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ATLANTA and SOUTHLAKE, Texas, May 3, 2021 /PRNewswire/ — Today, Delta Air Lines and Sabre announced a transformative global distribution agreement that will evolve their long-standing partnership and drive change in the travel industry through commercial and technological innovation. The new, value-based, multi-year distribution agreement represents an industry-first model that creates value for the entire travel ecosystem, including travel agencies and travelers.

“Our vision is to shift the mindset of the entire ecosystem toward modern retailing, selling customers what they want, where they want it and how they want it across all channels,” said Jeff Lobl, managing director of global distribution for Delta Air Lines. “We are grateful to Sabre for their innovative and pioneering spirit in taking this journey with Delta and establishing a new and exciting path forward for third-party distribution.”

Aligning the interests of the global travel marketplace, the companies expect the innovative distribution agreement to transform the way travel partners do business  and ensures Sabre-connected travel buyers will continue to have access to Delta’s content globally while enabling Delta to continue to extend its reach with Sabre’s valuable network of global travel buyers.

Delta’s omni-channel, customer-centric approach invests across all channels to build experiences and capabilities to provide consumers with an elevated shopping experience in their preferred channel. This new approach to retail transformation will create value for all stakeholders in the ecosystem by enhancing traveler experiences and offering customer choice.

“Sabre is on a journey to create a new marketplace for personalized travel. Technology innovation combined with collaborative partnerships are key to realizing our vision,” said Wade Jones, chief product officer of Sabre Travel Solutions. “This new agreement is one example of that partnership philosophy, and our innovation to transform our storefront experience reinforces this by ensuring Delta and Sabre’s mutual customers can shop with confidence and see the value of the offerings available to them.”

The New Airline Storefront, developed by Sabre in collaboration with Delta, CWT and other thought-leading partners, is now fully available in Sabre Red 360 and provides digital “shelves” that better organize an airline’s offerings in a side-by-side display to enhance the traveler’s shopping experience, driving value for both sellers and buyers across the travel ecosystem.

“Sabre’s new airline storefront and rich content makes it easier to understand new airline product offerings and simplifies the purchasing decision. CWT is a strong supporter of a collaborative approach to address an improved user experience for our counselors; equating to a better trip planning experience for the traveler,” said Erik Magnuson, vice president – product management, mobility & payments of CWT. “We see the storefront as another big step in providing the best value and personalization our customers demand.”

“We are excited about this agreement and expect the underlying innovation to simplify the booking process and significantly improve the experience for our travelers,” said Rita Visser, Director, Global Travel Sourcing & GPO, Oracle.

“Both our new GDS approach with Sabre and their transformative new storefront are two important steps forward in evolving the retail shopping experience for travelers while creating value for all stakeholders across the ecosystem,” said Lobl. “By focusing on value, travelers will benefit from greater choice and visibility to all product offerings while corporations will benefit from their travelers being more comfortable in their preferred booking channel and within their travel policies.”

This continued focus on innovation demonstrates advancements in Delta’s strategy across all channels, building experiences and capabilities that provide consumers with an elevated shopping experience in their preferred channel of choice.

About Delta Air Lines
Delta Air Lines (NYSE: DAL) is the U.S. global airline leader in products, services, innovation, reliability and customer experience. Powered by its 80,000 people around the world, Delta continues to invest billions in its people, delivering a world-class travel experience and generating industry-leading shareholder returns. With its constant drive to invest, innovate and expand, Delta today is the world’s No. 1 airline by total revenues.

Delta serves nearly 200 million people every year, taking customers across its industry-leading global network to more than 300 destinations in over 50 countries. Headquartered in Atlanta, Delta offers more than 5,000 daily departures and as many as 15,000 affiliated departures including the premier SkyTeam alliance, of which Delta is a founding member.

Through its innovative alliances with Aeromexico, Air France-KLM, Alitalia, China Eastern, GOL, Korean Air, Virgin Atlantic, Virgin Australia and WestJet, Delta is bringing more choice and competition to customers worldwide. Delta operates significant hubs and key markets at airports in Amsterdam, Atlanta, Boston, Detroit, London–Heathrow, Los Angeles, Mexico City, Minneapolis/St. Paul, New York-JFK and LaGuardia, Paris Charles de Gaulle, Salt Lake City, São Paulo, Seattle, Seoul-Incheon and Tokyo.

Delta has been recognized as a Fortune’s top 50 Most Admired Companies in addition to being named the most admired airline for the eighth time in nine years. Additionally, Delta has ranked No.1 in the Business Travel News Annual Airline survey for an unprecedented eight consecutive years and named one of Fast Company’s Most Innovative Companies Worldwide for two consecutive years.  More about Delta can be found on the Delta News Hub as well as delta.com, via @DeltaNewsHub on Twitter and Facebook.com/delta.

About Sabre Corporation
Sabre Corporation (NASDAQ: SABR) is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre’s technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world. For more information visit www.sabre.com.

About CWT


CWT
 is a Business-to-Business-for-Employees (B2B4E) travel management platform on whom companies and governments rely on to keep their people connected. Anywhere, anytime, anyhow – across six continents – the company provides their clients and their employees with innovative technology and an efficient, safe, and secure travel experience.

