Market Newsdesk

PALO ALTO, Calif., March 31, 2021 (GLOBE NEWSWIRE) — Mobile identity company, Incognia, today announced the availability of its Anti-Fraud Mobile SDK and APIs with two new integrations, Incognia Onboarding and Incognia Authentication, on the Auth0 Marketplace, a catalog of trusted technology integrations that extend the functionality of Auth0’s identity management platform. With rising rates of mobile fraud, Incognia provides advanced device intelligence and location behavior signals for enhanced identity verification and authentication for fintech and mcommerce mobile apps.

Incognia’s proprietary location technology works silently in the background to protect mobile users. Using network signals from GPS, Wi-Fi and Bluetooth along with on-device signals, Incognia builds an anonymous location behavioral pattern, unique for each user, which provides a private identity that is dynamic and extremely difficult for fraudsters to mimic or fake. As mobile usage is on the rise, Incognia enables fintech and mcommerce mobile apps to provide frictionless identity verification and authentication for seamless recognition of trusted users and fraud prevention. The Incognia Anti-Fraud Mobile SDK complements Auth0 Extensible Identity, and the ease in which customers can seamlessly integrate adjacent technologies to facilitate the successful execution of larger projects such as digital transformation, threat detection, compliance and customer conversion.

Key features of the Incognia Anti-Fraud Mobile SDK and APIs are real-time address verification, recognition of trusted locations and risk-based authentication based on device intelligence and location behavior. Incognia offers two solution integrations on the Auth0 Marketplace:

• 
  Incognia Onboarding
  : Streamlining mobile identity proofing using address verification
• 
  Incognia Authentication
  : Reducing friction at login using location behavioral biometrics

These integrations enable faster onboarding, reduce false positives, prevent account takeovers and increase payment acceptance rates on mobile. Incognia is enabled via an SDK and APIs that integrate rapidly on both Android and iOS devices. Data collected by the SDK is anonymized with hash and encryption techniques.

“With the rapid shift to mobile, Incognia offers banks, fintech and mcommerce companies the ability to recognize trusted users and detect fraud using location, one of the strongest trust signals available on mobile,” said André Ferraz, founder and CEO of Incognia. “We’re proud to be working with Auth0 as a best-in-class technology solution offered in their marketplace. As mobile fraud continues to rise, we’re enabling a superior mobile experience for users by providing a frictionless solution for address verification and risk-based authentication, all while ensuring user privacy.”

“It has been really exciting to work with Incognia on a newly-built partner integration for the launch of Auth0 Marketplace. This best-in-class solution adds an integral layer to our platform that provides our customers with greater choice and flexibility,” said Bill Lapcevic, VP of Business Development at Auth0. “After speaking with many customers, we have identified the types of integrations that matter to them, and we are so thrilled to have Incognia as a vetted and valuable vendor in the Auth0 Marketplace.”

All partner integrations are thoroughly vetted and verified for security and functionality by Auth0, and are easily discoverable for customers. Partners can participate in the growing demand for digital identity solutions and increase their visibility as part of the Auth0 Marketplace, and can learn more here: https://auth0.com/partners.

About Incognia

Incognia is a mobile identity company that enables advanced fraud prevention for mobile apps of banks, fintech and mcommerce companies. Using location behavioral biometrics, Incognia offers frictionless identity verification and authentication. Incognia’s location technology uses network signals and on-device sensors to deliver highly precise location information. By building an anonymous location behavioral pattern, unique for each user, Incognia creates a private digital identity for account security.

Incognia is privately held and headquartered in Palo Alto, California with teams in New York and Brazil.

Stay connected and follow Incognia on Twitter and LinkedIn.

About Auth0

Auth0 provides a platform to authenticate, authorize, and secure access for applications, devices, and users. Security and application teams rely on Auth0’s simplicity, extensibility, and expertise to make identity work for everyone. Safeguarding billions of login transactions each month, Auth0 secures identities so innovators can innovate, and empowers global enterprises to deliver trusted, superior digital experiences to their customers around the world.

For more information, visit https://auth0.com or follow @auth0 on Twitter.

Media Contacts:

Karbo Communications for Incognia
[email protected]

Auth0 Global Communications
[email protected]

BAKERSFIELD, Calif., March 31, 2021 (GLOBE NEWSWIRE) — IFG, the world’s top fruit-breeding and licensing company widely recognized for inventing the Cotton Candy™ and Sweet Globe™ grapes, has reached an exciting milestone as the company celebrates its 20th anniversary this year. IFG is renowned worldwide for its innovative fruit-breeding programs that have changed the way consumers and retailers think and experience grapes and other fruits, and through the company’s unique offerings of flavor-forward fruit varieties and its global IP licensing program, IFG has transformed the fruit breeding industry in the short span of just 20 years.

Today, IFG boasts 45 patented grape and sweet cherry varieties, and its network of licensed growers extends to all corners of the globe with 1,344 licensees in 15 different countries. Additionally, the company has grown to 55 staff members globally.

“At IFG, we have three primary assets: our trademarks, our varieties, and our people,” said IFG CEO Andy Higgins. “Without each of those assets, we would not be the company we are today. As an organization that has Intellectual Property, we are committed to protecting our trademarks, our varieties, and of course, supporting our people in their every success and we are proud of the tremendous advances we’ve made to the fruit-breeding industry over the years. Our talented team has worked tirelessly to execute this ambitious vision, and to see it all come together is quite rewarding.”

IFG was established in 2001 by several of the most prominent names in the California grape industry: Jack Pandol of Grapery, the Stoller family of Sunridge Nurseries Inc. and world-famous horticulturist and fruit breeder Dr. David Cain. Under the direction of Dr. Cain, who recently retired, IFG spent the past 20 years focusing on creating table grape and sweet cherry varieties to fill unmet grower and consumer demands and in the process developed a team of committed professionals who are passionate about protecting IFG’s clients all around the world.

“We have accomplished a lot during our first 20 years and we are excited for our future as IFG is positioned to continue advancing the industry,” continued Higgins. “We are engaged and committed. Dr. Chris Owens, our lead plant breeder, is bringing new and more advanced technology to create more intriguing and exciting selections. We have much more in the pipeline as we plan to lead while staying true to our mission. The past many years have provided us a strong and profound foundation for greater success.”

ABOUT IFG

IFG, headquartered in Bakersfield, California and founded in 2001, is one of the world’s largest premium fruit-breeding companies. Its breeders, Drs. David Cain and Chris Owens develop new varieties of table grapes and cherries, which are patented and licensed to worldwide marketers and growers. IFG currently has licensees in 15 countries and its fruit is actively marketed in over 30 countries. For more information, visit www.ifg.world.

Media Contact:

Olivia Riley
Bastion Elevate
[email protected]

SPOKANE, Wash., March 31, 2021 (GLOBE NEWSWIRE) — Kaspien (NASDAQ: KSPN) (“Kaspien” or the “Company”), a leading ecommerce marketplace growth platform, today announced that it will issue its financial results via press release on Thursday, April 15, 2021, for the fourth quarter and full year period ended January 31, 2021.

The release will be issued after the close of U.S. markets at 4:05 p.m. ET and will be available on the Investor Relations section of the Company’s website here.

The Company also plans to file its annual Form 10-K by April 30, 2021 in accordance with the SEC filing deadlines.

