Market Newsdesk

BAODING, China, March 16, 2021 /PRNewswire/ — IT Tech Packaging, Inc. (NYSE American: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced that it anticipates filing its audited financial results for the fourth quarter and fiscal year ended December 31, 2020 on Form 10-K with the Securities and Exchange Commission and releasing its earnings before the market opens on Tuesday, March 23, 2021. The Company will host a conference call to discuss its fourth quarter and fiscal year 2020 financial results.

Details for the conference call are as below:

Conference Topic: IT Tech Packaging Inc. Fourth Quarter and Fiscal Year 2020 Earnings Conference Call and Webcast

Date of call:
March 24, 2021

Time of call:
8:00 AM Eastern Time (8:00 PM Beijing/Hong Kong Time)

Conference ID: 8679484

To attend the conference call, please register in advance of the conference using the link: http://apac.directeventreg.com/registration/event/8679484 to complete the online registration at least 15 minutes prior to the start of the call. Upon registering, the conference access information including participant dial-in numbers, a Direct Event passcode and a registrant ID will be provided to you via an email.

This conference call will be broadcast live on the Internet and can be accessed by all interested parties at https://edge.media-server.com/mmc/p/5soq5wdd. Please access the link at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software.

A playback will be available through 11:00 am ET on March 24, 2021 to 8:59 am ET on April 1, 2021. To listen, please dial+1-855-452-5696 if calling fromthe United States, or +61-281-990-299 if calling internationally. Use the conference ID 8679484 to access the replay.

About IT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China’sHebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/.

Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company’s public filings with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

For more information, please contact:

At the Company Email:
[email protected]
Tel: +86 0312 8698215

Investor Relations:
Janice Wang
EverGreen Consulting Inc.
Email: [email protected]

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SOURCE IT Tech Packaging, Inc.

NEW YORK, March 16, 2021 /PRNewswire/ — BGC Partners, Inc. (NASDAQ: BGCP) (“BGC Partners” or “BGC” or “the Company”), a leading global brokerage and financial technology company, today announced that its Chairman and CEO, Howard W. Lutnick, and CFO, Steve Bisgay, are scheduled to present at the Piper Sandler Virtual FIA Investor Event today, March 16, 2021 at 5:00 p.m. ET.

A live audio webcast of the event will be available at 5:00 p.m. ET on Tuesday, March 16, 2021. To access the webcast please register for the event using the following site:

https://pipersandler.zoom.us/webinar/register/WN_AY0Wxh-FTlu8hrJVjw–0g  

After registering using the site above, participants will receive a confirmation email containing information required to join the webcast.

The audio webcast will also be available at BGC’s Investor website:

http://ir.bgcpartners.com

Statements made during the webcast and in the accompanying presentation may include forward-looking statements about the Company.

The webcast archives will be available for 90 days, beginning March 16, 2021.

(Note: If clicking the above link does not open a new web page, you may need to cut and paste the above URL into your browser’s address bar.)

About BGC Partners, Inc.
BGC Partners is a leading global brokerage and financial technology company. BGC specializes in the brokerage of a broad range of products, including Fixed Income (Rates and Credit), Foreign Exchange, Equities, Energy and Commodities, Shipping, Insurance, and Futures. BGC also provides a wide variety of services, including trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions. Through brands including Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. BGC, BGC Trader, GFI, Fenics, Fenics Market Data, Capitalab, Lucera, Corant Global, Corant, and Piiq are trademarks/service marks and/or registered trademarks/service marks of BGC Partners, Inc., and/or its affiliates.

BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC’s Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC Partners is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow BGC at https://twitter.com/bgcpartners, https://www.linkedin.com/company/bgc-partners and/or http://ir.bgcpartners.com/Investors/default.aspx.

Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Media Contact:

Karen Laureano-Rikardsen

+1 212-829-4975

Investor Contact:
Jason Chryssicas
+1 212-610-2426

 

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SOURCE BGC Partners, Inc.

• SVX to Hold a Special Meeting of its Unitholders on April 6, 2021
• Transaction Expected to Close on April 8, 2021
• InterCure Shares Expected to be Listed on TSX on Closing, and Subsequently also on NASDAQ
• Well-Positioned for Market Expansion and Further Positive Free Cash Flow Growth in the Event of Adult-Use Cannabis Reform within the Next 24 Months
• 
  US$65 Million in Equity Commitments under Private Placement Provides Sufficient Cash to Satisfy Cash Closing Condition

TORONTO, March 16, 2021 /PRNewswire/ – SUBVERSIVE ACQUISITION LP (TSX: SVX.U) (NEO: SVX.U) (OTCQX: SBVRF) (“SVX“) announced that it has filed and obtained a receipt for its final prospectus (the “Prospectus“) in connection with its qualifying transaction to combine with InterCure Ltd. (dba Canndoc) (TASE: INCR) (“InterCure“), Israel’s leading cannabis company (the “Qualifying Transaction“).

SVX currently expects the Qualifying Transaction to close (the “Closing“) on April 8, 2021. InterCure has applied to list its shares on the TSX.  Such listing on the TSX, and the listing of the shares issuable in connection with the Qualifying Transaction on the TASE, are conditions to the Closing. SVX and InterCure have agreed that InterCure will also apply to list its shares for trading on the NASDAQ, which listing is expected to occur subsequent to the Closing.

SVX has received private placement commitments of US$65 million at a price of $10.00 per share issuable immediately prior to, and conditional on, completion of the Qualifying Transaction (the “Private Placement“).

