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TORONTO and PUERTO BARRIOS, Guatemala, Jan. 06, 2021 (GLOBE NEWSWIRE) — On January 6, 2021, a Guatemalan court accepted the guilty plea of Mynor Padilla, the former head of security at Hudbay Minerals’ Fenix mine. Mr. Padilla admitted he was guilty of “homicide committed in an emotionally violent state.” The guilty plea relates to the brutal killing of Indigenous community leader Adolfo Ich Chamán at the Fenix mine in 2009 when the mine was owned by Hudbay.

Mynor Padilla, a former lieutenant-colonel in the Guatemalan army, also pleaded guilty to the charge of “culpable injury” for the shooting of Germán Chub Choc, the same day. Germán Chub Choc is now paralyzed.

These criminal acts of violence against Indigenous Guatemalans are key parts of ongoing precedent-setting lawsuits in Canadian courts against Hudbay Minerals and its former Guatemalan subsidiary Compañía Guatemalteca de Níquel (CGN), brought by Ich’s widow Angelica Choc, Germán Chub Choc and others. The Canadian lawsuits have received worldwide attention as precedents for holding multinational mining companies liable in their “home” country for abuses at mines they operate abroad.

“Today is a momentous day. This has been an incredibly long road to partial justice for Angelica Choc and Germán Chub,” said the plaintiffs’ Canadian lawyer Murray Klippenstein. “In a country where, according to Human Rights Watch, over 99% of violent crime goes unpunished,¹ today’s guilty plea by the former head of security for Hudbay’s mine is nothing short of remarkable.”

“Hudbay has spent more than a decade and a small fortune in legal fees denying that their security personnel had anything to do with the brutal killing of Adolfo and the paralyzing of Germán. This was one of their key defences,” said Mr. Klippenstein’s co-counsel, Cory Wanless. “With this admission of guilt by the former head of security at Hudbay’s mine, it will be difficult for Hudbay to continue to argue that it does not bear responsibility for the killing and shootings.”

Murray Klippenstein, Klippensteins, Barristers & Solicitors, (416) 937-8634 (cell phone), [email protected]

Cory Wanless, Waddell Phillips PC, (647) 886-1914 (cell phone), [email protected]

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¹ https://www.hrw.org/world-report/2011/country-chapters/guatemala See also: https://www.hrw.org/world-report/2020/country-chapters/guatemala

CHRISTIANSTED, U.S. Virgin Islands, Jan. 06, 2021 (GLOBE NEWSWIRE) — Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) is pleased to announce that the Company has completed the previously announced transition contemplated by the Termination and Transition Agreement, dated August 13, 2020 (the “Termination Agreement”), by and among Front Yard Residential Corporation (“Front Yard”), Front Yard Residential L.P. and AAMC.

Transaction Highlights

• AAMC was paid by Front Yard an aggregate termination fee of $46,000,000, of which $30,000,000 was paid to AAMC in cash and $16,000,000 was paid to AAMC in Front Yard’s common stock.

• AAMC transferred the equity of the Company’s Indian subsidiary, the equity interests of the Company’s Cayman Islands subsidiary, and certain other assets used in connection with the operation of Front Yard’s business to Front Yard for aggregate consideration of the equity interests in Front Yard’s Indian subsidiary and $8,200,000, of which $3,200,000 was paid to AAMC in cash and $5,000,000 was paid to AAMC in Front Yard’s common stock.

• The announced sale of Front Yard at $16.25 per share is expected to provide liquidity for the 1,624,465 shares of Front Yard stock that AAMC purchased at an average cost of $12.68 per share.

“2020 has been a transitional year for AAMC. We have completed this transaction on-time and effectively for both Front Yard and AAMC.   This termination has provided us the opportunity to quickly right-size and optimize our operational footprint while significantly reducing our overhead costs. We have retained key personnel that developed and implemented successful non-performing loan and single-family rental equity investment strategies for AAMC’s stakeholders and are now focused on our asset-based lending strategy at this juncture in the economic cycle. With the termination complete, we are solely focused on our new lines of business and generating positive cash flow to increase value for our shareholders,” stated Indroneel Chatterjee, Chief Executive Officer of AAMC.

