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Johnson & Johnson and U.S. Department of Health & Human Services Expand Agreement to Support Next Phase of COVID-19 Vaccine Candidate Research and Development

PR Newswire

NEW BRUNSWICK, N.J., Nov. 14, 2020 /PRNewswire/ — Johnson & Johnson (NYSE: JNJ) (the Company) announced the expansion to the partnership between its Janssen Pharmaceutical Companies (Janssen) and the Biomedical Advanced Research and Development Authority (BARDA), which is part of the Office of the Assistant Secretary for Preparedness and Response (ASPR) at the U.S. Department of Health and Human Services for the ongoing development of Janssen’s investigational COVID-19 vaccine candidate.

Under the amendment, Janssen will commit approximately $604 million and BARDA will commit approximately $454 million to support the ongoing Phase 3 ENSEMBLE trial evaluating Janssen’s investigational COVID-19 vaccine candidate as a single-dose in up to 60,000 volunteers worldwide.

Paul Stoffels, M.D., Vice Chairman of the Executive Committee and Chief Scientific Officer, Johnson & Johnson, said, “We greatly value the ongoing confidence and support of our investigational COVID-19 vaccine candidate development program. Combined with our own significant investment, this agreement has enabled our vital research and development and underscores the importance of public-private partnerships to tackle the worldwide COVID-19 pandemic.”

This project has been funded in whole or in part with Federal funds from the Office of the Assistant Secretary for Preparedness and Response, Biomedical Advanced Research and Development Authority, under OTA No. HHSO100201700018C.

Johnson & Johnson affirmed its commitment to develop and test its Janssen COVID-19 vaccine candidate in accordance with high ethical standards and sound scientific principles, as outlined in a pledge made by nine vaccine manufacturers earlier this year.

For more information on Johnson & Johnson’s multi-pronged approach to combatting the pandemic, visit: www.jnj.com/coronavirus.

About Johnson & Johnson

At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest and most broadly-based healthcare company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity. Learn more at www.jnj.com. Follow us at @JNJNews.

About the Janssen Pharmaceutical Companies
At Janssen, we’re creating a future where disease is a thing of the past. We’re the Pharmaceutical Companies of Johnson & Johnson, working tirelessly to make that future a reality for patients everywhere by fighting sickness with science, improving access with ingenuity, and healing hopelessness with heart. We focus on areas of medicine where we can make the biggest difference: Cardiovascular & Metabolism, Immunology, Infectious Diseases & Vaccines, Neuroscience, Oncology, and Pulmonary Hypertension. Learn more at www.janssen.com. Follow us at @JanssenGlobal.



Notice to Investors Concerning Forward-Looking Statements



This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding development of a potential preventive vaccine for COVID-19. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Janssen Pharmaceutical Companies, and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; manufacturing difficulties and delays; competition, including technological advances, new products and patents attained by competitors; challenges to patents; product efficacy or safety concerns resulting in product recalls or regulatory action; changes in behavior and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in the company’s most recently filed Quarterly Report on Form 10-Q, and the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. None of the Janssen Pharmaceutical Companies nor Johnson & Johnson undertakes to update any forward-looking statement as a result of new information or future events or developments.

 

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SOURCE Johnson & Johnson

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Borr Drilling Limited – Launch of Subsequent Offering

PR Newswire

HAMILTON, Bermuda, Nov. 14, 2020 /PRNewswire/ — Reference is made to Borr Drilling Limited (“Borr” or the “Company”) (NYSE: BORR) (OSE: BDRILL) stock exchange notices in September 2020 relating to a contemplated subsequent offering in Borr. The board of directors of Borr (the “Board”) has today resolved to launch a conditional subsequent offering consisting of up to 10,000,000 new shares (the “Offer Shares” and the “Subsequent Offering”). The Offer Shares will be listed on Oslo Børs upon delivery.

The subscription price in the Subsequent Offering is US$0.53 per Offer Share which equals the subscription price in the US$27.5 million equity offering completed in September 2020 (the “September Offering”).

The subscription period for the Subsequent Offering starts on Monday 16 November 2020 and will close at 16:30 CET on 23 November 2020.

The Subsequent Offering will be directed towards the Company’s holders of shares, listed on Oslo Børs, as of the end of 22 September 2020 (as registered in the Norwegian Central Securities Depository (“VPS”) on 24 September 2020 (“Record Date”), who are not resident in a jurisdiction where such offering would be unlawful, or for jurisdictions other than Norway which would require any filing, registration or similar action (the “Eligible Shareholders”).

