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Sweden Adding to BvS10 Fleet, Ordering 127 More of the All-Terrain Vehicles

Sweden Adding to BvS10 Fleet, Ordering 127 More of the All-Terrain Vehicles

ÖRNSKÖLDSVIK, Sweden–(BUSINESS WIRE)–
BAE Systems has signed a contract worth around $200 million to produce and deliver 127 BvS10 all-terrain vehicles to the Swedish Army, adding to its existing fleet of BvS10s.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210503005194/en/

BAE Systems will produce and deliver 127 BvS10 all-terrain vehicles to the Swedish Army, as it expands its existing fleet of BvS10s to meet mission requirements. The vehicle can traverse rock, mountains, snow, and swamps and its amphibious capability allows it to seamlessly transition to swimming. Photo: BAE Systems

BAE Systems will produce and deliver 127 BvS10 all-terrain vehicles to the Swedish Army, as it expands its existing fleet of BvS10s to meet mission requirements. The vehicle can traverse rock, mountains, snow, and swamps and its amphibious capability allows it to seamlessly transition to swimming. Photo: BAE Systems

The contract signed with the Swedish military procurement agency, FMV, is for both command and control and logistics vehicles. Deliveries of the 127 vehicles are planned to begin in 2022 and complete in 2024.

The vehicle can traverse rocks, mountains, snow, swamps, and Arctic environments, and its amphibious capability allows it to seamlessly transition to swimming. The BvS10’s flexible and modular design accommodates changing mission requirements, including advanced battle management.

Sweden already operates the BvS10 as well as its predecessor Bv206, and adding more BvS10s to the fleet will increase the Army’s ability to carry out its mission.

“The investment from Sweden provides the Swedish Army with more of these extremely mobile, capable and robust vehicles. This continued investment in the BvS10 is an important step toward further opportunities in Sweden and internationally for the BvS10 and its Beowulf unarmored variant,” said Tommy Gustafsson-Rask, managing director of BAE Systems Hägglunds. “This also demonstrates the strong and trusted relationship between BAE Systems and the Swedish customer to deliver the capabilities the Swedish military needs.”

The Swedish BvS10s feature enhanced crew ergonomics, greater internal volume, and advanced protection, building on BAE Systems’ legacy Bv206 vehicles, of which more than 10,000 have been sold to more than 40 countries. The BvS10 has been deployed for missions to Afghanistan, Central Africa, the Balkans, and the Middle East.

“We see an increased interest from many countries for extreme mobility capabilities, such as those seen on our BvS10 and Beowulf platforms. We are especially looking forward to the joint four-nations collaborative all-terrain procurement involving Germany, the Netherlands, Sweden, and the United Kingdom,” added Gustafsson-Rask.

Today Austria, France, the Netherlands, Sweden, and the United Kingdom are operators of the BvS10.

For additional information, please contact:

Ola Thorén, BAE Systems Hägglunds
Office: +46 660 80506; Mobile: +46 708 335000

[email protected]

Rebecca Surtees, BAE Systems, Inc.

Mobile: +44 (0)7825 948274

[email protected]

www.baesystems.com

@BAESystemsInc

KEYWORDS: Sweden Europe

INDUSTRY KEYWORDS: Automotive Defense Aerospace Manufacturing Performance & Special Interest Contracts

MEDIA:

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BAE Systems will produce and deliver 127 BvS10 all-terrain vehicles to the Swedish Army, as it expands its existing fleet of BvS10s to meet mission requirements. The vehicle can traverse rock, mountains, snow, and swamps and its amphibious capability allows it to seamlessly transition to swimming. Photo: BAE Systems
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AXIM Biotechnologies Introduces Diagnostics to Measure Immunity Against Emerging SARS-CoV-2 Variants

SAN DIEGO, May 03, 2021 (GLOBE NEWSWIRE) — AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech,” “AXIM” or “the Company”), an international healthcare solutions company targeting oncological and COVID-19 research, announced today a new ELISA test that measures levels of neutralizing antibodies against six common variants of SARS-CoV-2 virus. The Company has also filed for patent protection for the diagnostic test.

SARS-CoV-2 variants from Brazil, South Africa, California and Britain have been shown to be more infectious and potentially more deadly than the original Wuhan strain due to mutations in the viral spike protein. This has caused concern because current COVID-19 vaccines are based on the spike protein in the Wuhan strain and it is not known how well the vaccines protect against the other variants.

AXIM Biotechnologies recently developed a new test that measures levels of immune protection against each of the variants of SARS-CoV-2 in parallel fashion. The test takes less than two hours to complete and can provide an indication of relative risk of infection with each variant.

The ELISA test is the most widely used type of immunoassay in diagnostic and research labs. ELISA is a high throughput test used to detect or quantify various biomolecules, including antibodies against pathogens or pathogen-derived proteins. ELISA is simple, sensitive, requires only microliter quantities of test samples and can be automated.

John W. Huemoeller II, AXIM® Biotech CEO, commented: “The new test may also provide vaccine companies with valuable information for how well their vaccines protect against SARS-CoV-2 variants. If vaccine companies begin to include variants in their vaccine, the new test will be able to measure specific protective antibody responses to the variants. We hope this cutting edge work will be helpful as the more infectious variants begin to predominate worldwide.”

About AXIM® Biotechnologies

Founded in 2014, AXIM® Biotechnologies, Inc. (AXIM) is a vertically integrated research and development company focused on changing diagnosis and treatment for oncology and SARS-CoV-2 (COVID-19). AXIM’s COVID-19 rapid neutralizing antibody test is the first rapid diagnostic test measuring levels of functional neutralizing antibodies that are believed to prevent SARS-CoV-2 from entering the host cells. Additionally, the Company is developing rapid diagnostic tests for the early detection of cancer and proprietary small molecules drugs to treat cancer and block metastasis. For more information, please visit www.AXIMBiotech.com.