SABR-F

Contacts: 

Media: 

Kristin Hays

[email protected]

Heidi Castle

[email protected]

Investors: 


Kevin Crissey

[email protected] 
[email protected]

 

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SOURCE Sabre Corporation

(all amounts are expressed in U.S. dollars, unless otherwise stated)

– Second Quarter Revenues of $8.4 Million

– Sequential Quarterly Revenue Growth of $0.9 million or 12%

– Quarterly Revenue Exit Run Rate of $33.5 million

– Completed Non-brokered Private Placement Unit Offerings for $32.8 Million

– Settled $10.7 million in Convertible Debt

TORONTO, May 3, 2021 /PRNewswire/ — Engine Media Holdings, Inc. (“Engine” or the “Company”; TSX-V: GAME; OTCQB: MLLLF), announced results for its fiscal second quarter 2021 ended February 28, 2021.  Lou Schwartz, Chief Executive Officer, said, “Engine started fiscal 2021 with strong momentum, which has increased throughout our second quarter, as our recent acquisitions continue to make significant contributions, which are reflected in the second quarter, where revenues were up 12% on a sequential quarter over quarter basis, to $8.4 million.

Net loss from continuing operations for the second quarter of 2021 was $27.1 million compared to $1.4 million in the same year ago period.  The increase in net loss was primarily due to a non-cash expense for the change in the fair value of our warrant liability and convertible debt and loss on extinguishment of debt of $19.5 million in the second quarter compared to $2.6 million (income) in the same period a year ago.  From an accounting perspective, this change reflects our success in raising equity financing in the past two quarters as well as the increase in our share price.  We regard both of these circumstances as positive factors and view our outstanding warrants, as they are exercised, as a significant potential source of additional funding for our business.  If all warrants outstanding and exercisable as of February 28, 2021 were exercised, the Company would receive cash from exercise of approximately $73.7 million.

Operationally, we are excited by our achievements in the first four months of 2021, which include:

1. UMG Gaming: UMG Gaming extended its Gears Esports partnership with Microsoft for an additional two months for the 2021 season, and continues to see significant momentum in viewership for the official Gears Esports programming, setting year-over-year highs in hours watched, average concurrents, and peak viewership.
2. 
   Eden Games
   : Eden Games extended its partnership with Code Masters (Electronic Arts) to continue collaborating on the official F1 Mobile Racing game for both iOS and Android.     
3. Stream Hatchet: Stream Hatchet released its new visual recognition technology, enabling brands to measure brand asset exposure in live-video streaming across thousands of channels utilizing its deep machine learning software, and has partnered with one of the largest AAA publishers to pilot the rollout of its launch.
4. Stream Hatchet: Stream Hatchet released its new marketing delivery platform, Campaigns, enabling brands and streamers the ability to both deliver brand assets in a live stream and measure brand exposure, impressions and other critical marketing KPIs.
5. Frankly Media: Frankly Media entered into a multi-year advertisement representation extension with Newsweek, whose news and information content reaches over 100 million viewers a month.
6. UMG Gaming: UMG Gaming launched its new tournament series, UMG Champions, with the debut tournament featuring Fortnite and some of the biggest influencers and esports teams participating in the $25,000 main event and broadcast.
7. WinView: WinView Games continues to bring fans closer to the action with the debut of the WinView Twitch Extension, a free-to-play interactive gaming experience for esports fans that is directly integrated into a streamer’s Twitch Channel. 

As we move forward in 2021, we intend to maintain our focus on connecting with new customers, markets and talent, while reducing our outstanding debt and operating expenses.  With our strengthened balance sheet, we have enhanced our ability to accelerate the reimagination and redesign of our product and services offerings to meet the changing needs of our customers and the marketplace.”

Financials are available on Sedar.

About Engine Media Holdings, Inc.

Engine Media Holdings Inc. is traded publicly under the ticker symbol (TSX-V: GAME) (OTCQB: MLLLF). The organization is focused on developing premium consumer experiences and unparalleled technology and content solutions for partners in the esports, news and gaming industry. The company’s subsidiaries include Stream Hatchet; the global leader in gaming video distribution analytics; Eden Games , a premium video game developer and publisher with numerous console and mobile gaming franchises; WinView Games, an industry innovator in audience second screen play-along gaming during live events; UMG, an end-to-end competitive esports platform enabling the professional and amateur esport community with tournaments, matches and award nominating content; and Frankly Media, a digital publishing platform empowering broadcasters to create, distribute and monetize content across all channels. Engine Media generates revenue through a combination of direct-to-consumer and subscription fees; streaming technology and data SaaS-based offerings; programmatic advertising and sponsorships. To date, the combined companies’ clients have included more than 1,200 television, print and radio brands, dozens of gaming and technology companies, and have connectivity into hundreds of millions of homes around the world through their content, distribution and technology services.

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Engine to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.  In respect of the forward-looking information contained herein, Engine has provided such statements and information in reliance on certain assumptions that management believed to be reasonable at the time, including assumptions as to the performance of Engine’s stock price and business operations and its ability to raise financing. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results could differ materially from those currently anticipated due to a number of factors and risks.  Accordingly, readers should not place undue reliance on forward-looking information contained in this news release.

