Market Newsdesk

TORONTO, Dec. 09, 2020 (GLOBE NEWSWIRE) — Ayr Strategies Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a leading vertically integrated cannabis multi-state operator, is pleased to announce that, due to strong demand, it has increased the size of its previously announced offering of 12.5% Senior Secured Notes (the “Notes”), from US$75 million to US$110 million. Additionally, it has completed an oversubscribed incentive cash exercise of three million of the Company’s share purchase warrants, resulting in gross proceeds to the Company of over US$25 million. In aggregate this week, following closing of the debt offering, the Company will have raised gross proceeds of over $135 million.

“This is an unprecedented time for Ayr. We are in the excellent position of being one of the few MSOs for whom capital is readily available, which is a major strategic advantage for us as we expand and grow. We were very pleased with the reception in the market for our corporate credit. Our premier debt offering, which was upsized nearly 50% from our initial size of $75 million due to substantial demand, combined with the proceeds from our in-the-money warrants and the cash we generate every day from operations, give us a war chest of over US$150 million in cash on our balance sheet. Our announced M&A pipeline is fully financed and we are in a great position to continue to invest in our current operations while we explore other opportunities for expansion,” said Jonathan Sandelman, Ayr’s CEO.

The Senior Notes:

The Notes will pay interest of 12.5% per annum, payable semi-annually, with a maturity 48 months from closing. The offering is being led by Canaccord Genuity Corp. and is expected to close on or about December 10, 2020.

The Notes will also contain certain covenants and restrictions on Ayr’s business, including restrictions on the incurrence of debt, asset sales and dividends and other distributions. The Notes are to be secured by a first-priority security interest in specified assets of Ayr and certain of its subsidiaries. As previously announced, Ayr intends to use the proceeds from the issuance of the Notes, in addition to cash from the proceeds of in-the-money warrant exercise and cash from operations, to fund capital expenditures and the cash portion of pending and potential future acquisitions.

The closing of the Offering will be subject to certain conditions being satisfied, including, but not limited to, the receipt of all necessary approvals and the absence of material adverse changes.

The Warrant
Exercise
:

On November 23^rd, Ayr offered warrant holders a temporary C$0.50 incentive for the cash exercise of up to three million warrants, resulting in gross proceeds to the Company of over US$25 million. Over six million of the total approximately 14 million outstanding warrants were exercised under the incentive plan. Warrants exercised under the inducement were pro-rated and unexercised Warrants and surplus cash will be returned to the exercising holders by the Warrant Agent by within five business days.
  
The share purchase warrants exercised were issued pursuant to a Warrant Agency Agreement dated December 21, 2017, between the Company and Odyssey Trust Company, as warrant agent (the “Warrant Agent”), as amended (the “Warrant Agency Agreement”).

Following the completion of the Warrant incentive program, as well as other open market exercises that have occurred since September 30, 2020, the Company’s current subordinated share count is 23.9 million and 11 million share purchase warrants remain outstanding.

In total, including the US$25 million raised in the inducement and US$16 million exercised in the open market, warrants have contributed over US$40 million to Ayr’s balance sheet to date thus far in Q4.

Note
R
egarding
T
rading of AYRWF on the
OTCQX
:  

On December 4, 2020, Ayr began trading in the US under a new symbol, “AYRWF.” This change is the result of an administrative issue at FINRA that caused the unexpected retirement of the former ticker symbol and temporary suspension of trading on the OTCQX. The most effective and immediate remedy to the situation was for the Company to establish a new symbol to prevent further delay in trading. The Company’s shares returned to quotation on the OTCQX® Best Market exchange earlier today. There is no action required by shareholders. Throughout this period, the Company’s shares have traded without disruption on the CSE under the ticker “AYR.A” and will continue to do so going forward.  

