Clough Global Dividend And Income Fund Section 19(a) Notice

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

PR Newswire

DENVER, Dec. 31, 2020 /PRNewswire/ — On December 31, 2020, the Clough Global Dividend and Income Fund (NYSE MKT: GLV) (the “Fund”), a closed-end fund, paid a monthly distribution on its common stock of $0.1008 per share to shareholders of record at the close of business on December 21, 2020.

The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder.  The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount.  These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.


Current Distribution from:


Per Share ($)


%

Net Investment Income

0.0129

12.80%

Net Realized Short-Term Capital Gain

0.0000

0.00%

Net Realized Long-Term Capital Gain

0.0000

0.00%

Return of Capital or other Capital Source


0.0879


87.20%

Total (per common share)

0.1008

100.00%


Fiscal Year-to-Date Cumulative


Distributions from:


Per Share ($)


%

Net Investment Income

0.0129

6.40%

Net Realized Short-Term Capital Gain

0.0000

0.00%

Net Realized Long-Term Capital Gain

0.0000

0.00%

Return of Capital or other Capital Source


0.1887


93.60%

Total (per common share)

0.2016

100.00%

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes.  The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.  The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’

Presented below are return figures, based on the change in the Fund’s Net Asset Value per share (“NAV”), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.

Fund Performance & Distribution Information

Fiscal Year to Date (11/01/2020 through 11/30/2020)

Annualized Distribution Rate as a Percentage of NAV^

10.95%

Cumulative Distribution Rate on NAV^+

1.82%

Cumulative Total Return on NAV*

9.11%

Average Annual Total Return on NAV for the 5 Year Period Ending 11/30/2020**

4.99%

Past performance is not indicative of future results.

^ Based on the Fund’s NAV as of November 30, 2020.

+Cumulative distribution rate is based on distributions paid to date for the period November 1, 2020 through December 31, 2020.

*Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2020 through November 30, 2020. 

**The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund.  The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Plan.

Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available.  The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment.  The Fund’s distribution policy is subject to modification by the Board of Trustees at any time.  The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

ALPS Portfolio Solutions Distributor, Inc. FINRA Member Firm.

CLOUGH GLOBAL DIVIDEND AND INCOME FUND

(NYSE MKT: GLV)

1290 Broadway
Suite 1000
Denver, Colorado  80203
1.877.256.8445

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SOURCE Clough Global Dividend and Income Fund

Pacific Premier Bancorp, Inc. to Announce Fourth Quarter 2020 Financial Results on January 26, 2021

Pacific Premier Bancorp, Inc. to Announce Fourth Quarter 2020 Financial Results on January 26, 2021

IRVINE, Calif.–(BUSINESS WIRE)–
Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) (“Pacific Premier”), the holding company of Pacific Premier Bank, announced today that it will issue its fourth quarter 2020 financial results before the market opens on Tuesday, January 26, 2021.

Pacific Premier will also host a conference call at 9:00 a.m. PT / 12:00 p.m. ET that day to discuss its financial results. Analysts and investors may participate in the question-and-answer session. The conference call will be webcast live on the Webcasts page of Pacific Premier’s investor relations website, and an archived version of the webcast will be available in the same location shortly after the live call has ended.

Conference Call, Webcast and Replay Information:

Date: Tuesday, January 26, 2021

Time: 9:00 a.m. PT / 12:00 p.m. ET

Telephone Access: 866-290-5977 and ask to join the “Pacific Premier Bancorp” conference call

Telephone Replay (available through February 2, 2021): 877-344-7529, access code 10150509

Webcast Access: https://services.choruscall.com/links/ppbi210126.html

About Pacific Premier Bancorp, Inc.

Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) is the parent company of Pacific Premier Bank, a California-based commercial bank focused on serving small, middle-market, and corporate businesses throughout the western United States in major metropolitan markets in California, Washington, Oregon, Arizona, and Nevada. Founded in 1983, Pacific Premier Bank has grown to become one of the largest banks in the western region of the United States, with approximately $20 billion in total assets. Pacific Premier Bank provides banking products and services, including deposit accounts, digital banking, and treasury management services, to businesses, professionals, entrepreneurs, real estate investors, and nonprofit organizations. Pacific Premier Bank also offers a wide array of loan products, such as commercial business loans, lines of credit, SBA loans, commercial real estate loans, agribusiness loans, franchise lending, home equity lines of credit, and construction loans. Pacific Premier Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Commerce Escrow division. Pacific Premier Bank offers clients IRA custodial services through its Pacific Premier Trust division, which has approximately $15 billion of assets under custody and approximately 45,000 client accounts comprised of self-directed investors, financial institutions, capital syndicators, and financial advisors. Additionally, Pacific Premier Bank provides nationwide customized banking solutions to Home Owners’ Associations and Property Management companies. Pacific Premier Bank is an Equal Housing Lender and Member FDIC. For additional information about Pacific Premier Bancorp, Inc. and Pacific Premier Bank, visit our website: www.ppbi.com.

Pacific Premier Bancorp, Inc.

