Market Newsdesk

NEW YORK, Nov. 12, 2020 /PRNewswire/ — S&P Global Market Intelligence and Oliver Wyman announced today a collaboration with Citi to support the financial institution’s commitment for a smooth transition to a low-carbon economy. Citi will be utilizing Climate Credit Analytics, a pioneering climate scenario analysis and credit analytics model suite, introduced by S&P Global Market Intelligence and Oliver Wyman at Climate Week NYC 2020.  

Climate Credit Analytics is designed to help financial institutions and corporates assess how a transition to a low-carbon economy will impact the creditworthiness of their counterparties. Its underlying insights combine S&P Global Market Intelligence’s advanced Credit Analytics risk models and unique datasets with Oliver Wyman’s industry-leading climate scenario and stress testing expertise.

“Climate Credit Analytics aligns with emerging regulatory directives and will help enable the broader industry to better analyze and manage climate risks while deploying capital to underpin long term sustainable growth. Further advancing this technology is common cause and very timely, we are delighted to be working with such capable partners,” said Colin Church, Citi’s Head of Climate Risk Management.

“This new tool will provide valuable rigor for analyzing our client portfolios under different climate transition risk scenarios, enabling us to build on our prior climate scenario analysis work. Integrating this analysis will contribute to the climate risk pillar of our Sustainable Progress Strategy and our ongoing Task Force on Climate-related Financial Disclosures (TCFD) implementation,” said Eliza Eubank, Citi’s Head of Environmental and Social Risk Management.

“Climate change is a non-traditional risk, and financial institutions and corporates are working to understand its implications. We have a deep legacy in credit analytics and we are proud to work with Citi, a leader in this area, to collaborate on creating integrated climate and credit-related analytics to navigate the effects of climate risk on the financial markets,” said Martina Cheung, S&P Global Market Intelligence’s President.

“We are delighted that Citi will be the first bank to utilize Climate Credit Analytics. This unique solution to quantify climate risks is readily customizable, incorporates the NGFS Scenarios, and covers all corporate sectors, including major greenhouse gas emitting sectors. Citi’s commitment to environmental finance exemplifies the critical role that financial institutions play in combating climate change,” said Oliver Wyman’sJohn Colas, Partner and Vice Chairman, Financial Services Americas.

 For additional information on Climate Credit Analytics, please visit S&P Global Market Intelligence.

About S&P Global Market Intelligence

At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, perform valuations and assess credit risk. Investment professionals, government agencies, corporations and universities around the world use this essential intelligence to make business and financial decisions with conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, offering ESG solutions, deep data and insights on critical business factors. S&P Global has been providing essential intelligence that unlocks opportunity, fosters growth and accelerates progress for more than 160 years. For more information, visit www.spglobal.com/marketintelligence.

About Oliver Wyman

Oliver Wyman is a global leader in management consulting. With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities.

Oliver Wyman is a business of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.

Media Contacts

Amanda Oey

S&P Global Market Intelligence
P. +1 (212) 438-1904
E. [email protected]

Francine Minadeo

Oliver Wyman

P. +1 (212) 345-6417
E. [email protected]

 

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SOURCE S&P Global Market Intelligence

TSX-V: GBR

VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ – Great Bear Resources Ltd. (the “Company” or “Great Bear”) (TSXV: GBR) (OTCQX: GTBAF) today reported the first gold recovery test results from its 100% owned flagship Dixie Project, in the Red Lake district of Ontario.

Chris Taylor, President and CEO of Great Bear said, “The first results from a preliminary suite of metallurgical tests planned for the various mineralized zones at Dixie have returned very high gold recoveries. Hinge zone high-grade gold samples averaging approximately 13 g/t gold recovered between 95% – 97 % of the head grade gold from conventional cyanidation bottle roll leach tests. Results in this range had been expected, as free gold dominates the Hinge zone and all other zones at Dixie, and high gold recoveries are typical of such systems. We will periodically release gold recovery results from representative samples originating from all of our gold zones over the coming months.”

Details of Hinge Zone Gold Recovery Results

• A composite sample of 18.0 kilograms representing 10.9 metres (core length) of drill core was selected for processing from the Hinge zone.
• Two approximately one-kilogram representative samples of Hinge zone gold mineralization collectively averaging 13.07 g/t gold head grade were analyzed at Blue Coast Research Ltd. of Parksville, British Columbia.
• Samples were processed through a standard 48-hour bottle roll procedure at 40% solids, using a 1.0 g/L sodium cyanide solution.
• Two primary grind samples: 1) 80% passing (“p80”) 112 µm, and 2) p80 74 µm returned 95.4% and 97.2% gold recoveries, respectively. Table 1 and Figure 1.
• The high reported gold recoveries are similar to those reported from other mines in the Red Lake area.
• Additional metallurgical test work consisting of sodium cyanide bottle roll tests on samples from the Hinge, Limb and LP Fault zones on the Dixie Project are currently underway. The Company will also begin gravity circuit recovery tests in 2021.

Table
1
: Gold recoveries from the first sodium cyanide leach tests of Hinge zone material.

About the Dixie Project

The Dixie Project is 100% owned, comprised of 9,140 hectares of contiguous claims that extend over 22 kilometres, and is located approximately 25 kilometres southeast of the town of Red Lake, Ontario. The project is accessible year-round via a 15 minute drive on a paved highway which runs the length of the northern claim boundary and a network of well-maintained logging roads.

The Dixie Project hosts two principal styles of gold mineralization:

• High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb, Hinge and Arrow zones). Hosted by mafic volcanic rocks and localized near regional-scale D2 fold axes. These mineralization styles are also typical of the significant mined deposits of the Red Lake district.

