Scorpio Bulkers Inc. Announces the Sale of Kamsarmax Vessels

MONACO, Nov. 16, 2020 (GLOBE NEWSWIRE) — Scorpio Bulkers Inc. (NYSE: SALT) (the “Company”) announced today that the Company has entered into agreements with two unaffiliated third parties to sell the SBI Parapara, SBI Jive, SBI Swing and SBI Mazurka, Kamsarmax bulk carriers built in 2017, and SBI Reggae, a Kamsarmax bulk carrier built in 2016, for approximately $101.5 million in aggregate. Delivery of the vessels is expected to take place in the first half of 2021.

About Scorpio Bulkers Inc.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities, and is investing in the next generation of wind turbine installation vessels. The Company has recently sold five vessels and has contracted to sell eight additional vessels, three of which are expected to close in the fourth quarter of 2020 and five of which are expected to close in the first half of 2021. Upon the completion of the announced vessel sales, Scorpio Bulkers Inc. will have an operating fleet of 41 vessels consisting of 36 wholly-owned or finance leased drybulk vessels (including 8 Kamsarmax vessels and 28 Ultramax vessels), and five time chartered-in Kamsarmax vessels. In addition to its dry bulk fleet, the Company has signed a letter of intent to enter into a shipbuilding contract with Daewoo Shipbuilding and Marine Engineering Inc. to build a wind turbine installation vessel to be delivered in 2023, with options to build three further similar vessels. The Company’s owned and finance leased fleet will have a total carrying capacity of approximately 2.7 million dwt and all of the Company’s owned and finance leased vessels will have carrying capacities of greater than 60,000 dwt. Additional information about the Company is available on the Company’s website www.scorpiobulkers.com, which is not a part of this press release.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk vessel capacity, the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, counterparty performance, ability to obtain financing and the availability of capital resources (including for capital expenditures) and comply with covenants in such financing arrangements, planned capital expenditures, our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy, fluctuations in the value of our investments, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.



Contact:

Scorpio Bulkers Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)

AMD to Present at Credit Suisse 24th Annual Technology Conference

SANTA CLARA, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) — Today, AMD (NASDAQ: AMD) announced that Dr. Lisa Su, president and chief executive officer, will present at the Credit Suisse 24th Annual Technology Conference on Monday, November 30, 2020 at 11:00am ET/8:00am PT.

A real-time video webcast of the presentation can be accessed on AMD’s Investor Relations website ir.amd.com. A replay of the webcast can be accessed approximately four hours after the conclusion of the live event and will be available for one year after the conference.

About AMD

For more than 50 years, AMD has driven innovation in high-performance computing, graphics and visualization technologies – the building blocks for gaming, immersive platforms and the data center. Hundreds of millions of consumers, leading Fortune 500 businesses and cutting-edge scientific research facilities around the world rely on AMD technology daily to improve how they live, work and play. AMD employees around the world are focused on building great products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, Facebook and Twitter pages.

AMD, the AMD Arrow
logo
and the combination thereof are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.

Media
Contact
:

Drew Prairie
AMD Communications
512-602-4425
[email protected]

Investor Contact:

Laura Graves
AMD Investor Relations
408-306-9157
[email protected]



Acura Pharmaceuticals Announces Third Quarter 2020 Financial Results

PALATINE, Ill., Nov. 16, 2020 (GLOBE NEWSWIRE) — Acura Pharmaceuticals, Inc. (OTCQB: ACUR), a specialty pharmaceutical company engaged in the research, development and commercialization of technologies and product candidates intended to mitigate the risk of outcomes associated with product misuse, announced today financial results for the three and nine months ended September 30, 2020.

The Company reported revenues of $410 thousand and an operating loss of $565 thousand for the third quarter 2020 compared to revenues of $1.3 million and an operating income of $311 thousand for the same period in 2019. For the nine months ended September 30, 2020, the Company reported revenues of $2.9 million and an operating loss of $627 thousand compared to revenues of $1.4 million and an operating loss of $1.0 million for the same period in 2019. Included in expenses for the nine months ended September 30, 2020 was a one-time charge of $668 thousand to recognize an impairment in our Aversion intangible asset.

The Company reported net loss of $678 thousand or $0.02 per diluted share for the third quarter 2020 compared to a net income of $200 thousand or $0.00 per diluted share for the same period in 2019. The Company reported net loss of $965 thousand or $0.03 per diluted share for the nine months ended September 30, 2020 compared to a net loss of $3.9 million or $0.16 per diluted share for the same period in 2019.

Revenue for the third quarter 2020 included $300 thousand in license fees derived from the license agreement with Abuse Deterrent Pharma, LLC (“AD Pharma”) that was amended in October 2020. The Company also recorded royalty revenue of $14 thousand and $172 thousand, respectively, for the third quarter 2020 and 2019. Revenue for the nine month period ended September 30, 2020 included $2.4 million in license fees derived from the license agreement with AD Pharma. The Company also recorded royalty revenue of $81 thousand and $285 thousand, respectively, for the nine month periods ended September 30, 2020 and 2019.

Research and development expense was $519 thousand for the third quarter 2020, compared to $465 thousand for the same period in 2019. Research and development expense was $1.4 million for the nine month period ended September 30, 2020, compared to $1.0 million for the same period in 2019. The expenses reported for these periods were for our research facility, primarily associated with development of LTX-03.

General and administrative expense was $456 thousand for the third quarter 2020, versus $548 thousand in the same period last year. General and administrative expense was $1.5 million (excluding the one-time $668 thousand charge for the impairment of the intangible asset) for the nine month period ended September 30, 2020, versus $1.4 million in the same period last year.

As of November 12, 2020, the Company had a cash balance of approximately $1.0 million.

On June 28, 2019, the Company entered into a License, Development and Commercialization Agreement (the “Agreement”) with AD Pharma for our lead product candidate, LTX-03 (hydrocodone bitartrate with acetaminophen immediate-release tablets utilizing Acura’s patented LIMITx™ technology). The Agreement was amended in October 2020. Included in the amended Agreement is the requirement that the NDA for LTX-03 be accepted by the FDA by July 31, 2021 or AD Pharma has the option to terminate the amended Agreement and take ownership of the LIMITx intellectual property. Importantly, such failure to meet this date will be an event of default under their $6.0 million note to Acura. The amended Agreement provides a monthly license payment of $350 thousand from AD Pharma to us for a period from inception up to April 2020 at which time the payment is $200 thousand per month through July 2021. AD Pharma will pay directly for, or reimburse Acura to the extent Acura pays for, all out-of-pocket development expenses. We have received the required monthly license payments for June thru October 2020 from AD Pharma. The Agreements are more fully described in our press releases dated July 2, 2019 and October 28, 2020 as well as in our Form 8-Ks filed July 5, 2019 and October 29, 2020.


About Acura Pharmaceuticals


Acura Pharmaceuticals is an innovative drug delivery company engaged in the research, development and commercialization of technologies and products intended to address safe use of medications. The Company has three proprietary technologies: LIMITx™ Technology, AVERSION® Technology and IMPEDE® Technology.

LIMITx™ Technology utilizes acid neutralizing ingredients to precisely control gastric acidity, which limits the release of drug from tablets and its subsequent systemic absorption when multiple tablets are ingested. LIMITx™ Technology is useful with products whose side effect risks can be mitigated by limiting exposure to a drug in overdose situations.

AVERSION® Technology, used in the FDA approved drug OXAYDO® (oxycodone HCl) marketed by Assertio Holdings Inc., utilizes polymers designed to limit the abuse of the product by nasal snorting and injection. AVERSION® Technology is also licensed to KemPharm for use in certain of their products.

IMPEDE® Technology, used in NEXAFED® (pseudoephedrine HCl) and NEXAFED® Sinus (pseudoephedrine HCl/acetaminophen) marketed by MainPointe Pharmaceuticals, utilizes polymers and other ingredients to disrupt the extraction and processing of pseudoephedrine from the tablets into methamphetamine.


