Market Newsdesk

VANCOUVER, Washington, Nov. 16, 2020 (GLOBE NEWSWIRE) — CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company”), a late-stage biotechnology company developing leronlimab (PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications, announced today Health Canada has cleared CytoDyn to file its Biologics License Application (BLA) for leronlimab as a combination therapy for multi-drug resistance HIV patients in Canada.

Health Canada’s clearance for the BLA filing includes a treatment regimen of one injection per week of 350 mg of the Company’s product leronlimab, as contrasted to the dosage used in the Phase 3 clinical trial conducted in the U.S. for this indication of two consecutive injections of 175 mg per week. Health Canada, a department of the Government of Canada, is responsible for Canada’s federal health policy and oversees the Public Health Agency of Canada. Health Canada’s team conducted a two-hour meeting with CytoDyn’s team and were also updated on the progress of the Company’s COVID-19 trials and BLA application for the U.K. CytoDyn’s presentation team to Health Canada included Drs. Thomas Boyd, Nitya Ray and Kush Dhody for pre-clinical, manufacturing and clinical sections, respectively, of the application.

Nader Pourhassan, Ph.D., President and Chief Executive Officer of CytoDyn, commented, “We are very pleased with Health Canada’s decision to clear our BLA for filing and our team is motivated to submit this filing in the very near future. Health Canada’s decision continues to validate the opportunity for leronlimab as a treatment for HIV patients around the world. Our lengthy meeting included an update on the progress of our COVID-19 trials and plans to simultaneously file our BLA for leronlimab as a combination therapy for HIV with the MHRA in the U.K. and Health Canada.”

About Coronavirus Disease 2019

CytoDyn completed its Phase 2 clinical trial (CD10) for COVID-19, a double-blinded, randomized clinical trial for mild-to-moderate patients in the U.S. which produced statistically significant results for NEWS2. Enrollment continues in its Phase 2b/3 randomized clinical trial for the severe-to-critically ill COVID-19 population in several hospitals and clinics throughout the U.S., which are identified on the Company’s website under the “Clinical Trial Enrollment” section of the homepage; an interim analysis on the first 195 patients was conducted mid-October and is expected to occur again after enrollment reaches 293 patients.

About Leronlimab (PRO 140)

The FDA has granted a Fast Track designation to CytoDyn for two potential indications of leronlimab for critical illnesses. The first indication is a combination therapy with HAART for HIV-infected patients and the second is for metastatic triple-negative breast cancer. Leronlimab is an investigational humanized IgG4 mAb that blocks CCR5, a cellular receptor that is important in HIV infection, tumor metastases, and other diseases, including NASH. Leronlimab has completed nine clinical trials in over 800 people and met its primary endpoints in a pivotal Phase 3 trial (leronlimab in combination with standard antiretroviral therapies in HIV-infected treatment-experienced patients). 

In the setting of HIV/AIDS, leronlimab is a viral-entry inhibitor; it masks CCR5, thus protecting healthy T cells from viral infection by blocking the predominant HIV (R5) subtype from entering those cells. Leronlimab has been the subject of nine clinical trials, each of which demonstrated that leronlimab could significantly reduce or control HIV viral load in humans. The leronlimab antibody appears to be a powerful antiviral agent leading to potentially fewer side effects and less frequent dosing requirements compared with daily drug therapies currently in use. 

In the setting of cancer, research has shown that CCR5 may play a role in tumor invasion, metastases, and tumor microenvironment control. Increased CCR5 expression is an indicator of disease status in several cancers. Published studies have shown that blocking CCR5 can reduce tumor metastases in laboratory and animal models of aggressive breast and prostate cancer. Leronlimab reduced human breast cancer metastasis by more than 98% in a murine xenograft model. CytoDyn is, therefore, conducting a Phase 1b/2 human clinical trial in metastatic triple-negative breast cancer and was granted Fast Track designation in May 2019.  

The CCR5 receptor appears to play a central role in modulating immune cell trafficking to sites of inflammation. It may be crucial in the development of acute graft-versus-host disease (GvHD) and other inflammatory conditions. Clinical studies by others further support the concept that blocking CCR5 using a chemical inhibitor can reduce the clinical impact of acute GvHD without significantly affecting the engraftment of transplanted bone marrow stem cells. CytoDyn is currently conducting a Phase 2 clinical study with leronlimab to support further the concept that the CCR5 receptor on engrafted cells is critical for the development of acute GvHD, blocking the CCR5 receptor from recognizing specific immune signaling molecules is a viable approach to mitigating acute GvHD. The FDA has granted orphan drug designation to leronlimab for the prevention of GvHD. 

