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Sogou Announces Third Quarter 2020 Results

PR Newswire

BEIJING, Nov. 16, 2020 /PRNewswire/ — Sogou Inc. (NYSE: SOGO) (“Sogou” or “the Company”), an innovator in search and a leader in China’s internet industry, today announced its unaudited financial results for the third quarter, ended September 30, 2020.

Total revenues
[1]
 were $216.7 million, a 31.2% decrease year-over-year. The decrease was primarily driven by uncertainties with respect to Sogou’s business policies among certain advertisers as a result of the previously-announced proposal by Tencent Holdings Limited (“Tencent“) to take Sogou private, as well as reduced traffic acquisition activity.


  • Search and search-related revenues
    were $192.5 million, a 33.2% decrease year-over-year. Auction-based pay-for-click services decreased year-over-year, accounting for 83.9% of search and search-related revenues, compared to 88.7% in the corresponding period in 2019.

  • Other revenues
     were $24.2 million, a 9.3% decrease year-over-year. The decrease was primarily due to decreased revenues from non-core businesses, partially offset by a 66% year-over-year increase in AI-enabled hardware.

Cost of revenues was $168.9 million, a 10.8% decrease year-over-year. Traffic acquisition cost, a primary driver of cost of revenues, was $122.6 million, a 14.7% decrease year-over-year, representing 56.6% of total revenues, compared to 45.6% in the corresponding period in 2019. The decrease in traffic acquisition costs was driven by decreased traffic acquisition from third parties.

Gross profit and non-GAAP[2] gross profit were both $47.8 million, a 62.0% decrease year-over-year for both.

Total operating expenses were $93.4 million, a 4.9% decrease year-over-year.


  • Research and development expenses
    were $50.5 million, a 0.9% increase year-over-year, representing 23.3% of total revenues, compared to 15.9% in the corresponding period in 2019.

  • Sales and marketing expenses
     were $28.5 million, a 24.0% decrease year-over-year, representing 13.2% of total revenues, compared to 11.9% in the corresponding period in 2019. The decrease was primarily due to a decrease in advertising and promotion expenses.

  • General and administrative expenses
    were $14.4 million, a 34.7% increase year-over-year, representing 6.7% of total revenues, compared to 3.4% in the corresponding period in 2019. The increase was primarily due to an increase in professional fees.

Operating loss was $45.6 million, compared to operating income of $27.4 million in the corresponding period in 2019. Non-GAAP operating loss was $41.4 million, compared to operating income of $31.6 million in the corresponding period in 2019.

Other income, net was $8.6 million, compared to $7.6 million in the corresponding period in 2019. The increase was primarily due to certain tax exemptions.

Income tax expense was $1.5 million, compared to $2.4 million in the corresponding period of 2019.

Net loss attributable to Sogou Inc. was $42.0 million, compared to net income of $36.6 million in the corresponding period in 2019. Non-GAAP net loss attributable to Sogou Inc. was $37.7 million, compared to net income of $40.9 million in the corresponding period in 2019.

GAAP basic and diluted
loss
per ADS was $0.11. Non-GAAP basic and diluted loss per ADS was $0.10.

As of September 30, 2020, the Company had cash and cash equivalents and short-term investments of $1.0 billion, compared to $1.1 billion as of December 31, 2019. Net operating cash outflow for the third quarter of 2020 was $111.2 million. Capital expenditures for the third quarter of 2020 were $6.3 million.


[1] On a constant currency (non-GAAP) basis, if the exchange rate in the third quarter of 2020 had been the same as it was in the third quarter of 2019, or RMB 6.99=$1.00, total revenues in the third quarter of 2020 would have been 214.2 million, or $2.5 million less than GAAP total revenues, and down 32% year-over-year.


[2] Non-GAAP results exclude share-based compensation expense. Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”


Recent Development

On September 29, 2020, the Company announced that it had entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with THL A21 Limited (“THL”), TitanSupernova Limited (“Parent”), and Tencent Mobility Limited, each of which is a direct or indirect wholly-owned subsidiary of Tencent, which contemplates that Parent will be merged with and into Sogou in an all-cash transaction (the “Merger”), and Sogou will become a wholly-owned indirect subsidiary of Tencent.

Upon the effectiveness of the Merger, if it is completed, outstanding Class A ordinary shares of the Company (each a “Class A Ordinary Share”), including Class A Ordinary Shares represented by American depositary shares (“ADSs”), other than Excluded Shares (as defined in the Merger Agreement) and ADSs representing Excluded Shares, will be cancelled in exchange for the right of the holders thereof to receive $9.00 in cash per share or ADS.

On or about the same time as the Company entered into the Merger Agreement, Sohu.com Limited (“Sohu”) (NASDAQ: SOHU), which is currently the Company’s indirect controlling shareholder through Sohu’s wholly-owned subsidiary Sohu.com (Search) Limited (“Sohu Search”), and Sohu Search entered into a share purchase agreement with Parent, pursuant to which Sohu Search agreed to sell all of the Class A Ordinary Shares and Class B ordinary shares of the Company (each a “Class B Ordinary Share”) owned by it to Parent (the “Share Purchase”). Also on or about the same time, THL and Parent entered into a contribution agreement, pursuant to which THL agreed to contribute all of the Class B Ordinary Shares of the Company owned by it to Parent (the “Share Contribution”).  Each of the closing of the Share Purchase and the closing of the Share Contribution is expected to take place shortly prior to the completion of the Merger.

Following the completion of the Share Purchase and the Share Contribution, Parent will hold not less than 90% of the voting power represented by all issued and outstanding shares of the Company. Accordingly, it is intended that the Merger will be in the form of a short-form merger of Parent with and into the Company in accordance with section 233(7) of the Companies Law of the Cayman Islands, and shareholder approval of the Merger Agreement and the Merger will not be required.

If completed, the Merger will result in the Company becoming a privately-held indirect wholly-owned subsidiary of Tencent, the Company’s ADSs will no longer be listed on the New York Stock Exchange, and the ADS program will be terminated.

The Company does not undertake any obligation to provide any updates with respect to the Merger, the Share Purchase, or any other transaction, except as required under applicable law.


Non-GAAP Disclosure

To supplement the unaudited consolidated financial information prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), Sogou’s management uses non-GAAP measures of gross profit, gross margin, and net income that are adjusted from results based on GAAP to exclude the impact of share-based awards. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Sogou’s management believes that excluding share-based compensation expense is useful for management’s internal operating purposes and for investors. The amount of share-based compensation expense cannot be anticipated by management, and this is not built into the Company’s annual budgets and quarterly forecasts, which generally will be the basis for information Sogou provides to analysts and investors as guidance for future operating performance. As share-based compensation expense does not involve subsequent cash outflow, Sogou does not factor in this expense when evaluating and approving expenditures or when determining the allocation of its resources to its business operations. As a result, in general, the Company’s monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on these non-GAAP financial measures that exclude share-based compensation expense.

The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sogou’s current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, gross margin, and net income measures that exclude share-based compensation expense is that share-based compensation expense has been and is likely to continue to be a significant recurring expense in the Company’s business. In order to mitigate these limitations, the Company has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.


