Market Newsdesk

Highlights:

• PBM-113-W1 intersected the Orange Zone with 5.00m of 10.63% copper equivalent (CuEq) comprising of 8.79% copper, 1.38 g/t gold, 24.02 g/t silver and 1.79% zinc;
• PBM-113-W1 intersected Yellow Zone with 5.40m of 4.43% CuEq comprising of 3.22% copper, 0.61 g/t gold, 10.43 g/t silver and 1.84% zinc;
• PBM-113-W1 intersected the Rainbow Horizon 65m vertically above PBM-113; and
• PBM-113-W2 is currently being drilled to step-out ~60m vertically above PBM-113-W1 as the Company expands the Rainbow Discovery to surface.

VANCOUVER, BC, Nov. 18, 2020 /PRNewswire/ – Callinex Mines Inc. (the “Company” or “Callinex”) (TSXV: CNX) (OTC: CLLXF) is pleased to announce high-grade copper results with gold, silver and zinc from the ongoing drilling campaign to expand the Rainbow Discovery (the “Discovery” or “Rainbow”) at the 100% owned Pine Bay Project located in the Flin Flon Mining District of Manitoba (District Overview Map). The Rainbow Discovery has been made on Callinex’s mineral lease, less than 250m from a high-voltage power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon, MB (Pine Bay Plan View).

Drill hole PBM-113-W1 intersected the following two high-grade intersections 65m above PBM-113 and 190m away (along strike and above) from discovery hole PBM-111 (Orange Zone Core Photo, Rainbow Discovery Long Section and Cross Section): 

• Orange Zone returned: 5.00m of 10.63% copper equivalent (CuEq) comprising of 8.79% copper, 1.38 g/t gold, 24.02 g/t silver and 1.79% zinc; and
• Yellow Zone returned: 5.40m of 4.43% CuEq comprising of 3.22% copper, 0.61 g/t gold, 10.43 g/t silver and 1.84% zinc including 2.10m of 8.75% CuEq comprising of 6.96% copper, 1.11 g/t gold, 21.15 g/t silver and 2.23% zinc. 

Max Porterfield, President and CEO, stated, “The exceptional high-grade drill results announced to date make Rainbow a bonafide discovery within the Flin Flon Mining District.” Mr. Porterfield continued, “Our technical team has been credited with the discovery of three of the four largest mines ever discovered in the Flin Flon Greenstone Belt. Together, we believe the Rainbow Discovery has the potential to extend Flin Flon’s rich mining history and in turn benefit our shareholders.”

The previous step-out hole drilled into the Rainbow Discovery, PBM-113, intersected 5.00m of 8.35% copper equivalent (CuEq) (8.08% Cu, 0.20 g/t Au, 10.55 g/t Ag and 0.13% Zn) followed by 4.0m of 2.31% CuEq (2.21% Cu, 0.09 g/t Au, 2.28 g/t Ag and 0.04% Zn) and interval of 9.06m of 3.72% CuEq (2.37% Cu, 0.70 g/t Au, 7.00 g/t Ag and 2.10% Zn) (See News Release Dated November 16, 2020).

Currently, two rigs are drilling step-out holes as the Company delineates the Rainbow Discovery.  Drill hole PBM-115 is currently being drilled to test ~75m along strike to the north of PBM-113.  Additionally, a second wedge, PBM-113-W2, has been started off PBM-113 to intersect ~60M vertically above PBM-113-W1. The two drill rigs will continue to operate to delineate the Rainbow Discovery until mid-December for a brief holiday break and resume drilling in early January 2021. 

Table 1: Pine Bay Drill Results

J.J. O’Donnell, P.Geo, a qualified person under National Instrument 43-101, has reviewed and approved the technical information in this news release.

Figure 1: Flin Flon Mining District Region Overview

Figure 2: Pine Bay Long Section Looking West with 2020 Drilling

Figure 3: Plan View of the Rainbow Discovery at the Pine Bay Project

Core Photo: Rainbow Discovery PBM-113-W1 Orange Zone

QA / QC Protocols
Individual samples were labeled, placed in plastic sample bags, and sealed. Groups of samples were then placed in security sealed bags and shipped directly to SGS lab in Vancouver, BC for analysis. Samples were weighed then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns in order to produce a 250g pulverized split. 35 elements including copper, zinc, lead and silver assays were determined by Aqua Regia digestion with a combination of ICP-MS and ICP-AES finish, with over limits rerun using an ore grade analysis (two acid digest ICP-AES).  Gold was analyzed by fire assay. Specific gravity (sg) measured for each sample using the pycnometer and water and air method. QA/QC included the insertion and continual monitoring of numerous standards, blanks, and duplicates

About Callinex Mines Inc.

Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The portfolio is highlighted by the rapidly expanding Rainbow Discovery at its Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. Additionally, Callinex has emerging near-surface silver discoveries at its Nash Creek Project located in the Bathurst Mining District of New Brunswick. A 2018 PEA on the Company’s Bathurst projects outlined a mine plan that generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax).

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

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.

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SOURCE Callinex Mines Inc.

PURCHASE, N.Y., Nov. 18, 2020 /PRNewswire/ — This year’s HBCU homecoming season was unlike anything ever before, but students, faculty and alumni still came together to celebrate virtually across the country. To honor the spirit and camaraderie of the HBCU community, Pepsi, in partnership with “HBCU Homecoming Celebration on iHeartRadio,” is bringing together the exceptional marching bands from Florida A&M, Hampton University, Prairie View A&Mand North Carolina A&T – some of whom are traditionally rivals – to create a unified virtual musical event.  “iHeartRadio Presents The Pepsi HBCU Marching Band Experience” is voiced by award-winning entertainer, philanthropist, entrepreneur and current HBCU student Megan Thee Stallion, and media mogul and cultural architect Charlamagne tha God, and serves as a reminder of the longstanding fall traditions among HBCUs, which typically bring communities around the country together for an unmatched celebration at the intersection of culture, community, music and football.

