Market Newsdesk

BRYAN, Texas, May 04, 2021 (GLOBE NEWSWIRE) — iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a biotech innovator and biologics contract manufacturing organization, announced today that it has successfully resolved its lawsuit with Fraunhofer USA, Inc. (“Fraunhofer USA”). The parties’ settlement confirms iBio’s ownership of certain intellectual property related to plant-based biopharmaceutical production. As part of the settlement, iBio granted Fraunhofer USA a fully paid-up license to use the recombinant protein manufacturing technologies that were the subject of litigation.

Tom Isett, Chairman and CEO of iBio, said, “We are pleased to see this matter resolved and to receive compensation for the use our intellectual property. iBio remains committed to relentlessly innovating in the area of plant-made biologics, while respecting fair competition and protecting our IP. As a result, this settlement gives assurance to our licensees and clients that they can continue to depend upon us to develop and enhance our FastPharming^® Technologies to provide them with the speed, scalability, and eco-friendly advantages of plant-based biologics development and manufacturing from iBio.”

The Settlement concludes the lawsuit that began in March 2015 in the Delaware Court of Chancery. In addition to an initial payment at signing which will cover iBio’s significant legal fees and expenses, Fraunhofer USA will make additional cash payments to iBio in March 2022 and March 2023. Certain details of the settlement are confidential.

About iBio, Inc.

iBio is a global leader in plant-based biologics manufacturing. Its FastPharming^® System combines vertical farming, automated hydroponics, and novel glycosylation technologies to rapidly deliver high-quality monoclonal antibodies, vaccines, bioinks and other proteins. iBio is developing proprietary products on the FastPharming Platform, which include biopharmaceuticals for the treatment of fibrotic and infectious diseases, amongst others. The Company’s subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services along with Glycaneering™ Development Services for advanced recombinant protein design. For more information, visit www.ibioinc.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding payments to be made by Fraunhofer USA and protecting the Company’s patent rights and trade secrets. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to expand its product pipeline, the Company’s ability to obtain regulatory approvals for commercialization of its product candidates, including its infectious disease vaccines, or to comply with ongoing regulatory requirements, regulatory limitations relating to its ability to promote or commercialize its product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products, its ability to maintain its license agreements, the continued maintenance and growth of its patent estate, its ability to establish and maintain collaborations, its ability to obtain or maintain the capital or grants necessary to fund its research and development activities, competition, its ability to retain its key employees or maintain its NYSE American listing, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended June 30, 2020 and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Form 10-Q and Form 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Contact:

Stephen Kilmer
iBio, Inc.
Investor Relations
(646) 274-3580
[email protected]

Santa Clara, CA and Kyoto, Japan, May 04, 2021 (GLOBE NEWSWIRE) — ROHM Semiconductor today announced the development of the GMR320 series of shunt resistors featuring a rated power of 10W, the largest in the high-power, low-ohmic GMR lineup designed for high-power applications in the automotive, industrial equipment, and home appliance sectors.

Recent years have seen an increasing demand in the automotive and industrial fields for higher power applications that consume less power. This in turn requires shunt resistors that support high accuracy current detection to achieve energy-efficient drive in a variety of applications. ROHM’s GMR series of shunt resistors enables high accuracy driving even at high power, making them ideal for applications in the automotive, industrial and consumer sectors.

The newly developed GMR320 series is offered in a resistance range from 5mΩ to 100mΩ and a rated power of 10W, making them ideal for vehicle ECUs and headlamps, as well as motors and power supplies for industrial equipment and home appliances. Unique materials and structure allow ROHM to reduce surface temperature rise by 23% over standard products, ensuring high durability against overcurrent loads, while superior heat dissipation makes it possible to achieve stable performance and the smallest size (7.1mm x 4.2mm) in the 10W class without a change in resistance value even at overcurrent loads.

