutical companies in Egypt that manufactures, markets and distributes branded generics of human and animal health products.

“The sale of Amoun marks significant progress in our efforts to reduce overall Bausch Health debt as we continue to pursue all opportunities to drive value for our shareholders, including preparing for the spinoff of Bausch + Lomb,” said Joseph C. Papa, chairman and CEO, Bausch Health.

The transaction is expected to close in the first half of 2021, subject to customary closing conditions, including receipt of applicable regulatory approvals and the approval of the Financial Regulatory Authority in Egypt of the mandatory tender offer (“MTO”) to be launched by the Purchaser for all of the issued share capital of Amoun. The shares of Amoun held by the Company and its affiliates will be tendered into the MTO at a per share price of EGP 37.806.

Goldman Sachs & Co. LLC  and Morgan Stanley & Co. LLC served as financial advisors to Bausch Health, and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Bausch Health in the transaction.

About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global company whose mission is to improve people’s lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health. More information can be found at www.bauschhealth.com.

Forward-looking Statements
This news release may contain forward-looking statements, which may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions, including statements about the timing of completion of the transaction. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks relating to the transaction not being timely completed, if completed at all, risks related to the receipt of (or failure to receive) the regulatory approvals required in connection with the transaction and the timing of receipt of such approvals; the possibility that the other conditions to the transaction are not received or satisfied on a timely basis or at all; changes in the anticipated timing for closing the transaction; business disruption during the pendency of or following the transaction; diversion of management time on transaction-related issues; and other events that could adversely impact the completion of the transaction, including industry or economic conditions outside of Bausch Health’s control. In addition, actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health’s overall business, including those more fully described in Bausch Health’s most recent annual report on Form 10-K and detailed from time to time in Bausch Health’s other filings with the U.S. Securities and Exchange Commission and the Canadian securities administrators, which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, and the fear of that pandemic and its potential effects, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on Bausch Health, including but not limited to its project development timelines, and costs (which may increase). Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

###

 

 

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SOURCE Bausch Health Companies Inc.

GRAND JUNCTION, Colo., March 31, 2021 /PRNewswire/ — ProStar Holdings Inc (“ProStar®” or the “Company”) (TSXV: MAPS) (FSE: 5D00), a world leader in Precision Mapping Solutions®, and developer of PointMan®, has announced its newest product release PointMan Pro, the most modern natively cloud and mobile precision mapping solution specifically designed for the infrastructure industry. PointMan Pro is a patented mobile and cloud application that seamlessly connects the field with the office and provides the ability to precisely capture, record, display, and manage critical infrastructure data necessary for the maintenance and management of roads, railways, pipelines, and utilities from a standard mobile device.

The commercial release of PointMan Pro comes after two years in development, a significant allocation of resources, and several months of rigorous beta testing with select trusted testers that included some of the largest construction and Subsurface Utility Engineering (SUE) firms in North America. ProStar selected firms that specialize in the construction and maintenance of critical infrastructure to implement the new application and provide valuable feedback and requirements in order to replace many current inefficient, antiquated, and fragmented business practices. In addition to the trusted testers, many PointMan Pro’s key feature and functionality requirements were provided by government agencies, the world’s leading equipment manufacturers, 811 call centers, departments of transportation, lawmakers, and other state and federal agencies.

PointMan Pro eliminates and streamlines outdated workflow processes and legacy equipment to deliver mission critical data in real-time to all field and office personnel. Prior to the release of PointMan Pro, the processes for collecting and sharing data were very onerous, requiring a substantial investment in software, hardware, and dedicated resources. In addition, the data workflows could take days if not weeks, creating significant delays, and hindering the ability to make timely, mission critical, business decisions. These delays are costly and place the public, the worker, and the environment at risk.  

“PointMan Pro is an industry game changer as it completely modernizes and streamlines siloed and disparate business practices that have been in existence for decades,” said Page Tucker, CEO and Founder of ProStar. “As of today, it doesn’t matter if you are a small surveying firm with only a handful of employees, a municipality in a remote rural area with limited resources, or a Fortune 500 company, PointMan Pro now provides the geospatial world with the most precise, flexible, scalable, and cost-effective enterprise mapping solution. Just like Uber disrupted the transportation industry and Airbnb disrupted the hospitality industry, we have developed a better, faster, and cheaper solution and are now poised to disrupt the entire infrastructure industry.”  