InterCure will hold a special meeting of its shareholders on April 1, 2021 to approve certain matters required in connection with the Qualifying Transactions after which, SVX will hold a special meeting of its unitholders on April 6, 2021 (the “Meeting“) to approve the Qualifying Transaction. At the Meeting, SVX may seek to extend the date by which SVX has to consummate a qualifying transaction.  This extension is only expected to be sought if the conditions to Closing are not met or waived by April 8, 2021.

Investment Highlights

Canndoc, a wholly-owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products in pharmacies across the country.

Investment Highlights include:

• Proven Business Model – The most profitable company in Israel’s growing legal cannabis market with a Q4 2020 expected EBITDA annualized run rate of greater than US$10 million and positive free cash flow
• First Mover Advantage – Significant share of medical market, which grew 40% in 2020; First company to import medical-grade cannabis to Israel; Positioned to capitalize on the legalization of recreational cannabis
• Progressive Operational Platform – Highly profitable, vertically integrated medical cannabis platform
• Key Partnerships – Canndoc’s exclusive partnerships with leading cannabis brands and suppliers include Cookies, Charlotte’s Web, Aphria, Tilray, Organigram, and more
• Robust Balance Sheet to Support Expansion – Cash to drive significant expansion organically and through strategic M&A; Expected expansion of cultivation to over 90 tons per year; Expected to open four additional pharmacies in 2021
• Experienced Management Team – Following the closing of the Transaction, Canndoc will continue to be led by its experienced executive team with deep knowledge of the cannabis industry and operational expertise in the agriculture technology and pharmaceutical industries:
• Alex Rabinovitch, Chief Executive Officer
• Amos Cohen, Chief Financial Officer
• Rami Levy, Chief Operating Officer
• Moshe Gavrilov, Chief Marketing Officer
• InterCure valued at US$300.0 million
• US$225.0 million of proceeds from funds in escrow (assuming no redemptions)
• PIPE of US$65.0 million to support transaction satisfies cash required for closing

The Qualifying Transaction

The Qualifying Transaction will be carried out pursuant to the amended and restated definitive agreement dated February 9, 2021 among InterCure, Subversive Real Estate Acquisition REIT (GP) Inc., an affiliate of InterCure and certain other parties (the “Arrangement Agreement“), pursuant to which all of the issued and outstanding securities of SVX will be acquired by an affiliate of InterCure, by way of a plan of arrangement, in consideration for the issuance of a number of InterCure ordinary shares (the “InterCure Shares“).

InterCure has applied to list its shares on the TSX, and the shares issuable in connection with the Qualifying Transaction on the TASE, upon closing of the Qualifying Transaction, and such listings are conditions to closing of the Qualifying Transaction. SVX and InterCure have also agreed that InterCure will apply to list its shares for trading on the NASDAQ, which listing is expected to occur subsequent to the Closing. Further details regarding the post-closing ticker symbol will be provided in advance of closing.

SVX expects the Qualifying Transaction to close on April 8, 2021, which is the last day of the permitted timeline, which completion is subject to the satisfaction or waiver of certain conditions to the Closing.

The prospectus, which contains details of the Qualifying Transaction, is available on SEDAR at www.sedar.com and at www.subversivecapital.com/svx.

Treatment of Rights

In connection with the Qualifying Transaction, it is also contemplated that the Rights will be automatically converted into limited partnership units of SVX immediately prior to closing, at a ratio of eight (8) Rights for one (1) limited partnership unit, which would then subsequently be exchanged for InterCure Shares under the Arrangement Agreement.

Meeting

As previously announced, SVX will be holding Meeting on April 6, 2021 at 10:00 a.m. (Toronto time). At the Meeting, the holders of Restricted Voting Units and Proportionate Voting Units (collectively, the “Unitholders“) will be asked to pass a special resolution relating to the proposed plan of arrangement (the “Arrangement“), pursuant to which the Qualifying Transaction will be completed. The Arrangement is subject to the approval of at least 66^2/3% of the votes cast on such resolution by Unitholders virtually present or represented by proxy at the Meeting, voting together as a single class. In addition, holders of the Restricted Voting Units may be asked to pass a special resolution to extend the date by which SVX has to consummate a qualifying transaction from April 8, 2021 to up to August 31, 2021. SVX only intends to seek this extension if the conditions to Closing are not met or waived by April 8, 2021.

In connection with the Meeting, SVX has also announced today that it expects to mail its management information circular and proxy statement (“Circular and Proxy Statement“) and related proxy materials tomorrow, March 16, 2021. The Meeting will be held in accordance with the terms of an interim order of the Supreme Court of British Columbia obtained on March 8, 2021. The Circular and Proxy Statement contains important information regarding the Arrangement. The Circular and Proxy Statement also explains how Unitholders can vote prior to or at the Meeting, how Unitholders can remotely access, participate in and vote at the Meeting, the background to the Qualifying Transaction and the reasons the board of SVX’s general partner unanimously recommended the Unitholders vote in favour of both resolutions. SVX reminds Unitholders that the proxy cut-off is at 10:00 a.m. (Toronto time) on April 1, 2021.

Redemptions

Pursuant to the limited partnership agreement of SVX, holders of Restricted Voting Units have the right to redeem all or a portion of their Restricted Voting Units in connection with the Qualifying Transaction. To redeem their Restricted Voting Units in connection with the Qualifying Transaction, holders must deposit their Restricted Voting Units for redemption prior to 4:00 p.m. (Toronto time) on April 5, 2021, in accordance with the instructions contained in the notice of redemption to be mailed to holders of Restricted Voting Units and made available on SEDAR at www.sedar.com. Subject to applicable law, effective immediately prior to closing of the Qualifying Transaction all Restricted Voting Units validly deposited for redemption will be redeemed for an estimated price per Restricted Voting Unit of US$10.04, payable in cash. Upon payment of such cash consideration, the holders of Restricted Voting Units so redeemed will have no further right in respect of the Restricted Voting Units.