At the same time, adopting a high-performance metal alloy as the resistive element provides a superior TCR of ±25ppm/°C or less – even in the low resistance region – enabling reliable, high accuracy current detection. The series is qualified under the AEC-Q200 automotive reliability standard for passive components, ensuring a maximum operating temperature of 170°C that provides high reliability even in vehicle environments where temperatures can be particularly severe, such as in the engine compartment.

Thermal simulation models for shunt resistors (including the new products) will also be available on ROHM’s website from October 2021, allowing users to perform simulations before designing the actual machine (even in high-power applications where thermal design is particularly difficult), considerably reducing design manhours.

For More Information

Visit www.rohm.com and watch the video: https://youtu.be/gWVMfTj5I-c

Attachments

• 4May21 GMR320 PR Img Orig
• 4May21 GMR320 Graphs

Travis Moench
ROHM Semiconductor
858.625.3600
[email protected]

Heather Savage
BWW Communications
720.295.0260
[email protected]

LINCOLN, Neb., May 04, 2021 (GLOBE NEWSWIRE) — National Research Corporation (NASDAQ: NRC) today announced results for the first quarter of 2021.

As we emerge from the impact of COVID-19, our focus continues on increasing revenue growth rate and enabling human understanding for the clients we serve. Our primary emphasis is on our organic growth levers of increasing revenue from our core offerings within our existing client base, as well as adding new clients to increase market share. As a result, revenue from our Voice of the Customer offerings increased by 19% in the first quarter of 2021 compared to 2020, and we continued our momentum of winning new clients, including Wake Forest Baptist Health, San Francisco Health Network and UC San Diego Health.

In the first quarter we also executed on our M&A growth strategy by acquiring the intellectual property of PatientWisdom, whose incremental capabilities will be introduced later this year to add significant value to our clients. We have adopted a capital allocation strategy that we expect will leverage our available liquidity, along with our continued strong free cash flow to support additional M&A activity, as well as provide returns to shareholders through our dividends.

Financial Results (Q1 2021 compared to Q1 2020):

• Total Recurring Contract Value growth of 6% to $149.5 million
• Revenue increased 5% to $35.5 million
• Operating Income increased 7% to $12.0 million

Continued demand for our solutions resulted in a 6% increase in Total Recurring Contract Value in the first quarter of 2021 compared to the first quarter 2020. We believe our solutions are highly differentiated in our client’s eyes against competitive offerings from firms outside of the healthcare industry and legacy vendors within as we continue to add new clients. We believe that every added client deepens our moat and brings additive value to all current partners through the network effect.

First quarter 2021 revenue was $35.5 million, an increase of 5% over first quarter 2020. The increase is net of a $605,000 decrease in conference revenue in the first quarter 2021 due to the timing of conferences and a virtual format in 2021 compared to a live format in 2020. Consolidated operating income for the first quarter 2021 was $12.0 million or a 7% increase over the same period last year.

Total operating expenses of $23.4 million for the first quarter 2021 increased by 3% compared to the first quarter 2020 total operating expenses of $22.7 million.

Direct expenses decreased to $11.9 million for the first quarter 2021, compared to $12.5 million for the first quarter 2020. Direct expenses as a percentage of revenue decreased to 34% in the first quarter 2021 compared to 37% in the first quarter 2020 due to decreases in variable expenses of $103,000 and fixed expenses of $502,000. Variable expenses decreased due to less postage, printing, and paper costs, partially offset by higher contracted services primarily resulting from changes in survey methodologies and decreased conference expenses due to the timing and format of conferences. Fixed expenses decreased primarily as a result of decreased contracted services and lower travel and meal costs due to restricted travel associated with COVID-19, partially offset by increased salary and benefit costs.

Selling, general and administrative expenses increased to $9.5 million for the first quarter 2021, compared to $8.7 million for the same period in 2020, primarily due to increases in software and platform hosting expenses, higher contracted services, increased salary and benefit costs, higher accounting and legal costs and additional building lease costs. These were partially offset by lower travel and meals costs due to restricted travel associated with COVID-19. Selling, general and administrative expenses were 27% of revenue for the first quarter 2021, compared to 26% of revenue for the first quarter of 2020.

