Posts

Posted on

American Woodmark Corporation Announces Conditional Full Redemption of 4.875% Senior Notes Due 2026

American Woodmark Corporation Announces Conditional Full Redemption of 4.875% Senior Notes Due 2026

 

WINCHESTER, Va.–(BUSINESS WIRE)–
American Woodmark Corporation (NASDAQ: AMWD) (the “Company”) today announced that it will give a notice of conditional full redemption to redeem all $350 million aggregate principal amount outstanding of its 4.875% Senior Notes due 2026 (the “Notes”) pursuant to the terms of the indenture governing the Notes (the “Redemption”). The Redemption is conditioned upon, among other things, the consummation of a senior secured credit facility in an aggregate amount sufficient to fund the Redemption and refinance the Company’s existing senior secured credit facility pursuant to an amended and restated credit agreement to be entered into by the Company on terms and conditions satisfactory in all respects to the Company in its sole discretion.

The date the Company has fixed for the Redemption is April 26, 2021, which may be delayed by the Company in its sole discretion in accordance with the terms of the indenture governing the Notes (such date, as it may be delayed, the “redemption date”), subject to the conditions for redemption being satisfied or waived by the Company in its sole discretion. The Company may cancel the Redemption and rescind any notice concerning the Redemption in its sole discretion if the Company believes that the conditions for redemption will not be satisfied or waived. The aggregate redemption price for the Notes will be equal to 102.438% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

This press release does not constitute a notice of redemption under the indenture governing the Notes or an obligation to issue a notice of redemption. Any such notice, if given, will only be given in accordance with the provisions of the indenture governing the Notes.

About American Woodmark Corporation

American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the remodeling and new home construction markets. Its products are sold on a national basis directly to home centers, builders and through a network of independent dealers and distributors. At January 31, 2021, the Company operated seventeen manufacturing facilities in the United States and Mexico and eight primary service centers and one distribution center located throughout the United States.

Safe harbor statement under the Private Securities Litigation Reform Act of 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors that may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

Kevin Dunnigan

Treasury Director

540-665-9100

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Interior Design Other Construction & Property Architecture Residential Building & Real Estate Construction & Property

MEDIA:

Logo
Logo
Posted on

Unitholders Approve Changes to First Asset-Branded Mutual Funds

Unitholders Approve Changes to First Asset-Branded Mutual Funds

TORONTO–(BUSINESS WIRE)–CI Global Asset Management (“CI GAM”) today announced that unitholders have approved proposed changes to its First Asset-branded mutual funds, including two fund mergers and the introduction of fixed administration fees. The changes, which were first announced on January 18, 2021, were approved at unitholder meetings held on March 25, 2021.

Fund mergers

Unitholders and securities regulators have approved the following two fund mergers (the “Mergers”):

On or about April 16, 2021, First Asset Utility Plus Fund and First Asset Canadian Dividend Opportunity Fund will be terminated and unitholders will receive the equivalent dollar value of securities in the equivalent series of the corresponding continuing funds. The Mergers will not result in a taxable disposition for unitholders, but the terminating funds may pay a distribution when the mergers take place.

In each case, the terminating and continuing funds have the same CI GAM portfolio management teams. Both First Asset Utility Plus Fund and Signature Global Infrastructure Fund are managed by Kevin McSweeney and Massimo Bonansinga, and both First Asset Canadian Dividend Opportunity Fund and CI North American Dividend Fund are managed by Peter Hofstra.In addition, the management and administration fees of the continuing funds are lower than the management fees and operating expenses of the corresponding terminating funds.

CI GAM is undertaking the Mergers to reduce duplication in its fund lineup and to create larger, more efficient funds with increased potential for diversification opportunities. The costs and expenses associated with the Mergers are being borne by CI GAM and not the funds.

Fixed administration fees

Unitholders of First Asset Canadian Convertible Bond Fund and First Asset REIT Income Fund also approved the adoption of fixed administration fees for the funds. Effective on or about April 16, 2021, CI GAM, as manager, will be responsible for the operating expenses of each fund, other than certain expenses, in exchange for the payment by each fund of a fixed administration fee. As a result, the management expense ratio (“MER”) of each fund series will consist of the management fee, the fixed administration fee, certain expenses and applicable taxes.