The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Engine does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

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

 

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SOURCE Engine Media Holdings, Inc.

DES MOINES, Iowa, May 3, 2021 /PRNewswire/ — Meredith Corporation(NYSE: MDP) today announced that it has agreed to sell its Local Media Group (“LMG”) to Gray Television, Inc. (NYSE: GTN) for $2.7 billion in cash and will focus exclusively on its National Media Group (“NMG”) portfolio post-close. Under the terms of the transaction, Meredith’s National Media Group will be spun out to shareholders as a standalone publicly traded company retaining the Meredith Corporation name, with shareholders receiving cash consideration per share of approximately $14.50 and 1-for-1 equity share in post-close Meredith. The transaction was unanimously approved by Meredith’s and Gray’s Board of Directors.

Following the LMG sale, Meredith will focus on accelerating the growth of its iconic brands including PEOPLE, Better Homes & Gardens, and Allrecipes, which deliver trusted, actionable content for every aspect of consumers’ lives. The more focused company will continue producing and delivering content for 95% of U.S. women, many of whom are primary decision makers for the household. 

“We expect the transaction to unlock meaningful shareholder value as it advances all of the company’s financial priorities: reducing net debt, improving financial flexibility, allocating capital to fast-growing digital and consumer opportunities, and providing returns to shareholders,” said Meredith Chairman and Chief Executive Officer Tom Harty. “As a more focused company with an enhanced balance sheet and cash-generating media assets, we will further advance our position as a media leader with trusted brands, a digital business of scale, and unparalleled reach to women.

“Meredith is on the leading edge of trends, products, life-enhancing information, and human-interest stories that consumers demand now more than ever. This transaction will allow us to sharpen our focus on the potential of our brands and assets,” Harty said. “We will invest to accelerate our digital growth and leverage our industry-leading first party data to deepen engagement with consumers across multiple platforms and provide advertising partners with greater value.”

Strategic rationale for the transaction

• Monetizes LMG at a premium price and an attractive point in the cycle – A 10x multiple (average of LMG’s Fiscal 2020/2021 Adjusted EBITDA) reflects a highly competitive process and Meredith Corporation’s high-quality broadcast portfolio;
• Structure provides tax-efficient path to split businesses – Allows the full proceeds to extinguish all existing Meredith Corporation debt;
• Significantly improves financial strength – Meredith expects to be levered at approximately 2x Adjusted EBITDA, with committed financing from RBC Capital Markets and Barclays. The structure enhances financial flexibility and enables capital returns to shareholders;
• Creates shareholder value through strategic transformation – Existing shareholders to receive one-time cash consideration plus one-for-one equity in Meredith;
• Sharpens strategic focus on growth opportunities – Fully establishes Meredith as a multi-platform, consumer-focused, lifestyle media company with increased capacity to make strategic investments in Meredith’s leading consumer and digital platforms.

Meredith’s leadership and opportunity going forward

Meredith reaches more adult women than any media company in America, with brands that serve more than 120 million (or nearly 95%) of American adult women, including 90% of Millennial women. Additionally, Meredith’s brands reach nearly 65 million (or nearly 55%) of American adult men.

The demand for high quality, exciting, and informative content around Meredith’s core expertise including celebrity and entertainment news, house and home, food, style, health, fitness, and parenting has accelerated dramatically during the pandemic, and fundamental shifts in consumer behavior suggest these trends will continue.

Meredith’s digital business is already large, profitable, and growing with digital advertising contributing over half of Meredith’s total expected advertising revenues. Digital advertising revenues in Meredith’s fiscal 2021 third quarter were up 21% and have now surpassed magazine advertising revenue for two consecutive quarters. Meredith’s licensing and performance marketing revenues, which anchor its digital consumer activities, are additional key growth drivers.

“We address the fundamental passions and concerns that women and families face every day, creating sought-after content that millions of Americans across generations have grown to know, love, and trust,” said Mell Meredith Frazier, vice chair of Meredith Corporation’s Board of Directors. “We understand the trends and products that consumers crave better than any other media company, and we are incredibly proud and committed to keeping Meredith a thriving enterprise as dynamic as the lives our consumers lead.”

Transaction details

The transaction is structured as a spin-off of Meredith Corporation’s NMG into a standalone publicly traded company, and the simultaneous sale of Meredith Corporation, which will contain only LMG assets post-close, for $2.7 billion in cash. The post-close NMG will retain the Meredith Corporation name.

Following the transaction, Meredith is expected to:

• Organize under two reporting segments, Digital and Magazine;
• Maintain existing Meredith Corporation dual-class stock structure and remain headquartered in Des Moines, Iowa;
• Be led by Meredith Corporation’s existing senior executive team with Tom Harty as Chairman and Chief Executive Officer; and
• Continue trading on the New York Stock Exchange under the ticker MDP.

The transaction is subject to Meredith Corporation shareholder approval and customary closing conditions and regulatory approvals, including approval by the Federal Communications Commission and clearance under the Hart-Scott-Rodino Antitrust Improvements Act.  The transaction is expected to close in the fourth quarter of calendar 2021.