Each Eligible Shareholder will receive 0.113 non-tradable subscription rights (“Subscription Rights”) per share listed on Oslo Børs held at the Record Date. The holders of Subscription Rights will be entitled to subscribe for and be allocated one (1) Offer Share for every Subscription Right held. Each Offer Share constitutes a depository receipt, representing the beneficial ownership to one underlying common share in Borr, as Borr’s other instruments listed on Oslo Børs. Over-subscription is permitted.

The Subscription Rights are non-tradable and registered with ISIN BMG 1466R1401. Subscription Rights not used prior to the end of the subscription period will lapse and be of no value. Offer Shares that are not subscribed for by holders of Subscription Rights may be subscribed by other investors, at the Board’s discretion.

Completion of the Subsequent Offering and issuance of the Offer Shares are subject to the Board resolving to complete the Subsequent Offering and allocate the Offer Shares.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Important note

This announcement is not being made in or into Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would be prohibited by applicable law. This distribution does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities in the United States. The shares referred to herein have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited—launch-of-subsequent-offering,c3237156

 

 

 

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SOURCE Borr Drilling Limited

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Check Point Software Technologies Named a Leader in Gartner Magic Quadrant for Network Firewalls for the 21st Time

Check Point recognized as a Leader based on its ability to execute and completeness of vision

SAN CARLOS, Calif., Nov. 14, 2020 (GLOBE NEWSWIRE) — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber security solutions globally, today announced it has been recognized as a Leader in the Gartner Magic Quadrant for Enterprise Network Firewalls. It is the 21st time in the company’s history that Check Point has been named a Leader for Enterprise Network Firewalls. We believe this year’s recognition highlights Check Point’s continued focus on integrating cloud and on premise security, enhancing performance and integration across its solution range, and its centralized, unified security management.

“Being recognized 21 times as a Leader in the Gartner Magic Quadrant for Network Firewalls is a huge accomplishment and a real testament to our market vision,” said Itai Greenberg, VP of Product Management at Check Point. “We think this year’s recognition was driven by our obsessive focus on extending and consolidating our Infinity Architecture to secure every part of the enterprise network fabric, from cloud deployments and data centers to employees’ endpoints, mobiles and IoT devices. With our industry-leading threat prevention and holistic, centralized security management, enterprises can protect themselves from new and emerging attacks at every point on their networks, while meeting their evolving IT needs in the post-pandemic era.”

Check Point’s Infinity Architecture is the industry’s first consolidated security architecture spanning networks, cloud, mobile and IoT, providing the highest level of threat prevention against both known and unknown cyber threats. Its comprehensive enterprise product line ensures customers are protected against any threat, anytime and anywhere. The Infinity architecture offers:

  • The most advanced threat prevention
    technology: Check Point’s award-winning SandBlast Zero Day Protection is a core component of Infinity, with over 60 security services focused on threat prevention. It features a 100% block score for email and web malware prevention, exploit resistance and post-infection catch rate, as seen in the NSS Labs’ recent Breach Prevention Systems (BPS) Group Test.
  • Largest offering of security solutions
    : Check Point offers firewalls for all use cases, including cloud-native and container deployments, firewall-as-a-service (FWaaS) and secure access service edge (SASE), giving advanced threat prevention for all assets and workloads in public, private, hybrid or multi-cloud environments. The Infinity Architecture also extends to endpoints, mobiles and IoT devices, giving unified, automated security everywhere.
  • Top tier security management
    : Check Point’s R80 centralized management suite gives holistic control of security policies and products across all of an organization’s networks and cloud environments, increasing operational efficiency and lowering the complexity of managing security.

Read more about today’s announcement, and receive a complimentary copy of the 2020 Gartner Magic Quadrant for Network Firewalls.

*Gartner, Magic Quadrant for Network Firewalls, Rajpreet Kaur, Adam Hils, Jeremy D’Hoinne, 9 November 2020.

Follow Check Point via:

Twitter: http://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: http://blog.checkpoint.com
YouTube: http://www.youtube.com/user/CPGlobal
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies 

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Check Point Software Technologies Ltd.

Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cyber security solutions to governments and corporate enterprises globally.  Its solutions protect customers from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware and other types of attacks. Check Point offers multilevel security architecture, “Infinity” Total Protection with Gen V advanced threat prevention, which defends enterprises’ cloud, network and mobile device held information. Check Point provides the most comprehensive and intuitive one point of control security management system. Check Point protects over 100,000 organizations of all sizes.

