Market Newsdesk

November 25, 2020 7:31 am

CORRECTION – Yunji Inc.

HANGZHOU, China, Nov. 25, 2020 (GLOBE NEWSWIRE) — In a release issued on November, 24 2020 by Yunji Inc. (NASDAQ: YJ), please note that multiple changes throughout the text have been implemented, including in the headline.

The corrected release follows:

Yunji Announces the Signing of a Cooperative Framework Agreement with Douyin’s E-Commerce Business

Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced that it has signed a cooperative framework agreement (the “Agreement”) with Douyin’s E-Commerce Business. The Agreement’s establishment is in line with the Company’s strategy of exploring the live streaming potential of external platforms in such areas as product supply chain, e-commerce streamer resources, and platform traffic.

Through the Agreement, the Company will leverage its online store and video account on Douyin’s E-Commerce Business to introduce and promote more quality products sourced from its differentiated supply chain. In addition, through attractive live streaming events on Douyin’s E-Commerce Business, the Company will also be able to expand the influence of the high-quality private label and joint-venture brands in its network to external platforms as well as provide a broader consumer base range with access to its premium products.

On September 25, the Company chose to make its live streaming debut in a popular streamer’s live streaming room on the partnered platform. As part of this event, Yunji Founder and CEO Shanglue Xiao made a guest appearance and introduced a number of select goods to the audience. This live steaming event reached 10.7 million views and recorded RMB87.5 million in gross merchandise value (“GMV”). Subsequently, Yunji collaborated with another popular streamer and achieved good results. During Yunji’s Double Eleven Shopping Carnival, Yunji cooperated with a popular streamer on the partnered platform and recorded RMB50.2 million in GMV. Notably, Yunji has generated a cumulative GMV of RMB170.0 million through the three live streaming events it has hosted on Douyin’s E-Commerce Business to date.

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as Yunji’s strategic and operational plans, contain forward-looking statements. Yunji may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Yunji’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Yunji’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to Yunji’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Yunji’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Yunji undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About
Yunji
Inc.

Yunji Inc. is a leading social e-commerce platform in China that has pioneered a unique, membership-based model to leverage the power of social interactions. The Company’s e-commerce platform offers high-quality products at attractive prices across a wide variety of categories catering to the day-to-day needs of Chinese consumers. In addition, the Company uses advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote the platform as well as share products with their social contacts. Through deliberate product curation, centralized merchandise sourcing, and efficient supply chain management, Yunji has established itself as a trustworthy e-commerce platform with high-quality products and exclusive membership benefits, including discounted prices.

For more information, please visit https://investor.yunjiglobal.com/

Investor Relations Contact

Yunji Inc.
Investor Relations
Email: [email protected]
Phone: +1 (646) 224-6957

ICR, Inc.
Xinran Rao
Email: [email protected]
Phone: +1 (646) 224-6957

November 25, 2020 7:29 am

(JPM) Alert: Johnson Fistel is Investigating JPMorgan Chase following $250 Million Penalty; Investors Suffering Losses Encouraged to Contact Firm

PR Newswire

SAN DIEGO, Nov. 25, 2020 /PRNewswire/ — Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan” or the “Company”).

On November 24, 2020, The Office of the Comptroller of the Currency (OCC) made known that it had imposed a $250 million fine on JPMorgan. An OCC consent order filing stated, “For several years, the bank maintained a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities. Among other things, the bank had deficient risk management practices and an insufficient framework for avoiding conflicts of interest.”

If you have information that could assist in this investigation, including past employees and others, or if you are a JPMorgan shareholder and are interested in learning more about the investigation, please contact Jim Baker (

[email protected]

) by email or phone at 619-814-4471. If emailing, please include a phone number.

Additionally, you can [

click here to join this action]. There is no cost or obligation to you.

About

Johnson Fistel, LLP:

Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:

Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

[

click here to join this action].

View original content:http://www.prnewswire.com/news-releases/jpm-alert-johnson-fistel-is-investigating-jpmorgan-chase-following-250-million-penalty-investors-suffering-losses-encouraged-to-contact-firm-301180549.html

SOURCE Johnson Fistel, LLP

November 25, 2020 7:19 am

First International Bank of Israel Presents Third Quarter and First Nine Months 2020 Results

PR Newswire

TEL AVIV, Israel
, Nov. 25, 2020/PRNewswire/ — First International Bank of Israel (TASE: FIBI) one of Israel’s major banking groups, today announced its results for the third quarter and first nine months of 2020.

Financial Highlights

Net earnings of NIS 540 million for the first nine months of 2020.
Return on equity: 8.4%
Net earnings of NIS 201 million for the third quarter of 2020.
Return on equity: 9.5%
Since the start of the year, there was a 2.2% growth in the credit to the public and 21.1% in deposits from the public by households and private banking.
Expenses due to Credit loss in the third quarter were NIS 91 million, as compared to NIS 33 million in the corresponding period last year, and in the first nine months of 2020 were NIS 413 million as compared to NIS 92 million in the corresponding period last year
The efficiency ratio reached 61.0%, as compared to 64.9% in the corresponding period last year
Ratio of Tier I equity capital: 10.93%
Ratio of comprehensive capital: 14.23%

Profitability

Net earnings of the First International Bank Group in the third quarter of the year amounted to NIS 201 million. Return on equity reached 9.5%. In the first nine months of the year, net earnings amounted to NIS 540 million and return on equity reached 8.4%.

Earnings in the first nine months of the year and thereafter in the present quarter were affected by the impacts of the Corona crisis. This was mostly due to the sharp increase in credit loss expenses, mainly under the collective provision item, and this on the basis of the uncertainty surrounding the crisis and its impact on borrowers.

Implications of the Corona crisis on the Bank

Expenses in respect of credit losses in the first nine months of the year amounted to NIS 413 million, in contrast to NIS 92 million in the corresponding period last year. The rate of the provision for credit losses amounted to 0.62%, as compared to 0.14% in the corresponding period last year.

Credit loss expenses in the third quarter of the year amounted to NIS 91 million, compared to NIS 33 million in the corresponding quarter last year, a growth of 176%. The provision rate for credit losses in the third quarter of the year amounted to 0.41%, as compared with 0.15% in the corresponding quarter last year.

The growth in credit loss expenses was mostly due to the impact of the changes in the macro-economic environment, because of the Corona pandemic and the uncertainty with regard to the impact on the condition of borrowers. Due to the macro-economic uncertainty, the Bank decided to increase the collective provision, which in the first nine months of the year amounted to NIS 366 million, the majority of it (NIS 322 million) in respect of the crisis.

Until September 30, 2020, the Bank deferred repayment of loans to customers in an amount of NIS 144 million. The outstanding balanceof the loans, repayment of which had been deferred, as of September 30, 2020, amounted to NIS 2,858 million, comprising 3.1% of total credit to the public. This rate is lower than the rate as reported in the second quarter, which amounted to 8.0%, and is significantly lower than the rate of deferred debts across the Israeli banking system as a whole.

Since the outbreak of the crisis, the Bank has implemented a series of measures, the aim of which is to assist customers and make banking services more accessible to customers, enabling them to overcome the challenges and implications of the crisis. Among other things, the Bank has provided a reprieve from loan repayments and mortgages, as well as offers and grants of credit to business customers out of loan funds guaranteed by the State. In addition, the Bank has introduced a series of assistance services for the older population, including courier service to their homes, avoiding lines at the branches, as well as introducing a series of new and advanced digital services. These include joining the Bank’s advisory services, video meetings with investment consultants, prolonged business hours for telephone consultation, opening of an account digitally, fixing branch appointments using the online ‘chat’, and more.

Growth

In the first nine months of the year, financing profit from current operations increased by 1.2%, in comparison with the corresponding period last year. Total commission income increased by 7%. Most of the increase was due to the growth in capital market activity as a result of a growth in trading turnover on the Stock Exchange and from the growth in income from exchange spreads. This growth was partly offset by a decline in income from management fees and commissions on financing transactions, as a result of a decline in the volume of this activity resulting from the effect of the crisis.

The growth in the activity of the Group is noted also in the balance sheet data, both on the credit side and on the deposit side. The average outstanding balance of credit to the public amounted to NIS 89,475 million in the first nine months of the year, a growth of 4.9% in comparison with the corresponding period last year. Deposits from the public in the first nine months of the year increased by 13.2%, amounting to NIS 135,914 million, of which deposits by households and private banking increased by 21.1% amounting to NIS 71,816 million.

Efficiency

The Bank continued to increase efficiencies and the efficiency ratio continued to improve, reaching 61.0% as compared with 64.9% in the corresponding period last year. Operating and other expenses amounted to NIS 1,894 million, a reduction of 5.3% in relation to the corresponding period last year.

Financial stability

The capital attributed to the shareholders of the Bank reached NIS 8,944 million, a growth at the rate of 4.4% compared with that of the end of 2019. The Tier I equity capital ratio reached 10.93% (2.6 percentage points over the regulatory requirement) in comparison to 10.81% as at December 31, 2019, and the comprehensive capital ratio reached 14.23%.

The local credit rating companies have recently during the crisis period, reiterated the rating of the First International Bank, which is rated at AAA, the highest rating, similarly to that of the other large banks in Israel.