About Kaspien
Kaspien (NASDAQ: KSPN) is a leading ecommerce marketplace growth platform, offering an expanding suite of software and services to help brands grow on Amazon, Walmart, Target, eBay, and other online marketplaces. Founded in 2008 in Spokane, Wash., Kaspien has spent the last decade building and utilizing proprietary technologies for brand protection, marketing optimization, and fulfillment efficiency to generate rapid revenue growth for Kaspien partners. Through innovative strategies and best-in-class technologies, Kaspien has earned the trust of many leading brands, including 3M, Strider Bikes, and ZippyPaws. For more information, visit kaspien.com.

Forward-Looking Statements


Certain statements in this release set forth management’s intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.

Company Contact

Ed Sapienza
Chief Financial Officer
(509) 202-4261
[email protected]

Investor Relations Contact

Gateway Investor Relations
Matt Glover and Tom Colton
(949) 574-3860
[email protected]

Marketing Contact

Keri Rhodes
Marketing Director
[email protected]

 

All financial figures are in Canadian dollars unless otherwise noted

CALGARY, Alberta, March 31, 2021 (GLOBE NEWSWIRE) — Gibson Energy Inc. announced today it has entered into a long-term agreement with Suncor Energy Inc. (“Suncor”) for services at the Company’s Edmonton Terminal and the related sanction of an expansion to support the blending and loading of third party biofuels for Suncor (the “Biofuels Blending Project”).

“We are very pleased to announce a long-term agreement with Suncor, a respected senior Canadian integrated customer, at our Edmonton Terminal,” said Steve Spaulding, President and Chief Executive Officer. “This agreement demonstrates the importance of our infrastructure to our customers over the long-term, and how our asset base can help support energy transition and the changing needs of our customers while providing attractive growth opportunities for Gibson. Also, with the addition of the Biofuels Blending Project, over two-thirds of the Company’s target $200 million in growth capital in 2021 has been fully sanctioned.”

Agreement at Edmonton Terminal

As part of the agreement, all existing assets at the Edmonton Terminal currently contracted with Suncor will be combined into a single Master Services Agreement (“MSA”). Under the MSA, Gibson will receive a fixed-fee for the use of its assets, which currently represent the majority of third-party revenues at the Edmonton Terminal.   The MSA also contemplates the potential future sanction of additional infrastructure at the Edmonton Terminal on a similar fixed-fee basis under a 25-year term.

Sanction of Biofuels Blending Project

Gibson has sanctioned the construction of the Biofuels Blending Project at its Edmonton Terminal under a 25-year term. The additional infrastructure will be used to facilitate the storage, blending and transportation of renewable diesel. The project will contribute to at least half of Gibson’s 2021 growth capital expenditures being ESG positive.

About Gibson

Gibson Energy Inc. (“Gibson” or the “Company”) (TSX: GEI) is a Canadian-based oil infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of crude oil and refined products. Headquartered in Calgary, Alberta, the Company’s operations are focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and include the Moose Jaw Facility and an infrastructure position in the U.S.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com. 

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, statements concerning Gibson’s long-term agreements with Suncor and the terms thereof; an expansion at Gibson’s Edmonton Terminal; anticipated services provided to Suncor and third parties; the ability of Gibson’s asset base to support customer needs through the energy transition; Gibson’s growth capital; fees received by Gibson in connection with long-term agreements; future infrastructure projects, including the Biofuels Blending Project; and the portion of Gibson’s 2021 capital expenditures being ESG positive. dividend policy, projections of dividends and Gibson’s intentions to continue growing its dividend, maintain its financial position, remain fully-funded for all capital growth and fund dividends from cash flows from its Infrastructure segment.

These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “aim”, “target”, “contemplate”, “continue”, “estimate”, “expect”, “intend”, “propose”, “might”, “may”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “predict”, “future”, “long-term”, “forecast”, “pursue”, and “potential ”and “capable” and similar expressions are intended to identify forward-looking statements. The forward- looking statements reflect Gibson’s beliefs and assumptions with respect to , among other things, the impact of COVID-19 and governmental responses thereto on the Company’s business; the ability to continue to grow its dividend, generate sufficient cashflows from its Infrastructure segment, future operating and financial results, future growth in world-wide demand for crude oil and petroleum products; crude oil prices ; no material defaults by the counterparties to agreements with Gibson, including Suncor; Gibson’s ability to obtain qualified personnel, owner-operators, lease operators and equipment in a timely and cost-efficient manner; the regulatory framework governing taxes and environmental matters in the jurisdictions in which Gibson conducts and will conduct its business; changes in credit ratings applicable to Gibson; operating costs; the energy transition that is underway as the world shifts towards a lower carbon economy; future capital expenditures to be made by Gibson; Gibson’s ability to obtain financing for its capital programs on acceptable terms; Gibson’s ability to maintain a strong balance sheet and financial position; the Company’s future debt levels; the impact of increasing competition on the Company; the impact of changes in government policies on Gibson; the ability of Gibson and its joint venture partner to construct and place into service the Hardisty DRU as currently planned and scheduled; the impact of future changes in accounting policies on the Company’s consolidated financial statements; the Company’s ability to successfully implement the plans and programs disclosed in Gibson’s strategy and other assumptions inherent in management’s expectations in respect of the forward-looking statements identified herein.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believe these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. Actual results could differ materially from those anticipated in these forward-looking statements as a result of, among other things, risks inherent in the businesses conducted by Gibson; the impact of COVID-19 and governmental responses thereto on the Company’s business; Gibson’s ability to achieve its ESG targets; competitive factors in the industries in which Gibson operates; prevailing global and domestic financial market and economic conditions; world-wide demand for crude oil and petroleum products; volatility of commodity prices, currency and interest rates fluctuations; product supply and demand; operating costs and the accuracy of cost estimates; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; future capital expenditures; capital expenditures by oil and gas companies; production of crude oil; decommissioning, abandonment and reclamation costs; changes to Gibson’s business plans or strategy; ability to access various sources of debt and equity capital, generally, and on terms acceptable to Gibson; changes in government policies, laws and regulations, including environmental and tax laws and regulations; competition for employees and other personnel, equipment, material and services related thereto; dependence on certain third parties, key suppliers and key personnel; reputational risks; acquisition and integration risks; risks associated with our Hardisty DRU project; capital project delivery and success; risks associated with Gibson’s use of technology and the increase in remote access of Gibson’s information technology systems; the ability to obtain regulatory approvals necessary for the conduct of Gibson’s business; the availability and cost of employees and other personnel, equipment, materials and services; labour relations; litigation risk; seasonality and adverse weather conditions, including its impact on product demand, exploration, production and transportation; inherent risks associated with the exploration, development, production and transportation of crude oil and petroleum products; and political developments around the world, including the areas in which Gibson operates, many of which are beyond the control of Gibson.

Readers are cautioned that the foregoing lists are not exhaustive. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Readers are cautioned that the foregoing lists are not exhaustive and actual results could differ materially from those anticipated in forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors”. For an additional discussion of material risk factors relating to Gibson and its operations, please refer to those included in Gibson’s Annual Information Form dated February 224, 20210 and other documents Gibson files from time to time with the securities authorities, available on as filed on SEDAR at www.sedar.com and available on and on the Gibson’s website at www.gibsonenergy.com. These statements speak only as of the date of this press release. Information on, or connected to, the Gibson’s website at www.gibsonenergy.com does not form part of this press release.

