Market Newsdesk

December 30, 2020 7:48 am

AGF Announces Final Distributions for AGF ETFs for 2020

TORONTO, Dec. 30, 2020 (GLOBE NEWSWIRE) — AGF Investments Inc. (TSX:AGF.B) today announced the final December 2020 cash distributions and annual 2020 reinvested capital gains distributions for the AGF ETFs listed on the Toronto Stock Exchange or NEO Exchange.

Unitholders of record of an AGF ETF on December 31, 2020 will receive (i) the actual 2020 reinvested capital gains distributions payable in respect of that AGF ETF on December 31, 2020; and (ii) the actual December 2020 cash distributions payable in respect of that AGF ETF on January 8, 2021. The actual taxable amounts for 2020, including the tax characteristics, will be reported in early 2021.

The annual reinvested capital gains distributions generally represent realized capital gains within the AGF ETFs and will not be paid in cash, but will be reinvested in the form of a notional distribution and reported as taxable. A notional distribution is when the units from a reinvested distribution are immediately consolidated with the units held prior to the distribution. The number of units held after the distribution is therefore identical to the number of units held before the distribution. The unitholder’s adjusted cost base for the respective AGF ETF may increase.

Details regarding the final “per unit” cash and reinvested capital gains distribution amounts are as follows:

Fund Name	Fund Ticker	Exchange	Final Cash Distribution Per Unit ($)	Final Annual Reinvested Capital Gain Distribution Per Unit ($)
AGF Global Opportunities Bond ETF	AGLB	NEO Exchange	0.110375	0.193536
AGF Global Sustainable Growth Equity ETF	AGSG	NEO Exchange	–	–
AGFiQ Canadian Equity ETF (formerly, AGFiQ Enhanced Core Canadian Equity ETF)	QCD	Toronto Stock Exchange	0.887189	–
AGFiQ Emerging Markets Equity ETF (formerly, AGFiQ Enhanced Core Emerging Markets Equity ETF)	QEM	Toronto Stock Exchange	0.595427	–
AGFiQ Global Balanced ETF Portfolio (formerly, AGFiQ MultiAsset Allocation ETF)	QMA	Toronto Stock Exchange	0.483973	0.717834
AGFiQ Global ESG Factors ETF (formerly, AGFiQ Enhanced Global ESG Factors ETF)	QEF	NEO Exchange	0.354681	–
AGFiQ Global Income ETF Portfolio (formerly, AGFiQ MultiAsset Income Allocation ETF)	QMY	Toronto Stock Exchange	0.348936	0.009621
AGFiQ Global Infrastructure ETF (formerly, AGFiQ Enhanced Global Infrastructure ETF)	QIF	NEO Exchange	0.183744	–
AGFiQ Global Multi-Sector Bond ETF (formerly, AGFiQ Enhanced Core Global Multi-Sector Bond ETF)	QGB	NEO Exchange	0.197308	0.462999
AGFiQ International Equity ETF (formerly, AGFiQ Enhanced Core International Equity ETF)	QIE	Toronto Stock Exchange	0.458246	–
AGFiQ US Equity ETF (formerly, AGFiQ Enhanced Core US Equity ETF)	QUS	Toronto Stock Exchange	0.400914	0.364314
AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF	QBTL	Toronto Stock Exchange	1.267754	–

Further information about the AGF ETFs can be found at AGF.com.

This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, management fees and expenses all may be associated with an investment in exchange-traded funds (ETFs). Please read the prospectus or relevant ETF Facts before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Units of ETFs are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. AGF brings a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and high-net-worth businesses focused on providing an exceptional client experience. AGF’s suite of investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With over $38 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About AGFiQ

AGFiQ is the quantitative investment platform for AGF powered by an intellectually diverse, multi-disciplined team that combines the complementary strengths of investment professionals across AGF and its affiliates.

AGF Investments Inc. is a subsidiary of AGF and is registered as a portfolio manager across Canadian securities commissions.

Media Contact

Amanda Marchment
Director, Corporate Communications
416-865-4160
[email protected]

December 30, 2020 7:33 am

Garibaldi Drills Deepest Nickel-Copper Yet at E&L

PR Newswire

TSXV: GGI
OTC: GGIFF
Frankfurt: RQM

VANCOUVER, BC, Dec. 30, 2020 /PRNewswire/ – Garibaldi Resources Corp. (TSXV: GGI) (the “Company” or “Garibaldi”) is pleased to announce results from the recently completed 2020 drill program, targeting deeper extensions of the easterly plunging E&L intrusion. Building along trend of the expanding 650 meter long E&L footprint, hole EL-20-96 intersected a newly discovered semi-massive sulphide zone 450 meters east of the Lower Discovery Zone (LDZ) at a depth of 645 meters.

The new zone is along the plunge of the intrusion in the same geological environment in which the NW and LDZ developed, and occurs at the contact of the E&L mineralized gabbro and Hazelton sedimentary rocks. Detailed study of geochemical, geophysical and structural controls supplied vectors targeting deeper areas along a 2 km long corridor. The model provides significant potential for hosting mineralization and multiple off hole BHEM anomalies remain to be tested.

Garibaldi’s 2020 exploration season encountered significant challenges, yet results indicate increasing scale potential at the Company’s flagship E&L project, rich in nickel-copper-cobalt as well as palladium, platinum, gold, silver, osmium, iridium, ruthenium and rhodium. The E&L discovery at Nickel Mountain is the first ever magmatic massive sulphide system identified in the Eskay Camp of Northwest British Columbia. Key seasonal highlights are as follows:

2020 highlights:

EL-20-96 has produced the deepest nickel-copper mineralized intersection yet at E&L at 645 meters depth, while also extending the Lower Discovery Zone massive sulphide on its way to target depth. The newly discovered semi-massive sulphide at 645 meters indicates the mineralized E&L gabbro extends significantly beyond and below the near surface mineralized zones.
EL-20-96 was collared near the northern part of the E&L intrusion and drilled along trend to the southeast at 56 degrees. It cut through a well mineralized section of the taxitic-orbicular textured gabbro intersecting 132.38 meters of 0.62% Ni and 0.51% Cu. It pierced through 3.98 m of high grade massive sulphide extending the LDZ 5 meters to the north.
EL-20-96 also produced an 18.5meter interval including the lower section of the orbicular gabbro and top portion of the LDZ significantly enriched in palladium and platinum, grading 3.75 g/t Pd, 1.86 g/t Pt. and 1.58 g/t Au. Notably, this hole intercepted a series of gabbros from surface to over 640 meters.
EL-20-95 was also drilled in the northern part of the E&L intrusion. It cut a 128.15 meter interval of 0.34% Ni and 0.37% Cu, including a 2.15m interval of disseminated and semi-massive Cu-PGE mineralization in a transitional zone between E&L and Nickel Mountain gabbro, grading 1.05% Ni, 3.0% Cu, 5.03 g/t Pd, 2.87 g/t Pt and 2.6 g/t Au, and located 28 meters north of the LDZ in an area open for expansion. A 15m intersect returning 0.17% Ni and 0.21% Cu was discovered 90 meters below the LDZ and remains open indicating extensive room to explore this NE-SW trend of the E&L system
EL-20-91 was collared 500m southeast of the E&L intrusion and drilled steeply to the NE along the interpreted trend of the 2 km E&L corridor. The hole cut through Hazelton sediments and 1.6 meters of semi-massive sulphides at the Hazelton-gabbro contact. The hole intersected 101.36 meters of mineralized E&L gabbro grading 0.18% Ni and 0.16% Cu from 366.14-467.5m. The top 49.5m of the interval is composed of a taxitic melagabbro. The bottom 51.68m is composed of a massive olivine pyroxenite. Hole 91 reinforces the interpretation that massive sulphides form along the contact of the E&L gabbro with the Hazelton group. This area remains open and is highly prospective.
EL-20-90 was collared at the southern extension of the E&L intrusion and extended the near surface mineralization 29 meters south by cutting 15.37 meters of 0.95% Ni and 0.66% Cu mineralization starting at surface. The hole also intersected 30 meters of mineralized gabbro on the south side of the LDZ.
EL-20-89 produced the longest nickel-copper mineralized intersection yet over 151.66 meters (see news release dated September 11, 2020) of 0.56% Ni and 0.61% Cu. The greatly expanded 650m E&L footprint represents over a three-fold extension of the mineralized strike length from the start of the 2020 exploration season.

Garibaldi successfully advanced the Company’s Flagship E&L project at Nickel Mountain as well as numerous other targets throughout the property, including the Company’s more accessible Casper high grade quartz gold vein system which progressed to drill readiness. Garibaldi completed four diamond drill holes at Casper by the holiday break, assays are pending.