Pepsi – a brand with a rich history in music, sports and entertainment – worked collaboratively with iHeartMedia and the four HBCU band directors and their marching bands to curate a first-of-its-kind, tour-de-force virtual performance featuring a cross-generational arrangement of the Curtis Mayfield classic “Move on Up” and Megan Thee Stallion’s chart-topping hit “Savage.”

“It is such an honor to be part of bringing the spirit and energy of HBCU homecoming performances to life for the students and alumni that won’t be able to see it in person this year,” said Megan Thee Stallion. “HBCUs foster an incredible musical culture – one that helped me develop my career – so to be a part of ‘iHeartRadio Presents The Pepsi HBCU Marching Band Experience’ and champion that love for music with these bands is truly special.”

The virtual experience celebrates a month-long “HBCU Homecoming Celebration on iHeartRadio,” which kicked off October 19, as a series of inspiring events designed to shine a light on HBCU pride, Black excellence and student achievement through uplifting, high-energy celebrations across multiple iHeartRadio platforms. The “iHeartRadio Presents The Pepsi HBCU Marching Band Experience” is available on Pepsi.com/HBCUexperience and the Pepsi brand’s Facebook, Twitter and Instagram.

“The impact of 2020 has upended a number of events and traditions across the country, including one of the most cherished and anticipated events within the HBCU community – homecoming,” said Todd Kaplan, Vice President, Marketing, Pepsi. “We wanted to create something special that gave these marching bands the opportunity to perform for the students, faculty, alumni, friends and families that are not able to celebrate homecoming in person this year.  This virtual performance is a unifying celebration of HBCUs and a chance to show our love, appreciation and support for these incredible music programs that, year after year, bring so much joy to so many around the country.”

The “iHeartRadio Presents The Pepsi HBCU Marching Band Experience” is part of the Pepsi brand’s ongoing effort to amplify and spotlight Black voices and Black excellence. Pepsi is also committing resources to support HBCU music programs – including refurbished equipment, scholarships, grants and more – to ensure a continuation of the traditions and opportunities are presented to current and future students at HBCUs. This commitment is only one part of PepsiCo’s larger action plan in expanding recruitment efforts with HBCUs and increasing the brand’s partnerships with diverse organizations at these prestigious institutions.

About PepsiCo

PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $67 billion in net revenue in 2019, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. “Winning with Purpose” reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of the business.  For more information, visit www.pepsico.com

About iHeartMedia

iHeartMedia (NASDAQ: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month – and with its quarter of a billion monthly listeners, has a greater reach than any other media company in the U.S. The company’s leadership position in audio extends across multiple platforms, including more than 850 live broadcast stations in over 160 markets nationwide; through its iHeartRadio digital service available across more than 250 platforms and 2,000 devices; through its influencers; social; branded iconic live music events; other digital products and newsletters; and podcasts as the #1 commercial podcast publisher. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio product, using data from its massive consumer base. Visit iHeartMedia.com for more company information.

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SOURCE PepsiCo

Submitted Investigational Device Exemption (IDE) application to the FDA for Pivotal Study of C-Scan®

ISFIYA, Israel, Nov. 18, 2020 /PRNewswire/ — Check-Cap Ltd. (the “Company” or “Check-Cap”) (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan®, the first and only patient-friendly preparation-free screening test to detect polyps before they may transform into colorectal cancer, today announced financial results for the third quarter and nine months ended September 30, 2020 and corporate highlights.

Third Quarter and Recent Highlights:

• Investigational Device Exemption (IDE) application submitted to the U.S. Food and Drug Administration (FDA) on November 18, 2020 for pivotal study of C-Scan.
• Continuing preparation for the U.S pivotal study including progress in establishing supporting device manufacturing, supply chain and quality controls, while initiating the substantial expansion of the clinical dataset on average risk patients at leading Israeli sites.
• Strengthened balance sheet through gross proceeds of $9.6 million in a warrant exercise financing in July 2020.

“The IDE submission constitutes a major milestone towards the initiation of our U.S. pivotal study, ” said Alex Ovadia, chief executive officer of Check-Cap. “We plan to provide a further investor update on the timelines for the initiation of the U.S. pivotal study, expected in 2021, following guidance from the FDA.”

Mr. Ovadia added “The Check-Cap team remains laser-focused on the Company’s goal of advancing C-Scan towards final clinical stages and market acceptance as a patient-friendly colorectal cancer (CRC) screening option for the detection of pre-cancerous polyps before they may transform into cancer.”  

“Despite the increasing rates of CRC in recent years, especially in the younger population, screening rates remain low mostly due to the invasiveness of the colonoscopy procedure and the required bowel preparation. Non-invasive biomarker tests currently available or in development, such as fecal or liquid biopsy tests, demonstrate low sensitivity in detecting pre-cancerous polyps. There is a great unmet need for a patient-friendly screening option that can help detect polyps before they may turn into cancer and prevent this disease.”

COVID-19 Corporate Update

The Company has experienced disruptions to its operations as a result of the COVID-19 pandemic. During the third quarter of 2020, infection rates in Israel began to significantly increase and toward the end of the third quarter, the government mandated a lockdown for the second time this year. The Company has implemented several measures according to the Israel Ministry of Health’s guidelines, including remote working whenever possible, physical separation between employees and daily employee health monitoring.

