Market Newsdesk

November 30, 2020 5:47 pm

Cornerstone Community Bancorp Announces Stock Repurchase Plan

Cornerstone Community Bancorp Announces Stock Repurchase Plan

RED BLUFF, Calif.–(BUSINESS WIRE)–
Cornerstone Community Bancorp, (OTC Pink: CRSB), the parent company of Cornerstone Community Bank, announced today that its Board of Directors has authorized the repurchase of up to 62,500 of the outstanding shares of the Company’s common stock or an aggregated purchase of up to $1,000,000.

Stock repurchases under this plan will be made from time to time, on the open market or in privately negotiated transactions, at the discretion of the management of the Company. The timing of these repurchases will depend on market conditions and other requirements. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended, or discontinued at any time.

About Cornerstone Community Bancorp

Cornerstone Community Bancorp, a bank holding company headquartered in Red Bluff, California, serves the Red Bluff and Redding communities through its wholly-owned subsidiary, Cornerstone Community Bank with a headquarters office in Red Bluff and two banking offices in Redding. The Bank provides commercial banking services to small and mid-size businesses, including professional service firms, real estate developers and investors and not-for-profit organizations and to their owners and other individuals. Additional information about the Bank is available on its website at www.bankcornerstone.com

Forward-Looking Statements

This release may contain certain forward-looking statements that are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact Cornerstone Community Bancorp’s earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Factors that could cause future results to vary materially from current management expectations include, but are not limited to, natural disasters (such as wildfires and earthquakes), pandemics such as COVID-19 and the economic impact caused directly by the disease and by government responses thereto, general economic conditions, economic uncertainty in the United States and abroad, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions, competition, changes in accounting principles, policies or guidelines, legislation or regulation (including the Tax Cuts & Jobs Act of 2017 and the Coronavirus Aid, Relief and Economic Security Act of 2020), interruptions of utility service in our markets for sustained periods, and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting Cornerstone Community Bancorp’s operations, pricing, products and services. Forward-looking statements speak only as of the date they are made.Except as required by law, Cornerstone Community Bancorp does not undertake to update forward-looking statements to reflect subsequent circumstances or events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005984/en/

Jeffrey P. Finck

President & CEO

530.222.1460

Patrick E. Phelan

Chief Financial Officer

530.222.1460

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Banking Professional Services

MEDIA:

November 30, 2020 5:38 pm

Community Healthcare Trust Announces Executive Retirement

PR Newswire

FRANKLIN, Tenn., Nov. 30, 2020 /PRNewswire/ — Community Healthcare Trust Incorporated (NYSE: CHCT) (the “Company”) announced today that W. Page Barnes, Executive Vice President and Chief Operating Officer, has communicated his intention to step down from his role as Executive Vice President and Chief Operating Officer effective December 31, 2020.

Mr. Barnes will transition to a part-time role with the Company, assisting with tenant relations and business development matters. Mr. Barnes was a founding executive of the Company, joining in November 2013. He undertook the role of Executive Vice President and Chief Financial Officer in May 2015 at the time of our IPO, a position he held until assuming his most recent role as Chief Operating Officer in 2019.

“Page has been a true source of leadership over the past 7 years. During his tenure at the Company, Page helped lead the Company from a start-up company with a two-thousand-dollar balance sheet in 2015 to over a $1.3 billion enterprise value in 2020. He will be sorely missed in his current position, but we are thankful for the time and energy he has devoted to elevating the Company to what it is today and look forward to continuing to work with him in his new role,” said Timothy Wallace, Chairman of the Board, President and Chief Executive Officer.

“I have worked closely with the CHCT team for many years and have complete confidence in their leadership abilities as the company navigates through these uncertain times. I look forward to continuing to partner with them through the transition,” said Mr. Barnes.

About Community Healthcare Trust Incorporated

Community Healthcare Trust Incorporated is a real estate investment trust that focuses on owning income-producing real estate properties associated primarily with the delivery of outpatient healthcare services in our target sub-markets throughout the United States. The Company had investments of approximately $667.3 million in 131 real estate properties as of September 30, 2020, located in 33 states, totaling approximately 2.8 million square feet. Additional information regarding the Company, including this quarter’s operations, can be found at www.chct.reit. Please contact the Company at 615-771-3052 to request a printed copy of this information.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “believes”, “expects”, “may”, “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates”, “anticipates” or other similar words or expressions, including the negative thereof. Forward looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Because forward-looking statements relate to future events, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Thus, the Company’s actual results and financial condition may differ materially from those indicated in such forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company’s common stock, changes in the Company’s business strategy, availability, terms and deployment of capital, the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, changes in the real estate industry in general, interest rates or the general economy, adverse developments related to the healthcare industry, the degree and nature of the Company’s competition, the ability to consummate acquisitions under contract
, effects on global and national markets as well as businesses resulting from the COVID-19 pandemic,
and the other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019,
in the Quarterly Report on Form 10-Q
for the Quarter Ended March 31, 2020, and the Company’s other filings with the Securities and Exchange Commission from time to time. Readers are therefore cautioned not to place undue reliance on the forward-looking statements contained herein which speak only as of the date hereof. The Company intends these forward-looking statements to speak only as of the time of this release and the Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.

View original content:http://www.prnewswire.com/news-releases/community-healthcare-trust-announces-executive-retirement-301181946.html

SOURCE Community Healthcare Trust, Inc.

November 30, 2020 5:34 pm

Assure Holdings Reports Third Quarter 2020 Financial Results

Third Quarter 2020 Managed Case Volume Increased 77% to 2,685

Assure Receives Forgiveness for United States Small Business Administration Loan Under CARES Act

DENVER, Nov. 30, 2020 (GLOBE NEWSWIRE) — Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (“IONM”), reported financial results for the third quarter ended September 30, 2020.