Advisors

Canaccord Genuity Corp. and Cowen Inc. served as financial advisors to SVX.

Goodmans LLP, Paul Hastings LLP, and Balter, Guth, Aloni│Ne’eman, Keynan│Granot acted as legal counsel to SVX. DTKG&G Co. served as legal counsel to InterCure Ltd.

About SVX

Subversive Acquisition LP is a limited partnership established under the Limited Partnerships Act (Ontario) formed for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, equity exchange, asset acquisition, equity purchase, reorganization, or any other similar business combination involving SVX that will qualify as its qualifying transaction for the purposes of the rules of the TSX and Neo Exchange Inc. SVX is a special purpose acquisition corporation for the purposes of the rules of the TSX and Neo Exchange Inc.

For more information, visit https://www.subversivecapital.com/svx.

About Subversive Capital

Subversive Capital is a leading investment firm dedicated to investing in radical companies whose core missions subvert the status quo. With almost a decade of experience in the global cannabis industry, Subversive Capital has lead investments in some of the most successful transactions in the industry including the recent launch and closing transaction of Subversive Capital Acquisition Corp. to form The Parent Company (TPCO Holding Corp.) currently traded on the Neo Exchange and OTCQX.

For more information, visit www.subversivecapital.com.

About InterCure (dba Canndoc)

InterCure (TASE: INCR) is the first public company on the Tel Aviv Stock Exchange to hold a valid and permanent license for the medical cannabis value chain through its 100% ownership in Canndoc. Canndoc is a GMP medical cannabis producer. Licensed by the Israeli Ministry of Health since 2008, Canndoc is a leading pioneer in the research, cultivation, production, and distribution of pharma-grade cannabis-based products to patients, hospitals, pharmacies, research and governmental organizations. Through its strategic exclusive collaboration with world leaders, distribution agreement with SLE (100% owned by Teva Pharmaceutical Industry) and long-term sales agreements, Canndoc is well-positioned as a leading and significant player in pharma-grade medical cannabis in Israel, Europe and the United Kingdom.

For more information, visit: http://www.canndoc.com.

NON-IFRS MEASURES

This press release makes reference to certain non-IFRS financial measures. EBITDA, as defined by SVX and InterCure, means earnings before interest, income taxes, depreciation and amortization for a quarter annualized. This measure is not a recognized measure under IFRS, does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. SVX’s and InterCure’s method of calculating this measure may differ from methods used by other entities and accordingly, this measure may not be comparable to similarly titled measured used by other entities or in other jurisdictions. SVX and InterCure use this measure because it believes it provides useful information to both management and investors with respect to the operating and financial performance of the company

Forward–Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation which reflects SVX’s current expectations regarding future events. The words “will”, “expects”, “intends” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained in this press release includes, but is not limited to: statements concerning the completion and proposed terms of, and matters relating to, the Qualifying Transaction, the mailing of the Circular and Proxy Statement and the expected timing thereof and statements concerning the NASDAQ and TSX listing and unexpected events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond SVX’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: failure to complete the Qualifying Transaction, inability to obtain requisite regulatory or shareholder approvals, changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in the Prospectus, which is available on SEDAR at www.sedar.com. SVX undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

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SOURCE Subversive Acquisition LP

TEL AVIV, Israel, March 16, 2021 /PRNewswire/ — Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) (“Galmed” or the “Company”), a clinical-stage biopharmaceutical company today announced the treatment of the first subject in the First-in-Human Phase I clinical trial evaluating Amilo-5MER for the treatment of chronic inflammatory diseases. Additional subjects enrollment to the study is ongoing. Amilo-5MER is an investigational first-in-class, specific, penta peptide, designed to interfere with Serum Amyloid A (SAA) polymerization and aggregation resulting in significant reduction of pro inflammatory cytokine secretion.

“Initiating the Phase 1 trial represents an important milestone in the development of our pipeline product candidate, Amilo-5MER, for patients with chronic inflammatory diseases mainly IBD and Rheumatoid Arthritis. Based on encouraging preclinical data of Amilo-5MER, we believe Amilo-5MER, with its novel mechanism of action, has the potential to provide a significant treatment option for patients suffering from auto-immune and chronic inflammatory diseases,” said Allen Baharaff, CEO of Galmed Pharmaceutical. “We are excited to bring Amilo-5MER into the clinical phase and look forward to advancing our product pipeline to address additional important indications for the benefit of patients around the world.”

Amilo-5MER’s Phase I trial is a three-part, single center, double-blind, randomized, placebo-controlled first in human study of single ascending doses (Part 1) and multiple doses (Part 2) of Amilo-5MER in young healthy male subjects and a single dose cohort in healthy elderly male and female subjects (Part 3). The study plans to enroll up to 64 healthy male and female subjects (56 young male and 8 elderly male and female). The primary objectives of the trial are to evaluate the safety, tolerability, and pharmacokinetics of Amilo-5MER.

“The first subject dosed in the Amilo-5MER clinical trial marks a significant milestone toward delivering a new mechanism of action for potential medicines to treat autoimmune and chronic inflammatory diseases such as Crohn’s Disease, Ulcerative Colitis, Rheumatoid Arthritis and  Multiple Sclerosis, all of which share the pro-inflammatory cytokine SAA. Other life-threatening maladies associated with SAA-induced ‘cytokine storm’ such as Sepsis or COVID-19 infection, may be also suppressed by Amilo5MER,” said Prof. David Naor, Hebrew University Lautenberg Center for Immunology and Cancer Research  and the inventor of Amilo-5MER.