Safe Harbor Statement

This announcement contains forward-looking statements. Statements that are not historical facts, including statements about Sogou’s and Sogou management’s beliefs and expectations and statements about the Merger, are forward-looking statements. Any such statements are based on current plans, estimates, and projections, which involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, intense competition in the market for search and search-related services; our need to continually innovate and adapt in order to grow our business; our reliance on Tencent platforms for a significant portion of our user traffic; uncertainty regarding the extent and reach of PRC governmental regulation of sponsored search; the effects of the worldwide COVID-19 pandemic on the economy in China generally and on our business in particular; other risks discussed in Sogou’s Annual Report on Form 20‑F for the year ended December 31, 2019 filed with the Securities and Exchange Commission on April 21, 2020, and other documents Sogou files with or submits to the Securities and Exchange Commission; and the possibility that the Merger will not occur as planned if events arise that result in the termination of the Merger Agreement, or if one or more of the various closing conditions to the Merger are not satisfied or waived, and other risks and uncertainties regarding the Merger Agreement and the Merger that are discussed in the transaction statement on Schedule 13E-3 in connection with the Merger filed with the SEC on October 28, 2020.


About Sogou

Sogou Inc. (NYSE: SOGO) is an innovator in search and a leader in China’s internet industry. With a mission to make it easy to communicate and get information, Sogou has grown to become the second-largest search engine by mobile queries and the fourth largest internet company by MAU in China. Sogou has a wide range of innovative products and services, including the Sogou Input Method, which is the largest Chinese language input software for both mobile and PC. Sogou is also at the forefront of AI development and has made significant breakthroughs in voice and image technologies, machine translation, and Q&A, which have been successfully integrated into our products and services.


For investor enquiries, please contact:


Jessie Zheng

Sogou Investor Relations
Tel: +86 10 5689 8068
Email: [email protected]

For media enquiries, please contact:


Serena Liu

Sogou Public Relations
Tel: +86 10 5689 9999 (61958)
Email: [email protected]

 

 

 


SOGOU INC.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)


Three Months Ended


 Sep. 30, 2020 


 Jun. 30, 2020 


 Sep. 30, 2019 



Revenues: 

   Search and search‑related advertising
   revenues

$

192,487

$

240,602

$

288,234

Other revenues

24,180

20,581

26,657


Total revenues 


216,667


261,183


314,891

Cost of revenues(1) 

168,896

196,939

189,280



Gross profit 


47,771


64,244


125,611


Operating expenses:

   Research and development(1)

50,479

48,683

50,031

   Sales and marketing(1) 

28,518

31,981

37,505

   General and administrative(1)

14,421

9,682

10,705



Total operating expenses 


93,418


90,346


98,241


Operating (loss)/income


(45,647)


(26,102)


27,370

Interest income 

744

813

793

Foreign currency exchange (loss)/gain

(4,387)

(89)

3,198

Other income, net

8,624

15,542

7,648



(Loss)/income before income tax
expenses 


(40,666)


(9,836)


39,009

Income tax expense/(benefit)

1,515

(1,143)

2,365


Net (loss)/income


(42,181)


(8,693)


36,644

   Less: Net loss attributable to non-controlling
   interest shareholders

(225)

(233)


–


Net (loss)/income attributable to Sogou Inc.


$


(41,956)


$


(8,460)


$


36,644


Net (loss)/income per share/ADS

   Basic

$

(0.11)

$

(0.02)

$

0.09

   Diluted

$

(0.11)

$

(0.02)

$

0.09


Weighted average number of shares/ADSs
outstanding

   Basic

383,563

383,066

390,788

   Diluted

383,563

383,066

396,319


(1) Share‑based compensation expense
included in:

   Cost of revenues 

$

36

$

45

$

64

   Research and development 

3,051

2,095

2,767

   Sales and marketing 

780

702

1,091

   General and administrative 

421

72

294

$

4,288

$

2,914

$

4,216


(2) Foreign currency exchange gain/(loss), mainly arising from our cross-border RMB-denominated intragroup loans,
is a result of depreciation or appreciation of the RMB, respectively.

 

 


SOGOU INC.


CONDENSED CONSOLIDATED BALANCE SHEETS


(UNAUDITED, IN THOUSANDS)


As of Sep. 30, 2020


As of Dec. 31, 2019


ASSETS


Current assets:

   Cash and cash equivalents 

$

161,184

$

142,464

   Short-term investments

885,950

995,350

   Restricted cash

6,750

5,370

   Account and financing receivables, net 

124,238

131,813

   Prepaid and other current assets

33,448

26,888

   Due from related parties 

2,134

2,837

Total current assets 

1,213,704

1,304,722

Long‑term investments, net

72,441

63,345

Fixed assets, net 

85,294

110,006

Goodwill 

6,254

5,534

Intangible assets, net 

1,246

1,514

Deferred tax assets, net 

15,692

16,306

Other assets

38,539

20,975



Total assets 


$


1,433,170


$


1,522,402


LIABILITIES


Current liabilities:

Accounts payable

$

113,308

$

111,587

Accrued and other short-term liabilities

134,620

150,275

Receipts in advance

69,050

67,902

Accrued salary and benefits

19,047

24,167

Taxes payable

68,491

76,688

Due to related parties

28,267

22,594

Total current liabilities 

432,783

453,213

Long-term liabilities

13,221

5,686



Total liabilities 


$


446,004


$


458,899


SHAREHOLDERS’ EQUITY

Sogou Inc. shareholders’ equity

987,166

1,063,503

Non-controlling interest

–

–


Total shareholders’ equity


987,166


1,063,503


Total liabilities and shareholders’ equity 


$


1,433,170


$


1,522,402

 

 


SOGOU INC.


RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES


(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)


Three Months Ended Sep. 30, 2020


Three Months Ended Jun. 30, 2020


Three Months Ended Sep. 30, 2019


GAAP


Non-GAAP


Non-GAAP


GAAP


Non-GAAP


Non-GAAP


GAAP


Non-GAAP


Non-GAAP



Adjustments

(1)



Adjustments

(1)



Adjustments

(1)

Gross profit

$

47,771

$

36

$

47,807

$

64,244

$

45

$

64,289

$

125,611

$

64

$

125,675

Gross margin

22%

22%

25%

25%

40%

40%

Operating expenses

$

93,418

$

(4,252)

$

89,166

$

90,346

$

(2,869)

$

87,477

$

98,241

$

(4,152)

$

94,089

Operating (loss)/income

$

(45,647)

$

4,288

$

(41,359)

$

(26,102)

$

2,914

$

(23,188)

$

27,370

$

4,216

$

31,586

Operating margin

-21%

-19%

-10%

-9%

9%

10%

Income tax expense/(benefit)

$

1,515

$

–

$

1,515

$

(1,143)

$

–

$

(1,143)

$

2,365

$

–

$

2,365

Net (loss)/income before non-
controlling interest

$

(42,181)

$

4,288

$

(37,893)

$

(8,693)

$

2,914

$

(5,779)

$

36,644

$

4,216

$

40,860

Net (loss)/income attributable to
Sogou Inc. 

$

(41,956)

$

4,288

$

(37,668)

$

(8,460)

$

2,914

$

(5,546)

$

36,644

$

4,216

$

40,860

Net margin attributable to Sogou Inc. 

-19%

-17%

-3%

-2%

12%

13%


(1) To exclude share-based compensation expense. This non-GAAP adjustment does not have an impact on income tax expense.

 

 

Cision View original content:http://www.prnewswire.com/news-releases/sogou-announces-third-quarter-2020-results-301173365.html

SOURCE Sogou Inc.