About CytoDyn

CytoDyn is a late-stage biotechnology company developing innovative treatments for multiple therapeutic indications based on leronlimab, a novel humanized monoclonal antibody targeting the CCR5 receptor. CCR5 appears to play a critical role in the ability of HIV to enter and infect healthy T-cells. The CCR5 receptor also appears to be implicated in tumor metastasis and immune-mediated illnesses, such as GvHD and NASH.

CytoDyn has successfully completed a Phase 3 pivotal trial with leronlimab in combination with standard antiretroviral therapies in HIV-infected treatment-experienced patients. The FDA met telephonically with Company key personnel and its clinical research organization and provided written responses to the Company’s questions concerning its recent Biologics License Application (“BLA”) for this HIV combination therapy in order to expedite the resubmission of its BLA filing for this indication.

CytoDyn has completed a Phase 3 investigative trial with leronlimab as a once-weekly monotherapy for HIV-infected patients. CytoDyn plans to initiate a registration-directed study of leronlimab monotherapy indication. If successful, it could support a label extension. Clinical results to date from multiple trials have shown that leronlimab can significantly reduce viral burden in people infected with HIV. No drug-related serious site injection reactions reported in about 800 patients treated with leronlimab and no drug-related SAEs reported in patients treated with 700 mg dose of leronlimab. Moreover, a Phase 2b clinical trial demonstrated that leronlimab monotherapy can prevent viral escape in HIV-infected patients; some patients on leronlimab monotherapy have remained virally suppressed for more than six years.

CytoDyn is also conducting a Phase 2 trial to evaluate leronlimab for the prevention of GvHD and a Phase 1b/2 clinical trial with leronlimab in metastatic triple-negative breast cancer. More information is at www.cytodyn.com. 

Forward-Looking Statements 

This press release contains certain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict.  Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Forward-looking statements specifically include statements about leronlimab, its ability to have positive health outcomes, the possible results of clinical trials, studies or other programs or ability to continue those programs, the ability to obtain regulatory approval for commercial sales, and the market for actual commercial sales. The Company’s forward-looking statements are not guarantees of performance, and actual results could vary materially from those contained in or expressed by such statements due to risks and uncertainties including: (i) the sufficiency of the Company’s cash position, (ii) the Company’s ability to raise additional capital to fund its operations, (iii) the Company’s ability to meet its debt obligations, if any, (iv) the Company’s ability to enter into partnership or licensing arrangements with third parties, (v) the Company’s ability to identify patients to enroll in its clinical trials in a timely fashion, (vi) the Company’s ability to achieve approval of a marketable product, (vii) the design, implementation and conduct of the Company’s clinical trials, (viii) the results of the Company’s clinical trials, including the possibility of unfavorable clinical trial results, (ix) the market for, and marketability of, any product that is approved, (x) the existence or development of vaccines, drugs, or other treatments that are viewed by medical professionals or patients as superior to the Company’s products, (xi) regulatory initiatives, compliance with governmental regulations and the regulatory approval process, (xii) general economic and business conditions, (xiii) changes in foreign, political, and social conditions, and (xiv) various other matters, many of which are beyond the Company’s control. The Company urges investors to consider specifically the various risk factors identified in its most recent Form 10-K, and any risk factors or cautionary statements included in any subsequent Form 10-Q or Form 8-K, filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to update any forward-looking statements to take into account events or circumstances that occur after the date of this press release.

CONTACTS

Investors:

Michael Mulholland
Office: 360.980.8524, ext. 102
[email protected]

SURREY, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) — DSG Global Inc. (OTC: DSGT), announced today financial results for the third quarter ending September 30, 2020.

Financial Highlights for the three months ended September 30, 2020:

– Revenue of $334, 151. This was an increase of 170% compared to the prior quarter. The majority of this revenue increase came from increased installations at numerous golf courses. This will result in a higher recurring revenue moving forward. The company anticipates the upward trend in golf revenue to continue for the fourth quarter.

– Gross Profit Margins remained relatively constant at 50%.

– Operating Losses were $391,882 or (.01) EPS for the quarter, consistent with the comparable quarter in 2019 and much improved from the $1,148,446 (.03) EPS loss during the prior quarter.

– Net Losses decreased from $5,555,832 in Q3 2019 to $3,159,242 or (.08) EPS. The majority of this, $2,577,704, was related to one-time costs of extinguishment of debt and the change in fair value of derivative instruments.

– Total Assets increased 76.1% from the prior quarter. This was primarily the result of increased inventory and fixed assets.

– Total liabilities decreased 11.6% from the prior quarter. Actual liabilities, not counting derivative liabilities decreased 30.3%. This is primarily the result of the payoff and removal of $1.95 million in convertible debt.

Release updates and Highlights:

• Set delivery volume target of 12800 vehicles, with 90% distributor sales and 10% direct sales, during 2021.
   
• Received orders for 1155 vehicles, a number increasing on a regular basis.
   