Expanded 2020 regional prospecting resulted in new surface discoveries, including outcropping mineralized gabbro at Mount Shirley 14km to the NNE of E&L. The strike length of the Nickel Mountain Gabbroic Complex (NMGC) is over 15km and remains open. Assays of up to 2.09% Ni and 4.59% Cu confirm magmatic sulphide mineralization outcrop at a second location within the highly prospective 180 sq.km Eskay claim group. Magmatic sulphides with orbicular and taxitic-textured melagabbros west of E&L also show strong potential for new mineralized zones.

Jeremy Hanson, Garibaldi VP-Exploration, stated “We are very encouraged with the results of the 2020 drilling program. Our planning and analysis lead to the discovery of a new mineralized zone 650 m along trend of the E&L system. We have significantly enhanced the footprint with these large step-out holes and are well on our way to tracking down new mineralized zones along the E&L corridor.”

Dr. Peter Lightfoot, Garibaldi Technical Advisor, noted that: “The 2020 exploration program has confirmed the modelled plunge extent of mineralized E&L type gabbros is open at depth, and it has identified important indications of magmatic sulphides associated with outcrops of gabbros and boulders at two locations on the property. Drill hole EL-20-95 encountered a new style of high-grade mineralization in a transition zone between the E&L intrusion and the Nickel Mountain gabbro. The two intrusions are likely closely related in time and space, so this information provides a new focus for the evaluation of gabbros along the 15 km strike length. These discoveries collectively provide an important new focus for the 2021 work program at Nickel Mountain.”

Significant Assay Results for Drill Holes EL-20-90 to 96

Hole (#)	Interval Width (from – to)	Ni (%)	Cu (%)	Co (%)	Pt (g/t)	Pd (g/t)	Au (g/t)	Ag (g/t)
EL-20-96	over 132.38 m (31.5 –163.88 m)	0.62	0.51	0.02	0.24	0.51	0.21	2.82
including	over 74.92 m (88.96 –163.88 m)	0.99	0.83	0.03	0.42	0.88	0.36	3.93
**including	over 3.98 m (159.9 – 163.88 m)	6.69	3.07	0.2	0.95	2.02	0.46	7.19
*including	over 18.5 m (144 – 162.5 m)	5.25	4.15	0.25	1.86	3.75	1.58	30.79
including	over 4.5 m (644.98 – 649.48 m)	0.55	0.50	0.05	0.02	0.02	0.02	0.55
*including	over 1.43 m (646 – 647.43 m)	1.05	0.51	0.1	0.01	0.03	0.03	0.65

EL-20-95	over 128.15 m (0 – 128.15 m)	0.34	0.37	0.01	0.19	0.34	0.18	1.72
including	over 94.9 m (0 – 94.9 m)	0.37	0.36	0.01	0.15	0.25	0.15	1.28
including	over 59.11 m (22.9 – 82.01 m)	0.45	0.43	0.02	0.18	0.29	0.19	1.42
and	over 2.15 m (126 – 128.15 m)	1.25	3.00	0.02	2.87	5.03	2.66	18.53
and	over 6 m (172.9 – 178.9 m)	0.22	0.28	0.01	0.04	0.17	0.03	1.19
and	over 36 m (190.9 – 226.9 m)	0.12	0.13	0.01	0.02	0.08	0.02	1.67
including	over 15 m (211.9 – 225.9 m)	0.17	0.21	0.01	0.03	0.11	0.03	2.5

EL-20-91	over 101.36m (366.14–467.5 m)	0.18	0.16	0.01	0.02	0.04	0.01	1.03
including	over 49.5 m (366.14–415.64 m)	0.16	0.15	0.01	0.01	0.02	0.01	0.94
including	over 1.6 m (366.14 – 367.74 m)	0.84	0.53	0.08	0.01	0.02	0.01	3
and	over 51.86 m (415.64 –467.5 m)	0.19	0.17	0.02	0.03	0.06	0.02	1.12
and	over 0.75 m (448.75 – 449.5 m)	0.70	0.73	0.07	0.05	0.05	0.02	4

EL-20-90	over 15.37 m (0 – 15.37 m)	0.95	0.66	0.02	0.18	0.29	0.18	2.05
and	over 30 m (120.5 – 150.5 m)	0.41	0.07	0.02	0.01	0	0	0.5
and	over 7.5 m (140 – 147.5 m)	0.80	0.19	0.04	0.01	0.01	0	0.5

**Massive sulphides (75-100%); *Semi-massive sulphides (50% – 75%).
Intervals are core lengths (true widths are estimated to be 80% of reported intervals)

Drill Hole Coordinates Table for Holes EL-20-90 to 96

Hole (#)	Zone	Easting*	Northing*	Elevation (MASL)	Azimuth	Dip	Length (m)
EL-20-96	E&L Zone	396122	6271518	1889	121	-56	762
EL-20-95	E&L Zone	396182	6271505	1868	253	-80	320
EL-20-94	exploration	395938	6271407	1759	40	-75	250
EL-20-93	exploration	396675	6271391	1791	234	-75	873.5
EL-20-92	E&L Zone	396509	6271235	1699	314	-61	446
EL-20-91	E&L Zone	396509	6271234	1699	310	-72	494.5
EL-20-90	E&L Zone	396145	6271464	1881	106	-58	201.5

*UTM zone 9N WGS 84

EL-20-94, 93 and 92 were exploratory holes. Hole 94 was a 200 meter step out to the southwest of the E&L surface expression. Hole 93 was a step out 700 meters to the east of the E&L and Hole 92 was drilled 500 meters southeast of the E&L. These holes targeted structural contacts that did not return significant results but confirmed the presence of the intrusive, hole 92 cut through 118 meters of high MgO gabbro providing a vector towards potential mineralized E&L gabbro nearby.

Steve Regoci, President & CEO, stated: “Garibaldi management is very pleased with the progress made during the 2020 exploration season. Important gains have been made expanding the E&L strike length and tracking widespread nickel-copper mineralization deeper at Nickel Mountain. Our plans for 2021 remain focused on identifying the conduit pathways for E&L mineralization which contains critical battery metals that are ideally suited for the rapidly developing electric vehicle markets.”

Quality Assurance/Quality Control (QA/QC)

Garibaldi Resources has applied a rigorous quality assurance/quality control program at the E&L Nickel Mountain Project using best industry practice. All core was logged by a geoscientist and selected intervals were sampled. HQ and NQ drill core was sawn in half and each sample half was placed in a marked sample bag with a corresponding sample tag then sealed. The remaining half core is retained in core boxes that are stored at a secure facility in Smithers, British Columbia. Chain of custody of samples was recorded and maintained for all samples from the drill to the laboratory.

All diamond drilling sample batches included 5% QA/QC samples consisting of certified blanks, standards and field duplicates. Multiple certified ore assay laboratory standards and one blank standard were used in the process. Samples were submitted to SGS Canada Inc. in Vancouver, British Columbia, an ISO 9001: 2008 certified lab, for base metal, sulphur and precious metal analysis using Inductivity Coupled Plasma (ICP), Fire Assay (FA) and Leco methods. Samples were prepared by crushing the entire sample to 75% passing 2mm, riffle splitting 250g and pulverizing the split to better than 85% passing 75 microns. Gold, platinum and palladium were analyzed using a 30-gram fire assay and ICP-AES. Total sulphur and total carbon were analyzed using a Leco method. Nickel, copper, cobalt, silver and base metals were analyzed by sodium peroxide fusion and ICP-MS. The performance on the blind standards, blanks and duplicates achieved high levels of accuracy and reproducibility and has been verified by Jeremy Hanson, a qualified person as defined by NI-43-101.
XRF measurements were taken with a Niton XL5. XRF measurements analyze a very small section of rock approximately 0.16cm²per measurement and results are not representative of the overall rock or material.

Qualified Person & Data Verification

Jeremy Hanson, P.Geo., VP Exploration Canada for the Company, and a qualified person as defined by NI- 43-101, has supervised the preparation of and reviewed and approved of the disclosure of information in this news release. Mr. Hanson has verified the data, including drilling, sampling, test and recovery data, by supervising all of such procedures. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date.

About Garibaldi

Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions of British Columbia and Mexico.

We seek safe harbour.

GARIBALDI RESOURCES CORP.

per: “Steve Regoci”
Steve Regoci, President

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.

View original content:http://www.prnewswire.com/news-releases/garibaldi-drills-deepest-nickel-copper-yet-at-el-301199297.html

SOURCE Garibaldi Resources Corp.

December 30, 2020 7:33 am

McCormick Acquires FONA International, LLC

McCormick Accelerates Flavor Growth and Strengthens its Leadership in Clean and Natural Flavors

PR Newswire

HUNT VALLEY, Md., Dec. 30, 2020 /PRNewswire/ — McCormick & Company Inc. (NYSE: MKC) (the “Company”), a global leader in flavor, today announced that it has purchased 100% of the shares of FONA International, LLC and certain of its affiliates (“FONA”), a privately held company. FONA is a leading manufacturer of clean and natural flavors providing solutions for a diverse customer base across various applications for the food, beverage and nutritional markets. McCormick has acquired the business for $710 million in cash.