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Sasol announces beneficial operation of Louisiana low-density polyethylene (LDPE) unit

Seventh unit marks completion of Lake Charles Chemicals Project

PR Newswire

LAKE CHARLES, La., Nov. 16, 2020 /PRNewswire/ — Sasol today announced our LDPE unit reached beneficial operation on 15 November 2020. The LDPE unit is the seventh and final Lake Charles Chemicals Complex unit to come online. The LCCP is now 100 percent complete with total capital expenditure forecast to be within the previously communicated guidance of US$12,8 billion.

“This milestone safely brings our Lake Charles Chemicals Project to a close and sets the stage for the next step in the evolution of our chemicals business,” said Sasol President and Chief Executive Officer Fleetwood Grobler. “The completion of this unit and its impending transition to our joint venture with LyondellBasell will accelerate our transformation to a more specialty chemicals-focused company with a strong presence of base chemicals in our portfolio.”

Sasol’s LDPE unit uses ExxonMobil technology and has a nameplate capacity of 420,000 tons per year (420 ktpa). LDPE is used to manufacture plastic bags, shrink wrap and stretch film, coatings for paper cups and cartons, container lids, squeezable bottles, and other applications. The beneficial operation of the final LCCP unit signals that 100% of total nameplate capacity of the LCCP is operational.

The LDPE unit is one of the three LCCP plants that will form part of the Sasol/LyondellBasell Louisiana Integrated Polyethylene joint venture.

To date, Sasol’s Lake Charles Chemicals Project has generated more than 800 full-time quality manufacturing jobs, with up to 6,500 people on site during construction, US$4 billion to Louisiana businesses and nearly US$200 million in local and state taxes.

Issued by:

Matebello Motloung, Manager: Group Media Relations
Direct telephone: +27 (0) 10 344 9256; Mobile: +27 (0) 83 773 9457
[email protected] 

Alex Anderson, Senior Manager: Group External Communication
Direct telephone: +27 (0) 10 344 6509; Mobile: +27 (0) 71 600 9605
[email protected] 

In the U.S.:

Issued by:

Sarah Hughes, Manager Lake Charles Corporate Affairs
Direct telephone: +1 (346) 313-6151
[email protected]

Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, expectations, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, the impact of the novel coronavirus (COVID-19) pandemic on Sasol’s business, results of operations, financial condition and liquidity and statements regarding the effectiveness of any actions taken by Sasol to address or limit any impact of COVID-19 on its business; statements regarding exchange rate fluctuations, changing crude oil prices , volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP), oil and gas reserves, cost reductions, our climate change strategy and business performance outlook. Words such as “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavour”, “target”, “forecast” and “project” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors and others are discussed more fully in our most recent annual report on Form 20-F filed on 25 August 2020 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

Please note: One billion is defined as one thousand million. bbl – barrel, bscf – billion standard cubic feet, mmscf – million standard cubic feet, oil references brent crude: mmboe – million barrels oil equivalent.

All references to years refer to the financial year ended 30 June.

Any reference to a calendar year is prefaced by the word “calendar”.

Comprehensive additional information is available on our website:

www.sasol.com

About Sasol:

Sasol is a global integrated chemicals and energy company spanning 30 countries. Through our talented people, we use selected technologies to safely and sustainably source, manufacture and market chemical and energy products globally.

About Sasol’s Information Privacy Policy:

We wish to inform you about the processing of your Personal Information by Sasol South Africa Limited and your rights under applicable data protection law, as interpreted and included in Sasol Information Privacy Policy.

Within our company, only Sasol Group Media Relations will receive your Personal Information to fulfil the purpose of maintaining the relationship with the receiver in his/her capacity as a member of the media. You have the right to request for the correction or deletion of your Personal Information stored by us at address: Sasol Place, 50 Katherine Street, Sandton in Johannesburg. You also have a right to restrict the processing of your Information. To exercise your privacy rights or find out more about Information Privacy Policy, kindly contact our Privacy Office on: [email protected] 

 

 

Cision View original content:http://www.prnewswire.com/news-releases/sasol-announces-beneficial-operation-of-louisiana-low-density-polyethylene-ldpe-unit-301173249.html

SOURCE Sasol Limited

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Premier and 34 Leading Health Systems Partner with DeRoyal to Expand Domestic Production of Isolation Gowns

Premier and 34 Leading Health Systems Partner with DeRoyal to Expand Domestic Production of Isolation Gowns

  • New joint venture will produce isolation gowns in Tennessee, primarily using domestically produced raw materials.
  • Venture is Premier’s second effort to co-invest with health systems in domestic and geographically diverse manufacturers and help ensure that critical healthcare products are insulated from shortages.

CHARLOTTE, N.C.–(BUSINESS WIRE)–Premier Inc. (NASDAQ: PINC), a leading healthcare improvement company, and 34 member health systems partnered with DeRoyal Industries Inc., a global medical manufacturer, to create a new joint venture dedicated to the domestic production of isolation gowns.

A new entrant in the market, the joint venture will produce isolation gowns in an existing facility just outside Knoxville, TN. Raw materials will primarily be sourced from U.S.-based manufacturers, with backup capacity from Mexico and South America. In this unique collaboration, gowns are designed to specifications considering the hospital systems’ care delivery requirements, while also allowing for fully automated production that can scale over time. To support the venture long-term, health system co-investors also signed multi-year commitments to purchase a portion of the isolation gowns used each year from the joint venture.

Medical products critical to the daily operations of health systems are overwhelmingly sourced overseas, with approximately 80 percent of PPE coming from Southeast Asia. The risks of this overreliance came into sharp focus as COVID-19 swept across the globe and many nations closed borders and prevented U.S. access to supplies, triggering shortages of PPE needed to protect healthcare workers and the patients they care for. In addition, sourcing from overseas makes replenishment difficult, as it can take 90-120 days for foreign products to reach U.S. shores, depending on country of origin, weather, mode of transportation and customs processes. As a result, approximately 74 percent of U.S. hospitals reported they were unable to source adequate quantities of isolation gowns in the month of April, a problem that has continued as COVID-19 continues to spread.

“Together with our members, Premier has created a proven, replicable co-investment model for generating new sources of supply,” said Premier President Michael J. Alkire. “We rely on a data-driven approach to build more supply chain resiliency, prioritizing investments that will quickly satisfy the greatest needs, at scale. In following this approach, we are protecting providers from shortages, injecting more competition into the market and expanding the GPO portfolio with new domestic and geographically diverse options.”

“Domestic manufacturers face tremendous handicaps against foreign competitors, many of whom draw from among the cheapest labor and supply markets on the planet,” said Brian DeBusk, DeRoyal CEO. “One way we can restore diverse, on-shore and near-shore manufacturing is by investing in automation combined with assurances of long-term purchasing volume at globally competitive prices. With this added certainty, we are now able to move into an entirely new product category, create new American jobs and offer a domestic option for providers where one didn’t exist previously. Our intent is to leverage automation to remain price competitive for the long term.”

The arrangement with DeRoyal is part of Premier’s strategy to create more resiliency in the supply chain. Through this effort, Premier has worked with members to pursue targeted investment opportunities in critical supply categories that lack adequate competition, geographic diversity or stable sources of contingency supply. The first such investment was in Prestige Ameritech, one of the nation’s only domestic producers of face masks and other personal protective equipment (PPE). As a result of the joint investment and a long-term commitment to purchase products from Prestige Ameritech, the company is now making 3.5 million additional N95 masks per month for U.S. healthcare providers. Moving forward, Premier plans to address critical supply needs through similar partnerships with members in other product categories, including gloves and disinfecting wipes.

