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Exela Technologies, Inc. Reports First Quarter 2021 Results

Revenue of $300.1 million and Adjusted EBITDA of $46.5 million

Reiterates 2021 Financial Guidance

SMB business showing robust growth

Conference Call Scheduled for May 4, 2021 at 11:00 AM ET

First Quarter 2021 Highlights:

  • Revenue of $300.1 million, a decline of 17.9% from Q1 2020
  • Gross profit(1) margin of 22.5%, an increase of 250 basis points from Q1 2020 and 370 basis points from Q4 2020
  • Operating income of $4.3 million, compared with operating loss of $2.2 million in Q1 2020
  • Net loss of $39.2 million, compared with a loss of $12.7 million in Q1 2020
  • EBITDA(2) of $23.5 million, compared with $54.6 million in Q1 2020
  • Adjusted EBITDA(3) of $46.5 million, an increase of 4.7% from $44.4 million in Q1 2020
  • Recently launched SMB business showing robust growth QoQ – DMR customers grew 117% and DrySign users grew 170%
  • First cloud hosted deployment of PCH Global platform with a major insurer for a $90 million, 10 year licensing agreement
  • Operating leverage improvement continues with 25% of the announced reduction in facilities completed as part of a multi-year plan
  • Automation led efficiencies reduced employee count to 18,400 as of March 31, 2021 from 19,000 as of December 31, 2020
  • Expanding financial flexibility with $26.8 million in gross proceeds(4) raised in an equity offering

IRVING, Texas, May 04, 2021 (GLOBE NEWSWIRE) — Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA), a location-agnostic global business process automation (“BPA”) leader, announced today its financial results for the first quarter ended March 31, 2021.

“We are pleased with the strong expansion of both our gross margin and adjusted EBITDA margin in the first quarter, which reflects our ongoing commitment to focus on our core businesses and drive continued operational improvement. We are also impressed with the adoption of the various Digital Assets Group solutions in the SMB and enterprise markets. Based on our first quarter results and the momentum we see in the business, we reiterate our prior 2021 guidance,” said Ronald Cogburn, Chief Executive Officer of Exela.


First Quarter 2021 Financial Highlights

  • Revenue: Revenue for Q1 2021 was $300.1 million, a decline of 17.9% compared to $365.5 million from Q1 2020, primarily due to lower volumes as a result of COVID-19, pruning of transition revenue(5), and strategic asset sales. Revenue for the Information and Transaction Processing Solutions segment was $231.9 million, a decline of 18.4% year-over-year. Healthcare Solutions revenue was $51.1 million, a decrease of 20.2% year-over-year. Legal and Loss Prevention Services revenue was $17.1 million, consistent with the prior year period.

  • Operating income / (loss): Operating income for Q1 2021 was $4.3 million, compared with operating loss of $2.2 million in Q1 2020. The year-over-year improvement in operating income was primarily attributable to lower SG&A and depreciation and amortization expenses.

  • Net Loss: Net Loss for Q1 2021 was $39.2 million, compared with a net loss of $12.7 million in Q1 2020, primarily due to a gain of $35.3 million recognized on the sale of SourceHOV Tax, LLC during Q1 2020. Net loss excluding the gain on sale of SourceHOV Tax improved by 22.1% in the quarter compared to the prior year period.

  • Adjusted
    EBITDA: Adjusted EBITDA for Q1 2021 was $46.5 million, an increase of 4.7% compared to $44.4 million in Q1 2020. Adjusted EBITDA margin for Q1 2021 was 15.5%, up 334 basis points from 12.1% in Q1 2020. Adjusted EBITDA margin, based on revenue excluding pass through revenue(6), was 19.3% in Q1 2021, an increase of approximately 429 basis points from 15.0% compared to Q1 2020 and an increase of 501 basis points from 14.3% sequentially from Q4 2020.

  • Common Stock: After accounting for the 1:3 reverse split, as of March 31, 2021, there were 59,192,012 total shares of common stock outstanding and an additional 1,215,924 shares of common stock reserved for issuance for our outstanding preferred shares on an as-converted basis.


First Quarter 2021 Business Highlights


Contract and product updates:

  • First cloud hosted deployment of Exela’s PCH Global platform with a major insurer for a $90 million, 10 year licensing agreement
  • Global expansion of the Exchange for Bills and Payments (XBP) into the Americas, Continental Europe and Asia
  • Accelerating demand for WFA and BPM solutions as go to market expands beyond enterprise customers: Recently launched SMB business showing robust growth QoQ – DMR customers grew 117% and DrySign users grew 170% with a strong pipeline of additional solutions.

Operating leverage improvement continues:

  • Real estate: 25% of the announced reduction in facilities already completed as part of a multi-year plan
  • Automation led efficiencies reduced employee count to 18,400 as of March 31, 2021 from 19,000 as of December 31, 2020
  • Exela cloud hosted services expanding with Intelligent Data Processing (IDP) to additional industries; will further enhance WFA initiatives and business continuity globally with faster deployments, greater security and increased autonomy.

Capital Expenditures: Capital expenditures for the first quarter of 2021 were 0.8% of revenue compared to 1.3% of revenue in the first quarter of 2020.

Balance Sheet and Liquidity

(


7


)
: On March 31, 2021, Exela’s total liquidity was $62 million. Additionally, $53 million of committed facility under the existing Securitization Facility remains undrawn in accordance with its terms. Exela’s total net debt at March 31, 2021 was $1.48 billion (as determined in accordance with the Company’s credit agreement).

Expanding financial flexibility: Raised $26.8 million in gross proceeds via an equity offering

On March 18, 2021, Exela completed the sale of 9,731,819 shares of common stock at a price of $2.75 per share and warrants to purchase 9,731,819 shares of common stock at an exercise price of $4.00 per share to equity focused investors. The gross proceeds to Exela from this offering were approximately $26.8 million excluding placement agent fees and other offering expenses.

Exela plans to continue working on expanding its financial flexibility with the objective to improve consolidated cash flows from all activities.


2021 Guidance

  • Revenue range $1.25 billion to $1.39 billion
  • Gross margin of 23% to 25%
  • Adjusted EBITDA margin 16% to 17%
  • Capital expenditures in the range of 1% of revenue

Note: Guidance is based on constant-currency.

