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Gulf Resources provides business update and reports Third Quarter and 9 Months 2020 Financial Results

SHOUGUANG, China., Nov. 16, 2020 (GLOBE NEWSWIRE) — Gulf Resources, Inc. (Nasdaq: GURE) (“Gulf Resources”, “we,” or the “Company”), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its unaudited financial results for the third quarter and the 9 months ended September 30, 2020 and provided a business update for shareholders.

Company Highlights

  • On a year-to-year basis, revenues increased by 130% to $10,482,185 from $4,548,542.
  • On a quarter to quarter basis, revenues increased by 96%
  • Loss from operations of ($2,912,581) in the quarter ended September 30,2020 compared to a loss of ($13,029,028) in the period previous year and a loss of ($2,244,619) in the second quarter.
  • Cash was $95,623,812 ($9.56* per share).
  • Net cash (Cash Minus all Liabilities) was $81,314,429 ($8.13* per share).
  • Book Value was $263,587,240 ($26.37* per share).

Third Quarter 2020

In our third quarter 2020, our revenues increased by 130% to $10,482,185 from $4,548,542 on a year-to-year basis. We had 4 bromine and crude salt factories in operation for the entire quarter versus 2 in the previous year. On a sequential basis, revenues increased by 96% as our factories ramped up production. The Company reported a loss from operations of ($2,912,581) compared to a loss of $(13,029,028) in the previous year and loss of ($2,244,619) in the second quarter of 2020.

The Company sustained an operating loss on its chemical factory, which is under construction, and its natural gas project, which is temporarily halted. The Company also incurred significant expenses including depreciation and amortization as well as salaries related to the remaining three closed bromine and crude salt factories.

Nine Months 2020

For the 9 months ended Sept. 30, 2020, revenues increased by 54.8% to $16,399,338 from $10,596,521 in the same period of 2019. Cost of net revenue was $12,694,271 or 77.4% vs. $5,430,269 or 51.2% year over year. The primary factors contributing to the lower margins were the lower price of bromine in 2020 coupled with additional direct costs and depreciation and amortization of the newly opened factories. Direct labor and factory overheads incurred during plant shutdown declined to $6,886,215 in the current period from $10,653,690 in the same period in the previous year reflecting the higher number of factories in operation. The loss from operations was $10,522,799 in the current period versus $13,690,605 in the same period in the previous year. The net loss was $8,696,959 in the current period compared to $18,670,871 in the same period in previous year. The net loss per share was ($0.91) in the current period compared to a loss of ($1.98) in the same period in previous year.

Balance sheet

Despite of facility closure and expenditures on new factories, new wells, and new salt ponds, as well as our new chemical factory, we believe our balance sheet remains very strong.

At the end of the third quarter, cash was $95,623,812 ($9.56* per share based on 9,997,477 shares.). Current assets were $104,682,870 ($10.47* per share). Working capital was $99,779,071 ($9.98* per share). Net cash (cash minus all liabilities) was $81,314,429 ($8.13 *per share), Book value per share was $263,587,240 ($26.37* per share).

The Company believes that assets are strong and that we do not need any write-downs for impairments. The Company also believes that we have enough cash to finish all our construction and build our business. We currently expect to eventually earn a strong return on our book value.

Cash Flow

The Company had a significant improvement in cash flow in 2020. For the 9 months in 2020, we had positive cash flow from operations of $3,258,010 compared to a loss from operation deficit of $12,320,640 in the previous year. We spent $9,860,142 on property plant & equipment compared to an expenditure of $57,317,368 in the previous year.

Segment Results

Bromine and Crude Salt
In the third quarter of 2020, on a year to year basis, revenues from our four operating bromine and crude salt factories increased to $10,482,185 from $4,548,542, an increase of 130%. More significantly, on a quarter-to-quarter basis, our revenues increased by 96%, reflecting the progress we have made in ramping up of our four factories.

In the third quarter, bromine revenues were $9,181,747 compared to $4,270,863 in the previous year, an increase of 115%. On a sequential basis, they increased by 105% compared to the second quarter of 2020. During the quarter, we sold 2,301 tonnes of bromine, compared to 1,222 tonnes in the 2nd quarter and 1,022 tonnes in the same quarter of the previous year. During the quarter, the average price of bromine declined to $3,989.88, an increase of 9.1% compared to the previous quarter and a decrease of 4.4% compared to the same quarter of 2019.

The bromine business had an operating profit of $1,962,262 compared to a loss of $5,185,484 in the same quarter of the previous year and a loss of $1,479,084 in the second quarter of 2020. Management is pleased with the progress it is making in its bromine business.

The price of bromine trends upward. In July 2020, it was 26,650 RMB per tonne. By the end of August 2020, it reached over RMB 29,000 per tonne. By the end of September 2020, it was above RMB 30,000 per tonne. On Nov.12, 2020, it reached RMB 32,278 per tonne. The upward trends in bromine price may augers well for company future revenue. (The chart below is from the Sun-Sirs Commodity Data Group (sunsirs.com).

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/9728e2d8-0787-4174-916c-0aaea2009c64

In the third quarter, crude salt revenues increased to $1,300,438 from $277,679 in the same period of the previous year, an increase of 368%. On a sequential basis, crude salt revenues increased by 49% compared to the second quarter of 2020. The crude salt business loss was $484,278 in the quarter compared to a loss of $1,001,988 in the same quarter of the previous year and loss of $611,472 in the second quarter of 2020.

Factories #2
,#
8, and #10
We are still waiting for governmental approval for factories #2, #8, and #10. To our knowledge, the government is currently completing its planning process for all mining areas including that for prevention of flood. As a result, we may be required to make some modifications to our current wells and aqueducts prior to commencement of operations of these factories to satisfy the local government’s requirements. Nevertheless, the Company expects to receive approvals for these factories by the first half of 2021.

Chemicals

The Company commenced production on its new chemical facilities located at Bohai Marine Fine Chemical Industrial Park in June 2020. There are three major structures in this complex and all are currently under construction. The construction is expected to take approximately one year, and an additional six months to complete the equipment installation and testing. The Company expects to begin trial production at the beginning of 2022. The entire facility is expected to cost approximately $60 million. By the end of the third quarter 2020, the Company had spent $18.5 million (comprising land lease payments, professional fees related to the design of the factory and progress payment of the construction costs of the factory building) of the budget.

