Market Newsdesk

SARASOTA, Fla., Nov. 18, 2020 (GLOBE NEWSWIRE) — Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) today reported its third quarter financial results for the period ended October 4, 2020.

Financial Summary

• Net Sales up 110.2% to $15,171,898 versus second quarter; declined 31.1% versus prior year
• Operating Loss was $877,436
• Net Loss was $1,013,995
• Loss per Common Share was $0.49

Overview

The third quarter of this year saw a more than doubling in Net Sales versus the second quarter, increasing 110.2% as the economy steadily improved. Of particular note is that every month of this quarter was increasingly better than the previous month as customers “opened up”. Relative to the third quarter of last year, in which we operated in a more normalized economic environment, Net Sales declined 31.1%. Our Net Sales contribution this quarter was split evenly between the European and U.S. operations. The sales from our European operations were dramatically higher than in the second quarter of this year as we saw a sharp rebound in automotive business which in the third quarter was 88.9% of sales from these operations. Despite the marked improvement in sales by our European operations in the third quarter of this year versus the second quarter of this year, these sales were down 30.9% as compared to the third quarter of last year. Our U.S. business declined 31.4% versus the previous year but also recorded dramatic improvement versus the second quarter of this year. We are more diversified in the U.S. as automotive sales represented 30.6% of total sales. Seating applications for recreational outdoor vehicle manufacturers as well as manufacturers of off-the-road equipment and seating applications for hospitality, medical and personal fitness centers make up a large portion of the remaining U.S. sales. This business, albeit below the previous year, has not been as volatile as the automotive business this year.

We continue to see month-to-month increased sales as we move into the fourth quarter of this year. Unfortunately, visibility beyond the short-term is not clear and conditions outside of our control can change that pace significantly.

Regardless of circumstances, imbedded in our overall strategy is a continued focus on expense reduction and a keen awareness of preserving liquidity. We have been successful in obtaining additional liquidity resources recently and we believe we are in good standing to weather further disruptions if they should occur. As business normalizes, we remain confident that our ongoing strategic initiatives will lead to marked improvement in overall financial performance.

Net Sales

Net Sales for the third quarter were $15,171,898 compared to $22,033,539 last year, a decline of 31.1%. For perspective on recent trends, overall Net Sales for the second quarter of this year were $7,216,371 which, in comparison, highlights the significant uptick in business this quarter.

Relative to our two major business sectors, Automotive sales declined 35.9% this quarter versus last year and our Industrial sales declined 22.7% versus the same period of the prior year. This quarter, the Automotive sector represented 59.7% of total sales and our Industrial sector represented 40.3%. For perspective, in a normalized sales environment, the split between Automotive and Industrial is 65% and 35%, respectively, which demonstrates that our Automotive business was hit particularly hard this quarter and year so far with the slowdown of major OEM’s both in the U.S. and Europe. As of the end of our third period, we can report that our Automotive business was at a more normalized run rate. Our Industrial sales continue to remain steady and improving versus the recent past.

Operating (Loss)/Income

Operating Loss for the third quarter was $877,436 versus Operating Income of $749,012 for the third quarter of last year. The principal reason for the loss this quarter was the 31.1% decline in overall Net Sales. Gross Profit Margins this quarter were 13.6% versus 16.2% in the comparable quarter of the previous year. Gross Profit Margins are considerably higher in the U.S. which has a more significant Industrial sector where sales are more technical and specific to customer demands. In Europe, 88.9% of sales this quarter were Automotive which leads to longer run sizes but overall lower margins than in the U.S.

Operating Expenses for the third quarter were $2,934,367 versus $2,812,888 in the third quarter of last year. Excluding a non-recurring charge this quarter, overall Operating Expenses would have declined 2.6% versus the same quarter of the previous year. Most of these expenses were lower primarily because Net Sales were lower; however, some of the reduction is due to a concerted effort on the part of management to increase efficiencies and decrease costs.

It is important to note that the Company has spent considerable time and expense to bolster manufacturing efficiency and to implement expense reduction programs which are currently masked with the lower sales. We believe that as sales return to more normal levels, this should lead to a significant improvement in our financial performance.

Net Loss Allocable to Common Shareholders

Net Loss Allocable to Common Shareholders was $1,822,633 or $0.49 per common share versus a loss of $499,998 or $0.13 per common share in the third quarter of last year.

Weighted average shares outstanding were 3,736,006 for both quarterly periods.

All per share results reflect the one-for-five reverse stock split effective as of February 24, 2020.

For further details, see the Consolidated Statements of Operations in the Company’s Form 10-Q filed on November 18, 2020.

About Uniroyal Global Engineered Products, Inc.

Uniroyal Global Engineered Products, Inc. (UNIR) is a leading manufacturer of vinyl-coated fabrics that are durable, stain resistant, cost-effective alternatives to leather, cloth and other synthetic fabric coverings. Uniroyal Global Engineered Products, Inc.’s revenue in 2019 was derived 64.9% from the automotive industry and approximately 35.1% from the recreational, industrial, indoor and outdoor furnishings, hospitality and healthcare markets. Our primary brand names include Naugahyde^®, BeautyGard^®, Flame Blocker™, Spirit Millennium^®, Ambla^®, Amblon^®, Velbex^®, Cirroflex^®, Plastolene^® and Vynide^®.