About Amilo-5MER

Amilo-5MER is a specific penta peptide, a highly potent inhibitor of chronic inflammation currently under development for IBD.

In preclinical studies, Amilo-5MER demonstrated interference with SAA polymerization and aggregation resulting in significant reduction of chronic inflammation in multiple animal models. Amilo-5MER has a unique mode of action up stream to all pro inflammatory cytokine production which are currently being used and in clinical trials. Amilo-5MER down regulates multiple pro inflammatory cytokine secretion.

In LPS induced inflammation in mice, the animal model for systemic inflammation, Amilo-5MER reduced IL-6, TNF a, IFN g and IL-1b levels in the serum. Elevated levels of these pro inflammatory cytokine are the hallmark of acute and chronic inflammatory conditions and are symptomatic also among COVID-19 patients.

About Galmed Pharmaceuticals Ltd.

Galmed Pharmaceuticals Ltd. is a clinical stage drug development biopharmaceutical company for liver, metabolic and inflammatory diseases. Our lead compound, Aramchol™, a backbone drug candidate for the treatment of NASH and fibrosis is currently in a Phase 3 registrational study. We are also collaborating with the Hebrew University in the development of Amilo-5MER, a specific penta peptide and recently initiated a first in human study.

Research of Amilo-5Mer is currently being conducted under a research and option agreement with Yissum, the tech transfer company of the Hebrew University. Under the agreement, Galmed has been granted an exclusive option to negotiate and enter into a definitive license agreement with Yissum for Amilo-5Mer upon certain pre-agreed upon terms and such other terms to be agreed upon. Galmed plans to exercise its option if the first-in-human study is successful, however there can be no assurance that Galmed will enter into a definitive license agreement or that it will be on terms favorable to Galmed. If Galmed does not enter into a definitive license agreement, then Galmed will not have the ability to continue the development and potential commercialization of Amilo-5Mer.

 Forward-Looking Statements:

This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to Galmed’s objectives, plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that Galmed intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause Galmed’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the timing and cost of Galmed’s pivotal Phase 3 ARMOR trial, or the ARMOR Study or any other pre-clinical or clinical trials; completion and receiving favorable results of the ARMOR Study for Aramchol or any other pre-clinical or clinical trial; the impact of the coronavirus outbreak; regulatory action with respect to Aramchol or any other product candidate by the FDA or the EMA; the commercial launch and future sales of Aramchol or any other future products or product candidates; Galmed’s ability to comply with all applicable post-market regulatory requirements for Aramchol or any other product candidate in the countries in which it seeks to market the product; Galmed’s ability to achieve favorable pricing for Aramchol or any other product candidate; Galmed’s expectations regarding the commercial market for NASH patients or any other indication; third-party payor reimbursement for Aramchol or any other product candidate; Galmed’s estimates regarding anticipated capital requirements and Galmed’s needs for additional financing; market adoption of Aramchol or any other product candidate by physicians and patients; the timing, cost or other aspects of the commercial launch of Aramchol or any other product candidate; the development and approval of the use of Aramchol or any other product candidate for additional indications or in combination therapy; and Galmed’s expectations regarding licensing, acquisitions and strategic operations. More detailed information about the risks and uncertainties affecting Galmed is contained under the heading “Risk Factors” included in Galmed’s most recent Annual Report on Form 20-F filed with the SEC on March 12, 2020, and in other filings that Galmed has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect Galmed’s current views with respect to future events, and Galmed does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

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SOURCE Galmed Pharmaceuticals Ltd.

TEL AVIV, Israel, March 16, 2021 /PRNewswire/ — REE Automotive (REE), an innovator in e-mobility, which recently announced its merger with 10X Capital Venture Acquisition Corp. (NASDAQ: VCVC), today revealed 5 new and improved REEcorner™ architecture designs and the technology behind its EV platforms designed to support the broadest range of commercial electric vehicles.

• Watch the video: https://youtu.be/WH9xaI4RdRs

The REEcorners™ revealed today show the breadth and depth of versatility that can be afforded to customers when it comes to designing vehicles based on their requirements. REE intends to provide a comprehensive range of technical configurations to fulfill specific B2B customer needs, including EV platform size selection based on preferred length, width and vehicle height; front, rear or all-wheel-drive with peak motor power ranges of 35 to 200 kW; front and all-wheel steer; advanced suspension capabilities; payload capacities of up to 5,000 kg and more.

REE’s proprietary, award-winning REEcorner™ technology packs critical vehicle components into a single compact module positioned between the chassis and the wheel – including steering, braking, suspension, powertrain, and control – resulting in a fully flat EV platform. Unlike diesel/fuel vehicles or conventional EVs, REE’s fully flat EV platforms are designed with a lower center of gravity than vehicles with the motor located in between the wheels, and are intended to carry more passengers, cargo and batteries. REE’s smaller footprint and lower center of gravity will also allow for taller cabin designs and lower step-in height, yielding more volumetric efficiency.

 “A bold new era for mobility demands a bold reimagining of what a vehicle can and should be, and that’s what we’ve done with REEcorner™ and our revolutionary EV platforms” said Daniel Barel, REE Co-Founder and CEO. “We believe that REEcorner™ technology will enable new EV platforms and designs to be adopted at lower costs and with faster development times than conventional EV skateboards.”