Depreciation, amortization and impairment expense increased to $2.0 million in the first quarter of 2021 compared to $1.4 million in 2020, primarily due to our transformation to a distributed workforce environment which includes building renovations in our headquarters, as well as subleasing a remote office location which resulted in a right-of-use asset impairment and increased depreciation due to shortening the estimated useful lives of certain building assets. Depreciation, amortization and impairment expense was 6% of revenue for the first quarter 2021, compared to 4% of revenue for first quarter of 2020.

Other income and expense was $408,000 of other net expense in the first quarter 2021 compared to $176,000 of other net income in first quarter of 2020. This increase in other net expense was primarily due to revaluation on intercompany transactions due to changes in the foreign exchange rate. This was partially offset by decreased interest expense due to the declining balance on our term loan.

The Company had an income tax provision of $2.4 million for first quarter 2021 compared to $385,000 tax benefit in 2020 with an effective tax rate of 20% for first quarter 2021 compared to a 3% benefit in 2020. The effective tax rate increased due to decreased tax benefits of $2.8 million from the exercise and vesting of share-based compensation awards and higher state income taxes.

Net income for first quarter 2021 was $9.2 million, compared to $11.8 million for the same period last year. Diluted earnings per share decreased to $0.36 for the quarter ended March 31, 2021, from diluted earnings per share of $0.46 for the quarter ended March 31, 2020.

For more than 40 years, National Research Corporation has been a leading provider of analytics and insights that facilitate measurement and improvement of the patient and employee experience while also increasing patient engagement and customer loyalty for healthcare providers, payers and other healthcare organizations in the United States and Canada. Our purpose is to enable human understanding by helping our clients to understand the voice of the customer with greater clarity, immediacy and depth.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “believes,” “expect,” derivations thereof, and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements, including those risks and uncertainties as set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2020 and various disclosures in our press releases, stockholder reports, and other filings with the Securities and Exchange Commission. In this press release, the statements relating to future M&A activity, future payment of dividends, and the future impact of adding additional clients are forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.

NATIONAL RESEARCH CORPORATION AND SUBSIDIARY

Unaudited Condensed Consolidated Statements of Income

(In thousands, except per share data)

		Three months ended March 31,
			2021				2020
Revenue		$	35,464			$	33,860
Operating expenses:
Direct			11,940				12,546
Selling, general and administrative			9,520				8,749
Depreciation, amortization and impairment			1,984				1,371
Total operating expenses			23,444				22,666
Operating income			12,020				11,194
Other income (expense):
Interest income			3				11
Interest expense			(432	)			(465	)
Other, net			21				630
Total other income (expense)			(408	)			176
Income before income taxes			11,612				11,370
Income tax provision (benefit)			2,380				(385	)
Net income		$	9,232			$	11,755
Earnings Per Share of Common Stock:
Basic Earnings Per Share		$	0.36			$	0.47
Diluted Earnings Per Share		$	0.36			$	0.46
Weighted average shares and share equivalents outstanding
Basic			25,414				24,97
Diluted			25,668				25,725

NATIONAL RESEARCH CORPORATION AND SUBSIDIARY

Unaudited Condensed Consolidated Balance Sheets

(Dollars in thousands, except share amounts and par value)