Forward-looking Statements:


Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include, but are not limited to:

  • our ability to obtain funding for our continuing operations, including the development of our products utilizing our LIMITx™ and Impede® technologies;
  • whether we will receive FDA acceptance for an NDA for LTX-03 by the target date;
  • whether our licensing partners will develop any additional products and utilize Acura for such development;
  • the expected results of clinical studies relating to LTX-03, a LIMITx hydrocodone bitartrate and acetaminophen combination product, or any successor product candidate, the date by which such studies will be complete and the results will be available and whether LTX-03 will ultimately receive FDA approval;
  • our business could be adversely affected by health epidemics in regions where third parties for which we rely, as in CROs or CMOs, have concentrations of clinical trial sites or other business operations, and could cause significant disruption in the operations of third-party manufacturers and CROs upon whom we rely;
  • whether LIMITx will retard the release of opioid active ingredients as dose levels increase;
  • whether the extent to which products formulated with the LIMITx Technology deter abuse or overdose will be determined sufficient by the FDA to support approval or labelling describing safety and/or abuse deterrent features;
  • whether our LIMITx Technology can be expanded into extended-release formulations;
  • our and our licensee’s ability to successfully launch and commercialize our products and technologies, including Oxaydo® Tablets and our Nexafed® products;
  • the results and timing of our development of our LIMITx Technology, including, but not limited to, the submission of a New Drug Application and/or FDA filing acceptance;
  • our or our licensees’ ability to obtain necessary regulatory approvals and commercialize products utilizing our technologies;
  • the market acceptance of, timing of commercial launch and competitive environment for any of our products;
  • expectations regarding potential market share for our products;
  • our ability to develop and enter into additional license agreements for our product candidates using our technologies;
  • our exposure to product liability and other lawsuits in connection with the commercialization of our products;
  • the increasing cost of insurance and the availability of product liability insurance coverage;
  • the ability to avoid infringement of patents, trademarks and other proprietary rights of third parties;
  • the ability of our patents to protect our products from generic competition and our ability to protect and enforce our patent rights in any paragraph IV patent infringement litigation;
  • whether the FDA will agree with or accept the results of our studies for our product candidates;
  • the ability to fulfill the FDA requirements for approving our product candidates for commercial manufacturing and distribution in the United States, including, without limitation, the adequacy of the results of the laboratory and clinical studies completed to date, the results of laboratory and clinical studies we may complete in the future to support FDA approval of our product candidates and the sufficiency of our development process to meet over-the-counter (“OTC”) Monograph standards, as applicable;
  • the adequacy of the development program for our product candidates, including whether additional clinical studies will be required to support FDA approval of our product candidates;
  • changes in regulatory requirements;
  • adverse safety findings relating to our commercialized products or product candidates in development;
  • whether the FDA will agree with our analysis of our clinical and laboratory studies;
  • whether further studies of our product candidates will be required to support FDA approval;
  • whether or when we are able to obtain FDA approval of labeling for our product candidates for the proposed indications and whether we will be able to promote the features of our technologies; and
  • whether our product candidates will ultimately perform as intended in commercial settings.

In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “indicate,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “seek”, “should,” “suggest,” “target,” “will,” “would” and similar expressions that convey the uncertainty of future events or outcomes are used to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of Acura. Given these uncertainties, you should not place undue reliance on these forward-looking statements. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We discuss many of these risks in greater detail in our filings with the Securities and Exchange Commission. While Acura may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to update or revise any forward-looking statements contained in this press release whether as a result of new information or future events, except as may be required by applicable law.

Contact:

Acura Investor Relations
[email protected]
847-705-7709

 
ACURA PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)
     
  (unaudited) (audited)
  September 30, December 31,
  2020 2019
Assets – current $ 1,623   $ 1,178  
Property, plant and equipment, net   498     540  
Other assets   78     844  
Total assets $ 2,199   $ 2,562  
     
Other liabilities – current $ 1,021   $ 1,074  
Loan under CARES Act – current   164      
Loan under CARES Act – noncurrent   105      
Accrued interest to related party – noncurrent   566     229  
Debt to related party – noncurrent   6,000     6,000  
Stockholders’ deficit   (5,657 )   (4,741 )
Total liabilities and stockholders’ deficit $ 2,199   $ 2,562  
             

 
ACURA PHARMACEUTICALS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in thousands, except per share amounts)
       
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
  2020 2019   2020 2019
Revenues:          
Royalties $ 14   $ 172     $ 81   $ 285  
Collaboration   96     102       148     102  
License fees   300     1,050       2,400     1,050  
Product sales, net of allowance           223      
Total revenues   410     1,324       2,852     1,437  
Operating expenses:          
Research and development   519     465       1,351     1,040  
General and administrative   456     548       2,128     1,391  
Total operating expenses   975     1,013       3,479     2,431  
Operating income (loss)   (565 )   311       (627 )   (994 )
Loss on debt extinguishment                 (2,600 )
Interest expense – related party   (113 )   (111 )     (338 )   (335 )
Income (loss) before provision for income taxes   (678 )   200       (965 )   (3,929 )
Provision for income taxes                  
Net income (loss) $ (678 ) $ 200     $ (965 ) $ (3,929 )
           
           
Net income (loss) per share:          
Basic $ (0.02 ) $ 0.00     $ (0.03 ) $ (0.16 )
Diluted $ (0.02 ) $ 0.00     $ (0.03 ) $ (0.16 )
Weighted average number of shares outstanding:          
Basic   32,336     31,593       32,304     25,023  
Diluted   32,336     31,593       32,304     25,023  
           

 



FOX News Digital Network Records Highest Month of Multiplatform Views in History

FOX News Digital Network Records Highest Month of Multiplatform Views in History

Network Continues Streak with Best October Ever, Earning Double-Digit Increases with Various Key Indicators Versus Prior Year

FOX News Digital Clinches Highest Month of Total Social Interactions in History

Historic Election Week Propels Digital Network to Record-Breaking Engagement Levels

NEW YORK–(BUSINESS WIRE)–
FOX News Digital closed out October 2020 with its highest month in network history in multiplatform views (nearly 2.2 billion) while also securing double-digit increases versus the prior year across various key metrics, including multiplatform views (a 16 percent increase from prior year) and multiplatform minutes (a 14 percent increase from prior year), according to Comscore. The digital network also finished the month of October with its strongest performance of any October on record, as well as the network’s eleventh consecutive month notching over 100 million multiplatform unique visitors.

October 2020 marked the second highest month in history for unique visitors on the FOX News Mobile Application. Furthermore, the App surpassed the CNN Mobile App for the 23rd month in a row in unique visitors (8.9 million versus CNN’s 7.6 million), and delivered its eighth consecutive month scoring over 8 million unique visitors.*

FOX News finished the month with its highest amount of total social interactions ever, according to Socialbakers. For the 74th straight month, FOX News remained the most engaged news brand on social media (Facebook, Twitter and Instagram) among the news competitive set, driving over 110 million total interactions, according to Socialbakers. FOX News remained number one in Facebook and Instagram interactions among news competitors, amounting 76 million on Facebook and 32 million Instagram interactions and the digital network’s best month on both social platforms, also according to Socialbakers. Viewers continue to stream FOX News content on Facebook Video and YouTube, with the network topping all news competitors on both, driving nearly 255 million total video views and 233 million video views, respectively.

Election Week 2020 led FOX News Digital to several of its highest-rated days in history, with post-election Wednesday, November 4th breaking network records in engagement levels across the board, including in unique visitors, page views, and time spent and surpassing all previous records on FOX News Digital, according to Adobe Analytics. The FOX News livestream continued to lift online traffic, outpacing 2016 audience levels. During the days after the election, viewers continued to turn to FOX News Digital for updates on election results. Compared to post-Election Day in 2016, unique devices increased by 190 percent, video starts saw a 167 percent rise, page views were up 249 percent, and time spent was up a whopping 312 percent, according to Adobe Analytics and Apple News. Across all FOX News Digital properties, there were 28.5 million total video streams of election coverage as users tuned in for continued election results, marking the highest day of engagement on the FOX News livestream ever (11/4/20), according to Adobe Analytics. Over the course of Election Day (11/3/20), FOX News Digital peaked at over 3 million concurrent users, a new record across digital properties and doubling Election Day four years prior.

Additionally, FOXBusiness.com reached over 30 million multiplatform unique visitors, drove almost 255 million multiplatform total minutes and saw 150 million multiplatform total views last month, securing double digit growth increases across all metrics versus prior month and prior year.**

OCTOBER 2020 FOX NEWS DIGITAL VS. CNN.COM

Multi-Platform Total Minutes

FOX News Digital – 4,720,000,000 (up 14 percent vs. October 2019)

CNN.com – 4,830,000,000 (up 42 percent vs. October 2019)

Multi-Platform Total Views

FOX News Digital – 2,199,000,000 (up 16 percent vs. October 2019)

CNN.com – 2,640,000,000 (up 47 percent vs. October 2019)

Multi-Platform Unique Visitors

FOX News Digital – 106,809,000 (up 3 percent vs. October 2019)

CNN.com – 146,737,000 (up 17 percent vs. October 2019)

FOX News Media operates the FOX News Channel (FNC), FOX Business Network (FBN), FOX News Digital, FOX News Audio and the direct-to-consumer digital streaming services FOX Nation and FOX News International as well as the newly announced FOX News Books. Currently the number one network in all of cable, FNC has also been the most watched television news channel for more than 18 consecutive years, while FBN currently ranks among the top business channels on cable. Owned by FOX Corporation, FOX News Media reaches 200 million people each month.