• High-grade disseminated gold with broad moderate to lower grade envelopes (LP Fault). The LP Fault is a significant gold-hosting structure which has been seismically imaged to extend to 14 kilometres depth (Zeng and Calvert, 2006), and has been interpreted by Great Bear to have up to 18 kilometres of strike length on the Dixie property. High-grade gold mineralization is controlled by structural and geological contacts, and moderate to lower-grade disseminated gold surrounds and flanks the high-grade intervals. The dominant gold-hosting stratigraphy consists of felsic sediments and volcanic units.

About Great Bear

Great Bear Resources Ltd. is a well-financed gold exploration company managed by a team with a track record of success in mineral exploration. Great Bear is focused in the prolific Red Lake gold district in northwest Ontario, where the company controls over 300 km² of highly prospective tenure across 4 projects: the flagship Dixie Project  (100% owned), the Pakwash Property (earning a 100% interest), the Dedee Property (earning a 100% interest), and the Sobel Property (earning a 100% interest), all of which are accessible year-round through existing roads.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab. Selected samples are also chosen for duplicate assay from the coarse reject of the original sample. Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC). No QAQC issues were noted with the results reported herein.

Qualified Person and NI 43-101 Disclosure

Results for the metallurgical test program were provided and approved by Andrew Kelly, P.Eng., of Blue Coast Research Ltd., a Qualified Person for the purpose of National Instrument 43-101.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration, and Ms. Andrea Diakow P.Geo, Exploration Manager for Great Bear are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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SOURCE Great Bear Resources Ltd.

NEW YORK, Nov. 12, 2020 /PRNewswire/ — Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”) is pleased to announce it has signed a definitive stock purchase agreement to acquire 100% of privately held Timios Holdings Corp. (“Timios”) in an all-cash deal, the material terms of which are disclosed in the Company’s related 8-k filing. The acquisition is subject to the satisfaction of regulatory approvals and other customary closing conditions.

Timios, a nationwide title and settlement solutions provider, has been expanding in recent years through offering innovative and freedom-of-choice-friendly solutions for real estate transactions, including residential and commercial title insurance and closing and settlement services, as well as specialized offerings for the mortgage industry.

Ideanomics expects that Timios will become one of the cornerstones of Ideanomics Capital, the Company’s fintech business unit, which focuses on leveraging technology and innovation to improve efficiency, transparency, and profitability for the financial services industry. Timios combines difficult to obtain licenses, a knowledgeable and experienced team, and a scalable solutions platform to deliver best-in-class service through both centralized processing and a localized branch network. Ideanomics will assist Timios in scaling its business in various ways, including referring client acquisition and product innovation.

Founded in 2008 by real estate industry veteran Trevor Stoffer, Timios’ vision is to bring honesty and transparency to real estate transactions. Mr. Stoffer, who currently serves as Timios’ Chairman of the Board, believes that the real estate process has been overly complicated to the detriment of consumers and commercial clients. The company offers title and settlement, appraisal management, and real-estate-owned (REO) title and closing services in 44 states and currently serves more than 280 national and regional clients.

“As we move into an unprecedented era of data-driven real estate transactions, Timios intends to continue to shepherd our customers through this significant transformation in the real estate industry by providing transparency and simplification,” said Timios Chairman of the Board, Trevor Stoffer. “We look forward to leveraging Ideanomics’ resources to continue Timios’ growth and to explore opportunities to further modernize real estate closings.”

Timios has introduced significant product and service level improvements, becoming an innovator in the real estate title and escrow services industries – markets poised for technology disruption. Its proprietary tools eliminate tedious calculations and provide increased pricing transparency to the benefit of all parties in a transaction; lender, real estate agents, and consumers alike. Using a combination of operational discipline and technology, Timios employs efficient workflow management systems and a data-driven approach which results in one of the highest closing rates in the business.

“Ideanomics’ DNA is to serve as a catalyst for change through innovation. Timios fits perfectly within our model as a disruptive force in the mortgage and title industry, which currently has many antiquated processes that go against the trend towards transparency and freedom of choice. With this acquisition, we are onboarding a profitable business which has grown both its top and bottom line tremendously in 2020. We are delighted to add them to our family, where we anticipate they will integrate seamlessly, and we look forward to working with the management team to further develop what is a win-win for both Ideanomics and Timios,” said Alf Poor, CEO of Ideanomics.

The U.S. real estate market is forecasted to continue its upward trend in 2021, with home sales expected to rise and a high volume of sales to occur as buyers take advantage of low interest rates.¹ According to Realtor.com, its ‘pace of sales’ metric– which tracks differences in time-on-market – continues to remain above the pre-COVID baseline and is 18.9 points above the January baseline, suggesting buyers and sellers are continuing to connect at a faster rate going into the 2020 fall. 

For more information, visit: ideanomics.com or timios.com

About Timios Holding Corp.
Timios is the Greek word for “honest,” and that has guided everything we do since 2008. Our mission is simple: to provide an unparalleled real estate transaction experience for buyers, sellers, and professionals. By empowering our customers through innovation, providing total transparency, and simplifying every step, we’ve revolutionized the process to give our customers the control they deserve.

About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Our Mobile Energy Global (MEG) division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions and services across the financial services industry. Together, MEG and Ideanomics Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.

The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.

Safe Harbor Statement
This press release contains certain statements that may include “forward looking statements”. All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact
Timios Holding Corp.
Ernie Lewis, SVP of Marketing
5716 Corsa Avenue, #102 Westlake Village, CA 91362
[email protected]

Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018   
[email protected]

Valerie Christopherson / Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
[email protected]

¹ https://www.realtor.com/research/topics/real-estate-market-outlook/

 

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SOURCE Ideanomics; Timios Holdings Corp.

PETACH-TIKVA, Israel, Nov. 12, 2020 /PRNewswire/ — Eltek Ltd. (NasdaqCM: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of Printed Circuit Boards, announced today that it will release its financial results for the third quarter of 2020 on Wednesday, November 18, 2020, before the market opens. Eltek’s financial results will be released over the news wires and will be posted on its corporate website at: www.nisteceltek.com. 