• Received first Shipment of cars from Jonway Group
   
• Anticipates additional vehicles arriving from Jonway and Skywell Automobile Group during the remainder of 2020
   
• Engaged GCN Media Group and Graj and Gustavsen, both well-respected New York based branding and digital marketing firms, to increase awareness and enhance consumer facing presence.
   
• Received Business License for Experience Center in Fairfield, California
   
• Received first shipment of single rider PACER golf carts
   
• Added Terra E-High Speed Truck from Jonway Group and ET5 SUV and several models of buses from Skywell Automotive Group to Electric Vehicle Product Lineup
   
• Paid off nearly $2 Million in Convertible Notes, thus significantly reducing future dilution
   
• Installed golf products at dozens of new golf courses and have multimillion-dollar Pipeline
   
• Expanded into Alternative Fleet Management beyond golf courses with installation of products for Peninsula Sanitation Services

Bob Silzer, CEO and President DSG Global, “We are pleased with the improvement in our third quarter, but are not satisfied with the results. We anticipate even larger growth in future quarters. We continue to install our products on numerous new golf courses each month. Our Electric Vehicles have begun arriving and we anticipate first delivery of products to end customers early in the first quarter. Next year, we anticipate over $40 million in sales from Electric Vehicles and over $20 million in sales from Fleet Management Software and Pacer Golf Carts with significant profitability.”

DSG Global, Inc. will host a conference call for investors on Monday, November 16, 2020 at 4:15 ET.

The call will last approximately 45 minutes. Interested parties may dial 530-881-1212

Passcode: 615-253-385#

Bob Silzer, President and CEO DSG Global and Rick Curtis, President of Imperium Motors will discuss the significant corporate activity and its plans for the future.

Please dial in at least 5 minutes prior to the call to ensure timely participation.

For the full earnings report please view our entire filing at www.sec.gov.

For information on Imperium Motor’s Product line, please visit https://www.imperiummotorcompany.com/

About Imperium Motor Company

Imperium Motor Company is a new EV distribution and marketing company that offers a wide variety of affordable vehicles equipped for the North American market with emphasis on great design, a green mindset, performance, and functionality. Vehicles will include: High Speed, Mid Speed, and Low Speed electric vehicles including Cars, Trucks, SUVs, Vans, Buses, and Scooters.

About VANTAGE TAG SYSTEMS INC (VTS)

Vantage Tag Systems provides patented electronic tracking systems and fleet management solutions to golf courses and other avenues that allow for remote management of the course’s fleet of golf carts, turf equipment and utility vehicles. Its clients use VTS’s unique technology to significantly reduce operational costs, improve the efficiency plus profitability of their fleet operations, increase safety, and enhance customer satisfaction. VTS has grown to become a leader in the category of Fleet Management in the golf industry, with their technology installed in over vehicles worldwide. VTS is now branching into several new streams of revenue, through programmatic advertising, licensing and distribution, as well as expanding into Commercial Fleet Management, PACER single rider golf carts, and Agricultural applications. Additional information is available at http://vantage-tag.com/

Safe Harbor for Forward-Looking Statements

Forward-looking statements in this press release include statements relating to, among other things, the Company’s ability to open its new customer facility and its ability to close and deliver on various purchase orders from customers, and the Company’s expansion into markets outside of the golf industry. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: the timing and nature of any capital raising transactions; our ability to offer products and services for use by customers in new markets outside of the golf industry; our ability to deliver in a timely fashion and to our customers’ satisfaction the products purchased; the risk of competition; our ability to find, recruit and retain personnel with knowledge and experience in selling products and services in existing and new markets; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year 2018 and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements.

Brokers and Analysts:
Chesapeake Group
+1-410-825-3930
[email protected]

• 
  Total revenue of $
  
  
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  .
  
  
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  .
  
  
  5
  
  
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  the prior year quarter
  
  
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• 
  GAAP Operating
  
  
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  $
  
  
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  6
  
  
  .
  
  
  4
  
  
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  as compared to
  
  
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  $
  
  
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• 
  Adjusted EBITDA
  
  
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  9
  
  
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• 
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• 
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  .
  

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Iconix Brand Group, Inc. (Nasdaq: ICON) (“Iconix” or the “Company”) today reported financial results for the third quarter ended September 30, 2020.

Bob Galvin, CEO commented, “As we continue to navigate through the pandemic and the resulting economic conditions, the well-being of our employees, licensees and communities remains at the forefront. Despite COVID-19, we continued to expand our business, including a successful launch of Umbro products in Walmart. We have remained focused on building our pipeline of future business, as a result, we have signed 148 deals during 2020 for aggregate guaranteed minimum royalties of approximately $90 million. Moving forward, we will remain flexible to respond to changes in the economic and retail environments.”