*Source: Comscore Media Metrix® Multi-Platform, Total Digital Audience, Custom-Defined List including CNN.com, NBCNews.com, ABCNews.com, CBSNews.com, Fox News Digital Network, WashingtonPost.com, NYTimes.com, HuffPost U.S., Wall Street Journal Online, Reuters.com, and USAToday.com, October 2020, U.S. & Comscore Mobile Metrix®, Mobile App Only, [FOX News Mobile App and CNN Mobile App], October 2020, U.S.

**Source: Comscore Media Metrix® Multi-Platform, Total Digital Audience, Custom-Defined List including FoxBusiness.com, Bloomberg.com, CNBC.com, CNN Business, Entrepreneur.com, Forbes.com, HuffPost Business, MarketWatch, Motley Fool, MSN Money, TheStreet.com, USA TODAY Money, WSJ Online, Yahoo! Finance, October 2020, U.S.

FOX News Media Contact:

Tess Glancey/212-301-3285

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Other Entertainment TV and Radio Entertainment

MEDIA:

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Ormat Announces Launch of Public Offering of Common Stock

RENO, Nev., Nov. 16, 2020 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (“Ormat” or the “Company”), a leading vertically integrated company that is primarily engaged in the geothermal and recovered energy generation (“REG”) businesses, as well the solar photovoltaic (PV) and energy storage and management services business, today announced the launch of an underwritten public offering of 4,150,000 shares of its common stock. Ormat expects to grant the underwriters a 30-day option to purchase up to an additional 622,500 shares of its common stock. The offering is subject to market and other conditions.

Ormat intends to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures, and for potential acquisitions, including complementary businesses, technologies or assets.

J.P. Morgan Securities LLC and BofA Securities are acting as joint book-running managers for the offering. UBS Securities LLC will also act as a joint book-running manager for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

The offering is being made pursuant to an automatically effective shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission on November 16, 2020 (the “Registration Statement”). The offering may be made only by means of a base prospectus and a related prospectus supplement, copies of which may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email: [email protected], or by telephone: 1 (866) 803-9204; and from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at [email protected].

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and REG, with the objective of becoming a leading global provider of renewable energy. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 3,000 MW of gross capacity. Ormat’s current 933 MW generating portfolio is spread globally across the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe. Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions Inc. subsidiary.

FORWARD-LOOKING STATEMENTS

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements concerning the completion of the offering and the use of proceeds therefrom. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see “Risk Factors,” in each case, included in Ormat’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on March 2, 2020, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on March 3, 2020, and Ormat’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 filed with the SEC on November 5, 2020 and other risk factors detailed from time to time in filings with the SEC. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Ormat Technologies Contact:
Smadar Lavi
VP Corporate Finance and Head of Investor Relations
775-356-9029 (ext. 65726)
[email protected]
Investor Relations Agency Contact:
Rob Fink
FNK IR
646-809-4048
[email protected]



HomeAdvisor Releases Annual State of Home Spending Report Highlighting Home Services Spending Trends

Annual Report Explores Top Projects Completed During the Pandemic including Bathroom Remodels, Interior Painting

Millennials are Spending the Most on Home Improvement Projects this Year

PR Newswire

DENVER, Nov. 16, 2020 /PRNewswire/ — Today, HomeAdvisor, an ANGI Homeservices (NASDAQ: ANGI) operating company, released its 2020 State of Home Spending Report: The Year of the Home, which focuses on home spending and how COVID impacted home improvement, maintenance and repair projects this year. As Americans spend significantly more time in their homes, they are rethinking spaces and are making changes to accommodate their new lifestyles. 

“This year, we found, in our annual survey, the average home services spending for households who took on projects rose to $13,138, an increase over last year’s survey results, where homeowners who did projects spent $9,081 on average,” said Mischa Fisher, Chief Economist, HomeAdvisor.

“This year’s topline growth in spending and projects is a story of increasing costs of supplies, increasing cost of labor and homeowners shifting spending from things like entertainment and travel to their homes,” continued Fisher. “While the cost to do projects compared to last year did increase, we also found that homeowners were spending more as well. The acceleration of home buying this year and underlying drivers of consumer spending like shifting demographics, baby boomers renovating to age-in-place, millennials changing needs to raise their growing families, a greater cultural focus on home design and home entertainment, an aging housing stock and a shortage of new home construction – among many other fundamental factors –  were already resulting in more spending on home improvement, home maintenance, and home emergency repair and also continued this year.”

Homes have always been important, but the once in a century global pandemic has fundamentally shifted the relationship we have with our homes. Those factors, combined with a shifting range of needs for households as a result of coping with COVID-19, such as 27% more outdoor living needs, 40% more home entertaining, 50% more working from home, and 68% more home cooking, resulted in a shift in spending patterns, with 33% shifting commuting budget, 48% shifting vacation budget, and 52% shifting restaurant budgets into home services.

Additional insights include:

  • The top three completed home projects are bathroom remodels, interior painting, and installing new flooring.
  • The top reason for home improvement spending was to make the home better suit lifestyle needs, 41% of all consumers surveyed. This stands in contrast to 2019, where the number one reason was to replace or repair a damage, defect or decay, suggesting that COVID-19 is impacting people’s lifestyles.
  • Despite strong spending trends, 30% of projects were not started or completed as result of COVID-19.
  • 85% of Americans are spending more time at home as a result of COVID-19, with 67% spending significantly more time at home, resulting in 63% noticing more areas in need of improvement around their homes.
  • 68% of people are doing more home cooking as a result of COVID; 52% have shifted some of their restaurant spending into home improvement projects; and a kitchen remodel is the most desired home improvement project, with 27% of people saying they would remodel their kitchens if given $10,000 for home upgrades.
  • 71% of people want to see COVID-related business updates from home professionals, and 73% say that knowing a home service professional shares COVID-related information and actively promotes safety measures will influence their hiring decisions.
  • The number one reason for projects to go over time or over budget was products or materials taking longer than expected to arrive, with 24% of respondents listing this as the primary reason for delayed or over-budget projects.

This report also found many generational trends, fueled by the onset of the COVID pandemic, including a focus on home services by millennials.

“Millennials are spending the most on home improvement projects this year,” said Fisher. “On average, millennial households spend or plan on spending nearly $10,000 on home improvement projects this year. Homeownership rates for millennials have jumped significantly, especially as COVID-19 has reemphasized the importance of the home and many companies move to flexible work location options. Millennials are not only rapidly becoming homeowners, but they are also spending more on home improvement than any other generation when they do.”

The report is informed by HomeAdvisor’s True Cost Guide, an online guide for homeowners to access real costs as reported by consumers for home projects, as well as results from an annual survey* conducted among homeowners. To view the complete report, visit HomeAdvisor’s State of Home spending page.

About HomeAdvisor

HomeAdvisor® is a digital marketplace evolving the way homeowners connect with service professionals to complete home projects. With HomeAdvisor’s on-demand platform, homeowners can find and vet local, prescreened home service professionals; view average home project costs using True Cost Guide; and instantly book appointments online or through HomeAdvisor’s award-winning mobile app, which is compatible with all iOS, Android and virtual assistants, including Amazon Echo. HomeAdvisor is based in Golden, Colo., and is an operating business of ANGI Homeservices, Inc. (NASDAQ: ANGI). 

* Data included in the State of Home Spending Report is based on an online survey conducted by HomeAdvisor’s internal research team. In our survey of 5,000 Americans, we developed a representative sample of the entire U.S. population: homeowners with mortgages, homeowners with mortgages paid off, renters, people living rent-free, those who conducted home improvement projects, those who did not, those who had maintenance and emergency expenditures, and those who did not. This is a groundbreaking level of detail on home spending that provides new insights into how people spend on their homes. For most of the averages we will look at, those consumers who conducted all three sets of projects, regardless of their living situation. All survey respondents reported having decision making responsibility related to home improvement, home maintenance and/or home emergency spending completed in the prior 12 months. The material and information contained in this report is for general information purposes only.  You should not rely upon such information as a basis for making any business, legal or any other decisions.