A variety of mobility players will be able to use REEcorners™ and EV platforms to custom-design vehicles to meet their exact needs. For example, by adopting REE’s platforms, Mobility-as-a-Service providers can be empowered to build front-wheel drive e-shuttles with maximum payload capacity for transporting passengers with minimal kWh consumption.  Conversely, logistics companies will be able to choose low-speed, all-wheel drive, all-wheel steer REEcorner™ configurations for last-mile delivery, with low step-in-height and minimum turning radius for easy maneuverability in congested urban streets. REE’s EV platforms are designed to offer best-in-class driver ergonomics, enabling the creation of commercial delivery vans with low center of gravity, 360° all-side accessibility and unrestricted visibility for easy loading/unloading in docking stations.

Ahishay Sardes, REE Co-Founder and CTO, explains REE’s differentiation: “Unlike in-wheel motor systems, the motors in REEcorners™ are fully sprung masses, positioned on the chassis side of the suspension.  By minimizing unsprung mass, REEcorners™ are designed for optimal ride and handling vehicle dynamics.  REE’s plan to utilize true x-by-wire technology to control each of the corners of the vehicles with full drive-by-wire, brake-by-wire and steer-by-wire technology is expected to deliver vehicle stability, responsiveness and safety with fully independent wheel control.  REE’s design further includes the REEcenter™ ECU (Electrical Control Unit) system to coordinate all four independent REEcorner ECUs, a thermal management system, power converter and power module. We believe that future customers who choose to build their electric vehicle fleets leveraging REE’s technology and EV platforms will benefit from significant operational and functional benefits over conventional EV fleets.”

EVs and AVs built on REE’s technology will offer unprecedented space for passengers, cargo, and batteries. REE expects that electric vehicles built on REE’s EV platform will offer up to 35% more interior space than comparable commercial vehicles of similar size, providing much more room for cargo and goods and thereby necessitating fewer delivery routes for reduced carbon impact. Furthermore, REE’s smaller footprint saves valuable space in warehouses and parking areas, while allowing for easy maneuverability in crowded zones.

REE’s Co-Founder and CEO, Daniel Barel, will take part in the opening panel of MOVE America: ‘Realizing the Electric Future..NOW’ on March 17 at 9am PT.

About REE Automotive
REE is an automotive technology leader creating the cornerstone for tomorrow’s zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle for any application and any target market. Our revolutionary, award-winning REEcorner™ technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry’s flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.

Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany. REE has a unique CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with their unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility. For more information visit https://ree.auto/.

Additional Information

This communication is being made in respect of the proposed transaction involving REE Automotive Ltd. (“REE”) and 10X Capital Venture Acquisition Corp (“10X SPAC”). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In connection with the proposed transaction, REE has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form F-4 that includes a proxy statement of 10X SPAC in connection with 10X SPAC’s solicitation of proxies for the vote by 10X SPAC’s shareholders with respect to the proposed transaction and other matters as may be described in the registration statement. REE and 10X SPAC also plan to file other documents with the SEC regarding the proposed transaction and a proxy statement/prospectus will be mailed to holders of shares of 10X SPAC’s Class A ordinary shares. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement/prospectus, as well as other filings containing information about REE and 10X SPAC will be available without charge at the SEC’s Internet site (http://www.sec.gov). Copies of the proxy statement/prospectus can also be obtained, when available, without charge, from REE’s website at https://ree.auto/. Copies of the proxy statement/prospectus can be obtained, when available, without charge, from 10X SPAC’s website https://www.10xspac.com/.

Participants in the Solicitations
REE, 10X SPAC and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from 10X SPAC’s shareholders in connection with the proposed transaction. You can find more information about 10X SPAC’s directors and executive officers in 10X SPAC’s final prospectus dated November 24, 2020 and filed with the SEC on November 25, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.

Caution About Forward-Looking Statements
This communication includes forward-looking statements. These forward-looking statements are based on REE’s and 10X SPAC’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s and 10X SPAC’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for REE or 10X SPAC to predict these events or how they may affect REE or 10X SPAC. Except as required by law, neither REE nor 10X SPAC has any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date this communication is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s and 10X SPAC’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination; the outcome of any legal proceedings that may be instituted against REE or 10X SPAC, the combined company or others following the announcement of the business combination; the inability to complete the business combination due to the failure to obtain approval of the shareholders of 10X SPAC or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the ability to meet stock exchange listing standards following the consummation of the business combination; the risk that the business combination disrupts current plans and operations of 10X SPAC or REE as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; costs related to the business combination; changes in applicable laws or regulations; REE’s estimates of expenses and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; intense competition in the e-mobility space, including with competitors who have significantly more resources; ability to grow and scale REE’s manufacturing capacity through new relationships with Tier 1 suppliers; ability to maintain relationships with current Tier 1 suppliers and strategic partners; ability to make continued investments in REE’s platform; the need to attract, train and retain highly-skilled technical workforce; the impact of the ongoing COVID-19 pandemic; changes in laws and regulations that impact REE; ability to enforce, protect and maintain intellectual property rights; and risks related to the fact that we are incorporated in Israel and governed by Israeli law; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in 10X SPAC’s final prospectus dated November 25, 2020 relating to its initial public offering and in subsequent filings with the SEC, and in the registration statement on Form F-4 relating to the business combination filed by REE on March 10, 2021.