Below are the notes referenced above:

(1) – Gross Profit is defined as Revenue less cost of revenue excluding depreciation and amortization.

(2) – EBITDA is a non-GAAP measure. A reconciliation of EBITDA is attached to this release.

(3) – Adjusted EBITDA is a non-GAAP measure. A reconciliation of Adjusted EBITDA is attached to this release. A reconciliation of Adjusted EBITDA (2021 Guidance) is not available on forward-looking basis without unreasonable efforts due to the impact and timing on future operating results.

(4) – Gross proceeds of $26.8 million from the Equity offering are before any fees and expenses. Please refer to the equity capital raise related press release dated March 15,

,

2021 and Form 8-K dated March 19, 2021 for more details.

(5) – Transition revenue includes the exit of contracts and statements of work from certain customers that the Company believes are unpredictable, non-recurring, and were not a strategic fit to its long-term success or unlikely to achieve long-term target margins.

(6) – Pass through revenue is defined as postage and postage handling revenue with either zero or nominal margins. A reconciliation of revenue net of pass through revenue is attached to this release.

(7) – Liquidity is defined per the third amendment to the Company’s credit agreement effective May 15, 2020. At March 31, 2021, total cash and cash equivalents was $22 million (including restricted cash not subject to legal restriction). The Company had $20 million availability under its global credit facilities.

Earnings Conference Call and Audio Webcast

Exela will host a conference call to discuss its first quarter 2021 financial results at 11:00 a.m. ET on May 4, 2021. To access this call, dial 833-255-2831 or +1-412-902-6724 (international). A replay of this conference call will be available through May 1, 2021 at 877-344-7529 or +1-412-317-0088 (international). The replay passcode is 10155612.

Exela invites all investors to ask questions that they would like addressed on the conference call. We ask individual investors to submit questions via email to [email protected].

A live webcast of this conference call will be available on the “Investors” page of the Company’s website (www.exelatech.com). A supplemental slide presentation that accompanies this call and webcast can be found on the investor relations website (http://investors.exelatech.com/) and will remain available after the call.  

About Exela

Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. With foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry department solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and public sectors. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 18,300 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

Find out more at www.exelatech.com

Follow Exela on Twitter: https://twitter.com/exelatech
Follow Exela on LinkedIn: https://www.linkedin.com/company/11174620/

About Non-GAAP Financial Measures: This press release includes constant currency, EBITDA and Adjusted EBITDA, each of which is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Exela believes that the presentation of these non-GAAP financial measures will provide useful information to investors in assessing our financial performance, results of operations and liquidity and allows investors to better understand the trends in our business and to better understand and compare our results. Exela’s board of directors and management use constant currency, EBITDA and Adjusted EBITDA to assess Exela’s financial performance, because it allows them to compare Exela’s operating performance on a consistent basis across periods by removing the effects of Exela’s capital structure (such as varying levels of debt and interest expense, as well as transaction costs resulting from the combination of Quinpario Acquisition Corp. 2, SourceHOV Holdings, Inc. and Novitex Holdings, Inc. on July 12, 2017 (the “Novitex Business Combination”) and capital markets-based activities). Adjusted EBITDA also seeks to remove the effects of integration and related costs to achieve the savings, any expected reduction in operating expenses due to the Novitex Business Combination, asset base (such as depreciation and amortization) and other similar non-routine items outside the control of our management team. Optimization and restructuring expenses and merger adjustments are primarily related to the implementation of strategic actions and initiatives related to the Novitex Business Combination. All of these costs are variable and dependent upon the nature of the actions being implemented and can vary significantly driven by business needs. Accordingly, due to that significant variability, we exclude these charges since we do not believe they truly reflect our past, current or future operating performance. The constant currency presentation excludes the impact of fluctuations in foreign currency exchange rates. We calculate constant currency revenue and Adjusted EBITDA on a constant currency basis by converting our current-period local currency financial results using the exchange rates from the corresponding prior-period and compare these adjusted amounts to our corresponding prior period reported results. Exela does not consider these non-GAAP measures in isolation or as an alternative to liquidity or financial measures determined in accordance with GAAP. A limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Exela’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures and therefore the basis of presentation for these measures may not be comparable to similarly-titled measures used by other companies. These non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP. Net loss is the GAAP measure most directly comparable to the non-GAAP measures presented here. For reconciliation of the comparable GAAP measures to these non-GAAP financial measures, see the schedules attached to this release.

Forward-Looking Statements: Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “continue”, “future”, “will”, “expect”, “outlook” or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, including without limitation those discussed under the heading “Risk Factors” in the Annual Report. In addition, forward-looking statements provide Exela’s expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause Exela’s assessments to change. These forward-looking statements should not be relied upon as representing Exela’s assessments as of any date subsequent to the date of this press release.

Investor and/or Media Contacts:

Vincent Kondaveeti
E: [email protected]
T: 929-620-1849

Mary Beth Benjamin
E: [email protected]
T: 646-277-1216

Source: Exela Technologies, Inc.

Exela Technologies, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

As of March 31, 2021 and December 31, 2020

(in thousands of United States dollars except share and per share amounts)

(UNAUDITED)

    March 31,    December 31, 
    2021
      2020
       (Unaudited)      (Audited)
Assets            
Current assets            
Cash and cash equivalents   $ 22,055     $ 68,221  
Restricted cash     1,683       2,088  
Accounts receivable, net of allowance for doubtful accounts of $5,634 and $5,647, respectively     216,077       206,868  
Related party receivables and prepaid expenses     702       711  
Inventories, net     14,845       14,314  
Prepaid expenses and other current assets     33,429       31,091  
Total current assets     288,791       323,293  
Property, plant and equipment, net of accumulated depreciation of $192,177 and $193,760, respectively     81,862       87,851  
Operating lease right-of-use assets, net     66,743       68,861  
Goodwill     359,309       359,781  
Intangible assets, net     280,891       292,664  
Deferred income tax assets     6,370       6,606  
Other noncurrent assets     20,756       18,723  
Total assets   $ 1,104,722     $ 1,157,779  
             