Forward-Looking Statements

The statements made by AXIM Biotechnologies Inc., in this press release may be “forward-looking” in nature within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe Axim’s future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Axim Biotechnologies, Inc. Actual results could differ materially from those projected due to there being no assurance that our diagnostic candidate will be successfully shown to detect SARS-CoV-2 neutralizing antibodies, that the diagnostic candidate will be approved for use by the U.S. FDA or any equivalent foreign regulatory agency, that the diagnostic candidate can be manufactured in large quantities or that third parties with an established presence in blood collection clinics, vaccine development, employer or individual use will enter into agreements or purchase from the Company, and even if the Company’s diagnostic candidate is successful, it may generate only limited revenue and profits for the Company, including whether any of Axim’s diagnostic products will receive clearance from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies to sell its products and whether and when, if at all, they will receive final approval from the U.S. FDA or equivalent foreign regulatory agencies, the fact that there has never been a commercial diagnostic test utilizing neutralizing antibodies approved for use and various other factors detailed from time to time in Axim’s SEC reports and filings, including our Annual Report on Form 10-K filed on May 13, 2020 and our subsequent quarterly report on Form 10-Q filed on June 30, 2020, and other reports we file with the SEC, which are available at www.sec.gov. Axim Biotechnologies, Inc., undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, unless otherwise required by law.

CONTACT:

Public Relations Contact:

Kathryn Brown
Account Supervisor
CMW Media
P. 858-264-6600
[email protected]
www.cmwmedia.com

AXIM Corporate Contact Info:

6191 Cornerstone Ct., Ste. 114
San Diego, CA 92121, USA
P. 858-923-4422

Investor Relations Contact:

[email protected]
888-759-0844



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FBL Financial Group Reports First Quarter 2021 Results

FBL Financial Group Reports First Quarter 2021 Results

Company Highlights

  • First quarter 2021 net incomeattributable to FBL Financial Group of $27.7 million, or $1.13 per diluted common share. 
  • First quarter 2021 adjusted operating income(1) of $23.5 million, or $0.96 per diluted common share.

WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL Financial Group for the first quarter of 2021 of $27.7 million, or $1.13 per diluted common share, compared to a net loss of $2.5 million, or $0.10 per diluted common share, for the first quarter of 2020. Adjusted operating income(1) totaled $23.5 million, or $0.96 per common share, for the first quarter of 2021, compared to $19.6 million, or $0.79 per common share, for the first quarter of 2020. First quarter 2021 earnings reflect:

  • Higher equity income
  • Favorable market performance resulting in lower amortization of acquisition costs on the closed block of variable business
  • The benefit of other investment-related income
  • Death benefits in line with expectations
  • A lower effective tax rate
  • Continued investment in the Wealth Management business

Adjusted operating income differs from the GAAP measure, net income attributable to FBL Financial Group, in that it excludes expenses associated with the proposed acquisition, realized gains and losses on investments including the change in fair value of equity securities, the change in allowances for credit losses on investments and the change in fair value of derivatives. For further information on this non-GAAP financial measure, please refer to Note (1) and the reconciliation provided within this release.

“FBL Financial Group delivered solid earnings for the first quarter of 2021 with adjusted operating income of $0.96 per share, which exceeded our expectations,” said Daniel D. Pitcher, Chief Executive Officer. “Results benefited from higher equity income and the impact of positive market performance. As we move forward in 2021, we remain focused on fulfilling our purpose to protect livelihoods and futures.”

Product Revenues

Premiums and product charges for the first quarter of 2021 totaled $84.8 million compared to $81.0 million in the first quarter of 2020. Interest sensitive product charges increased three percent while traditional life insurance premiums increased five percent during the quarter. Premiums collected(2) in the first quarter of 2021 totaled $153.0 million compared to $154.0 million in the first quarter of 2020. Total life insurance premiums collected increased three percent while annuity premiums collected decreased four percent, reflecting the impact of lower market interest rates.

Investment Income

Net investment income in the first quarter of 2021 totaled $100.1 million, compared to $74.9 million in the first quarter of 2020. This increase reflects a change in the fair value of derivatives, an increase in average invested assets and higher investment yields. The annualized yield earned on average invested assets, with securities at amortized cost, including investments held as securities and indebtedness of related parties, was 4.75 percent for the three months ended March 31, 2021 compared to 4.72 percent for the three months ended March 31, 2020. The increase in yield is attributable to an increase in other investment-related income, primarily from prepayment fee income. At March 31, 2021, 96 percent of the fixed maturity securities in FBL Financial Group’s investment portfolio were investment grade debt securities.

Benefits and Expenses

Benefits and expenses totaled $163.9 million in the first quarter of 2021, compared to $141.1 million in the first quarter of 2020. Death benefits, net of reinsurance and reserves released, totaled $34.9 million in the first quarter of 2021, compared to $29.8 million in the first quarter of 2020. While net death benefit expense in the first quarter of 2021 was in line with expectations, FBL Financial Group did experience an increase in the number of claims with COVID-19 as the reported cause of death. The change in fair value of the embedded derivatives on our index products is included in interest sensitive product benefits. Included in benefits and expenses in the first quarter of 2021 is lower than expected amortization of acquisition costs as a result of favorable market performance. Other expenses in the first quarter of 2021 include $2.6 million of transaction expenses related to FBL Financial Group’s proposed merger.

Net Realized Gains/Losses

In the first quarter of 2021, FBL Financial Group recognized net realized gains on investments of $0.2 million. This is attributable to realized gains on sales of $0.1 million, realized losses on sales of $0.9 million and a loss from equity securities held at quarter end of $0.1 million. In addition, in the first quarter of 2021, $1.1 million was recorded as a decrease to the allowance for credit losses.

Capital and Book Value

As of March 31, 2021, the book value per share of FBL Financial Group common stock totaled $60.95, compared to $69.24 at December 31, 2020. Book value per share, excluding accumulated other comprehensive income(3),totaled $45.78 at March 31, 2021, compared to $45.16 at December 31, 2020. The March 31, 2021 company action level risk based capital ratio of FBL Financial Group’s wholly owned subsidiary, Farm Bureau Life Insurance Company, was approximately 531 percent.

Farm Bureau Property & Casualty Insurance Company Transaction

Separately, FBL Financial Group issued a news release today announcing that it has agreed to amend its previously-announced definitive merger agreement with Farm Bureau Property & Casualty Insurance Company (“FBPCIC”), dated January 11, 2021. Pursuant to the amended definitive agreement, FBPCIC increased the offer price to acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock that neither FBPCIC nor the Iowa Farm Bureau Federation (“IFBF”) currently own to $61.00 per share in cash. The amendment was approved by the Boards of Directors of both FBPCIC and FBL Financial Group. The previously-adjourned Special Meeting of Shareholders of FBL Financial Group to approve, among other things, the proposal to adopt the Merger Agreement will reconvene on May 21, 2021 at 10:00 a.m. Central Time at FBL Financial Group’s headquarters at 5400 University Avenue, West Des Moines, Iowa 50266. Additional details can be found in the news release.