PointMan Pro was developed leveraging the most modern mobile and cloud development platforms, including Microsoft Xamarin and Amazon Web Services (AWS) in order to achieve seamless systems integration as well as unmatched scalability, flexibility, security, and ease of use. PointMan Pro is accessible from any browser running on a standard laptop or mobile device and supports native applications on iOS and Android. PointMan Pro was developed to be easily adopted and support any sized business or government agency, anywhere in the world, in any currency, and in any language. This means the Company’s corporate vision to entirely transform the infrastructure industry by making our precision mapping solutions accessible to anyone and achieve global expansion can now be realized.

“When I joined ProStar, I did so because I was very impressed with what they had created, the clients that had been acquired, the IP, and the opportunity it provided to disrupt an industry that in my opinion, was ripe for disruption,” said Vasa Dasan, COO of ProStar. “After significant investment in time and resources, we believe that we have developed a mobile mapping solution that brings this tremendous opportunity to reality.”

About ProStar
^®
 (TSXV: MAPS) (FSE: 5D00)

ProStar^® is a world leader in Precision Mapping Solutions^®. ProStar’s flagship product, PointMan, is natively cloud and mobile and is offered as a Software as a Solution (SaaS). ProStar’s solutions seamlessly connects the field with the office and provides the ability to precisely capture, record, display, and manage critical infrastructure data in real-time, including roads, railways, pipelines, and utilities. ProStar’s solution has been adopted by some of the largest entities in North America, including Fortune 500 construction firms, subsurface utilities engineering (SUE) firms, utility owners, and government agencies.

ProStar has strategic business partnerships with the world’s leading geospatial technology providers, data collection equipment manufacturers, and their dealer networks, including Trimble^®, Juniper^® Systems, Bad Elf, Vivax-Metrotech, Radiodetection^®, and Subsite^® Electronics.

The Company has made a significant investment in creating a vast intellectual property portfolio that includes 19 issued patents in the United States and Canada, with more pending. The patents protect the methods and systems required to digitally capture, record, organize, manage, distribute, and display the precise location of critical infrastructure including, buried utilities and pipelines.

ProStar’s Executive management team has extensive experience in the management of both early stage and Fortune 500 technology companies in the private and public sectors. The leadership team includes Vasa Dasan, former CTO of Sun Microsystems, Carl Lashua, previous Chief Information Officer of HSBC Canada and Europe, and Matthew Breman, prior Executive for Disney.

For more information about ProStar, please visit: www.prostarcorp.com.

Contact

Alex Moore

Investor Relations Support
[email protected]   
970-242-4024

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward-Looking Information 
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Company’s future plans. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.

Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company’s securities; the state of the technology sector; recent market volatility; the COVID-19 pandemic; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The reader is referred to the Company’s recent Information Circular filed on SEDAR on November 20, 2020 for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through the Company’s issuer page on SEDAR at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

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SOURCE ProStar Corp

NEW YORK, March 31, 2021 /PRNewswire/ — BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners” or “BGC” or the “Company”), a leading global brokerage and financial technology company, today announced that it has updated its outlook for the quarter ending March 31, 2021.

Updated Outlook
BGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the first quarter of 2021. The Company’s outlook was contained in BGC’s financial results press release issued on February 24, 2021, which can be found at http://ir.bgcpartners.com.

Non-GAAP Financial Measures
This document contains non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Non-GAAP financial measures used by the Company include “Adjusted Earnings before noncontrolling interests and taxes”, which is used interchangeably with “pre-tax Adjusted Earnings”; “Post-tax Adjusted Earnings to fully diluted shareholders”, which is used interchangeably with “post-tax Adjusted Earnings”; “Adjusted EBITDA”; and “Liquidity”. The definitions of these terms are below.

Adjusted Earnings Defined
BGC uses non-GAAP financial measures, including “Adjusted Earnings before noncontrolling interests and taxes” and “Post-tax Adjusted Earnings to fully diluted shareholders”, which are supplemental measures of operating results used by management to evaluate the financial performance of the Company and its consolidated subsidiaries. BGC believes that Adjusted Earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers when managing its business.

As compared with “Income (loss) from operations before income taxes” and “Net income (loss) for fully diluted shares”, both prepared in accordance with GAAP, Adjusted Earnings calculations primarily exclude certain non-cash items and other expenses that generally do not involve the receipt or outlay of cash by the Company and/or which do not dilute existing stockholders. In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the ordinary results of BGC. Adjusted Earnings is calculated by taking the most comparable GAAP measures and adjusting for certain items with respect to compensation expenses, non-compensation expenses, and other income, as discussed below.