Premier members participating in the initial investment include, among others: AdventHealth (Altamonte Springs, FL), Atrium Health (Charlotte, NC), Baptist Health (Louisville, KY), Beebe Healthcare (Lewes, DE), CHAMPS GPO (Cleveland, OH), Chesapeake Regional Healthcare (Chesapeake, VA), Med Center Health (Bowling Green, KY), Community Medical Centers (Fresno, CA), East Alabama Medical Center (Opelika, AL), First Health of the Carolinas (Pinehurst, NC), Health Enterprise Cooperative (Cedar Rapids, IA), Henry Ford Health System (Detroit, MI), Hospital for Special Surgery (New York, NY), McLaren Health Care (Grand Blanc, MI), Methodist Health System (Dallas, TX), Mon Health System (Morgantown, WV), Monument Health (Rapid City, SD), Norton Healthcare (Louisville, KY), OSF HealthCare (Peoria, IL), Riverside Health System (Newport News, VA), SBH Health System (New York, NY), St. Elizabeth Healthcare (Edgewood, KY), St. Luke’s University Health Network, (Bethlehem, PA), The University of Tennessee Medical Center (Knoxville, TN), Texas Health Resources (Arlington, TX) and University of Virginia Medical Center (Charlottesville, VA).

Revenues from the investment in the joint venture are not expected to materially impact Premier FY 2021 results.

Gowns produced by the new joint venture are expected to be available in mid-2021.

About Premier Inc.

Premier Inc. (NASDAQ: PINC) is a leading healthcare improvement company, uniting an alliance of more than 4,100 U.S. hospitals and health systems and approximately 200,000 other providers and organizations to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and consulting and other services, Premier enables better care and outcomes at a lower cost. Premier plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier’s news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube, Instagram and Premier’s blog for more information about the company.

About DeRoyal Industries, Inc.

DeRoyal is a 47-year old family-owned business with over 25,000 products including orthopedic devices, surgical accessories, and wound care supplies. The company has approximately 2,000 employees in 21 locations on three different continents, with the majority of its production capacity residing inside the continental United States. DeRoyal has been a pioneer in the reshoring of medical devices beginning with its plastics division in 1985 and expanding into other manufacturing disciplines throughout the following decades. Please visit www.deroyal.com for more information.

Amanda Forster

[email protected]

KEYWORDS: United States North America North Carolina

INDUSTRY KEYWORDS: Supply Chain Management Medical Supplies Retail Health Hospitals Other Health

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Global Warming Solutions Inc. Announces the Addition of Three Leading Industry Members to its Advisory Committee.

Jacksonville, FL, Nov. 16, 2020 (GLOBE NEWSWIRE) — Global Warming Solution Inc., (OTC MARKETS: GWSO), is pleased to announce that effective today, three new members were added to it’s Advisory Committee. Prof. Robert F. Waters, Ph.D., Del Bentz M.S. and Bret W. Rawson brings decades of valuable leadership to Global Warming Solutions, Inc. 

About Prof. Robert F. Waters

Prof. Robert F. Waters, Ph.D. is a senior research professor at Arizona State University Biodesign Institute. He is co-developer of many successful anti-cancer and anti-viral treatments. His research includes focus in genomics, anti-virals, diabetes, cancer, artificial intelligence, and mathematics. He also continues to be published in major journals, and attends speaking engagements regularly.

Prof. Robert F. Waters is a current member of the Mathematical Association of America, and the American College of Medical Genetics (Emeritus Status).

Service in Organizations

  • Kansas State University working on DNA Hybridization techniques
  • CYMMYT (Mexico) under the auspices of Nobel Prize Laureate, Prof. Norman E. Borlaug.
  • CAPLAMAR (Mexico City), CIA (Langley), British Petroleum (London), and Tyndall AFB (Florida), working on CIS WAN communications.
  • Worked with the State of Arizona on the “Seatbelt Coalition,” and Arizona State Educational statistics issues.
  • 20 years in medical schools, and continues to teach Medical Biochemistry, Medical Genetics, and Biostatistics.

About Del Bentz M.S.

Del Bentz is the first engineer to have developed a unique feedback control system that achieves high-speed robotic movement with precise control and has won a national award for innovation in controls. He worked as an engineer in the space industry, and helped in developing the most efficient brushless DC motor of its time.

Del Bentz is one of several researchers who discovered a new method of processing an ancient plant material into soil stimulating products. This has formulated health products for both animals, and humans that can also be utilized as nontoxic natural pest control products for humans, crops, animals, and fish. These products have been granted several patents and national awards for innovative product and design.

His other accomplishments include:

  • Development of new product lines for wastewater, plants and soil, which has shown to out perform all current known products of its type. (This is currently being introduced around the world).
  • Proven water savings up to 40% in desert conditions with the Salt River Project 1/2.
  • Developed products to provide plant minerals for human health. Developed the technology for the extraction of ancient plant material from a compound called Fulvic acid known as the “miracle molecule of health.”
  • Currently working with innovative products for aqua-culture for the extraction of sea lice on salmon. Awarded a patent for the formulation of this product. This product has been proven to out perform all other current products on the market (waiting for a government license to market this to the fish industry).
  • Developed a nontoxic product for head lice on children. Tested successfully and currently used by doctors and nurses in homeless shelters around the Phoenix (Arizona)  area.
  • Currently developing the Ballast Water Treatment system for the sterilization of ballast water. Jointly patented this process using a new mechanism for the destruction of bacteria, viruses, and spores for the use in water sterilization. (The UN has mandated that all seawater used as ballast, must meet certain water standards so that no cross contamination can occur). This patented technology is the lowest cost system on the market at this time.. Waiting for funding to finish product testing.
  • Developing a passive water sterilization system to produce biologic free fresh water for people who live in 3rd world countries.

About
Bret W. Rawson

Bret Rawson is a General Counsel for the Utah Fraternal Order of Police, that represents more than 4,000 law enforcement officers and is a subordinate lodge of the largest police fraternal organization in the United States, the National Fraternal Order of Police, with membership exceeding 350,000.

Mr. Rawson is also a Board Member of the Wounded Blue, a non-profit organization aimed at supporting catastrophically-injured law enforcement officers.

Mr. Rawson’s practice focuses on police concerns that include administrative matters regarding Peace Officer Standards and Training (POST) as well as internal affairs and officer-involved critical incidents.

Mr. Rawson is also a reserve police officer at a local Utah municipality. Mr. Rawson holds a JD from the Marshall-Wythe School of Law at the College of William & Mary in Virginia, and a master’s degree in mass communication from Brigham Young University in Provo, Utah.

“I couldn’t be more pleased to have so much talent under one roof to guide the company’s success. We are very thrilled to welcome Prof. Waters, Dr. Bentz and Mr. Rawson.” said Vladimir Vasilenko, Chief Executive Officer of Global Warming Solutions. “Their professional background and expertise will be an integral part of our projects.”

‘We will be announcing more great minded advisors to join the committee as well as key management shortly. Based on the high demand for the company’s products, we will also be adding a sales force  to ensure growth.”
As related to financial aspects, we expect to receive a clearance to file the company’s audited financials within the next 24 hours.” concluded Vladimir Vasilenko.