Steven R. Gardner

Chairman, President and Chief Executive Officer

949-864-8000

Brett Villaume

SVP, Director of Investor Relations

949-553-9042

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Sequans Announces Conference Call to Review Fourth Quarter and Full Year 2020 Results

Sequans Announces Conference Call to Review Fourth Quarter and Full Year 2020 Results

Tuesday, February 9, 2021 at 8:00 a.m. EST

PARIS–(BUSINESS WIRE)–
Sequans Communications S.A. (NYSE: SQNS), leading developer and provider of 5G and 4G chips and modules for IoT, will release its financial results for the fourth quarter and full year of 2020 on Tuesday, February 9, 2021 during pre-market hours. Following the announcement Sequans’ management will host a conference call at 8:00 a.m. EST.

Conference Call Details

Date:

 

 

Tuesday, February 9, 2021

Time:

 

 

8:00 a.m. EST / 14:00 CET

Dial in:

 

 

U.S. toll free: 800-437-2398/International: +1 720-452-9102

Access:

 

 

When prompted, provide event title or access code 2037577

A live and archived webcast of the call will be available from the Investors section of the Sequans website at www.sequans.com/investors/webcasts-and-presentations. An audio replay of the conference call will be available until February 16, 2021 by dialing toll-free 888-203-1112 in the U.S., or +1 719-457-0820 from outside the U.S., using the following access code: 2037577.

About Sequans

Sequans Communications S.A. (NYSE: SQNS) is a leading developer and provider of 5G and 4G chips and modules for massive, broadband, and critical IoT. For 5G/4G massive IoT applications, Sequans provides a comprehensive product portfolio based on its flagship Monarch LTE-M/NB-IoT and Calliope Cat 1 chip platforms, featuring industry-leading low power consumption, a large set of integrated functionalities, and global deployment capability. For 5G/4G broadband and critical IoT applications, Sequans offers a product portfolio based on its Cassiopeia Cat 4/Cat 6 4G and high-end Taurus 5G chip platforms, optimized for low-cost residential, enterprise, and industrial applications. Founded in 2003, Sequans is based in Paris, France with additional offices in the United States, United Kingdom, Finland, Israel, Hong Kong, Singapore, Taiwan, South Korea, and China. Visit Sequans online at www.sequans.com.

Media Relations:

Kimberly Tassin, +1.425.736.0569, [email protected]

Investor Relations:

Claudia Gatlin, +1 212.830.9080, [email protected]

KEYWORDS: Europe United States North America France New York

INDUSTRY KEYWORDS: Semiconductor Technology Mobile/Wireless Telecommunications Networks Hardware

MEDIA:

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Axsome Therapeutics Announces Positive Efficacy and Safety Results from the Phase 3 MOVEMENT Long-Term Trial of AXS-07 in the Acute Treatment of Migraine

 Over 21,000 migraine attacks treated with AXS-07

Achieved migraine pain relief in approximately 70% of patients, and pain freedom in approximately 40% of patients, at 2 hours

Achieved durable relief, with approximately 85% of patients free from rescue medication use over 48 hours

Long-term safety profile consistent with previously completed controlled trials

NDA on track for submission in 1Q 2021

NEW YORK, Dec. 31, 2020 (GLOBE NEWSWIRE) — Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company developing novel therapies for the management of central nervous system (CNS) disorders, today announced positive results from the long-term, open-label Phase 3 MOVEMENT trial of AXS-07, Axsome’s novel, oral, multi-mechanistic investigational medicine in the acute treatment of migraine. Treatment with AXS-07, rapidly, substantially, and durably relieved migraine pain and associated symptoms in this trial. AXS-07 was well tolerated over long-term treatment with a safety profile consistent with that observed in the previously reported controlled trials. Axsome remains on track to submit an NDA for AXS-07 in the acute treatment of migraine in the first quarter of 2021.

“The results of the open-label, Phase 3 MOVEMENT trial confirm in a real-world setting the strong efficacy of AXS-07 observed in our previous controlled trials, and demonstrate a favorable long-term safety profile,” said Herriot Tabuteau, MD, Chief Executive Officer of Axsome. “The rapid and substantial efficacy of AXS-07 now observed in three separate trials indicates that AXS-07 may provide unique benefits to patients with migraine and help address the current unmet need for more effective treatments. These data further support our planned NDA filing of AXS-07 in the acute treatment of migraine in the first quarter.”

The MOVEMENT (Multimechanistic Treatment over Time of Migraine Symptoms) trial evaluated the long-term safety of AXS-07 (20 mg MoSEIC™ meloxicam/10 mg rizatriptan), dosed for up to 12 months, in patients with migraine attacks. The study enrolled patients who had completed the previous pivotal studies of AXS-07: the MOMENTUM and INTERCEPT trials. Enrolled patients were allowed to treat up to 10 migraine attacks per month during the up to 12-month period, with one dose of AXS-07 for each migraine that occurred. The safety and efficacy of AXS-07 was assessed during the trial. A total of 706 patients were enrolled. The trial was concluded once at least 300 patients had treated at least 2 migraines a month for 6 months, and approximately 100 patients had treated at least 2 migraines a month for 12 months, as pre-specified. At the time of study conclusion, 515 patients had reached at least 6 months, and 155 patients had reached at least 12 months of treatment. Over 21,000 migraine attacks were treated with AXS-07 during the trial.