Ms. Smadar Barber-Tsadik, CEO of the First International Bank stated that: “The health crisis continues to affect economies and capital markets all over the world. Our Bank is confronting this new reality while demonstrating financial stability, noted across all stability indices: the capital ratio, being at a significantly higher level than that required by regulation, high liquidity, a high quality and broad credit portfolio, while continuing on our long-term efficiency measures. This stability enables us to continue to support our customers, both private and business, while maintaining functional and business continuity. The Bank continues to provide credit to its customers, also within the framework of funds guaranteed by the State, and even reached a leading rating compared with the other banks, under a survey conducted by the Ministry of Finance.

“The Bank continues its accelerated digital development across all banking areas, with a focus on advisory and investments areas. The usage rates, as well as customer satisfaction from the advanced digital channels, increased considerably during the crisis period.”

CONDENSED PRINCIPAL FINANCIAL INFORMATION AND PRINCIPAL EXECUTION INDICES
Principal financial ratios	For the nine months ended September 30,		For the year ended December 31,
	2020	2019	2019
			in %
Execution indices
Return on equity attributed to shareholders of the Bank(1)	8.4%	10.6%	10.5%
Return on average assets(1)	0.48%	0.63%	0.63%
Ratio of equity capital tier 1	10.93%	10.79%	10.81%
Leverage ratio	5.39%	5.91%	5.81%
Liquidity coverage ratio	145%	124%	128%
Ratio of total income to average assets(1)	2.8%	3.0%	3.0%
Ratio of interest income, net to average assets (1)	1.8%	1.9%	1.9%
Ratio of fees to average assets (1)	0.9%	0.9%	0.9%
Efficiency ratio	61.0%	64.9%	64.4%

Credit quality indices
Ratio of provision for credit losses to credit to the public	1.35%	1.03%	1.05%
Ratio of impaired debts or in arrears of 90 days or more to credit to the public	1.10%	1.02%	1.08%
Ratio of provision for credit losses to total impaired credit to the public	168%	139%	131%
Ratio of net write-offs to average total credit to the public (1)	0.15%	0.09%	0.10%
Ratio of expenses for credit losses to average total credit to the public (1)	0.62%	0.14%	0.16%


Principal data from the statement of income	For the nine months ended September 30,
	2020	2019
		NIS million
Net profit attributed to shareholders of the Bank	540	643
Interest Income, net	1,980	1,942
Expenses from credit losses	413	92
Total non-Interest income	1,126	1,140
Of which: Fees	1,027	960
Total operating and other expenses	1,894	2,000
Of which: Salaries and related expenses	1,138	1,215
Dismissals expenses	5	41
Primary net profit per share of NIS 0.05 par value (NIS)	5.38	6.41


Principal data from the balance sheet
	30.9.20	30.9.19	31.12.19
			NIS million
Total assets	159,370	136,988	141,110
of which: Cash and deposits with banks	52,366	34,516	37,530
Securities	12,174	10,453	10,995
Credit to the public, net	89,585	87,310	87,899
Total liabilities	150,042	128,178	132,186
of which: Deposits from the public	135,914	116,292	120,052
Deposits from banks	1,717	464	1,137
Bonds and subordinated capital notes	4,384	3,690	3,674
Capital attributed to the shareholders of the Bank	8,944	8,461	8,568


Additional data	30.9.20	30.9.19	31.12.19
Share price (0.01 NIS)	7,108	9,257	9,989
Dividend per share (0.01 NIS)	125	300	410

(1) Annualized.

CONSOLIDATED STATEMENT OF INCOME (NIS million)
	For the three months ended September 30		For the nine months ended September 30		For the year Ended December 31
	2020	2019	2020	2019	2019
	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(audited)
Interest Income	731	699	2,160	2,337	3,085
Interest Expenses	69	57	180	395	483
Interest Income, net	662	642	1,980	1,942	2,602
Expenses from credit losses	91	33	413	92	138
Net Interest Income after expenses from credit losses	571	609	1,567	1,850	2,464
Non- Interest Income
Non-Interest Financing income	36	63	97	175	225
Fees	336	325	1,027	960	1,286
Other income	–	3	2	5	9
Total non- Interest income	372	391	1,126	1,140	1,520
Operating and other expenses
Salaries and related expenses	386	394	1,138	1,215	1,601
Maintenance and depreciation of premises and equipment	89	90	261	270	353
Amortizations and impairment of intangible assets	24	22	71	68	92
Other expenses	141	143	424	447	608
Total operating and other expenses	640	649	1,894	2,000	2,654
Profit before taxes	303	351	799	990	1,330
Provision for taxes on profit	109	119	254	357	478
Profit after taxes	194	232	545	633	852
The bank’s share in profit of equity-basis investee, after taxes	19	15	24	39	51
Net profit:
Before attribution to non–controlling interests	213	247	569	672	903
Attributed to non–controlling interests	(12)	(11)	(29)	(29)	(38)
Attributed to shareholders of the Bank	201	236	540	643	865

	NIS
Primary profit per share attributed to the shareholders of the Bank
Net profit per share of NIS 0.05 par value	2.00	2.35	5.38	6.41	8.62

STATEMENT OF COMPREHENSIVE INCOME (NIS million)
	For the three months ended September 30		For the nine months ended September 30		For the year Ended December 31
	2020	2019	2020	2019	2019
	(unaudited)	(unaudited)	(unaudited)	(unaudited)	(audited)
Net profit before attribution to non–controlling interests	213	247	569	672	903
Net profit attributed to non–controlling interests	(12)	(11)	(29)	(29)	(38)
Net profit attributed to the shareholders of the Bank	201	236	540	643	865
Other comprehensive income (loss) before taxes:
Adjustments of available for sale bonds to fair value, net	60	8	(30)	84	101
Adjustments of liabilities in respect of employee benefits(1)	(16)	(57)	(31)	(45)	(74)
Other comprehensive income (loss) before taxes	44	(49)	(61)	39	27
Related tax effect	(14)	17	21	(14)	(9)
Other comprehensive income (loss) before attribution to non–controlling interests, after taxes	30	(32)	(40)	25	18
Less other comprehensive income (loss) attributed to non–controlling interests	(1)	(1)	(1)	–	(2)
Other comprehensive income (loss) attributed to the shareholders of the Bank, after taxes	31	(31)	(39)	25	20
Comprehensive income before attribution to non–controlling interests	243	215	529	697	921
Comprehensive income attributed to non–controlling interests	(11)	(10)	(28)	(29)	(36)
Comprehensive income attributed to the shareholders of the Bank	232	205	501	668	885
(1) Mostly reflects adjustments in respect of actuarial assessments as of the end of the period regarding defined benefits pension plans, of amounts recorded in the past in other comprehensive profit.

CONSOLIDATED BALANCE SHEET (NIS million)
		September 30,	December 31,
	2020	2019	2019
	(unaudited)	(unaudited)	(audited)
Assets
Cash and deposits with banks	52,366	34,516	37,530
Securities	12,174	10,453	10,995
Securities which were borrowed	14	126	9
Credit to the public	90,810	88,218	88,829
Provision for Credit losses	(1,225)	(908)	(930)
Credit to the public, net	89,585	87,310	87,899
Credit to the government	651	680	1,039
Investments in investee company	629	607	605
Premises and equipment	970	988	996
Intangible assets	249	227	248
Assets in respect of derivative instruments	1,438	1,078	1,091
Other assets(2)	1,294	1,003	698
Total assets	159,370	136,988	141,110
Liabilities and Shareholders’ Equity
Deposits from the public	135,914	116,292	120,052
Deposits from banks	1,717	464	1,137
Deposits from the Government	426	368	353
Bonds and subordinated capital notes	4,384	3,690	3,674
Liabilities in respect of derivative instruments	1,669	1,298	1,247
Other liabilities(1)(3)	5,932	6,066	5,723
Total liabilities	150,042	128,178	132,186
Capital attributed to the shareholders of the Bank	8,944	8,461	8,568
Non-controlling interests	384	349	356
Total equity	9,328	8,810	8,924
Total liabilities and shareholders’ equity	159,370	136,988	141,110
(1) Of which: provision for credit losses in respect of off-balance sheet credit instruments in the amount of NIS 77 million and NIS 60 million and NIS 57 million at 30.9.20, 30.9.19 and 31.12.19, respectively.
(2) Of which: other assets measured at fair value in the amount of NIS 90 million and NIS 49 million and NIS 42 million at 30.9.20, 30.9.19 and 31.12.19, respectively.
(3) Of which: other liabilities measured at fair value in the amount of NIS 100 million and NIS 170 million and NIS 47 million at 30.9.20, 30.9.19 and 31.12.19, respectively.