Lawrence E. Kurzius, Chairman, President and Chief Executive Officer said, “The acquisition of FONA reinforces McCormick’s global growth strategy as FONA expands the breadth of our flavor solutions segment into attractive categories, as well as extends our technology platform and strengthens our capabilities. This acquisition also accelerates the strategic migration of our portfolio to more value-added and technically insulated products and thus, is expected to be accretive to gross margin. FONA’s portfolio is highly complementary to McCormick’s and will provide our customers with an even more comprehensive product offering to meet the growing demand for clean and flavorful eating, drinking and nutrition experiences.

“FONA is well known in the market, in part because of its strong customer engagement platform, talented employees and investments in its future, which have driven growth for both FONA and its customers.” Mr. Kurzius added, “FONA will be the cornerstone for accelerating McCormick’s flavor platform in the Americas. With our passion for flavor, focus on insight-driven innovation and differentiated customer engagement, we look forward to continuing and building upon the legacy created by the Slawek family.”

Joseph Slawek, Founder, CEO & Chairman of FONA International said, “The Slawek family is very proud of the customers, the employee culture and the company we have built. We are excited to see the next generation of FONA flourish as part of McCormick. We are confident McCormick will further enable FONA’s forward momentum by continuing to make investments in growth initiatives, capabilities and people. Fueled by the power of McCormick, FONA’s success will be accelerated. FONA, in turn, will be a key driver in advancing McCormick’s global flavor leadership.”

Mr. Kurzius continued, “McCormick has a history of creating value through acquisitions. As we continue to build the McCormick of the future and create long-term shareholder value, we are confident this is a great strategic fit with our vision of being a leading flavor company. The employees of FONA share with McCormick a great history and commitment to core values and purpose, doing what is right while driving industry leading financial performance, and we look forward to welcoming them to the McCormick family. Together we will achieve continued success.

FONA’s annual sales are approximately $114 million and are expected to grow at a mid-to high-single- digit rate. Founded more than 30 years ago, FONA is a leading independent manufacturer of flavors, with a focus on nutritional and natural products and a well-recognized brand that McCormick plans to retain. The business is headquartered in Illinois and has approximately 220 employees with a state-of-the art manufacturing and technical innovation center.

McCormick Anticipates the Acquisition of FONA Will Drive Long-Term Shareholder Value

Broadens Product Offering and Accelerates Flavor Growth: FONA’s diverse portfolio of flavors, including flavors for health and performance nutrition applications, broadens McCormick’s value-add offerings with products that are highly complementary to its existing portfolio. By combining the portfolios and infrastructures, McCormick adds manufacturing capacity as well as greater scale and expects to accelerate its global flavor growth.

Expands Capabilities and Technology Platform: McCormick is augmenting its capabilities with FONA’s highly experienced research and development team and extending its technology platform with additional proprietary encapsulation methods. These expand McCormick’s innovation capabilities, particularly with the added expertise in flavoring health and performance nutrition products across a variety of applications. FONA’s strong market position in this area advances McCormick’s health and wellness portfolio.

Strengthens Clean and Natural Leadership: McCormick’s clean and natural platform is meaningfully enhanced with the addition of FONA’s predominantly natural portfolio. McCormick is increasing its talent bench strength further enabling better-for-you flavor product development wins and strengthening its clean and natural leadership position.

Enhances Customer Intimacy and Partnerships: FONA brings an industry leading customer engagement platform. The combination of McCormick and FONA’s complementary global and mid-tier customers, insight capabilities and customer intimacy approaches, enhances McCormick’s customer value proposition. The Company is well positioned to reach a broader customer base, deepen existing customer relationships by cross-selling and establish inroads with new customers while driving innovation.

Accretive to Gross Margin: The addition of FONA’s business is expected to be accretive to McCormick’s gross margin. The Company also anticipates driving further margin expansion by achieving robust sales growth and further migrating the Flavor Solutions portfolio to more value-added and technically insulated products. McCormick also expects the transaction to be neutral to adjusted earnings per share in 2021 and accretive in 2022, excluding transaction and integration costs.

Financial Terms

McCormick has purchased 100% of FONA for $710 million on a cash free, debt free basis, subject to customary working capital adjustments. McCormick will finance the transaction with cash and commercial paper.

While this transaction will increase McCormick’s net-debt-to-adjusted EBITDA ratio, the Company is committed to a strong investment grade credit rating, paying down debt with anticipated strong cash flow generation and maintaining its dividend policy.

Conference Call and Webcast

Lawrence Kurzius, Chairman, President and Chief Executive Officer and Mike Smith, Executive Vice President & CFO, will host a conference call today, December 30, 2020, at 8:30 AM ET to discuss this announcement with the financial community. The conference call can be accessed by dialing (877) 407-8291 (U.S. / Canada) or (201) 689-8345 (International). A replay of the call will be available until January 19, 2021 at 12:00 AM ET by dialing (877) 660-6853 (U.S./Canada) or (201) 612-7415 (International) and by entering the passcode 13714511. The webcast and accompanying presentation of the conference call will be available on McCormick’s website (ir.mccormick.com) prior to the start of the call.

Advisors

Morgan Stanley & Co. LLC and Davis Polk & Wardell LLP served as financial advisor and legal counsel, respectively, to McCormick in connection with the transaction. Houlihan Lokey and Vedder Price PC served as financial advisor and legal counsel, respectively, to FONA.

Forward-looking Information

Certain information contained in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as “may,” “will,” “expect,” “should,” “anticipate,” “intend,” “believe” and “plan.” The forward-looking statements contained in this press release include, without limitation, statements related to: the expected impact of the acquisition of FONA, including among others, on McCormick’s net sales, expected trends in net sales and earnings performance and other financial measures; expectations regarding improved scale, growth potential in our flavor platform, including the impact from a broadened product offering, expanded technological capabilities, clean and natural leadership, and enhanced customer partnerships; expectations regarding acceleration of growth in the flavors category; expectations regarding the acceleration of strategic migration of the portfolio; the realization of anticipated cost synergies, margin expansion and adjusted earnings per share accretion from the acquisition; the ability to create shareholder value through acquisitions; the impact of COVID-19 on FONA’s business, supply chain, suppliers, consumers, customers and employees; the ability to retain key personnel; and the anticipated sufficiency of future cash flows to enable the payments of interest and repayment of short- and long-term debt as well as quarterly dividends and the ability to issue additional debt or equity securities.

These and other forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by factors such as: risks associated with acquisitions generally, such as the failure to retain key employees of FONA; issues or delays in the successful integration of FONA’s operations with those of McCormick, including incurring or experiencing unanticipated costs and/or delays or difficulties; difficulties or delays in the successful integration of FONA’s business as well as risks associated with the integration of the operations, systems and personnel of FONA; future levels of revenues being lower than expected and costs being higher than expected; failure or inability to implement growth strategies in a timely manner; unfavorable reaction to the acquisition by customers, competitors, suppliers and employees; conditions affecting the industry generally; local and global political and economic conditions; unexpected events or public health crises, including the ongoing effects of COVID-19; the effects of the increased levels of debt service following the FONA acquisition, as well as our other recent acquisition, as well as the effects that such increased debt service may have on McCormick’s ability to borrow or the cost of such additional borrowing, our credit rating and our ability to react to certain economic and industry conditions; and other risks described in the company’s filings with the Securities and Exchange Commission, including McCormick’s Annual Report on Form 10-K for the year ended November 30, 2019 and Quarterly Reports on Form 10-Q for each of the quarters in the nine months ended August 31, 2020.

Actual results could differ materially from those projected in the forward-looking statements. The company undertakes no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

About McCormick

McCormick & Company, Incorporated is a global leader in flavor. With over $5 billion in annual sales across 160 countries and territories, we manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products to the entire food industry including ecommerce channels, grocery, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French’s, Frank’s RedHot, Stubb’s, OLD BAY, Lawry’s, Zatarain’s, Ducros, Vahiné, Cholula, Schwartz, Kamis, Kohinoor, DaQiao, Club House, Aeroplane and Gourmet Garden. Every day, no matter where or what you eat or drink, you can enjoy food flavored by McCormick.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is guided by our principles and committed to our Purpose – To Stand Together for the Future of Flavor. McCormick envisions A World United by Flavor where healthy, sustainable and delicious go hand in hand. To learn more, visit www.mccormickcorporation.com or follow McCormick & Company on Twitter, Instagram and LinkedIn.

For information contact:

Investor Relations:
Kasey Jenkins (410) 771-7140 or [email protected]

Corporate Communications:
Lori Robinson (410) 527-6004 or [email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/mccormick-acquires-fona-international-llc-301199312.html

SOURCE McCormick & Company, Inc.