Harty concluded, “We believe the scale made possible by the combination of the Local Media Group with Gray Television represents a great strategic fit, and we are incredibly grateful to our colleagues for their years of dedicated service and industry-leading work. Our broadcast stations have been an important piece of Meredith’s history for nearly 75 years and have become integral to the communities they serve, providing outstanding coverage, local insight, and strong advertiser partnerships.”

Advisors to Meredith

Moelis & Company acted as financial advisor and Cooley LLP acted as legal advisor. Additionally, BDT & Company served as financial co-advisor and Lazard served as a strategic advisor.

Conference call, presentation slides, and webcast

Meredith will hold a conference call with investors to discuss this announcement on May 3 at 8:30 a.m. CT. A live webcast will be accessible through ir.meredith.com. Allow at least 10 minutes to access Meredith’s investor relations website before the webcast begins.

To listen by telephone, dial appropriately:

• From the United States: (844) 540-1121
• Internationally: (647) 253-8645
• Conference ID is 5295339

Meredith will post an investor presentation to accompany today’s call on ir.meredith.com at approximately 8 a.m. CT.  A telephone replay of the call will be available until May 17, by dialing domestic toll-free (800) 585-8367, or internationally (416) 621-4642. The access code is 5295339.

RATIONALE FOR USE AND ACCESS TO NON-GAAP RESULTS

Management uses and presents GAAP and non-GAAP results to evaluate and communicate its performance. Non-GAAP measures should not be construed as alternatives to GAAP measures. Free cash flow, earnings from continuing operations before special items, operating profit before special items, adjusted EBITDA, adjusted EBITDA margin, and comparable results are common supplemental measures of performance used by investors and financial analysts.

Management believes that free cash flow, earnings from continuing operations before special items, operating profit before special items, adjusted EBITDA, adjusted EBITDA margin, and comparable results provide additional analytical tools. Free cash flow is defined as net cash provided by operating activities less capital expenditures. This metric has been included as a measure of the Company’s liquidity and ability to fund its operations. Earnings from continuing operations before special items and operating profit before special items remove the impact of special items on earnings from continuing operations and operating profit. Adjusted EBITDA is defined as earnings from continuing operations before interest expense, income taxes, depreciation, amortization, and special items. These special items have been removed as they have been deemed to be non-operational in nature. Comparable results remove the impact of portfolio changes in our magazine business to facilitate year-over-year comparisons. Management does not use adjusted EBITDA as a measure of liquidity or funds available for management’s discretionary use because it excludes certain contractual and nondiscretionary expenditures.

Results before special items are supplemental non-GAAP financial measures. While these adjusted results are not a substitute for reported results under GAAP, management believes this information is useful as an aid to further understand Meredith’s current performance, performance trends, and financial condition.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These statements are based on management’s current knowledge and estimates of factors affecting the Company and its operations. Statements in this release that are forward-looking include, but are not limited to, statements related to the proposed merger, the spin-off and Meredith’s future financial strength, including its leverage ratio, following the spin-off, the timing of the transaction and the growth of the Company following the transactions. Forward-looking statements can be identified by words such as may, should, expects, provides, anticipates, assumes, can, will, meets, could, likely, intends, might, predicts, seeks, would, believes, estimates, plans, continues, guidance, or outlook, or variations of these words or similar expressions.

Actual results may differ materially from those currently anticipated. Factors that could cause actual results to differ materially from those projected in the forward-looking statements include the following: market conditions; the impact of the COVID-19 pandemic; the parties’ ability to consummate the proposed merger and spin-off; the conditions to the completion of the transactions, including the receipt of approval of Meredith’s stockholders; the regulatory approvals required for the proposed merger not being obtained on the terms expected or on the anticipated schedule; the parties’ ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transactions; potential inability to retain key employees; Meredith’s ability to operate NMG successfully as a standalone business; the ability to obtain financing on the expected terms; changes in interest rates; the consequences of acquisitions and/or dispositions; and Meredith’s ability to comply with the terms of its debt financing; and market conditions.  Additional information concerning these and other risk factors can be found in Meredith’s and Gray’s filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. Such risk factors may be amplified by the COVID-19 pandemic and its potential impact on the Company’s business and the global economy. Meredith, SpinCo (defined below) and Gray assume no obligation to update or revise publicly the information in this communication, whether as a result of new information, future events or otherwise, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. 

About Meredith Corporation

Meredith Corporation

(NYSE: MDP), a leading media company for nearly 120 years, produces service journalism that engages audiences with essential, inspiring, and trusted content. Meredith reaches consumers where they are across multiple platforms including digital, video, magazine, and broadcast television. Meredith’s National Media Group reaches nearly 95 percent of all U.S. women and more than 190 million unduplicated American consumers every month through such iconic brands as PEOPLE, Better Homes & Gardens, Allrecipes, Southern Living, and REAL SIMPLE. Meredith’s premium digital network reaches more than 150 million consumers each month. The Company is the No. 1 U.S. magazine operator with 36 million subscribers and the No. 2 global licensor with robust brand licensing activities that include a Better Homes & Gardens partnership with Walmart. Meredith’s Local Media Group portfolio includes 17 television stations reaching 11 percent of U.S. households and 30 million viewers. Meredith’s portfolio is concentrated in large, fast-growing markets, with seven stations in the nation’s Top 25 markets, including Atlanta, Phoenix, St. Louis, and Portland, and 13 stations in the Top 50.