 

Cision View original content:http://www.prnewswire.com/news-releases/homeadvisor-releases-annual-state-of-home-spending-report-highlighting-home-services-spending-trends-301173973.html

SOURCE HomeAdvisor

GENFIT: New Data Presented at AASLD The Liver Meeting Digital Experience™

  • New data on the identification of at-risk NASH using NIS4™ technology alone or in combination with other non-invasive tests
  • New clinical data on NIS4™ technology as a prognostic biomarker to identify patients with higher likelihood of disease progression
  • Late breaker abstract on the detection of immune cells in liver tissue based on a combination of handcrafted and deep-learning approach
  • Other new NASH data including clinical data supporting the correlation of NASH activity scores with fibrosis and markers of glucose metabolism, and late breaker abstract presenting final results of the RESOLVE-IT™ interim surrogate efficacy analysis

Lille (France), Cambridge (Massachusetts, United States), November 16, 2020
– GENFIT (Nasdaq and Euronext: GNFT a late-stage biopharmaceutical company dedicated to improving the lives of patients with metabolic and chronic liver diseases, today announced that data on NIS4™ technology and the complete RESOLVE-IT Phase 3 NASH clinical trial were among those highlighted in five posters at The Liver Meeting Digital Experience™ (TLMdX), the annual scientific congress of the American Association for the Study of Liver Diseases (AASLD), that was held virtually  from November 13 to November 16, 2020.

Posters and Presentations

Title:
Identification of patients with at-risk NASH or advanced fibrosis using NIS4™ alone or in combination as compared with other testing strategies 

Poster: # 1519
Author/s: Q. M. Anstee et al.

Title:
Baseline levels of NIS4™ and other fibrosis biomarkers and prediction of histological progression to advanced fibrosis in NASH

Poster: # 1484
Author/s: S. A. Harrison et al.

Title:
Automated detection of immune cells in liver tissue based on a combination of handcrafted and deep-learning approach

Poster: #LP35
Author/s: B. Allaert et al.

Title:
RESOLVE-IT™ Phase 3 trial of elafibranor in NASH: final results of the week 72 interim surrogate efficacy analysis

Poster: #LP23
Author/s: S. A. Harrison et al.
                         
Title: One-year changes in histological NASH activity scores are correlated with changes in fibrosis and glucose metabolism markers 
Poster: # 1538
Author/s: V. Ratziu et al.

The Liver Meeting® is one of the most important hepatology congresses for the medical and scientific community. It brings together more than 10,000 scientists, gastroenterologists and hepatologists from around the world. Due to the COVID-19 pandemic, the 2020 edition of the Liver Meeting has become The Liver Meeting Digital Experience™ (TLMdX), an online forum for the exchange of groundbreaking ideas and findings in basic, translational, and clinical research in diseases of the liver and biliary tract, and in liver transplantation.

ABOUT NIS4™

NIS4™ is GENFIT’s non-invasive, blood-based diagnostic technology, developed to identify patients with non-alcoholic steatohepatitis (NASH) and significant to advanced fibrosis (F>2), also referred to as at-risk NASH. In January 2019, GENFIT signed a licensing agreement with LabCorp® to make NIS4™ technology available for use in clinical research through their drug development subsidiary, Covance. In September 2020, GENFIT expanded the agreement to enable LabCorp to develop and commercialize a test based on NIS4™ technology for use as a clinical diagnostic across different practice settings throughout the US and Canada. The test is anticipated to be commercially available in early 2021. GENFIT continues to explore opportunities to obtain formal marketing authorization of an in vitro diagnostic (IVD) version of NIS4™ in the U.S. and European markets. For more information, please visit: https://nis4.com.

ABOUT NASH

NASH is a liver disease characterized by an accumulation of fat (lipid droplets), along with inflammation and degeneration of hepatocytes. NASH is a serious disease that often carries no symptoms in its early stages, but if left untreated can result in cirrhosis, cancer, and the need for liver transplant. The prevalence of NASH is rapidly increasing as a result of the growing obesity and diabetes epidemics and is believed to affect as much as 12 percent of people in the U.S. and six percent worldwide. Because of its asymptomatic nature, NASH is often undiagnosed, and can only be confirmed through an invasive biopsy. GENFIT is developing an effective non-invasive diagnostic technology that could help diagnose patients non-invasively and on a large scale.

ABOUT GENFIT

GENFIT is a late-stage biopharmaceutical company dedicated to improving the lives of patients with cholestatic and metabolic chronic liver diseases. GENFIT is a pioneer in the field of nuclear receptor-based drug discovery, with a rich history and strong scientific heritage spanning more than two decades. GENFIT is currently enrolling in a Phase 3 clinical trial evaluating elafibranor in patients with primary biliary cholangitis (PBC). As part of GENFIT’s comprehensive approach to clinical management of patients with liver disease, the Company is also developing NIS4™, a new, non-invasive blood-based diagnostic technology which could enable easier identification of patients with at-risk NASH.  NIS4™ technology has been licensed to LabCorp in the U.S. and Canada for the development and commercialization of a blood-based molecular diagnostic test powered by NIS4™ technology. GENFIT has facilities in Lille and Paris, France, and Cambridge, MA, USA. GENFIT is a publicly traded company listed on the Nasdaq Global Select Market and on compartment B of Euronext’s regulated market in Paris (Nasdaq and Euronext: GNFT). www.genfit.com

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements, including those within the meaning of the Private Securities Litigation Reform Act of 1995, with respect to GENFIT, including statements regarding the commercial availability of Labcorp’s diagnostic test using NIS4 technology.  The use of certain words, including “believe,” “potential,” “expect” and “will” and similar expressions, is intended to identify forward-looking statements.  Although the Company believes its expectations are based on the current expectations and reasonable assumptions of the Company’s management, these forward-looking statements are subject to numerous known and unknown risks and uncertainties, which could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. These risks and uncertainties include, among other things, the uncertainties inherent in research and development, including related to safety, biomarkers, progression of, and results from, its ongoing and planned clinical trials, review and approvals by regulatory authorities of its drug and diagnostic candidates and the Company’s continued ability to raise capital to fund its development, as well as those risks and uncertainties discussed or identified in the Company’s public filings with the French Autorité des marchés financiers (“AMF”), including those listed in Section 4 “Main Risks and Uncertainties” of the Company’s 2019 Universal Registration Document filed with the AMF on May 27, 2020 under n° D.20-0503, which is available on GENFIT’s website (www.genfit.com) and on the website of the AMF (www.amf-france.org) and public filings and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s 20-F dated May 27, 2020. In addition, even if the Company’s results, performance, financial condition and liquidity, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods.  These forward-looking statements speak only as of the date of publication of this document. Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise.

CONTACT

GENFIT | Investors

Naomi EICHENBAUM – Investor Relations | Tel: +1 (617) 714 5252 | [email protected]

PRESS RELATIONS | Media

Hélène LAVIN – Press relations | Tel: +333 2016 4000 | [email protected]

GENFIT | 885 Avenue Eugène Avinée, 59120 Loos – FRANCE | +333 2016 4000 | www.genfit.com       

Attachment



Hanger to Present at Upcoming Investor Conferences

Hanger to Present at Upcoming Investor Conferences

AUSTIN, Texas–(BUSINESS WIRE)–
Hanger, Inc. (NYSE: HNGR), a leading provider of orthotic and prosthetic patient care services and solutions, announced today that members of its management team will participate in presentations and meetings with institutional investors at the following virtual conferences:

Southwest IDEAS Conference taking placeNovember 18-19, 2020. Hanger management will conduct an investor presentation scheduled to stream on demand beginning Wednesday, Nov. 18, beginning at 8:00 a.m. Eastern time.

3rd Annual Evercore ISI HealthCONx Conference taking place Dec. 1 – 3, 2020. Hanger management will participate in a “fireside chat” presentation scheduled for Wednesday, Dec. 2, beginning at 8:50 a.m. Eastern time.

21st Annual “New Ideas for the New Year” Investor Conference taking place January 13, 2021. Hanger management will participate in a presentation on that day at a specific time to be scheduled.

Conference presentations and a replay of all webcasts will be available on the investor relations section of the Company’s website at investor.hanger.com.