		March 31, 2021				December 31, 2020
Assets
Current assets:
Cash and cash equivalents		$	43,454			$	34,690
Accounts receivable, net			14,296				13,923
Income taxes receivable			144				1,235
Other current assets			4,341				4,264
Total current assets			62,235				54,112
Property and equipment, net			11,533				11,726
Goodwill			61,614				57,255
Other, net			11,496				10,330
Total assets		$	146,878			$	133,423
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of notes payable		$	4,113			$	4,061
Accounts payable and accrued expenses			4,156				4,279
Accrued compensation			6,622				6,460
Income taxes payable			1,037				—
Deferred revenue			17,614				15,585
Other current liabilities			3,396				1,296
Total current liabilities			36,938				31,681
Notes payable, net of current portion			25,494				26,547
Other non-current liabilities			11,196				10,880
Total liabilities			73,628				69,108
Shareholders’ equity:
Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued			—				—
Common stock, $0.001 par value; authorized 60,000,000 shares, issued 30,850,131 in 2021 and 30,775,154 in 2020, outstanding 25,439,013 in 2021 and 25,390,968 in 2020			31				31
Additional paid-in capital			172,642				171,785
Retained earnings (accumulated deficit)			(52,143	)			(61,375	)
Accumulated other comprehensive loss, foreign currency translation adjustment			(2,343	)			(2,399	)
Treasury stock			(44,937	)			(43,727	)
Total shareholders’ equity			73,250				64,315
Total liabilities and shareholders’ equity		$	146,878			$	133,423

Contact:	Kevin R. Karas
	Chief Financial Officer
	402-475-2525

TORONTO, May 04, 2021 (GLOBE NEWSWIRE) — European Residential Real Estate Investment Trust (“ERES” or the “REIT”) (TSX: ERE.UN) announced today its results for the three months ended March 31, 2021.

FIRST QUARTER 2021 HIGHLIGHTS

• Strong operating results continued for the three months ended March 31, 2021, fueled by accretive acquisitions since the comparable prior year period and ongoing strong rental growth, with a 3.9% increase in both stabilized Net Average Monthly Rent (“AMR”) and stabilized Occupied AMR.
• Turnover was 3.8% for the three months ended March 31, 2021, with rental uplift on turnover of 13.3% for the period, compared to turnover of 4.1% and rental uplift on turnover of 7.9% in the prior year period.
• Occupancy for both the residential and commercial properties remained stable at 98.3% and 100.0%, respectively, as at March 31, 2021, with 78% of residential vacancy in the current period due to renovation.
• NOI increased by 10% for the three months ended March 31, 2021 compared to the first quarter of 2020, primarily due to contribution from accretive acquisitions since the prior year period as well as the aforementioned higher monthly rents, supporting a stable NOI margin of 75.5%.
• The REIT continues to collect residential rental revenue at a rate consistent with its historical average, and its two office properties also provide stable and consistent cash flows.
• The fair value of the REIT’s property portfolio remained stable at €1.47 billion as at March 31, 2021, consisting of €1.36 billion in multi-residential properties and €0.11 billion in commercial properties.
• Liquidity and leverage remain strong, supported by the REIT’s staggered mortgage profile with a four-year weighted average term to maturity and a weighted average effective interest rate of 1.61%. The REIT has immediately available liquidity of €101 million as at March 31, 2021, and its total debt to gross book value is 47.3%.
• On March 10, 2021, the REIT extended its Pipeline Agreement with CAPREIT for an additional two-year period, ending on March 29, 2023, under the same terms and conditions, which makes available to the REIT a further €165 million to acquire properties.
• On February 23, 2021, the Board of Trustees approved an increase in the REIT’s monthly distribution from its previous rate of €0.00875 per Unit (equivalent to €0.105 per Unit annualized) to €0.00917 per Unit (equivalent to €0.110 per Unit annualized). Accordingly, during the three months ended March 31, 2021, the REIT declared monthly distributions of €0.00875 per Unit in respect of January and February, and €0.00917 per Unit in respect of March.

“In passing the two-year milestone since ERES’s inception, we reflect on what has proven to be an extremely atypical operating environment, characterized by extraordinary uncertainty and volatility, and these circumstances have provided the backdrop to more than half of our historical record thus far,” commented Phillip Burns, Chief Executive Officer. “In this context, we are very pleased with ERES’s strong and stable performance and the track record it has established to date, which highlights the core value inherent in our strategy. This first quarter of 2021 has been no exception to that trend, and while we will continue to strengthen operationally and grow internally, we continue to aim to grow externally through accretive acquisitions in the quarters to come.”