For further information, please contact: 

Mark Chyc-Cies  
Vice President, Strategy, Planning & Investor Relations  
Phone: (403) 776-3146  
Email: [email protected]

NORCROSS, Ga., March 31, 2021 (GLOBE NEWSWIRE) — Galectin Therapeutics Inc. (NASDAQ: GALT), the leading developer of therapeutics that target galectin proteins, today reported financial results and provided a business update for the year ended December 31, 2020. These results are included in the Company’s Annual Report on Form 10-K, which has been filed with the U.S. Securities and Exchange Commission and is available at www.sec.gov.

Joel Lewis, Chief Executive Officer and President of Galectin Therapeutics, said, “I am very encouraged by the progress achieved in fiscal 2020, and remain extremely optimistic for 2021. Given the current challenging environment, I am proud of our success, highlighted by site activations and ongoing enrollment of our innovative NAVIGATE study. This global program continues to be the only active late-stage trial of patients with compensated NASH cirrhosis, where the medical need is greatest and with a clinically meaningful endpoint. Our concurrent hepatic impairment study will also provide important information on belapectin tolerance, safety and exposure in advanced cirrhotic patients.

Over the course of the last year at the Board’s direction we have taken aggressive steps to strengthen our organization, adding Pol Boudes as Chief Medical Officer, as well as Mr. Richard Zordani and Dr. Elissa Schwartz to our Board of Directors. These changes informed my decision to accept the role of Chief Executive Officer, and they afforded me the confidence to receive 80% of my compensation in the form of Galectin stock. Additionally, I believe this breadth of talent reinvigorated Galectin and placed the Company in a position to monetize our assets. This has served to strengthen my commitment to my compensation strategy, which aligns my interests with all shareholders.

More recently, the peer-reviewed publication of a well-recognized mouse model has shown that the combination of belapectin, a galectin-3 inhibitor, with immunotherapy reprograms the tumor microenvironment. This favors anti-tumor immunity, results in better anti-tumor activity, and most importantly, brings further rationale for our ongoing cancer trial combining belapectin with Keytruda^®, a potent PD-1 inhibitor. Providence Cancer Institute is currently conducting the study and preliminary results suggest improved activity and, potentially, improved tolerance of this regimen.

I am extremely confident in our science, our team, and our progress,” concluded Lewis. The upcoming year will be dedicated to advancing our trial in NASH cirrhosis and supporting investigations of belapectin’s safety and efficacy in other indications, such as the ongoing cancer trial in conjunction with the Providence Cancer Institute. I also want to recognize the outstanding efforts of our entire team, who persevered through the challenges precipitated by COVID-19 in the interest of developing a therapy for NASH cirrhosis, a critical, unmet medical need. Let me once again thank the investigators and patients participating in our NAVIGATE trial, where a positive outcome would be very clinically relevant for patients with NASH cirrhosis.”

Richard E. Uihlein, Chairman of the Board, added, “I want to echo Joel’s sentiment and thank Pol, Jack and our entire team for their dedication throughout this past year, especially their commitment to initiating our exciting NAVIGATE trial under less than optimal circumstances due to the global pandemic. Joel has proven to be the leader we all expected, and I am pleased with the progress he has achieved since assuming the role and confident in his ability to unlock the value of our proprietary compound, belapectin. Peer-reviewed research, such as that recently published in OncoImmunology, clearly confirms our basic scientific premise regarding belapectin’s anti-inflammatory characteristics in a broad range of fibrosis as well as its ability to potentially enhance the efficacy of cancer therapies. As such, the NAVIGATE trial represents an opportunity to further demonstrate the anti-inflammatory activity of belapectin, which would open up vast new opportunities to investigate other indications and establish our compound as a foundation for a platform technology.”

NAVIGATE Trial Update

• The NAVIGATE trial uses a seamless, adaptive design to confirm dose selection and reaffirm the observed efficacy of belapectin to prevent the development of esophageal varices in the NASH-CX trial. Pre-planned adaptations will inform the larger Phase 3 trial component.
• Key clinical study milestones:
  • First patient randomized August 2020
  • 130+ sites, 12 countries in North America, Europe, Asia and Australia
  • Phase 2b part to Interim Analysis will be ~315 patients
  • Recruiting period for phase 2b portion now expected to conclude around the end of 2021 due to COVID-19 impact on recruitment
  • Key inclusion criteria – NASH cirrhosis (baseline or historical liver biopsy), clinical sign of portal hypertension, no esophageal varices (esophago-gastro endoscopy)
  • Interim analysis expected late 2023

Peer-reviewed publication, Scientific Presentations and Conferences

• OncoImmunology published a peer-reviewed article describing how belapectin, a potent galectin-3 inhibitor, in combination with an anti-OX40 (CD134) monoclonal antibody, reduces tumor progression compared to either agent alone. The paper, titled “Galectin-3 inhibition with belapectin combined with anti-OX40 therapy reprograms the tumor microenvironment to favor anti-tumor immunity,” describes results from a collaboration between Galectin Therapeutics and Providence Cancer Institute highlighting the mechanism of action of the combination which is explained by a reduction in myeloid-derived suppressor cell infiltration and function coupled to an increase in T-cell effector function. For many years, galectin-3 has been known to play a key role in the control of tumor-induced immunosuppression. Galectin-3 acts to maintain tumor growth, in part, by supporting the generation of suppressive macrophages and inhibiting T cell function. This creates an attractive rationale for the use of a galectin-3 inhibitor, such as belapectin, to improve anti-tumor activities of multiple cancer therapies.

Financial Results

For the year ended December 31, 2020, the Company reported a net loss applicable to common stockholders of $23.6 million, or ($0.41) per share, compared to a net loss applicable to common stockholders of $20.2 million, or ($0.39) per share for the full year 2019. The increase is largely due to an increase in research and development expenses related to our NAVIGATE clinical trial, partially offset by a non-cash, one-time warrant modification charge of $6.6 million in 2019.

Research and development expense for 2020 was $18.0 million compared with $7.5 million for 2019. The increase was primarily due to costs related to our NAVIGATE clinical trial, along with preparations and some preclinical activities incurred in support of the clinical program, such as development and reproductive toxicity studies, clinical supplies and other supportive activities. General and administrative expenses for 2020 were $5.5 million, down from $6.0 million for the full year 2019, primarily due to decreases in legal, investor relations and non-cash stock-based compensation expenses partially offset by an increase in insurance expenses.

As of December 31, 2020, the Company had $27.1 million of cash and cash equivalents. The Company also has a $10 million unsecured line of credit, under which no borrowings have been made to date. The Company believes it has sufficient cash, including availability under the line of credit, to fund currently planned operations and research and development activities through at least March 31, 2022.

The Company expects that it will require more cash to fund operations after March 31, 2022, and believes it will be able to obtain additional financing as needed. The currently planned operations include costs related to our adaptively designed NAVIGATE Phase 2b/3 clinical trial. Currently, we expect to require an additional approximately $45-$50 million to cover costs of the trial to reach the planned interim analysis estimated to occur in the second half of 2023 along with drug manufacturing and other scientific support activities and general and administrative costs and further amounts to complete the Phase 3 portion of the trial. However, there can be no assurance that we will be successful in obtaining such new financing or, if available, that such financing will be on terms favorable to us.