Third Quarter 2020
Financial Results

GAAP Revenue by Segment

(000’s)

		For the Three Months Ended September   30,						For the Nine Months Ended September   30,
			2020			2019			2020			2019
Licensing revenue:
Women’s		$	5,919		$	10,317		$	16,805		$	26,855
Men’s			5,705			7,942			15,419			25,491
Home			3,487			3,430			10,436			11,205
International			9,351			13,782			32,028			42,255
		$	24,462		$	35,471		$	74,688		$	105,806

For the third quarter of 2020, total revenue was $24.5 million, a 31% decline, compared to $35.5 million in the third quarter of 2019. Revenue across all segments was primarily negatively impacted by the effects of the COVID-19 pandemic on the global economy. The 43% decrease in revenue in our Women’s segment was principally as a result of a decrease in licensing revenue from our Mudd and Joe Boxer brands. Revenue from the Men’s segment decreased 28% mainly due to a decrease in licensing revenue from our Buffalo and Umbro brands. Sales in our Home segment improved by 2% principally due to an increase in licensing revenue from our Charisma brand. Our International segment revenue declined 32% mainly due to decreases in Latin America and Europe.

SG&A Expenses:
Total SG&A expenses in the third quarter of 2020 were $9.9 million, a 62% decline compared to $26.3 million in the third quarter of 2019. The decline for the quarter was primarily driven by a decrease in professional fees, advertising costs and compensation expense.

Gain on Sale of Trademarks
Gain on sale of trademarks reflect the $59.6 million gain of the sale of 100% of our interest in Umbro China Ltd., and $14.5 million gain on sale of Starter China Ltd., each completed during the third quarter of 2020.

Trademark
and
Investment
Impairment
:

In the third quarter of 2020, the Company recorded a non-cash trademark impairment charge of $4.8 million. The charge for the third quarter of 2020 was based on the impact of the COVID-19 pandemic on current and estimated future cash flows on the fair value of the Pony and Hydraulic indefinite-lived trademarks. The Company recorded investment impairments of $17.1 million in the third quarter of 2020 as a result of from exiting our Ecko Mark/Ecko joint venture in China and a reduction in the fair value of our Candies joint venture in China. The Company recorded investment impairment in the third quarter of 2019 of $17.0 million related to the sale of its equity investment in Marcy Media.

Operating Income
and Adjusted EBITDA (1)
:

Adjusted EBITDA is a non-GAAP metric, and a reconciliation table is included below.

Operating income for the third quarter of 2020 was $66.4 million, as compared to operating loss of $8.1 million for the third quarter of 2019.  The third quarter 2020 results include $22.0 million of charges related to impairments and $74.1 million in gains on sale of trademarks. Adjusted EBITDA in the third quarter of 2020 was $13.7 million, which represents operating income of $66.4 million excluding net adjustments of $52.7 million. Adjusted EBITDA in the third quarter of 2019 was $20.9 million, which represents operating loss of $8.1 million excluding net charges of $29.0 million. The change period over period in Adjusted EBITDA is primarily as a result of reduced revenue largely driven by the impact of COVID-19 on our business, somewhat offset by reduced expenses driven by the Company’s cost reduction initiative. Refer to footnote 1 below for a full detailed reconciliation of operating income to Adjusted EBITDA.      

Note: All items in the following tables are attributable to the Company’s interest in its subsidiaries and joint ventures, as applicable, and exclude the results related to any non-controlling interest in such entities. Certain numbers may not add due to rounding.

Adjusted EBITDA by Segment (1)	For the Three Months Ended September   30,											For the Nine Months Ended September   30,
(000’s)	2020			2019			% Change					2020			2019			% Change
Women’s	$	6,777		$	10,105			-33	%			$	16,451		$	26,354			-38	%
Men’s		1,522			3,303			-54	%				5,857			10,847			-46	%
Home		3,588			2,999			20	%				9,670			9,789			-1	%
International		6,593			9,022			-27	%				17,669			26,321			-33	%
Corporate		(4,766	)		(4,530	)		-5	%				(12,897	)		(13,638	)		5	%
Adjusted EBITDA	$	13,714		$	20,899			-34	%			$	36,750		$	59,673			-38	%
Adjusted EBITDA Margin (2)		56	%		59	%							49	%		56	%

Adjusted EBITDA margin in the third quarter of 2020 was 56% as compared to Adjusted EBITDA margin in the third quarter of 2019 of 59%. The change period over period in Adjusted EBITDA margin is primarily as a result of the Company’s decrease in revenue.