Media Contact
Keren Shemesh, CMO
REE Automotive 
E: [email protected]  
M: +972-54-581-4333
For investor relations inquiries, contact [email protected]

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SOURCE REE Automotive

EMERYVILLE, Calif., March 16, 2021 /PRNewswire/ — Amyris, Inc. (Nasdaq: AMRS), a leading synthetic biotechnology company active in the Clean Health and Beauty markets through its consumer brands and a top supplier of sustainable and natural ingredients, announced today that it has signed a memorandum of understanding for a partnership with Minerva Foods of Brazil to develop molecules for the sustainable production and distribution of animal protein.

Minerva will fund Amyris’s development, scaling and production of new target molecules (with additional molecules to be identified over time), which Minerva will then be responsible for commercializing. The parties expect to begin commercialization of the first product within 18 months. The new molecules will include natural preservatives from fermentation that will enable meat to be transported and sold with a longer shelf-life at reduced CO₂ emission levels. The parties may also work on the development and production of a fermentation-based alternative to animal-based protein.

Minerva Foods is a global leader in the production and sale of fresh beef and beef by-products, live cattle exports, and processed meat. It also operates in protein trading in export markets and resale of third-party products.

“We are very pleased to partner with Amyris, the leader in synthetic biotechnology and the world’s leading fermentation technology company,” said Fernando Galletti De Queiroz, Chief Executive Officer of Minerva. “We envision a world where consumption of animal protein will continue and the demand for alternatives will grow. With Amyris’s clean fermentation technology, we expect to lead the disruption of the animal protein industry and reduce our industry’s carbon footprint.”

“With our partnership with Minerva, we continue our growth through a tradition of collaborating with market leaders who have a deep understanding of their end-markets,” commented John Melo, President and Chief Executive Officer of Amyris. “Minerva is a leader in animal protein production that is committed to reducing carbon emissions in the entire animal protein production value chain through innovation of its industry. This partnership is expected to deliver several million dollars in collaboration revenue this year as well as contribute to our long-term product revenue growth. We are excited to expand our platform into the fermentation-based protein market with one of the world’s leading producers of meat.”

The parties expect to sign definitive agreements in the next several weeks, followed by closing in Q2 2021, subject to customary closing conditions.

About Minerva Foods
Minerva S.A. or Minerva Foods (BVMF: BEEF3) is the largest exporter of beef in South America and one of the leading companies in Brazil for the production and sale of both in natura (chilled) and frozen beef, processed protein products, live cattle, and sub-products. Minerva Foods was founded in 1992 in the city of Barretos, in the countryside of the State of São Paulo, where it is headquartered. From the beginning, Minerva Foods has had a clear goal of expanding globally and diversifying its operations geographically.  In 2017, the company acquired nine beef abattoirs in South America, establishing itself as the most diversified beef producer in terms of location, products offered, and presence in the external markets. Minerva Foods now operates plants in Brazil, Argentina, Colombia, Paraguay, and Uruguay.

About Amyris
Amyris (Nasdaq: AMRS) is a science and technology leader in the research, development and production of sustainable ingredients for the Clean Health & Beauty and Flavors & Fragrances markets. Amyris uses an impressive array of exclusive technologies, including state-of-the-art machine learning, robotics and artificial intelligence. Our ingredients are included in over 3,000 products from the world’s top brands, reaching more than 200 million consumers. Amyris is proud to own three consumer brands – all built around its No Compromise® promise of clean ingredients: Biossance® clean beauty skincare, Pipette® clean baby skincare and Purecane™, a zero-calorie sweetener naturally derived from sugarcane. For more information, please visit www.amyris.com.

Forward-Looking Statements
This release contains forward-looking statements, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding Amyris’s plans to develop, scale and produce new target molecules through funding provided by Minerva, and the timing thereof; expectations of commencing commercialization within 18 months; expectations that the molecules will enable meat to be transported and sold with a longer shelf-life at reduced CO₂ emission levels; the potential that the parties may develop and produce a fermentation-based alternative to animal-based protein; Amyris’s expectations regarding short- and long-term revenue and growth potential derived from its collaboration with Minerva; and timing expectations regarding signing of definitive agreements by Q2 2021. These statements are based on management’s current expectations and actual results and future events may differ materially due to risks and uncertainties, potential delay and failure to sign and close the agreements between Amyris and Minerva; potential delays or failures in development, production, regulatory approval and commercialization of new molecules and products; failure to realize the expected benefits of the partnership with Minerva; risks related to Amyris’s reliance on third parties (including in the supply chain); risks related to Amyris’s liquidity and ability to fund operating and capital expenses; and other risks detailed from time to time in filings Amyris makes with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Amyris disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events, or otherwise.

Amyris, the Amyris logo, No Compromise, Biossance, Pipette, and Purecane are trademarks or registered trademarks of Amyris, Inc. in the U.S. and/or other countries.

 

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SOURCE Amyris, Inc.

VANCOUVER, BC, March 16, 2021 /PRNewswire/ – New Found Gold Corp. (“New Found” or the “Company“) (TSXV: NFG) (OTC: NFGFF) is pleased to announce assay results from three holes drilled at Keats Zone (“Keats“). These holes were drilled as part of the Company’s ongoing 200,000m diamond drill program at its 100%-owned Queensway Project (“Queensway“), located on the Trans-Canada Highway 15 km west of Gander, Newfoundland. 