On Wednesday, November 18, 2020, at 8:30 a.m. Eastern Time, Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Alon Mualem, Chief Financial Officer.

To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:

United States: 1-888-668-9141
Israel: 03- 9180644
International: +972-3-9180644

 At:

8:30 a.m. Eastern Time



5:30 a.m. Pacific Time



15:30 p.m. Israel Time

A replay of the call will be available through the Investor Info section on Eltek’s corporate website at http://www.nisteceltek.com approximately 24 hours after the conference call is completed and will be archived for 30 days.

About Eltek

Eltek – “Innovation Across the Board”, is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is the Israeli leader in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.

Eltek was founded in 1970. The Company’s headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiaries in North America and in Europe and by agents and distributors in Europe, India, South Africa and South America.

For more information, visit Eltek’s web site at www.nisteceltek.com.

Forward Looking Statement

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to statements regarding expected results in future quarters, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company’s Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission.

Investor Contact:




Alon Mualem



Chief Financial Officer


[email protected]


+972-3-9395023

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SOURCE Eltek Ltd.

CHICAGO, Nov. 12, 2020 /PRNewswire/ — The latest research from Cars.com (NYSE: CARS), a leading digital automotive marketplace and solutions provider, found nearly half of Americans (47%) plan to travel for Thanksgiving this year, which is down 21 percentage points from 2019. Of those not traveling, more than half (59%) said COVID-19 impacted their plans. The majority of Thanksgiving travelers (72%) will travel by car to their destination, with most trips happening close to home.¹

“We’ve been watching consumer travel habits since the onset of the pandemic, and there have been two consistent themes — the pandemic is obviously affecting people’s travel plans, but when people do travel, the majority drive by car because of the safety and freedom cars provide. We are seeing these themes continue for holiday travel this year,” said Jenni Newman, Cars.com editor-in-chief.

2020 Thanksgiving Travel Trends, According to Cars.com:
¹

• COVID-19 continues to affect travel plans. While 47% of Americans still plan to travel for the Thanksgiving holiday, it is down from 68% in 2019. Of the 41% not traveling, 59% stated that COVID-19 had some impact on their decision. Eleven percent have not yet decided if they will travel.
• Major cities are hit the hardest. The majority of travelers (44%) are avoiding large cities, likely because those areas are harder hit by COVID-19.
• The car is the main driver to Thanksgiving dinner. The car continues to dominate pandemic transportation with 72% of travelers planning to drive, and most (66%) intending to stay within 100 miles of home.
• Traffic congestion peaks the weekend before Thanksgiving. While travel is down, expect the highest congestion the weekend before (37%), followed by the day before Thanksgiving (13%) and Thanksgiving Day (19%). As it gets closer to Thanksgiving, the local hours between 9 a.m. and 12 p.m. are expected to be the busiest for travel Nov. 25 and 26.

“While personal vehicles present a safer option for holiday travel, it’s important for drivers and their passengers to stay vigilant and follow Centers for Disease Control and Prevention guidelines and local COVID-19 rules and restrictions,” said Newman.

For more information, visit Cars.com/news/coronavirus/.

¹

Cars.com Holiday Travel Survey Oct. 22-Oct. 25, 2020; 1,008 responses

About CARS
CARS is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share.

In addition to Cars.com, CARS companies include Dealer Inspire, a technology provider building solutions that future-proof dealerships with more efficient operations and connected digital experiences, FUEL, which gives dealers and OEMs the opportunity to harness the untapped power of digital video by leveraging Cars.com’s pure audience of in-market car shoppers, and DealerRater, a leading car dealer review and reputation management platform.

The full suite of CARS properties include Cars.com™, Dealer Inspire®, DealerRater®, FUEL™, Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.

 

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SOURCE Cars.com Inc.

Strong Ending Cash Balance of $13.9M

LAVAL, QC, Nov. 12, 2020 /CNW Telbec/ Crescita Therapeutics Inc. (TSX: CTX) (OTC US: CRRTF) (“Crescita” or the “Company”), a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house research & development (“R&D”) and manufacturing capabilities, today reported its financial results for the third quarter ended September 30, 2020 (“Q3-F2020”).  All amounts presented are in thousands of Canadian dollars (“CAD”) unless otherwise noted.

Financial Highlights
 – Q3-F2020 vs. Q3-F2019

• Revenue was $7,301 compared to $4,906, an increase of $2,395;
• In Q3-F2020, the Company amended its licensing agreement with commercial partner Taro Pharmaceuticals Inc. (“Taro”) for Pliaglis^® in the U.S. and received a total of $5,151(US$3,855). Revenue was recorded as follows:
• $4,483
  (US$3,355) as licensing revenue (See Revenue and Q3-F2020 Corporate Developments);
• $668
  (US$500) as Other Income (See Other Income – Taro Amendment);
• Gross profit was $6,129 representing an increase of $2,686;
• Operating expenses (excluding COGS) were $2,259, compared to $2,965, a decrease of $706;
• Adjusted EBITDA was $4,316 compared to $939, an increase of $3,377;
• Ending cash position was $13,856, an increase of $851 year-over-year and $4,591 versus Q2-F2020.

“We delivered a strong quarter with a record-high cash balance since Q1-F2016, as we continue to focus on finding commercial partners for Pliaglis. Over the last few months, we have advanced licensing opportunities for Pliaglis in the rest of world, most recently signing agreements in Austria, Mexico, and perhaps the most meaningful for our future, China,” commented Serge Verreault, President and Chief Executive Officer of Crescita. “Sales in our Commercial Skincare segment posted a modest increase versus the prior year, reflecting the reopening of the economy in the summer months and showed an encouraging trend as we headed into the second wave of the pandemic. We are cautiously optimistic but cannot discount the impact that any other government-mandated closures may have in the coming months.”