Third
Quarter 20
20
Financial
Results
vs.
Third
Quarter 201
9

Total revenue was $4.0 million versus $8.0 million.
Managed cases increased 77% to 2,685 versus 1,519.
Equity method of investment in Provider Network Entities (“PNEs”) was ($0.2) million compared to $0.3 million.
Net loss of ($1.0) million compared to net income of $3.7 million.
Net loss per diluted share was ($0.03) compared to net income of $0.09 per diluted share.
Adjusted EBITDA was ($0.7) million versus $5.1 million.
Excluding cash collected from PNEs for professional IONM services which are recorded separately, Assure collected $3.1 million compared to $2.3 million.

Management Commentary

“The Company’s resiliency has been driven by the commitment and dedication of our team members and I want to thank them for all their efforts during these unprecedented times,” said John A. Farlinger, Assure’s executive chairman and CEO. “We are well situated to begin generating improved revenue and cash flow. In addition, we will be filing a resale registration statement on Form S-1 and plan to become a reporting issuer in the United States, following that we are positioning for a potential uplisting to a major U.S. exchange.”

“The Company’s planned growth financing which we expect to secure from leading U.S. institutional investors in the near-term, will be another validation of our objective in establishing Assure as the standard of care in IONM and a leading national provider. We will use these funds to improve our financial flexibility during the current uncertain operating environment and move quickly to capitalize on growth opportunities including increasing scale by organically expanding into new states, launching a neurologist telehealth offering for IONM and pursuing strategic acquisitions.”

“Our third quarter results were negatively impacted by a number of anticipated factors. The majority contributor was our lower accrual per case rate which we adjusted in the second quarter of 2020 to reflect issues associated with the collection of 2018 claims and IONM industry-wide downward market pressure in the average payment per procedure from commercial insurance companies. Of note, while the year-over-year decline was substantial, the sequential degradation from the second to third quarter 2020 was minimal. The issue reflects the lingering effects of poor performance from the legacy 3rd party billing provider that was terminated in autumn 2019. Assure has re-billed all outstanding 2018 claims earlier this year and anticipates ultimately recovering a meaningful share of these receivables. Another factor was the previously disclosed impact of reserving claims from a private health insurance company that to-date has failed to reimburse Assure. The final contributor was lingering restrictions on elective surgeries in certain locations within Assure’s operational footprint, including an approximately 15% decline in our largest market, Texas, as a result of challenges associated with the COVID-19 pandemic.”

“We are continuing to make important progress executing against the Company’s three key corporate objectives: improving the performance of our billing and collections function, development of an in-network revenue stream and scaling our platform through both organic growth and M&A. Through the first nine months of 2020, excluding cash collected from PNEs for professional IONM services which are recorded separately, Assure collected more than $10.1 million compared to collections of $6.7 million over the same period in 2019. Additionally, our development of an in-network revenue stream is accelerating. More than 20% of Assure’s overall commercial insurance volume is now in contractual rates, either directly or indirectly with payors, helping to reduce risk, minimize complexity, protect our liquidity and accelerate the timing of payments. Finally, we have expanded our scale substantially in 2020, and recently reported a record number of procedures in the month of October.”

Third Quarter 20
20
Financial Results

Total revenue decreased 50% to $4.0 million compared to $8.0 million in the third quarter of 2019. Revenue during the period was negatively impacted by restrictions placed on elective surgeries in certain markets as a result of the COVID pandemic.

Lower revenue was primarily driven by three factors: first, the continuation of a previously disclosed dispute with two state affiliates of a private health insurance company that failed to reimburse Assure, second, a minor decline in the average cash collection rate per case, and third, the impact of poor performance from the legacy 3^rd party billing company referenced previously which only pursued a small portion of the Company’s claims. Notably, Assure’s revenue accrual rate per case has decreased only slightly during the third quarter of 2020 versus the second quarter of 2020. Managed cases increased 77% to 2,685 versus 1,519 in the third quarter of 2019, primarily driven by Assure’s existing network and the acquisition of Neuro-Pro.

Gross margin in the third quarter of 2020 decreased to 43.7% compared to 84.0% in the same quarter last year. The decline primarily relates to the lower year-over-year revenue accrual per case rate, the fixed cost nature of technologist expense, key hires made to scale expected growth and building the revenue cycle management function in 2020 versus the billing expense being a variable cost structure in 2019. Additional factors included the write-down of 2018 receivables and the impact from the reserving of claims associated with a previously disclosed dispute with two state affiliates of a private health insurance company that failed to reimburse Assure, both of which are referenced above.

Total operating expenses were $2.6 million compared to $2.1 million in the year-ago quarter. This increase was primarily due to the hiring of additional employees to support the Company’s growth.

Net loss attributable to Assure stockholders was ($1.0) million or ($0.03) per diluted share during the third quarter of 2020, compared to net income of $3.7 million or $0.09 per diluted share in the third quarter of 2019.

Adjusted EBITDA was ($0.7) million compared to $5.2 million in the same quarter of 2019.

Assure has also filed its quarter-end financial statements and management discussion & analysis (MD&A) with SEDAR and the OTC. This information can be found at www.sedar.com and www.OTCmarkets.com.

Operational Guidance

The Company has adjusted its guidance for full-year 2020 total procedures from 10,000 to a range of 9,500 to 10,000 as a result of COVID-19 related disruptions. This record number represents a 48% to 56% increase in cases compared with 2019. The guidance reflects the impact to-date of COVID-19, but not a substantial future disruption relating to the pandemic.

Impact of COVID-19

The adverse impact of the global pandemic on people and businesses has been extensive and far-reaching. Beginning in March and accelerating in April, Assure saw a decline of more than 70% in its number of procedures performed; however, the Company’s overall weekly case volumes in May through November exceeded average weekly case rates in January and February. However, continued COVID-19 cases in the United States has caused disruption in certain markets, primarily Texas, with a pullback of approximately 15% in terms of procedures. Assure is continuing to carefully monitor the impact of COVID-19 in all states within its operational footprint. The Company anticipates that the majority of the procedures that were postponed in March and April will be rescheduled for a later date.