Calculations of Compensation Adjustments for Adjusted Earnings and Adjusted EBITDA

Treatment of Equity-Based Compensation Line Item for Adjusted Earnings and Adjusted EBITDA

The Company’s Adjusted Earnings and Adjusted EBITDA measures exclude all GAAP charges included in the line item “Equity-based compensation and allocations of net income to limited partnership units and FPUs” (or “equity-based compensation” for purposes of defining the Company’s non-GAAP results) as recorded on the Company’s GAAP Consolidated Statements of Operations and GAAP Consolidated Statements of Cash Flows. These GAAP equity-based compensation charges reflect the following items:

• Charges with respect to grants of exchangeability, which reflect the right of holders of limited partnership units with no capital accounts, such as LPUs and PSUs, to exchange these units into shares of common stock, or into partnership units with capital accounts, such as HDUs, as well as cash paid with respect to taxes withheld or expected to be owed by the unit holder upon such exchange. The withholding taxes related to the exchange of certain non-exchangeable units without a capital account into either common shares or units with a capital account may be funded by the redemption of preferred units such as PPSUs.
• Charges with respect to preferred units. Any preferred units would not be included in the Company’s fully diluted share count because they cannot be made exchangeable into shares of common stock and are entitled only to a fixed distribution. Preferred units are granted in connection with the grant of certain limited partnership units that may be granted exchangeability or redeemed in connection with the grant of shares of common stock at ratios designed to cover any withholding taxes expected to be paid. This is an alternative to the common practice among public companies of issuing the gross amount of shares to employees, subject to cashless withholding of shares, to pay applicable withholding taxes.
• GAAP equity-based compensation charges with respect to the grant of an offsetting amount of common stock or partnership units with capital accounts in connection with the redemption of non-exchangeable units, including PSUs and LPUs.
• Charges related to amortization of RSUs and limited partnership units.
• Charges related to grants of equity awards, including common stock or partnership units with capital accounts.
• Allocations of net income to limited partnership units and FPUs. Such allocations represent the pro-rata portion of post-tax GAAP earnings available to such unit holders.

The amounts of certain quarterly equity-based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted Earnings Taxes.”

Virtually all of BGC’s key executives and producers have equity or partnership stakes in the Company and its subsidiaries and generally receive deferred equity or limited partnership units as part of their compensation. A significant percentage of BGC’s fully diluted shares are owned by its executives, partners and employees. The Company issues limited partnership units as well as other forms of equity-based compensation, including grants of exchangeability into shares of common stock, to provide liquidity to its employees, to align the interests of its employees and management with those of common stockholders, to help motivate and retain key employees, and to encourage a collaborative culture that drives cross-selling and revenue growth.

All share equivalents that are part of the Company’s equity-based compensation program, including REUs, PSUs, LPUs, HDUs, and other units that may be made exchangeable into common stock, as well as RSUs (which are recorded using the treasury stock method), are included in the fully diluted share count when issued or at the beginning of the subsequent quarter after the date of grant. Generally, limited partnership units other than preferred units are expected to be paid a pro-rata distribution based on BGC’s calculation of Adjusted Earnings per fully diluted share. However, out of an abundance of caution and in order to strengthen the Company’s balance sheet due the uncertain macroeconomic conditions with respect to the COVID-19 pandemic, BGC Holdings, L.P. has reduced its distributions of income from the operations of BGC’s businesses to its partners.

Compensation charges are also adjusted for certain other cash and non-cash items, including those related to the amortization of GFI employee forgivable loans granted prior to the closing of the January 11, 2016 back-end merger with GFI.

Certain Other Compensation-Related Adjustments for Adjusted Earnings

BGC also excludes various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period from its calculation of Adjusted Earnings. These may include compensation-related items with respect to cost-saving initiatives, such as severance charges incurred in connection with headcount reductions as part of broad restructuring and/or cost savings plans.

Calculation of Non-Compensation Adjustments for Adjusted Earnings

Adjusted Earnings calculations may also exclude items such as:

• Non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions;
• Acquisition related costs;
• Certain rent charges;
• Non-cash GAAP asset impairment charges; and
• Various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period, including non-compensation-related charges incurred as part of broad restructuring and/or cost savings plans. Such GAAP items may include charges for exiting leases and/or other long-term contracts as part of cost-saving initiatives, as well as non-cash impairment charges related to assets, goodwill and/or intangibles created from acquisitions.