About Hanger, Inc. – Hanger, Inc. (NYSE: HNGR) delivers orthotic and prosthetic (O&P) patient care, and distributes O&P products and rehabilitative solutions to the broader market. Hanger’s Patient Care segment is the largest owner and operator of O&P patient care clinics with approximately 800 locations nationwide. Through its Products & Services segment, Hanger distributes branded and private label O&P devices, products and components, and provides rehabilitative solutions. With nearly 160 years of clinical excellence and innovation, Hanger’s vision is to lead the orthotic and prosthetic markets by providing superior patient care, outcomes, services and value. For more information on Hanger, visitwww.hanger.com.

Investor Relations Contact:

Seth Frank, Vice President, Treasury and Investor Relations, Hanger, Inc.

512-777-3573, [email protected]

Public Relations & Communications Contact:

Krisita Burket, Vice President, Public Relations & Communications, Hanger, Inc.

904-239-4627, [email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Health Medical Supplies Medical Devices

MEDIA:

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The Alkaline Water Company Reports Results for the 2021 Fiscal Second Quarter

The Alkaline Water Company Reports Results for the 2021 Fiscal Second Quarter

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–
The Alkaline Water Company Inc. (NASDAQ and CSE: WTER) (the “Company”) is a producer of bottled alkaline drinking water, flavor-infused waters, and CBD infused products sold under the brand name Alkaline88®, A88™, and A88CBD™, respectively. Today, the Company announces revenue of $10.8 million for the fiscal second quarter ended September 30, 2020.

Key Highlights:

  • Fiscal 2021 first-half revenue of $25 million increased 21% over the same period last year.
  • Fiscal Q2 earnings per share of ($0.06) improved by 14.3% compared to the prior-year quarter, of which ($0.03) was related to non-cash expenses.
  • For fiscal 2021, the Company is now providing revenue guidance in the range of $48 million to $52 million, representing full-year growth of 17% to 27%.
  • Introduced five category-leading items for the A88CBD portfolio of ingestible and topical products.
  • Purchase orders for the quarter were the second-highest in the Company’s history, excluding our COVID period from last spring.

“During the fiscal second quarter, we made good progress toward our strategic goals, gained market share, launched innovating new products, added leading partners, and expanded into new growth markets, all while navigating through a challenging COVID environment. Our quarterly growth was impacted as various distributors reduced deliveries and cleared excess inventory built in the prior quarter. Delivery and inventory trends continued to improve throughout the quarter, with order activity reverting to pre-pandemic levels. Our fiscal third quarter is off to a strong start, and we are seeing a record month of sales for October. Demand for our lifestyle brands at the retail level remains strong, and revenue grew a healthy 21% during the first half of our fiscal year. According to the October 3 Nielsen’s data, our flagship brand, Alkaline88®, has been the fastest-growing non-flavored value-added water in the top 10 brands over the last 13, 26, and 52 week period. Our footprint continues to grow nationally, and this quarter alone, we added over 1,000 new store locations for our A88 family of lifestyle brands. We see strong momentum across all our product categories and consider this quarter’s performance to be an outlier. As of early November, inventory at retailers has normalized, driven by our aggressive summer marketing efforts. We believe the actions taken positions us for stronger growth for the balance of this fiscal year and beyond,” stated Richard A. Wright, president and chief executive officer of The Alkaline Water Company.

“For our A88CBD line of ingestible and topical products, we launched five category-leading items this quarter. These products, which include our delicious lemon-lime CBD water, vegan gummies, zero-calorie powder packs, all-natural bath bombs, and cruelty-free deep relief cream, complement our existing product lineup. Our robust product lineup effectively positions us to capture share in the estimated $20 billion-plus hemp-derived consumer products market. We are in active discussions with over 9,000 retail locations to take on our products over the coming 90 days. With an in-demand portfolio of offerings, a strong partner network, and an established retail base, we are taking aggressive actions to capture share in the large and growing retail trades we currently serve and greenfield opportunities in the CBD and hospitality and foodservice arena. Additionally, our e-commerce sites continue to exceed our expectations and provide another growth area driven by shifting consumer behaviors. We also expect the multi-year health and wellness trend to accelerate coming out of the COVID pandemic and anticipate our lifestyle brands to benefit due to our sales and marketing efforts made this year.”

Fiscal 2021 Second Quarter Financial Results (unaudited)

(All amounts are in U.S. dollars)

  • For the fiscal second-quarter ending September 30, 2020, recorded revenue of approximately $10.8 million, an increase of approximately 3% year-over-year.
  • Gross profit in the fiscal second quarter of $4.4 million declined by 1.3% compared to the prior-year quarter.

    • Gross margin of 41.2% declined 170 basis points primarily due to higher raw material costs.
  • Total operating expenses for the fiscal second quarter were $8.7 million, an increase of 18.7% year over year.
  • Net loss for the fiscal second quarter was $4.4 million or $0.06 per share versus a net loss of $2.9 million or $0.07 per share in the fiscal second quarter of 2019. The bottom-line was impacted by ($0.03) per share due to certain non-cash items.

Fiscal 2021 Revenue Guidance

“We have refrained from providing guidance this year due to the COVID impact. While uncertainties remain, we see positive business trends pointing to a stronger second half of our fiscal 2021. With inventory trends normalizing and strong retail demand, we are introducing our fiscal 2021 revenue guidance of $48 million to $52 million, representing full-year growth of 17% to 27%, with an estimated gross profit of approximately $19 million to $21 million. We expect all our lifestyle brands including, Alkaline88®, eco-friendly aluminum bottles, A88 Infused flavors, and our A88CBD portfolio of products to contribute toward this growth, which we expect to accelerate during the third and fourth quarter of this fiscal year,” added Mr. Wright.

Our forecasted revenue is based on our expectation that revenue growth will remain consistent for the fiscal year 2021. We further expect sales growth to continue in the natural foods, drug, c-stores, and specialty retailer channels. We are also expecting the hospitality and foodservice channels, which have only recently started selling our products, to be strong contributors in the fourth fiscal quarter.

As our sales cycle is an average of 14 days, a slowdown of the growth in any of the areas set forth above during fiscal 2021 or other events could cause actual results to vary materially from this forecast. In addition, sales growth, which may significantly impact quarterly and annual revenue, is difficult to predict, especially in the current COVID environment, which is causing intense volatility in our end markets.

Recent Business and Operational Highlights

National Footprint and Channel Expansion

  • Alkaline88® flagship brand of premium alkaline water is now available in over 70,000 stores across all trades in the U.S.
  • Expands into multi-billion dollar Hospitality and Foodservice channel.

    • Added Dot Foods Inc., the largest food redistributor in the U.S., to present our Alkaline88®, A88 Infused™, and eco-friendly aluminum bottles to its 4,300 customers nationwide.
    • DOT Food to offer A88 Infused™ as a featured all-natural flavored product.
    • Added Independent Broker Alliance (IBA), an alliance of 30 independently owned and operated foodservice sales agencies.
  • Adds CBD distributor BettermentRS.
  • Adds Valu Merchandisers Company (VMC), a natural and organic product distributor serving more than 3,800 independently owned supermarkets in 35 states.
  • Added seven new Core-Mark distribution centers.
  • HomeGoods, a T.J. Maxx company, to carry the new 2-liter product in 500 store locations.
  • Alkaline88® available in 1-gallon and 1-liter sizes at all 123 Fareway store locations across six states in the Midwest.
  • H-E-B to carry Alkaline88® aluminum bottles in 288 U.S. stores.
  • Expands online and brick and mortar channels for A88CBD™ portfolio of products.

    • Products are now available in approximately 400 retail locations, including YesWay, Elevated Wellness CBD, CBD Emporium, Alchemist Kitchen, Pure CBD, Vitamin Plus (select locations), and online at Amazon, CBD.co, healwithnature.com, and DirectCBDOnline.com.
  • Accelerated convenience store growth strategy with several new distribution agreements.

    • Added Mahaska, a Direct-Store-Delivery (DSD) provider, serving over 5,000 customers, including supermarkets and convenience stores, to drive growth in the mid-west region.
    • Added 200 new c-stores locations, including FastTrip, Colbea, Kenk, and CN Brown’s company-owned and serviced locations.
    • Since the inception of the program, the Company has added over 12,000 new convenience stores and expects to reach approximately 25,000 convenience stores by the end of fiscal 2021.
  • Expanded national distribution with KeHE for flavor-infused waters and UNFI and broker C.A. Fortune for its A88CBD™ portfolio of products.

Innovation and Product Portfolio Expansion

  • Launched new 2-liter single-serve and six-packs, targeting high volume shoppers, including the club market.
  • Expanded topical product lineup; includes bath bombs and deep-relief cream made with high-quality, lab-tested hemp extract.
  • Expanded ingestible product lineup; includes lemon-lime water, gummies, and powder packs made with high-quality, lab-tested hemp extract.
  • Announced new single-serve 500ml Eco-friendly Aluminum bottles.