Subsequent Event:
Assure
Receives Forgiveness For
United States Small Business Administration Loan Under CARES Act

In November 2020, Assure received forgiveness for a $1.2 million loan provided under the United States Small Business Administration Paycheck Protection Program (the “$1.2 million Loan”) pursuant to the Coronavirus Aid, Relief, and Economic Security Act. Assure anticipated all or a portion of the loan to be forgiven as the Company has maintained its employment and compensation within designated parameters.

Conference Call

The Company will hold a conference call today, November 30, 2020, at 5:30 p.m. Eastern time to discuss its third quarter 2020 results.

Date: Monday, November 30, 2020
Time: 5:30 p.m. Eastern time (3:30 p.m. Mountain time)
Toll-free dial-in number: 1-877-407-0792
International dial-in number: 1-201-689-8263
Conference ID: 13713251

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

The conference call will be broadcast live and available for replay here.

A replay of the conference call will be available after 8:30 p.m. Eastern time on the same day through December 14, 2020.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13713251

About Assure Holdings

Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned The Joint Commission’s Gold Seal of Approval®. For more information, visit the Company’s website at www.assureneuromonitoring.com.

Non-IFRS Measures

This press release includes certain measures which have not been prepared in accordance with International Financial Reporting Standards (“IFRS”) such as Adjusted EBITDA, equity method of investment in PNEs, case volume, cases and managed cases. The non-IFRS measures presented are unlikely to be comparable to similar measures presented by other issuers. References to Adjusted EBITDA are to net income/(loss) excluding interest, taxes, depreciation, share-based compensation, performance share compensation, provision for broker warrant fair value and provision for stock option fair value. Reference to equity method of investment in PNEs, case volume, cases and managed cases are to procedures monitored by the Company. None of the foregoing non-IFRS measures is an earnings measure recognized by IFRS and do not have a standardized meaning prescribed by IFRS. Management believes that Adjusted EBITDA, equity method of investment in PNEs, case volume, managed cases and cases are appropriate measures in evaluating the Company’s performance. Readers are cautioned that Adjusted EBITDA, equity method of investment in PNEs, managed cases, case volume and cases should not be construed as alternatives to net income (as determined under IFRS), as indicators of financial performance or to cash flow from operating activities (as determined under IFRS) or as measures of liquidity and cash flow.

Forward-Looking Statements

This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including, but not limited to: the Company’s expansion and financing plans; the Company’s revenue and cash flow; the proposed financing featuring US institutional investors; comments with respect to strategies, expectations, planned operations and future actions of the Company; the maximization of the Company’s in-network revenue; entering of agreements with multi-plan aggregators; filing of a registration statement on a Form S-1; plans to uplist to a major U.S. exchange; the gap in respect of accrued and realized revenue per procedure between Assure’s main business and Neuro-Pro; the rescheduling of postponed procedures; the Company’s accounting practices, including but not limited to the expected effects of the Company’s decision to write-down a sizable portion of its accounts receivable and to further reduce its accrual rate and revenue per procedure expectations; the impact of COVID-19; the total number of procedures for 2020; collections of accounts receivable including a meaningful share of the 2018 reserved receivables; that the Company will be positioned to have a strong fourth quarter; reimbursement of disputed claims; higher professional fee rates on Neuro-Pro cases will be negotiated. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company’s ability to successfully expand; the Company’s ability to negotiate higher professional fee rates on Neuro-Pro cases; postponed procedures may not be rescheduled in 2020 or at all; the Company’s may not complete 9,500 to 10,000 procedures in 2020; the Company may not improve its revenue and cash flow; the Company may not receive financing from US institutional investors; the Company’s ability to collect past due accounts receivable; the accuracy of the reservations made to receivables; the Company may not be able to maximize the Company’s in-network revenue; the Company may not enter into agreements with multi-plan aggregators; the gap in respect of accrued and realized revenue per procedure between Assure’s main business and Neuro-Pro may not be temporary and might not continue to narrow; the Company’s decision to write-down a sizable portion of its accounts receivable may not result in a more sustainable and profitable model; the Company’s decision to further reduce its accrual rate and revenue per procedure expectations may not reduce its down-side risk; the uncertainty and potential delays with filing a Form S-1 with the SEC; uncertainties related to market conditions and our ability to qualify for a listing on a major U.S. exchange; the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

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

Contact

Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
1-720-287-3093
[email protected]

SCHEDULE A

ASSURE HOLDINGS CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(in thousands of United States Dollars)


	September 30, 2020 (unaudited)			December 31, 2019
ASSETS
Current assets
Cash	$	148		$	59
Accounts receivable, net		14,620			30,863
Other assets		444			168
Due from related parties		3,730			2,617
Total current assets		18,942			33,707
Equity method investments		487			2,360
Property, plant and equipment, net		839			871
Intangibles		4,232			4,587
Goodwill		2,857			2,857
Total assets	$	27,357		$	44,382

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	$	1,239		$	4,365
Debt		4,100			1,664
Current portion of lease liability		515			461
Current portion of acquisition liability		3,880			5,030
Other current liabilities		181			81
Total current liabilities		9,915			11,601
Lease liability, net of current portion		503			500
Debt, net of current portion		3,147			1,160
Acquisition debt, net of current portion		–			2,429
Provision for acquisition share issuance		540			540
Provision for fair value of stock options		16			66
Provision for performance share issuance		16,011			16,011
Deferred tax liability, net		295			2,184
Total liabilities		30,427			34,491
SHAREHOLDERS’ EQUITY
Capital stock		35			35
Additional paid-in capital		8,258			6,682
Retained earnings (deficit)		(11,363	)		3,174
Total shareholders’ equity (deficit)		(3,070	)		9,891
Total liabilities and shareholders’ equity	$	27,357		$	44,382

ASSURE HOLDINGS CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENT OF INCOME
(in thousands of United States Dollars, except per share amounts)