To learn more about Global Warming Solutions, Inc. Visit: http://www.gwsogroup.com

Forward-Looking Statements

This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent the Company’s current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the opinions of the Company’s management only as of the date of this release. Please keep in mind that the Company is not obligating itself to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: potential, expect, look forward, believe, dedicated, building, or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by the Company herein are often discussed in filings the Company makes with the United States Securities and Exchange Commission (SEC) available at www.sec.gov and on the Company’s website at https://www.gwsogroup.com.

Contact:
Vladimir Vasilenko
CEO
Global Warming Solutions, Inc.
[email protected]



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Survey: Pandemic Has Cost-Conscious Consumers Reevaluating Everything From Holiday Spending to Health Insurance

MOUNTAIN VIEW, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) — The COVID-19 pandemic has Americans reevaluating everything from holiday shopping and health insurance, to whether they will see family in person for Thanksgiving according to a new healthinsurance.com national survey conducted by Scott Rasmussen.

Key Takeaways:

  • 41% are experiencing “pandemic fatigue;”
  • 59% plan to spend Thanksgiving in person with their family;
  • 78% are more likely to support small businesses and buy local this year;
  • 40% plan to spend less on gifts this year compared to other years;
  • 63% would pay less, if they could change one thing about their current health insurance plan.

ENGAGING IN OPEN ENROLLMENT 2020

As open enrollment is underway from now until December 15th, 83% say they are happy with their current health insurance coverage, yet 50% are exploring their options. 28% of those surveyed said they are likely to change their coverage this open enrollment period with an additional 22% admitting they are still undecided. Of the 17% that aren’t happy with their current coverage, 55% say it’s because not enough benefits are covered.

When asked if there was one thing respondents would change about their current health insurance, 63% cited cost issues:

  • 30% said lower premiums;
  • 26% more coverage and benefits;
  • 16% lower deductibles;
  • 11% doctor networks;
  • 10% lower copays;
  • 7% prescription drug costs.

PANDEMIC PAUSING ONLY SOME IN-PERSON HOLIDAY PLANS

The COVID-19 pandemic is taking an emotional toll on many Americans; 4 in 10 say they are experiencing “pandemic fatigue.” When asked about attending in-person gatherings of close friends and family right now, 63% said they are comfortable. Which is in line with the 59% who said they intend on spending Thanksgiving in person with their family. Of the 41% who said no or still unsure about their Thanksgiving plans, the reasons were:

  • 50% COVID-19 concerns;
  • 12% COVID-19 travel restrictions;
  • 7% are using COVID-19 as an excuse so they don’t have to talk politics with relatives;
  • 30% said it’s because they rarely spend time with family.

Additionally, some are having a techie turkey day dinner, 20% are planning a virtual Thanksgiving dinner.

HOLIDAY SHOPPING TRENDS DURING A HEALTH PANDEMIC

The pandemic is influencing shopping behavior heading into the holiday season. Getting into the holiday spirit, 78% say they are more likely to support small businesses and buy local this year. 57% don’t plan to shop in person on Black Friday this year, with an additional 16% still undecided. 35% said they plan to shop only online this holiday season, while 47% are planning to do a combo of online and in person shopping. Unfortunately it’s not all joyful finding: 40% say they plan to spend less on gifts this year compared to other years.

For the entire survey results click here

METHODOLOGY:

The survey of 1,000 Adults was conducted by Scott Rasmussen using a mixed mode approach from November 6-10, 2020. Field work for the survey was conducted by RMG Research, Inc. Most respondents were contacted online or via text while 112 were contacted using automated phone polling techniques. Certain quotas were applied to the overall sample and lightly weighted by geography, gender, age, race, education, and political party to reasonably reflect the nation’s population of Registered Voters. Other variables were reviewed to ensure that the final sample is representative of that population.

ABOUT HEALTHINSURANCE.COM:

Healthinsurance.com combines the nation’s leading health insurance carriers and advanced technology to offer a suite of private insurance solutions and Medicare plan options. In just a few clicks, our website provides consumers the ability to access powerful online comparison tools and educational resources that enable efficient self-guided navigation of available health insurance and Medicare options. For more information, visit www.healthinsurance.com.

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/98703a1d-36dd-4575-aa30-0f8421dd3714



For More Information:
Media Contact:
Jennifer Seelig
[email protected] 

Investor Contact:
Benefytt Technologies, Inc.:
Mike DeVries
Chief Financial Officer
[email protected]

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FSIS ISSUES PUBLIC HEALTH ALERT FOR CHICKEN AND PORK TAMALES CONTAINING FDA-REGULATED DICED TOMATOES IN PUREE THAT HAVE BEEN RECALLED DUE TO POSSIBLE FOREIGN MATTER CONTAMINATION

Washington, DC, Nov. 15, 2020 (GLOBE NEWSWIRE) —

  

                                                                     

Public Health Alert
  Congressional and Public Affairs
Maria Machuca (202) 720-9113

[email protected]

 

FSIS ISSUES PUBLIC HEALTH ALERT FOR CHICKEN AND PORK TAMALES CONTAINING FDA-REGULATED DICED TOMATOES IN PUREE THAT HAVE BEEN RECALLED DUE TO POSSIBLE FOREIGN MATTER CONTAMINATION

 

 

WASHINGTON, Nov. 15, 2020 – The U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) is issuing a public health alert for ready-to-eat (RTE) chicken and pork tamale products containing Food and Drug Administration (FDA) regulated diced tomatoes in puree that have been recalled by the producer, due to concerns that the products may be contaminated with extraneous materials, specifically hard plastic. The hard plastic may pose a choking hazard or cause damage to teeth or gums. FSIS is issuing this public health alert out of the utmost of caution to ensure that consumers are aware that these products, which bear the USDA mark of inspection, should not be consumed.

 

The frozen RTE chicken and pork tamale items were produced between Oct. 22, 2020 and Nov. 9, 2020 by Tucson Tamale Wholesale Co. LLC, an establishment in Tucson, Ariz.  The following products are subject to the public health alert:

 

  • Cases containing eight individually packed tamales with the labels “TUCSON TAMALE GREEN CHILE CHICKEN TAMALE” or “TUCSON TAMALE Green Chile Chicken Tamales” with lot codes F20296 and F20309 and sell by dates of 10/23/22 and 11/05/22.
  • Cases containing six packages with two tamales each of “TUCSON TAMALE GREEN CHILE CHICKEN TAMALES” with lot codes F20309 and F20296 and sell by dates of 10/23/22 and 11/05/22.
  • Cases containing 30 tamales of “TUCSON TAMALE Green Chile Pork & Cheese Tamales” with lot codes F20303 and F20307 and sell by dates of 10/30/22 and 11/03/22.
  • Cases containing eight individually packed tamales of “TUCSON TAMALE GREEN CHILE PORK & CHEESE TAMALE” with lot codes F20307 and F20314 and sell by dates of 11/03/22 and 11/10/22.
  • Cases containing six packages with two tamales each of “TUCSON TAMALE GREEN CHILE PORK & CHEESE TAMALES” with lot codes F20303 and F20307 and sell by dates 10/30/22 and 11/03/22.
  • Packages containing two tamales of “TUCSON TAMALE GREEN CHILE PORK & CHEESE TAMALES” with lot codes F20303, F20307 and F20302 and sell by dates of 10/29/22, 10/30/22 and 11/03/22.
  • Cases containing 30 tamales of “TUCSON TAMALE Green Chile Chicken Tamales” with lot code F20296 and sell by date of 10/23/22.