STATEMENT OF CHANGES IN EQUITY
(NIS million)

For the three months ended September 30, 2020 (unaudited)

Share capital and premium (1)

Accumulated other comprehensive income (loss)

Retained earnings (2)

Total share-holders’ equity

Non- controlling interests

Total equity

Balance as of June 30, 2020

927

(201)

7,986

8,712

373

9,085

Net profit for the period

–

201

213

Other comprehensive income (loss), after tax effect

–

(1)

Balance as at September 30, 2020

927

(170)

8,187

8,944

384

9,328


	For the three months ended September 30, 2019 (unaudited)
	Share capital and premium (1)	Accumulated other comprehensive income (loss)	Retained earnings (2)	Total share-holders’ equity	Non- controlling interests	Total equity
Balance as of June 30, 2019	927	(95)	7,534	8,366	339	8,705
Net profit for the period	–	–	236	236	11	247
Dividend	–	–	(110)	(110)	–	(110)
Other comprehensive loss, after tax effect	–	(31)	–	(31)	(1)	(32)
Balance as at September 30, 2019	927	(126)	7,660	8,461	349	8,810

For the nine months ended September 30, 2020 (unaudited)

Share capital and premium (1)

Accumulated other comprehensive income (loss)

Retained earnings (2)

Total share-holders’ equity

Non- controlling interests

Total equity

Balance as at December 31, 2019 (audited)

927

(131)

7,772

8,568

356

8,924

Net profit for the period

–

540

569

Dividend

–

(125)

–

(125)

Other comprehensive loss, after tax effect

–

(39)

–

(39)

(1)

(40)

Balance as at September 30, 2020

927

(170)

8,187

8,944

384

9,328


	For the nine months ended September 30, 2019 (unaudited)
	Share capital and premium (1)	Accumulated other comprehensive income (loss)	Retained earnings (2)	Total share-holders’ equity	Non- controlling interests	Total equity
Balance as at December 31, 2018 (audited)	927	(159)	7,325	8,093	320	8,413
Cumulative effect of the initial implementation of US accepted accounting principals(3)	–	8	(8)	–	–	–
Adjusted balance as at January 1, 2019 after the initial implementation	927	(151)	7,317	8,093	320	8,413
Net profit for the period	–	–	643	643	29	672
Dividend	–	–	(300)	(300)	–	(300)
Other comprehensive income, after tax effect	–	25	–	25	–	25
Balance as at September 30, 2019	927	(126)	7,660	8,461	349	8,810

STATEMENT OF CHANGES IN EQUITY (CONT’D) (NIS million)
	For the year ended December 31, 2019 (audited)
	Share capital and premium (1)	Accumulated other comprehensive income (loss)	Retained earnings (2)	Total	Non- controlling interests	Total equity
Balance as at December 31, 2018	927	(159)	7,325	8,093	320	8,413
Cumulative effect of the initial implementation of US accepted accounting principals(3)	–	8	(8)	–	–	–
Adjusted balance as at January 1, 2019 after the initial implementation	927	(151)	7,317	8,093	320	8,413
Net profit for the year	–	–	865	865	38	903
Dividend	–	–	(410)	(410)	–	(410)
Other comprehensive income (loss), after tax effect	–	20	–	20	(2)	18
Balance as at December 31, 2019	927	(131)	7,772	8,568	356	8,924
(1) Including share premium of NIS 313 million (as from 1992 onwards).
(2) Including an amount of NIS 2,391 million which cannot be distributed as dividend.
(3) Cumulative effect of the initial implementation regarding financial instruments of US accepted accounting standards at banks in respect of financial instruments (ASU 2016-01).

Contact:
Dafna Zucker
First International Bank of Israel e-mail: [email protected]
Tel: +972-3-519-6224

Ehud Helft

GK Investor & Public Relations e-mail: [email protected]
Tel: +1-646-201-924

View original content:http://www.prnewswire.com/news-releases/first-international-bank-of-israel-presents-third-quarter-and-first-nine-months-2020-results-301180546.html

SOURCE First International Bank of Israel

November 25, 2020 7:13 am

ImagineAR Signs Two Year Partnership Agreement with Real Sociedad of La Liga To Provide Interactive Augmented Reality Experiences for Fans

PR Newswire

Real Sociedad is Second La Liga Team to Leverage Augmented Reality for Fan Activation & Engagement with ImagineAR

VANCOUVER, BC and ERIE, Pa., Nov. 25, 2020 /PRNewswire/ – Imagine AR Inc. (CSE: IP) (OTCQB: IPNFF) (“ImagineAR” or “Company”) an Augmented Reality Company that enables sports teams, businesses and enterprises to instantly create their own AR mobile campaigns, is pleased to announce the signing of a two year revenue partnership agreement with Real Sociedad, two time La Liga Champion and currently first place in La Liga, to provide its Augmented Reality SDK Platform for fan activation and engagement. This agreement makes Real Sociedad the second La Liga team to incorporate ImagineAR SDK Augmented Reality for global fan activation and engagement.

Juan Iraola, Chief Innovation Officer at Real Sociedad and Sports Innovation Alliance, stated “We focus on integrating best-in-class technology and ImagineAR provides the most advanced Augmented Reality SDK fan engagement platform for mobile apps today. We are excited to launch immersive AR campaigns for Real Sociedad fans around the world starting in 2021.”

Alen Paul Silverrstieen, CEO of ImagineAR, stated “Juan Iraola is recognized as a global sports technology thought leader and we are excited to be working with Real Sociedad for the next two years delivering immersive fan engagement and sponsorship activation. We are very optimistic that this partnership will grow enormously in the next two years.”

This News Release is available on the company’s CEO Verified Discussion Forum, a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholders.

About ImagineAR

Imagine AR Inc. (CSE: IP) (OTC: IPNFF) has developed ImagineAR.com; an “AR-as-a-Service” platform for desktops that enables businesses of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds using ImagineAR. Customers simply point their mobile device at logos, signs, buildings, products, landmarks and more to instantly engage with videos,
information, advertisements, coupons, 3D holograms and any interactive content, all hosted in the cloud and managed using a menu-driven portal. Integrated real-time analytics means that all customer interaction is tracked and measured in real-time. The ImagineAR mobile app is available in the IOS and Android mobile app stores. The platform is available as a native mode SDK.

For more information or to explore working with ImagineAR, please email; [email protected] or visit www.imagineAR.com.

All trademarks of the property of respective owners.

ON BEHALF OF THE BOARD

Alen Paul Silverrstieen
President & CEO

(818) 850-2490

https://twitter.com/IPtechAR

https://www.facebook.com/imaginationparktechnologies

https://www.instagram.com/iptechar

https://www.linkedin.com/company/imagination-park-technologies-inc

We encourage you to do your own due diligence and ask your broker if ImagineAR Inc. (cse: IP) is suitable for your particular investment portfolio*.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release. This press release may include ‘forward-looking information’ within the meaning of Canadian securities legislation, concerning the business of the Company. The forward- looking information is based on certain key expectations and assumptions made by ImagineAR’s management. Although ImagineAR believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because ImagineAR can give no assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release, and ImagineAR disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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SOURCE ImagineAR

November 25, 2020 7:11 am

CytoSorbents Highlights Largest Published Case Series To Date Using CytoSorb in Critically Ill COVID-19 Patients

PR Newswire

MONMOUTH JUNCTION, N.J., Nov. 25, 2020 /PRNewswire/ — CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its CytoSorb® blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, highlights the publication of the largest case series using CytoSorb in critically ill COVID-19 patients to date.

In a recent publication in the peer-reviewed journal, Artificial Organs, entitled, “Continuous renal replacement therapy with the addition of CytoSorb® cartridge in critically ill patients with COVID-19 plus acute kidney injury: a case-series,” Alharthy and colleagues report on the use of CytoSorb in all 50 critically ill COVID-19 patients that required renal replacement therapy for acute kidney injury at their institution during June and July of this year.

On ICU admission, the average age was 49.6 ± 8.9 years with a mean Acute Physiology and Chronic Health Evaluation II (APACHE 2) score of 22.5 ± 1.1, conferring a mortality risk of greater than 40%
All of these patients were hyperinflamed and all had multiple organ failure including respiratory failure requiring mechanical ventilation, acute kidney injury requiring renal replacement therapy, and septic shock requiring the use of vasopressors. 24% (12/50) had documented pulmonary emboli, or blood clots in the lung, by CT scan, another independent mortality risk factor
Patients were treated continuously with CytoSorb and continuous renal replacement therapy (CRRT), exchanging the CytoSorb cartridge every 24 hours, until the achievement of all of the following: normalization of oxygenation, reversal of shock without the need for vasopressors, and the absence of electrolyte and metabolic abnormalities
In addition to CytoSorb, all patients received standard of care therapy including low tidal volume ventilation, prone positioning, antibiotics, steroids, and prophylactic anticoagulation, with empiric ribavirin and interferon beta-1b.

In this retrospective case series, 28-day survival post-ICU admission was 70%. Survivors averaged 2 ± 1 CytoSorb treatments to achieve statistically significant improvements in a wide range of inflammatory and clinical parameters, compared to before CytoSorb treatment (p<0.05; see table below, presented as mean ± standard deviation).