The benefits to unitholders of fixed administration fees include greater predictability and transparency of the MER for each fund, as well as protection from potential increases in future operating expenses. CI GAM first implemented fixed administration fees in 2005 and the practice has since become widely used within the Canadian fund industry.

About CI Global Asset Management

CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the Web at www.ci.com. CI GAM is a subsidiary of CI Financial Corp. (TSX: CIX, NYSE: CIXX), an independent company offering global asset management and wealth management advisory services with approximately $236.5 billion in total assets as at February 28, 2021.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

This communication is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies.

CI Global Asset Management is a registered business name of CI Investments Inc. ©CI Investments Inc. 2021. All rights reserved.

Murray Oxby

Vice-President, Corporate Communications

CI Global Asset Management

416-681-3254

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo
Logo
Posted on

Black Product Managers Hosts Inaugural Summit Building the Best Career Roadmap for Success

Product leaders from Facebook, YouTube, Google, and VICE Media speak at career event for nationwide community of Black professionals in product

SAN FRANCISCO, March 26, 2021 (GLOBE NEWSWIRE) — On February 24, 2021, Black Product Managers, the first organization to build a nationwide network for Black professionals in product, hosted its inaugural summit “Building the Best Career Roadmap for Success.” Over the course of two days, BPM welcomed industry leaders in product to its virtual summit to share career insights on entering and growing in the field of product, exclusively for members of BPM’s network.

“It was incredibly validating to have key leaders in our industry speak at our first conference. It punctuated the work BPM has been doing these last few years to create tangible career opportunities for Black talent in tech,” said Brittany Bankston, President and Co-Founder of Black Product Managers. “We hope conferences like these can highlight how crucial it is to invest in Black talent in tech, and product specifically – it impacts a company’s growth, its base of users, and the quality of its product.”

Speakers for this year’s conference included Jackie Bavaro, Co-Author of “Cracking the PM Interview” and Former Head of Product at Asana; Oji Udezue, CPO of Parsable and Former CPO of Calendly; Adam Thomas, Principal at Approaching One; Angel Onuoha, Associate Product Manager at Google; Todd Sherman, Group Product Leader at YouTube; and Breana Jones, Director of Product at Vice. Key learnings from the conference were circulated internally within the BPM organization for attendees unable to tune into the live broadcast.

“The entrance into Product is elusive and often hard to navigate if you don’t have a network already involved in the sector – which is why events like these, and the work BPM is doing more broadly to create inroads for Black talent, are so critical,” said Jackie Bavaro, former Head of Product Management at Asana and author of Cracking the PM Interview.

Black Product Managers regularly hosts internal workshops, networking events, and an Accelerator program geared at equipping members with tools to earn promotions, raises, and other career milestones. The organization, founded in 2017, was originally created to serve as a community and resource group for Black product managers across industries, and ultimately find ways to propel Black technical talent into leadership roles. The organization has members from across the United States, the United Kingdom, and Nigeria – and aims to be the largest community of Black PMs in the world.

To learn more about Black Product Managers, how to get involved, and upcoming news, visit https://www.blackproductmanagers.com.

About Black Product Managers

Black Product Managers was founded in 2017 to create the first nationwide network for Black professionals working in product. Today it’s grown into a community of over 800 Black technologists from some of tech’s most prominent companies – with the goal of reaching every Black PM across the globe. On a mission to help Black product managers advance their careers and become product leaders, BPM is reshaping the tech industry to create more representation and leverage across product management at scale.