STEADFAST OPERATIONAL GROWTH, DESPITE CONTINUING ADVERSITY

For the three months ended March 31, 2021, property revenues were €18.8 million, up from €17.1 million for the three months ended March 31, 2020. The increase is primarily due to accretive acquisitions since the prior year period and an increase in AMR on the stabilized portfolio. Stabilized Net AMR for the multi-residential portfolio increased by 3.9% to €890 per suite at March 31, 2021, from €857 per suite at the same time last year, driven by increased rents on annual indexation, turnover and conversion of regulated suites to liberalized suites. Stabilized Occupied AMR also increased by 3.9% compared to the prior year period.

Net Operating Income (“NOI”) was €14.2 million for the three months ended March 31, 2021, up from €13.0 million for the three months ended March 31, 2020. The increase in NOI was likewise driven by contribution from acquisitions since the prior year period as well as higher monthly rents on stabilized properties. This was offset by higher property operating costs as a percentage of operating revenues, primarily due to higher R&M, including an increase in cleaning costs associated with the third wave of the COVID-19 pandemic, as well as certain one-time recoverable R&M expenses incurred in the REIT’s commercial portfolio. In aggregate, total portfolio NOI margin remained strong at 75.5% for the three months ended March 31, 2021, compared to 76.0% in the quarter ended March 31, 2020.

Funds from Operations (“FFO”) for the three months ended March 31, 2021 were €8.3 million (€0.036 per Unit), compared to €7.6 million (€0.033 per Unit) in the prior year period. Adjusted Funds from Operations (“AFFO”) for the three months ended March 31, 2021 were €7.3 million (€0.032 per Unit), compared to €6.8 million (€0.030 per Unit) in the same prior year period. The increases in FFO and AFFO were driven by the positive impact of increased stabilized NOI and accretive acquisitions since the prior year period. FFO and AFFO are calculated in accordance with the recommendations of the Real Property Association of Canada (“REALpac”) as published in its white paper in February 2019 with the exception of certain adjustments which are: (i) general and administrative expenses related to structuring and (ii) acquisition research costs.

STRONG AND CONSERVATIVE FINANCIAL POSITION

ERES’s liquidity and leverage remain strong, supported by the REIT’s staggered mortgage profile with a four-year weighted average term to maturity and a weighted average effective interest rate of 1.61%. The majority of the REIT’s mortgages are also non-amortizing, with no maturities occurring until December 2022. The REIT has immediately available liquidity of €101 million as at March 31, 2021, and its total debt to gross book value is 47.3%.

“The extension of the Pipeline Agreement with CAPREIT during the first quarter of 2021 further expands ERES’s strong standalone liquidity position, providing a significant supplemental source of in-place capital to bolster acquisition capacity,” added Stephen Co, Chief Financial Officer. “This is symbolic of ERES’s intentions for 2021 and onward, while also representing CAPREIT’s support for ERES.”

DISTRIBUTIONS

During the three months ended March 31, 2021, the REIT declared monthly distributions of €0.00875 per Unit (equivalent to €0.105 per Unit annualized) in respect of January and February, and €0.00917 per Unit (equivalent to €0.110 per Unit annualized) in respect of March, following an increase in the REIT’s monthly distribution rate. Such distributions are paid to Unitholders of record on each record date, on or about the 15th day of the month following the record date. The REIT intends to continue to make regular monthly distributions, subject to the discretion of its Board of Trustees.

CONFERENCE CALL

A conference call hosted by Phillip Burns, Chief Executive Officer and Stephen Co, Chief Financial Officer, will be held on Wednesday, May 5, 2021 at 9:00 am EST. The telephone numbers for the conference call are: Local/International: (416) 406-0743, North American Toll Free: (800) 898-3989. The Passcode for the call is 5247379#.