In the MOVEMENT trial, administration of AXS-07 resulted in rapid, and substantial relief of migraine pain and associated symptoms. Within 1 hour after dosing, 39% (range: 37-41%) of patients achieved relief of migraine pain, demonstrating the rapid onset of AXS-07. Two hours after administration of AXS-07, relief of migraine pain was achieved by 68% (range: 65-71%) of patients and pain freedom by 38% (range: 37-40%) of patients. Freedom from most bothersome symptom (photophobia, phonophobia, nausea) was achieved by 47% (range: 46-49%) of patients within 2 hours after dosing.

AXS-07 durably relieved migraine pain with 85% (range: 84-86%) of patients free from rescue medication use through 24 hours, and 83% (range: 82-85%) of patients free from rescue medication use through 48 hours after a single administration of AXS-07. Rates of sustained pain relief from 2 to 24 hours and from 2 to 48 hours were 60% (range: 59-62%) and 59% (58-60%), respectively. Rates of sustained pain freedom from 2 to 24 hours and from 2 to 48 hours were 33% (range: 33-35%) and 32% (range: 32-34%), respectively.

AXS-07 was well tolerated with long-term dosing. The safety profile of AXS-07 over the 12-month treatment period was consistent with that previously reported in short-term controlled trials. The most commonly reported adverse events (≥3%) were nausea, dizziness, and vomiting. During the 12-month trial, 1.6% of patients discontinued due to adverse events.

AXS-07 is a novel, oral, rapidly absorbed, multi-mechanistic investigational medicine for the acute treatment of migraine, consisting of MoSEIC™ meloxicam and rizatriptan. AXS-07 is thought to act by inhibiting CGRP release, reversing CGRP-mediated vasodilation, and inhibiting neuro-inflammation, pain signal transmission, and central sensitization. Axsome’s MoSEIC™ technology significantly increases the speed of absorption of the meloxicam component after oral administration while maintaining a long plasma half-life. AXS-07 is covered by more than 80 issued U.S. and international patents providing protection out to 2036, and Axsome maintains worldwide rights.

About the MOVEMENT Trial

MOVEMENT (Multimechanistic Treatment over Time of Migraine Symptoms) was a Phase 3, open-label trial to evaluate the long-term safety of AXS-07 (20 mg MoSEIC™ meloxicam/10 mg rizatriptan), dosed for up to 12 months, in patients with migraine attacks. The study enrolled patients who had completed the previous pivotal studies of AXS-07: the MOMENTUM and INTERCEPT trials. Enrolled patients were allowed to treat up to 10 migraine attacks per month during the up to 12-month period, with one dose of AXS-07 for each migraine that occurred. The safety and efficacy of AXS-07 was assessed during the trial. Efficacy measures included relief of migraine pain and most bothersome symptom (photophobia, phonophobia, nausea), and use of rescue medication.

About Migraine

Over 37 million Americans suffer from migraine according to the Centers for Disease Control, and it is the leading cause of disability among neurological disorders in the United States according to the American Migraine Foundation. Migraine is characterized by recurrent attacks of pulsating, often severe and disabling head pain associated with nausea, and sensitivity to light and or sound. It is estimated that migraine accounts for $78 billion in direct (e.g. doctor visits, medications) and indirect (e.g. missed work, lost productivity) costs each year in the United States [1]. Published surveys of migraine sufferers indicate that more than 70% are not fully satisfied with their current treatment, that nearly 80% would try a new therapy, and that they desire treatments that work faster, more consistently, and result in less symptom recurrence [2,3].

About AXS-07

AXS-07 is a novel, oral, rapidly absorbed, multi-mechanistic investigational medicine for the acute treatment of migraine, consisting of MoSEIC™ meloxicam and rizatriptan. Meloxicam is a new molecular entity for migraine enabled by Axsome’s MoSEIC (Molecular Solubility Enhanced Inclusion Complex) technology, which results in rapid absorption of meloxicam while maintaining a long plasma half-life. Meloxicam is a COX-2 preferential non-steroidal anti-inflammatory drug and rizatriptan is a 5-HT1B/1D agonist. AXS-07 is designed to provide rapid, enhanced and consistent relief of migraine, with reduced symptom recurrence. AXS-07 is covered by more than 80 issued U.S. and international patents which provide protection out to 2036. AXS-07 is not approved by the FDA.

About Axsome Therapeutics, Inc.

Axsome Therapeutics, Inc. is a biopharmaceutical company developing novel therapies for the management of central nervous system (CNS) disorders for which there are limited treatment options. For the many people facing unsatisfactory treatments for CNS disorders, Axsome accelerates the invention and adoption of life-changing medicines. Axsome’s core CNS product candidate portfolio includes five clinical-stage candidates, AXS-05, AXS-07, AXS-09, AXS-12, and AXS-14. AXS-05 is being developed for major depressive disorder (MDD), Alzheimer’s disease (AD) agitation, and as a treatment for smoking cessation. AXS-07 is being developed for the acute treatment of migraine. AXS-12 is being developed for the treatment of narcolepsy. AXS-14 is being developed for fibromyalgia. AXS-05, AXS-07, AXS-09, AXS-12, and AXS-14 are investigational drug products not approved by the FDA. For more information, please visit the Company’s website at axsome.com. The Company may occasionally disseminate material, nonpublic information on the company website.