Additional information and where to find it

This communication is not a solicitation of a proxy from any shareholder of the Company.  In connection with the proposed merger and spin-off, the Company intends to file relevant materials with the SEC, including a proxy statement. In addition, the new public company to be spun-off and which will retain the name Meredith Corporation (“SpinCo”) intends to file a registration statement on Form 10 with respect to its common stock. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THESE MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, SPINCO, GRAY, THE MERGER AND THE SPIN-OFF. The proxy statement and Form 10, and other relevant materials (when they become available), and any other documents filed by the Company, SpinCo and Gray with the SEC, may be obtained free of charge at the SEC’s web site at www.sec.gov. The documents filed by the Company may also be obtained for free from the Company’s Investor Relations web site (http://ir.meredith.com) or by directing a request to the Company’s Shareholder/Financial Analyst contact, Mike Lovell, Executive Director of Corporate Communications, at 515-284-3622.

Participants in the solicitation

The Company and Gray and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the security holders of the Company in connection with the proposed merger and spin-off. Information about Gray’s directors and executive officers is available in Parent’s definitive proxy statement, dated March 25, 2021, for its 2021 annual meeting of shareholders. Information about the Company’s directors and executive officers is available in the Company’s definitive proxy statement, dated September 25, 2020, for its 2020 annual meeting of shareholders. Other information regarding the participants and description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and Form 10 registration statement regarding the proposed merger and spin-off that the Company, SpinCo and Gray  will file with the SEC when it becomes available.

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SOURCE Meredith Corporation

TAIPEI, May 3, 2021 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its first quarter 2021 unaudited financial results.

Comments from Management

For the first quarter of 2021, GigaMedia reported revenues of $1.45 million with a gross profit of $0.79 million, an operating loss of $0.90 million and the net loss of $0.88 million. Total revenues increased by 2.0% if compared to the previous quarter.

“Our business momentum has slowed since the fourth quarter 2020,” said GigaMedia CEO James Huang, “but as we stick with our strategies of internally-driven growth and effective marketing, we managed to sustain growth in revenues and keep costs and expenses in check.”

First Quarter Overview

• Operating revenue
  s increased slightly by 2.0% in quarter-on-quarter comparison, and decreased by 9.9% year-over-year. The slowdown was primarily due to declines in certain of our licensed mobile games, where the upgrades and supports from our Japanese and Korean licensors were severely hampered by the COVID-19 pandemic.
• Loss from operations increased to $0.90 million from $0.61 million last quarter, and net loss to $0.88 million, from $0.34 million last quarter
  .
   The increases were mainly due to rises in certain general expenses.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games. Unaudited consolidated results of GigaMedia are summarized in the table below.

For the
First
Quarter

First
-Quarter Financial Results

• Consolidated revenues for the first quarter of 2021 increased by 2.0% quarter-on-quarter to $1.45 million, from $1.42 million in the fourth quarter of 2020, and decreased by 9.9% year-over-year from $1.60 million in the first quarter of 2020. The slowdown was primarily due to declines in certain of our licensed mobile games, where the upgrades and supports from our Japanese and Korean licensors were severely hampered by the COVID-19 pandemic.
• Consolidated gross profit decreased to $0.79 million from $0.82 million in last quarter and decreased by 14.70% from $0.93 million in the same quarter last year.
• Consolidated operating expenses were $1.69 million in the first quarter of 2021, representing an increase by $0.27 million quarter-on-quarter, or an increase by $0.13 million from $1.57 million year-over-year. The increase was mainly due to rises in certain general expenses.
• Net loss for the first quarter of 2021 was $0.87 million, increased from a loss of $0.34 million in the fourth quarter of 2020, from a loss of $0.28 million in the same quarter last year.
• Cash
  , cash equivalents and restricted cash at the first quarter-end of 2021 accounted for $44.45 million, which decreased by $1.56 million from the end of 2020.

Financial Position

GigaMedia maintained its solid financial position, with cash, cash equivalents and restricted cash amounting to $44.45 million, or approximately $4.02 per share as of March 31, 2021.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of

May 3

, 20
21
. Given potential changes in economic conditions and consumer spending, the evolving nature of
digital entertainments
, and various other risk factors, including those discussed in the Company’s
2020
Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

“The second quarter of 2021 is already expected to be tough,” cautioned GigaMedia CEO James Huang, “but we will continue boosting productivities and enhancing services for our in-house developed casual games by introducing fast-paced playability and accelerating the development of our customer platform.”

Meanwhile, our business strategies always include expanding through mergers and acquisitions. “Including the possible cooperation with Aeolus Robotics Corporation,” said CEO James Huang, “we will keep pursuing investment opportunities that are with strategic potentials to expand our business and create greater shareholder value.”

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with U.S. GAAP, the company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Quarterly results

All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the first quarter 2021 performance upon the release, investors may send the questions via email to [email protected], and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April 2021 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

 

 

 

 

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SOURCE GigaMedia Limited

DALLAS, May 3, 2021 /PRNewswire/ — Comerica Bank announced today it will commit $5 billion to small business lending over the next three years (2021-2023). Additionally, Comerica will expand RISE!, a program designed to support small businesses with a multitude of resources, as well as financial assistance through community nonprofits, and provide specific opportunities for minority- and women-owned small businesses.