“Our goal remains to secure recurring revenue streams for the future, and we are evaluating ways to best deploy our cash on hand, including strategic investments to grow our Company. On a separate note, I would like to thank our employees for their exceptional work during this difficult time and our clients for their trust and loyalty,” added Mr. Verreault. 

Q3-F2020 Corporate Developments

• Patent Granted for Enhanced Formulation of Pliaglis
  On August 25, 2020, the Company was granted U.S. Patent No. 10,751,305 for Solid-Forming Topical Formulations for Pain Control by the United States Patent and Trademark Office which covers an enhanced formulation of Pliaglis through January 14, 2031.
• Licensing Agreement for Pliaglis in Austria
  On August 12, 2020, the Company entered into a commercialization license agreement with Pelpharma, a privately held Austrian pharmaceutical company specializing in the treatment of various skin and nail diseases, granting them the exclusive rights to sell and distribute Pliaglis in Austria.
• Amendment to Development and Commercialization Agreement with Taro
  On July 28, 2020, the Company announced that it entered into an amendment to the development and commercialization agreement with Taro (the “Taro Amendment”) with regard to Pliaglis in the U.S. The Taro Amendment entitled the Company to receive a one-time payment in the aggregate amount of $5,151(US$3,855).

Subsequent Events

• Licensing Agreement for Pliaglis in China
  On November 5, 2020, the Company announced that it entered into an exclusive agreement with Juyou-Biotechnology Co. Ltd (“Juyou”), a biotechnology company that develops and sells medical and cosmetic skin care products, for the commercialization and development of Pliaglis^® and an enhanced formulation of Pliaglis in mainland China.
• Licensing Agreement for Pliaglis in Mexico
  On October 19, 2020, the Company entered into a commercialization and license agreement with LIV LABORATÓRIOS (“LIV”), a division of MINOS Labs, a privately held Mexican group of pharmaceutical, consulting, and regulatory companies. LIV specializes in dermatology solutions and sells directly to physicians. The agreement grants LIV the exclusive rights to distribute and sell Pliaglis in Mexico.

Q3-F2020 Financial Results
 

Note:

 The Management’s Discussion and Analysis (“MD&A”), Condensed Consolidated Interim Financial Statements and accompanying notes for the three and nine months ended September 30, 2020 can be found at www.crescitatherapeutics.com/investors and have been filed on SEDAR at www.sedar.com.

Summary Financial Results
 

Revenue
The Company generates revenue from its three reportable segments: 1) Commercial Skincare (“Commercial”), which manufactures branded non-prescription skincare products for sale in both the Canadian and international markets; 2) Licensing and Royalties (“Licensing”), which includes revenue from the licensing of intellectual property related to Pliaglis or for the use of its transdermal delivery technologies; and 3) Manufacturing and Services (“Manufacturing”), which includes revenue from contract manufacturing and product development services (“CDMO”) offered to our clients.

For the three months ended September 30, 2020, total revenue was $7,301 compared to $4,906 for the three months ended September 30, 2019, representing a year-over-year increase of $2,395. The increase came primarily from the Licensing segment, representing $2,462, as a result of the Taro Amendment concluded during the quarter of $4,483, and to a lesser extent from the Commercial Skincare segment, representing a slight increase of $77, primarily because of incremental sales of hand sanitizers and personal protective equipment starter kits. These increases were partly offset by the fourth and final cumulative sales milestone of $1,324(US$1,000) in Q3-F2019 under the licensing agreement with Taro, which did not repeat in 2020, as well as lower royalties on global Pliaglis sales of $697 year-over-year, and a decrease of $144 in the Manufacturing segment, mainly due to a reduction in work volumes from our contract manufacturing clients due to pandemic-driven decreases in demand.

For the nine months ended September 30, 2020, total revenue was $12,849 compared to $18,517 in the comparable nine-month period of 2019, representing a decrease of $5,668. The Commercial Skincare and Manufacturing segments were impacted by $765 and $731, respectively, as a result of lower demand for our products and services due to COVID-19-related shutdowns of personal services businesses such as spas and medispas throughout most of the second quarter of 2020. The Licensing segment posted a decrease of $4,172 year-over-year primarily due to the aggregate amount of $5,459 recognized in the first nine months of 2019 in connection with the Cantabria Agreement, which did not repeat in 2020, lower royalties on global Pliaglis sales of $967, and sales milestones of $2,645(US$2,000), which did not repeat in 2020, partly offset by the $4,483 received from the Taro Amendment.

Gross Profit
For the three months ended September 30, 2020, total gross profit was $6,129, representing a gross margin of 83.9%, compared to $3,443 or a gross margin of 70.2% for the three months ended September 30, 2019. The year-over-year increase in gross profit of $2,686 and improvement in gross margin of 13.7% were primarily due to the increase in high margin Licensing revenue, as explained above, combined with lower costs associated to earning royalties on Pliaglis year-over-year. 

For the nine months ended September 30, 2020, total gross profit was $9,685, representing a gross margin of 75.4%, compared to $14,404 or a gross margin of 77.8% for the comparative nine months of 2019. The decreases in gross profit of $4,719 and in gross margin of 2.4% were mainly due to: the decrease in high margin licensing revenue, the COVID-19 related business and product demand disruptions, as well as the timing and mix of CDMO sales driving the decreases in our Commercial Skincare and  Manufacturing segments, respectively, partly offset by the lower costs associated to earning royalties on Pliaglis year-over-year. 