Forward-Looking Statements:

Except for statements of historical fact, certain information contained in this press release constitutes forward-looking statements, including, without limitation, statements containing the words “believe,” “expect,” “anticipate,” “intend,” “should,” “planned,” “estimated” and “potential” and words of similar import, as well as all references to the future. These forward-looking statements are based on Uniroyal Global Engineered Products, Inc.’s current expectations. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that a variety of factors could cause the Company´s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company´s forward-looking statements. The risks and uncertainties which may affect the operations, performance, development and results of the Company´s business include, but are not limited to, the following: uncertainties relating to economic conditions, uncertainties relating to customer plans and commitments, the pricing and availability of equipment, materials and inventories, currency fluctuations, technological developments, performance issues with suppliers, economic growth, delays in testing of new products, the Company’s ability to successfully integrate acquired operations, the Company’s dependence on key personnel, the Company’s ability to protect its intellectual property rights, the effectiveness of cost-reduction plans, rapid technology changes and the highly competitive environment in which the Company operates. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

Uniroyal Global Engineered Products, Inc. Public Relations

:

TTC Group, Inc.

Vic Allgeier, 646-290-6400 [email protected]

Uniroyal Global Engineered Products, Inc.
Consolidated Balance Sheets
		(Unaudited)
ASSETS		October 4, 2020 (1)				December 29, 2019
CURRENT ASSETS
Cash and cash equivalents		$	767,874			$	513,588
Accounts receivable, net			9,689,695				11,662,325
Inventories, net			17,967,896				19,116,542
Other current assets			1,020,555				930,015
Related party receivable			37,556				–
Total Current Assets			29,483,576				32,222,470
PROPERTY AND EQUIPMENT, NET			18,414,393				19,103,319
OPERATING LEASE RIGHT-OF-USE ASSETS			6,088,870				6,607,963
OTHER ASSETS
Intangible assets			3,227,648				3,263,781
Goodwill			1,079,175				1,079,175
Other long-term assets			3,737,907				3,489,313
Total Other Assets			8,044,730				7,832,269
TOTAL ASSETS		$	62,031,569			$	65,766,021
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Checks issued in excess of bank balance		$	147,960			$	332,141
Lines of credit			18,452,489				20,530,773
Current maturities of long-term debt			1,092,420				1,238,541
Current maturities of finance lease liabilities			269,528				364,872
Accounts payable			8,338,193				9,232,119
Accrued expenses and other liabilities			7,035,285				3,890,367
Related party obligation			145,214				608,517
Current portion of postretirement benefit liability – health and life			155,803				155,803
Total Current Liabilities			35,636,892				36,353,133
LONG-TERM LIABILITIES
Long-term debt, less current portion			3,651,836				2,892,242
Finance lease liabilities, less current portion			294,955				492,613
Operating lease liabilities			5,713,922				6,106,568
Related party lease financing obligation			2,541,472				2,646,970
Long-term debt to related parties			3,774,613				3,190,655
Postretirement benefit liability – health and life, less current portion			2,575,124				2,592,023
Other long-term liabilities			573,815				715,308
Total Long-Term Liabilities			19,125,737				18,636,379
Total Liabilities			54,762,629				54,989,512
STOCKHOLDERS’ EQUITY
Preferred units, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price)			617,571				617,571
Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price)			463,179				463,179
Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value)			75				75
Common stock, 95,000,000 shares authorized ($.001 par value) 3,736,006 shares issued and outstanding as of October 4, 2020 and December 29, 2019			3,736				18,680
Additional paid-in capital			35,290,590				35,275,646
Accumulated deficit			(27,696,592	)			(24,301,203	)
Accumulated other comprehensive loss			(1,409,619	)			(1,297,439	)
Total Stockholders’ Equity			7,268,940				10,776,509
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	62,031,569			$	65,766,021
(1) The amounts in common stock and additional paid-in capital were adjusted to reflect the one-for-five reverse stock split
(“reverse stock split”) as of February 24, 2020, the effective date of the reverse stock split.

Uniroyal Global Engineered Products, Inc.
Consolidated Statements of Operations
(Unaudited)
		Three Months Ended
		October 4, 2020				September 29, 2019 (1)
NET SALES		$	15,171,898			$	22,033,539
COST OF GOODS SOLD			13,114,967				18,471,639
Gross Profit			2,056,931				3,561,900
OPERATING EXPENSES:
Selling			778,699				1,061,781
General and administrative			1,957,486				1,373,118
Research and development			198,182				377,989
OPERATING EXPENSES			2,934,367				2,812,888
Operating (Loss) Income			(877,436	)			749,012
OTHER INCOME (EXPENSE):
Interest and other debt related expense			(367,454	)			(509,829	)
Funding from Paycheck Protection Program			33,824				–
Other income (expense)			85,753				50,213
Net Other Expense			(247,877	)			(459,616	)
(LOSS) INCOME BEFORE TAX PROVISION			(1,125,313	)			289,396
TAX (BENEFIT) PROVISION			(111,318	)			12,022
NET (LOSS) INCOME			(1,013,995	)			277,374
Preferred stock dividend			(808,638	)			(777,372	)
NET LOSS ALLOCABLE TO COMMON SHAREHOLDERS		$	(1,822,633	)		$	(499,998	)
LOSS PER COMMON SHARE:
Basic		$	(0.49	)		$	(0.13	)
Diluted		$	(0.49	)		$	(0.13	)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic			3,736,006				3,736,006
Diluted			3,736,006				3,736,006
(1) Share and per share amounts for the three months ended September 29, 2019 have been restated to reflect the
one-for-five reverse stock split that became effective on February 24, 2020.