 

The products bear establishment number “EST. 45860” inside the USDA mark of inspection. These items were sold online and also shipped to distributors for further distribution to retail locations and restaurants nationwide.

 

The problem was discovered by Tucson Tamale Wholesale Co. when they identified pieces of hard plastic in the cans of diced tomatoes in puree that they received from their ingredients supplier. The ingredients supplier initiated a recall of the diced tomatoes in puree with the FDA. As more FDA information becomes available, FSIS will update this public health alert.

 

There have been no confirmed reports of adverse reactions due to consumption of these products. Anyone concerned about an illness should contact a health care provider.

 

 FSIS is concerned that some product may be in consumers’ freezers. Consumers who have purchased these products are urged not to consume them. These products should be thrown away or returned to the place of purchase.

 

Consumers and members of the media with questions can contact Sherry Martin, CEO of Tucson Tamale Wholesale Co., at (520) 398-6282.

 

Consumers with food safety questions can call the toll-free USDA Meat and Poultry Hotline at 1-888-MPHotline (1-888-674-6854) or live chat via Ask USDA from 10 a.m. to 6 p.m. (Eastern Time) Monday through Friday. Consumers can also browse food safety messages at Ask USDA or send a question via email to [email protected]. For consumers that need to report a problem with a meat, poultry, or egg product, the online Electronic Consumer Complaint Monitoring System can be accessed 24 hours a day at https://foodcomplaint.fsis.usda.gov/eCCF/.

 

 

###
NOTE: Access news releases and other information at FSIS’ website at http://www.fsis.usda.gov/recalls.

Follow FSIS on Twitter at twitter.com/usdafoodsafety or in Spanish at: twitter.com/usdafoodsafe_es.
 

USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD). 

         
          



USDA FSIS
USDA Food Safety and Inspection Service
[email protected]

Posted on

CMIC Supports Clinical Trials for Digital Therapeutics Using SUSMED’s Trial Management System

CMIC Supports Clinical Trials for Digital Therapeutics Using SUSMED’s Trial Management System

TOKYO–(BUSINESS WIRE)–
CMIC Co., Ltd. (henceforth “CMIC”)(TOKYO:2309) has launched services using SUSMED, Inc.’s (henceforth “SUSMED”) trial management system covering subject registration, software assignment and distribution for digital therapeutics (DTx).

The system is able to overcome the common challenges of DTx clinical trials, ensuring blinded assignment and preventing unauthorized access. By employing this system, CMIC will offer more efficient operations for DTx trials, such as for the assignment and delivery of software applications (apps) to trial participants, cutting development costs.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201115005172/en/

*The system allows for seamless management of both intervention/sham app assignment and app distribution. (Graphic: Business Wire)

*The system allows for seamless management of both intervention/sham app assignment and app distribution. (Graphic: Business Wire)

In a DTx clinical trial, the software app must be installed on a device, such as a smartphone. Additionally, a placebo app (sham) is often used as a control in comparison to the actual treatment app (intervention), so it is essential that each app is correctly distributed to each patient, as assigned. For this reason, many processes and tasks differ from general drug development, such as loaning pre-installed, study-specific devices to trial subjects. This results in a heavy burden on companies developing DTx. Furthermore, because everything from assignment to patient distribution is done digitally, it is vital to take security measures in order to prevent any unauthorized access.

When using SUSMED’s system, each patient will be registered in a secure environment, and an app (intervention or sham) will be assigned to each patient with a specific ID. The patient can start his or her assigned treatment by installing the app using the issued ID. As this ID-assignment function allows patients to install their assigned app to their personal device, device rental is unnecessary, cutting development costs significantly. In addition, higher quality data and treatment compliance is expected because patients are already familiar with their own device.

Making the most out of the system’s features, CMIC will effectively complete each DTx clinical trial by formulating the best distribution strategies for each therapeutic intervention.

“We have developed this service as an extension of the strategic partnership with SUSMED that we announced on October 21st this year. By introducing SUSMED’s trial management system, we hope to overcome some of the security and cost challenges of DTx development. We will continue to promote open innovation and the growth of the DTx market, in order to answer the needs of clients, healthcare providers and patients, as soon as possible.” said Toru Fujieda, President of CMIC Co., Ltd.

“Since its founding, SUSMED has developed new technology in order to achieve sustainable medicine through ICT. There are several challenges in DTx development that differ from drug development. By providing this trial management system, we hope to contribute to faster and more efficient development of DTx. We will continue to contribute to the growth of DTx by combining SUSMED’s technology and CMIC’s comprehensive clinical trial services.” said Taro Ueno, CEO of SUSMED, Inc.

To learn more about this service, please contact us at [email protected]

●About CMIC group

CMIC Group was founded in 1992 as the first Contract Research Organization (CRO) in Japan. Today CMIC Group is the largest clinical CRO in Japan with global footprint, providing comprehensive services in drug development, clinical site management, clinical to commercial GMP manufacturing, regulatory consulting and contract sales & marketing solutions. We can help pharmaceutical, biotech and medical device companies to enter Japan market, to conduct clinical trials in Asia, or to bridge drug development and manufacturing needs in the US, Europe, Japan and broader Asia. CMIC Group has over 7,000 employees and 25 sites globally. For more information about CMIC Group and services, please visit our website.

https://en.cmicgroup.com/

●About SUSMED, Inc.

SUSMED Inc., is a research and development firm that is working to advance digital therapies. In addition to developing an app for treating insomnia, SUSMED provides a universal platform for developing medical apps, along with clinical trial support systems and automated AI analysis systems. SUSMED is advancing digital therapy grounded in technology, with patents in medical apps and blockchain applications in medical treatment.

https://www.susmed.co.jp/en

 

CMIC HOLDINGS Co., LTD.

PR group

Yuko Ishikawa

E-mail: [email protected]

SUSMED, Inc.

E-mail: [email protected]

KEYWORDS: Japan Asia Pacific

INDUSTRY KEYWORDS: Health Technology Mobile/Wireless Software Clinical Trials Pharmaceutical

MEDIA:

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*The system allows for seamless management of both intervention/sham app assignment and app distribution. (Graphic: Business Wire)
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Posted on

Great Elm Capital Group, Inc. Reports First Fiscal Quarter 2021 Financial Results

  • DME fiscal Q1 revenue grew 10.4% year-over-year and 5.0% sequentially highlighting the business’ ability to grow despite the negative impact from COVID-19 on new equipment rental set-ups
  • DME fiscal Q1 net loss of $0.5 million improved from a net loss of $0.8 million year-over-year while adjusted EBITDA of $2.8 million decreased from $3.0 million primarily reflecting the incremental costs of operating during the pandemic
  • Investment Management is poised for growth in AUM, revenue, and earnings following the successful completion of the $31.7 million GECC rights offering

WALTHAM, Mass., Nov. 15, 2020 (GLOBE NEWSWIRE) — Great Elm Capital Group, Inc. (NASDAQ: GEC, “Great Elm”) announced its financial results for the quarter ended September 30, 2020. Great Elm will host a conference call and webcast on Monday, November 16, 2020 at 8:00 a.m. Eastern Time to discuss its first fiscal quarter 2021 financial results. Please see below for details.