Media Contact


[email protected]



Posted on

Proactive news headlines including Lucky Minerals, Tetra Bio-Pharma, First Cobalt and CleanSpark

Proactive, provider of real-time news and video interviews on growth companies listed in the US and Canada, has covered the following companies:

New York, March 26, 2021 (GLOBE NEWSWIRE) —

  • Naturally Splendid (CVE:NSP) (OTCMKTS:NSPDF) (FRA:50N)  appoints digital marketing veteran Kris Tarr as VP of e-commerce click here
  • Lucky Minerals Inc (TSXV:LKY) (OTCPINK:LKMNF) (FRA:LKY) taps venture capital veteran Diane Mann to serve as corporate secretary click here
  • First Cobalt Corp (CVE:FCC) (OTCQX:FTSSF) (FRA:18P) strikes amended loan deal with giant Glencore; to pay off debt with shares click here
  • Tetra Bio-Pharma Inc (TSX:TBP)(OTCQB:TBPMF)(FRA:JAM1)  initiates additional studies on lead drug candidate ARDS-003 click here
  • Vuzix Corporation (NASDAQ:VUZI) prices underwritten public offering at $20.50 per share, with gross proceeds expected to be approximately $85M click here
  • CleanSpark Inc (NASDAQ:CLSK) buys 4,778 more Bitcoin mining rigs, works toward carbon-free mining click here

About Proactive

With six offices on three continents and a team of experienced business journalists and broadcasters, Proactive works with innovative growth companies quoted on the world’s major stock exchanges, helping executives engage intelligently with investors.

Proactive’ s platform delivers the right message to the right audience, digitally and in real time, leveraging a range of media, investment research, digital investor targeting and website development services to support over 1,000 fast-growing companies globally.

Proactive’s network reaches over 12 million engaged private, professional and institutional investors looking for opportunities.

•           Our written and video content is published on Proactive sites that collectively attract up to 10 million views per month.

•           We syndicate our content to hundreds of mainstream and specialist news sites that expand our reach into networks that can be difficult for press releases to penetrate.

•           We custom build corporate websites from the ground up, empowering clients and their brands with a modern online presence and the latest insight on effective SEO strategy.

•           Our news coverage ranks high on the world’s most popular search platforms, and we can further amplify online presence and outreach with sophisticated digital investor targeting.

•           We help the world understand what makes companies stand out from the crowd with in-depth investment research from a team of experienced analysts.

For more information on how Proactive can help you make a difference, email us at [email protected]



Posted on

SHAREHOLDER ACTION NOTICE: The Schall Law Firm Reminds Investors of a Class Action Lawsuit Against Ontrak, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

PR Newswire

LOS ANGELES, March 26, 2021 /PRNewswire/ — The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Ontrak, Inc. (“Ontrak” or “the Company”) (NASDAQ: OTRK) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s securities between November 5, 2020 and February 26, 2021, inclusive (the ”Class Period”), are encouraged to contact the firm before May 3, 2021.    

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Ontrak’s largest customer gauged the Company’s performance on the basis of reaching the lowest cost per medical visit possible rather than patient outcomes or medical cost savings. This customer found the Company’s program to be ineffective and was likely to terminate its contract. Because this customer represented a significant portion of the Company’s revenue, the loss of this contract would have a significant impact on its financial results. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Ontrak, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com 
Office: 310-301-3335
[email protected]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-action-notice-the-schall-law-firm-reminds-investors-of-a-class-action-lawsuit-against-ontrak-inc-and-encourages-investors-with-losses-in-excess-of-100-000-to-contact-the-firm-301256895.html

SOURCE The Schall Law Firm

Posted on

Genscript Biotech Reports Full Year 2020 Financial Results

– Achieved Historical High Revenue- Non-Cell Therapy Segment Shows Over 100%+ Adjusted Net Profit Growth

PR Newswire

Highlights:

  • Revenue of the Group for the year ended December 31, 2020 was approximately US$390.8 million, representing an increase of 42.9% as compared with approximately US$273.4 million for the year ended December 31, 2019
  • Gross profit of the Group for the year ended December 31, 2020 was approximately US$255.9 million, representing an increase of 41.9% as compared with approximately US$180.3 million recorded for the year ended December 31, 2019
  • The adjusted net profit* of non-cell therapy business was approximately US$44.4 million, representing an increase of 105.6% as compared with approximately US$21.6 million for the year ended December 31, 2019, and the adjusted net loss* of cell therapy business was approximately US$213.3 million, whilst the adjusted net loss* of cell therapy business was approximately US$131.9 million for the year ended December 31, 2019
  • Loss of the Group for the year ended December 31, 2020 was approximately US$281.4 million, whilst loss was approximately US$117.5 million for the year ended December 31, 2019. The adjusted net loss* of the Group was approximately US$168.9 million, whilst the adjusted net loss* of approximately US$110.3 million was recorded for the year ended December 31, 2019