Uniroyal Global Engineered Products, Inc.
Consolidated Statements of Operations
(Unaudited)
		Nine Months Ended
		October 4, 2020				September 29, 2019 (1)
NET SALES		$	43,528,393			$	71,523,182
COST OF GOODS SOLD			37,931,227				59,434,689
Gross Profit			5,597,166				12,088,493
OPERATING EXPENSES:
Selling			2,278,279				3,348,622
General and administrative			4,834,011				4,332,978
Research and development			704,239				1,302,707
Other operating expenses			–				343,003
OPERATING EXPENSES			7,816,529				9,327,310
Operating (Loss) Income			(2,219,363	)			2,761,183
OTHER INCOME (EXPENSE):
Interest and other debt related expense			(1,215,771	)			(1,547,343	)
Funding from Paycheck Protection Program			2,217,500				–
Other income (expense)			(185,417	)			53,396
Net Other Income (Expense)			816,312				(1,493,947	)
(LOSS) INCOME BEFORE TAX PROVISION			(1,403,051	)			1,267,236
TAX BENEFIT			(404,141	)			(6,287	)
NET (LOSS) INCOME			(998,910	)			1,273,523
Preferred stock dividend			(2,396,479	)			(2,339,862	)
NET LOSS ALLOCABLE TO COMMON SHAREHOLDERS		$	(3,395,389	)		$	(1,066,339	)
LOSS PER COMMON SHARE:
Basic		$	(0.91	)		$	(0.29	)
Diluted		$	(0.91	)		$	(0.29	)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic			3,736,006				3,736,988
Diluted			3,736,006				3,736,988
(1) Share and per share amounts for the nine months ended September 29, 2019 have been restated to reflect the
one-for-five reverse stock split that became effective on February 24, 2020.

Merger
Reinforc
es
Company’s
Commitment to Patients with
PAH

Paul Manning and Roger Jeffs Join Liquidia
Corporation
Board of Directors

RESEARCH TRIANGLE PARK, N.C., Nov. 18, 2020 (GLOBE NEWSWIRE) — Liquidia Technologies, Inc. (NASDAQ: LQDA), a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products using its proprietary PRINT® technology, today announced that it has closed the previously announced acquisition of RareGen, LLC, reinforcing its commitment to patients and the pulmonary arterial hypertension (PAH) community.

“We are very pleased to have achieved this important milestone, one that we believe significantly strengthens our position through an enriched understanding of and presence in the PAH market to better serve patients with PAH throughout their continuum of care,” said Neal Fowler, Chief Executive Officer of Liquidia. “We welcome the RareGen team to the Liquidia family and firmly believe that, together, we will achieve our goal of improving patients’ lives by advancing much needed treatment options, including LIQ861, if approved, to the PAH community. Through this merger, we believe we are well poised to deliver long-term benefits to patients and value for our stockholders.”

On June 29, 2020, Liquidia announced it had entered into a definitive agreement to acquire RareGen through an all-stock merger. On November 18, 2020, Liquidia acquired 100 percent ownership of RareGen for 5,550,000 shares of Liquidia Corporation common stock. Under the terms of the merger agreement, an aggregate of 616,666 shares of additional Liquidia Corporation common stock were withheld from RareGen members to secure their indemnification obligations described therein. Further, under the terms of the merger agreement, RareGen members are also entitled to receive up to 2,708,333 shares of additional Liquidia Corporation common stock if certain RareGen net sales thresholds are met in 2021 pursuant to RareGen’s promotion agreement with Sandoz Inc.

With the close of the merger transaction, Liquidia and RareGen have become wholly owned operating subsidiaries of Liquidia Corporation, which is expected to trade on the Nasdaq Capital Market under the ticker symbol “LQDA” on November 19, 2020 as the successor to Liquidia Technologies. Under the terms of the merger agreement, Liquidia Technologies stockholders will receive an identical number of shares of Liquidia Corporation common stock in exchange for their Liquidia Technologies common stock.