December 30, 2020 7:33 am

Titan Medical Provides Regulatory Update

Titan Medical Provides Regulatory Update

TORONTO–(BUSINESS WIRE)–Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of surgical technologies for robotic single access surgery, announces that the Company has received a written response from the U.S. Food & Drug Administration (“FDA”) to its Request for Information in accordance with Section 513(g) of the U.S. Federal Food, Drug and Cosmetic Act (“FD&C Act”), regarding the regulatory requirements applicable to its robotically assisted surgical device (“RASD”), the Enos™ Robotic Single Access System. While the FDA’s response to a 513(g) request does not constitute a classification decision, the FDA has indicated that, based on information provided to the agency, the Enos system is appropriate for classification through the De Novo pathway.

“The timely response from the FDA provides additional information regarding the agency’s position on potential predicate RASD systems along with the intended use and the technology embodied in the Enos system. These insights will help guide our regulatory strategy so that we can most efficiently allocate our resources to achieve U.S. market clearance,” said David McNally, President and Chief Executive Officer of Titan. “At this time, given the information available to us, we do not anticipate our likely pursuit of the De Novo pathway would materially affect our previously stated milestones or budgets for 2021. During the first quarter of 2021, we plan on further communications with the FDA, including filing a Pre-Submission, with the intent of clarifying any requirements for our planned Investigational Device Exemption studies and any potential impact on previously established timelines and forecasted costs.”

Requests for Information made pursuant to Section 513(g) of the FD&C Act require the FDA to provide information about the classification and the regulatory requirements that may be applicable to a particular device. FDA responses to such requests represent the FDA’s best judgment about how a device would be regulated, based upon review of information provided by a requester, including the description of the device and its intended use. The FDA’s response to a 513(g) request is not a classification decision for a device and does not constitute FDA clearance or approval for commercial distribution. Classification decisions and clearance or approval for marketing require submissions under different sections of the FD&C Act, such as a classification obtained in response to a premarket notification submitted in accordance with Section 510(k) of the FD&C Act, commonly known as a 510(k) submission, or a classification obtained for novel devices under section 513(f)(2) of the FD&C Act, also known as a De Novo submission.

In view of the FDA’s written response and other information available to the Company at this time, the Company would likely proceed with a De Novo classification request for its Enos system in place of a 510(k) submission. Should the FDA grant the De Novo classification request, the Class II device would be cleared to be marketed. In addition, a new classification regulation will be established, and the new device may then serve as a predicate device for 510(k) submissions of future devices of the same type. Should the De Novo classification request be declined, the device, as a Class III device, would require pursuit of a premarket approval under Section 515 of the FD&C Act, also known as a PMA, requiring additional time and expense.

About Titan Medical

Titan Medical Inc., a medical device company headquartered in Toronto, is focused on developing robotic assisted technologies for application in single access surgery. The Enos system, by Titan Medical, is being developed with dual 3D and 2D high-definition vision systems, multi-articulating instruments, and an ergonomic surgeon workstation. With the Enos system, Titan intends to initially pursue gynecologic surgical indications.

Certain of Titan’s robotic assisted surgical technologies and related intellectual property have been licensed to Medtronic plc, while retaining world-wide rights to commercialize the technologies for use with the Enos system.

Enos™ is a trademark of Titan Medical Inc.

For more information, visit www.titanmedicalinc.com.

Forward-Looking Statements of Titan Medical

This news release contains “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Such statements reflect the current expectations of management of the Company’s future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions have been used to identify these forward-looking statements, including references to: the Company’s focus on the design and development of surgical technologies for robotic single access surgery; the Company being focused on developing robotic assisted technologies for application in single access surgery; the Enos system being developed to become the new standard of care in robotic single access surgery with dual 3D and 2D high-definition vision systems, multi-articulating instruments, and an ergonomic surgeon workstation; the FDA’s response to the Company’s 513(g) request indicating that the Enos system is appropriate for classification through the De Novo pathway; the FDA guidance will help guide the Company’s regulatory strategy so that it can allocate resources to achieve U.S. market clearance; pursuit of the De Novo pathway will not materially affect the Company’s previously stated milestones or budgets for 2021; during the first quarter of 2021 the Company plans on further communications with the FDA, including filing a Pre-Submission; the Company will likely proceed with a De Novo classification request for its Enos system in place of a 510(k) submission; were the FDA to grant the De Novo classification request, the Class II device would be cleared to be marketed; the Enos system may serve as a predicate device for 510(k) submissions of future devices of the same type; were the De Novo classification request declined, as a Class III device, the device would require pursuit of a premarket approval under Section 515 of the FD&C Act, requiring additional time and expense; and the Company’s intention to initially pursue gynecologic surgical indications. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the “Risk Factors” section of the Company’s Annual Report on Form 20-F dated April 2, 2020 (which may be viewed at www.sedar.com and at www.sec.gov). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201230005089/en/

Monique L. Delorme

Chief Financial Officer

+1-416-548-7522

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Biotechnology FDA Surgery Medical Devices Health

MEDIA:

December 30, 2020 7:33 am

ImmunoPrecise Partners on Launch of SARS-CoV-2 Nanomedicine Therapy Program

ImmunoPrecise Partners on Launch of SARS-CoV-2 Nanomedicine Therapy Program

Innovative, novel approach to treat and protect against SARS-CoV-2 using thermoresponsive virus-targeting nanoparticles as an inhalation medicine

Program includes development of a heat-sensitive fluorescent SARS-CoV-2 detection assay through patient mucosal sampling

VICTORIA, British Columbia–(BUSINESS WIRE)–
IMMUNOPRECISE ANTIBODIES LTD. (“Company” or “IPA”) (TSXV: IPA) (Nasdaq: IPA), a leader in full-service, therapeutic antibody discovery and development, today announced joining the COVABELP consortium, comprised of Radboud University Medical Center (Radboudumc) and Eindhoven University of Technology (TU/e). The academic partners of the consortium have been awarded €350,000 from Health Holland under the Eureka Program to develop a SARS-CoV-2-specific therapeutic nanomedicine that is administered via nasal inhalation and that can also be used for in vitro diagnostics.

It is believed that the advantage of this nanomedicine-based therapy is not solely the ability to deliver the therapeutic directly to the lungs of the patient, but also the induction of virus aggregation leading to patient immunity, in effect, simultaneous generation of a vaccination response. In addition, the biochemical properties of the nanoparticles allow for easy adaptation to a format that facilitates the identification of infected individuals by sensitive and rapid virus detection in saliva and nasopharyngeal swabs. The integration of IPA’s expertise in rapidly isolating anti-virus antibody fragments from its in-house antibody libraries, coupled with the robust nanoparticle-based theranostic platform, serves as a proof-of-concept study to enable the rapid detection of future pandemic pulmonary viruses.

The COVABELP program combines IPA’s technologies and expertise in antibody selection, development and engineering of single-domain antibodies (such as VHHs) with Radboudumc’s specialized skills in targeted nanomedicine and TU/e’s thermo-responsive diblock elastin-like peptide (dbELP) technology.

“This is a tremendous opportunity to push the science further as this antibody-based nanomedicine format is hypothesized to have additional therapeutic benefits compared to single monoclonal antibody equivalents,” stated Ilse Roodink, Global Project Lead for the Company’s Coronavirus programs. “Due to the breadth of our antibody discovery capabilities, IPA is very well positioned to deliver anti-virus antibodies in various formats, opening doors for inclusion in different therapeutic and diagnostic approaches. Neutralizing anti-SARS-CoV-2 VHHs, but also scFvs, isolated from our in-house llama and human phage libraries, respectively, are of particular interest for this collaborative program, as they can easily be presented on the nanoparticles.”

IP generated within the COVABELP program will be jointly owned between Radboudumc, TU/e and IPA. IPA will have the first right to protect and commercialize said joint IP. Such commercialization will be subject to a commercial agreement, details of which are to be discussed per occurrence.

About Radboudumc

Radboudumc is one of eight University Medical Centres (UMCs) in The Netherlands. Radboudumc, with nearly 9,000 employees and 3,000 students, is devoted to patient care, education and training, as well as performing excellent basic and clinical research. The Radboudumc aims to have a significant impact on healthcare by providing excellent quality of care and research with a focus on participatory and personalized healthcare. Collaborations with a range of stakeholders such as companies, patient organizations and policy makers are key to achieving that impact. For more information visit www.radboudumc.nl/en/research

About TU/e

Eindhoven University of Technology (TU/e) was founded in 1956 by industry, local government and academia. TU/e is a research-driven university of international standing, where excellent research and education go hand in hand. TU/e focuses on a balanced approach towards education, research and valorization of knowledge in the areas of engineering, science and technology. The TU/e campus is situated in the heart of the high-tech Brainport region in the Netherlands, which is the high-tech growth accelerator of the Dutch economy. With Eindhoven at its center, the region promotes international public-private partnership between academia and industry. As the academic powerhouse of the region, TU/e is equipped with a wide range of high-quality research facilities and equipment. For further information www.tue.nl

About ImmunoPrecise Antibodies Ltd.