“Servicing the needs of small businesses has played an important role throughout Comerica’s 171-year history,” said Cassandra McKinney, Executive Vice President, Comerica’s Retail Bank. “Coming out of this pandemic, now more than ever, small businesses need our support. Comerica’s lending commitment, resources and experienced staff devoted to meeting the needs of small businesses will ensure they maintain their important roles in our local communities.”

Small Business Lending
Comerica offers an array of banking products and services, as well as lending solutions, for small businesses, enabling them to operate effectively and efficiently. Small business customers can tailor their banking needs with various options that include business checking accounts, business savings accounts, fixed and flexible rate CDs, online services with Web and Mobile banking, business credit and business loans.

The importance of serving small business customers during the COVID-19 pandemic has been reflected in the bank’s efforts in facilitating critical funding through the Paycheck Protection Program (PPP). Last year, Comerica processed nearly 20,000 loans totaling $3.9 billion in funding for the first round of PPP. And so far in 2021, Comerica has further assisted small businesses by funding nearly $1 billion in the second round. More than 1,000 Comerica colleagues have supported the program to ensure business customers can keep their businesses open and workforces intact.

Nonprofit / Small Business Support
Comerica has invested in local nonprofits to help its small businesses quickly recover. Most recently, Comerica Bank and the Comerica Charitable Foundation announced a $16 million commitment to support small businesses and communities, with $12 million directed to Community Development Financial Institutions (CDFIs) to meet the needs of small and micro businesses in low- to moderate-income communities adversely impacted by the COVID-19 pandemic.

In 2020, Comerica directed $11 million toward small business relief and community service nonprofits and moved $10 million in deposits to Minority Depository Institutions (MDIs), as well as established mutual mentoring relationships with these institutions. MDIs assist minority and underserved communities and foster economic viability in their communities. Specifically, Comerica allocated $2.5 million to each selected MDI, including First Independence Bank in Detroit, Mich.; Broadway Federal Bank in Los Angeles, Calif.; Unity National Bank in Houston, Texas; and Commercial Bank of California in Irvine, Calif.

Coupled with investments, Comerica colleagues will continue to provide their time and expertise through partnerships with local community-based organizations and nonprofits, including support of Comerica $ense programs, Small Business Bootcamps and National Business League’s Black Capital Access Program.

Last year alone, Comerica held more than 110 Small Busines Bootcamps across the country, assisting 1,250 small businesses and plans further increase its outreach in 2021.

“Small businesses remain pillars of our local communities and Comerica is committed to helping them navigate through these difficult times,” said Comerica Bank Chief Community Officer Irvin Ashford, Jr. “We continue to search for ways Comerica can serve as a resource and partner for small businesses, assisting them down the path to recovery.”

Small Business Resources
Through RISE!, Comerica provides millions in financial resources to help local businesses and communities. Comerica is offering exclusive benefits with partners Office Depot and Software House International (SHI), providing added savings and discounted pricing on a wide selection of office equipment, supplies and services. For more information on RISE!, visit www.comerica.com/letsrise.

About Comerica
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $86.3 billion at March 31, 2021.

 

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SOURCE Comerica Bank

MELBOURNE, Fla., May 3, 2021 /PRNewswire/ — Kona Gold Beverage, Inc. (OTCQB: KGKG), a holding company focused on product development in the better-for-you and hemp and CBD functional beverage sector, is pleased to announce Q2 guidance to shareholders. Kona Gold Beverage has experienced strong growth across its subsidiaries, Kona Gold LLC and Gold Leaf Distribution LLC in 2021. Revenue growth has continued from the first quarter of this year into the second quarter, with strong revenue in April. The Companies Distribution Subsidiary, Gold Leaf Distribution continues to experience revenue growth month-over-month and posted another record revenue month in April, crossing over the $100,000 mark for the first time. Kona Gold, the Companies beverage subsidiary also posted revenues of over $100,000 in April and continues to see strong demand for its beverage portfolio.

Kona Gold Beverage anticipates second quarter revenues to be approximately $750,000, comprising of $300,000 from its subsidiary, Gold Leaf Distribution; and $450,000 from the Company’s other subsidiaries. These revenues are calculated based on the Company’s continued growth and does not include additional large partnership deals the Company is currently working on, which could take second quarter revenues much higher. The Company anticipates a gross profit of approximately $225,000 from these revenues.

The Company will be launching its much anticipated and rebranded Ooh La Lemin website in Q2, along with website refreshes of its current brand websites, Kona Gold Hemp Energy Drinks and HighDrate CBD Energy Waters. Ooh La Lemin will launch on Amazon.com in Q2, and it will be available for the first time in 12 pack cases.  In addition, the new 12 pack cases will be available on Ooh La Lemin’s new website at launch. 

Gold Leaf Distribution and Kona Gold are both hiring personnel in Q2 to assist with the Company’s growth of both subsidiaries. Gold Leaf will be hiring an additional sales person/driver in the Florida market to assist in growth as the Company is now distributing products to 22 Targets in Central Florida. Kona Gold expects it will hire 1 to 2 Sales staff who will travel to distribution partners throughout various regions of the U.S. every week, with their objective to focus and grow markets in these regions.