Highlights

• Highlights of these results include: 

 

 

• The interval of 61.8 g/t Au over 13.7m in NFGC-21-118 is a 21m down-plunge step-out to the south from the previously furthest south intercept of 29.1 g/t Au over 11.4m in hole NFGC-21-104 (see NFG press release March 1, 2021) and is the deepest intercept drilled to date at Keats.
• Drill hole NFGC-21-118 is still being drilled and is targeted to intersect the Appleton Fault Zone. The hole is currently at a depth of 581m. Assay results from the balance of this hole will be reported when received.
• The interval of 24.5g/t Au over 3.85m in drill hole NFGC-21-90 is a 15m step-out to the north from the previously furthest north high-grade intercept. This interval is at approximately 25m vertical depth extending the high grade near surface mineralization in this area.
• The intercept of 22.7g/t Au over 7.9m in NFGC-21-79 further confirms the continuity of the high-grade envelope within the Keats-Baseline fault.
• The Keats high-grade zone has now been drill defined over 285m in the down-plunge direction. The zone remains open and step-out drilling is continuing to the south, vertically above and below this zone, and to the north.

Craig Roberts, P.Eng. CEO of New Found, stated: “Drilling at Keats continues to expand the impressive zone of high-grade gold mineralization. The interval of 61.8g/t Au over 13.7m is the furthest south and deepest drill intercept to date and indicates the continuation of a very strong gold mineralizing system capable of producing broad intervals of high-grade gold in this direction. Our excitement continues to grow with this success at Keats, further bolstered by our high-grade discovery at Lotto 2km to the north, and by other recent high-grade drill intercepts along the Appleton Fault Zone. We have recently managed to significantly shorten our turn around time on assays and this in combination with the ramp up to eight drills will significantly accelerate our volume of assay results and news flow. We look forward to reporting further results from Keats, Lotto, and our testing of +12 additional high-grade targets along +20km of the Appleton and JBP Fault Zones.”

 

 

Drillhole Details

 

 

 

Sampling, Sub-sampling and Laboratory

True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 70% to 80% of reported core lengths. Assays are uncut, and calculated intervals are reported over a minimum length of 2 meters using a lower cutoff of 1.0 g/t Au. All HQ split core assays reported were obtained by either complete sample metallic screen/fire assay or standard 30-gram fire-assaying with ICP finish at ALS Minerals in Vancouver, British Columbia or by entire sample screened metallic screen fire assay at Eastern Analytical in Springdale, Newfoundland. The complete sample metallic screen assay method is selected by the geologist when samples contain coarse gold or any samples displaying gold initial fire assay values greater than 1.0 g/t Au. Drill program design, Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a Quality Assurance/Quality Control program consistent with National Instrument 43-101 and industry best practices. Standards and blanks are included with every 20 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assays.

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer and a Qualified Person as defined under National Instrument 43-101. Mr Matheson consents to the publication of this news release dated March 16, 2021 by New Found Gold. Mr Matheson certifies that this news release fairly and accurately represents the information for which he is responsible.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15 km west of Gander, Newfoundland, and just 18 km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. With working capital of approximately C$69M the Company is well financed to continue its current 200,000-m drill program, with a planned increase from the current six drill rigs to eight drill rigs in Q1, 2021. New Found has a proven capital markets and mining team with major shareholders including Palisades Goldcorp (33%), Eric Sprott (18%), Novo Resources (11%), Rob McEwen (7%), other institutional ownership (8%), and management, directors, and insiders (4%).

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR profile at www.sedar.com.

Acknowledgements

New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Contact

To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.

New Found Gold Corp.

Per: “Craig Roberts”
Craig Roberts, P.Eng., Chief Executive Officer
Email: [email protected]
Phone: (604) 562 9664

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.

Forward-Looking Statement Cautions

This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to further the exploration and drilling
on the Company’s Queensway gold project in Newfoundland
. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

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SOURCE New Found Gold Corp.

SANTA CLARA, Calif., March 16, 2021 /PRNewswire/ — Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors, and Valence, the leading community to connect and empower Black professionals, today announced a collaborative effort to connect innovative companies with Black talent. Through a two-year partnership, SVB will provide 2,000 of its clients in the technology and life science industries with access to the Valence platform, where companies can recruit and network with Valence’s community of Black professionals. SVB also participated in Valence’s $5.25M equity raise in 2020.

“Our long commitment to strengthening the innovation ecosystem is leading to new investments and partnerships to promote voices and perspectives that reflect the world we live in,” said Greg Becker, CEO of Silicon Valley Bank. “Access to talent is the biggest challenge we hear from our clients year after year, and we want to help make it easier for companies to hire Black talent, specifically. We’re proud to partner with our client Valence to help increase the number of Black professionals in the innovation economy.”  

Through Valence, SVB clients will be able to recruit, retain and promote Black talent through job postings, mentorship, connections, employee resource groups and professional development opportunities. The partnership also includes sponsorship of Valence Bonds, an exclusive executive coaching program that will launch in June for select Black leaders, and the BoostXL virtual event series featuring one-on-one conversations between professionals such as Orlando Jones, Janice Bryant Howroyd and DJ Jazzy Jeff.    

“Silicon Valley Bank has been a critical partner in supporting the growth of Valence,” said Guy Primus, CEO of Valence. “They were there for us in our earliest days, supporting our mission and the Black community. They have an incredible network in the tech and venture community and we’re thrilled to be a part of it. We look forward to our continued collaboration as we promote Black talent in the innovation economy.” 

Twenty Silicon Valley Bank clients including Medallia, Upwork, and Wayfair participated in the partnership pilot and collectively have posted nearly 3,200 job opportunities to the community since May 2020. 

“It has been a wonderful experience going through the SVB + Valence partnership pilot these past few months,” said Ryan Gilchrist, Global Head of Talent Acquisition at Wayfair. “We’ve discovered exceptional talent and provided resources to our WayBlack employee resource group through the platform. Valence has provided outstanding industry knowledge and operational expertise throughout the process. We look forward to further leveraging the Valence platform to source and engage Black talent.”      