Management expects a strong return from this investment. In the previous two years before the shutdown for rectification, our chemical business had income from operation before corporate cost of approximately $25.5 million in year 2016 and $33.0 million in year 2015, respectively. While this new factory will be smaller than the combined two old factories, the Company expects it to make higher net profit margin as we plan to focus more on the higher margin pharmaceutical intermediate products. We are optimistic by the progress we are making on constructing our new factories. Management expects to post photos on its website each quarter so investors can track the progress of the construction of the chemical factories.

Natural Gas

We continue to be encouraged by the opportunities to produce natural gas and brine products in Sichuan Province. As disclosed previously, Petro-China’s discovery of natural gas in Tianbao Town is close to our current natural gas well. We believe this discovery could have material positive impact on the Company and may open significant opportunities for us. The Company believes that the government will more focus on finalizing the planning for exploration and exploitation of mineral resources in this area.

In addition, the Company plans to proceed with its applications for the natural gas and brine project approvals with related government departments after the government has finalized the land and resources planning for Sichuan Province.

Management Commentary

“We are very pleased to have our operating businesses generating a strong profit,” stated Liu Xiaobin, the CEO of Gulf Resources. “With the price of bromine increasing sharply, we should have a strong fourth quarter. We believe we are not far from returning to profitability and positive cash flow. We are also confident that we will receive approvals on our remaining three factories.”

“The construction of our chemical factories is on schedule,” Mr. Liu continued. “And it may take six months to install and test our new modern equipment, we believe our chemical factories will have higher net profit margin.” Mr. Liu continued. “With Petro-China making one of the largest natural gas discoveries in Chinese history in the same rural town as our current well situates, we continue to be optimistic about the opportunities in natural gas.”

“Now that we have some visibility,” Mr. Liu concluded, “we will endeavor to improve our communications with our investors. We will continue updating our company website. We expect to also provide projections on revenues and profits once all of our businesses have returned to full operation. We appreciate the patience of our shareholders and believe we will continue to show significantly improved results.”


(*These calculations are based on the number of shares outstanding of


9,997,477


shares
 as of September 30, 2020)

Conference Call

Gulf Resources management will host a conference call on Monday, November 16, 2020 at 08:00 PM Eastern Time to discuss its unaudited financial results for the third quarter and 9 months 2020 ended September 30, 2020.

Mr. Xiaobin Liu, CEO of Gulf Resources, will be hosting the call. The Company management team will be available for investor questions following the prepared remarks. 

To participate in this live conference call, please dial +1 (877) 407-8031 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (201)689-8031, and please reference to “Gulf Resources” while dial in.

The webcasting is also available then, just simply click on the link below: http://www.gulfresourcesinc.com/events.html 

A replay of the conference call will be available two hours after the call’s completion during 11/16/2020 23:00 ET – 11/30/2020 23:00 ET. To access the replay, call +1 (877) 481-4010. International callers should call +1 (919) 882-2331. The Replay Passcode is 38847.

About Gulf Resources, Inc.

Gulf Resources, Inc. operates through three wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited (“SCHC”), Shouguang Yuxin Chemical Industry Co., Limited (“SYCI”), and Daying County Haoyuan Chemical Company Limited (“DCHC”). The Company believes that it is one of the largest producers of bromine in China. Elemental Bromine is used to manufacture a wide variety of compounds utilized in industry and agriculture. Through SYCI, the Company manufactures chemical products utilized in a variety of applications, including oil and gas field explorations and papermaking chemical agents, and materials for human and animal antibiotics. DCHC was established to further explore and develop natural gas and brine resources (including bromine and crude salt) in China. For more information, visit www.gulfresourcesinc.com.

Forward-Looking Statements

Certain statements in this news release contain forward-looking information about Gulf Resources and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, the risks associated with the COVID-19 pandemic outbreak, future product development and production capabilities, shipments to end customers, market acceptance of new and existing products, additional competition from existing and new competitors for bromine and other oilfield and power production chemicals, changes in technology, the ability to make future bromine asset purchases, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company’s reports filed with the Securities and Exchange Commission. Gulf Resources undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

CONTACT: Gulf Resources, Inc.

Web:
http://www.gulfresourcesinc.com
  Director of Investor Relations
  Helen Xu (Haiyan Xu)
  [email protected]

GULF RESOURCES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in U.S. dollars)
(UNAUDITED)

  Three-Month Period Ended
September 30,		     Nine-Month Period Ended
September 30,		  
  2020     2019     2020     2019  
                       
NET REVENUE                      
Net revenue $ 10,482,185     $ 4,548,542     $ 16,399,338     $ 10,596,521  
                               
OPERATING INCOME (EXPENSE)                              
Cost of net revenue   (6,750,055 )     (2,403,532 )     (12,694,271 )     (5,430,269 )
Sales, marketing and other operating expenses   (15,785 )     (5,821 )     (28,866 )     (12,434 )
Direct labor and factory overheads incurred during plant
shutdown		   (1,538,193 )     (3,485,383 )     (6,886,215 )     (10,653,690 )
General and administrative expenses   (4,911,970 )     (5,020,215 )     (7,297,010 )     (8,460,733 )
Other operating loss   –       –       (15,775 )     –  
    (13,216,003 )     (10,914,951 )     (26,922,137 )     (24,557,126 )
                               
LOSS FROM OPERATIONS   (2,733,818 )     (6,366,409 )      (10,522,799 )     (13,960,605 )
                               
OTHER INCOME (EXPENSE)                              
Interest expense   (32,257 )     (34,310 )     (102,573 )     (111,530 )
Interest income   70,819       101,130       216,662       369,582  
LOSS BEFORE TAXES   (2,695,256 )     (6,299,589 )     (10,408,710 )     (13,702,553 )
                               
INCOME TAX BENEFIT (EXPENSE)   (217,325 )     (6,729,439 )     1,711,751       (4,968,318 )
NET LOSS $ (2,912,581 )   $ (13,029,028 )    $ (8,696,959 )   $ (18,670,871 ) 
                               
COMPREHENSIVE INCOME (LOSS):                              
NET LOSS $ (2,912,581 )   $ (13,029,028 )    $ (8,696,959 )   $ (18,670,871 ) 
OTHER COMPREHENSIVE LOSS                              
– Foreign currency translation adjustments   11,120,339       (8,690,103 )     6,826,849       (9,127,344 )
COMPREHENSIVE INCOME (LOSS) $ 8,207,758     $ (21,719,131 )    $ 1,870,110     $ (27,798,215 ) 
                               
LOSS PER SHARE:                              
BASIC AND DILUTED $ (0.30 )   $ (1.37 )    $ (0.91 )   $ (1.98 ) 
                               