MEDIA CONTACT:     INVESTOR CONTACT:
Ana Perez    Kip E. Meintzer
Check Point Software Technologies    Check Point Software Technologies 
+1 650.832.3942   +1 650.628.2040
[email protected]    [email protected] 



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Moody’s Investor Service affirms African Development Bank’s AAA credit rating

ABIDJAN, Côte d’Ivoire, Nov. 14, 2020 (GLOBE NEWSWIRE) — Moody’s Investor Service has affirmed the African Development Bank’s AAA credit rating, with a stable outlook.

“The credit profile of African Development Bank (AfDB) is supported by the bank’s robust capital buffers and superior risk management, which mitigate risks,” Moody’s Investor Service said in an annual credit analysis dated 27 October 2020. 

Moody’s added: “An ample liquidity buffer and unfettered access to international capital markets also support its ability to meet its debt-service obligations. Moreover, the bank has a long track record of being the premier development institution in Africa and benefits from shareholders’ ability and willingness to support its development objectives, exemplified by the significant contributions of highly rated non-regional member countries.”

Dr. Akinwumi Adesina, President of the African Development Bank, said: “The AAA rating by Moody’s validates the strength of the Bank’s prudent financial and risk management and strong governance systems even in the face of tough challenges imposed by the Covid-19 pandemic. The extraordinary support of the Bank’s shareholders boosts our capacity to finance African countries. We will continue to manage risks and capital requirements adequately to help African countries to build their economies back better and faster, while assuring economic, health and climate resilience.”

Swazi Tshabalala, Acting Senior Vice President, Vice President for Finance and Chief Finance Officer at the African Development Bank, said: “Thanks to the solid backing of its shareholders and strong financial profile, the African Development Bank is rated triple-A with stable outlook by all the major international rating agencies.”

The ‘AAA’ rating from Moody’s follows earlier affirmations of the ‘AAA’ rating of the Bank, with stable outlook, by the other leading rating agencies, namely Fitch Ratings, Standard and Poor’s Global Ratings and Japan Credit Rating Agency.

About the African Development Bank Group
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.afdb.org

Contact: Amba Mpoke-Bigg, Communication and External Relations Department, African Development Bank, email: [email protected]



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The 2nd Graduates Forum of the Global Alliance of Universities on Climate is here!

Beijing, China, Nov. 14, 2020 (GLOBE NEWSWIRE) — 2020 has been a challenging year for the world, the immediate health and governance crisis brought by the pandemic is of priority, at the same time, we must have long-term visions to ensure a green resilient recovery around the world. Addressing climate change is one of the biggest challenges for our survival and development in the 20th century, requiring all stakeholder to jointly tackle, including academic research and technological innovation. Under this light, the Global Alliance of Universities on Climate was founded at the Annual Meeting of the World Economic Forum in 2019. As a flagship initiative within the alliance, the Graduate Forum of GAUC was missioned to better facilitate the role of global leading universities, providing a focused platform for young global scholars to exchange insights and findings on climate-related issues.

In November 2019, more than 150 graduate students from 55 universities across 6 continents united at Tsinghua University to attend the inaugural GAUC Graduate Forum. During the forum, student representatives jointly drafted a letter to Xi Jinping, presenting their thoughts on consciously shouldering the responsibility in combating climate change, and promoting the construction of ecological civilization. This January, President Xi Jinping wrote back, expressing his appreciation for GAUC students’ common concern over climate change, and is looking forward to their active efforts in tackling climate change.

Despite the delay of COP 26 due to COVID-19, the efforts to deal with global climate change marches forward. From 14th to 16th November 2020, the 2nd GAUC Graduates Forum, with the theme “Climate Change and Global Post-Pandemic Green Recovery”, will be held via hybrid conferencing, welcoming online and offline participants around the world.

DAY 1 (November 14th)

On the evening of November 14th, the opening ceremony and the main forum is scheduled to be held at the Main Building of Tsinghua University. We will welcome a distinguished list of guests joining us online and offline, they include:

Patricia Espinosa, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC);

Nicholas Stern, President of the British Academy, Chairman of the Asia Research Centre, and Chairman of the Grantham Research Institute on Climate Change and the Environment at London School of Economics;

Qi Ye, Professor of the School of Public Administration of Tsinghua University and Director of the Institute for Public Policy Studies.