	Three Months Ended September 30, 2020			Three Months Ended September 30, 2019			Nine Months Ended September 30, 2020			Nine Months Ended September 30, 2019
Revenue
Patient service fees, net	$	2,965		$	6,932		$	(6,342	)	$	20,066
Hospital, management and other		998			1,019			3,902			2,318
Total revenue		3,963			7,951			(2,440	)		22,384
Cost of revenues		(2,232	)		(1,275	)		(5,062	)		(4,466	)
Gross (loss) margin		1,731			6,676			(7,502	)		17,918
Operating expenses
General and administrative		1,957			1,570			5,853			5,090
Sales and marketing		349			394			801			1,067
Depreciation and amortization		249			116			769			332
Total operating expenses		2,555			2,080			7,423			6,489
Income/(loss) from operations		(824	)		4,596			(14,925	)		11,429
Other income/(expenses)
Earnings/(loss) from equity method investments		(232	)		285			(1,449	)		1,192
Other income/(expense)		(3	)		(56	)		50			5
Interest, net		(285	)		(62	)		(783	)		(163	)
Total other income/(expense)		(520	)		167			(2,182	)		1,034
Income/(loss) before income taxes		(1,344	)		4,763			(17,107	)		12,463
Income tax benefit (expense)		367			(1,094	)		2,570			(3,022	)
Net income/(loss)	$	(977	)	$	3,669		$	(14,537	)	$	9,441
Basic income/(loss) per common share	$	(0.03	)	$	0.11		$	(0.42	)	$	0.27
Diluted income/(loss) per common share	$	(0.03	)	$	0.09		$	(0.42	)	$	0.23

ASSURE HOLDINGS CORP.
ADJUSTED EBITDA
(in thousands of United States Dollars)

	Three Months Ended September 30, 2020			Three Months Ended September 30, 2019		Nine Months Ended September 30, 2020			Nine Months Ended September 30, 2019
Reported net income/(loss)	$	(977	)	$	3,669	$	(14,537	)	$	9,441
Interest, net		285			62		783			163
Depreciation and amortization		249			116		769			332
Share based compensation		88			204		456			952
Income tax expense		(367	)		1,094		(2,570	)		3,022
Provision for broker warrant fair value		–			–		–			14
Provision for stock option fair value		3			56		(50	)		(19	)
	$	(719	)	$	5,201	$	(15,149	)	$	13,905

ASSURE HOLDINGS CORP.
EARNINGS PER SHARE
(in thousands of United States Dollars, except per share amounts)

	Three Months Ended September 30, 2020			Three Months Ended September 30, 2019		Nine Months Ended September 30, 2020			Nine Months Ended September 30, 2019
Income attributable to common shareholders
Basic	$	(977	)	$	3,669	$	(14,537	)	$	9,441
Weighted average common share outstanding		34,940,291			34,411,980		34,843,639			34,608,711
Basic earnings per common share	$	(0.03	)	$	0.11	$	(0.42	)	$	0.27

Income attributable to common shareholders
Basic	$	(977	)	$	3,669	$	(14,537	)	$	9,441
Weighted average common shares outstanding		34,940,291			34,411,980		34,843,639			34,608,711
Dilutive effect of stock options, warrants, and performance shares		–			6,018,867		–			6,018,867
Weighted average common shares outstanding assuming dilution		34,940,291			40,430,847		34,843,639			40,627,578
Fully diluted earnings per common share	$	(0.03	)	$	0.09	$	(0.42	)	$	0.23

November 30, 2020 5:34 pm

KNDI LOSSES ALERT: Bernstein Liebhard is Investigating Kandi Technologies Group Inc., for Violations of the Federal Securities Laws

NEW YORK, Nov. 30, 2020 (GLOBE NEWSWIRE) — Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Kandi Technologies Group, Inc. (“Kandi” or the “Company”) (NASDAQ: KNDI) resulting from allegations that Kandi might have issued misleading information to the investing public.

If you purchased Kandi securities, and/or would like to discuss your legal rights and options please visit Kandi Shareholder Investigation or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].

On November 30, 2020 Hindenburg Research (“Hindenburg”) published a report on Kandi. In that report, Hindenburg found that almost 64% of Kandi’s sales over the year have been to undisclosed related parties. The report also alleged that “[Kandi] has consistently booked revenue it cannot collect, a classic hallmark of fake revenue[.]”

On this news, Kandi’s stock price fell sharply to close at $9.76 per share, a decline of approximately 28%.

If you purchased Kandi securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/kanditechnologiesgroupinc-kndi-shareholder-class-action-lawsuit-stock-fraud-337/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]

November 30, 2020 5:33 pm

Equinox Gold Announces Filing of Santa Luz Technical Report

PR Newswire

all dollar figures are in US dollars, unless otherwise indicated

VANCOUVER, BC, Nov. 30, 2020 /PRNewswire/ – Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) (“Equinox Gold” or the “Company”) has filed a National Instrument 43-101 Technical Report regarding the feasibility study and mineral reserve estimate for its 100% owned Santa Luz Gold Mine located in Bahia State, Brazil, the results of which were announced on November 9, 2020. The technical report is available for download on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar and on Equinox Gold’s website at www.equinoxgold.com.

On November 9, 2020, Equinox Gold announced Board of Directors approval to commence full construction of the Santa Luz Gold Mine with an approved construction budget of $103 million. Using the base case $1,500/oz gold price, Santa Luz is expected to produce 903,000 ounces of gold over an initial 9.5-year mine life, with additional upside from underground mineral resources. At $1,500/oz gold, the project has an after-tax net present value discounted at 5% of $305 million with an internal rate of return of 58%. Construction is underway, with first gold pour targeted for Q1 2022.

About Equinox Gold

Equinox Gold is a Canadian mining company with seven operating gold mines and construction underway at an eighth site, a multi-million-ounce gold reserve base and a clear path to achieve one million ounces of annual gold production from a pipeline of development and expansion projects. Equinox Gold operates entirely in the Americas, with two properties in the United States, one in Mexico and five in Brazil. Equinox Gold’s common shares are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about Equinox Gold’s portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at [email protected].

Technical Information

Doug Reddy, Msc, P.Geo., Equinox Gold’s COO, is a Qualified Person under National Instrument 43-101 for Equinox Gold and has approved the technical content of this document.