Liabilities and Stockholders’ Equity (Deficit)            
Liabilities            
Current liabilities            
Accounts payable   $ 73,666     $ 76,027  
Related party payables     124       97  
Income tax payable     1,531       2,466  
Accrued liabilities     122,080       126,399  
Accrued compensation and benefits     62,392       63,467  
Accrued interest     24,059       48,769  
Customer deposits     17,648       21,277  
Deferred revenue     21,182       16,377  
Obligation for claim payment     28,222       29,328  
Current portion of finance lease liabilities     11,143       12,231  
Current portion of operating lease liabilities     17,852       18,349  
Current portion of long-term debts     39,713       39,952  
Total current liabilities     419,612       454,739  
Long-term debt, net of current maturities     1,499,031       1,498,004  
Finance lease liabilities, net of current portion     11,401       13,287  
Pension liabilities, net     35,335       35,515  
Deferred income tax liabilities     9,154       9,569  
Long-term income tax liabilities     2,260       2,759  
Operating lease liabilities, net of current portion     54,929       56,814  
Other long-term liabilities     13,336       13,624  
Total liabilities     2,045,058       2,084,311  
Commitments and Contingencies (Note 8)            
             
Stockholders’ equity (deficit)            
Common stock, par value of $0.0001 per share; 1,600,000,000 shares authorized; 61,643,718 shares issued and 59,192,012 shares outstanding at March 31, 2021 and 51,693,931 shares issued and 49,242,225 shares outstanding at December 31, 2020     16       15  
Preferred stock, par value of $0.0001 per share; 20,000,000 shares authorized; 2,779,369 shares issued and outstanding at March 31, 2021 and 3,290,050 shares issued and outstanding at December, 2020     1       1  
Additional paid in capital     471,804       446,739  
Less: Common Stock held in treasury, at cost; 2,451,706 shares at March 31, 2021 and December 31, 2020     (10,949 )     (10,949 )
Equity-based compensation     52,570       52,183  
Accumulated deficit     (1,429,238 )     (1,390,038 )
Accumulated other comprehensive loss:            
Foreign currency translation adjustment     (7,319 )     (7,419 )
Unrealized pension actuarial losses, net of tax     (17,221 )     (17,064 )
Total accumulated other comprehensive loss     (24,540 )     (24,483 )
Total stockholders’ deficit     (940,336 )     (926,532 )
Total liabilities and stockholders’ deficit   $ 1,104,722     $ 1,157,779  

Exela Technologies, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the three months ended March 31, 2021 and 2020

(in thousands of United States dollars except share and per share amounts)

(UNAUDITED)

    Three Months Ended March 31, 
       2021
      2020
Revenue   $ 300,056     $ 365,451  
Cost of revenue (exclusive of depreciation and amortization)     232,587       292,539  
Selling, general and administrative expenses (exclusive of depreciation and amortization)     41,885       50,374  
Depreciation and amortization     19,599       23,185  
Related party expense     1,707       1,551  
Operating profit (loss)     4,278       (2,198 )
Other expense (income), net:            
Interest expense, net     43,131       41,588  
Sundry expense, net     213       1,082  
Other expense (income), net     152       (34,657 )
Net loss before income taxes     (39,218 )     (10,211 )
Income tax benefit (expense)     18       (2,459 )
Net loss   $ (39,200 )   $ (12,670 )
Cumulative dividends for Series A Preferred Stock     896       1,440  
Net loss attributable to common stockholders   $ (38,304 )   $ (11,230 )
Loss per share:            
Basic and diluted   $ (0.76 )   $ (0.23 )


Exela Technologies, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

For the three months ended March 31, 2021 and 2020

(in thousands of United States dollars unless otherwise stated)

(UNAUDITED)

    Three Months Ended March 31, 
       2021
      2020
Cash flows from operating activities            
Net loss   $ (39,200 )   $ (12,670 )
Adjustments to reconcile net loss            
Depreciation and amortization     19,599       23,185  
Original issue discount and debt issuance cost amortization     3,840       3,193  
Provision for doubtful accounts     50       74  
Deferred income tax provision     (297 )     (401 )
Share-based compensation expense     387       861  
Unrealized foreign currency losses     (159 )     (936 )
Loss (gain) on sale of assets     29       (35,246 )
Fair value adjustment for interest rate swap     (125 )     845  
Change in operating assets and liabilities, net of effect from acquisitions            
Accounts receivable     (11,248 )     13,476  
Prepaid expenses and other assets     (5,895 )     (5,678 )
Accounts payable and accrued liabilities     (30,787 )     (21,420 )
Related party payables     37       (568 )
Additions to outsource contract costs     (156 )     (88 )
Net cash used in operating activities     (63,925 )     (35,373 )
             
Cash flows from investing activities            
Purchase of property, plant and equipment     (1,609 )     (3,591 )
Additions to internally developed software     (672 )     (1,153 )
Cash paid for acquisition, net of cash received      –       (3,500 )
Proceeds from sale of assets      –       38,222  
Net cash provided by (used in) investing activities     (2,281 )     29,978  
             
Cash flows from financing activities            
Proceeds from issuance of stock     25,065        –  
Borrowings under factoring arrangement and Securitization Facilities     32,432       131,591  
Principal repayment on borrowings under factoring arrangement and Securitization Facilities     (31,533 )     (23,042 )
Lease terminations     (16 )     (14 )
Cash paid for debt issuance costs      –       (2,908 )
Principal payments on finance lease obligations     (3,029 )     (3,187 )
Borrowings from senior secured revolving facility     3,000       29,750  
Repayments on senior secured revolving facility      –       (14,000 )
Borrowings from other loans     1,959       11,241  
Principal repayments on senior secured term loans and other loans     (8,142 )     (15,343 )
Net cash provided by financing activities     19,736       114,088  
Effect of exchange rates on cash     (101 )     (216 )
Net decrease in cash and cash equivalents     (46,571 )     108,477  
Cash, restricted cash, and cash equivalents            
Beginning of period     70,309       14,099  
End of period   $ 23,738     $ 122,576  
             
Supplemental cash flow data:            
Income tax payments, net of refunds received   $ 1,510     $ 623  
Interest paid     62,510       61,852  
Noncash investing and financing activities:            
Assets acquired through right-of-use arrangements     220       270  
Accrued capital expenditures     1,617       1,565  

 

Exela Technologies

Schedule 1: First Quarter 2021 vs. First Quarter 2020 Financial Performance

(UNAUDITED)