Select highlights from the first quarter 2021 include:

  • Operating Companies:

▪ For the three months ended September 30, 2020, $14.6 million of revenue, $0.5 million of net loss and $2.8 million of adjusted EBITDA
▪ Having completed significant investments into the platform, DME management is focused on continuing organic growth, driving improved margins, and making add-on acquisitions
▪ New PAP patient setups declined 24.7% year over year but increased sequentially 2.8% as the business recovers from the effects of the COVID-19 pandemic 

  • Investment Management:

▪ For the three months ended September 30, 2020, $0.8 million of revenue, net loss of $0.1 million and $0.2 million of adjusted EBITDA
▪ Great Elm Capital Corp. (“GECC”), managed by our wholly owned subsidiary, Great Elm Capital Management, Inc. (“GECM”), raised gross proceeds of $31.7 million through the completion of a rights offering.
▪ GEC purchased approximately 3.0 million shares in the offering for $8.8 million

“We made significant progress toward the achievement of our strategic goals for both our DME and Investment Management businesses during the quarter, ” remarked Peter A. Reed, Great Elm’s Chief Executive Officer. “DME added key management talent, continued to improve operationally and is actively pursuing attractive add-on acquisition opportunities.  For Investment Management, not only will the successful rights offering at GECC enable the pursuit of attractive acquisitions in the specialty finance sector, it enhances GECM’s revenue, earnings and cash flow potential which ultimately benefits our shareholders.”      

Alignment of Interest

The employees and directors of Great Elm and GECM collectively own or manage 7.1 million shares or approximately 27% of Great Elm’s outstanding shares.

FINANCIAL REVIEW: SEGMENT FINANCIALS

As of September 30, 2020, Great Elm had four operating segments: Durable Medical Equipment, Investment Management, Real Estate and General Corporate.


Durable Medical Equipment

Three Months Ended September 30, 2020:

Revenue:

  • During the three months ended September 30, 2020, Great Elm recognized $14.6 million in total revenue vs. $13.2 during the same period in the prior year.

Net Income (Loss):

  • During the three months ended September 30, 2020, Great Elm recognized a net loss of $0.5 million vs. $0.8 million of net loss during the same period in the prior year.

Adjusted EBITDA:

  • During the three months ended September 30, 2020, Great Elm recognized $2.8 million in adjusted EBITDA vs. $3.0 million during the same period in the prior year.

Commentary:

  • During the quarter, PAP supply sales remained strong while rental revenues continued to be negatively impacted by suppressed referral pipelines for new equipment set-ups during the pandemic.  We remain intently focused on exploring ways to lower DME’s cost of capital and obtaining additional funds for potential future acquisitions.


Investment Management

Three Months Ended September 30, 2020:

Revenue:

  • During the three months ended September 30, 2020, Great Elm recognized total investment management revenue of $0.8 million vs. $0.9 million during the same period in the prior year.

Net Income (Loss):

  • During the three months ended September 30, 2020, Great Elm recognized a net loss of $0.11 million vs. a net loss of $0.05 million during the same period in the prior year.

Adjusted EBITDA:

  • During the three months ended September 30, 2020, Great Elm recognized adjusted EBITDA of $0.2 million vs. $0.4 million during the same period in the prior year.

Commentary:

  • During the quarter, GECC benefitted from strong performance of its specialty finance investments, the redeployment of funds into attractive risk-adjusted opportunities and the rebounding of the valuations of certain of its investments following COVID related volatility in the prior quarter.  Great Elm intends to continue to focus on attractive acquisition opportunities in the specialty finance sector going forward.


Real Estate

Three Months Ended September 30, 2020:

Revenue:

  • During the three months ended September 30, 2020, Great Elm recognized $1.3 million in rental revenue vs. $1.3 million during the same period in the prior year.

Net Income (Loss):

  • During the three months ended September 30, 2020, Great Elm recognized $0.1 million in net income vs. $0.1 million in net income during the same period in the prior year.

Adjusted EBITDA:

  • During the three months ended September 30, 2020, Great Elm recognized $1.1 million in adjusted EBITDA vs. $1.1 million during the same period in the prior year.

Commentary

  • Great Elm continues to manage the Fort Myers investment to monetize significant net operating loss carryforwards.


General Corporate

Three Months Ended September 30, 2020:

Revenue:

  • During the three months ended September 30, 2020, Great Elm recognized $0.09 million in revenue vs. $0.02 million in revenue during the same period in the prior year.

Net Income (Loss):

  • During the three months ended September 30, 2020, Great Elm recognized $3.4 million in net loss vs. net loss of $2.5 million during the same period in the prior year.

Adjusted EBITDA:

  • During the three months ended September 30, 2020, Great Elm recognized $(1.1) million in adjusted EBITDA vs. $(1.7) million during the same period in the prior year.

Commentary:

  • During the quarter, Great Elm made significant progress on reducing its corporate overhead, driven largely by a reduction in audit cost.  Great Elm intends to continue to focus on reducing its corporate overhead going forward.

Conference Call & Webcast

Great Elm will host a conference call and webcast on Monday, November 16, 2020 at 8:00 a.m. Eastern Time to discuss its first quarter 2021 financial results.

All interested parties are invited to participate in the conference call by dialing +1 (844) 559-0750; international callers should dial +1 (647) 689-5386. Participants should enter the Conference ID 4790827 when asked. For a copy of the slide presentation that will be referenced during the course of our conference call, please visit: https://www.greatelmcap.com/events-and-presentations/default.aspx.

The conference call will be webcast simultaneously at: https://event.on24.com/wcc/r/2625162/1D4EAD6DA2778005450B2AF1E04864A3 [event.on24.com]

About Great Elm Capital Group, Inc.

Great Elm is a publicly-traded holding company that seeks to build a business across two operating verticals: Operating Companies and Investment Management. Great Elm’s website can be found at www.greatelmcap.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release that are “forward-looking” statements, including statements regarding revenue, adjusted EBITDA, expected growth, profitability, free cash flow and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent Great Elm’s assumptions and expectations in light of currently available information.  These statements involve risks, variables and uncertainties, and Great Elm’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from Great Elm’s expectations, please see Great Elm’s filings with the SEC, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to Great Elm’s financial position and results of operations is also contained in Great Elm’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmcap.com or at the SEC website www.sec.gov.

Non-GAAP Financial Measures

The SEC has adopted rules to regulate the use in filings with the SEC, and in public disclosures, of financial measures that are not in accordance with US GAAP, such as adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Adjusted EBITDA is derived from methodologies other than in accordance with US GAAP. Great Elm believes that Adjusted EBITDA is an important measure for investors to use in evaluating Great Elm’s businesses. In addition, Great Elm’s management reviews Adjusted EBITDA as they evaluate acquisition opportunities.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it either in isolation from, or as a substitute for, analyzing Great Elm’s results as reported under US GAAP. Non-GAAP financial measures reported by Great Elm may not be comparable to similarly titled amounts reported by other companies.

Set forth below is a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP financial measure, net income. The information in the table below represents Great Elm’s assumptions and expectations in light of currently available information. Great Elm’s actual performance results may differ from those projected in in the table below, and any such differences may be material.