NANJING, China, March 26, 2021 /PRNewswire/ — Genscript Biotech (HKEX: 1548.HK) (GenScript), a global leading biotech company, today announced its audited financial results for the year ended December 31, 2020.

“In 2020, the outbreak of COVID-19 pandemic presented both challenges and opportunities to the life science community. Thanks to concerted efforts of all GenScript people, the Group delivered historically strong results amid the outbreak,” said Patrick Liu, Rotating CEO of GenScript. “In the past year, our business segments tided over difficulties, turned challenges into opportunities and achieved many breakthroughs. In the future, we will move forward with dedication and create more value for both our investors and customers. We are committed to our mission of “making people and nature healthier through biotechnology” and strive for human wellbeing.”

Financial Results Highlits for the Year Ended December 31, 2020

Revenue                                            

In 2020, the Group recorded revenue of  approximately US$390.8 million, representing an  increase of 42.9% from approximately US$273.4 million in 2019. This was primarily attributable to (i) the strong growth in business of specially-functioned protein and antibody which meet market demands on key products related to COVID-19, (ii) the continuing increase from life-science services and products from major strategic customers and new competitive services and products, (iii) the  increase of contract revenue derived from Legend’s collaboration with Janssen with new milestone achieved, and (iv) the increase in both the number of customers and their purchase volume of industrial synthetic biology products.

Gross Profit

In 2020, the Group’s gross profit increased by 41.9% to approximately US$255.9 million from approximately US$180.3 million in 2019. The increase in gross profit was primarily attributable       to the (i) strong growth in life-science and biologics development business and high gross margin products, especially for COVID-19, and (ii) significant improvement on capacity utilization of materials and labor efficiency in industrial synthetic biology products.

Selling and distribution expenses

The selling and distribution expenses increased by 52.4% to approximately US$107.3 million in    2020 from approximately US$70.4 million in 2019. This was mainly attributable to the (i) increased investment into the commercial talent pool by recruiting more experienced personnel and improving incentive packages, and (ii) increased expenses for the global expansion of our business.

Administrative expenses

In 2020, the administrative expenses increased by 63.3% to approximately US$90.3 million from US$55.3 million in  2019. This was  mainly caused by  (i)  competitive compensation package for  our employees including shared-based payment provided to recruit experienced talents for all business segments, (ii) the reinforcement of some key administrative functions such as information technology, supply chain and finance to build up capable and professional administrative team to support the Group’s overall business expansion, and (iii) the expansion of the European and Asia- Pacific Regional centers to accelerate the Group’s global market penetration.

Research and development expenses

The  research and  development expenses increased by  41.6% to  approximately US$263.4 million  in 2020 from approximately US$186.0 million in 2019. This was mainly due to the (i)  investment    in COVID-19 related projects and other new challenging  research  and  development  projects,  which significantly strengthened our competitiveness in the market and improved our production efficiency, (ii) increase in clinical trial expenses and preclinical study costs, especially in the cell therapy segment, and (iii) increase in compensation package including shared-based payment for research and development personnel.