References

  1. Gooch CL, Pracht E, Borenstein AR. The burden of neurological disease in the United States: A summary report and call to action. Ann Neurol. 2017 Apr; 81(4):479-484.
  2. Smelt AF, Louter MA, Kies DA, Blom JW, Terwindt GM, van der Heijden GJ, De Gucht V, Ferrari MD, Assendelft WJ. What do patients consider to be the most important outcomes for effectiveness studies on migraine treatment? Results of a Delphi study. PLoS One. 2014 Jun 16;9(6):e98933.
  3. Lipton RB, Stewart WF. Acute migraine therapy: do doctors understand what patients with migraine want from therapy? Headache. 1999;39(suppl 2):S20-S26.

Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements”. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. In particular, the Company’s statements regarding trends and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the success, timing and cost of our ongoing clinical trials and anticipated clinical trials for our current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including our ability to fully fund our disclosed clinical trials, which assumes no material changes to our currently projected expenses), futility analyses and receipt of interim results, which are not necessarily indicative of the final results of our ongoing clinical trials, and the number or type of studies or nature of results necessary to support the filing of a new drug application (“NDA”) for any of our current product candidates; our ability to fund additional clinical trials to continue the advancement of our product candidates; the timing of and our ability to obtain and maintain U.S. Food and Drug Administration (“FDA”) or other regulatory authority approval of, or other action with respect to, our product candidates (including, but not limited to, FDA’s agreement with the Company’s discontinuation of the bupropion treatment arm of the ADVANCE-1 study in accordance with the independent data monitoring committee’s recommendations); the potential for the MOMENTUM clinical trial to provide a basis for approval of AXS-07 for the acute treatment of migraine in adults with or without aura, pursuant to our special protocol assessment; the potential for the ASCEND clinical trial, combined with the GEMINI clinical trial results, to provide a basis for approval of AXS-05 for the treatment of major depressive disorder and accelerate its development timeline and commercial path to patients; the Company’s ability to successfully defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the successful implementation of the Company’s research and development programs and collaborations; the success of the Company’s license agreements; the acceptance by the market of the Company’s product candidates, if approved; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway; unforeseen circumstances or other disruptions to normal business operations arising from or related to COVID-19; and other factors, including general economic conditions and regulatory developments, not within the Company’s control. The factors discussed herein could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.

Axsome Contact:

Mark Jacobson
Chief Operating Officer
Axsome Therapeutics, Inc.
22 Cortlandt Street, 16th Floor
New York, NY 10007
Tel: 212-332-3243
Email: [email protected]
www.axsome.com



UTStarcom Announces Executive Management and Board Changes

HANGZHOU, China, Dec. 31, 2020 (GLOBE NEWSWIRE) — UTStarcom (“UTStarcom” or “the Company”) (NASDAQ:UTSI), a global telecommunications infrastructure provider, today announced changes to the Board of Directors and executive management team intended to prepare the Company for continued growth and new opportunities in 2021 and beyond.

Dr. Zhaochen Huang, who has served as the Company’s Acting Chief Executive Officer, has been appointed as Chief Executive Officer of the Company and has also been elected to the Board of Directors, effective January 1, 2021.

Mr. Tim Ti resigned as Chief Executive Officer and as a member of the Company’s Board of Directors due to personal reasons on December 31, 2020. Mr. Ti has served as the Company’s Chief Executive Officer and as a member of UTStarcom’s Board of Directors since January 2016.

Dr. Zhaochen Huang joined the Company in 2011 and has thirty years of business and management experience with various companies. He previously served as the Company’s Acting Chief Executive Officer, Chief Operating Officer, Senior Vice President of Sales and Business Development for Japan and Korea, Vice-President of Global Operations and General Manager of UTStarcom India.

“I would like to thank the Board, management team and employees for their trust and confidence in me,” said Dr. Zhaochen Huang, “I look forward to the opportunity to execute on our strategy and collaborate closely with the Board, management team, engineers and service professionals to reposition the Company and realign our product and service solutions by focusing on our customers’ needs and maximizing shareholder value.”

“I have full confidence in Dr. Zhaochen Huang’s ability to lead UTStarcom into a new era,” said Mr. Yongqing Yan, Chairman of UTStarcom’s Board of Directors. “Zhaochen’s leadership and professionalism, expertise in the technology sector and deep knowledge of our business make him the ideal choice to take UTStarcom to the next level.”

Yan continued, “On behalf of the Board, I would like to thank Tim for his work in leading UTStarcom in past five years. We wish him all the best in his future endeavors.”

About UTStarcom Holdings Corp.