Management Changes

In connection with the completion of the Termination and Transition Agreement, Altisource Asset Management Corporation has accepted resignation letters from George G. Ellison, Robin N. Lowe, and Stephen H. Gray.

• In accordance with the resignation letter entered by George G. Ellison and the Company, dated August 13, 2020, Mr. Ellison resigned as Co-Chief Executive Officer of AAMC. Following the resignation of Mr. Ellison, Indroneel Chatterjee remained as the sole Chief Executive Officer of AAMC.

• In connection with the Termination Agreement, Robin N. Lowe resigned as Chief Financial Officer of AAMC. Pursuant to the terms of his Agreement, Mr. Lowe resigned as an officer and employee of the Company effective at the close of business on December 31, 2020.

• Also, in connection with the termination of the AMA, Stephen H. Gray resigned as General Counsel and Secretary of AAMC. Pursuant to his resignation letter, Mr. Gray resigned as an officer and employee of the Company effective at the close of business on December 31, 2020.

Appointment of New CFO

Effective January 1, 2021, the Board of Directors of AAMC promoted Chris Moltke-Hansen to Chief Financial Officer of the Company. He will be responsible for overseeing all financial aspects of the company, including financial planning and analysis, accounting and financial reporting, as well as managing the tax, internal audit, treasury, and investor relations functions.

“I am pleased to announce Chris’s promotion from Managing Director to CFO, and welcome him to our Executive Leadership Team,” said Indroneel Chatterjee, Chairman and Chief Executive Officer. “Chris’s experience in leading financial operations, as well as driving operational change and strategic growth is expected to make an immediate impact as we position AAMC for disciplined growth.”

About AAMC

AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles. Additional information is available at www.altisourceamc.com.

Forward-looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management’s beliefs and expectations. Forward-looking statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: our ability to implement our business strategy; our ability to retain and recruit key employees; our ability to develop and implement new businesses or, to the extent such businesses are developed, our ability to make them successful or sustain the performance of any such businesses; our ability to build, retain and maintain our strategic relationships; our ability to obtain additional asset management clients; the potential for the COVID-19 pandemic to adversely affect our business, financial position, operations, business prospects, customers, employees and third-party service providers; our ability to effectively compete with our competitors; Front Yard’s ability to complete its announced merger transaction, which could affect the value of the shares of Front Yard held by us; the failure of our service providers to effectively perform their obligations under their agreements with us; developments in the litigations regarding AAMC’s redemption obligations under the Certificate of Designations of its Series A Convertible Preferred Stock (the “Series A Shares”), including AAMC’s ability to obtain declaratory relief confirming that AAMC was not obligated to redeem any of the Series A Shares on the March 15, 2020 redemption date since AAMC did not have funds legally available to redeem all, but not less than all, of the Series A Shares requested to be redeemed on that redemption date; general economic and market conditions; governmental regulations, taxes and policies and other risks and uncertainties detailed in the “Risk Factors” and other sections described from time to time in the Company’s current and future filings with the Securities and Exchange Commission. The foregoing list of factors should not be construed as exhaustive.

The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.

TORONTO, Canada, Jan. 06, 2021 (GLOBE NEWSWIRE) — Canadian General Investments, Limited (CGI) reports on an unaudited basis that its net asset value per share (NAV) at December 31, 2020 was $50.02, resulting in a one-year NAV return, with dividends reinvested, of 38.1%. This compares with the 5.6% return of the benchmark S&P/TSX Composite Index on a total return basis for the same period.

The Company employs a leveraging strategy, by way of preference shares and bank borrowing, in an effort to enhance returns to common shareholders. As at December 31, 2020, the combined leverage afforded by both forms of leverage represented 16.8% of CGI’s net assets, down from 22.7% at the end of 2019.