    • To be carried by national distributor KeHE with support from leading national broker C.A. Fortune.

Corporate Development

  • Appoints Retail Industry Veteran Frank Lazaran to its Board of Directors.
  • Enhanced digital customer experience by adding new content and features to A88CBD.com
  • Featured and showcased the A88 family of products at various national expos and tradeshows.

    • Ranked #1 best selling national brand by units sold at the 2020 KeHE Holidays of Hope show and the KeHE Winter Virtual show.

Brand Awareness

  • Alkaline88® remains the #1 selling bulk alkaline water nationally.
  • Alkaline88® Official Vendor for Kampgrounds of America (KOA®) and Yogi Bear’s Jellystone Park™ Camp-Resorts.

The following table summarizes the operating results for the three months ended September 30, 2020, and 2019 (Unaudited):

(All Amounts are in U.S. dollars)

In millions

For the three months

ended

September 30, 2020

For the three months

ended

September 30, 2019

Year over Year

Change %

Revenue

$ 10,755,946

$ 10,444,978

3.0%

Cost of Good Sold

$ 6,326,958

$ 5,959,430

6.2%

Gross Profit

$ 4,428,988

$ 4,485,548

-1.3%

 

 

 

 

Operating Expenses

 

 

 

Sales and Marketing

$ 4,984,729

$ 4,809,882

3.6%

General and Administrative

$ 3,490,548

$ 2,247,371

55.3%

Depreciation

$ 184,406

$ 239,757

-23.1%

Total Operating Expense

$ 8,659,683

$ 7,297,010

18.7%

 

 

 

 

Total Operating Loss

$ (4,230,695)

$ (2,811,462)

50.5%

 

 

 

 

Net Loss

$ (4,361,628)

$ (2,924,957)

49.1%

 

 

 

 

Loss per Share (Basic and Diluted)

$ (0.06)

$ (0.07)

-14.3%

 

 

 

 

Weighted Avg. Shares Outstanding (Basic and Diluted)

67,888,935

42,011,439

61.6%

Conference Call Information

The Alkaline Water Company will conduct a conference call to review its operating results for the quarter ended September 30, 2020, on Monday, November 16, 2020, at 5:00 PM Eastern Time. This call may include material information not contained in this press release.

Date: November 16, 2020

Time: 5:00 PM Eastern Time (E.T.)

Dial-in Number for U.S. and Canadian Callers: 877-407-8293

Dial-in Number for International Callers (Outside of the U.S. and Canada): 201-689-8349

Participating on the call will be the Company’s President and CEO Richard A. Wright and Chief Financial Officer David Guarino. They will discuss operational and financial highlights for the fiscal second quarter and its outlook for the full fiscal year 2021.

To join the live conference call, please dial into the above-referenced telephone numbers five to 10 minutes prior to the scheduled call time.

A replay will be available for one week starting on November 17, 2020, at approximately 10:30 AM (E.T.). To access the replay, please dial 877-660-6853 in the U.S. or Canada and 201-612-7415 for international callers. The conference I.D. # is 13712984.

About The Alkaline Water Company

Founded in 2012, The Alkaline Water Company (NASDAQ and CSE: WTER) is headquartered in Scottsdale, Arizona. Its flagship product, Alkaline88®, is a leading premier alkaline water brand available in bulk and single-serve sizes along with eco-friendly aluminum packaging options. With its innovative, state-of-the-art proprietary electrolysis process, Alkaline88® delivers perfect 8.8 pH balanced alkaline drinking water with trace minerals and electrolytes and boasts our trademarked label ‘Clean Beverage.’ Quickly being recognized as a growing lifestyle brand, Alkaline88® launched A88 Infused™ in 2019 to meet consumer demand for flavor-infused products. A88 Infused™ flavored water is available in six unique all-natural flavors, with new flavors coming soon. Additionally, in 2020, the Company launched A88 Infused Beverage Division Inc., which includes the Company’s CBD water and flavor-infused water. For the Company’s topical and ingestible offerings, A88 Infused Products Inc. includes both the Company’s lab-tested hemp extract salves, balms, lotions, essential oils, and bath salts, along with broad-spectrum hemp, powder packs, oil tinctures, capsules, and gummies.

To purchase A88CBD™ products online, visit us at A88CBD.comandAlkaline88.com. To learn more about The Alkaline Water Company, please visit www.thealkalinewaterco.com or connect with us on Facebook, Twitter, Instagram, or LinkedIn.

Notice Regarding Forward-Looking Statements

This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the following: that the Company sees strong momentum across all its product categories and consider this quarter’s performance to be an outlier; that the Company believes the actions taken positions the Company for stronger growth for the balance of this fiscal year and beyond; that the Company’s robust product lineup effectively positions the Company to capture share in the estimated $20 billion-plus hemp-derived consumer products market; that the Company’s e-commerce sites provide another growth area driven by shifting consumer behaviors; that the Company expects the multi-year health and wellness trend to accelerate coming out of the COVID pandemic and anticipates its lifestyle brands to benefit due to its sales and marketing efforts made this year; that the positive business trends point to a stronger second half of the Company’s fiscal 2021; the statements relating to the Company fiscal 2021 revenue guidance of $48 million to $52 million, with an estimated gross profit of approximately $19 million to $21 million, representing full-year growth of 17% to 27%; that the Company expects all its lifestyle brands including, Alkaline88®, eco-friendly aluminum bottles, A88 Infused flavors, and its A88CBD portfolio of products to contribute toward this growth, which the Company expects to accelerate during the third and fourth quarter of this fiscal year; the Company’s expectation that revenue growth will remain consistent for the fiscal year 2021; that the Company expects sales growth to continue in the natural foods, drug, c-stores, and specialty retailer channels; that the Company is expecting the hospitality and foodservice channels, which have only recently started selling the Company’s products, to be strong contributors in the fourth fiscal quarter; and that the Company expects to reach approximately 25,000 convenience stores by the end of fiscal 20201.

The material assumptions supporting these forward-looking statements include, among others, that the demand for the Company’s products will continue to significantly grow; that the past production capacity of the Company’s co-packing facilities can be maintained or increased; that there will be increased production capacity through implementation of new production facilities, new co-packers and new technology; that there will be an increase in number of products available for sale to retailers and consumers; that there will be an expansion in geographical areas by national retailers carrying the Company’s products; that there will be an expansion into new national and regional grocery retailers; that there will be an expansion into new e-commerce, home delivery, convenience, and healthy food channels; that there will not be interruptions on production of the Company’s products; that there will not be a recall of products due to unintended contamination or other adverse events relating to the Company’s products; and that the Company will be able to obtain additional capital to meet the Company’s growing demand and satisfy the capital expenditure requirements needed to increase production and support sales activity. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, governmental regulations being implemented regarding the production and sale of alkaline water or any other products, including products containing hemp/CBD; the fact that consumers may not embrace and purchase any of the Company’s CBD-infused products; the fact that the Company may not be permitted by the FDA or other regulatory authority to market or sell any of its CBD-infused products; additional competitors selling alkaline water and enhanced water products in bulk containers reducing the Company’s sales; the fact that the Company does not own or operate any of its production facilities and that co-packers may not renew current agreements and/or not satisfy increased production quotas; the fact that the Company has a limited number of suppliers of its unique bulk bottles; the potential for supply-chain interruption due to factors beyond the Company’s control; the fact that there may be a recall of products due to unintended contamination; the inherent uncertainties associated with operating as an early stage company; changes in customer demand and the fact that consumers may not embrace enhanced water products as expected or at all; the extent to which the Company is successful in gaining new long-term relationships with new retailers and retaining existing relationships with retailers; the Company’s ability to raise the additional funding that it will need to continue to pursue its business, planned capital expansion and sales activity; and competition in the industry in which the Company operates and market conditions. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Readers should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents the Company files with the SEC, available at www.sec.gov, and on the SEDAR, available at www.sedar.com.

The Alkaline Water Company Inc.