             
             
             
$ in millions Q1’21 Q1’20   Change ($)  
             
Information and Transaction Processing Solutions 231.9   284.1     (52.2 )  
Healthcare Solutions 51.1   64.0     (12.9 )  
Legal and Loss Prevention Services 17.1   17.3     (0.2 )  
Total Revenue 300.1   365.5     (65.4 )  
             
Cost of revenue (exclusive of depreciation and amortization) 232.6   292.5     (60.0 )  
Gross profit 67.5   72.9     (5.4 )  

as a % of revenue
22


%
 		 
20


%
 		   
2.5


%
 		   
             
SG&A   41.9   50.4     (8.5 )  
Depreciation and amortization 19.6   23.2     (3.6 )  
Related party expense 1.7   1.6     0.2    
Operating (loss) income 4.3   (2.2 )   6.5    

as a % of revenue
1


%
 		 
-1%
 		   
2.0


%
 		   
             
Interest expense, net 43.1   41.6     1.5    
Sundry expense (income) & Other income, net 0.4   (33.6 )   33.9    
Net loss before income taxes (39.2 ) (10.2 )   (29.0 )  
Income tax expense (benefit) (0.0 ) 2.5     (2.5 )  
Net income (loss) (39.2 ) (12.7 )   (26.5 )  

as a % of revenue
-13%
 		 
-3%
 		   
-9.6%
 		   
             
Depreciation and amortization 19.6   23.2     (3.6 )  
Interest expense, net 43.1   41.6     1.5    
Income tax expense (benefit) (0.0 ) 2.5     (2.5 )  
EBITDA 23.5   54.6     (31.1 )  

as a % of revenue
8


%
 		 
15


%
 		   
-7.1%
 		   
             
EBITDA Adjustments          
1 Gain / loss on derivative instruments (0.1 ) 0.8     (1.0 )  
2 Non-Cash and Other Charges 13.1   (28.5 )   41.6    
3 Transaction and integration costs 4.6   4.4     0.3    
  Sub-Total (Adj. EBITDA before O&R) 41.1   31.2     9.9    
4 Optimization and restructuring expenses 5.4   13.1     (7.8 )  
Adjusted EBITDA 46.5   44.4     2.1    

as a % of revenue
15.5


%
 		 
12.1


%
 		   
3.3


%
 		   
             



Exela Technologies

Schedule 2: Reconciliation of Adjusted EBITDA and constant currency revenues

               
    Reconciliation of Non-GAAP Financial Measures to GAAP Measures      
               
               
    Non-GAAP constant currency revenue reconciliation          
    ($ in millions)   Three months ended  
      31-Mar-21   31-Mar-20  
    Revenues, as reported (GAAP)   $
300.1 		    $
365.5 		   
    Foreign currency exchange impact (1)     (5.1 )      
    Revenues, at constant currency (Non-GAAP)   $
294.9 		    $
365.5 		   
               
    (1) Constant currency excludes the impact of foreign currency fluctuations and is computed by applying the average exchange rates for the three months ended March 31, 2020, to the revenues during the corresponding period in 2021.
               
               
               
    Reconciliation of Adjusted EBITDA          
    ($ in millions)   Three months ended  
      31-Mar-21   31-Mar-20  
    Net loss (GAAP)   ($
39.2 		)   ($
12.7 		)  
    Interest expense     43.1       41.6    
    Taxes     (0.0 )     2.5    
    Depreciation and amortization     19.6       23.2    
    EBITDA (Non-GAAP)   $
23.5 		    $
54.6 		   
    Transaction and integration costs     4.6       4.4    
    Optimization and restructuring expenses     5.4       13.1    
    Gain / loss on derivative instruments     (0.1 )     0.8    
    Other Charges     13.1       (28.5 )  
    Adjusted EBITDA (Non-GAAP)   $
46.5 		    $
44.4 		   
    Foreign currency exchange impact (1)     –        
    Adjusted EBITDA, at constant currency (Non-GAAP)   $
46.5 		    $
44.4 		   
               
    (1) Constant currency excludes the impact of foreign currency fluctuations and is computed by applying the average exchange rates for the three months March 31, 2020, to the adjusted EBITDA during the corresponding period in 2021.
               
               
               
               
    Schedule 3: Non-GAAP Revenue reconciliation & Adjusted EBITDA margin on Revenue net of pass through  
               
    ($ in millions)   Three months ended  
      31-Mar-21   31-Mar-20  
    Revenues, as reported (GAAP)   $
300.1 		    $
365.5 		   
    (-) Postage & postage handling     59.3       69.7    
    Revenue – Net of pass through (Non-GAAP)   $
240.7 		    $
295.7 		   
    Revenue growth %     (18.6%)        
               
    Adjusted EBITDA (Non-GAAP)   $
46.5 		    $
44.4 		   
               
    Adjusted EBITDA margin     19.3
% 		      15.0
% 		   
               

 



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Iteris to Present at 16th Annual Needham Virtual Technology & Media Conference on May 19, 2021

Iteris to Present at 16th Annual Needham Virtual Technology & Media Conference on May 19, 2021

SANTA ANA, Calif.–(BUSINESS WIRE)–Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been invited to present at the 16th Annual Needham Virtual Technology & Media Conference on Wednesday, May 19.

Iteris president and CEO Joe Bergera and CFO Douglas Groves are scheduled to present at 3:00 p.m. ET (12:00 p.m. PT), and will participate in virtual one-on-one meetings with investors throughout the day.

For additional information or to schedule a one-on-one meeting with Iteris management, please contact your Needham representative, or Iteris’ investor relations firm, MKR Investor Relations, at [email protected].

The company’s presentation will be webcast live and available for replay via the investor relations section of the company’s website at www.iteris.com. A copy of the presentation used at the conference will also be posted to the investor relations section of the company’s website.

About Iteris, Inc.

Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.

Iteris Contact

Douglas Groves

Senior Vice President and Chief Financial Officer

Tel: (949) 270-9643

Email: [email protected]

Investor Relations

MKR Investor Relations, Inc.