Operating Expenses (excluding COGS)
For the three and nine months ended September 30, 2020, total operating expenses were $2,259 and $7,402, compared to $2,965 and $8,850, for the three and nine months ended September 30, 2019. The year-over-year decreases $706 and $1,448 were mainly driven by lower selling, general and administrative (“SG&A”) and R&D expenses. Late in Q1-F2020, we initiated cash conservation measures in response to the COVID-19 pandemic which contributed to the year-over-year decreases. The measures included temporary layoffs and salary reductions. In addition, we had the benefit of wage subsidies under the CEWS program of $259 and $557, respectively, for the three and nine months ended September 30, 2020, which were recorded against SG&A-related compensation, as well as savings due to certain unfilled positions.

Impairment of Intangible Assets
For the nine months ended September 30, 2020, the Company recognized an impairment charge of $1,918, mainly to reflect the projected impact of the pandemic-driven decrease in demand for its non-prescription skincare products and contract manufacturing services on its long-term forecasts.

Other Income – Taro Amendment
As part of the Taro Amendment concluded during the quarter, the Company recognized $668(US$500) in connection with the termination of a non-financial clause regarding the supply of Pliaglis to non-U.S. territories.

Income before Income Taxes
For the three months ended September 30, 2020, the Company reported income before income taxes of $4,607, compared to $332 for the three months ended September 30, 2019. The year-over-year increase of $4,275 was mainly attributable to: 1) the incremental total gross margin of $2,686 across our segments, largely due to the amounts received under the Taro Amendment; 2) a reduction in R&D and SG&A expenses of $250 and $460, respectively; 3) Other Income of $668 recognized as part of the Taro Amendment in connection with the termination of certain non-financial clauses; 4) a reduction in net interest expense of $74; and 5) the favourable impact of foreign exchange variances in the amount of $141 year-over-year.

For the nine months ended September 30, 2020, the Company reported income before income taxes of $1,208, compared to $3,897 reported for the nine months ended September 30, 2019. The year-over-year decrease of $2,689 was mainly attributable to: 1) the reduction in gross margin of $4,156 across all segments, excluding the impacts of both the Cantabria Agreement as well as the Taro Amendment; 2) the benefit of the upfront payment and guaranteed minimum royalties under the Cantabria Agreement of $3,772, net of contract termination fees recognized in Q2-F2019 which did not repeat; 3) the impairment charge of $1,918 taken in Q2-F2020; partly offset by 1) the aggregate impact of the Taro Amendment of $5,151; 2) the decrease in SG&A and R&D expenses of $952 and $562, respectively; 3) the reduction in net interest expense of $288; and 4) the favourable impact of net foreign exchange variances in the amount of $270.

Cash and Cash Equivalents
Cash and cash equivalents were $13,856 at September 30, 2020 compared to $13,005 at September 30, 2019 and $9,265 at June 30, 2020, representing increases of $851 and $4,591, respectively, mainly due to the cash received from the Taro Amendment. During the fourth quarter ended December 31, 2019, the Company repaid the outstanding balance of the Knight Loan in the amount of $3,570.

Non-IFRS Financial Measures

The Company reports its financial results in accordance with IFRS. However, we use certain non-IFRS financial measures to assess our Company’s performance. We believe these to be useful to management, investors, and other financial stakeholders in assessing Crescita’s performance from both a financial and operational standpoint. The non-IFRS measures used in this press release do not have any standardized meaning prescribed by IFRS and are therefore not comparable to similar measures presented by other issuers. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. The following are the Company’s non-IFRS measures along with their respective definitions:

1. EBITDA is defined as earnings before interest, income taxes, depreciation, and amortization.
2. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, other expenses or (income), share-based compensation costs, goodwill and intangible assets impairment, and foreign exchange (gains) or losses, as applicable.

Management believes that Adjusted EBITDA is an important measure of operating performance and cash flow and provides useful information to investors as it highlights trends in the underlying business that may not otherwise be apparent when relying solely on IFRS measures. A reconciliation of EBITDA and adjusted EBITDA to their closest IFRS measure can be found below.

 

Caution Concerning Limitations of Summary Financial Results Press Release

This summary earnings press release contains limited information meant to assist the reader in assessing Crescita’s performance, but it is not a suitable source of information for readers who are unfamiliar with Crescita and is not in any way a substitute for the Company’s Consolidated Audited Financial Statements and notes thereto, MD&A and Annual Information Form (“AIF”).

About
 
Crescita Therapeutics
 Inc.
Crescita (TSX: CTX and OTC US: CRRTF) is a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. The Company offers a portfolio of non-prescription skincare products and early to commercial stage prescription drug products and owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active ingredients into or through the skin.

Supported by a sales force covering Canada and executing a business to business to consumer marketing approach, Crescita sells its non-prescription skincare products domestically through spas, medispas, and medical aesthetic clinics, as well as internationally, through distributors. Crescita’s portfolio also includes a prescription product called Pliaglis^®, that utilizes the Company’s proprietary phase-changing topical cream Peel technology, a part of the DuraPeel™ family, which are self-occluding, film-forming cream/gel formulations, that provide extended release delivery of the active ingredients to the site of application. Pliaglis is a topical local anesthetic cream that provides safe and effective local dermal analgesia on intact skin prior to superficial dermatological procedures. The product is currently approved in over 25 different countries and sold by commercial partners in the U.S., Italy, Brazil, sold in Canada by the Company, and was most recently licensed to partners in Austria and Mexico and China.

Crescita’s expertise in product formulation and development can be leveraged in combination with its patented transdermal delivery technologies to develop and manufacture creams, liquids, gels, ointments and serums under its CDMO infrastructure. The Company operates out of a 50,000 square-foot facility located in Laval, Québec, which produces the majority of its non-prescription skincare products, such as LDR, Pro-Derm, Dermazulene and Alyria. Formulations manufactured by or for Crescita include cosmetics, natural health products and products with Drug Identification Numbers. For additional information, please visit www.crescitatherapeutics.com.