UTStarcom is committed to helping network operators offer their customers the most innovative, reliable and cost-effective communication services. UTStarcom offers high performance advanced equipment optimized for the most rapidly growing network functions, such as mobile backhaul, metro aggregation and broadband access. UTStarcom has operations and customers around the world, with a special focus on Japan and India. UTStarcom was founded in 1991 and listed its shares on the Nasdaq Market in 2000 (symbol: UTSI). For more information about UTStarcom, please visit http://www.utstar.com.

For investor and media inquiries, please contact:

In China:

UTStarcom Holdings Corp.
Tel: +86 571 8192 8888
Ms. Ning Jiang, Investor Relations
Email: [email protected] / [email protected]

In the United States:

The Blueshirt Group
Mr. Ralph Fong
Tel: +1 (415) 489-2195
Email: [email protected]



CPI Aerostructures Reports Third Quarter 2020 Results


Third Quarter 2020 vs. Third Quarter 2019

  • Revenue of $25.6 million compared to $22.7 million;
  • Gross profit of $4.2 million compared to $1.9 million;
  • Gross margin was 16.4% compared to 8.5%;
  • Net income of $0.82 million compared to net loss of $1.3 million;
  • Earnings per diluted share of $0.07 compared to loss per diluted share of $0.11;
  • Cash used by operations was $2.4 million compared to a use of $0.65 million;
  • Total backlog as of September 30, 2020 of $536.9 million including multi-year defense contracts of $480.2 million compared to total backlog as of September 30, 2019 of $523.3 million, including multi-year defense contracts of $454.1 million;
  • Total funded backlog of $189.6 million as of September 30, 2020, of which 97% or $183.9 million is comprised of defense orders, compared to total funded backlog of $153.4 as of September 30, 2019, of which 91%, or $139.7 million is comprised of defense orders.

Nine Months 2020 vs. Nine Months 2019

  • Revenue of $62.2 million compared to $64.8 million;
  • Gross profit of $7.5 million compared to $6.7 million;
  • Gross margin of 12.0% compared to 10.3%;
  • Net loss of $2.6 million compared to a net loss of $3.1 million;
  • Loss per share of $0.22 compared to a loss per share of $0.26;
  • Cash flow used by operations of $3.3 million compared to a use of $4.0 million

EDGEWOOD, N.Y., Dec. 31, 2020 (GLOBE NEWSWIRE) — CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced financial results for the three and nine month periods ended September 30, 2020. In addition, CPI Aero has filed Form 10-Q for the quarter ended September 30, 2020; as a result, the company is now current with SEC financial reporting requirements and has regained compliance with the NYSE’s timely filing criteria.

“Third quarter revenue surged 30% over the second quarter as we began to ramp up production on newer defense programs. This production ramp up along with continued effective execution of our funded defense backlog drove a 38% sequential increase in revenue from defense contracts, which more than compensated for ongoing softness in our commercial aviation business. As a result, for the third quarter gross profit margin expanded 330 basis points to 16.4% and the bottom line swung $1.4 million to net income of $0.8 million,” said Douglas McCrosson, president and CEO of CPI Aero.

“Based on our solid third quarter results, we are increasingly confident in our expectations for accelerated revenue and margin improvement for the second half of 2020 compared to the first half and for revenue growth and higher operating income for 2020 compared to 2019. Looking ahead to 2021, our $183.9 million funded defense backlog gives us a high degree of confidence to affirm our previous 2021 outlook for growth in revenue, operating income and operating cash. Our demonstrated track record of competing for and winning new opportunities should help us sustain our strong backlog which will position us well for attractive long-term growth.”  

Conference Call

Management will host a conference call on Monday, January 4, 2021 at 8:30 AM ET to discuss these results. After opening remarks there will be a question and answer period. Interested parties may participate in the call by dialing 844-378-6486 or 412-542-4181. Please call 10 minutes before the conference call is scheduled to begin and ask for the CPI Aero call. The conference call will also be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the live call, please go to www.cpiaero.com, click the Investor Relations section, then the Event Calendar. Please go to the website 15 minutes early to download and install any audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days.


About CPI Aero


CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare pod systems, primarily for national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.

The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2019 and Forms 10-Q for the three-month periods ended March 31, 2020, June 30, 2020,and September 30, 2020.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.

Contact:

Investor Relations Counsel:
LHA Investor Relations
Jody Burfening
(212) 838-3777
[email protected]
www.lhai.com

CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

  September 30, December 31,
  2020
(Unaudited)
  2019

 
     
ASSETS    
Current Assets:    
Cash $3,589,095   $4,052,109  
Restricted cash   1,380,684     1,380,684  
Accounts receivable, net of allowance for doubtful accounts of $239,547 as of
September 30, 2020 and $230,855 as of December 31, 2019
  7,309,323     7,029,602  
Contract assets   18,409,267     15,280,807  
Inventory   8,742,093     5,891,386  
Refundable income taxes   35,459     474,904  
Prepaid expenses and other current assets   600,889     721,964  
Total current assets   40,066,810     34,831,456  
     
Operating lease right-of-use assets   2,730,567     3,886,863  
Property and equipment, net   2,618,887     3,282,939  
Intangibles, net   281,250     375,000  
Goodwill   1,784,254     1,784,254  
Other assets   205,844     179,068  
Total assets $
47,687,612
  $
44,339,580
 