Cautionary Notes and

Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information. Forward-looking statements and forward-looking information in this news release relate to, among other things: the Company’s ability to successfully advance and achieve production at Santa Luz, the Company’s ability to exploit the Mineral Resources below the existing C1 open pit at Santa Luz, the strategic vision for the Company and expectations regarding production capabilities and future financial or operating performance, and the Company’s ability to successfully advance its growth and development projects. Forward-looking statements or information generally identified by the use of the words “will”, “targeted”, “clear path”, “underway”, “expected” and similar expressions and phrases or statements that certain actions, events or results “could”, “would” or “should”, or the negative connotation of such terms, are intended to identify forward-looking statements and information. Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. The Company has based these forward-looking statements and information on the Company’s current expectations and projections about future events and these assumptions include: prices for gold remaining as estimated; currency exchange rates remaining as estimated; construction and development at Santa Luz being completed and performed in accordance with current expectations; tonnage of ore to be mined and processed; ore grades and recoveries; the timely delivery and commissioning of equipment required for the restart of Santa Luz; availability of funds for the Company’s projects and future cash requirements; capital, decommissioning and reclamation estimates; Santa Luz Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; prices for energy inputs, labour, materials, supplies and services; no labour-related disruptions and no unplanned delays or interruptions in scheduled construction, development and production, including by blockade; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the Company’s ability to comply with environmental, health and safety laws. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Accordingly, readers are cautioned not to put undue reliance on the forward-looking statements or information contained in this news release.

The Company cautions that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements and information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; the Company’s ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; legal restrictions relating to mining including those imposed in connection with COVID-19; risks relating to expropriation; increased competition in the mining industry; and those factors identified in the Company’s MD&A dated February 28, 2020 and its Annual Information Form dated May 13, 2020, both of which relate to the year-ended December 31, 2019, and in the Company’s MD&A dated November 5, 2020 for the three and nine months ended September 30, 2020, all of which are available on SEDAR at

www.sedar.com

and on EDGAR at

www.sec.gov

/edgar
. Forward-looking statements and information are designed to help readers understand management’s views as of that time with respect to future events and speak only as of the date they are made.
Except as required by applicable law, the Company assumes no obligation to publicly announce the results of any change to any forward-looking statement or information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements and information. If the Company updates any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements and information contained in this news release are expressly qualified in their entirety by this cautionary statement.

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SOURCE Equinox Gold Corp.

November 30, 2020 5:33 pm

Enbridge Line 3 Starts Construction in Minnesota

PR Newswire

CALGARY, AB and DULUTH, Minn., Nov. 30, 2020 /PRNewswire/ – The Line 3 Replacement Project can now start construction in Minnesota after receiving all necessary permits and approvals.

“This is a historic day for the Line 3 project which will strengthen the safety of the system for years to come,” said Vern Yu Enbridge Executive Vice President and President of Liquid Pipelines. “With all of the permits in hand, we can now start construction.”

“Safety remains our top priority, and we will be implementing an industry leading COVID management plan to protect our workforce and the communities in which we will be working,” added Yu.

The project is poised to provide significant economic benefits for counties, small businesses, Native American communities, and union members – bringing 4,200 family-sustaining, mostly local construction jobs, millions of dollars in local spending and additional tax revenues at a time when Northern Minnesota needs it most.

Enbridge thanks the thousands of Minnesotans, labor groups, communities, counties, Native Americans and elected officials who have been steadfast in their support of this important pipeline replacement project.

The replacement of Line 3 is a safety and maintenance focused private investment in Minnesota’s energy infrastructure. It is the best option for protecting the environment and communities while meeting the region’s energy needs.

Forward Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge Inc. (“Enbridge” or the “Company”) and its subsidiaries and affiliates, including management’s assessment of Enbridge and its subsidiaries’ future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ”anticipate”, ”expect”, ”project”, ”estimate”, ”forecast”, ”plan”, ”intend”, ”target”, ”believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements with respect to the Line 3 Replacement Project and expected regulatory and permitting actions and decisions, capital expenditures, construction schedules and anticipated economic benefits.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company’s services. Similarly, the COVID-19 pandemic, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company’s services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction such as the Line 3 Replacement Project, including estimated completion dates and expected capital expenditures, include the following: the COVID-19 pandemic and the duration and impact thereof; the impact of customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; and the impact of weather.

Enbridge’s forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company’s other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge’s future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company’s behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario and Quebec, and generates approximately 1,750 MW of net renewable power in North America and Europe. The Company’s common shares trade on and stock exchanges under the symbol ENB. For more information, visit the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media

Juli Kellner Toll Free: (888) 992-0997
Email: [email protected]

Investment Community

Jonathan Morgan Toll Free: (800) 481-2804
Email: [email protected]

View original content:http://www.prnewswire.com/news-releases/enbridge-line-3-starts-construction-in-minnesota-301181932.html

SOURCE Enbridge Inc.

November 30, 2020 5:33 pm

Invesco Provides Estimated Capital Gain Distribution Information for 2020

PR Newswire

ATLANTA, Nov. 30, 2020 /PRNewswire/ — Invesco Ltd. (NYSE: IVZ) a leading global provider of exchange-traded funds (ETFs), announced today that it expects to deliver capital gains distributions across 11 Invesco ETFs.*

For the funds listed in Table 1, the ex-date for the 2020 capital gains distributions will be Monday, December 21, 2020. The record date will be Tuesday, December 22, 2020, and the payable date will be Thursday, December 31, 2020.