Calculation of Adjustments for Other (income) losses for Adjusted Earnings

Adjusted Earnings calculations also exclude certain other non-cash, non-dilutive, and/or non-economic items, which may, in some periods, include:

• Gains or losses on divestitures;
• Fair value adjustment of investments;
• Certain other GAAP items, including gains or losses related to BGC’s investments accounted for under the equity method; and
• Any unusual, one-time, non-ordinary, or non-recurring gains or losses.

Methodology for Calculating Adjusted Earnings Taxes
Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted Earnings to fully diluted shareholders as pre-tax Adjusted Earnings reduced by the non-GAAP tax provision described below and net income (loss) attributable to noncontrolling interest for Adjusted Earnings.

The Company calculates its tax provision for post-tax Adjusted Earnings using an annual estimate similar to how it accounts for its income tax provision under GAAP. To calculate the quarterly tax provision under GAAP, BGC estimates its full fiscal year GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries and the expected inclusions and deductions for income tax purposes, including expected equity-based compensation during the annual period. The resulting annualized tax rate is applied to BGC’s quarterly GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries. At the end of the annual period, the Company updates its estimate to reflect the actual tax amounts owed for the period.

To determine the non-GAAP tax provision, BGC first adjusts pre-tax Adjusted Earnings by recognizing any, and only, amounts for which a tax deduction applies under applicable law. The amounts include charges with respect to equity-based compensation; certain charges related to employee loan forgiveness; certain net operating loss carryforwards when taken for statutory purposes; and certain charges related to tax goodwill amortization. These adjustments may also reflect timing and measurement differences, including treatment of employee loans; changes in the value of units between the dates of grants of exchangeability and the date of actual unit exchange; variations in the value of certain deferred tax assets; and liabilities and the different timing of permitted deductions for tax under GAAP and statutory tax requirements.

After application of these adjustments, the result is the Company’s taxable income for its pre-tax Adjusted Earnings, to which BGC then applies the statutory tax rates to determine its non-GAAP tax provision. BGC views the effective tax rate on pre-tax Adjusted Earnings as equal to the amount of its non-GAAP tax provision divided by the amount of pre-tax Adjusted Earnings.

Generally, the most significant factor affecting this non-GAAP tax provision is the amount of charges relating to equity-based compensation. Because the charges relating to equity-based compensation are deductible in accordance with applicable tax laws, increases in such charges have the effect of lowering the Company’s non-GAAP effective tax rate and thereby increasing its post-tax Adjusted Earnings.

BGC incurs income tax expenses based on the location, legal structure and jurisdictional taxing authorities of each of its subsidiaries. Certain of the Company’s entities are taxed as U.S. partnerships and are subject to the Unincorporated Business Tax (“UBT”) in New York City. Any U.S. federal and state income tax liability or benefit related to the partnership income or loss, with the exception of UBT, rests with the unit holders rather than with the partnership entity. The Company’s consolidated financial statements include U.S. federal, state, and local income taxes on the Company’s allocable share of the U.S. results of operations. Outside of the U.S., BGC is expected to operate principally through subsidiary corporations subject to local income taxes. For these reasons, taxes for Adjusted Earnings are expected to be presented to show the tax provision the consolidated Company would expect to pay if 100 percent of earnings were taxed at global corporate rates.

Calculations of Pre- and Post-Tax Adjusted Earnings per Share
BGC’s pre- and post-tax Adjusted Earnings per share calculations assume either that:

• The fully diluted share count includes the shares related to any dilutive instruments, but excludes the associated expense, net of tax, when the impact would be dilutive; or
• The fully diluted share count excludes the shares related to these instruments, but includes the associated expense, net of tax.

The share count for Adjusted Earnings excludes certain shares and share equivalents expected to be issued in future periods but not yet eligible to receive dividends and/or distributions. Each quarter, the dividend payable to BGC’s stockholders, if any, is expected to be determined by the Company’s Board of Directors with reference to a number of factors, including post-tax Adjusted Earnings per share. BGC may also pay a pro-rata distribution of net income to limited partnership units, as well as to Cantor for its noncontrolling interest. The amount of this net income, and therefore of these payments per unit, would be determined using the above definition of Adjusted Earnings per share on a pre-tax basis.

The declaration, payment, timing, and amount of any future dividends payable by the Company will be at the discretion of its Board of Directors using the fully diluted share count. For more information on any share count adjustments, see the table titled “Fully Diluted Weighted-Average Share Count under GAAP and for Adjusted Earnings”.