WEIGHTED AVERAGE NUMBER OF SHARES:                              
                               
BASIC AND DILUTED   9,566,333       9,516,614       9,533,729       9,448,371  
                               

GULF RESOURCES, INC.
 AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. dollars)
    September 30,
2020
Unaudited		   December 31,
2019
Audited
Current Assets                
Cash   $ 95,623,812     $ 100,301,986  
Accounts receivable     7,328,182       4,877,106  
Inventories, net     394,233       690,087  
Prepayments and deposits     1,336,084       1,332,970  
Other receivable     559       559  
Total Current Assets     104,682,870       107,202,708  
Non-Current Assets                
Property, plant and equipment, net     136,655,572       137,994,949  
Finance lease right-of use assets     179,829       179,526  
Operating lease right-of –use assets     8,630,239       8,817,884  
Prepaid land leases, net of current portion     9,714,711       9,115,276  
Deferred tax assets     18,033,402       15,940,642  
Total non-current assets     173,213,753       172,048,277  
Total Assets   $ 277,896,623     $ 279,250,985  
                 
Liabilities and Stockholders’ Equity                
Current Liabilities                
Accounts , other payable and accrued expenses   $ 2,774,663     $ 1,106,048  
Retention payable     –       3,805,483  
Taxes payable-current     1,501,816       779,623  
Finance lease liability, current portion     175,253       198,506  
Operating lease liabilities, current portion     452,067       416,604  
Total Current Liabilities     4,903,799       6,306,264  
Non-Current Liabilities                
Finance lease liability, net of current portion     1,809,777       1,905,772  
Operating lease liabilities, net of current portion     7,595,807       7,931,849  
Total Non-Current Liabilities     9,405,584       9,837,621  
Total Liabilities   $ 14,309,383     $ 16,143,885  
Commitment and Loss Contingencies                
　                
Stockholders’ Equity                
PREFERRED STOCK; $0.001 par value; 1,000,000 shares authorized; none outstanding   $ —     $ —  
COMMON STOCK; $0.0005 par value; 80,000,000
shares authorized; 10,043,307 and 9,563,257 shares
issued; and 9,997,477 and 9,517,427 shares outstanding
as of September 30, 2020 and December 31, 2019,
respectively		     24,139       23,904  
Treasury stock; 45,830 and 45,830 shares as of
September 30, 2020 and December 31, 2019 at cost		     (510,329 )     (510,329 )
Additional paid-in capital     97,393,403       95,043,388  
Retained earnings unappropriated     151,111,441       159,808,400  
Retained earnings appropriated     24,233,544       24,233,544  
Accumulated other comprehensive loss     (8,664,958 )     (15,491,807 )
Total Stockholders’ Equity     263,587,240       263,107,100  
Total Liabilities and Stockholders’ Equity   $ 277,896,623     $ 279,250,985  
                 

GULF RESOURCES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. dollars)
(UNAUDITED)

    Nine -Month Period Ended
September 30,		  
    2020     2019  
    　     　  
CASH FLOWS FROM OPERATING ACTIVITIES   　     　  
Net loss   $ (8,696,959 )    $ (18,670,871 ) 
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:              
Interest on finance lease obligation     102,220       111,020  
Depreciation and amortization     11,907,702       10,599,011  
Unrealized exchange gain on translation of inter-company balances     648,331       (778,420 )
Deferred tax asset     (1,712,229 )     4,968,318  
Issuance of restricted shares for services     2,350,250       21,600  
Issuance of stock options to employee     —       45,900  
Changes in assets and liabilities:              
Accounts receivable     (2,273,999 )     (9,962,625 )
Inventories     300,136       (700,476 )
Prepayments and deposits     36,012       (28,577 )
Other receivables     —       11,794  
Accounts and Other payable and accrued expenses     371,284       2,708,456  
Retention payable     —       –  
Taxes payable     716,371       (437,560 ) 
Prepaid land leases     (372,259 )     –  
Operating lease     (118,850 )     (208,210 )
Net cash
provided by (used in)
by operating activities 		    3,258,010       (12,320,640 ) 
               
CASH FLOWS USED IN INVESTING ACTIVITIES              
Purchase of property, plant and equipment     (9,860,142 )     (57,317,368 )
Net cash used in investing activities     (9,860,142 )     (57,317,368 )
               
CASH FLOWS USED IN FINANCING ACTIVITIES              
Repayment of finance lease obligation     (264,976 )     (275,506 )
Net cash used in financing activities     (264,976 )     (275,506 )
               
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS     2,188,934       (3,866,852 )
NET DECREASE IN CASH AND CASH EQUIVALENTS     (4,678,174 )     (73,780,366 )
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD     100,301,986       178,998,935  
CASH AND CASH EQUIVALENTS – END OF PERIOD   $ 95,623,812     $ 105,218,569  
                 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                
Cash paid during the periods for:                
Income taxes   $ —     $ —  
Operating right-of-use assets obtained in exchange for lease
obligations		   $ —     $ 8,241,818  
SUPPLEMENTAL DISCLOSURE OF NON-CASH
INVESTING AND FINANCING ACTIVITIES		                
Purchase of Property, plant and equipment included in Payable
and other accrued expense and Retention payable		   $ 1,251,136     $ 7,116,066  
Par value of common stock issued upon cashless exercise of
options		   $ –     $ 379  
Par value of restricted shares issued for services   $ 235     $ –  
                 



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FLEETCOR Appoints Archie L. Jones, Jr. to its Board of Directors

FLEETCOR Appoints Archie L. Jones, Jr. to its Board of Directors

ATLANTA–(BUSINESS WIRE)–
FLEETCOR Technologies, Inc. (NYSE: FLT) announced today that Archie L. Jones, Jr. has been appointed to its Board of Directors, effective November 16, 2020. In addition, Mr. Jones will serve as a member of the Nominating and Corporate Governance Committee and Executive and Acquisitions Committee.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201116005685/en/

Archie L. Jones, Jr. (Photo: Business Wire)

Archie L. Jones, Jr. (Photo: Business Wire)

“We are excited to welcome Archie as a new independent member of our Board,” said Ron Clarke, chairman and chief executive officer, FLEETCOR. “Archie’s diverse background encompassing investing, corporate development, financial management, and teaching will be quite additive to the FLEETCOR board. Additionally, his extensive M&A experience across a variety of industries will be a great asset to us as we evaluate new deals.”