About Galectin Therapeutics

Galectin Therapeutics is dedicated to developing novel therapies to improve the lives of patients with chronic liver disease and cancer. Galectin’s lead drug belapectin (formerly known as GR-MD-02) is a carbohydrate-based drug that inhibits the galectin-3 protein which is directly involved in multiple inflammatory, fibrotic, and malignant diseases, for which it has Fast Track designation by the U.S. Food and Drug Administration. The lead development program is in non-alcoholic steatohepatitis (NASH) with cirrhosis, the most advanced form of NASH-related fibrosis. This is the most common liver disease and one of the largest drug development opportunities available today. Additional development programs are in treatment of combination immunotherapy for advanced melanoma and other malignancies. Advancement of these additional clinical programs is largely dependent on finding a suitable partner. Galectin seeks to leverage extensive scientific and development expertise as well as established relationships with external sources to achieve cost-effective and efficient development. Additional information is available at www.galectintherapeutics.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as “may,” “estimate,” “could,” “expect” and others. They are based on management’s current expectations and are subject to factors and uncertainties that could cause actual results to differ materially from those described in the statements. These statements include those regarding the hope that Galectin’s development program for belapectin will lead to the first therapy for the treatment of fatty liver disease with cirrhosis and those regarding the hope that our lead compounds will be successful in cancer immunotherapy and in other therapeutic indications. Factors that could cause actual performance to differ materially from those discussed in the forward-looking statements include, among others, that trial endpoints required by the FDA may not be achieved; Galectin may not be successful in developing effective treatments and/or obtaining the requisite approvals for the use of belapectin or any of its other drugs in development; the Company may not be successful in scaling up manufacturing and meeting requirements related to chemistry, manufacturing and control matters; the Company’s currently planned clinical trial and any future clinical studies as modified to meet the requirements of the FDA may not produce positive results in a timely fashion, if at all, and could require larger and longer trials, which would be time consuming and costly; plans regarding development, approval and marketing of any of Galectin’s drugs are subject to change at any time based on the changing needs of the Company as determined by management and regulatory agencies; regardless of the results of any of its development programs, Galectin may be unsuccessful in developing partnerships with other companies or raising additional capital that would allow it to further develop and/or fund any studies or trials. Galectin has incurred operating losses since inception, and its ability to successfully develop and market drugs may be impacted by its ability to manage costs and finance continuing operations. Global factors such as coronavirus may continue to impact NASH patient populations around the globe and slow trial enrollment and prolong the duration of the trial and significantly impact associated costs. For a discussion of additional factors impacting Galectin’s business, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and subsequent filings with the SEC. You should not place undue reliance on forward-looking statements. Although subsequent events may cause its views to change, management disclaims any obligation to update forward-looking statements.

Company Contact:
Jack Callicutt, Chief Financial Officer
(678) 620-3186
[email protected].

Galectin Therapeutics and its associated logo is a registered trademark of Galectin Therapeutics Inc. Belapectin is the USAN assigned name for Galectin Therapeutics’ galectin-3 inhibitor GR-MD-02.

Condensed Consolidated Statements of Operations

	Year Ended December 31,
		2020			2019
Operating expenses:
Research and development	$	17,976		$	7,467
General and administrative		5,468			5,971
Total operating expenses		23,444			13,438
Total operating loss		(23,444	)		(13,438	)
Other income (expense):
Interest income		66			231
Interest expense		(87	)		(87	)
Total other income		(21	)		144
Net loss	$	(23,465	)	$	(13,294	)
Preferred stock dividends		(137	)		(263	)
Warrant modification		–			(6,622	)
Net loss applicable to common stock	$	(23,602	)	$	(20,179	)
Basic and diluted net loss per share	$	(0.41	)	$	(0.39	)
Shares used in computing basic and diluted net loss per share		57,029			52,238

Condensed Consolidated Balance Sheet Data

		December 31, 2020		December 31, 2019
		(in thousands)
Cash and cash equivalents	$	27,142	$	47,480
Total assets		29,600		48,467
Total current liabilities		5,399		2,820
Total liabilities		5,407		2,872
Total redeemable, convertible preferred stock		1,723		1,723
Total stockholders’ equity	$	29,600	$	43,872

SHENZHEN, March 31, 2021 (GLOBE NEWSWIRE) — Taoping Inc. (NASDAQ: TAOP, the “Company”), a provider of internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, announces today that it has entered into a share purchase agreement with Genie Global Limited. (“Genie Global”) to acquire 51% equity interest in Genie Global’s wholly owned subsidiary, Render Lake Tech Ltd. (“Render Lake”).

Founded in Ontario, Canada in 2019, Render Lake is a cloud infrastructure service provider committed to provide high-performance cloud computing solutions for special effects companies. Through its network of Trusted Partner Network (TPN)-compliant data centers, Render Lake provides comprehensive cloud solutions and develops cloud desktop, cloud rendering, cloud computing, NFT (Non-Fungible Token), and cloud gaming businesses.

At the same time, TAOP announced the establishment of NFT Business Division and appointed Qian Wang as Chief Investment Officer (CIO) of TAOP, director of NFT Business Division, and general manager of Render Lake.

Mr. Qian Wang has extensive industry experience in cloud computing services, blockchain applications and operations, and overseas capital market operations. Before joining TAOP, he served as co-Chief Executive Officer of Grand Shores Technology (1647.HK), the major business of which focuses on design, construction, and operation of crypto cloud computing centers and development of blockchain innovation. Mr. Wang got CFA charter and received both a Postgraduate Diploma in Financial Markets and Portfolio Management and Bachelor’s degree in Accounting and Finance from the University of Hong Kong.

“We are pleased to welcome Mr. Wang to TAOP’s leadership team,” said Mr. Jianghuai Lin, the Chairman and CEO of TAOP. “The acquisition of Render Lake is an important strategic step for TAOP. We believe cloud desktop, cloud computing, and cloud gaming business have explosive growth potential in the 5G era. Also, cloud rendering and NFT can provide powerful technical support for TAOP’s new media, smart cloud, and online education platform businesses.”

About the Transaction: Pursuant to the share purchase agreement, as consideration TAOP has agreed to issue to Genie Global a total of 144,204 ordinary shares of TAOP, calculated as $1.53 million being divided by the average closing price of TAOP ordinary shares over the 5 trading days prior to the execution of the share purchase agreement.

According to the share purchase agreement, the shares are expected to be issued in four phases. The first phase will issue 28,841 shares before March 31, 2022; the second phase will issue 28,841 shares before September 30, 2022; the third phase will issue 43,261 shares before March 31, 2023; the fourth phase will issue 43,261 shares before September 30, 2023. Each issuance of shares will be conditioned upon the satisfaction of certain performance requirements of Render Lake as set forth in the share purchase agreement.

The closing of the transaction is subject to a number of conditions, including, without limitation, completion of all respective internal approval procedures of the parties, no material adverse impact on the assets, operation and management team of Render Lake prior to closing, and the satisfaction or waiver of other customary closing conditions. The parties intend to close the transaction no later than April 30, 2021.

About Taoping Inc.

Taoping Inc. (TAOP), is a leading provider of smart display terminals and solutions for targeted advertising and online retails. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on cloud-based ad display screens. Connecting owners of Taoping screens, advertisers and consumers, it builds up a resource sharing “Smart IoT Screen Network- Taoping App – Taoping Go (e-Store)” media ecosystem to ultimately achieve the mission “our technology makes advertising and branding affordable and effective for everyone.” To learn more, please visit http://www.taop.com/.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Taoping Inc., and its subsidiaries and other consolidated entities. All statements, other than statements of historical fact included herein, are “forward-looking statements” in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminologies such as “believes”, “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company and its subsidiaries and other consolidated entities or persons acting on their behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For further information, please contact:

Taoping Inc.