It is still too early to assess the full impact of the COVID-19 outbreak, but the COVID-19 pandemic has affected the Company’s ability to initiate its planned pivotal study and commence pilot sales in Israel and Europe in its original timeframe. The extent to which the COVID-19 pandemic shall impact the Company’s operations and planned timelines will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the outbreak, the impact on the global economy, the impact of any further waves of COVID-19 and the actions that may be required to contain the COVID-19 pandemic or treat its impact. In particular, the continued spread of COVID-19 globally could materially adversely impact the Company’s operations and workforce, including its research and clinical trials and its ability to continue raising capital. It could also affect the operations of key governmental agencies, such as the FDA, which may delay the Company’s development plans, and could result in the inability of its suppliers to deliver components or raw materials on a timely basis or at all, each of which in turn could have a material adverse impact on its business, financial condition and results of operation. 

Financial Results for the Third Quarter Ended September 30, 2020

Research and development expenses were approximately $2.7 million for the three months ended September 30, 2020, unchanged from the same period in 2019. The main fluctuations were primarily a decrease of approximately $0.2 million in clinical expenses associated with the pilot study in the U.S. and post CE study in 2019, and a decrease of approximately $0.2 million in other research and development expenses. The foregoing decrease was offset in part by an increase of approximately $0.1 million for materials and approximately $0.3 million in salaries and related expenses.

General and administrative expenses were approximately $1.0 million for the three months ended September 30, 2020, compared to approximately $0.8 million for the same period in 2019. The increase was primarily due to an increase of approximately $0.1 million in other general expenses and approximately $0.1 million in salaries and related expenses.

Operating loss was approximately $3.6 million for the three months ended September 30, 2020, unchanged from the operating loss in the same period in 2019.

Net loss was approximately $3.6 million for the three months ended September 30, 2020, compared to approximately $3.5 million for the same period in 2019.

Cash and cash equivalents, restricted cash and short-term bank deposits totaled approximately $21.7 million as of September 30, 2020, compared with approximately $16.4 million as ofJune 30, 2020 and approximately $8.0 million as of December 31, 2019. During the third quarter of 2020, the Company completed a warrant exercise financing resulting in gross proceeds of approximately $9.6 million (approximately $8.7 million net of offering expenses). The Company believes that it has sufficient capital to fund its ongoing operations and plans for approximately the next 12 months.

The number of outstanding ordinary shares as of September 30, 2020 was 46,233,296. As of November 17, 2020, the number of the Company’s outstanding ordinary shares was 46,237,551. 

Financial Results for the Nine Months Ended September 30, 2020

Research and development expenses were approximately $7.2 million for the nine months ended September 30, 2020, compared to approximately $7.7 million for the same period in 2019. The decrease is primarily due to (i) a decrease of approximately $0.7 million in clinical expenses mainly due to higher expenses for the pilot study in the U.S and post CE study in 2019, (ii) a decrease of approximately $0.3 million in other research and development expenses, and (iii) a decrease of approximately $0.2 million in share-based compensation. The foregoing decrease was offset in part by an increase of approximately $0.7 million in salaries and related expenses mainly as a result of an expansion in head count and currency exchange rate fluctuation.

General and administrative expenses were approximately $2.8 million for the nine months ended September 30, 2020, compared to approximately $2.6 million for the same period in 2019. The increase was primarily due to an increase of approximately $0.1 million in salaries and related expenses, approximately $0.1 million in share-based compensation and approximately $0.2 million in other general expenses, offset in part by a decrease of approximately $0.2 million in professional services expenses.

Operating loss was approximately $10.0 million for the nine months ended September 30, 2020, compared to approximately $10.2 million in the same period in 2019.

Finance income, net was approximately $62,000 for the nine months ended September 30, 2020, compared to approximately $215,000 for the same period in 2019. The decrease was mainly due to a decline in interest rates

Net loss was approximately $9.9 million for the nine months ended September 30, 2020, compared to approximately $10.0 million for the same period in 2019.

Net cash used in operating activities was approximately $9.6 million for the nine months ended September 30, 2020, compared to net cash used in operating activities of approximately $9.5 million for the same period in 2019.

[Financial Tables to Follow]

About Check-Cap

Check-Cap is a clinical stage medical diagnostics company aiming to redefine colorectal cancer (CRC) screening and prevention through the introduction of C-Scan®, the first and only patient-friendly preparation-free screening test to detect polyps before they may transform into colorectal cancer. The Company’s disruptive capsule-based screening technology aims to significantly increase screening adherence worldwide and help millions of people to stay healthy through preventive CRC screening. C-Scan uses an ultra-low dose X-ray capsule, an integrated positioning, control and recording system, as well as proprietary software to generate a 3D map of the inner lining of the colon. C-Scan is non-invasive and requires no preparation or sedation, allowing the patients to continue their daily routine with no interruption as the capsule is propelled through the gastrointestinal tract by natural motility.

Legal Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements.” Words such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in future tense, often signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a discussion of these and other risks that could cause such differences and that may affect the realization of forward-looking statements, please refer to the “Forward-looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2019 and other filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Investor Contacts

Irina Koffler

LifeSci Advisors, LLC
646.970.4681
[email protected]

Meirav Gomeh-Bauer
LifeSci Advisors, LLC
+972(0)-54-476-4979
[email protected]

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE Check-Cap Ltd.

SAN FRANCISCO, Nov. 18, 2020 /PRNewswire/ — Afterpay (ASX:APT), the leader in “Buy Now, Pay Later” payments, today announced that its in-store payment solution is now available in more stores across the United States. On the heels of its national launch last month, Afterpay is now rolling out in Lilly Pulitzer, Aritzia, Fabletics, bareMinerals, Crocs and Krewe retail stores.