Founded in Los Angeles in 2019, Valence’s mission is to create new paths to success for Black professionals. The Valence platform connects, showcases and empowers the Black professional community through career development and funding opportunities.  

Building a more diverse, equitable and accessible innovation economy is the focus of SVB’s Access to Innovation initiative. For years, SVB clients have shared that their top challenge is finding talent with the skills needed to grow their businesses. SVB recognizes that diverse workforces create strong companies, and that it behooves companies to broaden the sources they leverage in their recruiting efforts. Through Access to Innovation programs, partnerships and financing, SVB is building educational, employment and funding pathways by nurturing emerging talent, expanding connections and funding for Black, Latinx and women founders and venture capital investors, while working toward gender parity and diversity in leadership. 

About Silicon Valley Bank 
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com. 

©2021 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). 

About Valence 
Valence’s mission is to create new paths to success for Black professionals. The Valence platform connects, showcases and empowers the Black professional community through career development and funding opportunities, with an eye toward a future where there are generations of Black professionals who are skilled in the art of business. Valence also partners with companies to help them recruit, retain and promote Black talent. Join by signing up at www.valence.community.  

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SOURCE Silicon Valley Bank

CLAYTON, Mo., March 16, 2021 /PRNewswire/ — Olin Corporation (NYSE: OLN) announced today an updated outlook for the first quarter 2021.

Olin’s Freeport, Texas facility was affected by Winter Storm Uri and was forced to halt production due to the lack of electrical power, natural gas, and other raw materials.  All of Olin’s Freeport operations were impacted.  In addition, production at Olin’s Plaquemine, Louisiana; St. Gabriel, Louisiana; Oxford, Mississippi; and McIntosh, Alabama facilities were also negatively impacted.  As a result, by February 18, 2021, Olin declared Force Majeure on all chemical product shipments from North America.  While our facilities have returned to operation, product supply constraints are expected to continue.

Prior to the financial impact of Winter Storm Uri, Olin’s first quarter 2021 adjusted EBITDA was expected to be in the $400 to $425 million range, which compares to fourth quarter 2020 adjusted EBITDA of $246.2 million and first quarter 2020 adjusted EBITDA of $122.8 million.  Olin now expects first quarter 2021 adjusted EBITDA to be in the $475 to $500 million range; this forecast includes a net one-time benefit associated with Olin’s customary financial hedges and contracts maintained to provide protection from rapid and dramatic changes in energy costs, partially offset by unabsorbed fixed manufacturing costs, reduced profit from lost sales, and storm-related maintenance costs.  This first quarter 2021 outlook has further potential upside associated with the final settlement of these one-time items associated with Winter Storm Uri.

“During first quarter 2021, all of our businesses were able to amplify our ever-evolving winning model, which we expect to result in a significant improvement in forward quarterly adjusted EBITDA from fourth quarter 2020 levels,” remarked Scott Sutton, Olin President and Chief Executive Officer.  “Our dedicated employees are motivated and focused on exercising Olin’s leadership across its chemicals and ammunition landscape to enhance shareholder value.”

COMPANY DESCRIPTION

Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition.  The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, and hydrochloric acid.  Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.

Visit www.olin.com for more information on Olin.

Non–GAAP Financial Measures

Olin’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax expense (benefit), other expense (income), restructuring charges, goodwill impairment charges and certain other non-recurring items.  Adjusted EBITDA is a non-GAAP financial measure.  Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the financial performance without regard to financing methods, capital structures, taxes, or historical cost basis.  The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

Reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense (income), income tax expense (benefit), other expense (income) and restructuring charges. Because of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect these adjustments to have a potentially significant impact on our future GAAP financial results.

FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements.  These statements relate to analyses and other information that are based on management’s beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate.  The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.

We have used the words “anticipate,” “intend,” “may,” “expect,” “believe,” “should,” “plan,” “outlook,” “project,” “estimate,” “forecast,” “optimistic,” and variations of such words and similar expressions in this communication to identify such forward-looking statements.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control.  Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements.  We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.  The payment of cash dividends is subject to the discretion of our board of directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our board of directors.  In the future, our board of directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.

The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2020, include, but are not limited to, the following:

Business, Industry and Operational Risks

• sensitivity to economic, business and market conditions in the United States and overseas, including economic instability or a downturn in the sectors served by us;
• declines in average selling prices in the chlor alkali industry and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demand for our chlor alkali products;
• unsuccessful implementation of our operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes;
• our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation;
• failure to control costs or to achieve targeted cost reductions;
• higher-than-expected raw material, energy, transportation, and/or logistics costs;
• the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards;
• the failure or an interruption of our information technology systems;
• our substantial amount of indebtedness and significant debt service obligations;
• the negative impact from the COVID-19 pandemic and the global response to the pandemic;
• weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior secured credit facility;
• the loss of a substantial customer for either chlorine or caustic soda could cause an imbalance in customer demand for these products;
• failure to attract, retain and motivate key employees;
• risks associated with our international sales and operations, including economic, political or regulatory changes;
• the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in our pension plan;
• adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital;
• our long-range plan assumptions not being realized causing a non-cash impairment charge of long-lived assets;

Legal, Environmental and Regulatory Risks

• new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities;
• changes in, or failure to comply with, legislation or government regulations or policies, including changes within the international markets in which we operate;
• unexpected litigation outcomes;
• costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings; and
• various risks associated with our Lake City U.S. Army Ammunition Plant contract, including performance and compliance with governmental contract provisions.

All of our forward-looking statements should be considered in light of these factors.  In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.

2021-07

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SOURCE Olin Corporation