*Adjusted net profit/(loss)


Non-cell



therapy




US$’000


Cell therapy




US$’000


Total




US$’000

Net profit/(loss)


22,054


(303,477)


(281,423)

Excluding: Share-based payment expenses, net of tax


10,904


4,760


15,664

Exchange differences, net of tax


6,526


(66)


6,460

Consultation expenses for the Investigation, net of tax


1,086


—


1,086

Impairment loss on goodwill, other intangible assets and

long-term investments, net of tax


3,806


—


3,806

Fair value loss of convertible redeemable preferred shares


—


79,984


79,984

Service fee for the issuance of Legend Series A Preference Shares


—


4,014


4,014

Spin-off expenses relating to the separate listing of Legend


24


1,439


1,463

Adjusted net profit/(loss)


44,400

 



(213,346)


(168,946)

 


CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME


REVENUE


2020




US$’000




390,846

2019


US$’000


273,354

Cost of sales


(134,953)

(93,064)

Gross profit


255,893

180,290

Other income and gains


24,795

21,185

Selling and distribution expenses


(107,341)

(70,358)

Administrative expenses


(90,341)

(55,256)

Research and development expenses


(263,401)

(186,022)

Fair value loss of convertible redeemable preferred shares


(79,984)

—

Finance costs


(5,432)

(781)

Other expenses


(15,497)

(589)

Share of losses of associates


(599)

(308)

Reversal of/(provision for) impairment of financial
assets, net


7

(1,851)


LOSS BEFORE TAX


(281,900)

(113,690)

Income tax credit/(expense)


477

(3,826)


LOSS FOR THE YEAR


(281,423)

(117,516)

Attributable to: Owners of the parent


(204,945)

(96,912)

Non-controlling interests


(76,478)

(20,604)

 


(281,423)

 

(117,516)

 


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 


NON-CURRENT ASSETS


2020



US$’000

2019


US$’000

Property, plant and equipment


345,215

235,986

Advance payments for property, plant and equipment


5,906

8,585

Investment properties


7,726

7,442

Right-of-use asset


34,017

29,642

Goodwill


14,116

15,245

Other intangible assets


26,020

25,482

Investment in associates


3,433

2,615

Financial assets at fair value through profit or loss


10,555

4,667

Other non-current asset


3,542

—

Deferred tax assets


3,702

5,701

Total non-current assets


454,232

335,365


CURRENT ASSETS


Inventories

 


31,745

 

16,486

Contract costs


5,785

3,369

Trade and notes receivables


141,748

73,067

Prepayments, other receivables and other assets


32,834

31,621

Financial assets at fair value through profit or loss


5,866

25,434

Loans to an associate


2,422

2,007

Restricted cash


7,471

972

Time deposits


136,245

148,693

Cash and cash equivalents


629,058

252,397

Total current assets


993,174

554,046

 


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 


CURRENT LIABILITIES


2020




US$’000



2019


US$’000

Trade and bills payables


23,376

17,627

Other payables and accruals


168,980

125,035

Interest-bearing bank borrowings


44,642

17,008

Lease liabilities


2,588

1,769

Tax payable


3,532

2,846

Contract liabilities


84,414

60,130

Government grants


379

90

Total current liabilities


327,911

224,505


NET CURRENT ASSETS


665,263

329,541


TOTAL ASSETS LESS CURRENT LIABILITIES


1,119,495

664,906


NON-CURRENT LIABILITIES


Interest-bearing bank loans

 


1,260

1,748

Lease liabilities


6,513

3,608

Contract liabilities


277,052

277,827

Deferred tax liabilities


7,030

5,582

Government grants


11,495

3,843

Other non-current liability


554

—

Total non-current liabilities

 



303,904

292,608


NET ASSETS

 


815,591

372,298


EQUITY

Equity attributable to owners of the parent

Share capital

 


1,954

 

1,879

Treasury shares


(16,712)

(7,774)

Reserves


916,463

388,699

 


901,705

382,804

Non-controlling interests


(86,114)

(10,506)


TOTAL EQUITY

 



815,591

372,298

 

About GenScript Biotech Corporation

GenScript Biotech Corporation (Stock Code: 1548.HK) is a global biotechnology group. Based on its leading gene synthesis technology, GenScript has developed four major platforms including the global cell therapy platform, the biologics contract development and manufacturing organization (CDMO) platform, the contract research organization (CRO) platform and the industrial synthesis product platform. GenScript’s business operation spans over 100 countries and regions worldwide with legal entities located in the US, the Chinese mainland, Hong Kong of China, Japan, Singapore, Netherlands and Ireland.