Richard A. Wright

President and CEO

Sajid Daudi

Director of Investor Relations & Corporate Communications

800-923-1910

[email protected]

Media


Jessica Starman

888-461-2233

[email protected]

KEYWORDS: Arizona United States North America

INDUSTRY KEYWORDS: Alternative Medicine Retail Health Agriculture Natural Resources Specialty Food/Beverage

MEDIA:

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Boxlight Reports Third Quarter 2020 Results

Boxlight Reports Third Quarter 2020 Results

Revenues of $9.5 Million

Gross Profit of 21.4%

Adj. EBITDA loss of $0.9 Million

Working Capital of $25.1 Million

Projecting Q4 2020 Revenues of $27 Million and Positive Adjusted EBITDA

LAWRENCEVILLE, Ga.–(BUSINESS WIRE)–
Boxlight Corporation (Nasdaq: BOXL) (“Boxlight”), a leading provider of interactive technology solutions, today announced the Company’s financial results for the third quarter ended September 30, 2020.

Key Financial Highlights for Q3 2020

  • Revenues decreased by 16% to $9.5 million
  • Customer orders increased by 37% to $9.3 million
  • Gross profit decreased to 21.4%
  • Operating expenses decreased by 18% to $3.8 million
  • Net loss increased by 792% to $4.2 million
  • EPS loss increased by 117% to $(0.10)
  • Adjusted EBITDA loss increased by 66% to $0.9 million
  • Adjusted EPS loss decreased by 60% to loss of $0.02
  • Ended quarter with $9.7 million in backorders
  • Working capital improved by 558% to $25.1 million compared to prior quarter
  • Stockholders’ equity improved by 313% to $44.3 million compared to prior quarter

Key Business Highlights for Q3 2020

  • Acquired Sahara Presentation Systems for GBP 63 million
  • Received $22 million investment from The Lind Partners and closed $34.5 million secondary offering
  • Acquired screen sharing intellectual property portfolio
  • Added seasoned North America sales leadership in Scott Willett, Vice President Sales and Dan Deem, Vice President Sales, Platforms & Services
  • Announced strategic partnership with Samsung
  • Extended contract with Atlanta Public Schools
  • Received two Tech & Learning Awards of Excellence for Boxlight-EOS Distance Teaching Essentials and MySTEMKits 3D printing curriculum

Management Commentary

“Our progress during the third quarter was the most significant in our history, and we are one step closer to our vision of market leadership,” commented Michael Pope, Chairman and Chief Executive Officer. “During the quarter, we closed on fundraising of over $60 million in debt and equity, acquired Sahara Presentation Systems – a leading provider of interactive solutions with significant penetration in the EMEA region, augmented our sales leadership, formalized our partnership with Samsung, and steadied our balance sheet with a proper inventory profile and significant working capital.

Although sales and gross profit lagged our expectations in Q3 due to several factors including the effects of COVID-19, we are seeing increased demand in the fourth quarter and expect to generate greater than $27 million in revenue and positive Adjusted EBITDA.

We are committed to a tremendous fourth quarter and FY 2021, and we have a renewed focus on strong revenue growth, improving gross margins and positive earnings.”

Financial Results for the Three Months Ended September 30, 2020

Revenues for the three months ended September 30, 2020 was $9,476,956, as compared to $11,304,731 for the three months ended September 30, 2019, resulting in a 16% decrease. The decreased in revenues in 2020 is related to the reduction in sales of panels, software and STEM primarily attributable to the school closures as a result of the ongoing COVID-19 global pandemic.

Gross profit for the three months ended September 30, 2020 was $2,024,503, as compared to $3,233,801 for the three months ended September 30, 2019. The decrease in gross margin from 29% to 21% related to changes in the Company’s product mix with a reduction in higher margin products such as software and STEM coupled with a 33% increase in distributor sales compared to 2019.

General and administrative expenses for the three months ended September 30, 2020 was $3,306,845 as compared to $4,230,372 for the three months ended September 30, 2019. The decrease is primarily driven by reductions in compensation and benefits of $0.7 million, travel and entertainment of $0.2 million and stock compensation of $0.2 million.

Research and development expenses were $471,129 and $351,104 for the three months ended September 30, 2020 and 2019, respectively. The change in research and development expense is primarily driven by the increase in contract services related to software consultants.

Other income (expense) for the three months ended September 30, 2020 was ($2,457,433), as compared to $875,863 for the three months ended September 30, 2019. The increase in other expense is related to a change in fair value of derivative liabilities of $1.6 million and loss from settlement of liabilities of $1.7 million.

Net loss was $4,210,904 and $471,812 for the three months ended September 30, 2020 and 2019, respectively. The increase in the net loss was primarily driven by a decrease of gross profit, decrease in operating expenses and increase in other expense. The resulting EPS loss for the three months ended September 30, 2020 was $(0.10) per diluted share, compared to $(0.04) per diluted share for the three months ended September 30, 2019.

Adjusted EBITDA loss for the three months ended September 30, 2020 was $0.9 million, an increase of $0.3 million or 66% compared to $0.5 million for the three months ended September 30, 2019.

At September 30, 2020, Boxlight had $9.6 million of cash, $124 million of total assets, $22.3 debt, and 50.9 million shares issued and outstanding.

Financial Results for the Nine Months Ended September 30, 2020

Revenues for the nine months ended September 30, 2020 were $23,027,723, as compared to $27,099,654 for the nine months ended September 30, 2019, resulting in a 15% decrease. The decrease in revenues in 2020 is related to the reduction in sales of panels, projectors, software and STEM primarily attributable to school closures as a result of the ongoing COVID-19 global pandemic.

Gross profit for the nine months ended September 30, 2020 was $6,306,113 as compared to $7,895,312 for the nine months ended September 30, 2019. Gross margin decrease from 29% to 27% was related to changes in the Company’s product mix with a reduction in higher margin products such as software and STEM coupled with a 15% increase in distributor sales compared to 2019.

General and administrative expenses for the nine months ended September 30, 2020 were $10,444,060 as compared to $11,892,814 for the nine months ended September 30, 2019. The decrease was driven primarily by reductions in tradeshows of $0.3 million, contract services of $0.6 million, compensation and benefits of $0.4 million and travel and entertainment of $0.4 million.

Research and development expenses were $1,073,095 and $911,682 for the nine months ended September 30, 2020 and 2019, respectively. The increase in research and development expense was driven primarily by an increase in contact services for software consultants.

Other income (expense) for the nine months ended September 30, 2020 was ($2,375,481), as compared to ($1,591,684) for the nine months ended September 30, 2019. The increase in other expense is related to loss on settlement of the Lind debt $2.3 million, increased interest expense of $0.3 million offset by a gain on settlement of EDI accounts payable by $1.7 million and a decrease in the change in fair value of derivative liabilities of $0.3 million.

Net loss was $7,586,523 and $6,500,868 for the nine months ended September 30, 2020 and 2019, respectively. The increase in the net loss was primarily driven by a decrease of gross profit, decrease in operating expenses and increase in other expense. The resulting EPS loss for the nine months ended September 30, 2020 was ($0.31) per diluted share, compared to ($0.62) per diluted share for the nine months ended September 30, 2019.

Adjusted EBITDA loss for the nine months ended September 30, 2020 was $1.6 million, a decrease of $1.5 million compared to $3.1 million for the nine months ended September 30, 2019.

Adjusted EPS for the nine months ended September 30, 2020 was ($0.06) per diluted share, compared to ($0.37) per diluted share for the nine months ended September 30, 2019.

3rd Quarter 2020 Financial Results Conference Call

Management will host a conference call to discuss the third quarter 2020 financial results on Monday, November 16, 2020 at 4:30 p.m. Eastern Time. The conference call details are as follows:

Date:

Monday, November 16, 2020

Time:

4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time

Dial-in:

1-888-567-1603 (Domestic)

1-862-298-0702 (International)

Webcast:

https://www.webcaster4.com/Webcast/Page/2213/38710

For those unable to participate during the live broadcast, a replay of the call will also be available from 7:30 p.m. Eastern Time on November 16, 2020 through 11:59 p.m. Eastern Time on November 30, 2020 by dialing 1-877-481-4010 (domestic) and 1-919-882-2331 (international) and referencing the replay pin number: 38710.

Use of Non-GAAP Financial Measures

To supplement Boxlight’s financial statements presented on a GAAP basis, Boxlight provides EBITDA and Adjusted EBITDA as supplemental measures of its performance.