Management Rationale for Using Adjusted Earnings
BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are not expected to be fully realized until future periods, or because the Company views results excluding these items as a better reflection of the underlying performance of BGC’s ongoing operations. Management uses Adjusted Earnings in part to help it evaluate, among other things, the overall performance of the Company’s business, to make decisions with respect to the Company’s operations, and to determine the amount of dividends payable to common stockholders and distributions payable to holders of limited partnership units. Dividends payable to common stockholders and distributions payable to holders of limited partnership units are included within “Dividends to stockholders” and “Earnings distributions to limited partnership interests and noncontrolling interests,” respectively, in our unaudited, condensed, consolidated statements of cash flows.

The term “Adjusted Earnings” should not be considered in isolation or as an alternative to GAAP net income (loss). The Company views Adjusted Earnings as a metric that is not indicative of liquidity, or the cash available to fund its operations, but rather as a performance measure. Pre- and post-tax Adjusted Earnings, as well as related measures, are not intended to replace the Company’s presentation of its GAAP financial results. However, management believes that these measures help provide investors with a clearer understanding of BGC’s financial performance and offer useful information to both management and investors regarding certain financial and business trends related to the Company’s financial condition and results of operations. Management believes that the GAAP and Adjusted Earnings measures of financial performance should be considered together.

For more information regarding Adjusted Earnings, see the sections of this document and/or the Company’s most recent financial results press release titled “Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post-Tax Adjusted EPS”, including the related footnotes, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.

Adjusted EBITDA Defined
BGC also provides an additional non-GAAP financial performance measure, “Adjusted EBITDA”, which it defines as GAAP “Net income (loss) available to common stockholders”, adjusted to add back the following items:

• Provision (benefit) for income taxes;
• Net income (loss) attributable to noncontrolling interest in subsidiaries;
• Interest expense;
• Fixed asset depreciation and intangible asset amortization;
• Equity-based compensation and allocations of net income to limited partnership units and FPUs;
• Impairment of long-lived assets;
• (Gains) losses on equity method investments; and
• Certain other non-cash GAAP items, such as non-cash charges of amortized rents incurred by the Company for its new UK based headquarters.

The Company’s management believes that its Adjusted EBITDA measure is useful in evaluating BGC’s operating performance, because the calculation of this measure generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, the Company’s management uses this measure to evaluate operating performance and for other discretionary purposes. BGC believes that Adjusted EBITDA is useful to investors to assist them in getting a more complete picture of the Company’s financial results and operations.

Since BGC’s Adjusted EBITDA is not a recognized measurement under GAAP, investors should use this measure in addition to GAAP measures of net income when analyzing BGC’s operating performance. Because not all companies use identical EBITDA calculations, the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow or GAAP cash flow from operations because the Company’s Adjusted EBITDA does not consider certain cash requirements, such as tax and debt service payments.

For more information regarding Adjusted EBITDA, see the section of this document and/or the Company’s most recent financial results press release titled “Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted EBITDA”, including the footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.

Timing of Outlook for Certain GAAP and Non-GAAP Items
BGC anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP measures from time to time. However, the Company does not anticipate providing an outlook for other GAAP results. This is because certain GAAP items, which are excluded from Adjusted Earnings and/or Adjusted EBITDA, are difficult to forecast with precision before the end of each period. The Company therefore believes that it is not possible for it to have the required information necessary to forecast GAAP results or to quantitatively reconcile GAAP forecasts to non-GAAP forecasts with sufficient precision without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The relevant items that are difficult to predict on a quarterly and/or annual basis with precision and may materially impact the Company’s GAAP results include, but are not limited, to the following:

• Certain equity-based compensation charges that may be determined at the discretion of management throughout and up to the period-end;
• Unusual, one-time, non-ordinary, or non-recurring items;
• The impact of gains or losses on certain marketable securities, as well as any gains or losses related to associated mark-to- market movements and/or hedging. These items are calculated using period-end closing prices;
• Non-cash asset impairment charges, which are calculated and analyzed based on the period-end values of the underlying assets. These amounts may not be known until after period-end;
• Acquisitions, dispositions and/or resolutions of litigation, which are fluid and unpredictable in nature.

Liquidity Defined
BGC may also use a non-GAAP measure called “liquidity”. The Company considers liquidity to be comprised of the sum of cash and cash equivalents, reverse repurchase agreements (if any), securities owned, and marketable securities, less securities lent out in securities loaned transactions and repurchase agreements (if any). The Company considers liquidity to be an important metric for determining the amount of cash that is available or that could be readily available to the Company on short notice.