Archie Jones is a Managing Director of Six Pillars Partners, a private equity firm investing in high-growth companies, and a Professor at Harvard Business School, where he teaches Entrepreneurial Management and Finance to MBA students. Prior to Six Pillars Partners, Archie held executive positions at private equity, public and private companies including NOWaccount Network Corporation, IBM, Kenexa (NYSE: KNXA) and Parthenon Capital. In addition, Archie serves on the Board of Directors of several corporations and non-profits. Archie is a Certified Public Accountant and is a graduate of Morehouse College and holds an MBA from Harvard Business School. “I am excited to join the FLEETCOR Board and I look forward to leveraging my experience to help this global leader shape the future of business payments,” said Jones.

About FLEETCOR

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that simplifies the way businesses manage and pay their expenses.

The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments on behalf of, their employees and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.

Investor Relations

Jim Eglseder, 770-417-4697

[email protected]

KEYWORDS: United States North America Georgia

INDUSTRY KEYWORDS: Professional Services Data Management Technology Other Technology Finance Banking

MEDIA:

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Archie L. Jones, Jr. (Photo: Business Wire)
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It’s Here: KeyShot 3D Rendering Software Now Fully Supports Stratasys Full-Color, Multi-Material 3D Printers

It’s Here: KeyShot 3D Rendering Software Now Fully Supports Stratasys Full-Color, Multi-Material 3D Printers

From the screen to your hand, producing incredibly realistic product models is now fast and easy for designers with J55 and J8 Series PolyJet 3D printers

EDEN PRAIRIE, Minn. & REHOVOT, Israel–(BUSINESS WIRE)–
Almost any product designer will tell you that prototyping the shape of a new design with 3D printing is pretty easy. But accurately simulating color, material and finish, or “CMF,” can take serious time and money. Not anymore. Thanks to the latest KeyShot 10 3D rendering software and Stratasys Ltd.’s (NASDAQ: SSYS) J55™ and J8 Series 3D printers, it’s little more than just click and print.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201116005684/en/

Designers can now 3D print in full color and textures like wood right from KeyShot software to Stratasys PolyJet printers. (Photo: Business Wire)

Designers can now 3D print in full color and textures like wood right from KeyShot software to Stratasys PolyJet printers. (Photo: Business Wire)

The full-color, multi-material Stratasys 3D printers and the latest version of KeyShot from Luxion both now support the new 3MF file format, a significant improvement over legacy STL, OBJ, and VRML files. By saving designs to 3MF, KeyShot 10 produces files ready for printing, with accurate colors and bump/displacement maps to three-dimensionally simulate textures like fabric and wood. Additional enhancements are planned for 2021.

Columbus, Ohio-based Priority Designs was a beta user of the new KeyShot 10 capabilities using the office-friendly J55 3D printer. Erik Fickas, senior industrial designer, said the speed and simplicity with which they can 3D print a collection of design options is completely new.

“We developed this Bluetooth speaker model and used KeyShot to add all the textures like the speaker grill, then just saved to the new 3MF file format for 3D printing,” Fickas said. “Overnight, we had five different models with five different wood samples and different fabric samples. To rapid prototype a wood texture would have been a heck of a lot of work. It’s really incredible what we can do now.”

Stratasys estimates that 3MF support with KeyShot can reduce 3D print modeling time of CMF models to a single day, while traditional modeling for final iterations can take from one to three weeks. The new workflow enables the CMF design phase to start earlier in the design process, helping bring new products to market faster, and also keeps modeling in-house to reduce risk of intellectual property loss.

“The J55 made true full-color, multi-material 3D printing accessible to design studios everywhere, but to fully transform how products are designed, we needed to make the whole workflow simple,” said Stratasys Vice President of Design Shamir Shoham. “Adding KeyShot support in our PolyJet 3D printers adds an additional advantage compared to designers who are only using 3D printing for concept designs and turning to slower and expensive traditional models for detailed designs.”

Luxion refined the new KeyShot 10 Smart Export functionality to improve the simplicity of 3D printing with Stratasys, working with some of the companies’ shared customers. “We were able to put automatic UV Unwrapping, baking and file packaging all in one step, allowing easy, fast, and intuitive 3D printing with next generation full CMF printers such as the J55,” said Luxion Vice President of Product and Strategy Derek Cicero. “We are proud to embrace 3MF with Stratasys as an industry-backed, open format, containing data about colors, textures and other key manufacturing information, making it a huge step up from STL.”

3MF is an increasingly popular open-source file format published by the 3MF Consortium, of which Stratasys is a leading member. The format improves workflow because it includes all model information in one package, even down to voxel level control of the interior and metadata of the model. While other 3D printing companies provide support for the 3MF model, Stratasys is the only company providing a PANTONE-Validated™ full color, multi-material 3D printer that can take full advantage of the 3MF format’s capabilities. In addition to KeyShot, Stratasys also provides 3MF support for a variety of other applications, including SOLIDWORKS®.

More information on 3D printing with the 3MF format on the J55 and J8 Series printers is available online. Priority Designs shared its story on using the new KeyShot functionality in a new online video.

Stratasys is a global leader in additive manufacturing or 3D printing technology and is the manufacturer of FDM®, PolyJet™, and stereolithography 3D printers. The company’s technologies are used to create prototypes, manufacturing tools, and production parts for industries, including aerospace, automotive, healthcare, consumer products and education. For more than 30 years, Stratasys products have helped manufacturers reduce product-development time, cost, and time-to-market, as well as reduce or eliminate tooling costs and improve product quality. The Stratasys 3D printing ecosystem of solutions and expertise includes 3D printers, materials, software, expert services, and on-demand parts production. Online at: www.stratasys.com.

To learn more about Stratasys, visit www.stratasys.com, the Stratasys blog, Twitter, LinkedIn, or Facebook. Stratasys reserves the right to utilize any of the foregoing social media platforms, including the company’s websites, to share material, non-public information pursuant to the SEC’s Regulation FD. To the extent necessary and mandated by applicable law, Stratasys will also include such information in its public disclosure filings.

Stratasys, PolyJet Technology, and J55 are trademarks of StratasysLtd. and/or its affiliates. All other trademarks are the property of their respective owners, and Stratasys assumes no responsibility with regard to the selection, performance, or use of these non-Stratasys products.