     
LIABILITIES AND SHAREHOLDERS’ DEFICIT    
Current Liabilities:    
Accounts payable $13,009,645   $8,199,557  
Accrued expenses   3,333,335     2,372,522  
Contract liabilities   2,469,441     3,561,707  
Loss contract reserve   1,569,447     2,650,963  
Current portion of long-term debt   5,377,559     2,484,619  
Operating lease liabilities   1,821,136     1,709,153  
Income tax payable   1,216     1,216  
Total current liabilities   27,581,779     20,979,737  
     
Line of credit   20,738,685     26,738,685  
Long-term operating lease liabilities   1,212,573     2,596,784  
Long-term debt, net of current portion   7,811,467     1,764,614  
Total liabilities   57,344,504     52,079,820  
     
Shareholders’ Deficit:    
Common stock – $.001 par value; authorized 50,000,000 shares, 11,926,177    
and 11,818,830 shares, respectively, issued and outstanding   11,926     11,819  
Additional paid-in capital   71,972,011     71,294,629  
Accumulated Deficit   (81,640,829 )   (79,046,688 )
Total Shareholders’ Deficit   (9,656,892 )   (7,740,240 )
Total Liabilities and Shareholders’ Deficit $
47,687,612
  $
44,339,580
 


CPI AEROSTRUCTURES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

  For the Three Months Ended

September 30,
    For the Nine Months Ended

September 30,
 
                     
  2020   2019     2020     2019  
                     
Revenue $25,576,718 $22,689,762     $62,175,872   $64,779,858  
Cost of sales 21,394,243   20,757,649     54,715,508     58,120,687  
Gross profit 4,182,475   1,932,113     7,460,364     6,659,171  
           
Selling, general and administrative expenses 3,050,644   2,806,498     8,958,986     8,259,945  
Imcome (Loss) from operations 1,131,831   (874,385 )   (1,498,622 )   (1,600,774 )
           
Interest expense                         309,008   378,195     1,085,805     1,464,376  
Income (Loss) before provision for income taxes 822,823   (1,252,580 )   (2,584,427 )   (3,065,150 )
           
Provision for income taxes 7,614   2,471     9,714     5,784  
Net loss $815,209 $(1,255,051 )   $(2,594,141 ) $(3,070,934 )
           
Income (Loss) per common share – basic $0.07 $(0.11 )   $(0.22 ) $(0.26 )
           
Income (Loss) per common share – diluted $0.07    $(0.11 )   $(0.22 )     $(0.26 )



euNetworks Acquires The Loop Manchester

euNetworks Acquires The Loop Manchester

  • The Loop Manchester is a dedicated high-speed fibre optic network in the heart of Manchester.
  • It adds unique routes, extra capacity and flexibility that will enhance euNetworks’ existing footprint

LONDON–(BUSINESS WIRE)–
euNetworks Fiber UK Limited (“euNetworks”), a Western European bandwidth infrastructure company, today announced that it has acquired 100% of the shares of The Loop Manchester Limited (“The Loop”), from Gamma Telecom Holdings Limited (“Gamma”). The Loop is a duct and sub-duct based fibre network in Greater Manchester in the United Kingdom.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201231005050/en/

Brady Rafuse, CEO of euNetworks (Photo: Business Wire)

Brady Rafuse, CEO of euNetworks (Photo: Business Wire)

The Loop launched in 2012 and has a unique duct network stretching more than 87km across the key commercial areas of Manchester, Salford and Trafford. With over 180km of high capacity fibre cables, it connects into 20 data centres, two Exchanges and provides high capacity internet into more than 70 key multi-tenant commercial buildings. Approximately 48km of the duct network is entirely unique routing from alternative operators in the city. That routing combined with 700 chambers and expansion capability, offers a strong compliment to euNetworks current fibre network in Manchester. As well as serving the growing Manchester media sector, The Loop’s customers include major data centre operators, enterprises and public sector organisations.

euNetworks is focused on delivering high bandwidth fibre connectivity between and within cities in Europe. The company owns and operates deep fibre networks in 17 cities, including Manchester, and also operates a highly differentiated long haul network that spans 15 countries. euNetworks continues to invest in its network, building unique routes, adding multiple diverse paths and extending reach into key hyperscale data centre sites, data centre clusters and network aggregation points. These investments continue to fuel the company’s growth and are driven by the capacity requirements of euNetworks’ customers. At the heart of this is the company’s direct, diverse connectivity to over 440 data centres across Western Europe.

“Manchester is an important and growing digital hub and we have been keen to develop our presence in the city for some time. It also enhances our Super Highway that runs from Dublin through to Manchester, London and Lowestoft,” said Brady Rafuse, Chief Executive Officer of euNetworks. “The acquisition of The Loop network strengthens our customer proposition in the bandwidth infrastructure market. As well as adding unique routes to our Manchester metro, the Loop provides us with a more local presence, the flexibility to connect more data centres and buildings and the opportunity for further expansion. Prior to this acquisition, our Manchester metro consisted of 42km of duct network, 276 chambers and direct connection into 17 data centres. The combined footprint will deliver immediate value to both existing customers and our new customers that we welcome from The Loop.”