Key Parameters	Before CytoSorb	After CytoSorb
Interleukin-6 (pg/mL) Normal range: 1-7 pg/mL	612.85 ± 185.63	170.11 ± 77.78
Ferritin (ng/mL) Normal range: 23-336 ng/mL	602.34 ± 142.18	296.46 ± 62.93
C-reactive protein (mg/L) Normal range: 0-5 mg/L	145.4 ± 98.3	43.6 ± 26.2
PaO2/FiO2 ratio <100 severe; 101-200 moderate; 201-300 mild ARDS	113 ± 34.68	303.43 ± 37.41
Noradrenaline infusion rate (mcg/kg/min)	0.97 ± 0.16	0
Serum lactate (mmol/l) Normal range: 1-2.5 mmol/L	6.77 ± 2.56	2.17 ± 0.79
Urine output (ml/d)	119.17 ± 73.43	997.6 ± 273.34

*ARDS (Acute respiratory distress syndrome)

All survivors were successfully weaned from mechanical ventilation and vasopressors and discharged from the hospital or rehabilitation to home by 32 ± 12 days post-ICU admission. Non-survivors (30%) did not respond to CytoSorb therapy and had progressive disease. Non-responders had evidence of generally greater blood clot burden and more advanced thromboembolic disease upon ICU admission, with average D-dimers (degradation byproducts of blood clots) of 3,940 ± 1,780 ng/mL compared to 2,860 ± 780 ng/mL in survivors. In addition, patients with pulmonary emboli were more likely to die (p<0.05), a common finding in approximately half of all deaths. Given that cytokine reduction does not dissolve blood clots, it could explain the lack of response to CytoSorb therapy in these patients, and supports the concept of earlier intervention with anticoagulation and CytoSorb to mitigate blood clot formation.

The authors concluded that, “In this retrospective case-series, CRRT with the CytoSorb® cartridge provided a safe rescue therapy in life-threatening COVID-19 with associated AKI, ARDS, sepsis, and hyperinflammation.”

Dr. Phillip Chan, MD, PhD, Chief Executive Officer of CytoSorbents stated, “This new publication on the successful use of CytoSorb in a large cohort of extremely sick COVID-19 patients, along with new treatment insights, is very timely. New COVID-19 infections continue to surge worldwide, with the U.S., Europe, India, Russia, and Latin America reporting the most daily cases. The severity of illness in the current surge was initially low, but as numbers mount, so too have hospitalizations, intensive care unit (ICU) admissions, and deaths. Severe respiratory failure requiring mechanical ventilation or extracorporeal membrane oxygenation (ECMO) has been the major cause of death throughout the pandemic, though shock, kidney failure, and sudden cardiac death are also common complications. Unfortunately, the promising COVID-19 vaccines from Pfizer, Moderna, and Astra Zeneca will likely come too late to impact the current surge, with far less than 10% of the U.S. population expected to be vaccinated by the end of this year.”

Dr. Chan continued, “Intravenous dexamethasone, as a treatment of virus-induced lung inflammation, has demonstrated reduced mortality in mechanically ventilated patients, from 41% to 29%, in the U.K. RECOVERY study. However, that one in every three to every four people still die despite dexamethasone highlights the complexity of COVID-19 infection and the need for additional therapies. In the RECOVERY study, patients were generally older than those reported by Alharthy, but they were also far less complex, with no mention of other organ failure besides the lungs. In the current Alharthy study, patients not only had lung failure, they also had acute kidney injury requiring CRRT and septic shock, all of which significantly increases the risk of death. Yet the mortality in both studies was comparable, at approximately 30%, suggesting the potential additive benefit of CytoSorb. We look to corroborate these observations in ongoing studies and our actively enrolling CTC COVID-19 Registry.”

Dr. Chan concluded, “At Thanksgiving, let us pause to remember those we have lost, give thanks to those who have worked to keep us safe, and to be thankful for the continued health of those close to us. At CytoSorbents, we wish you and your families a safe and happy holiday season.”

About CytoSorbents Corporation (

NASDAQ: CTSO

)

CytoSorbents Corporation is a leader in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb® is approved in the European Union with distribution in 66 countries around the world, as an extracorporeal cytokine adsorber designed to reduce the “cytokine storm” or “cytokine release syndrome” that could otherwise cause massive inflammation, organ failure and death in common critical illnesses. These are conditions where the risk of death is extremely high, yet no effective treatments exist. CytoSorb® is also being used during and after cardiac surgery to remove inflammatory mediators that can lead to post-operative complications, including multiple organ failure. CytoSorb® has been used in more than 110,000 human treatments to date. CytoSorb has received CE-Mark label expansions for the removal of bilirubin (liver disease), myoglobin (trauma) and both ticagrelor and rivaroxaban during cardiothoracic surgery. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in critically-ill COVID-19 patients with imminent or confirmed respiratory failure, in defined circumstances. CytoSorb has also been granted FDA Breakthrough Designation for the removal of ticagrelor in a cardiopulmonary bypass circuit during emergent and urgent cardiothoracic surgery.

The CytoSorb device has been authorized by FDA under an Emergency Use Authorization. It has neither been cleared nor approved for the indication to treat patients with COVID-19 Infection. The EUA will be effective until the declaration, that circumstances exist justifying the authorization of the emergency use of the CytoSorb device during the COVID-19 pandemic, is terminated under section 564(B)(2) of the Act, or the EUA is revoked under section 564(g) of the Act.

CytoSorbents’ purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Its technologies have received non-dilutive grant, contract, and other funding of more than $38 million from DARPA, the U.S. Department of Health and Human Services, the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S. Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM), Air Force Material Command (USAF/AFMC), and others. The Company has numerous products under development based upon this unique blood purification technology protected by many issued U.S. and international patents and multiple applications pending, including ECOS-300CY™, CytoSorb-XL™, HemoDefend-RGC™, HemoDefend-BGA™, VetResQ™, K⁺ontrol™, ContrastSorb, DrugSorb, and others. For more information, please visit the Company’s websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter.

Forward-Looking Statements

This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, including statements regarding our expectations about our cash runway, the advancement of our trials, our plans to initiate new trials, our goals to develop and commercialize CytoSorb and the timing thereof, the potential impact of COVID-19 on our operations and milestones, and are not historical facts and typically are identified by use of terms such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements in this press release represent management’s current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 5, 2020, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such forward-looking statements, particularly in light of the current coronavirus pandemic, where businesses can be impacted by rapidly changing state and federal regulations, as well as the health and availability of their workforce. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws.

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Cytosorbents Contact:

Amy Vogel

Investor Relations
732-398-5394
[email protected]

Investor Relations Contact:

Jeremy Feffer

LifeSci Advisors
917-749-1494
[email protected]

Public Relations Contact:

Eric Kim

Rubenstein Public Relations
212-805-3055
[email protected]

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SOURCE CytoSorbents Corporation

November 25, 2020 7:08 am

Universal Electronics Inc. to Present at the 17th Annual Imperial Capital Security Investor Conference

Universal Electronics Inc. to Present at the 17^th Annual Imperial Capital Security Investor Conference

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Universal Electronics Inc. (UEI), the global leader in universal control and sensing technologies for the smart home, announced Paul Arling, Chairman and CEO, is scheduled to attend Imperial Capital’s 2020 Security Investor Conference being held virtually on December 2^nd-3^rd.

Management will present at 11:15am ET on December 3, 2020 and host one-on-one meetings throughout the day. A webcast of management’s presentation will be available live and via replay for a period of 90 days at www.uei.com.

About Universal Electronics Inc.

Founded in 1986, Universal Electronics Inc. (NASDAQ: UEIC) is the global leader in universal control and sensing technologies for the smart home. The company designs, develops, manufactures and ships over 500 innovative products that are used by the world’s leading brands in the consumer electronics, subscription broadcast, security, home automation, hospitality and climate control markets. For more information, please visit www.uei.com.

All trademarks appearing herein are the property of their respective owners.

QuickSet is a trademark of Universal Electronics Inc.

Safe Harbor Statement

This press release contains forward-looking statements that are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development, delivery and market acceptance of products and technologies identified in this release; the purchasing by the MVPDs of the products identified in this release in the quantities anticipated by management; the continued penetration and growth of UEI voice recognition technology and other products and consumer technologies identified in this release; and other factors described in UEI’s filings with the Securities and Exchange Commission. The actual results that UEI achieves may differ materially from any forward-looking statement due to such risks and uncertainties. UEI undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201125005371/en/

Press Contact

Shoshana Leon

Corporate Communications

Universal Electronics Inc.

[email protected]

+1 480-521-3354

Investor Contact

Kirsten Chapman

Managing Director

LHA Investor Relations

[email protected]

+1 415-433-377

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November 25, 2020 7:08 am

Ascendis Pharma A/S Announces Participation at the Evercore ISI 3rd Annual HealthCONx Virtual Conference

COPENHAGEN, Denmark, Nov. 25, 2020 (GLOBE NEWSWIRE) — Ascendis Pharma A/S (Nasdaq: ASND), a biopharmaceutical company that utilizes its innovative TransCon™ technologies to create product candidates that address unmet medical needs, today announced that the company will participate in the Evercore ISI 3^rd Annual HealthCONx Virtual Conference on December 3, 2020. Company executives will provide a business overview and update on the company’s pipeline programs.

Details

Event	Evercore ISI 3 ^rd Annual HealthCONx Virtual Conference
Location	Virtual
Date	Thursday, December 3, 2020
Time	10:55 a.m. Eastern Time

A live webcast of the presentation will be available in the Investors and News section of the Ascendis Pharma website at www.ascendispharma.com. A webcast replay will also be available on this website shortly after conclusion of the events for 30 days.

About Ascendis Pharma A/S

Ascendis Pharma is applying its innovative TransCon technologies to build a leading, fully integrated biopharmaceutical company focused on making a meaningful difference in patients’ lives. Guided by its core values of patients, science and passion, the company utilizes its TransCon technologies to create new and potentially best-in-class therapies.