Further Financial Information

Further information on FBL Financial Group’s financial results, including results by segment, may be found in FBL Financial Group’s financial supplement, available on its website, www.fblfinancial.com.

Forward-Looking Statements

Certain statements in this release concerning FBL Financial Group’s prospects for the future are forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act. These statements generally can be identified by their context, including terms such as “believes,” “anticipates,” “expects,” or similar words. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statement. These risks and uncertainties are detailed in FBL Financial Group’s reports filed with the Securities and Exchange Commission and include, but are not limited to, risks related to the proposed transaction with Farm Bureau Property & Casualty Insurance Company, including failure to complete the proposed transaction, the incurrence of costs related to the proposed transaction and operational disruptions resulting from the proposed transaction, changes in interest rates, difficult conditions in financial markets and the economy, lack of liquidity and access to capital, investment valuations, competitive factors, a decrease in ratings, changes in laws and regulations, differences between actual claims experience and underwriting assumptions, relationships with Farm Bureau organizations, the ability to attract and retain sales agents, adverse results from litigation and the impact of the COVID-19 pandemic and any future pandemics. These forward-looking statements are based on assumptions which FBL Financial Group believes to be reasonable; however, no assurance can be given that the assumptions will prove to be correct. FBL Financial Group undertakes no obligation to update any forward-looking statements.

About FBL Financial Group

FBL Financial Group is a holding company with the purpose to protect livelihoods and futures. Operating under the consumer brand name Farm Bureau Financial Services, its affiliates offer a broad range of life insurance, annuity and investment products distributed by multiline exclusive Farm Bureau agents. Helping complete the financial services offering, advisors offer wealth management and financial planning services. In addition, FBL Financial Group manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee. Headquartered in West Des Moines, Iowa, FBL Financial Group is traded on the New York Stock Exchange under the symbol FFG. For more information, please visit www.fblfinancial.com and www.fbfs.com.

– FINANCIAL INFORMATION AND NOTES FOLLOW –

FBL Financial Group, Inc.

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands, except per share data)
 

 

Three months ended

March 31,

 

2021

 

2020

Revenues:

 

 

 

Interest sensitive product charges

$

32,741

 

 

$

31,720

 

Traditional life insurance premiums

52,010

 

 

49,308

 

Net investment income

100,111

 

 

74,917

 

Net realized capital losses

(869)

 

 

(13,401)

 

Change in allowance for credit losses on investments

1,113

 

 

(12,261)

 

Other income

6,320

 

 

4,980

 

Total revenues

191,426

 

 

135,263

 

 

 

 

 

Benefits and expenses:

 

 

 

Interest sensitive product benefits

60,503

 

 

44,351

 

Traditional life insurance benefits

49,848

 

 

46,208

 

Policyholder dividends

1,605

 

 

2,529

 

Underwriting, acquisition and insurance expenses

38,274

 

 

39,421

 

Interest expense

1,213

 

 

1,213

 

Other expenses

12,463

 

 

7,421

 

Total benefits and expenses

163,906

 

 

141,143

 

 

27,520

 

 

(5,880)

 

Income tax (expense) benefit

(3,687)

 

 

3,081

 

Equity income, net of related income taxes

3,780

 

 

228

 

Net income (loss)

27,613

 

 

(2,571)

 

Net loss attributable to noncontrolling interest

67

 

 

56

 

Net income (loss) attributable to FBL Financial Group, Inc.

$

27,680

 

 

$

(2,515)

 

 

 

 

 

Earnings (loss) per common share

$

1.13

 

 

$

(0.10)

 

 

 

 

 

Weighted average shares – basic

24,480,106

 

 

24,762,820

 

Effect of dilutive securities – stock-based compensation

44

 

 

—

 

Weighted average shares – diluted

24,480,150

 

 

24,762,820

 

(1) Reconciliation of Net Income Attributable to FBL Financial Group to Adjusted Operating Income – Unaudited

FBL Financial Group consistently utilizes adjusted operating income, a financial measure common in the life insurance industry that is not prepared in accordance with U.S. generally accepted accounting principles (GAAP), as a primary economic measure to evaluate its financial performance. Adjusted operating income consists of net income attributable to FBL Financial Group adjusted to exclude expenses associated with the proposed acquisition, realized gains and losses on investments including the change in fair value of equity securities, the change in allowances for credit losses on investments, and the change in fair value of derivatives, which can fluctuate greatly from period to period. These fluctuations make it difficult to analyze core operating trends. In addition, for derivatives not designated as hedges, there is a mismatch between the valuation of the asset and liability when deriving net income (loss). For example, certain call options relating to indexed business are one-year assets while the embedded derivatives in the indexed contracts represent the rights of the contract holder to receive index credits over the entire period the indexed products are expected to be in force. This non-GAAP measure is used for goal setting, determining short-term incentive compensation and evaluating performance on a basis comparable to that used by many in the investment community. FBL Financial Group believes the combined presentation and evaluation of adjusted operating income provides information that may enhance an investor’s understanding of FBL Financial Group’s underlying results and profitability. A reconciliation is provided in the following table:

 

Three months ended

March 31,

 

2021

 

2020

 

(Dollars in thousands,

except per share data)

Net income (loss) attributable to FBL Financial Group

$

27,680

 

 

$

(2,515)

 

Adjustments:

 

 

 

Proposed acquisition transaction expenses(a)

2,577

 

 

—

 

Net realized gains/losses on investments(b)

(269)

 

 

20,112

 

Change in fair value of derivatives(b)

(6,537)

 

 

2,039

 

Adjusted operating income

$

23,451

 

 

$

19,636

 

 

 

 

 

Adjusted operating income per common share – assuming dilution

$

0.96

 

 

$

0.79

 

(a) Amount represents the transaction expenses relating to FBL Financial Group’s proposed go-private transaction.

(b) Net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, interest sensitive policy reserves and income taxes attributable to these items.

(2) Premiums Collected – Net statutory premiums collected is a non-GAAP measure and includes premiums collected from annuities and universal life-type products. It is a useful metric for investors as it is a measure of sales production.

For GAAP reporting, these premiums received are not reported as revenues.