Todd Kehrli

Tel: (213) 277-5550

Email: [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Automotive Manufacturing Data Management Manufacturing Technology Trucking Rail Maritime Fleet Management General Automotive Transport Other Technology Aftermarket Automotive Software Logistics/Supply Chain Management Public Transport

MEDIA:

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Todos Medical Receives FDA Certificate of Free Sale for New 5-Day Tollovid Dosing Regimen

Company sees this new dosing regimen of 60 pills over 5 days as optimal for Tollovid, the Company’s 3CL protease inhibitor botanical dietary supplement that helps to support and maintain healthy immune function

NEW YORK, NY, and REHOVAT, ISRAEL, May 04, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Todos Medical, Ltd. (OTCQB: TOMDF), a comprehensive medical diagnostics and related solutions company, today announced that the US Food & Drug Administration granted the Company a new Certificate of Free Sale for a second dosing regimen for Tollovid™ as a dietary supplement. Under the new Certificate of Free Sale, the Company is authorized to market Tollovid with a dosing regimen of 60 pills over a five-day period, equivalent to 12 pills per day. Tollovid, a potent 3CL protease inhibitor botanical product, is a dietary supplement that helps to support and maintain healthy immune function. The 3CL protease is an important part of certain coronavirus’ reproductive mechanism, and inhibiting this protease may help to support and maintain healthy immune function in the face of circulating coronaviruses.  The Company sees this dosing regimen for Tollovid as optimal for supporting healthy immune function.

“We were very pleased with the speed with which this dosing regimen for Tollovid was granted a new Certificate of Free by the US FDA,” said Gerald E. Commissiong, President & CEO of Todos Medical. “After a successful initial launch at The Alchemist’s Kitchen in New York City, where we gained significant feedback from customers on what worked best for them with Tollovid, we developed an upgraded dosing regimen based on the first-hand experience of customers that had a successful experience with the product. With that critical information and this new Certificate of Free Sale in hand, we are now preparing to launch Todos Medical’s branded Tollovid product into the US market via a soon to be launched website www.MyTollovid.com in a direct-to-consumer model with overnight shipping. We also intend to explore opportunities to distribute Tollovid in other areas of the world that are eagerly seeking new products that can potentially inhibit 3CL protease, and are in active discussions with distributors to bring this product forward in those markets.”

The Company intends to utilize a portion of the proceeds from a recently completed $3.3 million fixed price crossover investment with Yozma Group, a venture capital firm from South Korea, to help with the Tollovid launch. With Yozma’s recent investment, Todos has raised $9.7 million in this crossover round since January 2021. In addition to the Tollovid launch, the Company is utilizing the proceeds from these investments to retire certain outstanding debts, further advance the ongoing Phase 2 clinical trial of the Company’s oral 3CL protease targeting drug candidate Tollovir™ for hospitalized COVID-19 patients, the completion of initial clinical studies for the Company’s 3CL protease targeting COVID-19 diagnostic assay Tollotest™ and general corporate purposes.

For information related to Todos Medical’s COVID-19 testing capabilities, please visit www.todoscovid19.com.

For COVID-19 testing inquiries, please email [email protected].

About Todos Medical Ltd.

Founded in Rehovot, Israel with offices in New York City, Todos Medical Ltd. (OTCQB: TOMDF), engineers life-saving diagnostic solutions for the early detection of a variety of cancers. The Company’s state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer’s influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos’ two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe. Todos recently acquired U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab currently performing PCR COVID testing and Provista’s proprietary commercial-stage Videssa® breast cancer blood test.

Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer’s disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer’s disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain.

Todos has entered into distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple manufacturers after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory in the United States. Todos has formed a strategic partnership with Integrated Health LLC to deploy mobile COVID-19 testing in the United States. Additionally, Todos has entered into a joint venture with NLC Pharma to pursue the development of diagnostic tests targeting the 3CL protease, as well as 3CL protease inhibitors that target the reproductive mechanism of coronaviruses.

For more information, please visit https://www.todosmedical.com/.

Forward-looking Statements

Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission.

Todos Corporate and Investor Contact:

Richard Galterio

Todos Medical

732-642-7770

[email protected]



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MP Materials Announces Cashless Redemption of Public Warrants

MP Materials Announces Cashless Redemption of Public Warrants

MOUNTAIN PASS, Calif.–(BUSINESS WIRE)–
MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”) today announced that the Company will redeem all of its outstanding warrants (the “Public Warrants”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated April 29, 2020 (the “Warrant Agreement”), by and between the Company (f/k/a Fortress Value Acquisition Corp.) and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), as part of the units sold in the Company’s initial public offering (the “IPO”), for a redemption price of $0.01 per Public Warrant (the “Redemption Price”), that remain outstanding at 5:00 p.m. New York City time on June 7, 2021 (the “Redemption Date”). Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO are no longer outstanding and are not subject to this redemption.

Under the terms of the Warrant Agreement, the Company is entitled to redeem all of the outstanding Public Warrants if the last sales price of the Common Stock is at least $18.00 per share on each of twenty trading days within any thirty-day trading period ending on the third trading day prior to the date on which a notice of redemption is given. This share price performance target has been met. At the direction of the Company, the Warrant Agent has delivered a notice of redemption to each of the registered holders of the outstanding Public Warrants.

In addition, in accordance with the Warrant Agreement, the Company’s Board of Directors has elected to require that, upon delivery of the notice of redemption, all Public Warrants are to be exercised only on a “cashless basis.” Accordingly, holders may no longer exercise Public Warrants and receive Common Stock in exchange for payment in cash of the $11.50 per warrant exercise price. Instead, a holder exercising a Public Warrant will be deemed to pay the $11.50 per warrant exercise price by the surrender of 0.3808 of a share of Common Stock (such fraction determined as described below) that such holder would have been entitled to receive upon a cash exercise of a Public Warrant. Accordingly, by virtue of the cashless exercise of the Public Warrants, exercising warrant holders will receive 0.6192of a share of Common Stock for each Public Warrant surrendered for exercise. This cashless exercise reduces the dilution to MP Materials stockholders by settling the net value of the Public Warrants in equity, as described above, without raising the approximately $132 million underlying the cash exercise of the Public Warrants. Any Public Warrants that remain unexercised at 5:00 p.m. New York City time on the Redemption Date will be delisted, void and no longer exercisable, and the holders will have no rights with respect to those Public Warrants, except to receive the Redemption Price (or as otherwise described in the redemption notice for holders who hold their Public Warrants in “street name”).