DAY 2 (November 15th)

Poster exchanges will take place in the afternoon at the Main Building of Tsinghua University. Later on in the evening, four sub-forums will be held with selected scholars giving presentations on their submitted research, the topics are as followed:

Sub-Forum 1: Public Awareness and Behaviour in the Context of Climate Change

Sub-Forum 2: Addressing Climate Change: Nature-based Solution

Sub-Forum 3: Climate Governance Solutions for Higher Quality Recovery

Sub-Forum 4: Technological Innovation and Economic Transformation Under the Goal of Carbon Neutrality

DAY 3 (November 16th)

On the last day of the conference, poster exchanges will be held side-by-side with the Exhibition of Youth Action on Climate Change at the Main Building of Tsinghua University. The exhibition is around two themes: “Young People in Action” and “Experience Climate”. In the Interactive experience area, a recycling space is set up for audience to exchange their empty plastic bottles for recycled products. In addition, you can also find interactive experiences of “My Carbon Footprint” and “36 Methods of Energy Saving and Emission Reduction” in the area.

The closing ceremony will be held at the Meng Minwei Building, Tsinghua. The closing ceremony will focus on the hottest emerging topic around the world, “Nature-based Solutions (NbS)”. We will also will hear from a group of experts during a TED conference on their insights into NbS, aimed at enhancing young students’ understanding of NbS. This session is open to Tsinghua non-participants.

Follow the Global Alliance of Universities on Climate on Facebook and Twitter for most updated news and watch the forum LIVE!



Fu Yanan
ICCSD, Tsinghua University
[email protected]

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iQIYI Exclusive Film “Spring Tide” Distributed via PVOD Nominated for Best Feature Film and Best Director at the Golden Rooster Awards

PR Newswire

BEIJING, Nov. 14, 2020 /PRNewswire/ — iQIYI Inc. (NASDAQ: IQ) (“iQIYI” or the “Company”), an innovative market-leading online entertainment service in China, is pleased to announce that its premium video-on-demand (“PVOD” or the “Mode”) title, Spring Tide has been nominated for Best Feature Film and Best Director at the 33rd Golden Rooster awards. This is the first time a film distributed via PVOD is nominated for such a high honor. Established in 1981, The Golden Rooster Awards is the most prominent film prize in China’s Mainland. The five other nominees of Best Feature Film Award are Better Days, Leap, Sheep Without A Shepherd, Chaogtu with Sarula, and My People, My Country.

Spring Tide tells the story of women from three generations within a dysfunctional family. A reporter and single mother, Guo Jianfeng, played by Hao Lei, is caught in an emotional dilemma between her mother and daughter. The film, since its premiere, has led to heated online discussion about the concept of “family of origin”. The hashtag “Influence of the original family” has made it on the list of most trending Weibo topics with more than 20 million views.

On the nominations Spring Tide received, Yang Xianghua, President of Membership and Oversea Business Group of iQIYI, remarked, “Great films are not restricted by distribution models and the size of the screens they are shown on. We are confident that in the long run, PVOD will meet the diverse needs of audiences and form a new distribution and business model. This model awaits optimization, and we will keep on exploring its potential.”

The Mode allows users to view latest releases online at a moderate price, while also enabling film producers to obtain greater revenue by establishing more distribution channels and platforms to attract more users by providing high-quality content. Moreover, films distributed via PVOD are also able to have a broad content impact.

As the pioneer of PVOD mode in China, iQIYI has released numerous leading titles via the PVOD mode. Since this February, the Company has streamed blockbusters like Enter the Fat Dragon, Knockout, Marriage Story, Monster Run, Double World, and Dwelling in the Fuchun Mountains via the Mode. Most recently in November, iQIYI premiered Paramount’s animation, the SpongeBob Movie: Sponge on the Run, under PVOD.

About iQIYI, Inc.
iQIYI, Inc. is an innovative market-leading online entertainment service in China. Its corporate DNA combines creative talent with technology, fostering an environment for continuous innovation and the production of blockbuster content. iQIYI’s platform features highly popular original content, as well as a comprehensive library of other professionally-produced content, partner-generated content and user-generated content. The Company distinguishes itself in the online entertainment industry by its leading technology platform powered by advanced AI, big data analytics and other core proprietary technologies. iQIYI attracts a massive user base with tremendous user engagement, and has developed a diversified monetization model including membership services, online advertising services, content distribution, live broadcasting, online games, IP licensing, online literature and e-commerce.

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SOURCE iQIYI, Inc.

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Biortus Announces Round A Financing and Launches Global Cryo-EM Innovation Center

PR Newswire

WUXI, China, Nov. 13, 2020 /PRNewswire/ — Wuxi Biortus Biosciences Co. Ltd. (“Biortus”), a global leader in structural biology service for drug discovery, recently closed round A financing with US$15 million investment led by Bayland Capital, and the fund will be used to establish a global cryo-EM innovation center.