(3) Reconciliation of Book Value Per Share Excluding Accumulated Other Comprehensive Income – Unaudited

 

March 31,

2021

 

December 31,

2020

Book value per share

$

60.95

 

 

$

69.24

 

Less: Per share impact of accumulated other comprehensive income

15.17

 

 

24.08

 

Book value per share, excluding accumulated other comprehensive income

$

45.78

 

 

$

45.16

 

Book value per share excluding accumulated other comprehensive income is a non-GAAP financial measure. Accumulated other comprehensive income totaled $370.1 million at March 31, 2021 and $587.3 million at December 31, 2020. Since accumulated other comprehensive income fluctuates from quarter to quarter due to unrealized changes in the fair value of investments caused principally by changes in market interest rates, FBL Financial Group believes this non-GAAP financial measure provides useful supplemental information.

FBL Financial Group, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)
 

 

March 31,

2021

 

December 31,

2020

Assets

 

 

 

Investments

$

9,412,796

 

 

$

9,684,010

 

Cash and cash equivalents

70,854

 

 

12,882

 

Deferred acquisition costs

282,682

 

 

176,085

 

Other assets

447,503

 

 

449,113

 

Assets held in separate accounts

686,968

 

 

674,182

 

Total assets

$

10,900,803

 

 

$

10,996,272

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

Liabilities

 

 

 

Future policy benefits

$

7,773,635

 

 

$

7,616,272

 

Other policy funds, claims and benefits

602,443

 

 

602,989

 

Debt

97,000

 

 

97,000

 

Other liabilities

250,869

 

 

313,713

 

Liabilities related to separate accounts

686,968

 

 

674,182

 

Total liabilities

9,410,915

 

 

9,304,156

 

 

 

 

 

Stockholders’ equity

 

 

 

FBL Financial Group, Inc. stockholders’ equity:

 

 

 

Preferred stock

3,000

 

 

3,000

 

Class A common stock

151,134

 

 

151,061

 

Class B common stock

72

 

 

72

 

Accumulated other comprehensive income

370,060

 

 

587,279

 

Retained earnings

965,643

 

 

950,687

 

Total FBL Financial Group, Inc. stockholders’ equity

1,489,909

 

 

1,692,099

 

Noncontrolling interest

(21)

 

 

17

 

Total stockholders’ equity

1,489,888

 

 

1,692,116

 

Total liabilities and stockholders’ equity

$

10,900,803

 

 

$

10,996,272

 

 

 

 

 

Common shares outstanding

24,396,522

 

 

24,395,522

 

 

Investor Relations Contact

Kathleen Till Stange, Vice President Corporate & Investor Relations

(515) 226-6780, [email protected]

KEYWORDS: United States North America Iowa

INDUSTRY KEYWORDS: Banking Professional Services Insurance Finance

MEDIA:

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GRAY TO ACQUIRE MEREDITH CORPORATION’S LOCAL MEDIA GROUP IN A $2.7 BILLION TRANSACTION

Addition of Meredith’s 17 TV Stations Will Transform Gray into the Second Largest Television Broadcast Group

Atlanta, Ga., May 03, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) has agreed to acquire all outstanding shares of Meredith Corporation (“Meredith”) for approximately $14.50 per share in cash, or $2.7 billion in total enterprise value after the spin off of Meredith’s National Media Group to the current Meredith shareholders. The parties expect to close the transaction in the fourth quarter of 2021.

Immediately prior to closing this acquisition, Meredith will spin off to its existing shareholders its National Media Group operating division, which owns the nation’s largest portfolio of magazines as well as digital and marketing assets. At the closing, Gray will acquire Meredith’s other operating division, known as the Local Media Group, which owns the following 17 television stations in 12 local markets:

WGCL (CBS) / WPCH (Independent), Atlanta, Georgia (DMA 7)
KPHO (CBS) / KTVK (Independent), Phoenix, Arizona (DMA 11)
KPTV (FOX) / KPDX (MyNetwork), Portland, Oregon (DMA 21)
KMOV (CBS), St. Louis, Missouri (DMA 23)
WSMV (NBC), Nashville, Tennessee (DMA 29)
WFSB (CBS), Hartford-New Haven, Connecticut (DMA 32)
KCTV (CBS) / KSMO (MyNetwork), Kansas City, Missouri, (DMA 34)
WHNS (FOX), Greenville-Spartanburg, South Carolina (DMA 35)
KVVU (FOX), Las Vegas, Nevada (DMA 40)
WALA (FOX), Mobile, Alabama (DMA 57)
WNEM (CBS), Flint-Saginaw, Michigan (DMA 73)
WGGB (ABC & FOX) / WSHM-LD (CBS), Springfield, Massachusetts (DMA 116)

Gray currently operates in only one of these television markets, the Flint-Saginaw DMA. To facilitate regulatory approvals for this transaction, Gray will divest its ABC affiliate in the market, WJRT-TV, to an independent third-party no later than the closing of the Meredith acquisition.

With a combined net revenue exceeding $3.1 billion on a blended 2019/2020 basis, Gray’s acquisition of Meredith’s television stations will transform Gray into the nation’s second largest television broadcaster. Gray’s portfolio of television stations, including all announced transactions and less divestitures, will serve 113 local markets reaching approximately 36 percent of US television households.

The transaction augments Gray’s position as the largest owner of top-rated local television stations and digital assets in the United States, with a pro forma portfolio including 79 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station according to Comscore’s audience measurement data.

Gray’s Executive Chairman and CEO Hilton H. Howell commented, “The television station portfolios, company cultures, and commitments to localism of Gray and Meredith are highly complementary. We are very excited to acquire Meredith’s excellent television stations, and we look forward to welcoming its employees into the Gray family. Moreover, Gray’s Board and shareholders are deeply appreciative of the tireless efforts of our team led by Kevin Latek and Jim Ryan on this transaction and our other recently announced significant transactions. Building on our successes throughout 2020 and just the first few months of 2021, Gray Television clearly has an even stronger and brighter future than ever!”


Transaction Summary

Gray expects that the Meredith transaction will be significantly accretive to free cash flow per share. To date, Gray has identified an estimated $55 million in synergies annualized for the first full calendar year following the closing. Including these anticipated $55 million of synergies, the purchase price for Gray’s acquisition of Meredith represents a multiple of approximately 7.9 times a blended average of the Meredith television stations’ 2019/2020 operating cash flow.

The transaction is subject to customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spin-off of Meredith’s National Media Group immediately prior to the closing of Gray’s acquisition of Meredith. Importantly, the proposed transaction will not create any new duopolies of local television stations. Moreover, giving effect to the FCC’s UHF Discount, the pro forma portfolio of television stations will reach approximately 25 percent of US television households, which is well below the FCC’s national audience cap of 39 percent. As a result, subject to the anticipated divestiture of WJRT-TV, Gray’s acquisition of Meredith complies with all FCC ownership rules without the need for any rule waivers.