Interest Expense
and
Other
(
Income
)
Loss
,
net
:

Interest expense in the third quarter of 2020 was $18.5 million as compared to $14.4 million in the third quarter of 2019. The legal final maturity date of the Securitization Notes is in January of 2043. The Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date. Therefore, beginning January 2020, the Company accrues additional interest on the Securitization Notes that is not payable until 2043. The increase in interest expense period over period is primarily the result of the step up in interest for the securitization. In the third quarter of 2020, Other (income) loss was income of $0.3 million as compared to a loss of $12.0 million in the third quarter of 2019. This result is primarily from the Company’s accounting for the 5.75% Convertible Notes, which requires recording the fair value of this debt at the end of each period with any change from the prior period accounted for as other income or loss in the respective period’s consolidated income statement.

Provision for Income Taxes:

The effective income tax rate for the third quarter of 2020 is approximately 1.9%, which resulted in a $0.9 million income tax expense, as compared to an effective income tax rate of 1.7% in the third quarter of 2019, which resulted in a $0.6 million income tax benefit.  The increase in the tax expense is a result of expenses incurred for which no tax benefit was able to be recognized for the third quarter of 2020.

GAAP Net Income and GAAP Diluted EPS:

GAAP net income attributable to Iconix for the third quarter of 2020 reflected income of $45.7 million, compared to a net loss of $35.7 million for the third quarter of 2019. GAAP diluted EPS for the third quarter of 2020 reflected income of $1.51 per share, compared to loss of $3.07 per share for the third quarter of 2019.

Adjusted EBITDA
(1)
:

Adjusted EBITDA for the third quarter of 2020 was $13.7 million, compared to $20.9 million for the third quarter of 2019.

Adjusted EBITDA: (1)
(000’s)
	For the Three Months Ended September   30,
		2020			2019		% Change
GAAP Operating Income (Loss)	$	66,351		$	(8,115	)
Add:
stock-based compensation expense		196			363
depreciation and amortization		315			421
contract asset write offs, net		581			3,634
impairment charges		21,959			17,000
gain on sale of trademarks and investments		(74,105	)		–
special charges		460			9,084
non-controlling interest		(976	)		(1,482	)
non-controlling interest related to D&A and impairment		(1,067	)		(7	)
		(52,637	)		29,013
Adjusted EBITDA	$	13,714		$	20,899		-34	%
Adjusted EBITDA Margin (2)		56	%		59	%
Adjusted EBITDA: (1)
(000’s)
	For the Nine Months Ended September   30,
		2020			2019		% Change
GAAP Operating Income (Loss)	$	65,047		$	28,857
Add:
stock-based compensation expense		608			761
depreciation and amortization		894			1,393
gain on sale of trademarks and investments		(75,705	)		–
contract asset write offs, net		700			3,634
impairment charges		40,954			17,000
special charges		9,303			15,063
non-controlling interest		(3,555	)		(7,017	)
non-controlling interest related to D&A and impairment		(1,496	)		(19	)
		(28,297	)		30,815
Adjusted EBITDA	$	36,750		$	59,672		-38	%
Adjusted EBITDA Margin (2)		49	%		56	%

Balance Sheet and Liquidity:

(000’s)	September   30, 2020			December   31, 2019
Cash Summary:
Unrestricted Domestic, Canada and China (Wholly Owned)	$	48,370		$	29,144
Unrestricted Luxembourg (Wholly Owned)		14,813			17,023
Unrestricted in consolidated JV’s		7,347			9,298
Restricted Cash		12,760			15,946
Total Cash	$	83,290		$	71,411
Debt Summary:
Senior Secured Notes due January 2043*	$	323,876		$	338,130
Variable Funding Note due January 2043		100,000			100,000
5.75% Convertible Notes due August 2023		94,430			94,430
Senior Secured Term Loan due August 2022 **		116,420			175,600
Payroll Protection Plan Loan		1,307			–
Total Debt (Face Value)	$	636,033		$	708,160
*- The legal final maturity of the Securitization Notes is in January of 2043, as the Company did not repay or refinance the Securitization Notes prior to the anticipated repayment date. Therefore, beginning in January 2020, the Company is no longer required to make previously designated contractual principal payments. Future principal payments are formulaically based on a percentage of receipts of royalty revenue, and as such are subject to market factors outside of the Company’s control. There can be no assurance that all or any future principal payments projected for the Senior Secured Notes will be made in accordance with the projections provided.
**- As a result of the completion of the sale of Starter China, the Company received $15.6 million of net proceeds, and on October 4, 2020, repaid $11.7 million of Senior Secured Term Loan principal not reflected above.

Fiscal 2020 Outlook

Due to the impact that COVID-19 is having across the globe, and the rapid and continuous economic developments, we are not providing guidance for fiscal year 2020 at this time. The impact of COVID-19 on our business could be material to our operating results, cash flows and financial condition. Due to the evolving and uncertain nature of this situation, we are not able to estimate the full extent of the impact on Iconix’s operating results, cash flows and financial condition. We will provide additional updates as the situation warrants.