Ascendis Pharma currently has a pipeline of three independent endocrinology rare disease product candidates in clinical development and is advancing oncology as its second therapeutic area of focus. The company continues to expand into additional therapeutic areas to address unmet patient needs.

Ascendis is headquartered in Copenhagen, Denmark, with additional offices in Heidelberg and Berlin, Germany, and in Palo Alto and Redwood City, California.

For more information, please visit www.ascendispharma.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Ascendis’ future operations, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to (i) Ascendis’ ability to apply its platform technology to build a leading, fully integrated biopharmaceutical company, (ii) Ascendis’ product pipeline and expansion into additional therapeutic areas and (iii) Ascendis’ expectations regarding its ability to utilize its TransCon technologies to create new and potentially best-in-class therapies. Ascendis may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Ascendis makes, including the following: unforeseen safety or efficacy results in its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs; unforeseen expenses related to the development and potential commercialization of its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs, selling, general and administrative expenses, other research and development expenses and Ascendis’ business generally; delays in the development of its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; dependence on third party manufacturers to supply study drug for planned clinical studies; Ascendis’ ability to obtain additional funding, if needed, to support its business activities and the effects on its business of the worldwide COVID-19 pandemic. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ascendis’ business in general, see Ascendis’ prospectus supplement filed on July 9, 2020 and Ascendis’ current and future reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 20-F filed with the SEC on April 3, 2020. Forward-looking statements do not reflect the potential impact of any future in-licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments that Ascendis may enter into or make. Ascendis does not assume any obligation to update any forward-looking statements, except as required by law.

Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo and TransCon are trademarks owned by the Ascendis Pharma Group. © November 2020 Ascendis Pharma A/S.

Investor contacts: Tim Lee Ascendis Pharma (650) 374-6343 [email protected]		Media contact: Ron Rogers Ascendis Pharma (650) 507-5208 [email protected]

Patti Bank Westwicke Partners (415) 513-1284 [email protected] [email protected]

November 25, 2020 7:05 am

Vireo Health Announces Third Quarter 2020 Financial Results

— Total revenue of $13.4 million increased 68 percent year-over-year —

— Gross margin of 42.7% reflects improving manufacturing efficiencies in core markets —

— Christian Gonzalez promoted to role of COO; Patrick Peters promoted to EVP of Retail —

— Revenue growth catalysts and cost discipline position Company for future margin improvement —

PR Newswire

MINNEAPOLIS, Nov. 25, 2020 /PRNewswire/ — Vireo Health International, Inc. (“Vireo” or the “Company”) (CNSX: VREO; OTCQX: VREOF), the science-focused, multi-state cannabis company with active operations in exclusively medical-only markets and licenses in six states and the Commonwealth of Puerto Rico, today reported financial results for its third quarter ended September 30, 2020. All currency figures referenced in this press release reflect U.S. dollar amounts.

“Our third-quarter results demonstrate the improving nature of our business and success of recent initiatives to improve operating and financial performance,” said Chairman and Chief Executive Officer, Kyle Kingsley, M.D. “For the past several quarters we’ve been focused on positioning our vertically-integrated portfolio of assets to produce sustained and profitable growth, and we believe today’s results are an encouraging indicator that we’re nearing a critical inflection point in cash flow generation from operations.”

Dr. Kingsley continued, “Thanks to the hard work of our teams improving costs and manufacturing efficiencies, Vireo is positioned to improve margins as we continue growing our Green Goods™ retail dispensary footprint and benefit from likely tailwinds of regulatory changes. Each of our current development projects remain on time and budget, and with seven new dispensaries expected to open before the end of Q1 2021 and the potential for a majority of our state-based markets to pass adult-use legislation within the next year, we believe Vireo is poised for strong improvements in revenue growth and profitability.”

Summary of Key Financial Metrics
	Three Months Ended			Nine Months Ended
	September 30,			September 30,
US $ in millions	2020	2019	Variance	2020	2019	Variance

Total Revenue, Including Disc. Ops	$13.4	$8.0	67.6%	$36.8	$21.0	75.6%
Reported Results
Revenue¹	$11.9	$7.1	67.4%	$33.3	$19.1	74.5%
Gross Profit (Before Fair Value Adjustments)	$5.1	$1.8	190.5%	$11.9	$7.5	57.8%
Gross Profit Margin (Before Fair Value Adjustments)	42.7%	24.6%	1,809 bps	35.7%	39.5%	-380 bps
Adjusted Operating Expenses²(non-IFRS)	$6.1	$7.5	-19.2%	$18.2	$15.4	17.9%
Adjusted Operating Expenses (% of Sales) (non-IFRS)	50.8%	105.1%	-5,436 bps	54.7%	81.0%	-2,627 bps
SG&A Expenses	$2.2	$4.1	-46.5%	$6.8	$7.8	-13.0%
SG&A (% of sales)	18.2%	56.9%	-3,869 bps	20.3%	40.8%	-2,044 bps
Adjusted EBITDA (non-IFRS)	($0.7)	($5.2)	-87.1%	($5.6)	($6.6)	-14.4%
Adjusted EBITDA Margin (non-IFRS)	-5.7%	-73.5%	6,788 bps	-16.9%	-34.4%	1,755 bps

¹ Reported revenue figures exclude contributions from Vireo’s former Pennsylvania cultivation and processing operations
² Excludes depreciation and share-based compensation expenses

Third Quarter 2020 Financial Highlights

The Company generated revenue in seven states during the third quarter: Arizona, Maryland, Minnesota, New Mexico, New York, Ohio, and Pennsylvania. Total revenue, including contributions from discontinued operations, increased 68 percent year-over-year to $13.4 million. Reported revenue, excluding discontinued operations, was $11.9 million or an increase of 67 percent as compared to Q3 2019.

Retail revenue was approximately $9.9 million in Q3 2020, an increase of 61 percent compared to $6.2 million in Q3 2019. The increase in retail revenue was principally due to greater patient enrollment and average revenue per patient in Minnesota and New Mexico, as well as contributions from retail dispensaries in Pennsylvania. Wholesale revenue of $2.0 million increased by $1.1 million as compared to $980,921 in Q3 2019, with the increase primarily driven by the growth of wholesale operations in Maryland.

Gross profit before biological asset adjustments was $5.1 million, or 43 percent of revenue, as compared to gross profit of $1.8 million or 25 percent of revenue in the same period last year. The improvement in gross profit compared to the prior year was the result of operational efficiency gains in several markets, improved operating leverage through higher sales volumes and production facility upgrades completed last year.

Total operating expenses in the third quarter were $6.9 million, an improvement of $1.3 million or 16 percent as compared to $8.2 million in the third quarter of 2019. The reduction in operating expenses was attributable to lower professional fees and selling, general and administrative expenses including start-up expenses related to buildout and pre-revenue operations in some markets. Excluding depreciation and share-based compensation, operating expenses in the third quarter of 2020 were $6.1 million, or 51 percent of sales, as compared to $7.5 million or 105 percent of sales in the third quarter of 2019.

Total other income was $10.5 million during Q3 2020, compared to an expense of $825,868 in Q3 2019. The significant variance in other income as compared to the prior year quarter was primarily attributable to a one-time gain on the divestiture of the Company’s former Pennsylvania manufacturing and processing operations (“PAMS”) of $16.4 million. This transaction closed on August 11, 2020.

EBITDA, as described in accompanying disclosures and footnotes, was $8.1 million during Q3 2020, compared to a loss of $15.9 million in Q3 2019. Adjusted EBITDA was a loss of $675,808 in Q3 2020, as compared to a loss of $5.2 million in Q3 2019. Please refer to the Supplemental Information and Reconciliation of Non-IFRS Financial Measures at the end of this press release for additional information.

Net income in Q3 2020 was $122,252, as compared to a net loss of $14.6 million in Q3 2019. The favorable improvement in net income was primarily driven by the one-time gain of $16.4 million on the divestiture of the Company’s former PAMS subsidiary.

Subsequent Events

On October 1, 2020, Vireo announced that it reached a definitive agreement with Ayr Strategies Inc., to sell all the assets and liabilities of its affiliate, Ohio Medical Solutions, Inc. (“OMS”), for total consideration of $4.85 million, including $1.2 million in cash. This transaction is expected to close early next year.

On November 5, 2020, the Company announced that it entered into a non-binding term sheet with Green Ivy Capital and its affiliates for a proposed senior secured, delayed draw term loan with an aggregate principal amount of up to $46,000,000. Vireo management expects definitive loan documents for the funding of the first tranche to be executed in December 2020.

On November 9, 2020, the Company announced that it secured a purchase option on an additional 96 acres of land adjacent to its existing facilities in Fulton County, NY for a total purchase price of approximately US $1.3 million. This option could enable the Company to significantly expand its cultivation and processing capacity in the state in the event of favorable regulatory changes.

On November 13, 2020, a subsidiary of Jushi Holdings, Inc. notified Vireo of its intent to exercise its purchase option on Vireo’s subsidiary, Pennsylvania Dispensary Solutions (“PDS”) for $5.0 million cash. Vireo believes the closing of this transaction will occur in December 2020.