Wells Fargo has underwritten the debt financing portion of the transaction. Expected strong free cash flow generation through the closing of all pending transactions and throughout 2021 and 2022 is anticipated to allow Gray to deleverage its capital structure following the closing. Assuming a year-end 2021 closing, Gray anticipates that its total leverage ratio, net of all cash, would approximate 5.3 times on a trailing eight-quarter operating cash flow, including estimated annualized synergies from all announced transactions.

The transaction has been approved by the Boards of Directors of both Gray and Meredith. No Gray shareholder vote will be required to consummate the transactions described herein. Completion of the transaction is subject to approval by Meredith’s shareholders. Meredith’s significant shareholders have entered into agreements with Gray to support the transaction.


Conference


Call


and Additional


Information

Gray will host a conference call for all stakeholders and other interested parties to discuss this transaction further beginning at 10:30 a.m. Eastern today, Monday, May 3, 2021.  The live dial-in number is 855-493-3489 and the confirmation code is 6738037.  The call will stream live and be available for replay at www.gray.tv.  Until June 3, 2021, a taped replay of the conference call will be available at 855-859-2056 with the confirmation code 6738037.

Additional information regarding the transaction can be obtained from Gray’s Current Report on Form 8-K being filed with the SEC in connection with the announcement of this transaction, including the investor presentation furnished therewith, which presentation will also be available on Gray’s website.


Advisors

Wells Fargo Securities, LLC served as financial advisor and Eversheds Sutherland LLP and Jones Day served as legal counsel for Gray.


About Gray:

Gray Television is a television broadcast company headquartered in Atlanta, Georgia. Gray is the largest owner of top-rated local television stations and digital assets in the United States (“U.S.”). Gray currently owns and/or operates television stations and leading digital properties in 94 television markets that collectively reach approximately 24% of U.S. television households. During 2020, Gray’s stations were ranked first in 70 markets, and ranked first and/or second in 86 markets, as calculated by Comscore’s audience measurement service. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content, and is the majority owner of Swirl Films.


Forward-Looking Statements:

This press release contains certain forward looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact, and may be identified by words such as “estimates”, “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control, include Gray’s inability to complete its pending acquisition of Meredith or additional pending transactions, on the terms and within the timeframe currently contemplated, any material regulatory or other unexpected requirements in connection therewith, or the inability to achieve expected synergies therefrom on a timely basis or at all, the impact of recently completed transactions, estimates of future retransmission revenue, future expenses and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.gray.tv. Any forward-looking statements in this presentation should be evaluated in light of these important risk factors. This presentation reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this presentation beyond the published date, whether as a result of new information, future events or otherwise.

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Gray Contacts:  

Website: www.gray.tv

Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, 404-266-5512
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

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New Relic to Help Engineers ‘Level Up’ Their Observability Skills at FutureStack 21

New Relic to Help Engineers ‘Level Up’ Their Observability Skills at FutureStack 21

Engineers, developers and IT execs from New Relic, Forbes Media, Credit Karma, Cox Communications, Pearson, WellSky and other industry leaders will convene to define the future of observability

SAN FRANCISCO–(BUSINESS WIRE)–New Relic, Inc. (NYSE: NEWR), the observability company, today unveiled the agenda for FutureStack, its annual conference for the global community of engineers and developers passionate about data-driven software development and operations. On May 25-27, thousands of engineers from the largest global enterprises to hypergrowth digital startups will gather virtually to bolster how they plan, build and operate mission critical digital experiences. Through keynotes, technical deep dives and workshops, attendees will explore the future of observability as a community of builders.

“Our vision is to make observability a daily practice for millions of engineers, at every stage of the software lifecycle,” said Bill Staples, president and chief product officer at New Relic. “With the themes of Open-Build-Run, FutureStack 21 is anticipated to be the first conference of its kind where thousands of engineers and developers will gather to learn about extending observability beyond production troubleshooting to the plan, build and deploy phases of software development. I am looking forward to empowering our broader community of engineers to shape the next generation of observability and the future of software.”

This year’s virtual FutureStack event is organized around three themes which reflect New Relic’s vision to extend observability beyond production use cases to inform every aspect of the software lifecycle. This includes “open,” focusing on the democratization of observability for all; “build,” helping engineers leverage observability in software development; and “run,” proving the necessity of observability in running more perfect software.

Featured FutureStack keynote speakers include:

  • Jaana Dogan, Principal Engineer, Amazon Web Services
  • Kelsey Hightower, Principal Engineer, Google
  • Kavitha Gowda, Senior Product Manager, Microsoft Azure
  • Lew Cirne, Founder & CEO, New Relic
  • Bill Staples, President & Chief Product Officer, New Relic
  • Zain Asgar, Global Vice President and General Manager, Pixie
  • Seema Kumar, Chief Marketing Officer, New Relic

Featured FutureStack speakers include:

  • Eugene Kovshilovsky, Senior Vice President of Engineering, CarParts.com
  • Scot Gorman, Site Reliability Engineering Manager, Chegg
  • Sagar Thirumala, Administrator, Cox Communications
  • Naveen Chittoor, Application Support Engineer, Cox Communications
  • Mason Jones, Senior Staff Site Reliability Engineer, Credit Karma
  • Peter Espe, Infrastructure Engineer, Credit Karma
  • JD Weiner, Manager of Operations, Forbes Media LLC
  • Aaron Judy, Chief of Innovation and AI, Maricopa County Clerk of the Superior Court
  • Samer Rashdan, Digital Experience and Reliability Engineering Leader, Pearson Education
  • Danny Roessner, Director of Engineering, WellSky

Amazon Web Services (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN) is a FutureStack conference sponsor. GitHub and Forem are the sponsors of FutureHack, a 24-hour virtual hackathon where developers, engineers and students compete against their peers to create innovative projects, and the chance to win a $10,000 grand prize.

For information on sponsorship opportunities at FutureStack, email [email protected].

FutureStack is free and open to the engineering and developer community. For more information, the full agenda and to register, please visit https://newrelic.com/futurestack.

About New Relic

The world’s best engineering teams rely on New Relic to visualize, analyze, and troubleshoot their software. New Relic One is the most powerful cloud-based observability platform built to help organizations create more perfect software. Learn why developers trust New Relic for improved uptime and performance, greater scale and efficiency, and accelerated time to market at newrelic.com.