According to a recent survey, more than 75% of U.S. consumers report feeling comfortable with the new health and safety measures being placed in stores.¹ Afterpay offers a secure and contactless payment solution, with the added convenience of four interest-free installment payments² that allows consumers to immediately take their items home.  With the holiday season underway, Afterpay gives consumers a flexible way to spend their own money by paying over time – whether that be in-store, online, or through a combination of the two with popular services such as buying online and picking up in the store.

“We added Afterpay to our stores based on the excitement we were seeing from our customers and teams, many of whom have already used Afterpay online,” said Amy Montoya, Forever 21’s Director of Retail Operations. “Since launch, the enthusiasm has not disappointed and we’ve seen great success and strong business results. We’re happy to provide our customers with a fun and easy way to shop with us.”

Afterpay’s in-store payment solution is proving to deliver strong business benefits to its merchant partners, helping to generate new customers and driving sales. Since becoming available nationwide last month, more than 700k customers have added the Afterpay Card to their digital wallets, and the company’s weekly GMV generated by in-store purchases has increased by around 130% since launch in mid October.³ 

“The current economic climate has accelerated the demand for flexible shopping and payment options, especially among younger consumers who prefer to spend their own money and pay over time,” said Alex Fisher, Afterpay’s VP of Retail, North America. “We’re thrilled to be rolling out our in-store capabilities to new retailers nationwide, and in turn, provide consumers with more ways to shop with Afterpay. They now have even greater freedom and convenience for their holiday shopping needs.” 

The new merchants will join other top brands offering Afterpay in stores, including Forever 21, Finish Line, JD Sports, Levi’s, Skechers, Fresh, APL, Solstice Sunglasses, and DSW. Customers can initiate a purchase in store by simply tapping the card icon in the Afterpay app, which activates the Afterpay card in the wallet and can be used to make purchases with Apple Pay or Google Pay. Shoppers can then take their purchase home right away but pay over time. More information about Afterpay’s in-store solution can be found here.

About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time  – helping people spend responsibly without incurring interest, fees or extended debt. As at September 30, 2020 Afterpay is offered by nearly 63,000 of the world’s favourite retailers, and is used by more than 11 million active customers globally.  

Afterpay
 is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins.

¹ Source: Mood Media “Shopper Sentiments: A September 2020 Global Mood Survey”
² Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms.
³ Source: Afterpay data

 

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SOURCE Afterpay

WATERLOO, Ontario, Nov. 18, 2020 /PRNewswire/ — BlackBerry Limited (NYSE: BB; TSX: BB) today announced that its BlackBerry® Unified Endpoint Manager (UEM) software has achieved National Security Agency (NSA) Commercial Solutions for Classified Program (CSfC) approval. 

The NSA protects the United States’ most critical information and systems against cyberattacks.  The CSfC is an important part of the NSA’s strategy, ensuring that the U.S. government can leverage the industry’s most secure and innovative cybersecurity technologies to accomplish their mission objectives.

“BlackBerry and the NSA share a common mission to help make the nation safer,” said John Chen, Executive Chairman & CEO, BlackBerry.  “We are honored to receive approval from the NSA for BlackBerry UEM to be used to protect classified information. This adds to the portfolio of U.S. government certifications BlackBerry has received for UEM, including NIAP, DoDIN APL and FedRAMP.”

For more information on BlackBerry certifications, including NIAP, DoDIN APL, FedRAMP and FIPS 140-2, visit BlackBerry.com/Certifications.

About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including 175M cars on the road today.  Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint security management, encryption, and embedded systems.  BlackBerry’s vision is clear – to secure a connected future you can trust.

BlackBerry. Intelligent Security. Everywhere. 

For more information, visit BlackBerry.com and follow @BlackBerrySpark on Twitter.

Trademarks, including but not limited to BLACKBERRY and EMBLEM Design are the trademarks or registered trademarks of BlackBerry Limited, and the exclusive rights to such trademarks are expressly reserved. All other trademarks are the property of their respective owners. BlackBerry is not responsible for any third-party products or services.

Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
[email protected]

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SOURCE BlackBerry Limited

Vancouver, B.C, Nov. 18, 2020 /PRNewswire/ — Hello Pal International Inc. (“Hello Pal” or the “Company”) [CSE:HP][ Frankfurt:27H] [ OTC:HLLPF], a provider of rapidly growing international live-streaming, social messaging and language learning mobile apps, is pleased to announce that it achieved over $1,500,000 in revenue for the month of October.

 

Livestreaming Service

Hello Pal’s livestreaming service revenue for the month of October was $1,500,000 with its Asian subsidiary being cashflow positive (see chart below).

“As our business has continued to grow and evolve over recent months, we are pleased to report monthly revenue for the first time. We will continue to refine our user experience, roll out new products and features, and operate in increasingly efficient manner as Hello Pal continues its growth plans.” said KL Wong, Founder and Chairman of the Company.

Second Quarter Financial Results

The Company is also pleased to report its financial results for the quarter period ended August 31, 2020.  A copy of the financial statements and management discussion and analysis has been filed on www.sedar.com

• Revenue of $3,058,879 for quarter ended August 31, 2020 and $4,290,412 for the six months ended August 31, 2020.
• Gross profit of $174,411 for the quarter ended August 31, 2020 and $185,415 for the six months ended August 31, 2020.

User Base Performance

As of the date of the news release, Hello Pal’s registered user base is over 5.2 million users from over 200 countries and regions.  The positive increase in registered users continues to be driven by our livestream service.

The livestreaming service continues to be active with over 15,000 active daily users interacting with one another. This is an increase of 5,000 daily users from previously reports from the company.