As part of the completed transaction, former RareGen board members Paul B. Manning, of PBM Capital Group, a successful entrepreneur, accomplished investor and beneficial owner of a majority of RareGen’s equity, and Roger A. Jeffs, Ph.D., former President and Co-CEO of United Therapeutics, have been appointed to the Liquidia Corporation Board of Directors. Of the 5,550,000 shares of Liquidia Corporation common stock acquired by RareGen owners in the merger, approximately ninety-six percent of the shares are beneficially held by Messrs. Manning and Jeffs, which are subject to a six-month lock-up per the merger agreement. Concurrent with these appointments and the close of the merger transaction, Dr. Ralph Snyderman retired from the board, resulting in an increased size of the board from eight to nine directors.

Neal Fowler continued, “As we emerge from this transaction as a fully integrated business with a commercially available product for PAH and LIQ861 on the horizon, pending FDA approval, I and the board believe that the breadth of investment and therapeutic area expertise that Paul and Roger bring further complement the Liquidia Board of Directors and positions the company well for future growth.”

Neal Fowler added, “As we look to the future, it is incredibly important to remember those who helped Liquidia arrive at where we are today, especially Ralph Snyderman. Ralph’s many contributions have been instrumental in laying the foundation for our success and his longstanding commitment to our mission has made us a better company today. On behalf of myself and the board, we thank Ralph for his leadership and contributions to the company.”

Jefferies LLC acted as exclusive financial advisor, and DLA Piper LLP (US) acted as legal counsel, to Liquidia in connection with the transaction.

About the Merger Transaction

On November 18, 2020 (the “Closing Date”), Liquidia Technologies, Inc., a Delaware corporation (“Liquidia Technologies”), completed the previously announced acquisition contemplated by the Agreement and Plan of Merger, dated as of June 29, 2019, as amended by a Limited Waiver and Modification to the Merger Agreement, dated as of August 3, 2020 (the “Merger Agreement”), by and among Liquidia Technologies, Liquidia Corporation (“Liquidia Corporation”), RareGen, LLC, a Delaware limited liability company (“RareGen”), Gemini Merger Sub I, Inc., a Delaware corporation (“Liquidia Merger Sub”), Gemini Merger Sub II, LLC, a Delaware limited liability company (“RareGen Merger Sub”), and PBM RG Holdings, LLC, a Delaware limited liability company, as Members’ Representative. Pursuant to the Merger Agreement, Liquidia Merger Sub, a wholly owned subsidiary of Liquidia Corporation, merged with and into Liquidia Technologies (the “Liquidia Technologies Merger”), and RareGen Merger Sub, a wholly owned subsidiary of Liquidia Corporation, merged with and into RareGen (the “RareGen Merger” and, together with the Liquidia Technologies Merger, the “Merger Transaction”). Upon consummation of the Merger Transaction, the separate corporate existences of Liquidia Merger Sub and RareGen Merger Sub ceased and Liquidia Technologies and RareGen continue as wholly owned subsidiaries of Liquidia Corporation.

About Liquidia

Liquidia is a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products using its proprietary PRINT® technology to transform the lives of patients. PRINT is a particle engineering platform that enables precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. Currently, Liquidia is focused on the development of two product candidates for which it holds worldwide commercial rights: LIQ861 for the treatment of pulmonary arterial hypertension (PAH); and LIQ865 for the treatment of local post-operative pain. Liquidia is headquartered in Research Triangle Park, NC. For more information, please visit www.liquidia.com.

About RareGen

RareGen provides commercialization for rare disease pharmaceutical products, such as generic Remodulin® (treprostinil) for pulmonary arterial hypertension (PAH), with a national sales force focused on cardiology and pulmonology specialties.

Cautionary Statements Regarding Forward Looking Statements
 

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the timing related to the merger transaction or the anticipated benefits thereof, including, without limitation, future financial and operating results. The Company cautions readers that these and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to risks and uncertainties related to (i) the ability of Liquidia and RareGen to integrate their businesses successfully and to achieve anticipated cost savings and other synergies, (ii) the possibility that other anticipated benefits of the completed merger transaction will not be realized, including without limitation, anticipated revenues, expenses, earnings and other financial results, and growth and expansion of the new combined company’s operations, and the anticipated tax treatment, (iii) potential litigation relating to the completed merger transaction that has and could be instituted against Liquidia, RareGen or their respective officers or directors, (iv) possible disruptions from the completed merger transaction that could harm Liquidia’s or RareGen’s business, including current plans and operations, (v) the ability of Liquidia or RareGen to retain, attract and hire key personnel, (vi) potential adverse reactions or changes to relationships with employees, customers, suppliers, licensees, collaborators, business partners or other parties resulting from the completion of the merger transaction, (vii) continued availability of capital and financing and rating agency actions, (viii) legislative, regulatory and economic developments and (ix) unpredictability and severity of catastrophic events, including, but not limited to, global pandemics such as coronavirus, acts of terrorism or outbreak of war or hostilities, as well as management’s response to any of the aforementioned factors. These risks, as well as other risks associated with the completed merger transaction, are more fully discussed in the proxy statement/prospectus in connection with the completed merger transaction, which was declared effective on September 16, 2020, as subsequently supplemented. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Liquidia’s or RareGen’s consolidated financial condition, results of operations, credit rating or liquidity. Neither Liquidia nor RareGen assumes any obligation to provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Contact Information

Media:
Michael Parks
Corporate Communications
484.356.7105
[email protected]

Investors:
Jason Adair
Vice President, Corporate Development and Strategy
919.328.4400
[email protected]

MONDOVI, Wis., Nov. 18, 2020 (GLOBE NEWSWIRE) — Marten Transport, Ltd. (Nasdaq/GS:MRTN) announced today that its Board of Directors has declared a special cash dividend of $0.50 per share of common stock and a regular quarterly cash dividend of $0.04 per share of common stock. The dividends will be payable on December 28, 2020 to stockholders of record at the close of business on December 14, 2020. No portion of either dividend is considered to be a return of capital.