     For the three months ended September 30, 2020 
$ in thousands   DME     Investment Management     Real Estate     General Corporate     Consolidated  
EBITDA:                              
Net income (loss) – GAAP   $                (458 )   $                (107 )   $                    67     $             (3,365 )   $             (3,863 )
Interest expense   709     26     650     572     1,957  
Depreciation & Amortization   2,211     128     430     –     2,769  
Tax expense   –     –     –     99     99  
EBITDA   $               2,462     $                    47     $               1,147     $             (2,694 )   $                  962  
Adjusted EBITDA                              
Stock based compensation   –     194     –     235     429  
GECC dividend income   –     –     –     (524 )   (524 )
GECC Unrealized (gains) / losses   –     –     –     1,902     1,902  
Other (income) expense   3     –     –     (1 )   2  
Transaction and integration costs 2   112     –     –     33     145  
Severance   27     –     –     –     27  
Location start up expense   54     –     –     –     54  
DME management and monitoring fees   116     –     –     (91 )   25  
Adjusted EBITDA   $               2,774     $                  241     $               1,147     $             (1,140 )   $               3,022  
     For the three months ended September 30, 2019 
                               
                               
$ in thousands   DME     Investment Management

1
 		    Real Estate     General Corporate     Consolidated  
EBITDA:                              
Net income (loss) – GAAP   $                (819 )   $                  (45 )   $                    60     $             (2,474 )   $             (3,278 )
Interest expense   996     42     658     –     1,696  
Depreciation & Amortization   2,508     179     431     –     3,118  
Tax expense   –     –     –     242     242  
EBITDA   $               2,685     $                  176     $               1,149     $             (2,232 )   $               1,778  
Adjusted EBITDA                              
Stock based compensation   –     175     –     118     293  
Change in contingent consideration 2   –     –     –     (195 )   (195 )
Dividend income from GECC   –     –     –     (490 )   (490 )
GECC Unrealized (gains) / losses   –     –     –     983     983  
Other (income) expense   (3 )   –     –     –     (3 )
Transaction and integration costs 2   148     –     –     120     268  
Severance   2     –     –     –     2  
Location start up expense   135     –     –     –     135  
                               
                               
DME management and monitoring fees   48     –     –     (23 )   25  
Adjusted EBITDA   $               3,015     $                  351     $               1,149     $             (1,719 )   $               2,796  

(1)   Prior year non-GAAP adjustments have been updated to conform to current year presentation by removing adjustments associated with the adoption of ASC 606 Contracts with Customers.
     
(2)   Transaction and integration related costs include costs to acquire and integrate acquired businesses.  This also represents change in contingent consideration liability since the initial valuation at the acquisition date.
     

Media & Investor Contact:

Investor Relations
+1 (617) 375-3006
[email protected]



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NIKOLA 24 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors with Losses in Excess of $100,000 of Deadline in Class Action Lawsuits Against Nikola Corporation – NKLA, NKLAW, f/k/a VectoIQ Acquisition Corp. VTIQ, VTIQW, VTIQU

PR Newswire

NEW ORLEANS, Nov. 15, 2020 /PRNewswire/ — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until November 16, 2020 to file lead plaintiff applications in securities class action lawsuits against Nikola Corporation (NasdaqGS: NKLA, NKLAW) f/k/a VectoIQ Acquisition Corp. (NasdaqCM: VTIQ, VTIQW, VTIQU), if they purchased the Company’s securities between March 3, 2020 and October 15, 2020, inclusive (the “Class Period”) or owned VectoIQ shares as of the May 8, 2020 record date and were entitled to vote on VectoIQ’s proposed transaction with Nikola.  These actions are pending in the United States District Courts for the District of Arizona, Eastern District of New York and Central District of California.

What You May Do

If you purchased securities of Nikola or VectoIQ as above and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-nkla  to learn more. If you wish to serve as a lead plaintiff in these class actions by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by November 16, 2020.

About the Lawsuit

Nikola and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

On September 10, 2020, Hindenburg Research published a report alleging that evidence showed the Company was “an intricate fraud built on dozens of lies.”  Subsequently, it was reported that the Company was the subject of probes by both the U.S. Securities and Exchange Commission and the Justice Department. Then, on September 21, 2020, the Company announced the sudden resignation of Founder and Executive Chairman, Trevor Milton. Then, in several interviews on October 15-16, 2020, the Company’s CEO made statements indicating that the Company’s strategic manufacturing partnership with General Motors could fall through.

On this news, the price of Nikola’s shares plummeted.

The first-filed case is Borteanu v. Nikola Corporation et al., 20-cv-01797.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected] 
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163

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SOURCE Kahn Swick & Foti, LLC

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BEST Inc. Announces Wind Down of BEST Store+ and Management Change to Increase Focus on Core Businesses

PR Newswire

HANGZHOU, China, Nov. 15, 2020 /PRNewswire/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China, today announced that it will begin to wind down its BEST Store+ (“Store+“) business.

The Company believes that by phasing out Store+, it can eliminate the significant cashflow requirements associated with this early stage business, allowing the Company to further prioritize capital allocation towards its core businesses.

The Company expects to cease all operations of Store+ by the end of the year except for the self-operated WoWo convenience stores, which the Company plans to continue running while evaluating various strategic options. The online merchandise sourcing and store management platform will be handed over to independent third parties for continued operations.

“Store+ provided a creative solution for last-mile delivery and empowered many small merchants to participate in online-to-offline commerce,” said Johnny Chou, Chairman and Chief Executive Officer of BEST Inc. “Over the past several quarters, Store+ has been making encouraging progress in reducing losses. However, as we continue to deploy capital towards our core businesses in order to strengthen our position in the increasingly competitive market environment, we concluded that phasing out Store+ is in the best interest of our Company as a whole and in line with our commitment to sustainable profitability and enhancing shareholder value.”  

In addition, the Company announced a management change to BEST Express. Effective as of the date of this announcement, Mr. Shaohua Zhou will cease his role as Senior Vice President, General Manager of BEST Express, and take up a new role as special assistant to Mr. Johnny Chou. Mr. Xiaoqing Wang will assume the position of Vice President, General Manager of BEST Express.

Prior to taking up the new role, Mr. Wang had been General Manager of BEST’s Jiangsu province branch since 2009, spearheading BEST Express and other service lines in Jiangsu province, China. From 2004 to 2009, Mr. Wang was senior sales manager of the Nanjing branch of UTStarcom China. Mr. Wang received a bachelor’s degree in economics and management from Nanjing Agricultural University and an EMBA degree from the University of Texas.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as BEST’s strategic and operational plans, contain forward-looking statements. BEST may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about BEST’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: BEST’s goals and strategies; BEST’s future business development, results of operations and financial condition; BEST ‘s ability to maintain and enhance its ecosystem; BEST ‘s ability to continue to innovate, meet evolving market trends, adapt to changing customer demands and maintain its culture of innovation; fluctuations in general economic and business conditions in China and other countries in which BEST operates, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in BEST’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and BEST does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About BEST Inc.

BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-add services, including express and freight delivery, supply chain management and last-mile services, truckload service brokerage, international logistics and financial services. BEST’s mission is to create a smarter, more efficient supply chain in the new retail era by leveraging technology and business model innovation. For more information, please visit: http://www.best-inc.com/en/.  

Investor and Media Contacts

BEST Inc.
Investor Relations Team
E-mail: [email protected]

The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
E-mail: [email protected]

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

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SOURCE BEST Inc.