A slide presentation to accompany Management’s comments during the conference call will be available an hour and a half prior to the conference call. To view the slides, access the ERES REIT website at www.eresreit.com, click on “Investor Info”, and follow the link at the top of the page. Please log on at least 15 minutes before the call commences.

The telephone numbers to listen to the call after it is completed (Instant Replay) are local/international (905) 694-9451 or North American toll free (800) 408-3053. The Passcode for the Instant Replay is 3781063#. The Instant Replay will be available until midnight, May 30, 2021. The call and accompanying slides will also be archived on the ERES REIT website at www.eresreit.com.

FINANCIAL AND OPERATING HIGHLIGHTS

Financial Highlights

For the Three Months Ended March 31,	2021				2020
Portfolio Performance
Residential Properties
Residential Occupancy 1	98.3		%		98.3		%
Residential Net AMR 1	€	886			€	857
Number of residential suites 1	6,047				5,632
Commercial Properties
Commercial Occupancy 1	100.0		%		100.0		%
Commercial Net ABR 1	€	17.8			€	17.7
GLA of commercial properties (sqf) 1	450,911				450,911
Operating Revenues (000s)	€	18,822			€	17,060
NOI (000s)	€	14,210			€	12,965
NOI Margin	75.5		%		76.0		%
Financial Performance
FFO per Unit – Basic 2, 3	€	0.036			€	0.033
AFFO per Unit – Basic 2, 3	€	0.032			€	0.030
Cash distributions per Unit 3	€	0.026			€	0.026
FFO payout ratio 2, 3	74.0		%		79.2		%
AFFO payout ratio 2, 3	83.9		%		88.9		%
Liquidity and Leverage
Total Debt to Gross Book Value 1, 4	47.3		%		44.8		%
Weighted Average Mortgage Effective Interest Rate 1, 5	1.61		%		1.64		%
Weighted Average Mortgage Term (years) 1	4.16				5.09
Debt Service Coverage (times) 6	3.49				3.24
Interest Coverage Ratio (times) 6	4.01				3.72
Available Liquidity	€	100,636			€	87,082

¹ As at March 31.
² These measures are not defined by International Financial Reporting Standards (“IFRS”), do not have standard meanings and may not be comparable with other industries or companies
³ Includes Class B LP Units.
⁴ Gross book value is defined as the gross book value of the REIT’s assets as per the REIT’s financial statements, determined on a fair value basis for investment properties.
⁵ Includes impact of deferred financing costs, fair value adjustment and interest rate swaps.
⁶ Based on trailing four quarters.

For the Three Months Ended March 31,	2021				2020
Other Measures
Weighted Average Number of Units – Basic 1 (000s)	230,803				230,578
Closing Price of REIT Units 2, 3	€	2.93			€	2.39
Closing Price of REIT Units (in C$) 2	$	4.33			$	3.72
Market Capitalization (millions) 1, 2, 3	€	677			€	550
Market Capitalization (millions in C$) 1, 2	$	1,000			$	858

¹ Includes Class B LP Units.
² As at March 31.
³ Based on the foreign exchange rate of 1.4759 on March 31, 2021 (foreign exchange rate of 1.5584 on March 31, 2020).

ERES’s unaudited consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2021 can be found at www.eresreit.com or under ERES’s profile at www.sedar.com.

About European Residential Real Estate Investment Trust

ERES is an unincorporated, open-ended real estate investment trust. ERES’s REIT Units are listed on the TSX under the symbol ERE.UN. ERES is Canada’s only European-focused multi-residential REIT, with a current initial focus on investing in high-quality multi-residential real estate properties in the Netherlands. ERES owns a portfolio of 139 multi-residential properties, comprised of 6,047 suites and ancillary retail space located in the Netherlands, and owns one office property in Germany and one office property in Belgium.