The Board’s decision to declare the special and quarterly cash dividends reflects Marten’s strong financial position and its continued commitment to enhancing stockholder value.

This is Marten’s 42^nd consecutive quarterly cash dividend. With the payment of these dividends, Marten will have paid a total of $138.3 million in cash dividends, including special dividends totaling $52.1 million in 2019 and 2012, since the dividend program was implemented in the third quarter of 2010.  

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’s five distinct business platforms – Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including Marten’s current expectations concerning future payment of dividends. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to Marten that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and in Part II Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. Marten undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS: Tim Kohl, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

MANITOWOC, Wis., Nov. 18, 2020 (GLOBE NEWSWIRE) — County Bancorp, Inc. (NASDAQ: ICBK), the parent company for Investors Community Bank, announced that on November 17, 2020 its Board of Directors declared a quarterly cash dividend of $0.10 per share. The dividend will be payable on December 18, 2020 to shareholders of record as of December 4, 2020. 

“We are pleased to announce our fourth dividend payment for 2020 and see it as a reflection of our strength and resiliency amidst a challenging macro-economic environment. Our quarterly results continue to show sequential improvement, and we remain confident in our ability to maintain this track record for the remainder of 2020. The 42.9% increase in the dividend payment, as well as our ongoing share buyback authorization, is indicative of our commitment to continuously drive shareholder value,” stated Tim Schneider, President of the Company and CEO of the Bank.

About
County Bancorp,
Inc.

County Bancorp, Inc., a Wisconsin corporation and registered bank holding company founded in May 1996, and our wholly-owned subsidiary Investors Community Bank, a Wisconsin-chartered bank, are headquartered in Manitowoc, Wisconsin. The state of Wisconsin is often referred to as “America’s Dairyland,” and one of the niches we have developed is providing financial services to agricultural businesses statewide, with a primary focus on dairy-related lending. We also serve business and retail customers throughout Wisconsin, with a focus on northeastern and central Wisconsin. Our customers are served from our full-service locations in Manitowoc, Appleton, Green Bay, and Stevens Point and our loan production offices in Darlington, Eau Claire, Fond du Lac and Sheboygan. Visit our Investor Relations site at Investors.ICBK.com for more details.

Investor Relations Contact

Glen L. Stiteley
EVP – CFO, Investors Community Bank
Phone: (920) 686-5658
Email: [email protected]

VALENCIA, Calif., Nov. 18, 2020 (GLOBE NEWSWIRE) — AVITA Therapeutics, Inc. (NASDAQ: RCEL, ASX:AVH), a regenerative medicine company that is developing and commercializing a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs, announced today that management will participate at the Piper Sandler 32nd Annual Virtual Healthcare Conference on Tuesday, December 1, 2020.

Authorized for release by the Chief Executive Officer of AVITA Therapeutics, Inc.

ABOUT AVITA
THERAPEUTICS, INC.

AVITA Therapeutics is a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications. AVITA Therapeutics’ patented and proprietary collection and application technology provides innovative treatment solutions derived from the regenerative properties of a patient’s own skin. The medical devices work by preparing a RES^® REGENERATIVE EPIDERMAL SUSPENSION, an autologous suspension comprised of the patient’s skin cells necessary to regenerate natural healthy epidermis. This autologous suspension is then sprayed onto the areas of the patient requiring treatment.

AVITA Therapeutics’ first U.S. product, the RECELL^® System, was approved by the U.S. Food and Drug Administration (FDA) in September 2018. The RECELL System is indicated for use in the treatment of acute thermal burns in patients 18 years and older. The RECELL System is used to prepare Spray-On Skin™ Cells using a small amount of a patient’s own skin, providing a new way to treat severe burns, while significantly reducing the amount of donor skin required. The RECELL System is designed to be used at the point of care alone or in combination with autografts depending on the depth of the burn injury. Compelling data from randomized, controlled clinical trials conducted at major U.S. burn centers and real-world use in more than 8,000 patients globally, reinforce that the RECELL System is a significant advancement over the current standard of care for burn patients and offers benefits in clinical outcomes and cost savings. Healthcare professionals should read the INSTRUCTIONS FOR USE – RECELL^® Autologous Cell Harvesting Device (https://recellsystem.com/) for a full description of indications for use and important safety information including contraindications, warnings and precautions.