Forward-Looking Statements

Certain information contained in this news release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “target”, “expect”, “anticipate”, “believe”, “foresee”, “could”, “would”, “estimate”, “goal”, “outlook”, “intend”, “plan”, “seek”, “will”, “may”, “tracking”, “pacing” and “should” and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, Ayr’s future growth plans. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: anticipated strategic, operational and competitive benefits may not be realized; events or series of events, including in connection with COVID-19, may cause business interruptions; required regulatory approvals may not be obtained; acquisitions may not be able to be completed on satisfactory terms or at all; and Ayr may not be able to raise additional debt or equity capital. Among other things, Ayr has assumed that its businesses will operate as anticipated, that it will be able to complete acquisitions on reasonable terms, and that all required regulatory approvals will be obtained on satisfactory terms and within expected time frames. In particular, there can be no assurance that we will complete the pending acquisitions in or enter into agreements with respect to other acquisitions.

About Ayr Strategies Inc.

Ayr Strategies (“Ayr”) is an expanding vertically integrated, U.S. multi-state cannabis operator, focusing on high-growth markets. The Company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third-party stores. Ayr strives to enrich consumers’ experience every day – helping them to live their best lives, elevated.

Ayr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch. For more information, please visit www.ayrstrategies.com.

Company Contact:

Megan Kulick, Head of Investor Relations
T: (646) 977-7914
Email: [email protected]

Investor
Relations Contact:

Sean Mansouri, CFA or Cody Slach
Gateway Investor Relations
T: (949) 574-3860
Email: [email protected]

HOUSTON, Dec. 09, 2020 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) announced today a quarterly distribution of $0.15 per share for the fiscal quarter ended November 30, 2020. This distribution is payable to common stockholders on December 31, 2020 (as outlined in the table below).

The Company expects the next distribution to be declared and paid in March 2021. Payment of future distributions is subject to the Board of Directors’ approval, as well as meeting the covenants of the Company’s debt agreements and terms of its preferred stock.

Ex-Date	Record Date	Payment Date	Distribution Amount	Return of Capital Estimate ( 1)
12/18/20	12/21/20	12/31/20	$0.15	100%

^{(1) The return of capital estimate is based on the Company’s anticipated earnings and profits. The final determination of the tax character of distributions may differ substantially from this preliminary information.}

Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-d
iversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies.
See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

The Company pays cash distributions to common stockholders at a rate that may be adjusted from time to time. The amount of distributions is not guaranteed and may vary depending on
a number of
factors, including changes in portfolio holdings and market conditions.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or
take into account
the specific objectives or circumstances of any investor. Please consult with your investment, tax, or legal adviser regarding your individual circumstances prior to investing.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or from our present expectations or projections. You should not place undue reliance
on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

Contact: Investor Relations at 877-657-3863 or [email protected]

HOUSTON, Dec. 09, 2020 (GLOBE NEWSWIRE) — Kayne Anderson NextGen Energy & Infrastructure, Inc. (the “Fund”) (NYSE: KMF) announced today a quarterly distribution of $0.09 per share for the fiscal quarter ended November 30, 2020. This distribution is payable to common stockholders on December 31, 2020 (as outlined in the table below).

The Fund expects the next distribution to be declared and paid in March 2021. Payment of future distributions is subject to the Board of Directors’ approval, as well as meeting the covenants of the Fund’s debt agreements and terms of its preferred stock.

Ex-Date	Record Date	Payment Date	Distribution Amount		Return of Capital Estimate ( 1)
12/18/20	12/21/20	12/31/20	$0.09		0%

⁽¹⁾
_{The return of capital estimate is based on the Fund’s anticipated earnings and profits
. The final determination of the tax character of distributions may differ substantially from this preliminary information.}

Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE: KMF) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Fund’s investment objective is to provide a high level of total return with an emphasis on making cash distributions to its stockholders. The Fund seeks to achieve its investment objective by investing at least 80% of its total assets in securities of Energy Companies and Infrastructure Companies. The Fund anticipates that the majority of its investments will consist of investments
in ”NextGen
” companies, which we define as Energy Companies and Infrastructure Companies that are meaningfully participating in, or benefitting from, the Energy Transition. See Glossary of Key Terms in the Fund’s
most recent
quarterly
report for a description of these investment categories and the meaning of capitalized terms.