Forward-Looking Statements
This press release contains “forward-looking information” as defined under Canadian securities laws (collectively, “forward-looking statements”). The words “plans”, “expects”, “does not expect”, “goals”, “seek”, “strategy”, “future”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projected”, “believes” or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “should”, “might”, “likely”, “occur”, “be achieved” “continue” or “temporary”  and similar expressions identify forward-looking statements and include statements regarding the Company’s plans, objectives and responses to the COVID-19 pandemic. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking statements.

Forward-looking statements are not historical facts but instead represent management’s expectations, estimates, projections and assumptions regarding future events or circumstances. Such forward-looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations which are difficult to predict and many of which are beyond the control of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the Company as of the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Material factors and assumptions used to develop the forward-looking statements, and material risk factors that could cause actual results to differ materially from the forward-looking statements, include but are not limited to the risks of, and future impacts related to, COVID-19, including the response of domestic and international governments to the virus; the impact of COVID-19 on the Company’s operations, personnel, supply chain, product sales, royalties, customer demand and financial flexibility;  changes in the business or affairs of Crescita; the ability of Crescita’s licensees to successfully market its products; competitive factors in the industries in which Crescita operates; relationships with customers, suppliers and licensees; changes in legal and regulatory requirements; foreign exchange and interest rates; prevailing economic conditions; and other factors, many of which are beyond the control of Crescita. 

Additional factors that could cause Crescita’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risk factors included in Crescita’s most recent Annual Information Form under the heading “Risks Factors”, and as described from time to time in the reports and disclosure documents filed by Crescita with Canadian securities regulatory authorities and commissions. These and other factors should be considered carefully, and readers should not place undue reliance on Crescita’s forward-looking statements when making decisions, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved.

All forward-looking statements are based only on information currently available to the Company and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements.

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SOURCE Crescita Therapeutics Inc.

VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ – Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce results from the remaining seven holes of the 40-hole program totaling 4,153 meters at the Copalito silver-gold project (the “Property”), located in Sinaloa State, Mexico. These results are part of the first ever drill program at the Property with previous results from the program announced in July and October 2020.

Highlights from Holes
BDH-20-34 to BDH-20-40 include:

BDH-20-040 in the 5 Senores Vein

• 1,813 gpt silver equivalent (“Eq”) over 0.51 meters consisting of 16.95 gpt gold, 369 gpt silver and 3.74% lead plus zinc within
• 933 gpt silver Eq over 2.25 meters consisting of 6.65 gpt gold, 335 gpt silver and 2.6% lead plus zinc; and
• 311 gpt silver Eq over 9.05 meters consisting of 2.09 gpt gold, 124 gpt silver and 0.795% lead plus zinc.
• This hole is one of the deepest vertical holes drilled to date at an elevation of about 600 meters above sea level.

BDH-20-039 in the 5 Senores Vein

• 213 gpt silver Eq over 3.3 meters consisting of 128.1 gpt silver, 0.66 gpt gold, and 1.17% lead plus zinc and 183.66 gpt silver Eq over 4.0 meters consisting of 109.6 gpt silver, 0.84 gpt gold, and 0.26% lead plus zinc within:
• 93.78 gpt silver Eq over 27.4 meters consisting of 60.4 gpt silver, 0.28 gpt gold and 0.4% lead plus zinc

BD- 20-037 in the 5 Senores Vein

• 1,260.81 gpt silver Eq over 1 meter consisting of 846 gpt silver, 3.11 gpt gold and 6.15% lead plus zinc within:
• 735.3 gpt silver Eq over 2.25 meters consisting of 483.8 gpt silver, 2.18 gpt gold and 2.86% lead plus zinc and 211.48 gpt silver Eq over 10 meters consisting of 128.5 gpt silver, 0.655 gpt gold and 1.13% lead plus zinc.

James McDonald, President and CEO, states “We are very pleased the first ever drill program conducted on Copalito has shown excellent grade potential and continuity of vein structures. This indicates the potential for discovery and delineation of high-grade resources is good.”

Luis Moya, Chief Geologist, comments “After receiving the geochemical analyses of the last 7 of 40 holes it can be concluded the drilling campaign ended successfully. The last holes establish continuity to depth and along strike with high grade potential exhibiting values of up to 16.95 gpt gold and 846 gpt silver.”

Drilling Discussion

The drill program tested 4,153 meters along a classic Mexican epithermal vein system. A follow up drill program will now be designed, the details of which will be released once complete. The follow up program will be guided by detailed structural mapping and possibly geophysics.

The drill program also returned high-grade values from other previously released drill holes targeting such veins as the Pilar Vein with gold values up to 7.05 gpt and 13.55% lead plus zinc (BDH-20-33); the Chiva Vein with silver values up to 936 gpt (BDH-20-09); and the Cobriza Vein with silver values up to 307 gpt. The seven remaining holes, BDH-20-34 to BDH-20-40, focused on the Pillar and 5 Senores veins located within the southeast region of the Property.

Along with previous drill holes, good continuity and grade potential has been shown for at least 600 meters of strike length along the 5 Senores vein. Previously released BDH-20-04 drilled into 5 Senores contained silver equivalent values up to 2,843 gpt. Grade highlights from drilling ranged to 2,830 gpt silver (BDH-20-04) and 16.95 gpt gold (BDH-20-40); see the Company’s news release dated July 22, 2020.

Detailed Drill Results – Holes BDH-20-034 to BDH-20-040

 

a) Plan Map of Hole BDH-20-001 to BDH-20-40 and b) Cross Sections for BDH-20-039/BDH-20-040 and BDH-20-37

.
Click here to view larger versions of the

plan map

 and

cross sections

.

Qualified Persons

The Kootenay technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf of Kootenay by James McDonald, P.Geo, President, CEO & Director for Kootenay, a Qualified Person.