For more information regarding Liquidity, see the section of this document and/or the Company’s most recent financial results press release titled “Liquidity Analysis”, including any footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.

About BGC Partners, Inc.
BGC Partners is a leading global brokerage and financial technology company. BGC specializes in the brokerage of a broad range of products, including Fixed Income (Rates and Credit), Foreign Exchange, Equities, Energy and Commodities, Shipping, Insurance, and Futures. BGC also provides a wide variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions. Through brands including Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab, Lucera, Corant Global, Corant, and Piiq are trademarks/service marks and/or registered trademarks/service marks of BGC Partners, Inc., and/or its affiliates.

BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC’s Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC Partners is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow BGC at https://twitter.com/bgcpartners, https://www.linkedin.com/company/bgc-partners and/or http://ir.bgcpartners.com/Investors/default.aspx.

Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Media Contact:

Karen Laureano-Rikardsen

+1 212-829-4975

Investor Contact:
Jason Chryssicas
+1 212-610-2426

 

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SOURCE BGC Partners, Inc.

NORTH CHICAGO, Ill., March 31, 2021 /PRNewswire/ — AbbVie (NYSE: ABBV) will announce its first-quarter 2021 financial results on Friday, April 30, 2021, before the market opens. AbbVie will host a live webcast of the earnings conference call at 8 a.m. Central time. It will be accessible through AbbVie’s Investor Relations website investors.abbvie.com. An archived edition of the session will be available later that day.

About AbbVie

AbbVie’s mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology, women’s health and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on Twitter, Facebook, Instagram, YouTube and LinkedIn.

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SOURCE AbbVie

NORFOLK, Va., March 31, 2021 /PRNewswire/ — PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, celebrated the 25th anniversary of its founding by hosting a global virtual event for its employees to recognize all the Company has achieved with an eye toward the future.

“Back in 1996, I couldn’t imagine where we would be in 25 years― a publicly-traded company, employing almost 4,000 people, and portfolio operations in 18 countries,” said Kevin Stevenson, president and chief executive officer. “Our founding principles remain our top priority today and I believe because of that, we are celebrating this milestone.”

During the event, the Company announced it is awarding bonuses to employees in appreciation of their efforts. The company also announced it is donating an additional $250,000 this year to its communities around the world.

“Thank you to our valued partners, communities, and dedicated employees,” said Stevenson. “Though we are celebrating 25 years, I feel like we’re just getting started.” 

Co-founders Steve Fredrickson and Kevin Stevenson recognized a need for a different kind of collection company, one that was focused on treating customers with respect and fairness, operating with a high degree of compliance and reliability, and creating meaningful and rewarding careers for employees. This was the Company’s motivation at inception in 1996 and it remains the same today.

Over the last 25 years, PRA has helped drive the evolution of the debt industry by putting people first, striving to improve financial futures.

About PRA Group

As a global leader in acquiring and collecting nonperforming loans, PRA Group returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.

News Media Contact:

Elizabeth Kersey

Vice President, Communications and Public Policy
(757) 431-3398
[email protected]

Investor Contact:

Darby Schoenfeld, CPA
Vice President, Investor Relations
(757) 431-7913
[email protected]

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SOURCE PRA Group

WOONSOCKET, R.I., March 31, 2021 /PRNewswire/ — CVS Health today announced new goals in support of its long-term corporate social responsibility (CSR) strategy, Transform Health 2030, and released its 14^th annual CSR report. The Transform Health 2030 strategy is guided by four priority areas, Healthy People, Healthy Business, Healthy Community and Healthy Planet, through which the company uses its strengths as a health care leader to amplify positive impact.

“Through the challenges of the past year, we have demonstrated an unwavering commitment to support the communities we serve. Our Transform Health 2030 strategy and the accompanying goals will allow us to extend our commitment into the future and address the health impacts that we’ll face for years to come,” said Eileen Howard Boone, Senior Vice President, Corporate Social Responsibility & Philanthropy and Chief Sustainability Officer for CVS Health.

In addition to announcing goals that will guide actions and investments over the next decade, the report highlights the company’s strategy for advancing employee, community and public policy initiatives that address inequity and injustice faced by Black communities and other disenfranchised populations. For the first time this year, CVS Health launched a standalone Strategic Diversity Management Report to accompany the annual CSR Report.