In international markets, our products are marketed under the RECELL System brand to promote skin healing in a wide range of applications including burns, chronic wounds and aesthetics. The RECELL System is TGA-registered in Australia and received CE-mark approval in Europe.
To learn more, visit www.avitamedical.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This letter includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “intend,” “could,” “may,” “will,” “believe,” “estimate,” “look forward,” “forecast,” “goal,” “target,” “project,” “continue,” “outlook,” “guidance,” “future,” other words of similar meaning and the use of future dates.
Forward-looking statements in this letter include, but are not limited to, statements concerning, among other things, our ongoing clinical trials and product development activities, regulatory approval of our products, the potential for future growth in our business, and our ability to achieve our key strategic, operational and financial goal.
Forward-looking statements by their nature address matters that are, to different degrees, uncertain.
Each forward- looking statement contained in this letter is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the timing of regulatory approvals of our products; physician acceptance, endorsement, and use of our products; failure to achieve the anticipated benefits from approval of our products; the effect of regulatory actions; product liability claims; risks associated with international operations and expansion; and other business effects, including the effects of industry, economic or political conditions outside of the company’s control.
Investors should not place considerable reliance on the forward-looking statements contained in this letter.
Investors are encouraged to read our publicly available filings for a discussion of these and other risks and uncertainties.
The forward-looking statements in this letter speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements.

FOR FURTHER INFORMATION:

U.S. Media Sam Brown, Inc. Christy Curran Phone +1 615 414 8668 [email protected] O.U.S Media Monsoon Communications Rudi Michelson Phone +61 (0)3 9620 3333 Mobile +61 (0)411 402 737 [email protected]

Investors: Westwicke Partners Caroline Corner Phone +1 415 202 5678 [email protected]

Regina, SK, Nov. 18, 2020 (GLOBE NEWSWIRE) — BASF Canada Agricultural Solutions (BASF) unveiled today its modernized formulation, packaging and distribution facility in Regina, Saskatchewan. More than $14 million was invested in facility transformations, making it the division’s single biggest agriculture infrastructure investment in the last decade. Located in the heart of Canada’s agriculture industry, the Regina facility will produce over half of BASF Canada’s crop protection products, helping ensure farmers across the country and the northern United States have access to the products they need, when they need them.  

“For decades, farmers have relied on our portfolio of solutions to help them overcome agronomic challenges on their fields,” said Jonathan Sweat, Vice President, Business Management, BASF Canada Agricultural Solutions. “Situated in Western Canada, the transformed facility will further support our customers and enable us to produce more than 30 million litres of agricultural solutions annually. This significant investment highlights our ongoing commitment to innovation, ensuring we can continue to provide farmers with the solutions they need to succeed today, while setting ourselves up to produce, at our Regina site, the solutions they will need for continued success tomorrow.”

Major enhancements to BASF’s Regina facility include upgrades to mechanical operations, automation systems, quality control and safety protocols and performance. The transformation also supports greater segregation among products, further safeguarding against cross-contamination and upholding BASF’s commitment to quality control.

Additional upgrades to the Regina production facility include:

• A new control room that serves as the heart of the entire plant, providing real-time information on every valve and tank.
• A 300,000-litre stainless steel tank for the storage of raw materials, increasing the facility’s total storage capacity to 2.8 million litres.
• Expanded analytical capability in the lab to meet production requirements, allowing BASF to test, approve and record all products for quality assurance.
• Increased ventilation, dust containment and high-speed shutter doors in the formulation area, contributing to a safe worksite for employees.

These significant improvements will allow BASF to produce high-quality products more efficiently, while supporting future production of new solutions. Viper^® ADV, one of the most important herbicides for field pea farmers, is among the first solutions to be produced at the facility this fall and will now be 100 per cent produced domestically at the Regina facility. Offering broad-spectrum weed control and multiple modes of action, Viper provides farmers with reliable and consistent weed control in field peas, further supporting Canada’s pulse industry as the global demand for pulse crops continues to rise.

“The transformation of our Regina facility is not only a milestone for our company, but also for our customers and the community at large,” said Sweat. “The upgrades allow us to efficiently deliver product to our retailers, in many cases within a 24-hour period, to help ensure we are responding to farmers’ requirements and are able to get them the products they need, when they need them most. We are incredibly proud of our team’s hard work and dedication throughout the two-year upgrade process, and we’re excited for the future as we continue to provide farmers with the innovative solutions they need to get the most out of every acre.”

Construction at the Regina facility began December 2019 and was officially completed in October 2020. One hundred per cent of the facility updates were completed by Saskatchewan-based contractors, further supporting the local economy. During peak production period – which generally runs from fall to early spring – the facility will employ approximately 130 people, ensuring farmers are fully supported at the onset of each growing season.

 

The virtual tour of the Regina facility can be viewed here.

B-roll, additional images and supporting backgrounder and fact sheet are available upon request.

For more information on BASF Agricultural Solutions, please visit www.agsolutions.ca.