To download Hello Pal, Language Pal, Travel Pal or the proprietary Phrasebooks please visit the IOS or Android store. For information with respect to the Company or the contents of this news release, please contact the Company at (604) 683-0911 or visit the website at hellopal.com. Email inquiries can be directed to: [email protected].

About the Hello Pal Platform

The Hello Pal Platform is a proprietary suite of mobile applications built on a user-friendly messaging interface that focus on social interaction, language learning and travel. Hello Pal, has been designed from the ground up to be easy to use and enables users’ the freedom to speak in their own language regardless of the other person’s language they are speaking to. Hello Pal’s overriding mission is to bring the world closer together through social interaction, language learning and travel. By creating a platform where it is easy to instantly interact with others around the world and giving them the tools to communicate with each other in a joyful and fun way, we hope to do our part (however small) in fostering understanding and tolerance between all citizens of the world.

Information set forth in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Hello Pal cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hello Pal’s control. Such risks and uncertainties are described in Hello Pal’s annual and interim financial statements available on www.sedar.com. Although Hello Pal is currently generating revenues, Hello Pal remains in the growth stage and such revenues are yet to be profitable.  Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Hello Pal undertakes no obligation to publicly update or revise forward-looking information.

*Non-IFRS Financial Measure

Readers are cautioned that “receipts” and “cash-flow positive” are a measure not recognized under IFRS. Total receipts includes the amount of cash received by the Company and its agents from the use of the Hello Pal app.  Also, “cash-flow positive” means that the monthly cash flow generated by Hello Pal’s Asian subsidiary is sufficient to meet all ongoing obligations of Hello Pal’s Asian subsidiary. Under IFRS, total receipts may be higher than revenue as a portion of the revenue is received by agents of Hello Pal.  However, the Company’s management believes that “receipts” and “cash-flow positive” provides investors with insight into management’s decision-making process because management uses this measure to run the business and make financial, strategic and operating decisions.  Further, “receipts” and “cash-flow positive” also provides useful insight into the operating performance of the Hello Pal app. “Receipts” and “cash-flow positive” does not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that “receipts” and  are not an alternative to measures determined in accordance with IFRS and should not, on their own, be construed as indicators of performance, cash flow or profitability.

THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Hello Pal International Inc.
200 – 500 Denman Street
Vancouver, BC, V6G 3H1, Canada
p 604-683-0911          
www.hellopal.com

 

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SOURCE Hello Pal International Inc.

SHENZHEN, China, Nov. 18, 2020 /PRNewswire/ — ATIF Holdings Limited (Nasdaq: ATIF, the “Company” or “ATIF”), a company providing business consulting and multimedia services in Asia and North America, today announced that it is preparing a securities investment fund aiming to invest in secondary market stocks and IPO projects (“Investment Fund”).

The Investment Fund is initiated by a team of professionals from the subsidiary of ATIF in Los Angeles and aiming to raise $100 million in the first phase and around $200-300 million in the second phase by 2021. Recently the first phase of the Investment Fund has entered the final preparatory stage, and will be in compliance with the legal and regulatory requirements applicable.  

Mr. Pishan Chi, the Chief Executive Officer of the Company, commented, “Expanding our business to offer the Investment Fund was born out of our ambition to extend ATIF’s business. We believe that setting up the Investment Fund will provide us with a growing and sustainable income. It is a crucial start and opportunity for us to establish the best fund team to provide continuous asset enhancement to the investors. In addition, we believe that the Investment Fund will effectively accelerate the success of IPO companies being invested, and in turn attract more outstanding companies to go public.”

In addition, ATIF is seeking licenses for providing financial services in the United States, and plans to diversify and expand its businesses into IPO underwriting, securities brokerage and asset management in the U.S market. The financial services licenses and the Investment Fund will be strategic development to form the overall business expansion development of ATIF.

About ATIF Holdings Limited

Headquartered in Shenzhen, China, ATIF Holdings Limited (“ATIF”) is a company providing business consulting services to small and medium-sized enterprises in Asia, including going public consulting services, international business planning and consulting services, and financial media services. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. Through its majority-owned subsidiary, Leaping Group Co., Ltd., ATIF also provides multimedia services and is engaged in three major businesses, including multi-channel advertising, event planning and execution, film and TV program production and movie theater operations. ATIF operates the largest pre-movie advertising network in Heilongjiang Province and Liaoning Province of China and also provides advertising services in elevators and supermarkets. ATIF is often hired to plan both online and offline advertising campaigns and to produce related advertising material. In addition, ATIF invests in films and TV programs and distributes them in movie theaters or through online platforms. ATIF is also one of majority shareholders of AeroCentury Corp. (NYSE American: ACY) which is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines to airlines and commercial users worldwide. For more information, please visit https://ir.atifchina.com/.

Forward-Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantee of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to continue to operate through our VIE structure; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; and other factors listed in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.

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SOURCE ATIF Holdings Limited

Generates 21.2% Sequential Revenue Growth, with Record Gross Revenues of $19.6 Million and Continued Positive Adjusted EBITDA ⁽¹⁾ of $4.5 million

Reports Strong Combined Gross Margin of 54.7% ⁽¹⁾ Driven by Improved Harvest Yields and Higher Wholesale Volumes

Expects Full Year Gross Revenues of Approximately $61 Million – $63 Million with Adjusted EBITDA of 8-10% ⁽¹⁾⁽²⁾

OAKLAND, CA and TORONTO, Nov. 18, 2020 /PRNewswire/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR) (OCTQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today reported its financial results for the period ending September 30, 2020 (“Q3 2020”). The Q3 2020 financial report and corresponding management’s discussion and analysis (collectively the “Q3 Filings”) are available for download from the Company’s investor website, investharborside.com, and on the Company’s SEDAR profile. Unless otherwise indicated, all dollar amounts in this press release are in U.S. dollars.