Chang Qiu
Email: [email protected]
http://www.taop.com/
or

Dragon Gate Investment Partners LLC

Tel: +1(646)-801-2803
Email: [email protected]

TORONTO, March 31, 2021 (GLOBE NEWSWIRE) —

• Mutual fund gross sales of $1 billion for the first quarter of 2021, an improvement of 85% year over year

• Mutual fund net sales of $385 million for the quarter

• Assets under management of $39.8 billion, 6% higher than prior year

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the first quarter ended February 28, 2021.

AGF reported total assets under management (AUM) of $39.8 billion compared to $37.4 billion as at February 29, 2020.

“This quarter marked one-year of managing our business through a pandemic. We acted swiftly to protect the health and safety of our employees, made effective use of technology and accelerated our digital transformation to put our clients first and position ourselves for success,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF.

“A year later, we are seeing the results of our efforts with higher retails sales numbers, strong investment performance and an improving share price,” added McCreadie.

AGF’s mutual funds net sales improved $729 million year over year, with total net sales of $385 million in Q1 2021, compared to net redemptions of $344 million in Q1 2020. Excluding net flows from institutional clients invested in mutual funds, retail mutual fund net sales were $376 million for the quarter compared to net redemptions of $141 million in the comparative period of 2020. AGF mutual fund gross sales totaled $1,042 million, an 85% improvement over prior year. Gross sales for long-term mutual funds improved 84% year-over-year, outpacing the industry year-over-year improvement of 36%.

Mutual fund sales momentum continued into March with AGF reporting mutual fund net sales of $211 million as at March 29, 2021 compared to net redemptions of $73 million for the same time last year. Retail mutual fund gross sales were up 120% year-over-year. 

“This quarter was our strongest retail sales quarter in over a decade,” said Judy Goldring, President and Head of Global Distribution, AGF. “I believe this is a testament to the quality and diversity of our relationships across channels, our consistent investment performance and a product line-up that is relevant, competitive and responsive to market trends with offerings through mutual funds, ETFs and separately managed accounts.”

Key Business Highlights:

• March 2021 marked the one-year anniversary of AGF operating as a mostly virtual firm as a result of the COVID-19 pandemic. Over the last 12 months, AGF continually evolved and embraced new ways of doing business while staying true to its legacy of delivering strong relative investment performance.

• Effective March 1, AGF reduced management fees for AGF Global Real Assets Class (Series F) and AGF Global Real Assets Fund (Series F and W).

• Subject to securityholder approval (at a meeting to be held on April 14, 2021), AGF is proposing changes to the investment objectives of AGF Diversified Income Class and AGF Diversified Income Fund to become sustainable balanced strategies.

• AGF remains committed to building its private alternatives business and as part of its extended partnership with SAF Group is operationally ready and beginning fundraising for the launch of a direct lending private credit strategy in Canada. AGF expects to seed the private credit offering and complete the first close in Q3 2021.

For further information on AGF’s pandemic response plan statement visit AGF.com.

 

Financial Highlights:

“We delivered strong mutual fund sales in the quarter, which will lead to future top line revenue growth, while having an initial short-term impact on profitability,” added McCreadie.

• The significant increase in mutual fund sales drove higher selling, general and administrative costs in the period associated with variable sales and investment performance-based compensation. Selling, general and administrative costs were $48.0 million for the three months ended February 28, 2021, compared to $45.3 million in 2020. In addition, the increase in the AGF.B share price during the quarter resulted in higher share-based compensation, which is marked to market. This increase in variable costs was partially offset by management’s continued focus on cost control as well as lower travel and entertainment costs as a result of the ongoing pandemic.

• EBITDA before commissions for the three months ended February 28, 2021 was $26.8 million, compared to $30.2 million in the prior year comparative period. Excluding Smith & Williamson (S&WHL), EBITDA before commissions for the three months ended February 28, 2021 was $26.8 million, compared to $25.7 million in the prior year comparative period.

• Management, advisory, administration fees and deferred sales charges were $102.9 million for the three months ended February 28, 2021, compared to $99.4 million in 2020. The increase in revenue is attributable to higher sales, increase in daily average mutual fund AUM and higher average revenue rate as a result of product mix.

• AGF’s interest in private alternative managers generated EBITDA of $0.8 million for the three months ended February 28, 2021 (2020 − $0.1 million), an increase of $0.7 million, as a result of the Company’s equity earnings in its private alternative managers.

• Adjusted net income for the three months ended February 28, 2021 was $5.6 million ($0.08 adjusted diluted EPS), compared to $10.8 million ($0.13 adjusted diluted EPS) in the prior year comparative period. Excluding S&WHL, net income for the prior year comparative period was $6.3 million ($0.07 adjusted diluted EPS). The significant growth in mutual fund sales as well as the increase in the Company’s stock price in the current quarter resulted in a short-term increase in variable sales compensation, DSC commissions and stock compensation, which were fully recognized in the period, resulting in a $0.06 negative impact to EPS.

	Three months ended
		February 28,			November 30,			February 29,
(in millions of Canadian dollars, except per share data)		2021			20201			20201
Income
Management, advisory, administration fees
and deferred sales charges	$	102.9		$	97.5		$	99.4
Share of profit of joint ventures		0.8			1.6			0.1
Dividend income (S&WHL)		–			–			4.5
Gain on sale of assets classified as held for sale,
net of currency hedge (S&WHL)		–			104.4			–
Fair value adjustments and other income		3.6			5.9			2.7
Total Income		107.3			209.4			106.7
Selling, general and administrative		48.0			43.1			45.3
EBITDA before commissions2		26.8			137.0			30.2
Adjusted EBITDA before commissions2		26.8			31.6			30.2
Net income		5.6			110.4			10.8
Adjusted net income2		5.6			15.0			10.8
Diluted earnings per share		0.08			1.43			0.13
Adjusted diluted earnings per share2		0.08			0.19			0.13
Free cash flow2		10.5			9.9			14.5
Dividends per share		0.08			0.08			0.08
Long-term debt		–			–			216.9

(end of period)	Three months ended
		February 28,			November 30,			August 31,			May 31,			February 29,
(in millions of Canadian dollars)		2021			2020			2020			2020			2020
Mutual fund assets under management (AUM)3	$	21,394		$	20,322		$	19,232		$	18,259		$	18,492
Institutional, sub-advisory and ETF accounts AUM		9,403			9,638			9,252			9,591			10,313
Private client AUM		6,300			6,043			5,773			5,624			5,905
Private alternatives AUM4		2,689			2,810			2,755			2,862			2,716
Total AUM, including private alternatives AUM		39,786			38,813			37,012			36,336			37,426
Net mutual fund sales (redemptions)3		385			88			(22)			(93)			(344)
Average daily mutual fund AUM3		21,118			19,487			18,879			17,386			19,462

1	Refer to Note 3 in the 2020 Consolidated Financial Statements for more information on the adoption of IFRS 16.
2	EBITDA before commissions (earnings before interest, taxes, depreciation, amortization and deferred selling commissions), adjusted EBITDA before commissions, adjusted net income, adjusted diluted earnings per share and Free Cash Flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
3	Mutual fund AUM includes retail AUM, pooled fund AUM and institutional client AUM invested in customized series offered within mutual funds.
4	Represents fee-earning committed and/or invested capital from AGF and external investors held through joint ventures. AGF’s portion of this AUM is $175.9 million. Of the $2.7 billion of AUM, 20% are non-fee earning assets.