About Iconix Brand Group, Inc.

Iconix Brand Group, Inc. owns, licenses and markets a portfolio of consumer brands including: CANDIE’S ®, BONGO ®, JOE BOXER ®, RAMPAGE ®, MUDD ®, MOSSIMO ®, LONDON FOG ®, OCEAN PACIFIC ®, DANSKIN ®, ROCAWEAR ®, CANNON ®, ROYAL VELVET ®, FIELDCREST ®, CHARISMA ®, STARTER ®, WAVERLY ®, ZOO YORK ®, UMBRO ®, LEE COOPER ®, ECKO UNLTD. ®, MARC ECKO ®, ARTFUL DODGER ®, and HYDRAULIC®. In addition, Iconix owns interests in the MATERIAL GIRL ®, ED HARDY ®, TRUTH OR DARE ®, MODERN AMUSEMENT ®, BUFFALO ® and PONY ® brands. The Company licenses its brands to a network of retailers and manufacturers. Through its in-house business development, merchandising, advertising and public relations departments, Iconix manages its brands to drive greater consumer awareness and brand loyalty.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include projections regarding the Company’s beliefs and expectations about future performance and, in some cases, may be identified by words like “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek” and similar terms or phrases. These statements are based on the Company’s beliefs and assumptions, which in turn are based on information available as of the date of this press release. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement and could harm the Company’s business, prospects, results of operations, liquidity and financial condition and cause its stock price to decline significantly. Many of these factors are beyond the Company’s ability to control or predict. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements include, among others: the occurrence of any strategic transaction and the impact of any potential strategic transaction, including acquisitions or dispositions, the ability of the Company’s licensees to maintain their license agreements or to produce and market products bearing the Company’s brand names, the Company’s ability to retain and negotiate favorable licenses, the Company’s ability to meet its outstanding debt obligations, the impact of COVID-19 on our and our licensees’ business, results of operations, financial condition and liquidity and the impact of COVID-19 on global production, manufacturing, distribution and sales and the events and risks referenced in the sections titled “Risk Factors” in the Company’s Annual Report on Form 10K for the year ended December 31, 2019 and subsequent Quarterly Reports on Form 10Q and in other documents filed or furnished with the Securities and Exchange Commission. Our forward-looking statements do not reflect the potential impact of any acquisitions, mergers, dispositions, business development transactions, joint ventures or investments we may enter into or make in the future. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements are made only as of the date hereof and the Company undertakes no obligation to update or revise publicly any forward-looking statements, except as required by law.

Media contact:
John T. McClain  
Executive Vice President and Chief Financial Officer  
Iconix Brand Group, Inc.  
[email protected]
212-730-0030

Unaudited Consolidated Statement of Operations

(000’s, except earnings per share data)

		For the Three Months Ended September   30,								For the Nine Months Ended September   30,
		2020				2019				2020				2019
Licensing revenue		$	24,462			$	35,471			$	74,688			$	105,806
Selling, general and administrative expenses			9,915				26,318				42,043				60,846
Depreciation and amortization			315				421				894				1,393
Equity (earnings) loss on joint ventures			27				(153	)			1,455				(2,290	)
Gain on sale of investment			—				—				(1,600	)			—
Gain on sale of trademarks			(74,105	)			—				(74,105	)			—
Investment impairment			17,145				17,000				17,245				17,000
Trademark impairment			4,814				—				23,709				—
Operating income (loss)			66,351				(8,115	)			65,047				28,857
Other expenses (income):
Interest expense			18,489				14,430				52,249				43,399
Interest (income)			(1	)			(96	)			(51	)			(259	)
Other (income) loss, net			(285	)			11,971				1,851				(6,821	)
Foreign currency translation loss			531				391				596				760
Other expenses – net			18,734				26,696				54,645				37,079
Income (loss) before income taxes			47,617				(34,811	)			10,402				(8,222	)
Provision (Benefit) for income taxes			915				(585	)			39				1,253
Net income (loss)			46,702				(34,226	)			10,363				(9,475	)
Less: Net income attributable to non-controlling interest			976				1,482				3,555				7,017
Net income (loss) attributable to Iconix Brand Group, Inc.		$	45,726			$	(35,708	)		$	6,808			$	(16,492	)
Earnings (loss) per share:
Basic		$	3.66			$	(3.07	)		$	0.55			$	(1.62	)
Diluted		$	1.51			$	(3.07	)		$	0.37			$	(1.62	)
Weighted average number of common shares outstanding:
Basic			12,517				11,631				12,051				10,169
Diluted			31,189				11,631				33,801				10,169

Footnotes

(1)   Adjusted EBITDA is a non-GAAP financial measure, which represents operating income excluding stock-based compensation (benefit) expense, depreciation and amortization, impairment charges, special charges related to potential settlement and professional fees incurred as a result of cooperation with the Staff of the SEC, the SEC and related SDNY investigations, internal investigations, the previously disclosed class action and derivative litigations and costs related to the transition of Iconix management. The Company believes Adjusted EBITDA is a useful financial measure in evaluating its financial condition because it is more reflective of the Company’s business purpose, operations and cash expenses. Uses of cash flows that are not reflected in Adjusted EBITDA include interest payments and debt principal repayments, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide Adjusted EBITDA information may calculate EBITDA and Adjusted EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.