Andrew Taylor, Gamma’s Chief Executive Officer, commented: “We have developed The Loop into a successful and growing business which is now ready for its next phase and we’re really pleased that euNetworks has chosen to be its ensuing owner. euNetworks’ extensive fibre footprint across Europe and the UK coupled with their customer centred approach to network development and investment is both impressive and innovative.”

“This is a great match for The Loop and we are delighted to have been acquired by euNetworks and to be joining the team,” said Ashley Griffiths, Managing Director of The Loop. “We’ve worked closely with euNetworks for a number of years in Manchester and I know our customers will immediately benefit from this acquisition. We remain focused on delivering a great service experience as well as more fibre-based service options to our customers.”

“We anticipate a rapid integration of The Loop into euNetworks,” added Rafuse. “We are delighted to welcome Ashley and the team into the euNetworks group along with their customers and suppliers. Their local knowledge, expertise, impressive development and strong relationships in the market are invaluable as we look to grow euNetworks’ presence in the region. In addition, our focus on the media sector is immediately strengthened with their knowledge and strong reputation among the media and broadcast community in Manchester and the UK. There’s a great opportunity from the teams and the networks coming together to develop and future-proof some of the larger content requirements of these companies.”

About euNetworks

euNetworks is a bandwidth infrastructure company, owning and operating 17 fibre based metropolitan networks connected with a high capacity intercity backbone covering 51 cities in 15 countries across Europe. The company leads the market in data centre connectivity, directly connecting over 440 today. euNetworks is also a leading cloud connectivity provider and offers a targeted portfolio of metropolitan and long haul services including Dark Fibre, Wavelengths, and Ethernet. Wholesale, finance, content, media, mobile, data centre and enterprise customers benefit from euNetworks’ unique inventory of fibre and duct based assets that are tailored to fulfil their high bandwidth needs. For further information visit eunetworks.com.

About Gamma

Gamma is a leading supplier of Unified Communications as a Service (UCaaS) in the UK, German, Spanish and Dutch business markets. It is AIM listed and employs 1450 people. With a range of UCaaS, Mobile and Connectivity services, Gamma provides robust and secure solutions that enable organisations to communicate, collaborate and offer a better customer experience. Gamma focuses its family of businesses on digital automation, delivering UCaaS services to SME customers largely via a network of channel partners. For further information visit www.gammacommunicationsplc.com

About The Loop Manchester Ltd

The Loop Manchester is more than 180km of fibre network, supplying direct connectivity to data centres and ultrafast internet access to the private and public sector. The network stretches across Salford, Trafford and the city of Manchester. For further information visit https://www.theloopmanchester.co.uk/

euNetworks:

Hannah Britt| Senior Director, Marketing & IR |euNetworks

[email protected] email

+44 7717 896 446 mobile

Gamma:

Justin Coombes| Group Head of Marketing |Gamma

[email protected] email

+44 333 240 3104 office

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Networks Internet Data Management Technology Telecommunications

MEDIA:

Logo
Logo
Photo
Photo
Brady Rafuse, CEO of euNetworks (Photo: Business Wire)
Photo
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euNetworks (Photo: Business Wire)

APAC Business Headlines Nominates Xeeva as One of the “10 Most Advanced Spend Management Solutions Providers”

SOUTHFIELD, MI, Dec. 31, 2020 (GLOBE NEWSWIRE) — Xeeva, Inc., a global provider of data-driven spend management solutions, announced today that it was included on the 2020 “10 Most Advanced Spend Management Solutions Providers” list by APAC Business Headlines.

APAC Business Headlines seeks out companies with the best and most reliable technologies and business solutions. This list compiles spend management solution providers that are making a difference for companies around the world.

Xeeva was selected to be featured because it’s one of the most innovative and trusted spend management solutions available today in the Asia-Pacific. The company sets itself apart through its unique AI-powered indirect spend management technology that drives cost savings, visibility, and efficiency gains throughout the entire procurement process. Since its founding in 2014, Xeeva has focused on constantly improving the functionalities of its solutions, including Spend Analytics, Sourcing, and Procure-to-Pay.

“We are so proud to be featured on this list,” said Nina Vellayan, President and CEO at Xeeva. “As the world is continuously changing right now, it’s important for organizations to have the right insights into their spend. Our solutions provide the visibility and analytics that companies need in order to transform their indirect spend management.”

Vellayan continued, “We’ve been committed to enhancing our spend management software suite to empower our clients to drive better, more strategic spend decisions that have a real financial impact. This recognition acknowledges our efforts to provide our customers with the most advanced spend management solutions.”

Click here to read APAC’s full feature and learn how Xeeva’s innovative spend management solutions help organizations achieve a strong financial foundation.

About APAC Business Headlines
APAC Business Headlines covers major industry trends in the APAC markets, and is working alongside leading players to document the opinions and the expectations of the global tech community. It also supports the established players in the market to unveil a commercial launch of their new products through its content-marketing platform.