For further information and detailed financial statements for the first quarter ended February 28, 2021, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedar.com.

Conference Call

AGF will host a conference call to review its earnings results today at 11 a.m. ET.

The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/zdnh924m. Alternatively, the call can be accessed toll-free in North America by dialing 1 (800) 708-4540 (Passcode #: 50108057).

A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With nearly $40 billion in total assets under management, AGF serves more than 700,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts and media, please contact:

Adrian Basaraba
Senior Vice-President and Chief Financial Officer
416-865-4203, [email protected]

Baoqin Guo

Vice-President, Finance
416-865-4228, [email protected]

Caution Regarding Forward-Looking Statements

This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies (such as COVID-19), natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2020 Annual MD&A.

SEATTLE, March 31, 2021 (GLOBE NEWSWIRE) — A major Seattle hospital serving a big population of immunocompromised patients, launched a new parking assist program powered by a.Lot Parking to adhere to the highest standards of infection protection practices when the first wave of COVID-19 hit.

The parking assist program proved to be key to easily adapt to evolving CDC guidelines for hospitals. When CDC recommended to limit and monitor points of entry to the facility, the new parking system with touchless access and payments proved to be critical to achieve the compliance.

The touchless a.Lot Parking access control solution utilizes very precise license plate recognition (LPR) technology and makes parking entry and exit totally seamless for the customers. The solution also includes touchless payment platform that eliminates the usage of ticket machines, validation stamps and pay-stations, reducing the risk of infection and solving the headache disinfecting the surfaces. The hospital could easily allocate a separate parking lot for doctors and nurses who now enjoy the highest degree of protection and the fastest entry to the facility.

Cory Burrows, CEO of Prime Parking, who assisted the hospital installing the a.lot Parking touchless solutions concludes: “In the face of COVID-19 an array of new technologies emerges helping hospitals to limit human to human and machine interactions. One of the important areas affected are the outdated parking facilities. A.lot parking proved to be the best choice for the hospital valued by both patients and healthcare personnel.”

About A.lot Parking:
A.lot Parking Solutions specializes in touchless parking management and access control systems for commercial buildings, healthcare facilities and hospitality industries. A.lot cloud based Parking Management Platform (PMP) use license plate recognition (LPR) for touchless access control and mobile app for touchless payments. The PMP offers comprehensive analytics platform and maximizes return on parking assets.

Contact:
Ada Jonuse | Head of Marketing and Product Manager | 888-884-9507
[email protected]
www.alotparking.com

About Prime Parking:

Prime is a full service transportation management company. Whether you need garage management services, enforcement, consulting, corporate shuttling or valet, Prime Parking Systems has you covered. We have strategic partnerships that allow for us to be nimble and flexible to the needs of each individual client and business case.

Contact:
Cory Burrows | CEO | 206-858-8252
[email protected]
www.parkwithprime.com

WILMINGTON, Mass., March 31, 2021 (GLOBE NEWSWIRE) — UniFirst Corporation (NYSE: UNF) (the “Company,” “UniFirst” or “we”) today reported results for its second quarter ended February 27, 2021 as compared to the corresponding period in the prior fiscal year:

Q2 2021 Financial Highlights

• Consolidated revenues for the second quarter decreased 3.2% to $449.8 million.
• Operating income was $40.7 million, a decrease of 7.8%.
• The quarterly tax rate decreased to 22.7% compared to 24.2% in the prior year.
• Net income decreased to $32.6 million, or 6.0%.
• Diluted earnings per share decreased to $1.71 from $1.82, or 6.0%.

Steven Sintros, UniFirst President and Chief Executive Officer, said, “During the quarter, our business and the economy continued to be impacted by the COVID-19 pandemic. In addition, our results were affected by the severe winter storms in Texas and the surrounding states during February.  Taking into account these challenges, we are pleased with the solid results for our quarter. I want to thank our Team Partners again sincerely for the tremendous effort they continue to put forth ensuring that they are taking care of each other and our customers during these challenging times. They truly continue to deliver in every way.”

Segment Reporting Highlights

Core Laundry Operations

• Revenues for the quarter decreased 3.4% to $398.2 million. This decrease was primarily due to the continued impact of the COVID-19 pandemic on our customers’ operations and wearer levels. In addition, severe winter storms in Texas and the surrounding states during February contributed to the decline.
• Operating margin decreased to 8.9% from 9.3%. This segment’s profitability was negatively impacted by the pandemic-related decline in rental revenues on our cost structure, the impact of the severe winter storms in Texas and the surrounding states during February as well as higher healthcare claims costs. These items were partially offset by lower merchandise and travel-related costs.

Specialty Garments

• Revenues for the quarter were $35.2 million, a decrease of 2.1%. This decrease was primarily due to decreased revenues from our U.S. and Canadian nuclear operations which were partially offset by higher direct sales in our cleanroom operations.
• Operating margin increased to 14.9% from 12.9% a year ago. This increase was primarily due to a higher gross margin on direct sales as well as lower travel-related costs. These benefits were partially offset by higher payroll costs as a percentage of revenues.
• Specialty Garments consists of nuclear decontamination and cleanroom operations, and its results can vary significantly due to seasonality and the timing of reactor outages and projects.

Balance Sheet and Capital Allocation

• Cash, cash equivalents and short-term investments totaled $509.6 million as of February 27, 2021.
• The Company had no long-term debt outstanding as of February 27, 2021.
• Under its previously announced stock repurchase program, the Company repurchased 12,200 shares of common stock for a total of $2.3 million during its second fiscal quarter of 2021. As of February 27, 2021, the Company had repurchased a total of 368,117 shares of common stock for a total of $61.8 million under the program.
• Weighted average shares outstanding – Diluted for the second quarter of fiscal 2021 and fiscal 2020 was 19.0 million and 19.1 million shares, respectively.

Financial Outlook

Mr. Sintros continued, “During the latter part of our second quarter, positive COVID-19 cases in the markets we serve declined sharply from the surge experienced over the holidays.  This decline has created more stability in our operating environment even though economic activity continues to be at reduced levels including in the energy dependent markets that we service. Although the recent impacts of COVID-19 could continue to change at any time, this recent stability has improved our ability to project our results over the remainder of our fiscal year.  At this time, we expect revenues for fiscal 2021 to be between $1.793 billion and $1.803 billion and fully diluted earnings per share to be between $7.30 and $7.65.”

Conference Call Information

UniFirst Corporation will hold a conference call today at 9:00 a.m. (ET) to discuss its quarterly financial results, business highlights and outlook. A simultaneous live webcast of the call will be available over the Internet and can be accessed at www.unifirst.com.

About UniFirst Corporation

Headquartered in Wilmington, Mass., UniFirst Corporation (NYSE: UNF) is a North American leader in the supply and servicing of uniform and workwear programs, as well as the delivery of facility service programs. Together with its subsidiaries, the Company also provides first aid and safety products, and manages specialized garment programs for the cleanroom and nuclear industries. UniFirst manufactures its own branded workwear, protective clothing, and floorcare products; and with 260 service locations, over 300,000 customer locations, and 14,000-plus employee Team Partners, the Company outfits nearly 2 million workers each business day. For more information, contact UniFirst at 800.455.7654 or visit UniFirst.com.