 

Cision View original content:http://www.prnewswire.com/news-releases/genscript-biotech-reports-full-year-2020-financial-results-301256894.html

SOURCE GenScript Biotech Corporation

Posted on

Agromart & Sollio Face Class Action for Privacy Breach

Lawsuit suggests negligent collection, storage and security of sensitive information

LONDON, Ontario, March 26, 2021 (GLOBE NEWSWIRE) — A proposed class action lawsuit has been filed in the Ontario Superior Court of Justice against Sollio Agriculture L.P. (“Sollio”) and Agronomy Company of Canada (“Agromart”) following a cyber-attack on or about May 27, 2020 (the “Breach”). The claim is brought on behalf of residents of Canada whose personal information was collected and stored on the defendants’ computer systems, and that was compromised or accessed in the Breach.

Following the breach, the bank accounts of the plaintiff were compromised.

The claim alleges that hackers were able to penetrate Agromart and Sollio’s computer systems because their cyber security systems were substandard. The hackers then extracted the confidential and sensitive personal information of thousands of Canadian farmers, and made it accessible to malevolent actors on the deep or dark web. The claim alleges that the amount of personal information that the defendants acquired from their customers, and then carelessly stored, exceeds the amount of information that was reasonably necessary for their operations.

The claim alleges that Sollio and Agromart were negligent, invaded the proposed class members’ privacy, and breached various statutory duties, all of which lead to the Breach.

As a result of the Breach, the claim alleges that the class members’ personal information has been compromised and that they have suffered damages. This class action seeks to obtain compensation for the losses the proposed class members have suffered from the Breach.

The proposed class is represented by Foreman & Company Professional Corporation and Waddell Phillips Professional Corporation. Although there is no action required at this time from proposed class members, anyone seeking more information, or who wishes to receive direct updates or any court-approved notices can request to be added to a list of potential claimants by emailing [email protected].

Contacts:

Jonathan Foreman, Foreman & Company Professional Corporation
519-914-1175
[email protected]

Margaret Waddell, Waddell Phillips Professional Corporation
1-800-430-3107
[email protected]



Posted on

WildBrain Completes Refinancing of Credit Facilities

PR Newswire

Term Loan Maturity Extended to March 2028

HALIFAX, NS, March 26, 2021 /PRNewswire/ – WildBrain Ltd. (“WildBrain” or the “Company“) (TSX: WILD), a global leader in kids and family entertainment, has completed the refinancing of its senior secured term loan with a new seven-year, US$285 million senior secured term loan facility (the “Term Loan“), maturing in March 2028. The Term Loan has no financial maintenance covenant and bears interest at a rate of LIBOR plus 4.25%.

The Company has also entered into a new five-year, US$30 million revolving credit facility (the “Revolving Facility“) with an interest rate of LIBOR plus 4.00%. The Revolving Facility does not carry a financial maintenance covenant, except when amounts are drawn and outstanding. The Revolving Facility matures on the earlier of March 2026 or three months prior to the maturity of the Company’s convertible debentures, except where converted.

The net proceeds of the Term Loan were used to repay the existing US$276.5 million term facility maturing in December 2023. The Revolving Facility replaces the existing undrawn US$30 million revolving credit facility maturing in June 2022.

Eric Ellenbogen, CEO of WildBrain, said: “We have been hard at work over the past 20 months repositioning our assets for meaningful, long-term growth. With two major IP deals announced in the past six months and a robust deal pipeline, we are now well on our way to executing our strategic vision. Credit markets have taken notice of our improving financial performance and earnings trajectory, enabling us to refinance our term loan and our revolver at attractive terms. We added significant duration to both of these instruments while also removing the financial maintenance covenant on the term loan. This enhanced capital structure affords us significant strategic and financial flexibility to further drive our digital, content and brand strategies.”

RBC Capital Markets acted as sole lead arranger and bookrunner on the refinancing. The credit agreement in respect of the Term Loan and Revolving Facility will be available on SEDAR at www.sedar.com.