About
BASF’s Agricultural Solutions division:

With a rapidly growing population, the world is increasingly dependent on our ability to develop and maintain sustainable agriculture and healthy environments. Working with farmers, agricultural professionals, pest management experts and others, it is our role to help make this possible. That’s why we invest in a strong R&D pipeline and broad portfolio, including seeds and traits, chemical and biological crop protection, soil management, plant health, pest control and digital farming. With expert teams in the lab, field, office and in production, we connect innovative thinking and down-to-earth action to create real world ideas that work – for farmers, society and the planet. In 2019, our division generated sales of €7.8 billion. For more information, please visit www.agriculture.basf.com or any of our social media channels.

About BASF

BASF Canada, headquartered in Mississauga, Ontario, has over 1,200 employees at production facilities and offices located across Canada. BASF Canada is a subsidiary of BASF SE, and an affiliate of BASF Corporation. To find out more about BASF’s activities in Canada, visit www.basf.com/ca or follow us on Twitter www.twitter.com/basfcanada.

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 117,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €59 billion in 2019. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.

Attachments

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Tabetha Boot
BASF Agricultural Solutions Canada
4034611253
[email protected]

NEW YORK, Nov. 18, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Tactile Systems Technology, Inc. (NASDAQ: TCMD), Pintec Technology Holdings Limited (NASDAQ: PT), Aurora Cannabis, Inc. (NYSE: ACB), and Credit Acceptance Corporation (NASDAQ: CACC). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Tactile Systems Technology, Inc. (NASDAQ: TCMD)

Class Period: May 7, 2018 to June 8, 2020

Lead Plaintiff Deadline: November 30, 2020

Headquartered in Minneapolis, Minnesota, Tactile is a medical technology company that develops and provides medical devices for the at home treatment of lymphedema and venous insufficiency. A material portion of Tactile’s annual revenues come in the form of reimbursement from public third party payers, such as Medicare, the Veteran’s Administration and certain Medicaid programs in the United States. Accordingly, Tactile’s compliance with applicable federal and state rules and public payer regulations is critical to the Company’s success.

The complaint, filed on September 29, 2020, alleges that defendants violated the securities laws by misrepresenting and concealing that: (1) while Tactile publicly touted a $4 plus billion or $5 plus billion market opportunity, in truth, the total addressable market for Tactile’s medical devices was materially smaller; (2) to induce sales growth and share gains, Tactile and/or its employees were engaged in illicit and illegal sales and marketing activities in violation of applicable federal and state rules and public payer regulations; (3) the foregoing illicit and illegal sales and marketing activities increased the risk of a Medicare audit of Tactile’s claims and criminal and civil liability; (4) Tactile’s revenues were in part the product of unlawful conduct and thus unsustainable; and that as a result of the foregoing, (5) defendants’ public statements, including its year-over-year revenue growth and the purported growth drivers, were materially false and misleading at all relevant times.

The truth began to emerge on March 20, 2019, when an amended federal Qui Tam complaint filed against Tactile by one of the Company’s competitors was unsealed, which contained detailed allegations of illegal sales practices on the part of Tactile, causing the Company to submit fraudulent claims to Medicare and the VA.

On this news, the price of Tactile shares fell $4.53 per share over the next two trading days, or 7.5%, from a close price of $60.10 per share on March 20, 2019 to a close price of $55.57 on March 22, 2019.

Then, on February 21, 2020, the court issued an order in the Qui Tam action, denying Tactile’s motion to dismiss in its entirety.

On this news, the price of Tactile shares fell $6.65 per share, or 10.59%, to close at $56.09 on February 24, 2020.

Finally, on June 8, 2020, research firm OSS Research published a scathing report about the Company, accusing Tactile of using a “‘daisy-chaining’ kickback scheme that has resulted in rampant overprescribing and rapid market share gains at the expense of patients, insurers and the public.”

On this news, the Company’s stock price fell $6.05, or 11.69%, from its June 8, 2020 opening price of $51.72 per share to a June 9, 2020 close of $45.67.

For more information on the Tactile class action go to: https://bespc.com/cases/TCMD

Pintec Technology Holdings Limited (NASDAQ: PT)

Class Period: Securities purchased pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s October 2018 initial public offering (“IPO”).

Lead Plaintiff Deadline: November 30, 2020

In October 2018, Pintec completed its IPO in which it sold more than 3.7 million American Depositary Shares (“ADSs” or “shares”) at $11.88 per share.

On July 30, 2019, the Company filed its fiscal 2018 annual report, in which it restated previously disclosed financial results. Among other things, the Company reported net income of $315,000 for fiscal year 2018, compared to its prior disclosure of $1.068 million net income. Pintec also disclosed that there were material weaknesses in its internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs.

On this news, the Company’s share price fell $0.53, or more than 13%, over the next several trading sessions, to close at $3.40 per share on August 5, 2019, thereby injuring investors.

On June 15, 2020, Pintec disclosed that it could not timely file its fiscal 2019 annual report and that it anticipated reporting a significant change in results of operations. Specifically, the Company disclosed that it “erroneously recorded revenue earned from certain technical service fee on a net basis” for fiscal years 2017 and 2018. Moreover, Pintec “announced a net loss of RMB906.5 million in the full year of 2019 due to RMB890.7 million of provision for credit loss in amounts due from a related party, Jimu Group, and RMB200 million of impairment in prepayment for long-term investment.”