Management Commentary

“We’ve implemented strong operational improvements that have continued our progress towards long term profitability and sustained growth. Harborside continues to be one of the leaders in the Northern California market,” said Peter Bilodeau, Chairman, and interim Chief Executive Officer. “As our production capacity is expected to ramp up in early 2021, following the completion of the planned upgrades at our Salinas greenhouse facility, we expect to be well-positioned to accelerate our growth and continue to gain wholesale market share. I’m thrilled with how far Harborside has come this year and look forward to further growth in 2021.” ⁽²⁾

Q3 2020 Financial Results and Highlights ⁽²⁾⁽³⁾

Q3 2020 Financial Summary

During Q3 2020, Harborside generated total gross revenues of approximately $19.6 million. This represented 21.2% sequential growth over the second quarter of 2020 (“Q2 2020”) and a 42.9% year-over-year increase when compared to the approximately $13.7 million of gross revenues reported in the period ending September 30, 2019 (“Q3 2019”). Combined gross profit before excise taxes and adjustments for biological assets was approximately $10.7 million, an 85.8% year-over-year increase as compared to the $5.8 million reported in Q3 2019. On a year over year basis, combined gross margins increased from 42.1% in Q3 2019 to 54.7% in Q3 2020⁽¹⁾.

Harborside’s wholesale operations reported gross wholesale revenues of approximately $8.9 million, representing 70.7% sequential growth compared to Q2 2020 and a year-over-year increase of 169.4% as compared to the approximately $3.3 million in gross revenues reported for Q3 2019.  The year-over-year increase in gross wholesale revenues was primarily due to improved harvest yields and production of premium flower, higher sales volumes, and higher average prices per pound at the Company’s 47-acre integrated production campus in Salinas, California (the “Salinas Facility”). As compared to gross wholesale revenues, wholesale gross margins increased from -22.1% in Q3 2019 to 60.3% in Q3 2020⁽¹⁾.

The Company’s retail operations generated revenues of approximately $10.7 million, a 2.8% increase as compared to the approximately $10.4 million realized in Q3 2019, with gross margins improving from 48.5% to 50.1% on a year-over-year basis, despite increased costs for safety and staffing related to COVID-19 and inventory losses experienced during the civil unrest that occurred in the Bay Area.⁽¹⁾ The year-over-year increase in retail revenue was driven primarily by the Company’s enhanced merchandising and pricing initiatives which resulted in, amongst other things, improved product mix, selected pricing changes and higher sell-through of internally produced products. Across Harborside’s retail stores in California, the Company’s branded products represented from 9 to 14 of the 25 top-selling SKUs in Q3 2020.

Total operating expenses for Q3 2020 were approximately $7.8 million, including $1.15 million in one-time costs related to the audit and restatement of prior year financials. This was a 7.5% year-over-year decrease when compared to approximately $8.5 million of costs incurred in Q3 2019. The year-over-year decrease in operating expenses is primarily related to a decrease in general and administrative expenses of $1.1 million to $4.1 million as compared to $5.2 million in Q3 2019, a decrease in allowance for credit losses of $0.3 million, and a decrease in write-downs of receivables, investments and advances of $1.3 million, as no impairments were recorded on any of the Company’s investments in Q3 2020.

During Q3 2020, the Company also recorded an income tax provision of $1.8 million, compared to $1.3 million in Q3 2019, based on estimated federal income taxes payable at period-end.

Operating Income for Q3 2020 was approximately $0.8 million, compared to an operating loss of approximately $3.6 million for Q3 2019. Net loss and comprehensive loss was $2.4 million, compared to a net loss and comprehensive loss of $1.9 million in Q3 2019, a 24.2% decrease on a year-over-year basis.  The year over year decrease was due primarily to additional income tax provisions and related interest expense booked during Q3 2020.

Adjusted EBITDA⁽¹⁾ for Q3 2020 was approximately $4.5 million, compared to a negative EBITDA⁽¹⁾ of approximately $0.9 million for Q3 2019, with the year over year increase being driven largely by improved operating efficiencies and headcount reductions across the Company. See “Non-IFRS Financial Measures, Reconciliation, and Discussion.”

Q4 2020 and Full Year Expectations ⁽²⁾⁽⁴⁾

The Company expects Q4 2020 gross revenues to follow a more historically typical seasonal pattern, with lower flower production and wholesale revenues, resulting in total combined gross revenues of $11 million to $12.5 million for the fourth quarter, with EBITDA⁽¹⁾ for the quarter close to breakeven.  For the full year ended December 31, 2020, the Company expects gross revenues in the range of approximately $61 – $63 million, with Adjusted EBITDA⁽¹⁾ for the year in the range of 8 – 10% of revenues.

Liquidity and Cash Balance ⁽²⁾⁽³⁾

As of September 30, 2020, Harborside had approximately $13.3 million in cash. The increase in cash balance since the second quarter of 2020 included a delay in payment of approximately $1.6 million of sales taxes that were due to the state of California. Payment of these taxes was postponed by the state as part of their COVID-19 business relief program and, in accordance with state guidelines, the funds were ultimately remitted at the end of October 2020.

Recent Operational Highlights

Wholesale Operations
:  Harborside recently announced planned cultivation facility upgrades at the Salinas Facility. The planned upgrades include, among other things, the installation of blackout curtains and supplemental LED grow lights at the Salinas Facility. Following the successful completion of these upgrades, the Company expects an approximately 50% increase in production, an expected approximately 10% increase in bulk wholesale revenue capacity, and an approximately 7% increase in the total productive capacity, on an annualized basis⁽²⁾⁽⁴⁾. The upgrades are expected to be completed within the first quarter of 2021⁽²⁾.