ImmunoPrecise is a global technology platform company with end-to-end solutions empowering companies to discover and develop therapies against any disease. The Company’s experience and cutting-edge technologies enable unparalleled support of its partners in their quest to bring innovative treatments to the clinic. ImmunoPrecise’s full-service capabilities dramatically reduce the time required for, and the inherent risk associated with, conventional multi-vendor product development. For further information, visit www.immunoprecise.com or contact [email protected]

Forward Looking Information

Certain statements included in this release may be “forward-looking statements” within the meaning of Canadian securities laws, including statements regarding the listing of the Company’s Shares on Nasdaq and the timing of commencement of the Shares on Nasdaq.

Forward-looking statements are typically identified by the use of terminology such as “may”, “will”, “would”, “could”, “expects”, “plans”, “intends”, “anticipates” or “believes” or the negative or other variations of these words or other comparable words or phrases and include the Company’s beliefs with respect to the potential for its antibodies to be further developed or approved to treat Covid-19 or to complete any transactions with respect to those antibodies. Forward-looking statements, by their nature, are based on assumptions, and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Completion of the proposed listing on Nasdaq is subject to numerous factors, many of which are beyond IPA’s control, including important factors disclosed previously and from time to time in IPA’s filings with the securities regulatory authorities in each of the provinces of Canada and the U.S. Securities and Exchange Commission. The forward-looking statements contained in this release represent IPA’s expectations as of the date of this release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, IPA disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

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

SOURCE ImmunoPrecise Antibodies

View source version on businesswire.com: https://www.businesswire.com/news/home/20201230005075/en/

For investor relations: Frédéric Chabot, Phone: 1-438-863-7071, Email: [email protected], Contact Financial Corp., 204 – 998 Harbourside Dr., North Vancouver, B.C., Canada, V7P 3T2

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Biotechnology General Health Infectious Diseases Health Pharmaceutical

MEDIA:

Logo

December 30, 2020 7:33 am

Incyte and Cellenkos Enter into Global Development Collaboration Agreement for CK0804

Incyte and Cellenkos Enter into Global Development Collaboration Agreement for CK0804

– Incyte and Cellenkos will evaluate the combination of ruxolitinib (Jakafi^®) and CK0804, cord blood-derived T-regulatory cells, in patients with myelofibrosis

– Incyte has an exclusive option to acquire sole rights to CK0804

WILMINGTON, Del.–(BUSINESS WIRE)–
Incyte (Nasdaq:INCY) and Cellenkos, Inc., a privately held, clinical stage biotech company, today announced a development collaboration to investigate the combination of ruxolitinib (Jakafi^®) and CK0804, Cellenkos’ cryopreserved CXCR4 enriched, allogeneic, umbilical cord blood-derived T-regulatory cells, in patients with myelofibrosis (MF). In addition, Incyte has an exclusive option to acquire sole rights to develop and commercialize CK0804, and genetically-modified variants of CK0804, in benign and malignant hematology indications.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201230005038/en/

“This collaboration supports our continued commitment to developing new therapeutic options that may improve and expand treatment options for patients with MF, part of a group of rare blood cancers known as myeloproliferative neoplasms (MPNs),” said Steven Stein, M.D., Chief Medical Officer, Incyte. “We are excited to partner with Cellenkos to initiate this study as part of our LIMBER clinical development program, designed to evaluate new monotherapy and combination strategies for patients with MPNs.”

“We are delighted to partner with Incyte, a global biopharmaceutical company, to further study and develop CK0804. Incyte’s investment in strong science and R&D excellence makes them an ideal partner to evaluate CK0804 in combination with ruxolitinib as a potential treatment for the many patients living with myelofibrosis, especially those who are transfusion dependent,” said Tara Sadeghi, Vice President, Clinical Operations, Cellenkos, Inc. “Our innovative strategy of exploiting the CXCR4/CXCL12 axis to redirect the immune modulatory T-regulatory cells specifically to the diseased bone marrow holds the promise of resolving inflammation to allow for normal hematopoeisis resulting in clinical improvement. This collaboration is in line with our corporate strategy to partner with world-leading major pharma companies in order to maximize access to our innovative cellular medicines.”

Per the terms of the agreement, the companies plan to initiate a Phase 1b single arm, open-label study evaluating ruxolitinib in combination with CK0804 in patients with MF. Incyte will fund the study, which will be operationalized by Cellenkos.

In addition, per the agreement, Incyte will have an option to acquire an exclusive global license to develop and commercialize the program. Upon exercising the global licensing option, Incyte would be responsible for all activities and costs associated with research, development and commercialization of the program. Cellenkos would be eligible to receive a $20 million licensing fee and, for each distinct product under the agreement, development, regulatory and sales milestones totaling up to $294.5 million as well as tiered royalties ranging from mid-single digit to low-double digits, if approved.

The collaboration is effective immediately.

About Myelofibrosis (MF)

MF is a rare, chronic blood cancer that is part of a group of diseases known as MPNs. In MF, scar tissue forms in the bone marrow and impairs its ability to produce normal blood cells. This can result in an enlarged spleen, and symptoms such as fatigue, itching and night sweats, which can impact a patient’s quality of life. About 16,000 to 18,500 people in the United States are living with MF.

About LIMBER

Incyte is a leader in the discovery and development of therapies for patients with myeloproliferative neoplasms (MPNs). The Leadership In MPNs BEyond Ruxolitinib (LIMBER) program is designed to evaluate multiple monotherapy and combination strategies to improve and expand treatments for patients with myeloproliferative neoplasms (MPNs). The program currently has three key areas of focus: development of a new, once-daily formulation of ruxolitinib; ruxolitinib-based combinations with new targets such as PI3Kδ, BET and ALK2; and new therapeutic options.

About Ruxolitinib (Jakafi^®)

Ruxolitinib (Jakafi) is a first-in-class JAK1/JAK2 inhibitor approved by the U.S. FDA for the treatment of polycythemia vera (PV) in adults who have had an inadequate response to or are intolerant of hydroxyurea, in adults with intermediate or high-risk myelofibrosis (MF), including primary MF, post-polycythemia vera MF and post-essential thrombocythemia MF and for the treatment of steroid-refractory acute GVHD in adult and pediatric patients 12 years and older.

Jakafi is marketed by Incyte in the United States and by Novartis as Jakavi^® (ruxolitinib) outside the United States. Jakafi is a registered trademark of Incyte Corporation. Jakavi is a registered trademark of Novartis AG in countries outside the United States.

About CK0804

CK0804 is a novel allogenic cell therapy product consisting of T-regulatory cells that exploit the CXCR4/CXCL12 axis and are derived from clinical-grade umbilical cord blood units and manufactured using Cellenkos’ proprietary process. The product is cryopreserved and readily available off-the-shelf, without any requirement for HLA matching, and is infused intravenously. One manufacturing campaign can result in multiple doses of cryopreserved product that can be shipped to the clinical site, where it can be stored for an extended period or made available for immediate treatment, as needed.

Important Safety Information for Jakafi^® (ruxolitinib)

Jakafi can cause serious side effects, including:

Low blood counts: Jakafi^® (ruxolitinib) may cause your platelet, red blood cell, or white blood cell counts to be lowered. If you develop bleeding, stop taking Jakafi and call your healthcare provider. Your healthcare provider will perform blood tests to check your blood counts before you start Jakafi and regularly during your treatment. Your healthcare provider may change your dose of Jakafi or stop your treatment based on the results of your blood tests. Tell your healthcare provider right away if you develop or have worsening symptoms such as unusual bleeding, bruising, tiredness, shortness of breath, or a fever.

Infection: You may be at risk for developing a serious infection during treatment with Jakafi. Tell your healthcare provider if you develop any of the following symptoms of infection: chills, nausea, vomiting, aches, weakness, fever, painful skin rash or blisters.

Skin cancers: Some people who take Jakafi have developed certain types of non-melanoma skin cancers. Tell your healthcare provider if you develop any new or changing skin lesions.

Increases in cholesterol: You may have changes in your blood cholesterol levels. Your healthcare provider will do blood tests to check your cholesterol levels during your treatment with Jakafi.

The most common side effects of Jakafi include: for certain types of MF and PV – low platelet or low red blood cell counts, bruising, dizziness, headache, and diarrhea; and for acute GVHD – low platelet, red or white blood cell counts, infections, and fluid retention.

These are not all the possible side effects of Jakafi. Ask your pharmacist or healthcare provider for more information. Tell your healthcare provider about any side effect that bothers you or that does not go away.

Before taking Jakafi, tell your healthcare provider about: all the medications, vitamins, and herbal supplements you are taking and all your medical conditions, including if you have an infection, have or had tuberculosis (TB), or have been in close contact with someone who has TB, have or had hepatitis B, have or had liver or kidney problems, are on dialysis, have a high level of fat in your blood (high blood cholesterol or triglycerides), had skin cancer or have any other medical condition. Take Jakafi exactly as your healthcare provider tells you. Do not change or stop taking Jakafi without first talking to your healthcare provider.

Women should not take Jakafi while pregnant or planning to become pregnant. Do not breast-feed during treatment with Jakafi and for 2 weeks after the final dose.