Attention Editors, if you publish reader-contact information, please use:

  • USA +800-801-6491
  • Europe/Middle East/Africa +49-7229-7772-0
  • Asia Pacific +852 3944-8888

 

Media Contacts

Stratasys Corporate & North America

Aaron Pearson

[email protected]

+1 612-716-9228

Investor Relations

Yonah Lloyd

[email protected]

+972-74-745-4919

Europe, Middle East, and Africa

Jonathan Wake / Miguel Afonso, Incus Media

[email protected]

+44 1737 215200

Brazil, Central America and South America

[email protected]

+55 (11) 2626-9229

Asia Pacific and Japan

Alice Chiu

[email protected]

+852-9189-7273

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Designers can now 3D print in full color and textures like wood right from KeyShot software to Stratasys PolyJet printers. (Photo: Business Wire)
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AgEagle Aerial Systems Reports Record Third Quarter 2020 Financial Results

WICHITA, Kan., Nov. 16, 2020 (GLOBE NEWSWIRE) — AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry leading provider of unmanned aerial vehicles and advanced aerial imagery, data collection and analytics technologies, announced record financial results for the three and nine months ended September 30, 2020.

Key Financial Highlights

  • Revenues for three-month reporting period ended September 30, 2020 increased significantly to a record of $750,000 compared to $42,000 for the comparable three month period in 2019. For the nine months ended September 30, 2020, revenues increased to a record of $1.2 million compared to $108,000 reported for the nine months in the prior year period. The notable increase in revenues was primarily driven by follow-on purchase orders for manufacturing and assembly of drones and related package delivery equipment for the Company’s largest customer.
  • Gross profit margin on sales improved to 43% from 21% for the three months ended September 30, 2020 and 2019, respectively. Likewise, gross profit margin on sales for the comparable nine month reporting periods in 2020 and 2019 rose to 46% from 20%, respectively.
  • Net loss for the three months ended September 30, 2020 totaled $579,000 compared to $563,000 in net loss for the same three months in 2019. For the nine months ended September 30, 2020, net loss was $2.2 million compared to $1.9 million in the prior year nine-month period. Overall, the increase in net losses were due to higher operating costs relating to the shifts in our long-term growth and business expansion strategies.
  • After factoring non-cash accounting charges relating to our financing activities, the net loss attributable to our common stockholders improved to $579,000 from $604,000 for the three months ended September 30, 2020 and 2019, respectively. After factoring non-cash accounting charges for the comparable nine month reporting periods in 2020 and 2019, net loss attributable to the Company’s common stockholders was $11.3 million compared to $2.0 million, respectively.
  • As of September 30, 2020, the Company’s balance sheet reflected cash of $24.7 million compared to $718,000 as of December 31, 2019. The Company had no long-term debt and total stockholders’ equity increased to $28.1 million compared to $4.3 million as of September 30, 2020 and December 31, 2019, respectively. The material strengthening of the balance sheet was largely due to the successful closing of equity financings completed in the first half of 2020. 

Commenting on the record results, AgEagle CEO Michael Drozd noted, “We are very pleased with the progress that AgEagle continues to make across each of our focused business segments. Among many key achievements in the second half of 2020, we booked significant revenue from our ecommerce client; our team has completed the relocation of our headquarters and manufacturing facilities from Neodesha to Wichita; and we have completed the redesign of our brand logo and launched a new corporate website. We have also continued to expand our team with experienced new talent, and we are aggressively pursuing and winning new customers and business partners, including Valqari and the Kansas Department of Transportation. Looking ahead, we will remain focused on driving revenue growth through marketing our contract manufacturing and assembly services, along with our innovative drone and agriculture solutions. Moreover, we will continue to evaluate potential strategic acquisitions that will further complement and strengthen our position as a recognized leader in The Drone Age™.”

To review the Company’s detailed financial results for the three and nine months ended September 30, 2020, please refer to our Form 10-Q filed with the U.S. Securities and Exchange Commission and accessible at www.sec.gov.

Corporate Update Webcast

The Company’s management will host a webcast today, November 16th, beginning at 4:30 PM Eastern time to provide a corporate update and discuss recent operational highlights. The webcast will be broadcast live and available for replay via the link: https://www.webcaster4.com/Webcast/Page/2160/38229. If you encounter any difficulty connecting to the webcast, please contact Gateway Investor Relations at 949-574-3860.

About AgEagle Aerial Systems Inc.

Founded in 2010, Wichita-based AgEagle is one of the nation’s leading commercial drone technology, services and solutions providers.  We deliver the metrics, tools and strategies necessary to define and implement drone-enabled solutions that solve important problems for our valued customers. AgEagle’s key growth strategies are centered on three focused pursuits: 1) Contract Manufacturing: establishing AgEagle as the dominant commercial drone design, engineering, manufacturing, assembly and testing company in the United States; 2) Drone Solutions: establishing AgEagle as the world’s trusted source for turn-key drone delivery services and solutions; and 3) Ag Solutions: leveraging our reputation as one of the leading technology solutions providers to the Agriculture industry with best-in-class drones and data analytics for hemp and other commercial crops. For more information, please visit ageagle.com.


Forward-Looking Statements


This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Contacts:

Investor Relations

Gateway Investor Relations

Sean Mansouri, CFA or Cody Cree
Phone: 949-574-3860
Email: [email protected]

Press/Media
Relations

Avaans Media

Tara Coomans or Kristen Hoff
Phone: 424-278-9199
Email: [email protected]



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Everbridge Wins Top Tech Company Awards in the Categories of COVID-19 Response and Business Accomplishment for 2020

Everbridge Wins Top Tech Company Awards in the Categories of COVID-19 Response and Business Accomplishment for 2020

The Massachusetts Technology Leadership Council recognizes Everbridge for both its significant impact on helping organizations respond to the coronavirus pandemic and for its business accomplishments over the prior year

BURLINGTON, Mass.–(BUSINESS WIRE)–Everbridge, Inc. (NASDAQ:EVBG), the global leader in critical event management (CEM), today announced the company was recognized for its significant role in helping businesses, governments, and healthcare organizations respond to and mitigate the impacts of COVID-19. Everbridge received two Tech Top 50 awardslast week from the Massachusetts Technology Leadership Council (MassTLC) during a ceremony recognizing technology companies for their success in 2020. Honored among the regions’ top technology companies, Everbridge received the special honor of being distinguished in two categories for the year: COVID-19 Response and Business Accomplishment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201116005671/en/

Everbridge Wins Top Tech Company Awards in the Categories of COVID-19 Response and Business Accomplishment

Everbridge Wins Top Tech Company Awards in the Categories of COVID-19 Response and Business Accomplishment

“Despite the challenges we faced in 2020, Everbridge and the Massachusetts tech community remained true to form, demonstrating resilience, strength and an extraordinary capacity for innovation,” remarked MassTLC CEO Tom Hopcroft. “I am excited that MassTLC is able to share these exceptional stories of dedication and innovation this year.”