Forward-looking statements

This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding New Relic’s FutureStack event, including speakers, event details, anticipated themes, keynotes, workshops and sponsors, and New Relic’s expectations around expanded community engagement, including any anticipated benefits, results and future opportunities related thereto. The achievement or success of the matters covered by such forward-looking statements are based on New Relic’s current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause New Relic’s actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement. Further information on factors that could affect New Relic’s financial and other results and the forward-looking statements in this press release is included in the filings New Relic makes with the SEC from time to time, including in New Relic’s most recent Form 10-Q, particularly under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Copies of these documents may be obtained by visiting New Relic’s Investor Relations website at http://ir.newrelic.com or the SEC’s website at www.sec.gov. New Relic assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

New Relic, Inc.

Greg Perotto

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Software Technology Networks Internet

MEDIA:

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Michigan Health Information Network, Velatura Public Benefit Corporation Partner with 3WON to Offer Free Tool to Providers

Tool will allow providers to more easily comply with new CMS interoperability rules

GRAND RAPIDS, Mich., May 03, 2021 (GLOBE NEWSWIRE) — Michigan Health Information Network Shared Services (MiHIN), Velatura Public Benefit Corporation (Velatura), and 3WON today announced the release of DirettoReg™,  a free tool designed to allow community providers and practitioners to quickly submit their digital contact information for the National Plan & Provider Enumeration System (NPPES), therefore making it easier to comply with the Center for Medicare & Medicaid Services (CMS) Final Interoperability Rule. 

DirettoReg™ reduces provider organization burden to communicate and register their selected types of endpoints, such as Direct Secure Messaging address, FHIR URL 4.0.1, Connect URL, etc. with the NPPES. 

“Creating a simplified mechanism for providers across the country to update their contact and delivery information has been a problem that has confounded the interoperability space for the past few years,” said Tim Pletcher, DHA, President and CEO of Velatura and Executive Director of MiHIN. “While states have created successful health or ‘provider’ directories to store these preferences, there has been a push to move over to a national forum as interstate sharing becomes a key priority for CMS and the Office of the National Coordinator for Health Information Technology (ONC). This tool will enable providers to receive encounter notifications regardless of which delivery format their practice utilizes or regardless of which, if any, health information network or exchange they participate in.”

As of March 2021, all Medicare-and-Medicaid-receiving providers are required to update their contact information and delivery preferences in NPPES—one of the first provisions of the CMS Final Interoperability Rule to go into effect. 

“Not only will DirettoReg™ promote information sharing to providers who need health care information for a patient at the point of care, it will further support the CMS requirement,” said Mike Jurjovec, CEO of 3WON. “Additionally, it will enable providers to attach their patient population, panel, or roster of their patients to submit to any hospital in the Unites States. This secondary function will enable hospitals to send encounter notifications to preidentified members of a patient’s care team. This takes the onus off of a patient to remember and communicate with all their providers when they are in a healthcare emergency and allows the provider to submit which patients they want to subscribe in order to receive ADT notifications. We’re thrilled to be partnering with MiHIN and Velatura to improve interoperability across the US by offering such an important and timely tool for providers.”

DirettoReg™ is the free-of-charge version of MiHIN’s more robust secure messaging software, Diretto, which enables patients, providers, specialists, health plans, pharmacists, hospital, and others to securely send and receive protected health information.

The tool is expected to be available for widespread use on June 1, 2021. 

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About Michigan Health Information Network Shared Services

The Michigan Health Information Network Shared Services (MiHIN) is Michigan’s state-designated entity to improve healthcare quality, efficiency, and patient safety by sharing electronic health information statewide, helping reduce costs for patients, providers, and payers. MiHIN is a nonprofit, public-private collaboration that includes stakeholders from the State of Michigan, Health Information Exchanges serving Michigan, health systems and providers, health plans/payers, pharmacies, and the Governor’s Health Information Technology Commission. For more information, visit https://mihin.org. 

About Velatura Public Benefit Company

Velatura Public Benefit Corporation creatively connects and aligns people, organizations, technology, ideas, and information in both the public and private sectors to improve healthcare, reduce costs and to increase satisfaction of stakeholders in the health IT value chain. Through its operating units of Velatura Services, Velatura HIE Corp and USQHIN, Velatura Public Benefit Corporation looks to service the landscape of needs across the country for sustainable interoperability.

About 3WON

3WON is a leading National Healthcare Information Technology Company specializing in the collection, management, and distribution of medical professional data across the healthcare industry. 3WON is focused on making the data gathering and verification process simple, clean and easy to use for practitioners while reducing labor and expense for medical practices, hospital and health systems as well as health plans. The 3WON platform is available for licensing and use by your existing staff, or for those organizations looking for a full outsource option, 3WON is an NCQA certified Credentials Verification Organization (CVO) that can manage all your practitioner data in real-time, using the same highly scalable cloud-based platform. 

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Emily Mata
Michigan Health Information Network Shared Services
517-745-8835
[email protected]

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Comtech Telecommunications Corp. Awarded $6.2 Million of Additional Funding to Support the U.S. Army’s Blue Force Tracking System

Comtech Telecommunications Corp. Awarded $6.2 Million of Additional Funding to Support the U.S. Army’s Blue Force Tracking System

MELVILLE, N.Y.–(BUSINESS WIRE)–
May 3, 2021– Comtech Telecommunications Corp. (NASDAQ: CMTL), a world leader in secure wireless communications technologies, announced today, that during its third quarter of fiscal 2021, its Government Solutions segment, through its Maryland-based subsidiary, Comtech Mobile Datacom Corporation, was awarded $6.2 million of additional funding for Option Period Four of contract GS03Q17DSC0002. The overall funded value to date, inclusive of the Base and Option Period 1 through Option Period 4, is $35.5 million.

This contract modification is part of the BFT-1 sustainment support contract for the U.S. Army’s Project Manager Mission Command (“PM MC”) Blue Force Tracking (“BFT-1”) program. Comtech continues to perform engineering services, satellite network operations and program management through a Firm Fixed Price (“FFP”) contract, with Time & Materials (“T&M”) and Cost Reimbursement elements. Option Period Four’s performance period began on April 15, 2021 and ends on April 14, 2022.

“We are pleased our U.S. Army continues to recognize the value of Comtech’s services,” said Fred Kornberg, Chairman of the Board and Chief Executive Officer of Comtech Telecommunications Corp. “Our team remains committed to providing the U.S. Army and its soldiers with critical BFT-1 sustainment support.”