Table 1
Ticker	Fund Name	Estimated Distribution Short-Term Capital Gain ($ per share)	Estimated Distribution Long-Term Capital Gain ($ per share)	Total Estimated Capital Gain Distribution ($ per share)
PFIG	Invesco Fundamental Investment Grade Corporate Bond ETF	–	0.10	0.10
CLTL	Invesco Treasury Collateral ETF	0.04	–	0.04
PBSM	Invesco PureBetaSM MSCI USA Small Cap ETF	0.11	0.10	0.21
PBND	Invesco PureBetaSM US Aggregate Bond ETF	–	0.12	0.12
BSCL	Invesco BulletShares 2021 Corporate Bond ETF	0.01	0.03	0.04
BSCM	Invesco BulletShares 2022 Corporate Bond ETF	0.01	0.06	0.07
IIGD	Invesco Investment Grade Defensive ETF	0.33	0.11	0.44
IIGV	Invesco Investment Grade Value ETF	0.34	0.14	0.48
PICB	Invesco International Corporate Bond ETF	–	0.03	0.03
PBTP	Invesco PureBetaSM 0-5 Yr US TIPS ETF	0.02	–	0.02
GTO	Invesco Total Return Bond ETF	1.19	–	1.19

*Estimated capital gains and Funds information presented here is not final; these are initial estimates as of

October 31, 2020 and will change based on market volatility, portfolio and shareholder activity and tax adjustments. Estimates are also not provided for BulletShares Funds liquidating in December.

Invesco ETFs provides a number of resources and a broad menu of ETF investment solutions to assist investors as they consider year-end tax management strategies with their advisors. Please visit the Invesco ETF Tax Center for more information. Invesco ETFs does not offer tax advice. Please consult your tax adviser for information regarding your own personal tax situation.

For additional information, shareholders of the ETFs which are scheduled for changes may call Invesco at 800-983-0903.

For media questions, contact: Stephanie Diiorio, 212-278-9037, [email protected]

About Invesco Ltd.
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in 25 countries, Invesco managed $1.2 trillion in assets on behalf of clients worldwide as of October 31, 2020. For more information, visit Invesco.com.

Important Information
There are risks involved with investing in ETFs, including possible loss of money. Index-based ETFs are not actively managed. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Both index-based and actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply.

The Fund’s return may not match the return of the Index. The Funds are subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Funds.

Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Fund and tender those Shares for redemption to the Fund in Creation Unit aggregations only, typically consisting of 10,000, 25,000, 50,000, 75,000, 80,000, 100,000, 150,000 or 200,000 Shares.

This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.

Before investing, investors should carefully read the prospectus/summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the Fund call 800 983 0903 or visit invesco.com for the prospectus/summary prospectus.

Invesco Distributors, Inc. is the US distributor for Invesco’s retail products and private placements; and is an indirect, wholly owned subsidiary of Invesco Ltd.

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SOURCE Invesco Ltd.

November 30, 2020 5:33 pm

VIQ Solutions Reports Third Quarter Results

VIQ Solutions Reports Third Quarter Results

Solidifies Growth Platform for Next Level

PHOENIX, Ariz.–(BUSINESS WIRE)–VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS and OTC Markets: VQSLF) a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today reported financial results for the third quarter 2020 and outlined plans to accelerate the Company’s growth. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards (“IFRS”).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201130005975/en/

“This year has been both rewarding and challenging for our team who has shown resilience and agility during a global pandemic while accelerating digitization and redefining our addressable growth markets,” said Sebastien Paré, VIQ Solutions’ President and CEO. “We significantly increased productivity, added new clients, expanded existing client volume, and launched new products to support a remote workforce. All of which contributed to a strong financial performance, including gross margin expansion. This success positions us well for 2021 when we expect to generate significant top-line growth, and positive net income and earnings per share.”

Key Third Quarter 2020 Highlights:

Revenue of $8.2 million increased 27% versus the third quarter 2019 revenue of $6.5 million. The increase of $1.7 million included $2.7 million from acquisitions and was partially offset by $1.0 million downward exposure from temporary COVID-19 shutdowns during the second and third quarter 2020 on net organic growth;
Generated 71% of revenue in the United States, 27% in Australia, and 2% in EMEA and Canada;
Gross profit of $4.9 million represented 60.4% of revenue versus $2.9 million or 45.0% of revenue in the third quarter of 2019. Gross profit in 2020 was favorably impacted by $1.4 million in COVID-19 wage subsidies;
Adjusted EBITDA of $1.9 million increased 305% compared to the third quarter 2019 Adjusted EBITDA of $0.5 million. The increase in Adjusted EBITDA was driven by higher revenues due to acquisitions, and productivity gains in transcription services as well as COVID-19 wage subsidies received in 2020, and was partially offset by higher SG&A expenses as the Company continues to invest in scalability and innovations.

Key Nine Month 2020 Financial Highlights:

Revenue of $24.0 million increased 26% compared to $19.0 million in revenue during the same period in the prior year. The increase in revenue of $5.0 million included $7.3 million related to acquisitions and was partially offset by a $2.3 million downward exposure from temporary COVID-19 shutdowns during the second and third quarter 2020 on net organic growth;
Generated 72% of revenue in the United States, 26% in Australia, and 2% in EMEA and Canada;
Gross profit of $13.2 million represented 55.1% of revenue versus $8.4 million, or 44.1% of revenue, in the comparable prior year period. Gross profit in 2020 was favorably impacted by $2.8 million in COVID-19 wage subsidies;
Adjusted EBITDA of $4.2 million increased 251% versus Adjusted EBITDA of $1.2 million the prior year. The $3.0 million increase in Adjusted EBITDA was driven by higher revenues, and productivity gains in transcription services as well as COVID-19 wage subsidies received during the second and third quarter 2020 and was partially offset by higher SG&A expenses.

Earlier COVID-19 restrictions, mainly in courts, law enforcement and insurance verticals, temporarily caused delays in customer migrations and new rollouts. Ongoing rollouts have restarted as COVID-19 restrictions are incrementally lifted particularly in Australia and the UK. The Company estimates approximately $2.5 to $3.4 million of previously planned 2020 revenues are delayed to 2021.

Drives Productivity Gains

As the Company completes the first phase of its migrations to NetScribe, powered by aiAssist, by December 31, the Company has pivoted to enhancing technologies driving deeper improvements to industry-specific AI. The learnings from these migrations, combined with the rich depth of content gained in key sectors, provide the foundation to accelerate productivity enhancements to our transcription workflows and improve the end product delivered to customers where the drive for faster and more accurate draft content is essential to competitive positioning.