Sampling and QA/QC

All technical information for the Copalito exploration program is obtained and reported under a formal quality assurance and quality control (“QA/QC”) program. Samples are taken from core cut in half with a diamond saw under the direction of qualified geologists and engineers. Samples are then labeled, placed in plastic bags, sealed and with interval and sample numbers recorded. Samples are delivered by the Company to ALS Minerals (“ALS”) in Hermosillo, Sonora. The samples are dried, crushed and pulverized with the pulps being sent airfreight for analysis by ALS in North Vancouver, B.C. Systematic assaying of standards, blanks and duplicates is performed for precision and accuracy. Analysis for silver, zinc, lead and copper and related trace elements was done by ICP four acid digestion, with gold analysis by 30-gram fire assay with an AA finish. All drilling reported is HQ core and has been contracted to Globexplore Drilling from Hermosillo, Mexico.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Kootenay Silver Inc.

Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in the states of Sonora, Sinaloa and Chihuahua, Mexico, respectively.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

The information in this news release has been prepared as at November 11, 2020. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “expected”, “may”, “will” or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made.  Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to US Investors:

 This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

This press release uses the terms “Measured”, “Indicated”, and “Inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.

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SOURCE Kootenay Silver Inc.

LONDON, Nov. 12, 2020 /PRNewswire/ — Clarivate Plc (NYSE: CCC), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today that Jerre Stead, Executive Chairman and Chief Executive Officer, and Richard Hanks, Chief Financial Officer, will present at the RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference on Tuesday, November 17, 2020 at 3:20 PM Eastern Time.

A live webcast of the event will be available on the Investor Relations section of the Clarivate website at http://ir.clarivate.com/Event-Calendar. A replay of the webcast will be available for 30 days after the conclusion of the live event via https://event.on24.com/wcc/r/2829419/B68713F26578AC291009DCAC2D96EB7F.

About Clarivate
Clarivate™ is a global leader in providing solutions to accelerate the lifecycle of innovation. Our bold mission is to help customers solve some of the world’s most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of science and intellectual property. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise. For more information, please visit clarivate.com.

Category: Investor Conference

Source: Clarivate Plc

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SOURCE Clarivate Plc

HOUSTON, Nov. 12, 2020 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) welcomes Michael Fucci to its Board of Directors.

Fucci joins Flotek’s board following nearly 40 years as a senior leader and practitioner at Deloitte, where his strategic vision, operational expertise, and human capital thought-leadership helped build the firm into a premier professional services firm. From 2015 until 2019, Fucci served as Executive Chairman of Deloitte U.S. LLP, and subsequently assumed the role of Chairman Emeritus. During this time, he also served on the Global Board of Directors of Deloitte, where he was a member of the Global Governance and Compensation & Evaluation committees. Prior to his role as Chairman, Fucci served as Chief Operating Officer of Deloitte Consulting, and led the Human Capital Practice to transformative growth.

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer of Flotek stated: “Flotek is incredibly fortunate to attract and welcome Mike Fucci to our board. Mike is a recognized leader in driving strategies related to diversity and inclusion, business transformation and succession management that deliver greater value for shareholders for the world’s leading businesses. Flotek’s goal of achieving high-margin growth and value for all of our stakeholders starts with our people and our culture, and I look forward to Mike contributing to Flotek’s continued transformation.”

Fucci said, “I am honored to join the board of Flotek. I am looking forward to working with John Gibson and this incredibly innovative team to contribute to the growth of this important business.”

Fucci began his career in Deloitte’s New York Actuarial, Benefits, and Compensation practice, specializing in health care merger integration. In his time with the firm, he built Deloitte’s Human Capital Practice into the industry’s gold standard and a major profit center for the firm. His innovative thinking on issues around leadership development, diversity and inclusion, and HR transformation made Deloitte the largest human capital practice in the world today. His expertise around aligning compensation with shareholder interests has been critical to realizing the human capital needs of some of the world’s most recognizable companies. Fucci’s past recognitions include being named Consulting magazine’s 2008 “Top 25 Consultants” list for his work with clients and leadership excellence. He is a frequent author and speaker on issues related to increasing women and diversity on boards and the advancement of under-represented minorities. He attended Montclair State University in New Jersey, where he earned a Bachelor of Science in mathematics.

About Flotek
Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that serves customers across industrial, commercial and consumer markets. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality sanitizers and disinfectants for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

 

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SOURCE Flotek Industries, Inc.

DALLAS, Nov. 12, 2020 /PRNewswire/ — Thryv Holdings, Inc. (NASDAQ: THRY), the provider of Thryv^® software, the end-to-end client experience platform for small businesses, today announced financial results for third quarter and provided forward-looking guidance for the remainder of 2020.

Key highlights:

• Total revenue was $240.3 million for the quarter, a decrease of 25% from the third quarter of 2019
• Revenue from the SaaS business was $31.8 million for the quarter, an increase of 2% from the third quarter of 2019
• Marketing Services revenue was $208.5 million for the quarter, a decrease of 28% from the third quarter of 2019
• Net loss was $0.1 million, or $0.00 per share, basic and diluted, for the quarter, compared to net loss of $0.3 million, or ($0.01) per share, basic and diluted, in the third quarter of 2019
• Loss before income taxes was $24.4 million for the quarter, compared to income before income taxes of $1.1 million in the third quarter of 2019
• Adjusted EBITDA was $69.3 million for the quarter, representing a 28.8% Adjusted EBITDA margin; compared to $98.3 million, or a 30.8% Adjusted EBITDA margin, in the third quarter of 2019
• Net Leverage of 1.4x for the quarter, as defined by the Thryv, Inc. Credit Agreement

“This was a milestone quarter for Thryv as we re-entered the market as a public entity and saw our SaaS business return to growth,” said Thryv CEO Joe Walsh. “While the COVID-19 pandemic continued to hurt local businesses across America, the Thryv software platform helped small and medium-sized businesses survive by enabling them to do business virtually.” 