The awards cap off a broader period of innovation and growth for Everbridge, which continues to experience accelerated adoption for its COVID-19 Return to Campus, next generation Contact Tracing, and Risk Intelligence solutions, helping businesses, universities, governments and healthcare organizations mitigate the impacts of the global pandemic. The company also just released third quarter 2020 results representing revenue growth of 36 percent over the same period last year.

“Recognition from Massachusetts’ leading technology association for our COVID-19 solutions and business accomplishments during the year reinforces our growing footprint in the region, where we continue to attract and hire the best talent focused on keeping people safe and businesses operating during critical events,” said Everbridge CEO, David Meredith. “We combine a category-leading market position, fast growth and a mission-driven culture to serve a wide range of customers—from towns and counties to entire states and countries, the largest health care systems, and many of the world’s leading companies and universities—through our global, unified Critical Event Management platform.”

Additional recent recognition for Everbridge includes the Best Customer Experience Award from The Help Desk Institute (HDI), a Stevie® Award in the category of “Female Executive of the Year – Business Services,” Frost & Sullivan’s Critical Event Management (CEM) Technology Leadership Award, expansion of its existing portfolio of over 160 patents with a recent new award, certification as a 2020 Great Place to Work® by the Global Authority on Workplace Culture, “Overall Best in Category” in the Emergency Mass Notification Software category for the Spring 2020 Customer Success Report, Top Enterprise IT Alerting and Incident Management Solution by IT Central Station, one of Boston’s Best Places to Work in 2020, Growth Company of the Year by the Massachusetts Technology Leadership Council, as well as the Department of Defense’s prestigious Above and Beyond Award for promoting supportive work environments for members of the U.S. National Guard and Reserve.

Over 5,400 global organizations use Everbridge’s CEM Platform to assess threats, monitor the wellbeing of their workforce, rapidly communicate warnings, and protect supply chains. At the onset of the pandemic, Everbridge rapidly launched its COVID-19 Shield™ Return to Work and Contact Tracing software solutions, followed by the introduction of Everbridge Control Center, the industry’s first off-the-shelf physical security information management software platform to help organizations return to work while complying with social distancing and Personal Protective Equipment (PPE) policies. Since the pandemic began, Everbridge customers have used its software to send more than 875 million coronavirus-related communications with vital information and instructions to safeguard their populations, employees, patients, and students.

Everbridge’s recent two-day Autumn 2020 “COVID-19 R2R: The Road to Recovery” leadership symposium addressed global best practices to reopen economies amid COVID-19, while safely returning people to public spaces, offices and campuses. Tens of thousands of senior executives, government officials and healthcare experts from 150 countries attended Everbridge’s R2R summits this year. The October event featured keynote addresses by the 43rd President of the United States George W. Bush, CNN’s Dr. Sanjay Gupta, Director of the NIAID at NIH Dr. Anthony Fauci, and Virgin Group Founder Sir Richard Branson. Visit Everbridge.com/R2R to learn more.

About Everbridge

Everbridge, Inc. (NASDAQ: EVBG) is a global software company that provides enterprise software applications that automate and accelerate organizations’ operational response to critical events in order Keep People Safe and Businesses Running™. During public safety threats such as active shooter situations, terrorist attacks or severe weather conditions, as well as critical business events including IT outages, cyber-attacks or other incidents such as product recalls or supply-chain interruptions, over 5,400 global customers rely on the Company’s Critical Event Management Platform to quickly and reliably aggregate and assess threat data, locate people at risk and responders able to assist, automate the execution of pre-defined communications processes through the secure delivery to over 100 different communication devices, and track progress on executing response plans. Everbridge serves 8 of the 10 largest U.S. cities, 9 of the 10 largest U.S.-based investment banks, 47 of the 50 busiest North American airports, 9 of the 10 largest global consulting firms, 8 of the 10 largest global automakers, 9 of the 10 largest U.S.-based health care providers, and 7 of the 10 largest technology companies in the world. Everbridge is based in Boston with additional offices in 14 cities around the globe. For more information visit www.everbridge.com.

Cautionary Language Concerning 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, including but not limited to, statements regarding the anticipated opportunity and trends for growth in our critical communications and enterprise safety applications and our overall business, our market opportunity, our expectations regarding sales of our products, our goal to maintain market leadership and extend the markets in which we compete for customers, and anticipated impact on financial results. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the ability of our products and services to perform as intended and meet our customers’ expectations; our ability to successfully integrate businesses and assets that we may acquire; our ability to attract new customers and retain and increase sales to existing customers; our ability to increase sales of our Mass Notification application and/or ability to increase sales of our other applications; developments in the market for targeted and contextually relevant critical communications or the associated regulatory environment; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate; we have not been profitable on a consistent basis historically and may not achieve or maintain profitability in the future; the lengthy and unpredictable sales cycles for new customers; nature of our business exposes us to inherent liability risks; our ability to attract, integrate and retain qualified personnel; our ability to maintain successful relationships with our channel partners and technology partners; our ability to manage our growth effectively; our ability to respond to competitive pressures; potential liability related to privacy and security of personally identifiable information; our ability to protect our intellectual property rights, and the other risks detailed in our risk factors discussed in filings with the U.S. Securities and Exchange Commission (“SEC”), including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020. The forward-looking statements included in this press release represent our views as of the date of this press release. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

All Everbridge products are trademarks of Everbridge, Inc. in the USA and other countries. All other product or company names mentioned are the property of their respective owners.

Everbridge:

Jeff Young

Media Relations

[email protected]

781-859-4116

Joshua Young

Investor Relations

[email protected]

781-236-3695

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Public Relations/Investor Relations Security Marketing Communications Software Health General Health

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Everbridge Wins Top Tech Company Awards in the Categories of COVID-19 Response and Business Accomplishment
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My Chase Plan® Provides Cardmembers Payment Flexibility This Holiday Season

My Chase Plan® Provides Cardmembers Payment Flexibility This Holiday Season

Just in time for holiday shopping, My Chase Plan offers a new way to pay over time – with no interest, just a fixed monthly fee

WILMINGTON, Del.–(BUSINESS WIRE)–
Today, Chase officially announced My Chase Plan®, a digital ‘buy now, pay later’ feature available on eligible Chase consumer credit cards. My Chase Plan allows cardmembers the option to pay off a purchase over a period of time with no interest, just a fixed monthly fee. Cardmembers will have the flexibility to select a recent, eligible transaction and choose a repayment timeframe and monthly payment amount that works for them.