In furtherance of its brand strategies, Harborside announced that two of its award-winning in-house brands, Harborside Farms and Key, introduced new product offerings for the market. Key has added ‘Key Mini Pre-Rolls’, a pack of seven 0.5g strain specific pre-rolls, to its product suite. These mini pre-rolls use flower that is sustainably grown in Harborside’s state of the art greenhouses using proprietary techniques. Key also recently offered a new seasonal SKU, ‘Limited Edition Skeleton Key Mini Pre-Rolls’, a nighttime blend of G4 OG and Gelato 33 packed in seven 0.5g mini pre-rolls. Harborside Farms has also added ‘Harborside Farms Quarter Ounces’, which offers strain-specific and single-origin flower from Harborside Farms. The Company also recently commenced sales of clones grown at its Salinas Facility at all Harborside branded retail locations, including Desert Hot Springs.

Capital Markets
: During Q3 2020, the Company commenced trading on the OTCQX under the ticker symbol of “HBORF” and, subsequent to the quarter end, Harborside received depository trade clearance (DTC) eligibility.

Acquisitions
: Subsequent to Q3 2020, Harborside announced it had executed a definitive agreement with FGW Haight, Inc. (“FGW”) to acquire majority ownership FGW, which holds a dispensary license in the historic Haight-Ashbury District of San Francisco, where the Company expects to start operations in the second quarter of 2021⁽²⁾.

Secured Indemnity

On November 17, 2020, the Company and its subsidiaries entered into a guaranty and security agreement to guarantee and secure the obligations of the Company to defend and to indemnify its directors and officers (collectively, the “Secured Indemnity“). The Secured Indemnity is intended to supplement coverage available under existing directors and officers insurance maintained by the Company in order to mitigate concerns about claims and potential claims against directors and officers and whether the available insurance applies to and will satisfy in full such claims and potential claims. The scale and complexity of the Company’s operations in a highly regulated sector requires that the directors and officers managing those operations be committed to the performance of their duties without undue or inappropriate distractions. In management’s view, concerns about claims and potential claims and adequacy of insurance may detract from the performance of the directors and officers involved in the Company’s operations or lead to their resignations, which would disrupt the Company’s business. The Board has therefore determined that it is in the best interests of the Company and its subsidiaries to enter into the Secured Indemnity in order to induce the directors and officers to perform their duties to the Company, provide comfort to the directors and officers involved in the Company’s operations and to encourage their ongoing services.

The Secured Indemnity constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101“). The Company is relying on the exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.5 (b) and subsection 5.7(a) of MI 61-101, respectively, as the Company’s shares are not listed on specified markets and neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Secured Indemnity, in relation to the interested parties, will represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101.

For the latest news, activities, and media coverage, please visit the Harborside corporate website at http://www.investharborside.com or connect with us on LinkedIn, Facebook, and Twitter.

About Harborside:

Harborside Inc., a vertically integrated enterprise with cannabis licenses covering retail, distribution, cultivation, nursery, and manufacturing, is one of the oldest and most respected cannabis companies in the world. Founded in California in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States.  Today, the company operates three major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California’s only cannabis drive-thru window, a dispensary in Oregon and an integrated cultivation/production facility in Salinas, California. Harborside continues to play an instrumental role in making cannabis safe and accessible to a broad and diverse community of California and Oregon consumers. Harborside is currently a publicly listed company, trading on the CSE under the ticker symbol “HBOR” and the OTCQX under the ticker symbol “HBORF”. Additional information regarding Harborside is available under Harborside’s SEDAR profile at www.sedar.com.

Non-IFRS Measures, Reconciliation and Discussion

This press release may contain references to “EBITDA”, “Adjusted EBITDA”, “Gross Profit”, and “Gross Margin”, which are non-IFRS financial measures.

EBITDA and Adjusted EBITDA are measures of the Company’s overall financial performance and are used as an alternative to earnings or net income in some circumstances. EBITDA and/or Adjusted EBITDA are essentially net income (loss) with interest, taxes, depreciation and amortization, non-cash adjustments and other unusual items added back. This measure can be used to analyze and compare profitability among companies and industries, as it eliminates the effects of financing and capital expenditures. It is often used in valuation ratios and can be compared to enterprise value and revenue. This measure does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies.

Gross Profit is the difference between revenue and cost of goods sold. Gross Margin is the difference between revenue and cost of goods sold divided by revenue and is expressed as a percentage. Management believes that these measures provide useful information as it represents the value of incremental sales.

There are no comparable IFRS financial measures presented in Harborside’s financial statements. Reconciliations of the supplemental non-IFRS measures are presented in the Company’s management’s discussion and analysis for September 30, 2020. These non-IFRS financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. The Company believes that these supplemental measures provide information which is useful to shareholders and investors in understanding our performance and may assist in the evaluation of the Company’s business relative to that of its peers.

These 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 in the Company’s financial statements. For more information, please see “Use of Non-IFRS Measures”  and “Non-IFRS Measures” in the Company’s management’s discussion and analysis for September 30, 2020, which is available under the Company’s profile on www.sedar.com.