“We continue to see a more engaged set of clients and higher usage of our software and expect that positive trend to continue into 2021. The direct listing on the Nasdaq underscored our belief in the long-term growth prospects of this business and the strategic steps we are taking to drive consistent value to shareholders.”

Thryv serves approximately 350,000 small-to medium-sized businesses (“SMB”) clients through two segments: SaaS and Marketing Services.  Our SaaS offerings include Thryv, our flagship SMB end-to-end customer experience platform, and Thryv Leads, an automated lead generation service that integrates with our Thryv platform.  Our Marketing Services segment provides both print and digital solutions, including our owned and operated Print Yellow Pages (“PYP”), which carry the “The Real Yellow Pages” tagline, our proprietary Internet Yellow Pages (“IYP”), known by the Yellowpages.com, Superpages.com, and Dexknows.com URLs and other digital media solutions.

Outlook

“For fiscal year 2020, we expect SaaS revenue of $128 million,” said Thryv CFO Paul Rouse.  “This represents flat year-over-year growth when compared to fiscal year 2019.  This implies SaaS revenue of $33 million for the fourth quarter, representing an anticipated year-over year increase in the low single digits.  We believe SaaS will end 2020 with a solid run-rate and we are confident that momentum will continue into 2021.”  

In addition, for fiscal year 2020, we expect Marketing Services revenue in the range of $955 million to $965 million.  This implies Marketing Services revenue in the range of $190 million to $200 million for the fourth quarter.” 

For fiscal year 2020, Thryv expects Adjusted EBITDA in the range of $358 million to $363 million, which we calculate to an Adjusted EBITDA margin of 33% for fiscal year 2020 and implies fourth quarter Adjusted EBITDA in the range of $58 million to $63 million.

Non-GAAP Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures. We present non-GAAP measures including: Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please refer to the supplemental information presented in the tables for reconciliations of the non-GAAP financial measures used in this press release to the most comparable GAAP financial measures.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry.

The Company is unable to reconcile the forward-looking non-GAAP measures, Adjusted EBITDA and Adjusted EBITDA margin, discussed during today’s third quarter 2020 earnings call because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP measures to the most directly comparable GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the significance of the unavailable information; however, the GAAP measures could be materially different than the non-GAAP measures.

 

 

 

 

 

 

 

The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (in thousands):

Earnings Conference Call Information
Thryv will host a conference call on Thursday, November 12, 2020 at 8:30 a.m. (Eastern Time) to discuss the Company’s third quarter 2020 results. The conference call will be available via the Internet at www.thryv.com. There will be several slides accompanying the webcast. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary software. The recorded webcast will also be available on the Company’s website.

If you are unable to participate in the conference call, a replay will be available. To access the replay, please dial (888) 869-1189 or (706) 643-5902 and enter “1446957”.

About Thryv, Inc.

Thryv, Inc. owns the easy-to-use Thryv® end-to-end customer experience software built for small business that helps over 40,000 SaaS clients with the daily demands of running a business. With Thryv, they can get the job, manage the job and get credit. Thryv’s award-winning platform provides modernized business functions, allowing small-to-medium-sized businesses (SMB) to reach more customers, stay organized, get paid faster and generate reviews. These include building a digital customer database, automated marketing through email and text, updating business listings across the internet, scheduling online appointments, sending notifications and reminders, managing ratings and reviews, generating estimates and invoices and processing payments.

Thryv supports SMBs with Hub by Thryv™, a software console that enables businesses with multiple locations, such as franchises, to manage and oversee their operations using the Thryv software.

Thryv also provides consumer services through our search, display and social media management products—and connects local businesses via The Real Yellow Pages® from the over 30 million monthly visitors of DexKnows.com®, Superpages.com® and Yellowpages.com search portals; and local print directories. For more information about the company, visit thryv.com.

Thryv delivers business services to more than 360,000 SMBs across America that enable them to compete and win in today’s economy.

Learn more about Thryv on LinkedIn and Medium.

Forward-Looking Statements
Some statements included in this release constitute forward-looking statements. Statements that include the words “may”, “will”, “could”, “should”, “would”, “believe”, “anticipate”, “forecast”, “estimate”, “expect”, “preliminary”, “intend”, “plan”, “project”, “outlook” and similar statements of a future or forward-looking nature identify forward-looking statements. You should not place undue reliance on these statements, as they are not guarantees of future performance. Forward-looking statements provide current expectations with respect to our financial performance and future events with respect to our business and industry in general. Forward-looking statements are based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following: risks related to the COVID-19 pandemic, the Company’s ability to maintain adequate liquidity to fund operations; the Company’s future operating and financial performance; limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our credit facilities; our ability to retain existing business and obtain and retain new business; general economic or business conditions affecting the markets we serve; declining use of print yellow page directories by consumers; our ability to collect trade receivables from clients to whom we extend credit; credit risk associated with our reliance on small and medium sized businesses as clients; our ability to attract and retain key managers; increased competition in our markets; our ability to obtain future financing due to changes in the lending markets or our financial position; our ability to maintain agreements with major Internet search and local media companies; reduced advertising spending and increased contract cancellations by our clients, which causes reduced revenue; and our ability to anticipate or respond effectively to changes in technology and consumer preferences. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements speak only as of the date hereof and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contact:

Paige Blankenship

Thryv, Inc.
972.453.3012
[email protected]

Investor Contact:
Cameron Lessard 
Thryv, Inc.     
214.773.7022 
[email protected]

KJ Christopher
Thryv, Inc.
972.453.7068
[email protected]

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SOURCE Thryv Holdings, Inc.