The number of shares of Common Stock that each exercising warrant holder will receive by virtue of the cashless exercise (instead of paying the $11.50 per Public Warrant cash exercise price) was calculated in accordance with the terms of the Warrant Agreement and is equal to the quotient obtained by dividing (x) the product of the number of shares underlying the Public Warrants held by such warrant holder, multiplied by the difference between $30.197, the average last sale price of the Common Stock for the ten trading days ending on April 29, 2021, the third trading day prior to the date of the redemption notice (the “Fair Market Value”) and $11.50, by (y) the Fair Market Value. If any holder of Public Warrants would, after taking into account all of such holder’s Public Warrants exercised at one time, be entitled to receive a fractional interest in a share of Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares.

MP Materials understands from the New York Stock Exchange that Friday, June 4, 2021, will be the last day on which the Public Warrants will be traded on the New York Stock Exchange.

None of MP Materials, its board of directors or employees has made or is making any representation or recommendation to any holder of the Public Warrants as to whether to exercise or refrain from exercising any Public Warrants.

Issuance of the shares of Common Stock underlying the Public Warrants has been registered by MP Materials under the Securities Act of 1933, as amended, and is covered by a registration statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-251239). Exercise of Public Warrants should be directed through the broker of the warrant holder. In addition to the broker, questions may also be directed to D.F. King & Co., Inc. at (800) 870-0653 (for individuals) / (212) 269-5550 (for banks and brokerages) or at [email protected]. Or contact Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attention: Reorganization Department, Telephone Number (917) 262-2378.

Additional information can be found on MP Materials’ Investor Relations website: https://investors.mpmaterials.com.

About MP Materials

MP Materials Corp. (NYSE: MP) owns and operates Mountain Pass, one of the world’s largest integrated rare earth mining and processing facilities. Separated rare earth elements are critical inputs for the magnets that enable the mobility of electric vehicles, drones, defense systems, wind turbines, robotics and many other advanced technologies.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of MP Materials’ securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, expectations regarding the redemption of the Public Warrants and the expected proceeds from the exercise of the Public Warrants. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MP Materials’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of MP Materials. These forward-looking statements are subject to a number of risks and uncertainties, including: risks related to the redemption of the Public Warrants, unanticipated costs or delays associated with our Stage II optimization project; uncertainties relating to our commercial arrangements with Shenghe Resources (Singapore) International Trading Pte. Ltd., an affiliate of Shenghe Resources Holding Co., Ltd., a global rare earth company listed on the Shanghai Stock Exchange; the ability to convert current commercial discussions with customers for the sale of rare earth oxide products into contracts; potential changes in China’s political environment and policies; fluctuations in demand for, and prices of, rare earth minerals and products; uncertainties relating to the COVID-19 pandemic; the intense competition within the rare earths mining and processing industry; uncertainties regarding the growth of existing and emerging uses for rare earth products; potential power shortages at the Mountain Pass facility; increasing costs or limited access to raw materials that may adversely affect our profitability; fluctuations in transportation costs or disruptions in transportation services; inability to meet individual customer specifications; diminished access to water; uncertainty in our estimates of rare earth oxide reserves; uncertainties regarding our ability to vertically integrate into further downstream processing and reach full revenue potential; risks associated with work stoppages; a shortage of skilled technicians and engineers; loss of key personnel; risks associated with the inherent dangers involved in mining activity; risks associated with events outside of our control, such as natural disasters, wars or health epidemics or pandemics; risks related to technology systems and security breaches; risks associated with our intellectual property rights; ability to compete with substitutions for rare earth minerals; ability to maintain satisfactory labor relations; risks relating to extensive and costly environmental regulatory requirements; and those risk factors discussed in MP Materials’ Annual Report on Form 10-K filed on March 22, 2021 under the heading “Risk Factors” and other documents filed by MP Materials with the Securities and Exchange Commission. There may be additional risks that MP Materials does not presently know or that MP Materials currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect MP Materials’ expectations, plans or forecasts of future events and views as of the date of this press release. MP Materials anticipates that subsequent events and developments will cause MP Materials’ assessments to change. However, while MP Materials may elect to update these forward looking statements at some point in the future, MP Materials specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing MP Materials’ assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Investors:

Martin Sheehan

[email protected]

Media:

Matt Sloustcher

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

MEDIA:

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CN to Participate in Webcasts With Investment Community on May 5th and 6th Regarding Its Superior Proposal to Combine With Kansas City Southern

MONTREAL, May 04, 2021 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) today announced it will host two public investor community discussions this week on its superior proposal to combine with Kansas City Southern (NYSE: KSU) (“KCS”).

On May 5, 2021 at 11:30 a.m. Eastern Time (ET), JJ Ruest, President and Chief Executive Officer, and Sean Finn, Executive Vice President, Corporate Services and Chief Legal Officer, will discuss the clear path to completion, steps for the proposal’s regulatory approval and the M&A timeline. Cherilyn Radbourne, Managing Director, Equity Research, at TD Securities will moderate the session.

On May 6, 2021 at 10:00 a.m. ET, Mr. Ruest and Doug MacDonald, Senior Vice President, Office of the President and CEO, Special Projects, will discuss the proposal’s commercial and operational benefits, including how a combination of CN and KCS will provide numerous new connections and service options for customers while also establishing a seamless single-line service to expand North American trade and create an end-to-end USMCA rail network. David Vernon, Vice President and Senior Analyst, at Sanford C. Bernstein will moderate the session.

CN will provide a live audio webcast of their remarks via the Investors’ section of the Company’s website, www.cn.ca/en/investors. Replays of the webcasts will be available on the website following the events.

For more information about CN’s superior proposal to combine with KCS, please visit www.ConnectedContinent.com.

About CN
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

Forward Looking Statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of any possible transaction between CN and KCS, including the possibility that a transaction will not be agreed to or that the terms of any definitive agreement will be materially different from those described; uncertainties as to whether KCS will cooperate with CN regarding the proposed transaction; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN.