To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro forma operations, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with EBITDA and Adjusted EBITDA, non-GAAP financial measures of earnings. EBITDA represents net income before income tax expense (benefit), interest expense, depreciation and amortization. Adjusted EBITDA represents EBITDA plus stock-based compensation, the change in fair value of derivative liabilities, purchase accounting impact of inventory markup, and non- cash losses associated with debt settlement. Our management uses EBITDA and Adjusted EBITDA as financial measures to evaluate the profitability and efficiency of our business model. We use these non-GAAP financial measures to access the strength of the underlying operations of our business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. We find this especially useful when reviewing pro forma results of operations, which include large non-cash amortizations of intangible assets from acquisitions and stock-based compensation. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

About Boxlight Corporation

Boxlight Corporation (Nasdaq: BOXL) is a leading provider of interactive technology solutions under its award winning brands Clevertouch® and Mimio®. The Company aims to improve engagement and communication in diverse business and education environments. Boxlight develops, sells, and services its integrated solution suite including interactive displays, collaboration software, supporting accessories and professional services. For more information about the Boxlight story, visit http://www.boxlight.com.

Forward-Looking Statements

This press release may contain information about Boxlight’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives, competition in the industry, etc. Boxlight encourages you to review other factors that may affect its future results in Boxlight’s filings with the Securities and Exchange Commission.

 
 

Boxlight Corporation

Consolidated Balance Sheets

 
 

September 30

 

December 31

2020

 

2019

ASSETS

 

Current asset:

Cash and cash equivalents

$

9,609,667

 

$

1,172,994

 

Accounts receivable-trade, net of allowances

 

21,095,910

 

 

3,665,057

 

Inventories, net of reserves

 

21,571,932

 

 

3,318,857

 

Prepaid expenses and other current assets

 

4,051,356

 

 

1,765,741

 

Total current assets

 

56,328,865

 

 

9,922,649

 

 

Property and equipment, net of accumulated depreciation

 

383,415

 

 

207,397

 

Intangible assets, net of accumulated amortization

 

54,012,656

 

 

5,559,097

 

Goodwill

 

13,429,385

 

 

4,723,549

 

Other assets

 

70,634

 

 

56,193

 

Total Assets

$

124,224,955

 

$

20,468,885

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

Accounts payable and accrued expenses

$

11,282,365

 

$

4,721,417

 

Accounts payable and accrued expenses – related parties

 

2,050,848

 

 

5,031,367

 

Warranty reserve

 

17,223

 

 

12,775

 

Current portion of debt-third parties

 

11,373,472

 

 

4,536,227

 

Current portion of debt-related parties

 

 

 

368,383

 

Earn-out payable – related party

 

119,132

 

 

387,118

 

Deferred revenues – short-term

 

4,917,088

 

 

1,972,565

 

Derivative liabilities

 

385,944

 

 

146,604

 

Other short-term liabilities

 

1,126,813

 

 

31,417

 

Total current liabilities

 

31,272,885

 

 

17,207,873

 

 

Deferred revenues – long-term

 

8,801,969

 

 

2,582,602

 

Long-term debt – third parties

 

10,950,403

 

 

1,201,139

 

Long-term debt – related party

 

 

 

108,228

 

Other long – term liabilities

 

5,623

 

 

16,696

 

Total liabilities

 

51,030,880

 

 

21,116,538

 

 

Commitments and contingencies

 

Mezzanine equity:

Series B preferred stock, $0.0001 par value, 1,586,620 shares designated, 1,586,620 and -0- shares issued and outstanding, respectively

 

18,181,178

 

 

 

Series C preferred stock, $0.0001 par value, 1,320,850 shares designated, 1,320,850 and -0- shares issued and outstanding, respectively

 

10,690,267

 

 

 

Total mezzanine equity

 

28,871,445

 

 

 

 

 

Stockholders’ equity (deficit):

Preferred stock, $0.0001 par value, 50,000,000 shares authorized:

Series A preferred stock, $0.0001 par value, 250,000 shares designated, 167,972 and 167,972 shares issued and outstanding, respectively

 

17

 

 

17

 

Common stock, $0.0001 par value, 200,000,000 shares authorized; 50,871,711 and 11,698,697 Class A shares issued and outstanding, respectively

 

5,087

 

 

1,170

 

Additional paid-in capital

 

82,860,910

 

 

30,735,815

 

Subscriptions receivable

 

(200

)

 

(200

)

Accumulated deficit

 

(38,932,954

)

 

(31,346,431

)

Other comprehensive loss

 

389,770

 

 

(38,024

)

Total stockholders’ equity

 

44,322,630

 

 

(647,653

)

 

Total liabilities, mezzanine and stockholders’ equity (deficit)

$

124,224,955

 

$

20,468,885

 

 

Boxlight Corporation

Consolidated Statement of Operations

 

Three Months Ended

 

Nine Months Ended

September 30,

 

September 30,

 

 

 

 

 

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

 

Revenues

$

9,476,956

 

$

11,304,731

 

$

23,027,723

 

$

27,099,654

 

Cost of Revenues

 

7,452,453

 

 

8,070,930

 

 

16,721,610

 

 

19,204,342

 

Gross Profit

 

2,024,503

 

 

3,233,801

 

 

6,306,113

 

 

7,895,312

 

 

Operating Expense:

General and administrative expenses

 

3,306,845

 

 

4,230,372

 

 

10,444,060

 

 

11,892,814

 

Research and development expenses

 

471,129

 

 

351,104

 

 

1,073,095

 

 

911,682

 

Total operating expense

 

3,777,974

 

 

4,581,476

 

 

11,517,155

 

 

12,804,496

 

 

Loss from operations

 

(1,753,471

)

 

(1,347,675

)

 

(5,211,042

)

 

(4,909,184

)

 

Other income (expense):

Interest expense, net

 

(530,830

)

 

(517,391

)

 

(1,618,366

)

 

(1,277,016

)

Other (expense) income, net

 

(14,673

)

 

21,077

 

 

60,932

 

 

65,956

 

Change in fair value of derivative liabilities

 

(193,640

)

 

1,372,177

 

 

(239,340

)

 

(527,058

)

Gain (loss) from settlement of liabilities

 

(1,718,290

)

 

 

 

(578,707

)

 

146,434

 

Total other income (expense)

 

(2,457,433

)

 

875,863

 

 

(2,375,481

)

 

(1,591,684

)

 

Net Loss

$

(4,210,904

)

$

(471,812

)

$

(7,586,523

)

$

(6,500,868

)

 

Comprehensive loss:

Net Loss

$

(4,210,904

)

$

(471,812

)

$

(7,586,523

)

$

(6,500,868

)

Other comprehensive loss:

Foreign currency translation income (loss)

 

536,118

 

 

(11,563

)

 

427,794

 

 

(26,749

)

Total comprehensive loss

$

(3,674,786

)

$

(483,375

)

$

(7,158,729

)

$

(6,527,617

)

 

Net loss per common share – basic and diluted

 

(0.10

)

 

(0.04

)

 

(0.31

)

 

(0.62

)

 

Weighted average number of common shares outstanding – basic and diluted

 

44,214,758

 

 

10,746,186

 

 

24,852,937

 

 

10,533,090

 

 
 

Boxlight Corporation

Reconciliation of Net Loss to Adjusted EBITDA

 

 

 

Three Months Ended

September 30,

 

 

 

 

2020

 

 

 

2019

 

Net Loss

$

(4,211

)

$

(472

)

Depreciation and amortization

 

318

 

 

222

 

Interest expense

 

531

 

 

517

 

EBITDA

$

(3,362

)

$

267

 

Stock compensation expense

 

346

 

 

574

 

Change in fair value of derivative liabilities

 

194

 

 

(1,372

)

Purchase accounting impact of fair valuing inventory

 

217

 

 

16

 

Net loss on settlement of Lind debt in stock

 

1,748

 

 

 

Adjusted EBITDA

$

(857

)

$

(515

)

 
 

Boxlight Corporation

Reconciliation of Net Loss to Adjusted EBITDA

 

 

 

Nine Months Ended

September 30,

 

 

 

 

2020

 

 

 

2019

 

Net Loss

$

(7,587

)

$

(6,501

)

Depreciation and amortization

 

758

 

 

689

 

Interest expense

 

1,618

 

 

1,277

 

EBITDA

$

(5,211

)

$

(4,535

)

Stock compensation expense

 

866

 

 

896

 

Change in fair value of derivative liabilities

 

239

 

 

527

 

Purchase accounting impact of fair valuing inventory

 

236

 

 

40

 

Net loss on settlement of Lind debt in stock

 

2,340

 

 

 

Adjusted EBITDA

$

(1,530

)

$

(3,072

)

 

Media
Sunshine Nance

+1 360-464-2119 x254

[email protected]

Investor Relations

Michael Pope

+1 360-464-4478

[email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Software Hardware Other Education Consumer Electronics Technology Primary/Secondary Education Training

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