For more information, please contact:

Investor Relations: Nancy Chan-Palmateer – Director, Investor Relations, WildBrain
[email protected]
+1 416-977-7358

Media: Shaun Smith – Director, Corporate & Trade Communications, WildBrain
[email protected]
+1 416-977-7230

About WildBrain

At WildBrain we inspire imaginations to run wild, engaging kids and families everywhere with great content across all media. With approximately 13,000 half-hours of filmed entertainment in our library – one of the world’s most extensive – we are home to such brands as Peanuts, Teletubbies, Strawberry Shortcake, Caillou, Inspector Gadget, Johnny Test and Degrassi. At our 75,000-square-foot state-of-the-art animation studio in Vancouver, BC, we produce such fan-favourite series as The Snoopy Show, Snoopy in Space, Chip & Potato, Carmen Sandiego, Go, Dog. Go! and more. Our shows are enjoyed worldwide in more than 150 countries on over 500 streaming platforms and telecasters, and our AVOD business – WildBrain Spark – offers one of the largest networks of kids’ channels on YouTube, garnering billions of views per month from over 150 million subscribers. We also license consumer products and location-based entertainment in every major territory for our own properties as well as for our clients and content partners. Our television group owns and operates four family entertainment channels that are among the most viewed in Canada. WildBrain is headquartered in Canada with offices worldwide and trades on the Toronto Stock Exchange (TSX: WILD). Please visit us at wildbrain.com.

Forward-Looking Statements

This press release contains “forward-looking statements” under applicable securities laws with respect to the Company including, without limitation, statements regarding a refinancing by the Company and associated credit facilities, the Company’s deal pipeline, the Company’s financial flexibility, the future financial and operating performance of the Company, and the business strategies and operational activities of the Company. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and are based on information currently available to the Company. Actual results or events may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations, among other things, include epidemics, pandemics or other public health crises, including the current outbreak of COVID-19, the magnitude and length of economic disruption as a result of the worldwide COVID-19 outbreak, the ability of the Company to complete deals and execute on its business strategies, market factors, and risk factors discussed in materials filed with applicable securities regulatory authorities from time to time including matters discussed under “Risk Factors” in the Company’s most recent Annual Information Form and annual Management Discussion and Analysis. These forward-looking statements are made as of the date hereof, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/wildbrain-completes-refinancing-of-credit-facilities-301256878.html

SOURCE WildBrain Ltd.

Posted on

Medtronic Receives FDA Approval for “Breakthrough” Transcatheter Pulmonary Valve Replacement for Patients with Congenital Heart Disease

Harmony™ Transcatheter Pulmonary Valve is First Minimally Invasive Alternative for Patients with Severe Pulmonary Regurgitation Who Have a Native or Surgically-Repaired Right Ventricular Outflow Tract

PR Newswire

DUBLIN, March 26, 2021 /PRNewswire/ — Medtronic plc (NYSE:MDT), the global leader in medical technology, today announced it has received U.S. Food and Drug Administration (FDA) approval for its Harmony™ Transcatheter Pulmonary Valve (TPV), the first minimally invasive therapy created to treat patients with a specific type of congenital heart defect of the right ventricle (RV), one of the four chambers of the heart, which makes it difficult for blood to travel from the heart to the lungs. The Harmony TPV, which is placed inside a patient’s native anatomy during a catheter-based procedure, was designated as a Breakthrough Therapy under FDA’s Breakthrough Device Designation (BDD) program, an approval pathway intended to help patients receive more timely access to certain life-saving technologies.

Congenital heart disease (CHD) is the most common type of birth defect in the United States, affecting an estimated 40,000 infants each year1 and about 1.6 million adults currently living with congenital heart disease2.

“The typical congenital heart disease patient will face a multitude of open-heart surgeries over their lifetime, to continually address issues with their pulmonary valve. Furthermore, congenital heart disease patients require lifelong monitoring, preventive care and specialized treatment all the way from childhood to adulthood,” said Matthew J. Gillespie, M.D., attending interventional cardiologist, co-director of the Pediatric Valve Center and director of the Cardiac Catheterization Laboratory at Children’s Hospital of Philadelphia, and principal investigator in the Harmony TPV Clinical Study.