Adjusted EBITDA Reconciliation For the Three Months Ended September   30, (1):
	GAAP Operating Income					Impairment Charges			Special Charges			Gain on sale of Trademarks & Investments				Depreciation & Amortization			Stock Compensation			Contract Asset Impairment				Non-controlling Interest, net					Adjusted EBITDA
($, 000s)	2020		2019			2020	2019		2020	2019		2020		2019		2020	2019		2020	2019		2020	2019			2020		2019			2020		2019
Women’s	6,207		9,988			570	–		–	–		–		–		–	–		–	–		–	117			–		–			6,777		10,105
Men’s	(1,249	)	5,277			4,244	–		–	–		–		–		–	13		–	–		–	(144	)		(1,473	)	(1,843	)		1,522		3,303
Home	3,588		2,990			–	–		–	–		–		–		–			–	1		–	8			–		–			3,588		2,999
International	6,556		6,243			–	–		–	–		–		–		67	69		–	4		581	3,653			(611	)	(947	)		6,593		9,022
Corporate	51,249		(32,613	)		17,145	17,000		460	9,084		(74,105	)	–		248	339		196	358		–	–			41		1,302			(4,766	)	(4,530	)
Total Income	66,351		(8,115	)		21,959	17,000		460	9,084		(74,105	)	–		315	421		196	363		581	3,634			(2,043	)	(1,488	)		13,714		20,899
Adjusted EBITDA Reconciliation For the Nine Months Ended September   30, (1):
	GAAP Operating Income					Impairment Charges			Special Charges			Gain on sale of Trademarks & Investments				Depreciation & Amortization			Stock Compensation			Contract Asset Impairment				Non-controlling Interest, net					Adjusted EBITDA
($, 000s)	2020		2019			2020	2019		2020	2019		2020		2019		2020	2019		2020	2019		2020	2019			2020		2019			2020		2019
Women’s	5,750		26,237			10,638	–		–	–		–		–		–	–		–	–		63	117			–		–			16,451		26,354
Men’s	4,593		17,775			4,348	–		637	–		–		–		4	37		–	–		16	(144	)		(3,741	)	(6,821	)		5,857		10,847
Home	4,512		9,777			5,152	–		–	–		–		–		–	–		1	4		5	8			–		–			9,670		9,789
International	14,569		25,432			3,548	–		–	–		–		–		198	230		2	10		616	3,653			(1,264	)	(3,004	)		17,669		26,321
Corporate	35,623		(50,364	)		17,268	17,000		8,666	15,063		(75,705	)	–		692	1,126		605	747		–	–			(46	)	2,789			(12,897	)	(13,639	)
Total Income	65,047		28,857			40,954	17,000		9,303	15,063		(75,705	)	–		894	1,393		608	761		700	3,634			(5,051	)	(7,036	)		36,750		59,672

(2) Adjusted EBITDA margin is a non-GAAP financial measure, which represents Adjusted EBITDA as a percentage of revenue. The Company believes Adjusted EBITDA margin is a useful financial measure in evaluating its financial condition because it is more reflective of the Company’s business purpose, operations and cash expenses. Uses of cash flows that are not reflected in Adjusted EBITDA margin include interest payments and debt principal repayments, which can be significant. As a result, Adjusted EBITDA margin should not be considered as a measure of our liquidity. Other companies that provide Adjusted EBITDA margin information may calculate EBITDA margin and Adjusted EBITDA margin differently than we do. The definition of Adjusted EBITDA margin may not be the same as the definitions used in any of our debt agreements.

HOUSTON, Nov. 16, 2020 (GLOBE NEWSWIRE) — Peridot Acquisition Corp. (NYSE: PDAC.U) (the “Company”) announced that, commencing November 16, 2020, holders of the units sold in the Company’s initial public offering of 30,000,000 units, completed on September 28, 2020, may elect to separately trade the Class A ordinary shares and warrants included in the units. Any units not separated will continue to trade on the New York Stock Exchange (the “NYSE”) under the symbol “PDAC.U,” and the separated Class A ordinary shares and warrants are expected to trade on the NYSE under the symbols “PDAC” and “PDAC WS,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Unitholders will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and warrants.