Comtech Telecommunications Corp. is a leader in the global communications market headquartered in Melville, New York. With a passion for customer success, Comtech designs, produces and markets advanced secure wireless solutions to more than 1,000 customers in more than 100 countries. For more information, please visit www.comtechtel.com.

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

PCMTL

Media Contact:

Michael D. Porcelain, President and Chief Operating Officer

Comtech Telecommunications Corp.

631-962-7000

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Hardware Contracts Semiconductor Electronic Design Automation Security Satellite Technology Audio/Video Defense Transport Telecommunications Software Logistics/Supply Chain Management Networks VoIP Internet

MEDIA:

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Versus Names Alasdair Lloyd-Jones as New President and CMO

Lloyd-Jones addition to Versus is a testament to the company’s growth as it expands its footprint within the creative content industry

NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) — Versus, a premier creator of culture-defining content, today announces the addition of Alasdair Lloyd-Jones as the company’s new president and chief marketing officer.

As Versus continues to expand its footprint within the creative industry, Lloyd-Jones’ goal is to further define and grow the company as a leading creator of non-disposable content.

“I was drawn to Versus because of the work that the company is producing, as well as the unique blend of voices and viewpoints that are the driving force behind that work,” said Lloyd-Jones. “Nowadays, anyone can produce content, and the flooded market doesn’t create a lasting impression with viewers, as they often see something and forget about it right away. At Versus, our goal is to create memorable, non-disposable content that resonates with the audience beyond that brief moment, as well as content that drives impactful results for our partners. This starts with content that’s aligned to traditional media formats, but we are now developing an original content arm as we look to deepen the level of engagement between brands and their audiences. We think about content as a product extension for brands and this goes well beyond advertising formats.”

“Alasdair’s experience and expertise will further enhance our leadership team as we continue to grow as a company and find new, innovative solutions that meet the needs of our partners,” said Samantha Louise, Versus co-founder.

Lloyd-Jones has spent the last 20 years in senior and executive positions for both brands and large creative agencies. He will oversee the company’s growth, direction and evolution as it looks to continue expanding its reach within the industry, offering new services and working with leading brands across a variety of industry sectors.

Versus has been a producer of content for agencies and brands for over seven years and has seen continual growth. Brands like Disney, Audible, The Home Depot and JBL have seen the value of strategically imbued content and are key partners to Versus in the development of content’s role and effectiveness for brands. Versus has not only weathered the pandemic but managed to pivot and grow, as it found ways to adapt to the demands of COVID.

Versus approaches content with purpose and experience, creating and crafting culture-defining ideas that drive results and remain memorable. The company’s seven-step process of working with clients from campaign kickoffs through delivery and results is what has helped differentiate itself from others in the creative content industry.

For more on Versus, visit https://vsnyc.tv/.

About Versus

Versus is a New York City-based creative content agency that prides itself on bringing to life high-quality projects with innovative, culture-defining ideas that deploys creative strategy using efficient and forward-thinking production solutions. It is VERSUS the broken and inefficient model that puts the bottom line above top creative. Therefore, Versus offers a full-service creative approach, as a way to put ideas first.

Media/PR Contact:

Uproar PR for Versus
Brittany Johnson
[email protected]
312-878-4575 x246

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dc182c57-dbbc-4555-bd04-e4e48bf959ec



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CytoDyn HIV Indication Update: Leronlimab HIV Extension Arm Nearing 7 Years with Continued Excellent Safety Results

Following the successful conclusion of three clinical trials, approximately 120 patients continue treatment with leronlimab in extension arms

VANCOUVER, Washington, May 03, 2021 (GLOBE NEWSWIRE) — CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company”), a late-stage biotechnology company developing leronlimab (Vyrologix™ or PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications, announced today a comprehensive update on three continuing extension studies with leronlimab as a treatment for HIV.

Chris Recknor, M.D., CytoDyn’s Chief Operating Officer, commented, “We are still on schedule for rolling submission of the HIV BLA in July of this year. Clinical results from multiple trials show that Vyrologix can significantly reduce the viral burden in people infected with HIV. Moreover, a Phase 2 clinical trial demonstrated that Vyrologix monotherapy could prevent viral escape in HIV-infected patients. CytoDyn has gained tremendous insight in the safety of Vyrologix through extension of their three core HIV trials. There have been 66 patients from the original trials still receiving Vyrologix in an open label design with an exposure range of 4-7 years. No significant adverse safety issues reported. Vyrologix mechanism of inhibition is unique compared to other CCR5 antagonist agents because the binding is competitive rather than allosteric and takes place on the N-terminal and second loop of CCR5. While we are learning more about the unique binding of Vyrologix to CCR5 and how this impacts efficacy in other indications, including COVID and oncology, safety data from our cumulative trials remains excellent for almost 7 years and close to 1,200 patients.”

Nader Pourhassan, Ph.D., President and Chief Executive Officer, noted, “With our BLA for HIV treatment on track with full support, we can now explore all other indications of Vyrologix (leronlimab) in parallel. While we will not slow down the cancer, NASH, COVID-19 (three different populations) and HIV combination therapy, we will expedite HIV monotherapy and PrEP, as well as a stroke trial this year. Our solid team for our clinical trials under Drs. Recknor, Kelly, and myself, along with our rock-solid team for manufacturing of leronlimab under the leadership of Dr. Nitya Ray, gives us strong confidence we will continue to make impressive progress. Leronlimab is a powerful product in the hands of a very capable team.”

About Leronlimab (PRO 140)

Leronlimab has been studied in 11 clinical trials involving more than 1,200 people and met its primary endpoints in a pivotal Phase 3 trial (leronlimab combined with standard antiretroviral therapies in HIV-infected treatment-experienced patients). 

Leronlimab is a viral-entry inhibitor in HIV/AIDS. It masks CCR5, thus protecting healthy T cells from viral infection by blocking the predominant HIV (R5) subtype from entering those cells. Nine clinical trials have demonstrated leronlimab could significantly reduce or control HIV viral load in humans. The leronlimab antibody appears to be a powerful antiviral agent with fewer side effects and less frequent dosing requirements than currently used daily drug therapies.

CytoDyn has successfully completed a Phase 3 pivotal trial using leronlimab combined with standard antiretroviral therapies in HIV-infected treatment-experienced patients. CytoDyn has been working diligently to resubmit its Biologics License Application (“BLA”) for this HIV combination therapy since receiving a Refusal to File letter in July 2020 and subsequently meeting with the FDA telephonically to address their written guidance concerning the submission. CytoDyn expects to resubmit its BLA via a rolling submission starting in the third quarter of calendar 2021.