Approximately one in five patients born with CHD have structural malformations that disrupt the connection between the heart and the lungs3, called the right ventricular outflow tract (RVOT). The standard of care today in the U.S. requires that these patients receive open-heart surgery or other interventions early in life to address these malformations. Some of these patients may become candidates for the Medtronic Melody® TPV later in life, the first transcatheter heart valve shown to effectively delay open-heart surgery. For the 80% of CHD patients who require a native or surgically repaired RVOT at birth, many will need a pulmonary valve replacement later in life, which historically has required another open-heart surgery. The Harmony TPV provides these patients with an alternative to the more invasive open-heart surgical approach; instead, the valve is loaded onto a catheter and delivered via a small incision in the femoral vein or in the neck and placed directly inside the heart.

“The availability of the Harmony TPV will allow a broader range of congenital heart disease patients access to transcatheter technology,” said Nina Goodheart, president of the Structural Heart & Aortic business, which is part of the Cardiovascular Portfolio at Medtronic. “Harmony TPV’s novel attributes make it the only non-surgical solution designed to adapt to a wide variety of anatomies for this specific patient population living with congenital heart disease.”

The FDA approval is based on clinical data from the Harmony TPV clinical study that showed excellent safety (freedom from mortality) and effectiveness (acceptable hemodynamic function) at 30 days and six months, respectively. Data from the study also showed patients treated with Harmony TPV experienced no significant reinterventions, reoperations or endocarditis at six months.

The Harmony TPV qualified as a proof of concept product for the Harmonization by Doing (HBD) for Children program. The HBD for Children program was established as a partnership among stakeholders of academia, industry and regulatory agencies in Japan and the United States, with a primary focus on the development of pediatric devices as the development of medical devices for pediatric use lags behind that of medical devices for adults in both countries. The Harmony TPV device is available for use in the United States. Outside of the U.S., Harmony TPV is limited to investigational use and not approved for sale or distribution.

In collaboration with leading clinicians, researchers and scientists worldwide, Medtronic offers the broadest range of innovative medical technology for the interventional and surgical treatment of cardiovascular disease and cardiac arrhythmias. The company strives to offer products and services that deliver clinical and economic value to healthcare consumers and providers around the world.


About Medtronic

Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services and solutions companies – alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 90,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.

1 Hoffman JL, Kaplan S. The incidence of congenital heart disease. J Am Coll Cardiol. 2002;39(12):1890-1900.
2 Adult Congenital Heart Association (ACHA).
3 McElhinney DB, Hennesen JT. The Melody® valve and Ensemble® delivery system for transcatheter pulmonary valve replacement. Ann NY Acad Sci. 2013; 1291: 77-85.

 


Contacts:

Joey Lomicky

Ryan Weispfenning

Public Relations

Investor Relations

+1-612-239-1823 

+1-763-505-4626

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/medtronic-receives-fda-approval-for-breakthrough-transcatheter-pulmonary-valve-replacement-for-patients-with-congenital-heart-disease-301256890.html

SOURCE Medtronic plc

Posted on

INVESTOR ACTION REMINDER: The Schall Law Firm Reminds Investors of a Class Action Lawsuit Against Plug Power Inc. and Encourages Investors with Losses in Excess of $250,000 to Contact the Firm

PR Newswire

LOS ANGELES, March 26, 2021 /PRNewswire/ — The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Plug Power Inc. (“Plug Power” or “the Company”) (NASDAQ: PLUG) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s securities between November 9, 2020 and March 1, 2021, inclusive (the ”Class Period”), are encouraged to contact the firm before May 7, 2021.    

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Plug Power failed to file its annual report for 2020 in a timely manner due to delays in reviewing the classification of certain costs and other matters. The Company was likely to report a failure to maintain appropriate internal controls over financial reporting. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Plug Power, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/investor-action-reminder-the-schall-law-firm-reminds-investors-of-a-class-action-lawsuit-against-plug-power-inc-and-encourages-investors-with-losses-in-excess-of-250-000-to-contact-the-firm-301256886.html

SOURCE The Schall Law Firm