ERES’s registered and principal business office is located at 11 Church Street, Suite 401, Toronto, Ontario M5E 1W1.

For more information please visit our website at www.eresreit.com.

For further information:

Phillip Burns	Stephen Co
Chief Executive Officer	Chief Financial Officer
Email: [email protected]	Email: [email protected]

Category: Earnings

Certain statements contained in this press release constitute forward-looking statements within the meaning of applicable Canadian securities laws which reflect ERES’s current expectations and projections about future results. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “consider”, “should”, “plans”, “predict”, “estimate”, “forward”, “potential”, “could”, “likely”, “approximately”, “scheduled”, “forecast”, “variation” or “continue”, or similar expressions suggesting future outcomes or events. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although ERES believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements.

Except as specifically required by applicable Canadian securities law, ERES does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. These forward-looking statements should not be relied upon as representing ERES’s views as of any date subsequent to the date of this press release.

ERES uses financial measures regarding itself, such as adjusted funds from operations, that do not have standardized meaning under IFRS and may not be comparable to similar measures presented by other entities (“non-IFRS measures”). Further information relating to non-IFRS measures, is set out in ERES’s annual information form dated March 30, 2021 under the heading “Non-IFRS Measures” and in ERES’s MD&A under the heading “Non-IFRS Financial Measures.”

 

DALLAS, May 04, 2021 (GLOBE NEWSWIRE) — CMB Regional Centers (CMB) is proud to announce that we have now achieved over 5,000 I-526 petition approvals for our EB-5 investors. “CMB is honored to have assisted so many investor families with this milestone”, says Noreen Hogan (President – CMB Regional Centers). “The EB-5 process can be daunting, but at CMB we strive to simplify the process and offer our investors the best projects in the industry to provide them with confidence during their path to permanent residency in the United States.”

The I-526 petition is the first formal filing step in an investor’s EB-5 process. The I-526 is compiled with information from both the regional center (information related to the investment into the defined project) and the immigrant investor’s immigration attorney (individual investor’s information). The I-526 is filed by the investor’s immigration attorney with the United States Citizenship and Immigration Services (USCIS) to show that the petitioner’s EB-5 investment will meet the requirements of the law. An I-526 approval qualifies the EB-5 investor and their qualifying family members to receive a visa for conditional permanent residence in the United States.

Approval of the I-526 petition is the crucial first step in an investor’s EB-5 journey, but it’s certainly not the last. The I-526 petition outlines, among other things, what the EB-5 project will do to meet the “at risk” and job creation requirements of the program. The I-829 petition, which removes the conditions attached to the investor’s visa and provides true permanency, demonstrates what the project has done.

For over 23 years CMB has continued to be a leader in the EB-5 industry and with over 1,600 EB-5 investors that have received an I-829 petition approval, CMB has proven our ability to show our investors EB-5 success in deeds, not just words. CMB’s EB-5 partnerships continue to maintain a 100% project approval rate at both the I-526 and the I-829 stages. What’s more CMB has returned investment capital to over 1,900 EB-5 investor families. Having investors reach these milestones is the true measure of success for any regional center in the EB-5 industry.

The EB-5 Visa Program was enacted by the U.S. Congress over 30 years ago and shortly after in 1992 Congress created the regional center pilot program. The purpose of creating the regional center program, was to allow immigrant investors the ability to pool their EB-5 investment capital to undertake larger projects and meet the necessary job creation requirements. CMB, one of the first EB-5 regional centers, now operates 15 regional centers that can undertake EB-5 investment opportunities in 22 States and Washington D.C.

If you are considering the EB-5 Investor Visa program as a route to permanent residence in the United States, learn more about CMB and our current investment opportunities HERE.

CMB engages Prevail Capital, LLC, a broker-dealer registered with the SEC and a member of FINRA and SIPC, to be the administrative placement agent for all CMB EB-5 partnerships.

If you would like to contact CMB Regional Centers please call +1-309-797-1550 or email us at [email protected]