According to a recent consumer survey from Chase, 52% of respondents say shopping and staying on budget for gifts is their biggest holiday challenge this season. My Chase Plan can serve as valuable tool to help break up your holiday purchases over time.

My Chase Plan gives customers control over their finances by offering predictable monthly payments, with no interest, just a fixed monthly fee. Cardmembers will still earn rewards as they do today for card purchases. Key features include:

  • Flexibility: Providing customers with a new payment option on Chase cards they already have in their wallet for purchases $100 and over;
  • Control: Allowing cardmembers to have more control of their finances, with predictable budget-friendly monthly payment options;
  • Transparency: Upon starting a My Chase Plan, customers are presented with the monthly payment amount, Plan fee, and payment duration options ranging from 3 to 18 months;
  • Ease of Use: Offering a seamless experience through Chase.com or the Chase Mobile app with no separate account or payment to manage.

“We developed My Chase Plan to provide our cardmembers with more flexibility and control of their payment options,” said Anthony Cirri, General Manager- Lending and Pricing, Chase Card Services. “We are thrilled to offer My Chase Plan as a tool to help cardmembers make the most of their money and pay for their purchases over time. With the holidays fast approaching, this embedded card feature can be used to pay off gifts and everyday purchases alike.”

My Chase Plan allows eligible cardmembers to choose a payment plan for purchases of $100 or more with durations up to 18 months with no interest or prepayment penalty, just a fixed monthly fee. My Chase Plan also offers a calculator that will approximate what a particular ‘Plan’ might cost before the purchase is made. Cardmembers will continue to earn rewards as they do today.

The control and ease that My Chase Plan provides consumers is especially relevant as we enter the holiday shopping season. Chase’s recent survey of more than 1,000 U.S.-based adults found that:

  • Over 30% of consumers have been saving money specifically for purchasing gifts
  • 40% of consumers say they are taking a different approach to gift giving this year
  • 55% of consumers to focus on quality, not quantity, of gifts

Whether consumers are shopping for holiday gifts, unexpected purchases, holiday travel, and everything in between – My Chase Plan offers more flexibility, control, and peace of mind over their payment obligations.

To start using My Chase Plan, select an eligible, recent purchase from the “Recent Transactions” within your card account on Chase.com or in the Chase Mobile App. Eligible purchases of $100 or more will have a “Pay with My Chase Plan” option next to the transaction amount. Cardmembers can also visit the My Chase Plan dashboard on Chase.com or in the Chase Mobile App to see a list of eligible purchases, calculate plan options on a future purchase, or see details on their existing Plans.

For more information and to see eligible Chase credit cards, visit www.chase.com/mychaseplan.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.2 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,900 branches in 38 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.

Chase Media Contact:

Tom Doelp, Chase Card Services, [email protected]

 

KEYWORDS: New York Delaware United States North America

INDUSTRY KEYWORDS: Other Professional Services Finance Consulting Banking Small Business Professional Services Consumer Other Consumer

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AstroNova to Release Third-Quarter Fiscal 2021 Financial Results and Host Conference Call on Monday, December 7

AstroNova to Release Third-Quarter Fiscal 2021 Financial Results and Host Conference Call on Monday, December 7

WEST WARWICK, R.I.–(BUSINESS WIRE)–AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies, today announced that it plans to release its third-quarter fiscal 2021 financial results before the opening of the Nasdaq on Monday, December 7, 2020. At 9:00 a.m. ET that morning, the Company will conduct a conference call hosted by Greg Woods, President and Chief Executive Officer, and David Smith, Vice President and Chief Financial Officer.

To participate on the conference call, please dial 800-367-2403 (U.S. and Canada) or 334-777-6978 (International) approximately 10 minutes prior to the start time and enter confirmation code 2309769. You can hear a replay of the conference call from 12:00 p.m. ET Monday, December 7, 2020 until 12:00 p.m. ET on Monday, December 14, 2020 by dialing (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (International). The passcode is 2309769.

A real-time and an archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.astronovainc.com.

About AstroNova

AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes, and services a broad range of products that acquire, store, analyze, and present data in multiple formats. The Product Identification segment offers a complete line-up of labeling hardware and supplies, allowing customers to mark, track, and enhance their products’ appearance. The segment is comprised of three business units: QuickLabel®, the industry leader in tabletop digital color label printing; TrojanLabel®, an innovative leader for professional label presses; and GetLabels™, the premier supplier of label materials, inks, toners, ribbons, and adhesives, all compatible with the major printer brands. Supported by AstroNova’s customer application experts and technology leadership in printing, material science, and high-speed data processing, customers benefit from an optimized, “total solution” approach. The Test and Measurement segment includes the AstroNova Aerospace business unit, which designs and manufactures flight deck printers, networking hardware, and related accessories serving the world’s aerospace and defense industries with proven advanced airborne technology solutions for the cockpit and the cabin; and the Test and Measurement business unit, which offers a suite of products and services that acquire, record, and analyze electronic signal data from local and networked sensors. AstroNova is a member of the Russell Microcap® Index and the LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is available by visiting www.astronovainc.com.

Scott Solomon

Senior Vice President

Sharon Merrill Associates, Inc.

(617) 542-5300

[email protected]

KEYWORDS: Rhode Island United States North America

INDUSTRY KEYWORDS: Software Technology Hardware Consumer Electronics

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Granite Names Brian R. Dowd as Head of Its California Operations

Granite Names Brian R. Dowd as Head of Its California Operations

WATSONVILLE, Calif.–(BUSINESS WIRE)–
Granite (NYSE:GVA) has named Brian R. Dowd as senior vice president and California group manager, effective January 1, 2021. Dowd currently serves as vice president of Granite’s Nevada region and is a 34-year veteran of the company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201116005437/en/

Brian R. Dowd, Granite Senior Vice President and Group Manager, California Group (Photo: Business Wire)

Brian R. Dowd, Granite Senior Vice President and Group Manager, California Group (Photo: Business Wire)

“Brian is a dynamic leader that will help guide our California operations continued growth as we work to meet the needs of all of our public and private clients,” said Granite President and Principal Executive Officer Kyle Larkin.