On November 16, 2020, the Company announced that it had exercised its right to force the redemption of all subordinate voting share purchase warrants issued to participants in the Company’s private placement offering which closed on March 10, 2020. This forced redemption is expected to result in the issuance of 13,651,574 additional subordinate voting shares and cash proceeds of approximately $10.0 million.

On November 23, 2020, the Company filed a preliminary base shelf prospectus with the securities regulators in each province of Canada, except for the Province of Quebec. The preliminary base shelf prospectus has not yet become final for the purpose of the sale of securities. The intention of the base shelf prospectus is to allow the Company to more efficiently access capital when market opportunities permit. The Company wishes to correct that the base shelf prospectus is for an amount of up to C$200 million not C$260 million as disclosed in the Company’s news release dated November 23, 2020.

This news release does not constitute an offer to sell or the solicitation of an offer to buy in the United States and the securities referred to in this news release may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or pursuant to an applicable exemption from the registration requirements under the U.S. Securities Act of 1933 and applicable state securities laws. A copy of the preliminary base shelf prospectus can be found on SEDAR at www.sedar.com.

Leadership Update

Today the Company also announced the promotions of Christian Gonzalez to the role of Chief Operating Officer and Patrick Peters to the role of Executive Vice President of Retail.

As Chief Operating Officer, Mr. Gonzalez will lead the Company’s nationwide manufacturing, retail, and product development teams. Christian joined Vireo in 2018 as General Manager in Pennsylvania and since then has overseen major capacity expansion projects and helped optimized manufacturing efficiencies at Vireo’s cultivation and processing facilities in Minnesota, New York, Maryland, Arizona, and New Mexico. He is an engineer and entrepreneur with over 15 years of manufacturing experience in the medical device, pharmaceutical and aerospace/defense industries.

As Executive Vice President of Retail, Mr. Peters’ responsibilities include the complete oversight of Vireo’s retail, ecommerce, and wholesale sales channels. Mr. Peters joined Vireo in 2019 to lead the Company’s retail growth initiatives which focused on the expansion of Green Goods™ retail store openings and re-brandings nationwide. He has over 20 years of retail marketing experience as an executive leader at brands such as Calvin Klein, Kate Spade, and Juicy Couture.

Planned Transition from IFRS to U.S. GAAP Reporting

The Company is currently in the process of transitioning to becoming a U.S. domestic registrant, and plans to begin presenting its financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), rather than International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Beginning in 2021, the Company expects to file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K with the U.S. Securities and Exchange Commission. The Company anticipates incurring one-time expenses and professional fees related to this transition of approximately $0.5 million during the fourth quarter.

Balance Sheet and Liquidity

As of September 30, 2020, the Company had 37,337,138 equity shares issued and outstanding, and 155,376,287 shares outstanding on an as-converted, fully-diluted basis.

As of September 30, 2020, total current assets were $81.3 million, including cash on hand of $16.3 million, which does not include approximately $16.0 million in expected cash proceeds resulting from the redemption of warrants and divestitures of PDS and OMS. Total current liabilities were $20.7 million, with zero debt currently due within 12 months.

Outlook Commentary

Dr. Kingsley concluded, “As we exit fiscal year 2020, we’re focused on successfully completing our capacity expansion projects in Arizona, Maryland, and New Mexico, as well as our planned dispensary openings in Maryland, Minnesota and New Mexico. However, cash inflows from the forced redemption of warrants and exercise of the PDS purchase option materialized sooner than we anticipated, and our improving liquidity position has enabled us to begin evaluating additional investment opportunities. We expect to provide the investment community with an update on development initiatives and their potential impacts to our long-term operating and financial outlook in the spring of next year.”

Conference Call and Webcast Information

Vireo Health management will host a conference call with research analysts on Wednesday, November 25, 2020 at 8:30 a.m. ET (7:30 a.m. CT) to discuss its financial results for its third quarter ended September 30, 2020. Interested parties may register to attend the conference call via the following link: http://www.directeventreg.com/registration/event/8084816. Upon registration, each participant will be provided with call details and a registrant ID for Vireo’s conference ID number 8084816.

A live audio webcast of this event will also be available in the Events & Presentations section of the Company’s Investor Relations website at https://investors.vireohealth.com/events-and-presentations/default.aspx and will be archived for one year.

About Vireo Health International, Inc.

Vireo Health International, Inc. (“Vireo” or the “Company”) is a physician-led cannabis company focused on bringing the best of technology, science, and engineering to the cannabis industry. Vireo manufactures proprietary, branded cannabis products in environmentally-friendly, state-of-the-art greenhouses and other facilities and distributes its products through its growing network of Green Goods^TM retail dispensaries and through hundreds of third-party dispensaries in seven states. Vireo’s team of more than 425 employees, led by scientists, engineers, and cultivation experts, is focused on efficiency and the creation of best-in-class products, while driving scientific innovation within the cannabis industry and developing meaningful intellectual property. Today, Vireo is licensed to grow and/or process cannabis in seven markets. The Company is operational in six of those markets – including the core markets of Arizona, Maryland, Minnesota, New Mexico, and New York. The Company holds 29 total retail dispensary licenses, of which 11 are currently open for business. For more information about Vireo, please visit www.vireohealth.com.

Additional Information

Additional information relating to the Company’s third quarter 2020 results is available on SEDAR at www.sedar.com. Vireo refers to certain non-IFRS financial measures such as adjusted net income, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, less certain non-cash equity compensation expense, one-time transaction fees, and other non-cash items. These measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. Please see the Supplemental Information and Reconciliation of Non-IFRS Financial Measures at the end of this news release for more detailed information regarding non-IFRS financial measures.

Contact Information

Investor Inquiries:

Sam Gibbons

Vice President, Investor Relations

[email protected]

(612) 314-8995

Media Inquiries:
Albe Zakes
Vice President, Corporate Communications
[email protected]
(267) 221-4800

Forward-Looking Statement Disclosure

This press release contains “forward-looking information” within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes “financial outlooks” within the meaning of applicable United States or Canadian securities laws, such information is being provided as preliminary financial results and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as “plans,” “expects” or “does not expect,” “is expected,” “look forward to,” “budget” “scheduled,” “estimates,” “forecasts,” “will continue,” “intends,” “anticipates,” “does not anticipate,” “believes,” “should,” “should not,” or variations of such words and phrases or indicates that certain actions, events or results “may,” “could,” “would,” “might,” “should,” or “will” “be taken,” “occur,” or “be achieved.” Forward-looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of Vireo, and includes statements about, among other things, the value of assets, the amount of liabilities, the designation of certain businesses or assets as “core” or “non-core,” decisions about allocation of capital and other resources, future developments, the future operations, potential market opportunities including the potential effects of the approval of adult-use cannabis in one or more markets, potential opportunities to monetize assets, strengths and strategy of the Company. Forward-looking information is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results. Forward-looking information includes statements with respect to the opportunities for the Company to leverage increasing scale to improve sales growth and operating performance; the anticipation that the medical-only state markets in which the Company’s subsidiaries operate could enact recreational-use legislation over the near-to mid-term future; the anticipated benefits of strategic initiatives; the effects of reduction of corporate overhead and SG&A expenses; improvement to unit economics; expansion of retail dispensaries in key markets; the expectation that such expansion will drive stronger revenue growth, operating margins and free cash flow; the anticipated closing of certain divestitures and the timing thereof; the anticipated benefits of the land purchase option acquired by the Company in New York; the Company’s anticipation that it will enter into definitive loan documents with Green Ivy Capital and receive proceeds from a resultant loan; the expectation that a preliminary base shelf prospectus will become final or that any securities will be sold under a base shelf prospectus; the anticipated share issuance and proceeds related to the Company’s redemption of all subordinate voting share purchase warrants issued to participants in the March 10, 2020, private placement; the transition of the Company’s financial reporting from IFRS to U.S. GAAP; and updates on actual and proposed development initiatives, including estimates of the timing of completion of such initiatives. Forward-looking information includes both known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. Our actual financial position and results of operations may differ materially from management’s current expectations and, as a result, our revenue and cash on hand may differ materially from the revenue and cash values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct, including preliminary financial expectations regarding the annualized reduction of corporate overhead and SG&A expenses. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, risks related to preliminary financial results being subject to the completion of the Company’s financial closing procedures and not being audited or reviewed by the Company’s independent registered public accounting firm; the timing of recreational-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to the COVID-19 pandemic; federal, state, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; limited operating history; changes in laws, regulations and guidelines; operational, regulatory and other risks; execution of business strategy; management of growth; difficulty to forecast; conflicts of interest; risks inherent in an agricultural business; liquidity and additional financing; foreign private issuer status and the risk factors set out in the Company’s listing statement dated March 19, 2019, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com and in the Company’s registration statement on Form 10, filed November 5, 2020 on EDGAR with the U.S. Securities and Exchange Commission.

The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Supplemental Information

The financial information reported in this press release is based on audited financial statements for the fiscal year ended December 31, 2019 and unaudited condensed interim consolidated financial statements for the third quarter ended September 30, 2020. All financial information contained in this press release is qualified in its entirety with reference to such financial statements. To the extent that the financial information contained in this press release is inconsistent with the information contained in the Company’s audited financial statements, the financial information contained in this press release shall be deemed to be modified or superseded by the Company’s audited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.