Kona Gold is expecting to receive its first international order in the coming weeks for its Kona Gold Hemp Energy Drinks, taking the number one selling hemp energy drink outside the United States for the first time. The Company will update shareholders regarding execution of this deal and other deals as they come to fruition. 

For more information regarding Kona Gold Beverage, please visit: https://konagoldbeverage.com/   

About Kona Gold Beverage, Inc.

Kona Gold Beverage, Inc., a Delaware corporation, has created wholly-owned subsidiaries, Kona Gold LLC, HighDrate, LLC, and Gold Leaf Distribution, LLC.  Kona Gold, LLC has developed a premium Hemp-Infused Energy Drink line; please visit its website at www.konagoldhemp.com.  HighDrate, LLC has developed the beverage industry’s first CBD-Infused Energy Water, available in 6 delicious flavors; please visit its website at www.highdrateme.com. Gold Leaf Distribution, LLC was created to fill the Company’s distribution needs in markets that it wants to enter quickly; please visit its website at www.goldleafdist.com. Kona Gold Beverage, Inc. recently acquired S&S Beverage, Inc., which manufactures and distributes LEMIN Superior Lemonade line; please visit its website at www.drinklemin.com. Kona Gold and its family of companies are located on the east coast of Florida in Melbourne and in Greer, South Carolina.Safe Harbor Statement: 

The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions.  The Company may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties.  There can be no assurance that such statements will prove to be accurate.  The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Registration Statement on Form S-1. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated.  These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company’s control.  The Company does not undertake any obligation to update publicly or to revise any statements in this release, whether as a result of new information, future events, or otherwise.

Investor Relations Contact: 
Robert Clark
844-714-2224
[email protected]

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SOURCE Kona Gold Beverage, Inc.

FOSTER CITY, Calif., May 3, 2021 /PRNewswire/ — Qualys, Inc. (NASDAQ: QLYS), a pioneer and leading provider of disruptive cloud-based IT, security and compliance solutions, today announced it is expanding its endpoint security solution, adding the ability to detect and block advanced threats in real time. This expansion adds to the Qualys Cloud Agent’s comprehensive capabilities of inventory, vulnerability management, patching and endpoint detection and response (EDR).

Traditional EDR/EPP solutions focus only on malicious activities, and risk mitigation solutions focus on vulnerabilities and patch management. This approach does not provide a complete picture of the environment, its attack surfaces, and the weaknesses that cybercriminals can exploit, and it doesn’t provide the ability to natively remediate the root cause of most of the cyberattacks – unpatched vulnerabilities. Qualys removes these blind spots by combining risk mitigation, threat detection and response into a single solution.

“Malicious attacks are growing in sophistication and volume year over year and security teams need a combination of proactive protection against known malware and the ability to identify and respond to new unknown threats quickly,” said Michael Suby, vice president of research at IDC. “Qualys Multi-Vector EDR with endpoint protection brings together multiple context vectors, a unified, always updated view of the entire attack chain, and the ability to block threats giving security teams a broader, seamlessly integrated approach to endpoint security that delivers holistic prevention, protection, detection and response.” 

Qualys Multi-Vector EDR with malware protection combines the technologies required to stop attacks, threats, and breaches. It delivers real-time detection and response to remove malicious files and processes, leverages comprehensive threat intelligence to detect advanced threats, and maps endpoint activity to the MITRE ATT&CK tactics and techniques.

“With Qualys Multi-Vector EDR, we have been able to consolidate to a single agent, used across the Qualys Cloud Platform, to provide the deep visibility and control we need to monitor and investigate incidents across all our endpoints even those in remote locations,” said Calvin Szeto, vice president of cybersecurity at Universal Electronics. “The advanced context and ease of deployment combined with the single-pane-of-glass view not only make incident response and threat hunting easier but also improve the productivity of our security and IT team. Our organization can now comprehensively remediate by quarantining threats, patching vulnerabilities, and fixing misconfigurations with one single solution.”

Qualys Multi-Vector EDR adds anti-malware protections to: 

• Automatically Quarantine Malware – actively scan all system files including incoming files for malware and automatically quarantine infected files.
• Detect Advanced Threats – monitor active applications and processes for malicious behavior to protect against new and unknown malware variants.
• Prevent Memory Exploitation – monitor system processes to protect against memory exploitation used by zero-day threats and file-less attacks.
• Stop Malicious Traffic – scan incoming emails and web traffic in real time to protect against brute-force attacks, network exploits and password theft.
• Prevent Phishing – automatically block known phishing web links to keep users and networks secure.

“Qualys Multi-Vector EDR leverages the power of the Qualys Cloud Platform and Cloud Agent to correlate billions of global events with threat intel, analytics and machine learning to provide holistic visibility, protection and response to cyberthreats across global hybrid environments,” said Sumedh Thakar, president and CEO at Qualys. “With the addition of real-time blocking protection, the Qualys Cloud Agent can now help organizations eliminate multiple agents from their endpoints thus drastically reducing complexity and cost.” 