“We have operationalized the integration of our first three acquisitions and the operational gains will be maximized in Q1, 2021,” said Susan Sumner, Chief Operating Officer. “This successful migration has proven to our client base that the migration to our new technologies and our new ownership structure is a positive change. To that end, we invested in acquisitions that helped to support the marquis standards we established for VIQ. In 2021 we will invest further in supporting the awareness of both the brand and attributes associated with VIQ solutions in our overall expansion strategy.”

Accelerates Growth Plan with Completion of $15 million Bought Deal Equity Offering

On November 26, 2020, the Company closed an upsized $15.3 million equity offering on a bought deal basis of 4,705,900 common shares at a price of CAD$4.25 (USD$3.24) per share;
Following the offering, and as of November 30, 2020, the Company has approximately $17 million in cash;
As noted in the Company’s Prospectus, it intends to use the net proceeds of the Offering to invest in its sales infrastructure, to fund potential future acquisitions and to fund development of product and service offering by advancing research and development projects.

“Last week, we successfully closed on an equity raise, adding additional high quality, long-term investors to our shareholder base, and growing our cash balance to approximately $17 million,” said Alexie Edwards, Chief Financial Officer.

Outlook – The Company Expects:

Full year revenue to range between $31-$32 million, representing growth of approximately 24%-27% versus the prior year;
Full year gross margin to be between 50% – 55% (note the Company does not expect wage subsidies to impact gross margin in the fourth quarter);
Full year Adjusted EBITDA to range between $4.4 – $4.5 million;
To complete phase 1 migration of customers, revenue, and editors to NetScribe™ aiAssist platform by year end;
VIQ maintains an active M&A pipeline, which is expected to result in future acquisitions.

The foregoing expectations regarding full year revenue, gross margin and Adjusted EBITDA constitute forward-looking information and readers are cautioned that the Company’s actual results may vary.

The Consolidated Financial Statements and Management’s Discussion and Analysis for the quarter will be posted on the Company’s website at https://viqsolutions.com/investors and the SEDAR website at www.sedar.com.

The financial information included in this news release should be read together with the consolidated financial statements and Management’s Discussion and Analysis for the quarter ended September 30, 2020, including the notes thereto.

Conference Call Details

VIQ will hold a conference call to discuss its third quarter 2020 results on Tuesday, December 1st at 11:00 a.m. ET. The call will consist of a brief update by VIQ President and CEO, Sebastien Paré, Alexie Edwards, VIQ’s CFO, and Susan Sumner, VIQ’s COO, followed by a question and answer period.

Investors may access a live webcast of the call on the Company’s website at www.viqsolutions.com/investors or by dialing 1-833-378-1030 (North America toll-free) or 1-236-712-2544 (international) to be connected to the call by an operator using conference ID number 9928549. Participants are asked to dial in 10 minutes prior to the start of the call.

For more information about VIQ, please visit viqsolutions.com.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, media, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.

Forward-looking Statements

Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements or information typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this news release include, but are not limited to, the Company’s plans the accelerate growth in future financial periods, the Company’s anticipated significant increase to top-line growth, net income and earnings per share, the quantum of the Company’s planned 2020 revenues delayed to 2021, the Company’s ability to complete the first phase of migrations to NetScribe aiAssist by December 31, 2020; the expected effect that migrations to NetScribe aiAssist will have on the Company’s financial results; the Company’s anticipated expansion strategy and the elements thereof; the Company’s intention to continue its acquisition strategy; the expected uses of the net proceeds of the Company’s bought deal equity offering; the Company’s expectations regarding its future performance including expectations with respect to revenue growth, gross margin, Adjusted EBITDA, the migration of customers to the NetScribe platform and future acquisitions.

Forward-looking statements or information is based on several factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, the Company’s ability to execute its business plan as currently contemplated, the Company’s ability to migrate its customers to the NetScribe platform in accordance with projected timelines, the Company’s ability to maintain its existing customer contracts in good standing, the Company’s ability to successfully recover revenues delayed to 2021, the Company’s ability to identify and acquire suitable acquisition and the Company’s ability to continue to grow its customer base in accordance with current projections. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.

Forward-looking statements or information is based on current expectations, estimates and projections that involve several risks and uncertainties which could cause actual results to differ materially from those anticipated by VIQ, including but not limited to, the risk that delayed revenues will be unrecoverable, the risk that Company will be unable to successfully migrate its customers to its NetScribe platform as anticipated or at all, the risk that certain of the Company’s customer contracts will be terminated, the risk that the Company’s projections are not accurate, the risk that the Company will be unable to integrate future acquisitions into its existing operations and the risks and uncertainties described under the heading “Risk Factors” in VIQ’s Annual Information Form for the year ended December 31, 2019, filed with the Canadian securities regulatory authorities under VIQ’s SEDAR profile at www.sedar.com. These risks and uncertainties may cause actual results to differ materially from the forward-looking statements or information. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties. The forward-looking statements contained in this release are made as of the date of this release and, except as required by applicable law, VIQ undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005975/en/

Media Contact:

Laura Haggard

Chief Marketing Officer

VIQ Solutions

Phone: (800) 263-9947

Email: [email protected]

Investor Relations Contact:

Laura Kiernan

High Touch Investor Relations

Ph. 1-914-598-7733

Email: [email protected]

KEYWORDS: United States North America Canada Arizona

INDUSTRY KEYWORDS: Technology Insurance Telecommunications Professional Services Audio/Video Software Other Health Health Other Professional Services

MEDIA:

Logo

November 30, 2020 5:33 pm

Spectra7 Announces Third Quarter Financial Results

Spectra7 Announces Third Quarter Financial Results

Company Reports Almost $2 Million in Orders for the Fourth Quarter, the Highest in 3 Years

SAN JOSE, Calif.–(BUSINESS WIRE)–
(TSX-V:SEV) Spectra7 Microsystems Inc. (“Spectra7” or the “Company”), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced its financial results for the three month period ended September 30, 2020. A copy of the unaudited consolidated financial statements for the three and nine months ended September 30, 2020 prepared in accordance with International Financial Reporting Standards and the corresponding management’s discussion and analysis (“MD&A”) are available under the Company’s profile on www.sedar.com. All amounts are in US dollars unless otherwise noted.