About Xeeva
Xeeva is the leader in indirect spend management solutions that optimize the entire procurement process. From delivering unparalleled data quality and completeness to intelligent guided buying for managing complex procurement operations, take advantage of Xeeva’s unique combination of AI-powered technology, industry insights, and domain expertise to maximize your procurement efficiency and savings. Xeeva transforms indirect spend management with best practices around spend analytics, data enrichment, sourcing, and procure-to-pay solutions that drive better, more strategic decision-making and deliver real financial impact to the enterprise. For more information, visit www.xeeva.com.

Attachment



Marissa Bialick
Xeeva, Inc.
[email protected]

ZIM Announces Filing Of F-1 Registration Statement For The Issuance Of Its Ordinary Shares

PR Newswire

HAIFA, Israel, Dec. 31, 2020 /PRNewswire/ — ZIM Integrated Shipping Services Ltd. (the “Company”), announces that it filed on December 30, 2020, a registration statement on Form F-1 with the US Securities and Exchange Commission (SEC) for an initial public offering of its ordinary shares. The amount of ordinary shares to be offered and the price per share has not yet been determined.

Citigroup, Goldman Sachs & Co., LLC., and Barclays act as global coordinators and Jefferies and Clarksons Platou Securities act as joint bookrunners for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering, when available, may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-800-831-9146; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526 or by email at [email protected]; and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847 or by email at [email protected].

A registration statement on Form F-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities to be registered may not be sold nor may offers to buy be accepted prior to the time when the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


About ZIM

ZIM is a global, asset-light container liner shipping company with leadership positions in the markets where it operates. Founded in Israel in 1945, ZIM is one of the oldest shipping liners, with over 75 years of experience, providing customers with innovative seaborne transportation and logistics services with a reputation for industry leading transit times, schedule reliability and service excellence.


Forward Looking Statements

Statements included herein may constitute forward-looking statements which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors.

Logo – https://mma.prnewswire.com/media/827161/ZIM_Logo.jpg

Contact Detail:

Avner Shats




[email protected]

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/zim-announces-filing-of-f-1-registration-statement-for-the-issuance-of-its-ordinary-shares-301199595.html

SOURCE ZIM Integrated Shipping Services Ltd.

Aurora Mobile Enters into Partnership with New Energy Vehicle provider Dongfeng Motor to Strengthen AI-based Smart Mobility Services

SHENZHEN, China, Dec. 31, 2020 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading mobile developer service provider in China, today announced that it has entered into a partnership agreement with new energy vehicle provider Dongfeng Motor Group Company Limited (“Dongfeng Motor”), to help DFGO, a comprehensive one-stop mobility service platform of Dongfeng Motor, to improve operational and service efficiency and optimize user experience in smart mobility.

As a part of Dongfeng Motor’s strategic transformation, DFGO is committed to becoming a leading service provider of smart mobility solutions to deeply and perfectly embed mobility services into smart city development. Currently, DFGO covers various services including online car-hailing, premium car hailing, timeshare car leasing, taxi-hailing, used-car transaction services and electric vehicle charging. Going forward, DFGO will continue to upgrade its products and technologies to actively participate in smart city development including connecting its platform with urban transportation systems and providing comprehensive city-wide mobility solutions by expanding its service coverage to bike sharing, bus services, hitch riding and intercity vehicle services.

Through the partnership, Aurora Mobile will use its artificial intelligent (AI)- empowered targeted push notification services and machine learning-based powerful operational analysis capabilities to help DFGO gain comprehensive insights into user needs, improve user experience by providing users with safe, convenient, pleasant and smart mobility services, and ultimately maximize customer value. Both parties are confident that this cooperation will lead to more growth opportunities in the smart mobility sector going forward. This is the fourth major win for Aurora Mobile in the new energy vehicle/mobility sector after the global leading new energy vehicle manufacturer, WM Motor and Niu Technologies. This demonstrates the leading and dominant position Aurora Mobile commands in serving the new energy vehicle/mobility sector.

Aurora Mobile is a leading mobile development service provider in China. In almost a decade, Aurora Mobile has focused on mobile developers’ needs and launched a series of products to help developers improve operational efficiency, drive business growth and monetization. As of September 2020, Aurora Mobile had provided software development kits to over 1.65 million APPs. Recently, Aurora Mobile launched a Unification Messages System (“JG UMS”), which has integrated seven major messaging channels, including mobile Apps, WeChat official accounts, WeChat mini-programs, Short Message Service, emails, Fuwu Alipay and DingTalk, and enables businesses to reach targeted customers more efficiently through one integrated messaging platform.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile is a leading mobile developer service provider in China. Aurora Mobile is committed to providing efficient and stable push notification, one-click verification, and APP traffic monetization services to help developers improve operational efficiency, grow and monetize. Meanwhile, Aurora Mobile’s vertical applications have expanded to market intelligence, financial risk management, and location-based intelligence, empowering various industries to improve productivity and optimize decision-making.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SaaS-model; its ability maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For general inquiry, please contact:

Aurora Mobile Limited

E-mail: [email protected]

Christensen

In China

Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]

In US

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]