Forward-Looking Statements Disclosure

This public announcement contains forward-looking statements within the meaning of the federal securities laws that reflect the Company’s current views with respect to future events and financial performance, including projected revenues and earnings per share. Forward-looking statements contained in this public announcement are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and may be identified by words such as “estimates,” “anticipates,” “projects,” “plans,” “expects,” “intends,” “believes,” “seeks,” “could,” “should,” “may,” “will,” “strategy,” “objective,” “assume,” “strive,” or the negative versions thereof, and similar expressions and by the context in which they are used. Such forward-looking statements are based upon our current expectations and speak only as of the date made. Such statements are highly dependent upon a variety of risks, uncertainties and other important factors that could cause actual results to differ materially from those reflected in such forward-looking statements. Such factors include, but are not limited to, uncertainties caused by adverse economic conditions, including, without limitation, as a result of extraordinary events or circumstances such as the COVID-19 pandemic, and their impact on our customers’ businesses and workforce levels, disruptions of our business and operations, including limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers in connection with extraordinary events or circumstances such as the COVID-19 pandemic, uncertainties regarding our ability to consummate and successfully integrate acquired businesses, uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation, any adverse outcome of pending or future contingencies or claims, our ability to compete successfully without any significant degradation in our margin rates, seasonal and quarterly fluctuations in business levels, our ability to preserve positive labor relationships and avoid becoming the target of corporate labor unionization campaigns that could disrupt our business, the effect of currency fluctuations on our results of operations and financial condition, our dependence on third parties to supply us with raw materials, which such supply could be severely disrupted as a result of extraordinary events or circumstances such as the COVID-19 pandemic, any loss of key management or other personnel, increased costs as a result of any changes in federal or state laws, rules and regulations or governmental interpretation of such laws, rules and regulations, uncertainties regarding the price levels of natural gas, electricity, fuel and labor, the negative effect on our business from sharply depressed oil and natural gas prices, including, without limitation, as a result of extraordinary events or circumstances such as the COVID-19 pandemic, the continuing increase in domestic healthcare costs, increased workers’ compensation claim costs, increased healthcare claim costs, including as a result of extraordinary events or circumstances such as the COVID-19 pandemic, our ability to retain and grow our customer base, demand and prices for our products and services, fluctuations in our Specialty Garments business, political or other instability, supply chain disruption or infection among our employees in Mexico and Nicaragua where our principal garment manufacturing plants are located, including, without limitation, as a result of extraordinary events or circumstances such as the COVID-19 pandemic, our ability to properly and efficiently design, construct, implement and operate a new customer relationship management (“CRM”) computer system, interruptions or failures of our information technology systems, including as a result of cyber-attacks, additional professional and internal costs necessary for compliance with any changes in Securities and Exchange Commission, New York Stock Exchange and accounting rules, strikes and unemployment levels, our efforts to evaluate and potentially reduce internal costs, economic and other developments associated with the war on terrorism and its impact on the economy, the impact of foreign trade policies and tariffs or other impositions on imported goods on our business, results of operations and financial condition, general economic conditions, our ability to successfully implement our business strategies and processes, including our capital allocation strategies and the other factors described under “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended August 29, 2020, “Item 1.A. Risk Factors” and elsewhere in our Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.

Consolidated Statements of Income


(Unaudited)

(In thousands, except per share data)		Thirteen weeks ended February 27, 2021				Thirteen weeks ended February 29, 2020				Twenty-six weeks ended February 27, 2021				Twenty-six weeks ended February 29, 2020
Revenues		$	449,764			$	464,600			$	896,617			$	929,998
Operating expenses:
Cost of revenues (1)			289,455				301,422				565,255				590,738
Selling and administrative expenses (1)			93,329				93,080				182,032				183,608
Depreciation and amortization			26,287				25,971				52,595				51,430
Total operating expenses			409,071				420,473				799,882				825,776
Operating income			40,693				44,127				96,735				104,222
Other (income) expense:
Interest income, net			(863	)			(2,175	)			(1,431	)			(4,536	)
Other (income) expense, net			(584	)			539				165				1,067
Total other income, net			(1,447	)			(1,636	)			(1,266	)			(3,469	)
Income before income taxes			42,140				45,763				98,001				107,691
Provision for income taxes			9,555				11,083				23,520				24,769
Net income		$	32,585			$	34,680			$	74,481			$	82,922
Income per share – Basic:
Common Stock		$	1.80			$	1.90			$	4.10			$	4.55
Class B Common Stock		$	1.44			$	1.52			$	3.28			$	3.64
Income per share – Diluted:
Common Stock		$	1.71			$	1.82			$	3.91			$	4.34
Income allocated to – Basic:
Common Stock		$	27,349			$	29,129			$	62,520			$	69,654
Class B Common Stock		$	5,236			$	5,551			$	11,961			$	13,268
Income allocated to – Diluted:
Common Stock		$	32,585			$	34,680			$	74,481			$	82,922
Weighted average shares outstanding – Basic:
Common Stock			15,223				15,293				15,235				15,300
Class B Common Stock			3,643				3,643				3,643				3,643
Weighted average shares outstanding – Diluted:
Common Stock			19,037				19,105				19,032				19,114

      (1)   Exclusive of depreciation on the Company’s property, plant and equipment and amortization on its intangible assets.

Condensed Consolidated Balance Sheets
(Unaudited)

(In thousands)		February 27, 2021				August 29, 2020
Assets
Current assets:
Cash, cash equivalents and short-term investments		$	509,563			$	474,838
Receivables, net			204,068				190,916
Inventories			110,701				106,269
Rental merchandise in service			155,410				154,278
Prepaid taxes			5,263				7,115
Prepaid expenses and other current assets			38,459				35,918
Total current assets			1,023,464				969,334
Property, plant and equipment, net			599,144				582,470
Goodwill			429,511				424,844
Customer contracts and other intangible assets, net			85,142				85,536
Deferred income taxes			543				522
Operating lease right-of-use assets, net			41,203				42,710
Other assets			96,751				93,611
Total assets		$	2,275,758			$	2,199,027
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable		$	61,177			$	64,035
Accrued liabilities			152,171				132,965
Accrued taxes			—				527
Operating lease liabilities, current			12,783				12,569
Total current liabilities			226,131				210,096
Long-term liabilities:
Accrued liabilities			132,910				132,820
Accrued and deferred income taxes			87,229				85,721
Operating lease liabilities			28,378				29,261
Total liabilities			474,648				457,898
Shareholders’ equity:
Common Stock			1,523				1,525
Class B Common Stock			364				364
Capital surplus			86,979				86,645
Retained earnings			1,740,737				1,684,565
Accumulated other comprehensive loss			(28,493	)			(31,970	)
Total shareholders’ equity			1,801,110				1,741,129
Total liabilities and shareholders’ equity		$	2,275,758			$	2,199,027

Detail of Operating Results


(Unaudited)

Revenues

(In thousands, except percentages)		Thirteen weeks ended February 27, 2021				Thirteen weeks ended February 29, 2020				Dollar Change				Percent Change
Core Laundry Operations		$	398,235			$	412,192				(13,957	)			(3.4	)%
Specialty Garments			35,222				35,980				(758	)			(2.1	)%
First Aid			16,307				16,428				(121	)			(0.7	)%
Consolidated total		$	449,764			$	464,600			$	(14,836	)			(3.2	)%