In this role, Dowd will provide operational oversight and strategic direction and will be responsible for setting the vision and standards for financial, safety, and environmental performance, business growth, and employee development throughout California’s construction and construction materials businesses. Dowd will report to Chief Operating Officer Jim Radich, and will be based at Granite headquarters in Watsonville, California.

Since 1986, Dowd has served in various estimating, project management and leadership roles across the company. In addition to his operational experience, Dowd has held corporate positions as leader of Granite’s employee development initiative, and vice president of human resources. In 2007, he transitioned back to operations where he was the regional manager in Sacramento and successfully guided the region through one of the toughest economic climates Granite has experienced.

Dowd holds a B.S. in Civil Engineering from the University of California, Berkeley, and is a Registered Engineer in the states of California and Nevada.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. In addition to being one of the World’s Most Ethical Companies for eleven consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.

Media

Erin Kuhlman 831-768-4111

Investors

Lisa Curtis 831-728-7532

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INDUSTRY KEYWORDS: Other Construction & Property Construction & Property Natural Resources Mining/Minerals

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Brian R. Dowd, Granite Senior Vice President and Group Manager, California Group (Photo: Business Wire)
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Granite Names James A. Radich as Chief Operating Officer

Granite Names James A. Radich as Chief Operating Officer

WATSONVILLE, Calif.–(BUSINESS WIRE)–
Granite (NYSE:GVA) announced that effective December 1, 2020, James A. Radich is appointed executive vice president and chief operating officer (COO). As COO, Radich will be responsible for overseeing the day-to-day operations of the company and will provide the leadership to ensure that the appropriate reporting procedures, people, and systems are in place to meet the operating requirements and financial goals of the company. Radich will join the Executive Committee and will report to Granite President and Principal Executive Officer Kyle Larkin.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201116005436/en/

Jim A. Radich, Granite Executive Vice President and Chief Operating Officer (Photo: Business Wire)

Jim A. Radich, Granite Executive Vice President and Chief Operating Officer (Photo: Business Wire)

“As a Granite veteran, Jim has a deep understanding of our business and culture, and he has a track record of delivering results,” said Larkin. “In his most recent role leading our California operations, he steadily grew the core construction and materials business while expanding our alternative procurement project portfolio, and he significantly increased our presence in the private works arena. He is a well-respected leader who I am pleased to welcome to the executive team. I look forward to our continued collaboration and partnership.”

Since joining Granite in 1980, Radich has served in a progression of leadership roles across diverse end markets including tunneling, marine work, structures, underground, and earthwork. Prior to this appointment, Radich served as senior vice president and California group manager. From 1993 to 2011, Radich was employed outside of Granite. He is a proven leader and was named Granite’s 2020 Outstanding Leader, a recognition of individual achievement and embodiment of Granite’s Core Values. Radich will be based in Watsonville, California.

Radich received a B.S. in Civil Engineering from Santa Clara University, and is a Registered Civil Engineer in California.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. In addition to being one of the World’s Most Ethical Companies for eleven consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.

Granite Contacts

Media

Erin Kuhlman 831-768-4111

Investors

Lisa Curtis 831-728-7532

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INDUSTRY KEYWORDS: Mining/Minerals Transport Other Construction & Property Natural Resources Construction & Property Other Transport

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Jim A. Radich, Granite Executive Vice President and Chief Operating Officer (Photo: Business Wire)
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tZERO ATS Market Data Now Available on Financial Market Data Platform Refinitiv

tZERO ATS Market Data Now Available on Financial Market Data Platform Refinitiv

Broadens the Dissemination of tZERO ATS Market Data in the Financial Services Industry

NEW YORK–(BUSINESS WIRE)–tZERO, a leader in financial innovation and liquidity for private companies, announced today that its subsidiary, tZERO ATS, a FINRA member broker-dealer that operates an Alternative Trading System (ATS), has completed a technology integration with Refinitiv, one of the world’s largest providers of financial markets data and infrastructure and formerly Thomson Reuters’ Financial and Risk business. This integration allows Refinitiv’s client base of institutions and broker-dealers to see the fundamental (Level 1) market data on the digital securities that trade on the tZERO ATS.

According to its website, Refinitiv serves over 40,000 institutions in over 190 countries, providing leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.

tZERO CEO Saum Noursalehi stated, “Our overarching focus is on driving adoption of digital securities. Today’s announcement is exciting as it helps broaden awareness of these types of securities, as more financial services professionals are able to easily access tZERO ATS market data through Refinitiv’s robust network.”

tZERO is a technology firm with the goal of democratizing access to private capital markets. tZERO is a subsidiary of Medici Ventures, the blockchain-focused, wholly owned subsidiary of Overstock.com, Inc. (NASDAQ:OSTK).

Investor Notice

Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by tZERO or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Forward-Looking Statements

This release contains forward-looking statements. In addition, from time to time, tZERO, its subsidiaries, or its representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which is derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of tZERO and its subsidiaries to change the direction; tZERO’s ability to keep pace with new technology and changing market needs; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. tZERO, its subsidiaries, and its representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by tZERO, its subsidiaries or its representatives might not occur.

About tZERO

tZERO Group, Inc. and its broker-dealer subsidiaries (tZERO) provide an innovative liquidity platform for private companies and assets. We offer institutional-grade solutions for issuers looking to digitize their capital table through blockchain technology, and trade on a regulated alternative trading system. tZERO democratizes access to private assets by providing a simple, automated, and efficient trading venue to broker-dealers, institutions, and investors. For more information on tZERO, please visit https://www.tzero.com/.

tZERO is not a registered broker-dealer, funding portal, underwriter, investment bank, investment adviser or investment manager, and is not providing brokerage, investment banking or underwriting services, recommendations or investment advice to any person, and does not provide any brokerage services. tZERO takes no part in the negotiation or execution of secondary market transactions for the purchase or sale of securities and, at no time, has possession of investor funds or securities in connection with such transactions.

About tZERO ATS

tZERO ATS, LLC is a broker-dealer registered with the SEC and a member of FINRA and SIPC. More information about tZERO ATS may be found at www.finra.org. Digital securities that trade on tZERO ATS are conventional uncertificated securities. Ownership of such securities is reflected on the traditional books and records of regulated market participants. The term “digital” refers to the blockchain technology elements of a security that are intended to enhance investor experience through added transparency.

tZERO

Media

Alexandra Sotiropoulos, +1-347-293-1416

[email protected]

Investors

Michael Mougias, +1-347-293-1248

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Technology Finance Security Banking Other Technology Professional Services Software Networks Data Management

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