Q3 2020 Financial Summary

Revenue for Q3 2020 was approximately $282K, representing an increase of approximately 10% over the prior quarter. Q3 revenue was constrained by working capital and supply availability.

Gross margin¹ as a percentage of revenue for Q3 2020 was 55%, representing a decrease of approximately 1% from the prior quarter.

Non-IFRS operating expenses in Q3 2020 were $1,074K, down approximately $653K or 30% from the prior quarter, reflecting strong cost containment measures undertaken by management.

EBITDA² loss of approximately $718K compared to a loss of $1,284K in the prior quarter, representing a sequential improvement of 44%, and the lowest level of losses on record.

CEO COMMENTARY

“The third quarter was challenging as our revenue was constrained by both working capital and supply availability. However, we experienced very strong orders and are currently in qualification with a major US based mobile operator for 5G infrastructure upgrade”, said Spectra7 CEO Raouf Halim. “We expect our first 400Gbps data center production revenue from the US in the first half of 2021. At the same time, by taking additional steps to control costs we are reducing our losses significantly in these challenging times.”

Data Center Highlights

Spectra7 continued to experience strong traction with its data center solutions and announced two new customer design-ins in the third quarter of 2020 for a total of 79 to date, 63% of which are for North American operators. Six of the 79 design-ins have now completed production qualification with three producing significant revenue. This leaves a large pipeline of design-ins expected to drive revenue growth in coming quarters.

Alibaba and Tencent highlighted Spectra7 Active Copper Cable (ACC) technology in a recent Data Center White Paper describing their future technology plans.

Tencent continued volume deployment in the third quarter of Spectra7 based 25G ACC interconnects and began trial with 100G and 200G interconnects for future deployments.

Molex recently entered production ready status with Spectra7 enabled 400Gbps PAM4 Active Copper Cables.

A major US mobile operator continued qualification of Spectra7 based 400Gbps PAM4 ACC cables for 5G infrastructure deployment. Qualification is expected to be complete in the fourth quarter with deployment in the first half of 2021.

Spectra7 recently announced its next generation solution for 800Gbps deployments as well as design starts with Molex, Foxconn and Luxshare.

Spectra7 recently announced a new ACC solution with extended temperature range, targeted specifically at the 5G Mobile infrastructure connectivity market.

Spectra7 recently announced a new longer reach ACC solution targeted specifically at the next generation of high-performance artificial intelligence (AI) and machine learning (ML) servers.

Financing Update

The Company completed the second and final tranche of its previously announced $1,000,000 non-brokered private placement of up to 40,000,000 units (“Units”) on September 25, 2020. The second tranche of the private placement consisted of the issuance of 16,677,920 Units for gross proceeds of $416,948.00 CAD.

Outlook

The Company has entered the fourth quarter with record order over-all order backlog and expects significant sequential revenue growth in it’s fourth quarter.

NOTES:

¹ Gross margin is a non-GAAP measure. Refer to “Revenue and Gross Margin” in the Company’s interim MD&A for the three months ended September 30, 2020 for reconciliation to measures reported in the Company’s financial statements.

² EBITDA or earnings before interest, tax, depreciation, and amortization is a non-GAAP measure. EBITDA excludes share-based compensation, amortization, depreciation, interest, and tax expenses.

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. is a high-performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in virtual reality, augmented reality, mixed reality, data centers and other connectivity markets. Spectra7 is based in San Jose, California with a design center in Cork, Ireland and technical support location in Dongguan, China. For more information, please visit www.spectra7.com.

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

CAUTIONARY NOTES

Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s future financial position and results of operations, outlook, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company’s Annual Information Form and annual MD&A for the year ended December 31, 2019. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005971/en/

Spectra7 Microsystems Inc.

James Bergeron

Investor Relations

289-512-0541

[email protected]

Spectra7 Microsystems Inc.

Dave Mier

Chief Financial Officer

925-858-7011

[email protected]

KEYWORDS: California United States North America Canada

INDUSTRY KEYWORDS: Semiconductor Data Management Technology Software Networks Hardware

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November 30, 2020 5:33 pm

Oshkosh Corporation to Present at the Credit Suisse 8th Annual Virtual Industrials Conference

Oshkosh Corporation to Present at the Credit Suisse 8^th Annual Virtual Industrials Conference

OSHKOSH, Wis.–(BUSINESS WIRE)–
Oshkosh Corporation (NYSE:OSK), a leading innovator of mission-critical vehicles and essential equipment, announced today that it will present at the Credit Suisse 8^th Annual Virtual Industrials Conference on Wednesday, December 2, 2020.

The event is scheduled to start at 11:30 a.m. EST and will be webcast. To access the webcast, please visit www.oshkoshcorp.com at least 15 minutes prior to the event.

About Oshkosh Corporation

At Oshkosh (NYSE: OSK), we make innovative, mission-critical equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs more than 14,000 team members worldwide, all united behind a common cause: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, Oshkosh® Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™, Oshkosh® Airport Products and London™. For more information, visit oshkoshcorp.com.

®, ™ All brand names referred to in this news release are trademarks of Oshkosh Corporation or its subsidiary companies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005949/en/

Financial:

Patrick Davidson

Senior Vice President, Investor Relations

920.502.3266

Media:

Bryan Brandt

Senior Vice President, Chief Marketing Officer

920.502.3670

KEYWORDS: Wisconsin United States North America

INDUSTRY KEYWORDS: Public Policy/Government Defense Other Defense Other Manufacturing Other Government Engineering Automotive Manufacturing Manufacturing

MEDIA:

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