VIREO HEALTH INTERNATIONAL, INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
As at September 30, 2020 and December 31, 2019	September 30,	December 31,
(Unaudited – Expressed in United States Dollars)	2020	2019
ASSETS
Current Assets
Cash	$ 16,281,768	$ 7,641,673
Restricted Cash	1,592,500	1,592,500
Note Receivable	3,750,000	–
Receivables	619,491	1,025,963
Inventories	38,343,055	32,437,308
Biological Assets	13,513,582	6,134,209
Prepaid Expenses	2,365,580	2,285,548
Deferred acquisition costs	28,136	28,136
Assets Held for Sale	4,787,026	–
	81,281,138	51,145,337
Non-Current Assets
Right of Use Asset	19,369,077	25,921,603
Property and Equipment	15,155,239	13,326,337
Deposits	1,648,423	2,651,366
Deferred Loss on Sale Leaseback	–	30,481
Goodwill	3,132,491	3,132,491
Intangible Asset	8,562,776	9,001,237
	47,868,006	54,063,515
Total Assets	$ 129,149,144	$ 105,208,852

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts Payable and Accrued Liabilities	$ 7,725,246	$ 3,140,086
Current portion of Right of Use Liability	776,541	619,827
Warrant Liability	8,587,565	–
Liabilities Held for Sale	3,637,026	–
	20,726,378	3,759,913
Long-Term Liabilities
Deferred Income Taxes	12,715,000	4,528,000
Right of Use Liability	22,011,662	28,665,681
Long-Term Debt	1,110,000	1,110,000
Convertible debt	833,408	817,446
	57,396,448	38,881,040
Shareholders’ Equity
Share Capital	122,511,602	118,453,142
Reserves	20,207,921	7,962,509
Retained Earnings	(70,966,827)	(60,087,839)
	71,752,696	66,327,812

Total Liabilities and Equity	$ 129,149,144	$ 105,208,852

VIREO HEALTH INTERNATIONAL, INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
	Three Month	Three Month
	Period Ended	Period Ended
For the Three Months Ended September 30, 2020 and 2019	September 30,	September 30,
(Unaudited – Expressed in United States Dollars)	2020	2019
REVENUE	$ 11,942,640	$ 7,136,222

Production Costs	(6,846,390)	(5,381,906)
Gross Profit Before Fair Value Adjustments	5,096,250	1,754,316

Realized Fair Value Amounts Included in Inventory Sold	(5,879,438)	(844,142)
Unrealized Fair Value Gain on Growth of Biological Assets	2,908,834	(7,839,571)
Gross Profit	2,125,646	(6,929,397)

EXPENSES
Depreciation	355,450	515,486
Professional fees	546,128	1,421,033
Salaries and wages	3,347,061	2,023,027
Selling, general and administrative expenses	2,170,871	4,058,524
Share Based Compensation	524,052	229,916
	6,943,562	8,247,986

OTHER INCOME (EXPENSE)
Loss on sale of property and equipment	–	(4,752)
Gain on disposal of assets	16,437,897	–
Loss on assets held for sale	(446,544)	–
Interest expense, net	(1,356,834)	(871,781)
Accretion expense	(19,669)	(72,976)
Gain (Loss) on Derivative Liability	(4,066,335)	–
Inventory adjustment	(151,328)	346,493
Other income (expense)	138,645	(222,852)
Total Other Income (Expense)	10,535,832	(825,868)

INCOME (LOSS) BEFORE INCOME TAXES	5,717,916	(16,003,251)

Current income taxes	(2,674,900)	346,000
Deferred income taxes	(3,390,000)	3,160,000
PROVISION FOR INCOME TAXES	(6,064,900)	3,506,000

LOSS AND COMPREHENSIVE LOSS FROM CONTINUING OPERATIONS	(346,984)	(12,497,251)
LOSS AND COMPREHENSIVE LOSS FROM DISCONTINUED OPERATIONS	469,236	(2,068,255)
TOTAL LOSS AND COMPREHENSIVE LOSS	$ 122,252	$ (14,565,506)

Weighted Average Shares Outstanding – basic and diluted	98,871,038	24,299,953
Net Loss Per Share – basic and diluted
– Continuing Operations	(0.00)	(0.51)
– Discontinued Operations	0.00	(0.09)

VIREO HEALTH INTERNATIONAL, INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
	Nine Months Ended	Nine Months Ended
For the Nine Months Ended September 30, 2020 and 2019	September 30,	September 30,
(Unaudited – Expressed in United States Dollars)	2020	2019

Cash Flows from Operating Activities:
Net Loss	$ (10,878,988)	$ (19,884,720)
Items Not Affecting Cash:
Depreciation and Amortization	1,607,649	2,101,142
Loss on Sale of Property and Equipment	35,449	(5,652)
Share Based Compensation	12,245,412	686,868
Gain on disposal of business	(16,437,897)	–
Loss on assets held for sale	446,544	–
Loss on derivative liability	5,032,537	–
Fair Value Adjustment on Sale of Inventory	18,842,382	11,433,782
Fair Value Adjustment on Growth of Biological Assets	(35,022,153)	(11,994,442)
Interest Expense	3,805,740	1,694,898
Deferred Income Taxes	7,952,000	(1,508,000)
Deferred financing and acquisition costs	–	1,836,750
Listing expense	–	2,994,606
Amortization of deferred tenant improvements	–	(175,341)
Deferred gain/loss on sale leaseback	30,481	1,906
Cash flows used in discontinued Operations	2,363,077	1,624,119
Changes in non-cash working capital	3,889,776	(5,174,015)
Cash Flows Used in Operating Activities	(6,087,991)	(16,368,099)

Cash Flows from Investing Activities:
Purchase of Property and Equipment	(4,017,205)	(6,188,681)
Proceeds on sale of Property and Equipment	–	982,391
Acquisition Costs	–	(15,937,223)
Divestitures	16,637,489	–
Deposits	30,943	(15,222)
Cash flows used in discontinued Operations	(188,718)	(240,910)
Cash Flows from ( Used in) Investing Activities	12,462,509	(21,399,645)

Cash Flows from Financing Activities:
Proceeds from private placement, net of issuance costs	7,613,490	47,542,878
Lease payments	(479,504)	(73,972)
Interest Paid	(3,423,454)	(1,398,298)
Cash flows used in discontinued Operations	(1,291,809)	(1,564,266)
Cash Flows from Financing Activities	2,418,723	44,506,342

Net Change in Cash	$ 8,793,241	$ 6,738,598

Cash, Beginning of the Period	7,641,673	9,624,110
Cash, End of the Period	$ 16,434,914	$ 16,362,708

Reconciliation of Non-IFRS Financial Measures

EBITDA, Adjusted EBITDA, and Adjusted Operating Expenses are non-IFRS measures and do not have standardized definitions under IFRS. The following information provides reconciliations of the supplemental non-IFRS financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with IFRS. The Company has provided the non-IFRS financial measures, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. These supplemental non-IFRS financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the IFRS financial measures presented.

Reconciliation of Net Loss to Adjusted EBITDA


		Three Months Ended
		September 30,
		2020	2019

	Net income (loss)	$ 122,252	$ (14,565,506)
	Interest expense, net	1,356,834	871,781
	Accretion expense	19,669	72,976
	Income taxes	6,064,900	(3,506,000)
	Depreciation	355,450	515,486
	Amortization	153,357	727,731

	EBITDA (non-IFRS)	$ 8,072,462	$ (15,883,532)

	Net fair value adjustments	2,970,604	8,683,713
	Gain (Loss) on Derivative Liability	4,066,335	–
	Inventory adjustment	151,328	(346,493)
	Share-based compensation	524,052	229,916
	(Gain)/Loss from discontinued operations	(469,236)	2,068,255
	Loss on assets held for sale	446,544	–
	Gain on sale of discontinued operations	(16,437,897)	–

	Adjusted EBITDA (non-IFRS)	$ (675,808)	$ (5,248,141)

Net Loss Per Share – basic and diluted for the nine months ended September 30, 2020 and 2019 was $(0.12) and $(0.00), respectively.

Reconciliation of Total Operating Expenses to Adjusted Operating Expenses



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2020	2019	2020	2019

Total Operating Expenses	$ 6,943,562	8,247,986	$ 31,663,589	17,193,745
Depreciation	-355,450	-515,486	-1,200,729	-1,057,566
Share-based compensation	-524,052	-229,916	-12,245,412	-686,868

Adjusted Operating Expenses	6,064,060	7,502,584	18,217,448	15,449,311

% of Revenue	50.8%	105.1%	54.7%	90.1%

View original content to download multimedia:http://www.prnewswire.com/news-releases/vireo-health-announces-third-quarter-2020-financial-results-301180353.html

SOURCE Vireo Health International, Inc.