Availability
Qualys Multi-Vector EDR with endpoint protection is available via a public beta for Windows endpoints and will be generally available in late May. If you would like to sign up for the free trial, visit www.qualys.com/edr-epp. To learn more, join our webinar on May 26 to see real-time malware protection in action.

Additional Resources 

• Read the Multi-Vector EDR blog
• Learn about Qualys Multi-Vector EDR
• Details on the Qualys Cloud Platform
• Follow Qualys on LinkedIn and Twitter

About Qualys 
Qualys, Inc. (NASDAQ: QLYS) is a pioneer and leading provider of disruptive cloud-based security and compliance solutions with over 19,000 active customers in more than 130 countries, including a majority of each of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions in a single platform and build security into digital transformation initiatives for greater agility, better business outcomes, and substantial cost savings.  

The Qualys Cloud Platform and its integrated Cloud apps deliver businesses critical security intelligence continuously, enabling them to automate the full spectrum of auditing, compliance, and protection for IT systems and web applications across on premises, endpoints, cloud, containers, and mobile environments. Founded in 1999 as one of the first SaaS security companies, Qualys has established strategic partnerships with leading cloud providers like Amazon Web Services, Microsoft Azure and the Google Cloud Platform, and managed service providers and consulting organizations including Accenture, BT, Cognizant Technology Solutions, Deutsche Telekom, DXC Technology, Fujitsu, HCL Technologies, IBM, Infosys, NTT, Optiv, SecureWorks, Tata Communications, Verizon and Wipro. The company is also a founding member of the Cloud Security Alliance. For more information, please visit www.qualys.com.  

Qualys and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.
 

Media Contact:
 
Tami Casey, Qualys 
(650) 801-6196 
[email protected]

 

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SOURCE Qualys, Inc.

MAULDIN, S.C., May 3, 2021 /PRNewswire/ — Xcelerate, Inc. (OTC pink sheets: “XCERT), a rapidly emerging leader in assembling and developing early-stage medical technology, today announced it has taken all action necessary to remove the “Yield” sign from its stock symbol page provided by OTC Markets.  The Company intends to continue its commitment to insure future compliance with listing requirements.  Xcelerate recently submitted all necessary documentation with OTC Markets to be designated as a company in “Pink Current Reporting” tier.  As a result, OTC Markets removed the “Yield” sign this week.

“We’re pleased the “‘yield” sign has now been removed by OTC Markets and we have now received the ‘Pink Current Reporting’ status,” said Xcelerate CEO Michael O’Shea.   This is the fruit of continuing effort of our team to improve our corporate standing and press on to increasingly higher standards of corporate transparency. Now investors can more readily access information about our company and analyze value and potential of Xcelerate, Inc.,” said O’Shea.  

“We’re also making headway in finding innovative acquisitions within the patent/engineering world and remain focused on joining early-stage medical technology companies in a setting of controlled clinical care where these new developments can be trailed, tested and applied,” he said. “We’re striving to demonstrate Xcelerate is worthy of high confidence and we’re committed to openly communicating with our shareholders as we progress upward through various market tiers.”

SAFE HARBOR

This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and actual results may differ materially from those projected in forward-looking statements resulting from various factors.

Media contact: Justin Baronoff 561-750-9800; [email protected].

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SOURCE Xcelerate, Inc.

NETANYA, Israel, May 3, 2021 /PRNewswire/ — Orbit Communications Systems Ltd. (TASE: ORBI), a leading global provider of maritime and airborne satcom terminals, tracking ground station solutions, and mission-critical airborne audio management systems announced today the delivery of an OceanTRx 4 Mil satellite communications system to the Israeli Navy to be installed on the Saar 6-class corvette

 “We are proud that the Israeli Navy has chosen the OceanTRx 4 Mil Platform,” said Daniel Eshchar, CEO of Orbit. “This platform is one of the most advanced naval satellite communication solutions in the world. The platform supports both military and civilian bands on a single military system.”

About Orbit’s OceanTRx 4 Mil System

OceanTRx 4 Mil is a Maritime Satcom Terminal, based on the OceanTRx4 platform but with advanced military features. A patented satellite communication system designed for maritime platforms and supports a variety of configurations of 1.15-meter diameter antenna systems, operating different frequencies including simultaneous operation of a variety frequencies for global operation. The OceanTRx 4 Mil system is designed for quick and convenient installation, maintenance and upgrade, combining RF performance and exceptional system availability for security customers

About ORBIT:

Orbit Communication Systems Ltd. (TASE: ORBI), a leading global provider of airborne communications and satellite-tracking maritime and ground-station solutions, is helping to expand and redefine how we connect. You’ll find Orbit systems on airliners and jet fighters, cruise ships and navy vessels, ground stations and offshore platforms. We deliver innovative, cost-effective and highly reliable solutions to commercial operators, major air forces and navies, space agencies and emerging New Space companies.

Orbit is a public company traded on the Tel Aviv Stock Exchange under the control of the Pimi Investment Fund. The company’s operations are spread globally, with production, marketing, sales and customer service, including a presence in the US, Europe and the Far East.

For more information, please visit http://orbit-cs.com/

Media Contact:

Marketing Communications
[email protected]  
 +972 9 892 2777

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SOURCE Orbit Communication Systems Ltd