The Fund pays cash distributions to common stockholders at a rate that may be adjusted from time to time. The amount of distributions is not guaranteed and may vary depending on
a number of
factors, including changes in portfolio holdings and market conditions
.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or
take into account
the specific objectives or circumstances of any investor. Please consult with your investment, tax or legal adviser regarding your individual circumstances prior to investing.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk;
valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Fund’s filings with the SEC, available at


www.kaynefunds.com


or


www.sec.gov


. Actual events could differ materially from these statements or from our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained.

Contact: Investor Relations at 877-657-3863 or [email protected]

CAESAREA, Israel, Dec. 09, 2020 (GLOBE NEWSWIRE) — Itamar Medical Ltd. (NASDAQ and TASE: ITMR), a leading medical device and digital health company focused on the integration of sleep apnea management into the cardiac patient care pathway, today commented on the recent release of the 2021 Physician Fee Schedule from the U.S. Centers for Medicare & Medicaid Services (CMS). This Fee Schedule represents the third year of a four-year proposed plan to reevaluate reimbursement in home sleep apnea diagnostic codes. The final changes will become effective on January 1, 2021.

The 2021 Fee Schedule further widens the gap between the CPT-95800 used with Itamar Medical’s WatchPAT^TM device of approximately $163, a -3.5% decrease from 2020, compared to CPT-code 95806 used with competitive Home Sleep Apnea Testing (HSAT) devices of approximately $95, a -20% decrease from 2020.

In the 2021 Fee Schedule, the professional RVUs of both 95800 and 95806 were slightly increased (about 1%), but for the first time in the last three years of adjustments, have CPT 95800 Technical Component RVUs increased by 9.5% while CPT-95806 technical RVUs were significantly reduced (18.8%). In addition to the RVUs, the rates were further impacted by the broader reduction in the CMS conversion factor from 36.09 to 32.41 resulting in the final fee schedule rates.

“The increase in 95800 RVUs will allow providers utilizing our WatchPAT devices to maintain the current reimbursement levels despite the broader reduction in conversion rates, allowing them to continue to diagnose their patients and improve lives,” said Gilad Glick, CEO of Itamar Medical. “The changes to the 2021 Physician Fee Schedule for code 95800 continue the steady trend we have seen since 2017, and we expect to see continued support, thereby expanding the broad use of the WatchPAT device.”

The below table shows the new reimbursement fees for Home Sleep Apnea Testing. For more information about the CMS update, you may visit CMS website:

https://www.cms.gov/medicaremedicare-fee-service-paymentphysicianfeeschedpfs-federal-regulation-notices/cms-1734-f

A 2021 Reimbursement and Coding Guide can be also found on the Itamar Medical website:

https://www.itamar-medical.com/watchpat-reimbursement/

About Itamar Medical Ltd.

Itamar Medical is a medical technology company focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. Itamar Medical commercializes a digital healthcare platform to facilitate the continuum of care for effective sleep apnea management with a focus on the core sleep, cardiology and direct to consumer markets. Itamar Medical offers a Total Sleep Solution to help physicians provide comprehensive sleep apnea management in a variety of clinical environments to optimize patient care and reduce healthcare system costs. The Company’s key product, WatchPAT, is commercially available within major markets including the US, Japan, and Europe. Itamar Medical is a public company traded on the Nasdaq and on the Tel Aviv Stock Exchanges, and is based in Caesarea, Israel with U.S. headquarters based in Atlanta, GA. For additional information visit www.itamar-medical.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Statements preceded by, followed by, or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical facts. For example, when we discuss expanding the broad use of the WatchPAT, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks, uncertainties and assumptions, including events and circumstances out of Itamar Medical’s control and actual results, expressed or implied by such forward-looking statements, could differ materially from Itamar Medical’s current expectations. Factors that could cause or contribute to such differences include, but are not limited to, risks, uncertainties and assumptions discussed from time to time by us in reports filed with, or furnished to, the U.S. Securities and Exchange Commission (“SEC”) and the Israel Securities Authority (“ISA”), including our latest Annual Report on Form 20-F which is on file with the SEC and the ISA. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Itamar Medical Investor Relations Contact (U.S.)

Leigh Salvo or Caroline Paul
Gilmartin Group
Phone: +1-415-937-5412
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8ceb62fb-085a-4317-bace-c311667cd0a0