The worldwide spread of novel coronavirus (COVID-19) and its impact on such factors as business operations, supply chains, travel, commodity prices and consumer confidence, and the associated impact on domestic and international equity markets and fixed income yields, is expected to continue to have a significant influence on the equity markets and could significantly impact the value of investments held by CGI. Morgan Meighen & Associates Limited, the manager of the Company, will maintain its consistent, steady, long-term approach of holding diversified, appropriate investments, while pursuing selective new opportunities.

The closing price for CGI’s common shares at December 31, 2020 was $34.81, resulting in an annual share price return, with dividends reinvested, of 37.0%.

The sector weightings of CGI’s investment portfolio at market as of December 31, 2020 were as follows:

The top ten investments which comprised 37.6% of the investment portfolio at market as of December 31, 2020 were as follows:

FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian General Investments, Limited
Jonathan A. Morgan
President and CEO
Phone: (416) 366-2931
Fax: (416) 366-2729
e-mail: [email protected]
website: www.canadiangeneralinvestments.ca

TULSA, Okla., Jan. 06, 2021 (GLOBE NEWSWIRE) — Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) reports that the Company has achieved record net revenues in December 2020 totaling approximately $15.1 million and the active sales consultants in the Company’s Usborne Books and More (UBAM) Sales Division grew to over 60,000 as of December 31, 2020.

Per Randall White, Chief Executive Officer, “We have finished the calendar year 2020 with continued record sales volumes. Our UBAM division generated approximately $14.3 million of net revenues in December 2020, an increase of $6.7 million, or 88%, over the prior year’s December net revenues of approximately $7.6 million. I am also very pleased to announce that our Retail Division reported net revenues of approximately $0.8 million, which was $0.3 million, or 60%, higher than December last year.”

Mr. White continued, “While no one could have predicted our growth over the past nine months, we were prepared for it and have delivered on our commitments.   Our definition of success; when preparation meets opportunity.”

Per Mr. White, “Our growth in UBAM active consultants continues to drive the overall growth in sales. Our active consultant count grew from just under 30,000 at the end of March 2020 to over 60,000 by the end of December 2020. This expanded sales force will continue to drive our growth in calendar 2021 and beyond. I want to thank our consultants for all their hard work during 2020 and let them know we will continue to support their increased sales volumes and recruiting efforts in the new year. This support is evidenced by our current $4.5 million capital expansion project to once again double our daily shipping capacity. This $4.5 million capital project two additional pick, pack and ship lines to our existing operations and will ensure we can keep up with new growth in the upcoming year. We also expect efficiency gains from the addition of this new production line.”

Mr. White concluded, “Our retail division’s sales rebounded in our fiscal third quarter ending November 30, 2020 and December net revenues were 60% higher than December 2019. This growth, along with the addition of new staff in our retail division’s inside sales team, makes us optimistic that the retail division’s sales will return to historical levels.”

About Educational Development Corporation (EDC)

EDC is a publishing company specializing in books for children. EDC is the exclusive United States trade co-publisher of the line of educational children’s books produced in the United Kingdom by Usborne Publishing Limited (“Usborne”) and we also exclusively publish books through our ownership of Kane Miller Book Publisher (“Kane Miller”); both international award-winning publishers of children’s books. EDC’s current catalog contains over 2,000 titles, with new additions semi-annually. Both Usborne and Kane Miller products are sold via 4,000 retail outlets and by independent consultants, who hold book showings in individual homes, book fairs with school and public libraries as well as sales over the internet.

Contact:
        Educational Development Corporation
        Randall White, (918) 622-4522

Cautionary Statement for the Purpose of the “Safe Harbor” Provision of the Private Securities Litigation Reform Act of 1995.

The information discussed in this Press Release includes “forward-looking statements.” These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “continue,” “potential,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and we can give no assurance that such expectations or assumptions will be achieved. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our success in recruiting and retaining new consultants, our ability to locate and procure desired books, our ability to ship the volume of orders that are received without creating backlogs, our ability to obtain adequate financing for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed in our Annual Report on Form 10-K for the year ended February 29, 2020, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere in our Annual Report on Form 10-K for the year ended February 29, 2020 and speak only as of the date of this Press Release. Other than as required under the securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.