Full Prescribing Information, which includes a more complete discussion of the risks associated with Jakafi, is available at www.jakafi.com.

About Incyte

Incyte is a Wilmington, Delaware-based, global biopharmaceutical company focused on finding solutions for serious unmet medical needs through the discovery, development and commercialization of proprietary therapeutics. For additional information on Incyte, please visit Incyte.com and follow @Incyte.

About Cellenkos^®, Inc.

Cellenkos is a clinical-stage biotechnology company located in Houston, Texas, USA, founded in 2016 with the licensing of a proprietary umbilical cord blood T-Regulatory cell therapy platform arising from the laboratory investigations of Simrit Parmar, MD, MSCI, Associate Professor in the Department of Lymphoma and Myeloma at the University of Texas at MD Anderson Cancer Center.

Being derived from umbilical cord blood, Cellenkos’ T-Regulatory cells are naïve, bonafide suppressor cells that resolve inflammation through multiple direct and indirect interactions. Cellenkos is dedicated to the development and commercialization of the allogeneic, off-the-shelf cell based products for the treatment of rare inflammatory diseases and autoimmune disorders. For more information, please visit www.cellenkosinc.com.

Incyte Forward-looking Statements

Except for the historical information set forth herein, the matters set forth in this press release, including statements regarding expectations regarding the combination of ruxolitinib and CK0804, the timing, design and potential results of the planned combination study, the potential benefits of the combination or of CK0804 for patients, the planned development, funding, commercialization and payments under this collaboration, and the LIMBER program, contain predictions, estimates and other forward-looking statements. These forward-looking statements are based on the Incyte’s current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including unanticipated developments in and risks related to: unanticipated delays; further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; determinations made by regulatory authorities; the efficacy or safety of Incyte’s or its collaborators’ products; the acceptance of Incyte’s products and the products of its collaboration partners in the marketplace; market competition; sales, marketing, manufacturing and distribution requirements; greater than expected expenses; expenses relating to litigation or strategic activities; and other risks detailed from time to time in Incyte’s reports filed with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended September 30, 2020. Incyte disclaims any intent or obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201230005038/en/

Incyte

Media

Catalina Loveman

+1 302 498 6171

[email protected]

Nupur Patel, PharmD

+1 302 498 5822

[email protected]

Investors

Michael Booth, DPhil

+1 302 498 5914

[email protected]

Christine Chiou

+1 302 274 4773

[email protected]

Cellenkos

Stacy Minor

+1 832 962 7628

[email protected]

KEYWORDS: Delaware United States North America

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Clinical Trials Oncology

MEDIA:

Logo

December 30, 2020 7:33 am

Watsco Announces 2020 Annual Sales Have Surpassed $5 Billion

MIAMI, Dec. 30, 2020 (GLOBE NEWSWIRE) — Watsco, Inc. (NYSE: WSO) reported today that its 2020 annual sales have surpassed $5 billion.

In a note to Watsco’s family of more than 5,700 employees and 1,000 supplier partners, Albert H. Nahmad, Watsco’s Chairman and Chief Executive Officer, wrote:

“This week Watsco hit an incredible milestone with annual sales passing the $5 billion mark. We started this journey in 1972 building on a $5 million manufacturing business in Hialeah, Florida. Then in 1989, we changed course and acquired our first HVAC distributor. We liked the distribution business, sold the manufacturing business and went to work.

We created our own culture of entrepreneurial leadership, respecting those who sell us their businesses, issuing meaningful equity to great leaders, contributing our shares to employees’ 401(k) accounts and maintaining a decentralized management system. This culture and our strong financial position have enabled us to become the largest and most valuable independent distributor in the global HVAC industry.

The fun part is that we believe that we’ve only just begun. Industry sales are an estimated $40 billion in the United States alone, so we have an immense opportunity to grow. We are creating and leveraging technology platforms that touch every part of our business and help our customers grow their businesses. Our teams are full of dedicated people who have a drive for growth and a passion to see our customers win in the marketplace.

Today we celebrate our accomplishments and, with our unique, entrepreneurial culture as our cornerstone, we gear up for an exciting future.”

About Watsco

Watsco is the largest distribution network for heating, air conditioning and refrigeration (HVAC/R) products with locations in the United States, Canada, Mexico and Puerto Rico, and on an export basis to Latin America and the Caribbean. Watsco estimates that more than 300,000 contractors and technicians visit or call one of its 603 locations each year to get information, obtain technical support and buy products. HVAC/R products provide comfort to homes and businesses regardless of the outdoor climate. Older systems often operate below today’s government mandated energy efficiency and environmental standards. Watsco has an opportunity to accelerate the replacement of these systems at a scale greater than its competitors as the movement toward reducing energy consumption and its environmental impact continues. This is especially important since heating and cooling accounts for approximately half of the energy consumed in a typical U.S. home. Additional information about Watsco may be found at http://www.watsco.com.

This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, seasonal nature of sales of Watsco’s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.

Barry S. Logan

Executive
Vice President

(305) 714-4102

e-mail: [email protected]

December 30, 2020 7:33 am

Zai Lab Announces Upcoming Presentation at 39th Annual J.P. Morgan Healthcare Conference

SHANGHAI and SAN FRANCISCO, Dec. 30, 2020 (GLOBE NEWSWIRE) — Zai Lab Limited (“Zai Lab”) (NASDAQ: ZLAB; HKEX: 9688), an innovative commercial-stage biopharmaceutical company, today announced that Dr. Samantha Du, Founder, Chairwoman and Chief Executive Officer of Zai Lab, will present at the 39th Annual J.P. Morgan Healthcare Conference on Tuesday, January 12, 2021 at 11:40 a.m. EST.

The live webcast of the presentation and breakout session will be available under “Events & Presentations” in the “Investor Relations” section of Zai Lab’s website. An archived replay will be available for 90 days following the event.

About Zai Lab

Zai Lab (NASDAQ: ZLAB; HKEX: 9688) is an innovative commercial-stage biopharmaceutical company focused on bringing transformative medicines for cancer and infectious and autoimmune diseases to patients in China and around the world. We aim to address significant unmet medical needs in large, fast-growing segments of the pharmaceutical market. To that end, our experienced team has secured partnerships with leading global biopharmaceutical companies in order to generate a broad pipeline of innovative marketed products and drug candidates. We have also built an in-house team with strong drug discovery and translational research capabilities and are establishing a pipeline of proprietary drug candidates with global rights. Our vision is to become a leading global biopharmaceutical company, discovering, developing, manufacturing and commercializing our portfolio in order to impact human health worldwide.

For additional information about the company, please visit www.zailaboratory.com or follow us at www.twitter.com/ZaiLab_Global.

For more information, please contact:

ZAI LAB CONTACTS:

Zai Lab

Billy Cho, CFO
+86 137 6151 2501
[email protected]

Media: Ryo Imai / Robert Flamm, Ph.D.
Burns McClellan, on behalf of Zai Lab
212-213-0006 ext. 315 / 364
[email protected] / [email protected]

Investors: Pete Rahmer / Mike Zanoni
Endurance Advisors, on behalf of Zai Lab
415-515-9763 / 610-442-8570
[email protected] / [email protected]

Zai Lab Limited

Source: Zai Lab Limited

December 30, 2020 7:33 am

Light Media Ends 2020 On High Note

Atlanta, GA and New York, NY-, Dec. 30, 2020 (GLOBE NEWSWIRE) —

Closes Media Acquisition
Realigns 105.5 FM/AM 1430
Makes Progress on LGMH Token
Sets Stage for More News in 2021 – Steady Trek Upward

via NewMediaWire — Light Media (OTC MARKETS: LGMH), Global Media Specialist, announced today that it has closed its acquisition of 50% ownership interest in an entity aligning with a leading sales organization serving the Atlanta market. This acquisition is positioned to be accretive as a driver for growth. Additionally, the Company also announced that it has realigned its flagship 105.5 FM/AM 1430 multimedia platform, as Atlanta’s #1 station, playing an eclectic mix of classic hits (hip-hop and rnb). To listen live, please visit: https://www.105TheKing.com

“Light Media is closing 2020 on an extremely high note, with our media sales platform acquisition transaction closed and the repositioning of both 102.1 FM and 105.5/AM 1430 as leaders in the classic hits core demographic with extremely high purchasing power and allure to marketers and advertisers alike. 2021 is positioned extremely well for further positive movement, especially as Cov-19 continues to clear with vaccinations and business returning to a sense of normalcy throughout the year, combined with stimulus and interest rates set to remain low. A positive growth business environment is in clear sight.

“Of notable strategic importance, the Company continues to make progress on LGMH Token ( see: http://www.LGMH.com ). We will use our 2020 momentum as a catalyst for more positive news and reports in 2021, as Light Media continues its steady trek upward to higher ground. To the global community that has supported Light Media (OTC Markets: LGMH), thank you and best wishes to you all for an Outstanding New Year,” said Danny Wilson, CEO, Light Media Network.