“CVS Health is a transformative and innovative health services company—and we know that strategic diversity management and innovation are invariably linked. Over the coming years, we will continue to take meaningful actions that champion justice, equity, diversity and inclusion, while supporting the health and wellbeing of all those we serve,” said David L. Casey, Senior Vice President, Workforce Strategies and Chief Diversity Officer for CVS Health.

Within the strategy’s Healthy People pillar, which outlines the ways CVS Health delivers on its purpose of helping people on their path to better health across all touchpoints, the new goal is to facilitate 65 billion health care interactions by 2030. Key accomplishments supporting this work in 2020 included:

• administering more than 15 million COVID-19 tests at more than 4,800 CVS Pharmacy drive-thru sites, and in collaboration with community health organizations, employers and long-term care facilities;
• launching E-Clinic as a new telehealth solution to complement the existing Minute Clinic Video Visit, conducting nearly 20,000 telehealth visits; and
• expanding the HealthHUB® model to 650 locations, continuing to put people at the center of the consumer health experience with offerings tailored to the needs of local patients and customers.

Within the Healthy Business pillar, which focuses on fostering a business that creates value and opportunity for colleagues, shareholders, business partners and vendors across the supply chain, the new goal is to invest more than $85 billion in inclusive wellness, economic development and advancement opportunities by 2030. Key accomplishments supporting this work in 2020 included:

• embarking on an effort to bring conscious inclusion training to 100% of CVS Health colleagues;
• establishing a five-year, $5 million scholarship program for Black and Latinx colleagues in collaboration with UNCF (United Negro College Fund); and
• spending $3 billion with small and diverse Tier I suppliers and $1.5 billion with diverse Tier II suppliers.

Within the Healthy Community pillar, which centers on supporting the health of communities across the U.S. by increasing access to health care, working to improve health outcomes, and reducing overall health care costs in the communities the company serves, the new goal is to provide more than $1.5 billion in social impact investments to build healthier communities by 2030. Key accomplishments supporting this work in 2020 included:

• continuing longstanding support of National Association of Free and Charitable Clinics members for wraparound services for underserved patients, providing funding for 65 clinics in 17 states;
• providing more than $5 million in combined support to Feeding America to reduce food insecurity among vulnerable populations, which increased dramatically during the COVID-19 pandemic; and
• purchasing and delivering more than 200 tons of personal protective equipment to health care workers in communities most severely impacted by the pandemic.

Within the Healthy Planet pillar, which recognizes that the health of the planet is inextricably linked to the health of all people and underscores CVS Health’s commitment to doing its part to reduce the company’s negative environmental impacts, the new goal is to reduce CVS Health’s overall environmental impact by at least 50% by 2030. Key accomplishments supporting this work in 2020 included:

• approving new Science Based Targets to reduce absolute Scope 1 and 2 GHG emissions by 67% by 2030 from a 2014 base year and reduce absolute Scope 3 GHG emissions from purchased goods and services by 14% by 2030 from a 2019 base year;
• becoming a Founding Partner of the Consortium to Reinvent the Retail Bag, a multi-year collaboration to test innovative design solutions to today’s single-use plastic retail bag; and
• launching CVS.com/gogreen, providing a single digital resource for customers to learn more about our sustainable product offerings, how to avoid waste and how to recycle our products and packaging.

CVS Health’s 2020 CSR Report was developed in accordance with the Global Reporting Initiative Sustainability Reporting Standards, a global framework widely used by organizations to report on CSR/sustainability performance. The company completed a brief materiality refresh in 2020 and focused its reporting on topics that reflect its most significant economic, environmental and social impacts, or that substantively influence the assessments and decisions of stakeholders. The 2020 report also includes new reporting frameworks, including those promoted by the Sustainable Accounting Standards Board, the Task Force on Climate-related Financial Disclosures and Culture of Health for Business.

The report is available online at cvshealth.com/CSR.

About CVS Health
CVS Health is a different kind of health care company. We are a diversified health services company with nearly 300,000 employees united around a common purpose of helping people on their path to better health. In an increasingly connected and digital world, we are meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, our diversified model engages one in three Americans each year. From our innovative new services at HealthHUB® locations, to transformative programs that help manage chronic conditions, we are making health care more accessible, more affordable and simply better. Learn more about how we’re transforming health at www.cvshealth.com.