By the commencement of the action, Pintec shares were trading as low as $0.92 per share, a nearly 92% decline from the $11.88 per share IPO price.

The complaint, filed September 29, 2020, alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, defendants failed to disclose to investors: (1) that the Company erroneously recorded revenue earned from certain technical service fee on a net basis, rather than a gross basis; (2) that there were material weaknesses in Pintec’s internal control over financial reporting related to cash advances outside the normal course of business to Jimu Group, a related party, and to a non-routine loan financing transaction with a third-party entity, Plutux Labs; (3) that, as a result of the foregoing, the Company’s financial results for fiscal 2017 and 2018 had been misstated; and (4) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

For more information on the Pintec class action go to: https://bespc.com/cases/PT

Aurora Cannabis, Inc. (NYSE: ACB)

Class Period: February 13, 2020 to September 4, 2020

Lead Plaintiff Deadline: December 1, 2020

Aurora is headquartered in Edmonton, Canada. The Company produces and distributes medical cannabis products worldwide. It is vertically integrated and horizontally diversified across various segments of the cannabis value chain, including facility engineering and design, cannabis breeding, genetics research, production, derivatives, high value-add product development, home cultivation, wholesale, and retail distribution.

In 2018, the Canadian government approved the Cannabis Act, which legalized and regulated the use of recreational cannabis. In response to the statute’s approval, and the corresponding surge of the recreational cannabis industry, Aurora completed a series of acquisitions to expand the Company’s presence and increase its distribution, including the Company’s all-share purchase of the Canadian medical cannabis producer MedReleaf for total consideration of 3.2 billion Canadian dollars. Like many other companies in the cannabis industry, however, the Company encountered a variety of difficulties as the industry surged, including, inter alia, overproduction, regulatory delays, and competition from the black market.

On February 6, 2020,shortly before the start of the Class Period, Aurora issued a press release announcing, inter alia, a “business transformation plan,” to “better align the business financially with the current realities of the cannabis market in Canada while maintaining a sustainable platform for long-term growth.” Specifically, the press release touted that the plan was “expected to include significant and immediate decreases in selling, general & administrative (“SG&A”) expenses and capital investment plans.”

On September 8, 2020, Aurora issued a press release “announc[ing] an update on its business operations along with certain unaudited preliminary fiscal fourth quarter 2020 results.” Among other things, Aurora announced that the Company expected to record up to $1.8 billion in goodwill impairment charges in the fourth quarter of 2020. The Company also announced that “previously announced fixed asset impairment charges[ were] now expected to be up to $90 million, due to production facility rationalization, and a charge of approximately $140 million in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.”

On this news, Aurora’s stock price fell $0.99 per share, or 11.63%, to close at $7.52 per share on September 8, 2020.

The complaint, filed on October 2, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Aurora had significantly overpaid for previous acquisitions and experienced degradation in certain assets, including its production facilities and inventory; (ii) the Company’s purported “business transformation plan” and cost reset failed to mitigate the foregoing issues; (iii) accordingly, it was foreseeable that the Company would record significant goodwill and asset impairment charges; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Aurora Cannabis class action go to: https://bespc.com/cases/ACB

Credit Acceptance Corporation (NASDAQ: CACC)

Class Period: November 1, 2019 to August 28, 2020

Lead Plaintiff Deadline: December 1, 2020

Credit Acceptance provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. These programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing, as 95% of Credit Acceptance’s loans are considered subprime. The Company’s tag line is “We change lives!” and the Company asserts its financing programs give consumers “a second chance” in improving their credit scores.

The ugly truth about the Company’s predatory and illegal business practices was revealed on August 28, 2020 when the Massachusetts Attorney General filed the Mass AG Complaint against Credit Acceptance alleging that Credit Acceptance has, for years, been making unfair and deceptive automobile loans to thousands of Massachusetts consumers. In addition, the lawsuit specifically alleges that Credit Acceptance provided its investors with false and/or misleading information regarding the asset-backed securitizations they offered to investors, and that the Company engaged in unfair debt collection practices as well.

In response to the public disclosure of the Mass AG Complaint, Credit Acceptance’s stock price fell $85.36 per share, or over 18%, to close at $374.07 per share over two trading days ending on September 1, 2020.

The complaint, filed on October 2, 2020, alleges that defendants failed to disclose to investors: (i) that the Company was topping off the pools of loans that they packaged and securitized with higher-risk loans; (ii) that Credit Acceptance was making high interest subprime auto loans to borrowers that the Company knew borrowers would be unable to repay; (iii) that the borrowers were subject to hidden finance charges, resulting in loans exceeding the usury rate ceiling mandated by state law; (iv) that Credit Acceptance took excessive and illegal measures to collect debt from defaulted borrowers; (v) that, as a result, the Company was likely to face regulatory scrutiny and possible penalties from various regulators or lawsuits; and (vi) that, as a result of the foregoing, defendants positive statements about the Company’s business, operations, and adherence to appropriate laws and regulations were materially misleading and/or lacked a reasonable basis.

For more information on the Credit Acceptance class action go to: https://bespc.com/cases/CACC

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com