About Light Media: Through its internet, radio, television, print and special events asset platforms, Light Media (OTC: LGMH) specializes in the marketing and distribution of inspirational music, video, apps (audio, visual, games) and entertainment worldwide. LGMH has been steadily investing and reinvesting in its quest to build a leading, global multi-media conglomerate by delivering to the chosen target market community environments. Light Media is recognized by RBR as one of the Top 25 US-based publicly-traded radio/media companies, and by NYU School of Business as one of the Top 1000 media companies in the world. For more information, please visit: www.LightMediaNetwork.com. To listen to Light Media’s flagship radio station franchise “The King,” serving Top 10 US Media market of Metro Atlanta, Georgia, please visit: www.1055TheKing.com. For more information, please visit: www.LightMediaNetwork.com; www.LightMediaHoldings.com; or www.InvaluableMedia.com

Cautionary Note Regarding Forward-Looking Statements: This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Light Media (OTC: “LGMH”) and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

Light Media Network
404-893-5752
[email protected]

December 30, 2020 7:33 am

National Holdings Corporation Reports Financial Results for the 2020 Fiscal Fourth Quarter and 2020 Fiscal Year

NEW YORK, Dec. 30, 2020 (GLOBE NEWSWIRE) — National Holdings Corporation (NASDAQ: NHLD) (“National” or the “Company”), a leading full service brokerage firm including employee-managed and independent branches, investment banking, trading, asset management and tax preparation, today announced its financial results for the 2020 fiscal year.

Financial Highlights:

Revenue of $62.4 million in Q4 2020, up $5.0 million, or 9%, from $57.4 million recognized in Q4 2019.
Net loss attributable to common shareholders of $1.9 million in Q4 2020, versus net income attributable to common shareholders of $0.8 million in Q4 2019.
Record revenue of $229.9 million in fiscal 2020, up $17.0 million, from $212.9 million recognized in fiscal 2019.
Net loss attributable to common shareholders of $5.9 million in fiscal 2020 compared to a net loss attributable to common shareholders of $0.8 million in fiscal 2019.
Adjusted EBITDA declined to $5.7 million in fiscal 2020 from $12.4 million recorded in fiscal 2019.
Cash of $27.3 million and no term debt as of September 30, 2020 versus $30.4 million and no term debt as of September 30, 2019.
Total equity of $46.6 million as of September 30, 2020, versus $51.6 million as of September 30, 2019.
Client assets under management were approximately $16.4 billion as of September 30, 2020, an increase of $4.7 billion, or 40%, from the prior year total of $11.7 billion.

Management Commentary

Michael Mullen, Chief Executive Officer of National stated, “Fiscal 2020 turned out to be a remarkable year for National despite the significant duress of the COVID-19 pandemic. We recorded record top line revenue of $229.9 million. The investment we made in our platform and infrastructure over the past two years allowed us to seamlessly transition and support nearly 1,000 individuals in a secure, remote, working-from-home environment.”

He continued, “Fiscal 2020 saw a continued expansion of our firm as we closed two accretive broker-dealer acquisitions, Winslow, Evans & Crocker and United Advisors, and added two tax practices to enhance the recurring revenue side of our business. The growth of the recurring revenue side of our business is noteworthy as that has been a key focus of the management team. Assets under management on our platform today exceed $18 billion, with approximately 30% of those assets on our recurring revenue advisory platform.

“The pandemic’s biggest impact was to our profitability. Our highest margin businesses, investment banking and private shares, were down significantly from last year. The March to June period, constituting one-third of our fiscal second quarter and all of our fiscal third quarter, was especially difficult as financings and private share opportunities dried up during the pandemic. We saw a rebound of both business lines in our fiscal fourth quarter. In addition to this margin erosion, our fiscal 2020 results include significant advisory and legal expenses incurred due to continuing discussions with B. Riley Financial.”

Mr. Mullen concluded, “The most significant events to note are in our Private Shares business with the Initial Public Offerings (IPOs) of Palantir in September and Airbnb in December. The liquidity events for these two positions are expected in the first calendar half of 2021: Palantir likely in February or March and Airbnb likely in June, subject to market conditions. Based on current market prices, the revenue and profit impact from our carried interest portion of the funds would be significant in our second and third fiscal quarters of 2021 if current market prices of these securities hold.”

Fiscal 2020 Summarized Financial Results

National reported fiscal 2020 revenue of $229.9 million, up 8% from the $212.9 million recorded in fiscal 2019. A significant increase in commissions revenues and associated fees more than offset the COVID-19 related decline in investment banking revenue experienced in our fiscal second and third quarters. Market volatility induced trading volume drove record commissions revenues, with the reverse effect on investment banking as the pandemic affected almost every industry and related financings. Investment advisory increased $1.3 million in fiscal 2020 compared to fiscal 2019. Fiscal 2019 investment advisory results included $10.5 million of carried interest. No carried interest was recorded in fiscal 2020.

Total expenses increased $27.6 million, or 13%, to $238.4 million from $210.8 million in the prior fiscal year. Our commissions, compensation and fees accounted for $20.5 million of the increase, which was largely due to revenue growth in our commissions and investment advisory categories. The remaining increase in costs is related to the acquisition of Winslow, Evans and Crocker at the end of our 2020 first fiscal quarter. Our expense base also continued to be negatively impacted by costs associated with ongoing discussions with B. Riley Financial, and other expenses detailed in our adjusted EBITDA calculation.

The result of the revenue and expense increases was a net loss attributable to common shareholders for the year of $5.9 million, versus a net loss attributable to common shareholders in the prior year of $0.8 million. Adjusted EBITDA (“AEBITDA”) decreased to $5.7 million from $12.4 million in fiscal 2019.

Revenue

As noted above, overall our revenue categories performed exceptionally well throughout this pandemic impacted environment.

Commissions and related revenue increased 30% in fiscal 2020 to $131.2 million, from $100.8 million in the prior-year period. This increase in transactional revenue was driven by COVID-19 related market volatility and volumes experienced over the past three quarters, the reallocation of transactions from investment banking to commissions, and continuing positive recruiting of registered representatives to our platform.
Investment banking revenues declined $18.4 million, or 26%, to $51.3 million. As noted above, financings declined in the second and third quarters of fiscal 2020 due to the global pandemic impact to most all industries. The fourth quarter did rebound from these low deal levels, and we continue to see positive results at the end of the calendar year.
Revenue from investment advisory increased to $35.7 million, a 4% increase over the revenue recorded in the 2019 fiscal year. As previously noted episodic carried interest revenue recorded in fiscal 2019 impacted base investment management revenue in that period–when eliminating carried interest from the prior year, revenue increased 49%, from $23.9 million to $35.7 million. This substantial increase is due to several factors: the rebalancing of a portion of client assets from transactional to managed, increased market values, and positive recruiting. Management has and continues to focus on increasing recurring revenue streams, which is evidenced by these revenue increases. Assets under management on our platform have now reached in excess of $18 billion.
Net dealer inventory revenue of $1.1 million increased $2.5 million over the prior period loss of $1.5 million. Mark-to-market losses on the firm’s warrant portfolio impacted both years’ results.
Tax preparation and accounting continued its solid growth, increasing to $10.1 million, up $1.3 million, or 15%, compared to fiscal 2019. Organic client growth and small practice acquisitions continue to be positive for the company and our representatives.

Expenses

Total expenses increased to $238.4 million in the current fiscal year, up $27.6 million, or 13%, over fiscal 2019.

Commissions, compensation and fees increased $20.5 million as the Company’s variable cost of generating revenue across our various businesses increased year-over-year. Increases in commissions and investment advisory revenues generate a higher distribution cost than investment banking – the combination of overall revenue increases and the reallocation of some revenue from investment banking to commissions drove the increase.

Communications, occupancy, licenses and registration, and depreciation and amortization expenses increased over the prior-year period due to the acquisition and inclusion of nine months of Winslow, Evans & Crocker expenses.

Professional fees increased $2.0 million to $9.3 million, mainly due to legal and advisory expenses associated with continuing discussions with B. Riley Financial.

Other administrative expenses decreased $2.1 million to $9.2 million, primarily due to a reduction in legacy arbitration and litigation expenses when compared to fiscal 2019.

Earnings

The loss before income taxes totaled $8.1 million, versus income of $2.2 million in fiscal 2019. This loss was due to several factors including the increased cost of distribution in the current year, resulting in lower gross margins as higher margin investment banking business declined on COVID-19 stresses, the lack of carried interest in fiscal 2020, continuing interest rate declines, advisory and legal costs, and other smaller adjustments.

The net loss attributable to common shareholders was $5.9 million in fiscal 2020, compared to a loss of $0.8 million recorded in fiscal 2019.

The net loss per share attributable to common shareholders, both basic and fully diluted, was $0.44 in the current fiscal year, versus the net loss per share attributable to common shareholders, both basic and fully diluted, of $0.06 in fiscal 2019.