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

No Offer or Solicitation

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

This news release relates to a proposal which CN has made for an acquisition of KCS. In furtherance of this proposal and subject to future developments, CN (and, if a negotiated transaction is agreed, KCS) may file one or more registration statements, proxy statements, tender offer statements or other documents with the U.S. Securities and Exchange Commission (“SEC”) or applicable securities regulators in Canada. This news release is not a substitute for any proxy statement, registration statement, tender offer statement, prospectus or other document CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transactions.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS.   Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca.

Participants

This news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and www.sedar.com, as applicable.


Contacts:


Media


Canada

Mathieu Gaudreault
CN Media Relations & Public Affairs
(514) 249-4735
[email protected]

Longview Communications & Public Affairs
Martin Cej
(403) 512-5730
[email protected]

United States
Brunswick Group
Jonathan Doorley / Rebecca Kral
(917) 459-0419 / (917) 818-9002
[email protected]
[email protected]
Investment Community


Paul Butcher
Vice-President
Investor Relations
(514) 399-0052
[email protected] 



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ACCO Brands Corporation Declares Quarterly Dividend

ACCO Brands Corporation Declares Quarterly Dividend

LAKE ZURICH, Ill.–(BUSINESS WIRE)–
ACCO Brands Corporation (NYSE: ACCO) today announced that its board of directors has declared a quarterly cash dividend of $0.065 per share. The dividend will be paid on June 21, 2021, to stockholders of record as of the close of business on May 27, 2021.

About ACCO Brands Corporation

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Barrilito®, Derwent®, Esselte®, Five Star®, Foroni®, GBC®, Hilroy®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, Wilson Jones®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.

Christine Hanneman

Investor Relations

(847) 796-4320

Julie McEwan

Media Relations

(937) 974-8162

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: University Other Retail Primary/Secondary Consumer Electronics Office Products Education Technology Other Technology Retail Home Goods Other Education

MEDIA:

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Pacific Western Bank Releases 2020 Corporate Social Responsibility Report

LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE) — Pacific Western Bank (the “Bank”), the wholly-owned banking subsidiary of PacWest Bancorp (Nasdaq: PACW), announced today the release of its inaugural Corporate Social Responsibility Report, which is available at:

PWB 2020 Social Responsibility Report

The Bank has been working on telling our environmental, social and governance (“ESG”) story, starting with the two-page Corporate Social Responsibility Highlights summary issued for 2019 and has now taken further steps through the issuance of this comprehensive Corporate Social Responsibility Report. This 2020 Corporate Social Responsibility Report focuses on a wide range of topics, including community reinvestment, human capital, diversity and inclusion, corporate governance, ethics and risk management and sustainability.

“When viewed together, these topics form the pillars of the Bank’s corporate social responsibility strategy and they help define our community banking culture,” said Matt Wagner, President and CEO. “This report focuses on how our culture inspires and enables us to change what’s possible for our business, our customers, our employees, our communities and our environment. We take great pride in our work and we are excited to share it with all our stakeholders in this report.”

Some of the key developments that are highlighted in the 2020 Corporate Social Responsibility Report include:

  • $669 million in community development lending benefiting low- or moderate-income borrowers
  • $3.5 million in charitable contributions to benefit local communities
  • Outstanding CRA rating from the FDIC, for the second consecutive 3-year period
  • Our total workforce is 58% female
  • Our total workforce is 49% racially diverse
  • Over 6,000 small businesses/non-profits assisted through the Paycheck Protection Program

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $32 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has 70 full-service branches located in California, one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The Bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.

CONTACTS

Matthew P. Wagner

President and CEO
303.802.8900		 Bart R. Olson

EVP and CFO
714.989.4149		 William J. Black

EVP Strategy and Corporate Development
919.597.7466

 



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Marijuana Company of America, Inc. Signs Letter of Intent to Acquire cDistro and cDistro.com

ESCONDIDO, Calif., May 04, 2021 (GLOBE NEWSWIRE) — Marijuana Company of America, Inc. (“MCOA”) (OTC: MCOA), a diversified holding company with wholly owned subsidiaries and financial investments in various private and publicly traded companies across the cannabis industry, announced today that they have signed a Letter of Intent agreement to acquire Florida-based distributor cDistro and proprietor of cDistro.com(“cDistro”).

CDistro distributes CBD products, including CBD Oils, gummies and pet treats, CBD-infused personal care products, and other innovative supplies and solutions through its e-commerce platform www.cDistro.com. The Company distributes to convenience stores, specialty retailers, and consumers throughout North America.

Once consummated, MCOA expects to have cDistro become a wholly-owned subsidiary and deploy its capital to positively impact and expand its business operations within the regulated and licensed cannabis marketplace. MCOA anticipates an increase in revenues due to this acquisition.

“This potential acquisition aligns well with our strategy to continue to grow our company both organically and through acquisition,” said Jesus M. Quintero, CEO of MCOA. “We see this as an inflection point as we are now capable of generating additional revenues from a distributor that sells high-margin, high-quality line of CBD and other related products. This adds to our dynamic portfolio that offers unique exposure to the global cannabis sector. MCOA looks forward to playing an integral role with our new subsidiary while still remaining focused on our other businesses including hempsmart™ premium brand of hemp-based CBD (legal cannabidiol) products.”

According to Ron Russo, founder and CEO of cDistro, LLC, “This acquisition by MCOA will afford us many synergistic opportunities for us to take advantage of the underserved sector of the hemp-based cannabis industry in the U.S., and we look forward to fulfilling the critical need for more effective universal distribution solutions.”

About Marijuana Company of America Inc.
Marijuana Company of America Inc. is a diversified holding company with wholly owned subsidiaries and financial investments in various private and publicly traded companies across the Cannabis industry emerging company offering unique exposure to the global cannabis sector. Marijuana Company of America Inc. (MCOA) changed its strategy in 2020 and focused on acquisitions, as well as its sales & marketing efforts of MCOA’s wholly owned hempsmart™ premium brand of hemp-based CBD (legal cannabidiol) products both domestically and internationally. Strategic decisions and long-range planning have also led the company to pivot away from farming and focus on supplying the cannabis industry across an ever-expanding market landscape.

Legal Status of Cannabis

While legalized in California for recreational and medicinal use, cannabis remains a Schedule 1 drug under the Controlled Substances Act (21 U.S.C. § 811) and illegal under the federal law.