Media Contact:

Courtney Tavener

(401) 712-3698
[email protected] 

 

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SOURCE CVS Health

VANCOUVER, BC, March 31, 2021 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA:5LB) (OTC:LMNGF) (“BioVaxys”), the world leader in haptenized antigen vaccines for antiviral and cancer applications, announced today that it is has filed a pre-IND (Investigational New Drug) meeting request and submitted a briefing package with the US Food and Drug Administration (FDA), Center for Biologics Evaluation and Research (CBER) for Covid-T, its T-cell immune response diagnostic for SARS-CoV-2. The pre-IND meeting is a critical step in the US regulatory approval process, as it affords an opportunity for study sponsor companies to seek clarification from the FDA on clinical trials design, clinical materials manufacturing, and quality control. BioVaxys anticipates a written response to its pre-IND briefing package later this month.

Covid-T™ uses Delayed-Type Hypersensitivity (DTH), which is known to be a measure of T-cell immunity and has been used for many years for other infectious diseases including, tuberculosis, fungal diseases, and mumps.  The test is performed by placing a small amount of synthesized test material, e.g., SARS-Cov-2 spike protein, intradermally and inspecting the site for mild induration 24 hours later.  In vivo skin test antigens are considered biological products and are regulated by CBER’s Office of Vaccine Research and Review (OVRR). 

In January, the FDA instructed BioVaxys that it can file for a pre-Emergency Use Authorization (“EUA”) for Covid-T™. An EUA can be issued after several statutory requirements are met. Among these is a determination by the FDA that the known and potential benefits of a product, when used to diagnose, prevent, or treat serious or life-threatening diseases when certain criteria are met, outweigh the known and potential risks of the product. In the case of biologics being developed for the diagnosis, treatment or prevention of COVID-19, this assessment is made on a case-by-case basis depending on the characteristics of the product, the totality of the available scientific evidence relevant to the product, and the preclinical and human clinical study data on the product.

Pending completion of clinical product development, BioVaxys is not making any express or implied claims that it has sufficient data to file for an EUA to test for T-cell immunity to the SAR–CoV-2 virus.

The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time.

About BioVaxys Technology Corp.

Based in Vancouver, BioVaxys Technology Corp. is a British Columbia-registered, early stage biotechnology company that is developing viral and oncology vaccine platforms, as well as immuno-diagnostics. The Company is advancing a SARS-CoV-2 vaccine based on its haptenized viral protein technology, and is planning a clinical trial of its haptenized autologous cell vaccine used in combination with anti-PD1 and anti-PDL-1 checkpoint inhibitors that will initially be developed for ovarian cancer. Also in development is a diagnostic for evaluating the presence or absence of a T cell immune response to SARS-CoV-2, the virus that causes COVID-19. BioVaxys has two issued US patents and two patent applications related to its cancer vaccine, and pending patent applications for its SARS-CoV-2 (Covid-19) vaccine and diagnostic technologies. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trades on the Frankfurt Bourse (FRA: 5LB) and US OTC: LMNGF.

Cautionary Statements Regarding Forward Looking Information

This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, completion of the murine model study, regulatory approval for a Phase I study of its BVX-0320 Vaccine Candidate in humans and the overall development of BioVaxys’ vaccines, including any haptenized SARS-Cov-2 protein vaccine. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those expressed or implied in such forward-looking statements.

These forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates, primarily the assumption that BioVaxys will be successful in developing and testing vaccines, that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies including, primarily but without limitation, the risk that BioVayxs’ vaccines will not prove to be effective and/ or will not receive the required regulatory approvals. With regards to BioVaxys’ business, there are a number of risks that could affect the development of its biotechnology products, including, without limitation, the need for additional capital to fund clinical trials, its lack of operating history, uncertainty about whether its products will complete the long, complex and expensive clinical trial and regulatory approval process for approval of new drugs necessary for marketing approval, uncertainty about whether its autologous cell vaccine immunotherapy can be developed to produce safe and effective products and, if so, whether its vaccine products will be commercially accepted and profitable, the expenses, delays and uncertainties and complications typically encountered by development stage biopharmaceutical businesses, financial and development obligations under license arrangements in order to protect its rights to its products and technologies, obtaining and protecting new intellectual property rights and avoiding infringement to third parties and their dependence on manufacturing by third parties.

The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

ON BEHALF OF THE BOARD

Signed “James Passin“

James Passin, CEO
+1 646 452 7054

Media Contacts BioVaxys Technology Corp.

Nikita Sachdev

Luna PR
[email protected]

 

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SOURCE BioVaxys Technology Corp.