The units were initially offered by the Company in an underwritten offering. UBS Securities LLC and Barclays Capital Inc. acted as joint book-running managers and Tudor, Pickering, Holt & Co. Securities acted as co-manager of the offering. A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission (the “SEC”) on September 23, 2020.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About
Peridot Acquisition Corp.

Peridot Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company is targeting companies that focus on environmentally sound infrastructure, industrial applications and disruptive technologies that eliminate or mitigate greenhouse gas (GHG) emissions and/or enhance resilience to climate change. The Company’s sponsor is an affiliate of Carnelian Energy Capital Management, L.P., an investment firm that focuses on opportunities in the North American energy space in partnership with best-in-class management teams.

Forward-Looking Statements

This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions identify forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

For more information,
please contact:

Peridot Acquisition Corp.
www.peridotspac.com
Jeffrey Gilbert
(713) 322-7321

VANCOUVER, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) — Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), a licensed producer focused on cultivating and selling organic certified and premium cannabis, announces that it has elected to accelerate the expiry date of the common share purchase warrants issued on August 23, 2019 (the “Warrants”) under the warrant indenture between Odyssey Trust Company (the “Warrant Agent”) and the Company dated August 21, 2019 (the “Warrant Indenture”).  

“The exercise of these warrants allows Rubicon Organics to bolster its balance sheet and provides us additional capital to continue our rapid growth, particularly through offering new strains, brands and cannabis 2.0 products to the Canadian market. Our current expectation is that the Company will become operating cash flow positive in the first half of 2021 and, with all major capital projects complete, Rubicon Organics remains in a very strong financial position” said Jesse McConnell, Chief Executive Officer.

Accelerated Expiry Date

Pursuant to the terms of the Warrant Indenture, if the daily volume weighted average trading price of the Company’s shares on the TSX Venture Exchange equals or exceeds $3.80 for twenty (20) consecutive trading days (the “Acceleration Trigger”), the Company is entitled to accelerate the expiry date of the Warrants to a date thirty (30) days from the date notice of such acceleration is provided to holders of Warrants. The Company has delivered to holders of Warrants a notice of the occurrence of the Acceleration Trigger and its election to accelerate the expiry date of the Warrants to December 16, 2020 (the “Accelerated Expiry Date”).

Any Warrants that have not been exercised by
3
:00 p.m. (
Vancouver
time) on
December
16
, 2020 will automatically
be
cancelled.

As of November 13, 2020, 3,117,000 Warrants remain outstanding. Each Warrant entitles the holder to purchase one common share of the Company at $3.50. If all outstanding Warrants are exercised, gross proceeds to the Company will total $10,909,500, however, there can be no assurance that any of the Warrants will be exercised prior to the Accelerated Expiry Date.

Warrant holders who wish to exercise their Warrants should contact their investment advisor and submit an exercise notice form to the Warrant Agent. The contact details for the Warrant Agent is as follows: Odyssey Trust Company, Suite 350, 300 5^th Avenue S.W., Calgary, Alberta, T2P 3C4, Tel: 1-587-885-0960.

ABOUT RUBICON ORGANICS INC.

Rubicon Organics Inc. is becoming the global brand leader in organic cannabis products. Through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer, the Company cultivates and sells organic certified, sustainably grown, super-premium cannabis from its state-of-the-art hybrid greenhouse located in Delta, BC, Canada. Rubicon Organics is focused on achieving industry leading profitability through the development of brands and cannabis 2.0 products, including its flagship super-premium brand Simply Bare^TM Organic.

CONTACT INFORMATION

Margaret Brodie
Chief Financial Officer
Phone: +1 (437) 929-1964
Email: [email protected]

The TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release.

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, and statements such as the Company’s belief that the acceleration and exercise of the Warrants would provide the additional capital to continue its rapid growth through offering new strains, brands and cannabis 2.0 products; reaching cash flow positive in the first half of 2021; the Company’s expectation that if all outstanding Warrants are exercised, gross proceeds to the Company will total $10,909,500; the Company’s belief that it is becoming the global brand leader in organic cannabis products and the Company’s intention of achieving industry leading profitability are “forward-looking statements”. Forward-looking information can be identified by the use of words such as “will” or variations of such words or statements that certain actions, events or results “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including that its capital needs will be as currently projected. Risks and uncertainties associated with forward looking information in this press release include, among others, information or statements concerning the Company’s expectations of financial resources available to fund operations; Rubicon Organics’ limited operating history and lack of historical profits; obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the Company’s ability to obtain financing at reasonable terms through the sale of equity and/or debt commitments; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; that our current relationships with our suppliers, service providers and other third parties will be maintained; and the impact of the current global health crisis caused by the COVID-19 pandemic. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Although Rubicon Organics has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.