Forward-Looking Statements

This news release contains “forward-looking statements,” which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities and words such as “anticipate,” “seek,” “intend,” “believe,” “estimate,” “expect,” “project,” “plan,” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission.

Any definitive agreement and the closing of such an agreement is subject to completion of adequate due diligence by both Parties.

For more information, please visit www.marijuanacompanyofamerica.com or visit www.sec.gov.

Contact
[email protected]
[email protected]
888-777-4362

SmallCapVoice.com Contact:
Stuart T. Smith
512-267-2430
[email protected]

Source:

Marijuana Company of America, Inc.



Posted on

Landsea Homes Sets First Quarter 2021 Conference Call for Thursday, May 6, 2021, at 5:00 p.m. ET

NEWPORT BEACH, Calif., May 04, 2021 (GLOBE NEWSWIRE) — Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the “Company”), a publicly traded residential homebuilder, will conduct a conference call on Thursday, May 6, 2021, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss its financial results for the first quarter ended March 31, 2021. The company will report its financial results in a press release prior to the conference call.

Landsea Homes’ management will host the conference call, followed by a question-and-answer session.

Date: Thursday, May 6, 2021
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 1-866-638-3013
International dial-in number: 1-630-691-2761
Conference ID: 50157918

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

The conference call will be broadcast live and available for replay here and via the Investors section of the Landsea Homes website at https://ir.landseahomes.com/.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through May 13, 2021.

Toll-free replay number: 1-855-859-2056
International replay number: 1-404-537-3406
Replay ID: 50157918

About Landsea Homes

Landsea Homes Corporation (Nasdaq: LSEA) is a publicly traded residential homebuilder based in Newport Beach, CA that designs and builds best-in-class homes and sustainable master-planned communities in some of the nation’s most desirable markets. The company has developed homes and communities in New York, Boston, New Jersey, Arizona, and throughout California in Silicon Valley, Los Angeles and Orange County.

An award-winning homebuilder that builds suburban, single-family detached and attached homes, mid-and high-rise properties, and master-planned communities, Landsea Homes is known for creating inspired places that reflect modern living and provides homebuyers the opportunity to “Live in Your Element.” Our homes allow people to live where they want to live, how they want to live – in a home created especially for them.

Driven by a pioneering commitment to sustainability, Landsea Homes’ High Performance collection features homes that are responsibly designed to take advantage of the latest innovations with home automation technology supported by Apple®. Homes in this collection include features that make life easier and provide energy savings that allow for more comfortable living at a lower cost through sustainability features that contribute to healthier living for both homeowners and the planet.

Our Garrett-Walker collection offers unique, affordably priced and value-based single-family homes in some of the nation’s fastest growing and most desirable markets. Homebuyers enjoy the confidence of owning a quality home that provides lasting value. One of the most trusted brands in the region, this collection continues to attract everyone from first-time homeowners to those seeking more room for their growing families.

Led by a veteran team of industry professionals who boast years of worldwide experience and deep local expertise, Landsea Homes is committed to positively enhancing the lives of our homebuyers, employees and stakeholders by creating an unparalleled lifestyle experience that is unmatched.

For more information on Landsea Homes, visit: www.landseahomes.com.

Investor Relations Contact:

Cody Slach or Cody Cree
Gateway Investor Relations
[email protected]
(949) 574-3860

Media Contact:

Annie Noebel
Cornerstone Communications
[email protected]
(949) 449-2527



Posted on

CSI Declares $0.25 Per Share Cash Dividend

CSI Declares $0.25 Per Share Cash Dividend

PADUCAH, Ky.–(BUSINESS WIRE)–
Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors approved a quarterly cash dividend of $0.25 per share. The dividend is payable on June 25, 2021, to shareholders of record as of the close of business on June 1, 2021.

“CSI is proud to announce a quarterly dividend of $0.25 per share, an increase of 19.1% from the corresponding quarterly cash dividend paid last year,” stated Chairman and CEO Steven A. Powless. “This is the 49th consecutive year for an increase in the Company’s regular cash dividend and highlights our long-term record of profitable growth and returning a portion of CSI’s earnings to shareholders through our cash dividend program. We also continue to use CSI’s strong cash flow to invest in new technology, infrastructure and people to support our continued growth.”

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers innovative financial technology and regulatory compliance solutions to financial institutions and corporate customers across the nation. Through a combination of expert service, cutting-edge technology and a customer-first mentality, CSI excels at driving businesses forward in a rapidly changing industry. CSI’s expertise and commitment to authentic partnerships has resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, American Banker’s Best Fintechs to Work For and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.

Forward-Looking Statements

This news release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements except historical statements contained herein constitute “forward-looking statements.” Forward-looking statements are inherently uncertain and are based only on current expectations and assumptions that are subject to future developments that may cause results to differ materially.

Readers should carefully consider: (i) economic, competitive, technological and governmental factors affecting CSI’s operations, customers, markets, services, products and prices; (ii) risk factors affecting the financial services information technology industry generally including, but not limited to, cybersecurity risks that may result in increased costs for us to protect against the risks, as well as liability or reputational damage to CSI in the event of a breach of our security; (iii) risk factors affecting the United States economy generally including without limitation acts of terrorism, military actions including war, and viral epidemics and pandemics that alter human behaviors, including the COVID-19 pandemic and its effect on our business operations and financial results; (iv) increasing domestic and international regulation imposing burdensome requirements regarding the privacy of consumer data especially consumer financial transaction data of which CSI possesses substantial quantities; and (v) other factors discussed in CSI’s Annual Reports, Quarterly Reports, news releases and other documents posted from time to time on the OTCQX website (www.otcmarkets.com), including without limitation, the description of the nature of CSI’s business and its management discussion and analysis of financial condition and results of operations for reported periods. Except as required by law or OTC Markets Group, Inc., CSI undertakes no obligation to update, and is not responsible for updating, the information contained or incorporated by reference in this report beyond the publication date, whether as a result of new information or future events, or to conform this document to actual results or changes in CSI’s expectations, or for changes made to this document by wire services or Internet services or otherwise.

Brian K. Brown, CFO

800-545-4274, ext. 10689 or [email protected]

KEYWORDS: United States North America Kentucky

INDUSTRY KEYWORDS: Finance Data Management Professional Services Technology Software

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