November 25, 2020 7:05 am

Cubic’s SPEAR Demonstrates Operational Capabilities at Checkered Flag 21-1 Exercise

Cubic’s SPEAR Demonstrates Operational Capabilities at Checkered Flag 21-1 Exercise

Cubic Mission and Performance Solutions’ Simplified, Planning, Execution, Analysis, Reconstruction (SPEAR) software suite improves training effectiveness for aircrew

SAN DIEGO–(BUSINESS WIRE)–Cubic Corporation (NYSE:CUB) today announced its Cubic Mission and Performance Solutions (CMPS) business division’s Simplified, Planning, Execution, Analysis, Reconstruction (SPEAR) software suite was successfully operational at the Checkered Flag 21-1 exercise. Revolutionizing the world’s most complex and advanced Air-to-Air exercise, SPEAR is Cubic’s follow-on solution to its Individual Combat Aircrew Display System (ICADS), that has been the combat air forces’ live monitor and debrief system for two decades.

Checkered Flag brings deployed aircrew to Tyndall Air Force Base (AFB) to train with aircrew stationed at Tyndall and the surrounding Gulf Coast bases. This Checkered Flag included Joint and Coalition aircrew from the United States Air Force (USAF), United States Navy (USN) and Royal Australian Air Force (RAAF), flying fifth and fourth generation fighters, acting as both blue forces and adversaries.

“Building on our extensive multi-domain experience, Cubic now also delivers to the warfighter a Common Data Model (CDM) for multi-domain data, in a game-changing common operational picture,” said Mike Knowles, president of CMPS. “For the entire exercise, every Checkered Flag 21-1 mission used SPEAR for both live monitoring and debrief.”

SPEAR delivered both technical and operational ease for the Range Training Officers (RTOs) and site administrators through a streamlined user experience that enabled over 75 aircraft to train and fight at once. The Air Force’s SPEAR hardware was installed in the course of a single day, highlighting the ease of setup and networking with modern software code while adhering to local security requirements. With only two hours of training, the Tyndall site admins and white force were able to ingest data, create a mission in SPEAR, manage their mission archive, operate the SPEAR server and provide training to USAF RTOs.

“As demonstrated by results at Checkered Flag and Red Flag, we are seeing increased demand for the ability to effectively assess and adjudicate kinetic and non-kinetic effects, especially when we look at the importance of multi-domain operations,” said Jonas Furukrona, vice president and general manager of LVC Training, CMPS. “We have already secured a sale to a coalition partner for this capability and believe SPEAR will set a new standard in ensuring operator readiness.”

SPEAR improved training effectiveness by collating and displaying kinetic and non-kinetic effects in a coherent way using predictive and proactive real-time analysis, which is incorporated into the common data model. Additionally, the RTO’s ability to adjudicate events and effects with SPEAR accurately, with 75 aircraft in the air simultaneously and hundreds of weapons fly outs, significantly reduced the shot validation time post flight. Upon landing, aircrew were able to review and correct their weapons data to 100 percent, directly on a SPEAR client at the same time as others, due to unlimited independent “channels” in each mission.

According to Captain “Bullet” Gedman, a Checkered Flag RTO and F-22 pilot stationed at Tyndall, “With that capability, SPEAR produced a complete and effective playback of when, how and what happened, leaving the majority of the debrief time to figure out why it happened. In fact, SPEAR reduced the average debrief time by 90 minutes.”

Checkered Flag missions produced terabytes of valid, operational, enriched SPEAR data consisting of objective data, subjective data, kinetic data and non-kinetic effects, for a holistic post mission analysis. The enriched data set can now be used to evaluate Checkered Flag training effectiveness, design future exercises and provide exercise staff with important evidence for future upgrades.

About Cubic Corporation

Cubic is a technology-driven, market-leading provider of integrated solutions that increase situational understanding for transportation, defense C4ISR, and training customers worldwide to decrease urban congestion and improve the militaries’ effectiveness and operational readiness. Our teams innovate to make a positive difference in people’s lives. We simplify their daily journeys. We promote mission success and safety for those who serve their nation. For more information about Cubic, please visit www.cubic.com or on Twitter @CubicCorp.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201125005430/en/

Crystal Nguyen

Corporate Communications

Cubic Corporation

PH: +1 858-505-2593

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Defense Technology Other Technology Software Other Defense Contracts

MEDIA:

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November 25, 2020 7:03 am

Debt, Housing and Mental Health are Major Pandemic Concerns in Canada

Canada NewsWire

Manulife Bank’s Debt Survey reveals COVID-19 pandemic has negatively impacted financial goals and overall well-being of Canadians

One-third of Canadians were financially unprepared for the pandemic.
Two-thirds who do not own a home worry about saving for one.
More than three-quarters say their mental health has been impacted by COVID-19.

C$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK: 945

TORONTO, Nov. 25, 2020 /CNW/ – Many Canadians polled during the COVID-19 pandemic say their mental health and financial well-being have been negatively impacted, and dreams of home ownership are slipping out of reach, according to Manulife Bank’s latest Debt Survey.

More than a third of respondents (36 per cent) said they worry significantly about saving for a home, suggesting that many are getting priced out or on the verge of getting priced out of the market. Many Canadians are also concerned about supporting their children through post-secondary education (28 per cent) or saving for retirement (28 per cent).

On average, Canadians have been allocating nearly half of their income to essentials like food and housing since COVID-19 began, and 58 per cent of homeowners and 54 per cent of renters worry about making their payments.

“Debt can negatively impact mental health and leave Canadians feeling like their financial goals are unachievable. The pandemic has made that even more pronounced,” said Rick Lunny, President and CEO, Manulife Bank. “It’s so important to have financial flexibility, especially when one looks at purchasing a home – it’s easy to feel stressed. Financial conversations are essential to identify opportunities, what matters most and help you stay on track, no matter the financial environment.”

A financially unprepared population

One-third (35 per cent) of Canadians admit they were financially unprepared for the pandemic. Nearly three-quarters (74 per cent) acknowledge their financial situation has been impacted as a result of the pandemic and more than two-thirds (69 per cent) within that group say the impact has been overall negative. In fact, of those respondents, 42 per cent think it may take them over a year to recover to pre-COVID-19 levels.

One-quarter of Canadians are struggling to keep up with their bills. A staggering one in six Canadians have been laid off due to COVID-19, with equally as many saying they would have been laid off had it not been for the wage subsidy provided by the government.

A tale of two realities

The survey revealed a sharp disparity in terms of how the pandemic has impacted Canadians – some have flourished, while others have been left devastated – demonstrating evidence of a K-shaped recovery narrative. On the one hand, while Canadians, on average, appear to be saving more compared to a year ago (16 per cent of after-tax income, on avg. vs. 14 per cent in Fall 2019), almost one-in-four (24 per cent; +5 pts) have been saving zero per cent of their after-tax income compared to the same period last year. Within the indebted population there has been a significant increase in the proportion of those who say everyday living is the cause of their debt (24 per cent). This suggests that more Canadians who are in debt are struggling to make ends meet, even if less Canadians (27 per cent debt-free vs. 21 per cent in Fall 2019) are now in debt overall compared to a year ago.

Younger Canadians – aged 40 or under – from lower income households, especially those who have a mortgage or are in debt, appear to have been hit the hardest financially during the pandemic. Indeed, this group tends to be more likely to report that their financial situation or debt load has been severely impacted by the pandemic, are generally having more difficulty paying their bills due to the pandemic and are less likely to have been financially prepared for it.

Mental health and finance

Survey results show the pandemic has taken a toll on the mental well-being of Canadians. Almost half (46 per cent) of indebted Canadians say debt is having a negative effect on their mental health – a 10-point increase from two years ago. In fact, indebted Canadians are far more likely to note that their debt load is causing them stress (53 per cent; +5 pts) or keeping them up at night (35 per cent; +7 pts) compared to two years ago.

“The COVID-19 pandemic is causing many Canadians to experience higher levels of anxiety and fear. Debt is amplifying that, making us feel more vulnerable to uncertainty,” said Dr. Georgia Pomaki, Leader, Mental Health Specialists at Manulife. “One way of strengthening our resilience and sense of security is to think about how we can better prepare ourselves for unforeseen expenses, which will allow us to respond more effectively to issues as they arise.”

Competing priorities can make it hard to manage your finances. Should you focus on managing cash flow for the short-term, focus on retirement contributions, or budgeting for a down payment on a house? Sorting out financial goals and identifying what matters most is a smart way to create an actionable financial plan.

Learn more about the Manulife Bank of Canada Debt Survey and ways to manage finances by visiting: www.manulifebank.ca/debtresearch

About the Manulife Bank of Canada Debt Survey
Now in its tenth year, the Manulife Bank of Canada poll surveyed 2,001 Canadians in all provinces between ages 20 and 69 with household income of more than $40,000. The survey was conducted online by Ipsos between September 20 to September 26, 2020. National results were weighted by gender, age, region and education. This survey has a credibility interval of +/- 2.5 per cent 19 times out of 20, of what the results would have been had all Canadian adults between the ages of 20 and 69 been surveyed.

About Manulife Bank

Manulife Bank is one of Canada’s original digital banks. Since our launch in 1993, we’ve been designing efficient, flexible products that fit seamlessly into our customers’ lives to help make their decisions easier and lives better. Today, Manulife Bank has over $27 billion in assets and serves clients across Canada in all provinces and territories.

About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2019, we had more than 35,000 employees, over 98,000 agents, and thousands of distribution partners, serving almost 30 million customers. As of September 30, 2020, we had $1.3 trillion (US$943 billion) in assets under management and administration, and in the previous 12 months we made $31.2 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 155 years. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.

SOURCE Manulife Financial Corporation