About CytoDyn

CytoDyn is a late-stage biotechnology company developing innovative treatments for multiple therapeutic indications using leronlimab, a novel humanized monoclonal antibody targeting the CCR5 receptor. CCR5 appears to play a critical role in the ability of HIV to enter and infect healthy T-cells. More information is at www.cytodyn.com. 

Forward-Looking Statements 

This press release contains certain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Forward-looking statements specifically include statements about leronlimab, its ability to provide positive health outcomes, the possible results of clinical trials, studies or other programs or ability to continue those programs, the ability to obtain regulatory approval for commercial sales, and the market for actual commercial sales. The Company’s forward-looking statements are not guarantees of performance, and actual results could vary materially from those contained in or expressed by such statements due to risks and uncertainties including: (i) the sufficiency of the Company’s cash position, (ii) the Company’s ability to raise additional capital to fund its operations, (iii) the Company’s ability to meet its debt obligations, if any, (iv) the Company’s ability to enter into partnership or licensing arrangements with third parties, (v) the Company’s ability to identify patients to enroll in its clinical trials in a timely fashion, (vi) the Company’s ability to achieve approval of a marketable product, (vii) the design, implementation and conduct of the Company’s clinical trials, (viii) the results of the Company’s clinical trials, including the possibility of unfavorable clinical trial results, (ix) the market for, and marketability of, any product that is approved, (x) the existence or development of vaccines, drugs, or other treatments that are viewed by medical professionals or patients as superior to the Company’s products, (xi) regulatory initiatives, compliance with governmental regulations and the regulatory approval process, (xii) general economic and business conditions, (xiii) changes in foreign, political, and social conditions, and (xiv) various other matters, many of which are beyond the Company’s control. The Company urges investors to consider specifically the various risk factors identified in its most recent Form 10-K, and any risk factors or cautionary statements included in any subsequent Form 10-Q or Form 8-K, filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to update any forward-looking statements to take into account events or circumstances that occur after the date of this press release.

CONTACTS

Investors:

Michael Mulholland
Office: 360.980.8524, ext. 102
[email protected]



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Robbins Geller Rudman & Dowd LLP Announces Lead Plaintiff Deadline in the Canaan Inc. Class Action Lawsuit

Robbins Geller Rudman & Dowd LLP Announces Lead Plaintiff Deadline in the Canaan Inc. Class Action Lawsuit

NEW YORK–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announced that purchasers of Canaan Inc. (“Canaan” or the “Company”) (NASDAQ:CAN) American Depositary Receipts (“ADRs”) between February 10, 2021 and April 9, 2021 (the “Class Period”) (the “Canaan class action lawsuit”) have until June 14, 2021 to seek appointment as lead plaintiff in the Canaan class action lawsuit, Denny v. Canaan Inc., No. 21-cv-03299 (S.D.N.Y.), which is assigned to Judge John P. Cronan.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Canaan ADRs during the Class Period to seek appointment as lead plaintiff in the Canaan class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Canaan class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Canaan class action lawsuit. An investor’s ability to share in any potential future recovery of the Canaan class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff in the Canaan class action lawsuit, you must move the Court no later than 60 days from April 15, 2021. If you wish to discuss the Canaan class action lawsuit or have any questions concerning this notice or your rights or interests, please provide your information here or contact plaintiff’s counsel, Mary K. Blasy of Robbins Geller, at 800/449-4900 or 631-454-7719 or via e-mail at [email protected]. You can view a copy of the complaint as filed at https://www.rgrdlaw.com/cases-canaan-class-action-lawsuit.html.

The Canaan class action lawsuit charges Canaan and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Canaan designs, manufactures, and sells bitcoin mining machines, primarily in the People’s Republic of China.

The Canaan class action lawsuit alleges that Canaan’s fiscal year 2020 (“FY20”) ended on December 31, 2020. On February 9, 2021, nearly six weeks later, Canaan announced that its former Chief Financial Officer (“CFO”), Quanfu Hong (“Hong”), had suddenly resigned effective immediately, providing no explanation as to why and citing only “personal reasons.” The next day, February 10, 2021, Canaan issued a press release announcing that its “revenue visibility ha[d] improved substantially” and making other positive statements about purported visibility into increases in the size and quality of orders the Company had been receiving. These statements were heralded by the investment community in light of former CFO Hong’s statements on November 30, 2020 that “the demand for mining machines in the market continued to rebound during the third quarter, and” that Canaan had “received a large number of pre-sale orders which [were] scheduled for delivery starting in the fourth quarter of 2020.” (“4Q20”). Predictably, the market reacted positively to these statements, driving up the market price of Canaan ADRs from their open of $6.91 each on Monday, February 8th to close at $13.04 each on Friday, February 12th, an increase of nearly 90%.

Yet the statements Canaan issued during the Class Period about the Company’s business metrics and financial prospects were materially false and misleading in that they concealed that due to ongoing supply chain disruptions and the introduction of the Company’s next-generation A12 series bitcoin mining machines – which had cannibalized sales of the older product offerings – Canaan’s 4Q20 sales had declined more than 93% year-over-year compared to its fourth quarter fiscal year 2019 (“4Q19”) sales and more than 93% quarter-over-quarter compared to its third quarter FY20 (“3Q20”) sales. As a result, Canaan’s 4Q20 total net revenues had decreased to RMB38.2 million (US$5.9 million) from RMB463.2 million in 4Q19 and RMB163.0 million in 3Q20.

On Monday, April 12, 2021, before the opening of trading, Canaan issued a press release finally disclosing its actual 4Q20 and FY20 financial results for the period ended December 31, 2020, including a 93% year-over-year decrease in computing power sold and net revenues for the quarter. On this news, the market price of Canaan ADRs collapsed from their close of $18.67 per ADR on April 9, 2021 to close at $13.14 per ADR on April 12, 2021, a decline of nearly 30%, on unusually high volume of approximately 60 million ADRs trading, more than three times the average daily volume over the preceding ten trading days.

The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. ISS Securities Class Action Services has ranked Robbins Geller as one of the top law firms in the world in both amount recovered and total number of class action settlements for shareholders every year since 2010. The SCAS 2020 Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other plaintiffs’ firm. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.

https://www.linkedin.com/company/rgrdlaw

https://twitter.com/rgrdlaw

https://www.facebook.com/rgrdlaw

Robbins Geller Rudman & Dowd LLP

Mary K. Blasy, 800-449-4900

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Legal Professional Services

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