Adjusted EBITDA decreased to $5.7 million in the current fiscal year, a decrease of $6.7 million from the $12.4 million recorded in fiscal 2019.

Balance Sheet

As of September 30, 2020, National had $27.3 million of cash, versus $30.4 million as of September 30, 2019. The Company’s balance sheet remains free of any term debt.

Non-GAAP Measures

The Non-GAAP measures shown in this release exclude various items detailed further below.

National defines non-GAAP adjusted EBITDA as GAAP net income (loss) excluding: interest expense, income taxes, depreciation and amortization, non-cash compensation expense, forgivable loan amortization, unrealized gains/losses on the firm’s warrant portfolio, real estate restructuring costs, business acquisition related costs, professional fees associated with the B. Riley proposal, legal and arbitration costs associated with pre-fiscal 2017 lawsuits not covered by insurance, New York City occupancy tax – fiscal 2007 through fiscal 2012, gain on disposal of National Tax branches, disposition/settlement of contingent consideration and impairment of goodwill and intangible assets.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included with the financial information included in this press release. These measures are not in accordance with, or an alternative for, GAAP and may be different from non-GAAP measures used by other companies. Management believes that the presentation of non-GAAP results, when shown in conjunction with corresponding GAAP measures, provides useful information to management and investors regarding financial and business trends related to the Company’s operating results.

About National Holdings Corporation

National Holdings Corporation (NHLD) is a full-service investment banking and asset management firm that, through its affiliates, provides a range of services, including independent and employee-managed retail brokerage and advisory services, investment banking, institutional sales and trading, equity research, financial planning, market making, tax preparation, insurance, to corporations, institutions, high net-worth and retail investors. With over 1,000 advisors, registered reps, traders, sales associates and corporate staff, National Holdings operates through various subsidiaries including National Securities Corporation, National Asset Management, Inc., National Insurance Corporation, National Tax and Financial Services, Inc. (formerly Gilman Ciocia, Inc.), GC Capital Corporation, the Winslow, Evans & Crocker entities and the United Advisors entities.

Formed as a holding company in 1996, National Holdings’ largest subsidiary National Securities Corporation has been in business since 1947. National Holdings is headquartered in New York and Florida. For more information, visit www.yournational.com.

FORWARD-LOOKING STATEMENTS

Certain matters discussed in this press release, including, but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, our financial performance; financial condition; operations and services; prospects; growth and strategies, are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are based on management’s current expectations, estimates, projections, beliefs and assumptions about the Company, its current and prospective portfolio investments, and its industry. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control, difficult to predict and could cause actual results to differ materially from those expected or forecasted in such forward-looking statements. Actual developments and results are likely to vary materially from these estimates and projections as a result of a number of factors, including the impact of the COVID-19 pandemic, investor confidence may further weaken, negatively affecting brokerage services revenue, investment banking revenue may continue to be negatively affected if market conditions worsen, the value of our carried interest may decline prior to being recognized and other risks described from time to time in National’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and National undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

CONTACT:
Investor Relations:
Email: [email protected]
Telephone: +1 212 417 3638

NATIONAL HOLDINGS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	September 30,
	2020			2019
ASSETS
Cash	$	27,327,000		$	30,443,000
Restricted cash		962,000			960,000
Cash deposits with clearing organizations		686,000			436,000
Securities owned, at fair value		4,739,000			12,481,000
Receivables from broker dealers and clearing organizations		3,367,000			3,490,000
Forgivable loans receivable		4,269,000			1,834,000
Other receivables, net		12,394,000			5,672,000
Prepaid expenses		4,258,000			3,639,000
Fixed assets, net		4,382,000			5,067,000
Intangible assets, net		12,276,000			5,441,000
Goodwill		11,673,000			5,153,000
Deferred tax asset, net		4,795,000			4,560,000
Right-of-use assets		14,721,000			—
Other assets		1,388,000			2,031,000
Total Assets	$	107,237,000		$	81,207,000

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Accrued commissions and payroll payable		15,445,000			18,590,000
Accounts payable and other accrued expenses		9,656,000			8,643,000
Deferred clearing and marketing credits		157,000			367,000
Contingent consideration		10,401,000			1,620,000
Operating lease liabilities		16,719,000			—
PPP Loans		6,523,000			—
Other		1,701,000			388,000
Total Liabilities		60,602,000			29,608,000

Commitments and Contingencies

Stockholders’ Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized; none outstanding		—			—
Common stock $0.02 par value, authorized 75,000,000 shares at September 30, 2020 and 2019; 13,639,622 shares issued and outstanding at September 30, 2020 and 13,158,441 shares issued and outstanding at September 30, 2019		273,000			263,000
Additional paid-in-capital		93,079,000			90,354,000
Accumulated deficit		(46,717,000	)		(40,779,000	)

Total National Holdings Corporation Stockholders’ Equity		46,635,000			49,838,000

Non-controlling interest		—			1,761,000
Total Stockholders’ Equity		46,635,000			51,599,000

Total Liabilities and Stockholders’ Equity	$	107,237,000		$	81,207,000

NATIONAL HOLDINGS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

	Years Ended September 30,
	2020			2019

Revenues
Commissions	$	116,898,000		$	86,929,000
Net dealer inventory (losses) gains		1,076,000			(1,466,000	)
Investment banking		51,280,000			69,656,000
Investment advisory		35,676,000			34,400,000
Interest and dividends		4,334,000			5,822,000
Transfer fees and clearing services		9,957,000			8,092,000
Tax preparation and accounting		10,148,000			8,807,000
Other		506,000			701,000
Total Revenues		229,875,000			212,941,000

Operating Expenses
Commissions, compensation and fees		195,938,000			175,453,000
Clearing fees		8,474,000			4,808,000
Communications		3,588,000			2,816,000
Occupancy		5,053,000			4,301,000
Licenses and registration		3,871,000			2,960,000
Professional fees		9,320,000			7,306,000
Interest		90,000			32,000
Depreciation and amortization		2,854,000			1,832,000
Other administrative expenses		9,203,000			11,333,000
Total Operating Expenses		238,391,000			210,841,000
Income before Other Income (Expense) and Income Taxes		(8,516,000	)		2,100,000

Other Income (Expense)
Gain on disposal of Gilman branches		297,000			—
Change in fair value of warrants		140,000			—
Other income		—			60,000
Total Other Income (Expense)		437,000			60,000
Income (Loss) before Income Taxes		(8,079,000	)		2,160,000

Income tax expense (benefit)		(1,865,000	)		319,000
Net Income (Loss)	$	(6,214,000	)	$	1,841,000

Net income (loss) attributable to non-controlling interest		276,000			(2,660,000	)
Net income (loss) attributable to National Holdings Corporation common shareholders	$	(5,938,000	)	$	(819,000	)

Net income (loss) per share attributable to National Holdings Corporation common shareholders – Basic	$	(0.44	)	$	(0.06	)
Net income (loss) per share attributable to National Holdings Corporation common shareholders – Diluted	$	(0.44	)	$	(0.06	)

Weighted average number of shares outstanding – Basic		13,414,009			12,821,581
Weighted average number of shares outstanding – Diluted		13,414,009			12,821,581

RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP* ADJUSTED EBITDA

	Fiscal Year Ended
	2020			2019

Net (loss) income attributable to common shareholders, as reported	$	(5,938,000	)	$	(819,000	)
Interest expense		90,000			32,000
Income taxes		(1,865,000	)		319,000
Depreciation and amortization		2,854,000			1,832,000
EBITDA		(4,859,000	)		1,364,000
Non-cash compensation expense		3,108,000			4,282,000
Forgivable loan amortization		894,000			680,000
Unrealized (gain) loss on the firm’s warrant portfolio		2,895,000			2,820,000
Real estate restructuring costs		116,000			315,000
Business acquisition related costs		355,000			168,000
Professional fees associated with the B. Riley proposal		1,225,000			—
Legal and arbitration costs associated with pre-fiscal 2017 lawsuits not covered by insurance		1,160,000			2,766,000
New York City occupancy tax – fiscal 2007 through fiscal 2012		490,000			—
Gain on disposal of National Tax branches		(297,000	)		—
Disposition/settlement of contingent consideration		(540,000	)		—
Impairment of goodwill and intangible assets		1,125,000			—
EBITDA, as adjusted	$	5,672,000		$	12,395,000

* National defines non-GAAP adjusted EBITDA as GAAP net income (loss) excluding: interest expense, income taxes, depreciation and amortization, non-cash compensation expense, forgivable loan amortization, unrealized gains/losses on the firm’s warrant portfolio, real estate restructuring costs, business acquisition related costs, professional fees associated with the B. Riley proposal, legal and arbitration costs associated with pre-fiscal 2017 lawsuits not covered by insurance, New York City occupancy tax – fiscal 2007 through fiscal 2012, gain on disposal of National Tax branches, disposition/settlement of contingent consideration and impairment of goodwill and intangible assets.