(In thousands, except percentages)		Twenty-six weeks ended February 27, 2021				Twenty-six weeks ended February 29, 2020				Dollar Change				Percent Change
Core Laundry Operations		$	791,425			$	828,490			$	(37,065	)			(4.5	)%
Specialty Garments			73,356				69,382				3,974				5.7	%
First Aid			31,836				32,126				(290	)			(0.9	)%
Consolidated total		$	896,617			$	929,998			$	(33,381	)			(3.6	)%

Operating Income

(In thousands, except percentages)		Thirteen weeks ended February 27, 2021				Thirteen weeks ended February 29, 2020				Dollar Change				Percent Change
Core Laundry Operations		$	35,366			$	38,357			$	(2,991	)			(7.8	)%
Specialty Garments			5,234				4,627				607				13.1	%
First Aid			93				1,143				(1,050	)			(91.9	)%
Consolidated total		$	40,693			$	44,127			$	(3,434	)			(7.8	)%

(In thousands, except percentages)		Twenty-six weeks ended February 27, 2021				Twenty-six weeks ended February 29, 2020				Dollar Change				Percent Change
Core Laundry Operations		$	84,236			$	92,165			$	(7,929	)			(8.6	)%
Specialty Garments			12,393				9,506				2,887				30.4	%
First Aid			106				2,551				(2,445	)			(95.8	)%
Consolidated total		$	96,735			$	104,222			$	(7,487	)			(7.2	)%

Operating Margin

		Thirteen weeks ended February 27, 2021				Thirteen weeks ended February 29, 2020
Core Laundry Operations			8.9	%			9.3	%
Specialty Garments			14.9	%			12.9	%
First Aid			0.6	%			7.0	%
Consolidated total			9.0	%			9.5	%

		Twenty-six weeks ended February 27, 2021				Twenty-six weeks ended February 29, 2020
Core Laundry Operations			10.6	%			11.1	%
Specialty Garments			16.9	%			13.7	%
First Aid			0.3	%			7.9	%
Consolidated total			10.8	%			11.2	%

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)		Twenty-six weeks ended February 27, 2021				Twenty-six weeks ended February 29, 2020
Cash flows from operating activities:
Net income		$	74,481			$	82,922
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			52,595				51,430
Amortization of deferred financing costs			56				56
Share-based compensation			3,266				3,227
Accretion on environmental contingencies			224				269
Accretion on asset retirement obligations			492				463
Deferred income taxes			847				727
Other			19				16
Changes in assets and liabilities, net of acquisitions:
Receivables, less reserves			(12,511	)			(4,867	)
Inventories			(4,287	)			6,125
Rental merchandise in service			(338	)			6,839
Prepaid expenses and other current assets and Other assets			2,267				2,170
Accounts payable			(1,923	)			(5,815	)
Accrued liabilities			11,460				(1,752	)
Prepaid and accrued income taxes			1,368				(4,941	)
Net cash provided by operating activities			128,016				136,869
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired			(7,018	)			(41,021	)
Capital expenditures, including capitalization of software costs			(66,855	)			(62,271	)
Proceeds from sale of assets			281				236
Net cash used in investing activities			(73,592	)			(103,056	)
Cash flows from financing activities:
Proceeds from exercise of share-based awards			3				75
Taxes withheld and paid related to net share settlement of equity awards			(2,643	)			(3,281	)
Repurchase of Common Stock			(9,534	)			(14,203	)
Payment of cash dividends			(9,069	)			(6,609	)
Net cash used in financing activities			(21,243	)			(24,018	)
Effect of exchange rate changes			1,544				187
Net increase in cash, cash equivalents and short-term investments			34,725				9,982
Cash, cash equivalents and short-term investments at beginning of period			474,838				385,341
Cash, cash equivalents and short-term investments at end of period		$	509,563			$	395,323

Investor Relations Contact

Shane O’Connor, Executive Vice President & CFO
UniFirst Corporation        
978-658-8888
[email protected]

SHANGHAI, China and GAITHERSBURG, Md., March 31, 2021 (GLOBE NEWSWIRE) — I-Mab (the “Company”) (Nasdaq: IMAB), a clinical stage biopharmaceutical company committed to the discovery, development and commercialization of novel biologic, today announced its participation in the following conferences in April. Details of the conferences and management presentation are as follows:

20th Annual Needham Healthcare Conference (Virtual)

Presentation: Tuesday, April 13, 2021 at 8:45 a.m. ET
Presenter: Dr. Jingwu Zang, Founder, Chairman and Director

Webcast link: https://wsw.com/webcast/needham107/imab/2212474. The webcast will also be available under “Event Calendar” on IMAB’s IR website at http://ir.i-mabbiopharma.com/.

One-on-one meetings: April 12-15, 2021
Management participants: Dr. Jingwu Zang, Founder, Chairman and Director, Dr. Joan Huaqiong Shen, Director and Chief Executive Officer, Mr. Jielun Zhu, Director and Chief Financial Officer, and Ms. Leah Liu, Senior Director Investor Relations

For more information, please contact your Needham representative.

2021 Haitong Securities Spring Listed Companies Conference

Presentation: Thursday, April 15, 2021 at 11:00 a.m. Beijing Time
Presenter: Ms. Leah Liu, Senior Director Investor Relations
Location: Hangzhou

One-on-one and small group meetings: April 14-16, 2021
Management participant: Ms. Leah Liu, Senior Director Investor Relations

For more information, please contact your Haitong representative.

UBS Healthcare Summit 2021 (Virtual)

Management participants: Dr. Jingwu Zang, Founder, Chairman and Director, Dr. Joan Huaqiong Shen, Director and Chief Executive Officer, Mr. Jielun Zhu, Director and Chief Financial Officer, and Ms. Leah Liu, Senior Director Investor Relations

One-on-one and small group meetings: April 27-29, 2021

For more information, please contact your UBS representative.

About I-Mab

I-Mab (Nasdaq: IMAB) is an innovation-driven global biotech company focusing on discovery, development and soon commercialization of novel and highly differentiated biologics in immuno-oncology therapeutic area. The Company’s mission is to bring transformational medicines to patients around the world through drug innovation. I-Mab’s globally competitive pipeline of more than 15 clinical and pre-clinical stage drug candidates is driven by its internal R&D capability and global licensing partnerships, based on the Company’s unique Fast-to-Proof-of-Concept and Fast-to-Market pipeline development strategies. The Company is now rapidly progressing from a clinical stage biotech company to a fully integrated global biopharmaceutical company with cutting-edge global R&D capabilities, a world-class GMP manufacturing facility and commercialization capability. I-Mab has established its global footprint in Shanghai (headquarters), Beijing, Hangzhou and Hong Kong in China, and Maryland and San Diego in the United States. For more information, please visit http://ir.i-mabbiopharma.com and follow I-Mab on LinkedIn, Twitter and WeChat.

For more information, please contact:

I-Mab

Jielun Zhu, Chief Financial Officer
E-mail: [email protected]
Office line: +86 21 6057 8000

Gigi Feng, Chief Communications Officer
E-mail: [email protected]
Office line: +86 21 6057 5785

Investor Inquiries:

The Piacente Group, Inc.

Emilie Wu
E-mail: [email protected]
Office line: +86 21 6039 8363