Notes:

1. This is a non-IFRS reporting measure. For a reconciliation of this to the nearest IFRS measure, see “Use of Non-IFRS Measures” and “Non-IFRS Measures” in the Company’s management discussion and analysis for September 30, 2020.
2. This is forward-looking information and based on a number of assumptions. See “Cautionary Note Regarding Forward-Looking Information”.
3. The financial information included in this press release is neither audited nor reviewed. Where possible, the information has been constructed by management from available audited or audit reviewed financial statements. Where no audited or audit reviewed information has been available, additional management accounting information has been utilized to construct financial information.
4. These targets, and the related assumptions, involve known and unknown risks and uncertainties that may cause actual results to differ materially. While Harborside believes there is a reasonable basis for these targets, such targets may not be met. These targets represent forward-looking information. Actual results may vary and differ materially from the targets. See “Cautionary Note Regarding Forward-Looking Information” and “Assumptions” below.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, among other things, statements with respect to future company performance, growth, profitability, production capacity and gain in market share, the Company’s corporate strategy moving forward, and the information under the headings “Recent Operational Highlights”, “Q3 2020 Financial Results and Highlights”, “Q4 2020 and Full Year Expectations”, and “Liquidity and Cash Balance”.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: implications of the COVID-19 pandemic on the Company’s operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the cannabis markets where the Company operates; changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; employee relations and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution, and sale of cannabis and cannabis-related products in the markets where the Company operates. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

The Company, through several of its subsidiaries, is indirectly involved in the manufacture, possession, use, sale, and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where the Company operates permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Listing Statement dated May 30, 2019, and in the Company’s management’s discussion and analysis for the period ended September 30, 2020, filed under the Company’s profile on SEDAR at www.sedar.com.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Assumptions

In developing the financial guidance set forth above, Harborside made the following assumptions and relied on the following factors and considerations:

• The targets are based on Harborside’s historical results including its year to date consolidated results of operations.
• The targets are subject to cultivation improvement plans anticipated to come online in the last quarter of 2020 and during 2021.
• Targeted revenue at our retail dispensaries through the end of the year is based on our YTD results.
• Both retail and wholesale revenue sustainability and growth depend on a variety of factors, including among other things, location, competition, legal and regulatory requirements. Prices are projected forward at recently realized wholesale and retail prices.
• Cost of goods sold, before taking into account the impact of value changes in biological assets (which are non-cash in nature, and, accordingly, are excluded from calculations of Adjusted EBITDA), have been projected based on estimated costs of production and capacity available from a vertically-integrated supply chain. Cost of goods sold relating to inventory purchased from third parties have been projected in line with historical levels.
• Selling, general and administrative expenses through the end of 2020 are assumed to remain consistent through the end of 2020, but to decrease as a percentage of revenues due to inherent scalability of selling, general and administrative expenses and our cost cutting initiatives outlined above. Additionally, total selling, general and administrative expenses include an allocation for corporate overhead and public company costs.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Harborside Inc.

DALLAS, Nov. 18, 2020 /PRNewswire/ — Ranger Investment Management, L.P. (Ranger Investments), a boutique manager specializing in small- and micro-cap U.S. growth strategies, today announced its management is acquiring a controlling interest in the firm previously held by Ranger Capital Group. Kudu Investment Management, LLC (Kudu), an independent provider of permanent capital solutions to asset and wealth managers worldwide, financed the transaction and will have a passive, minority interest in Ranger Investments. Financial terms were not disclosed, and the transaction is subject to customary approvals.

Dallas-based Ranger Investments manages approximately $1.6 billion in discretionary and $400 million in non-discretionary assets. Upon closing, Ranger Investments will be led and controlled by its management team. Established in 2003, the firm serves clients including pension funds, endowments, foundations and family offices. It offers two mutual funds—Ranger Small Cap Fund (RFISX) and the Ranger Micro Cap Fund (RFIMX).

“This transformative transaction consolidates our management team’s ownership of Ranger Investments and helps ensure long-term and multi-generational stability,” said W. Conrad Doenges, the firm’s chief investment officer. “Each investment team partner now owns a greater personal share in the firm, strengthening our alignment with and commitment to clients.”

“Kudu is delighted to partner with Conrad and the firm’s management team,” said Rob Jakacki, Kudu’s CEO. “With a long-term capital commitment from Kudu, we believe a boutique firm like Ranger Investments can produce better outcomes for clients when it has full control of its own destiny.”

In addition to Doenges, Ranger Investments’ management committee consists of current principals Andrew Hill, president and portfolio manager; Joseph LaBate, managing director and portfolio manager; and Brown McCullough, director and sector manager. Ranger Investments will retain key back office personnel and operations and administration will continue unchanged through a service agreement with Ranger Capital Group.

“We are grateful for the support over the past 17 years from the partners at Ranger Capital. Their willingness to allow the management of Ranger Investments to increase our ownership in the business is a testimony to the working partnership we’ve had,” said Doenges.

Winstead PC served as legal advisor to Ranger Investments and Seward & Kissel LLP provided legal counsel to Kudu.

ABOUT RANGER INVESTMENT MANAGEMENT

Ranger Investment Management, L.P. is a boutique equity investment manager that offers U.S. small- and micro-cap growth strategies. Formed in 2003, Ranger Investments is an SEC-registered investment adviser, owned and controlled by employees. The firm’s strategies aim to preserve and grow capital by utilizing a bottom-up, fundamental research process to identify growing, high quality companies that can be purchased at attractive valuations. For more information, please visit: https://www.rangerinvestments.com. 

ABOUT KUDU INVESTMENT MANAGEMENT

Kudu Investment Management provides long-term capital solutions—including generational ownership transfers, management buyouts, acquisition and growth finance, as well as liquidity for legacy partners—to asset and wealth managers. Kudu was founded in 2015 and is backed by capital partner White Mountains Insurance Group, Ltd. (NYSE: WTM). For more information, please visit Kudu’s website.

 

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SOURCE Kudu Investment Management, LLC