In 2018, Biortus launched the very first commercial gene-to-structure one-stop-shop cryo-EM platform. Since then Biortus’s cryo-EM team has witnessed the transformative power of cryo-EM in breaking the barrier of traditional structural biology methodologies by delivering atomic resolution information on membrane proteins and large protein complexes. With the support from round A fund, Biortus is upgrading its cryo-EM platform to a research hub named “Biortus Cryo-EM ” (Biortus Cryo-EM Global Innovation Center for Structural Biology). The research hub is under construction at Wuxi International Life Science Innovation Campus (I·Campus) in collaboration with Wuxi Municipal Government, Wuxi New District and global biopharmaceutical company AstraZeneca. Phase one construction of the hub will be completed in January of 2021 with first 3 sets of newly purchased cryo-EM instruments including a fully loaded Titan Krios 300kV electron microscope. In the next 3 years, Biortus Cryo-EM will add at least 5 units of high-end electron microscopes to further expand its capacity.

Biortus Cryo-EM will be an open platform for both industrial and academic users with flexible business models to meet the diverse needs of global clients.

About Biortus:
Biortus is a full-scale contract research organization (CRO) for lead generation in drug discovery, offering services in critical aspects including target protein, in vitro assay, and structural biology. Biortus’s core capabilities include target protein production, biochemical / biophysical / cellular assay development, compound screening and characterization, X-ray crystallography, cryo-EM for protein structure determination (SPA), and MicroED for small molecule crystal form and structure characterization. Biortus’s service is highly recognized by clients with co-authorship in more than 10 publications in prestigious journals including Science, Cell, Cell Research, Nature Communications, and JACS etc.

About Bayland Capital:
Bayland Capital, founded by Pharmaron and Legend Capital, is a leading investment firm with a focus on innovative life science companies globally. Pharmaron (300759.SZ/3759. HK) is a premier R&D service company supporting the life science industry. Founded in 2004, Pharmaron has invested in its people and facilities and established diverse drug R&D service capabilities. With operations in China, US and UK staffed by over 10,000 employees, Pharmaron has an excellent track record in the delivery of R&D solutions to its global partners in North America, Europe, Japan, and China.

 

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SOURCE Wuxi Biortus Biosciences Co. Ltd.

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Clorox to Present at Upcoming Bernstein, Morgan Stanley Conferences

PR Newswire

OAKLAND, Calif., Nov. 13, 2020 /PRNewswire/ — The Clorox Company (NYSE: CLX) announced today that two of its senior leaders will be featured at upcoming investor conferences. Chief Executive Officer Linda Rendle will participate in a fireside chat as part of the Bernstein Operational Decisions Virtual Conference 2020 on Monday, Nov. 16, with a live webcast scheduled to begin at 11 a.m. ET (8 a.m. PT). Chief Financial Officer Kevin Jacobsen will participate in a fireside chat as part of the 2020 Morgan Stanley Virtual Global Consumer & Retail Conference on Tuesday, Dec. 1, with a live webcast scheduled to begin at 2 p.m. ET (11 a.m. PT). Both webcasts can be accessed through Clorox Investor Events, where replays will also be available after the event.

The Clorox Company

The Clorox Company (NYSE: CLX) is a leading multinational manufacturer and marketer of consumer and professional products with about 8,800 employees worldwide and fiscal year 2020 sales of $6.7 billion. Clorox markets some of the most trusted and recognized consumer brand names, including its namesake bleach and cleaning products; Pine-Sol® cleaners; Liquid-Plumr® clog removers; Poett® home care products; Fresh Step® cat litter; Glad® bags and wraps; Kingsford® charcoal; Hidden Valley® dressings and sauces; Brita® water-filtration products; Burt’s Bees® natural personal care products; and RenewLife®, Rainbow Light®, Natural Vitality Calm™, NeoCell® and Stop Aging Now® vitamins, minerals and supplements. The company also markets industry-leading products and technologies for professional customers, including those sold under the CloroxPro™ and Clorox Healthcare® brand names. More than 80% of the company’s sales are generated from brands that hold the No. 1 or No. 2 market share positions in their categories.

Clorox is a signatory of the United Nations Global Compact and the Ellen MacArthur Foundation’s New Plastics Economy Global Commitment. The company has been broadly recognized for its corporate responsibility efforts, listed No. 1 on the 2020 Axios Harris Poll 100 reputation rankings and included on the Barron’s 2020 100 Most Sustainable Companies list and the Human Rights Campaign’s 2020 Corporate Equality Index, among others. In support of its communities, The Clorox Company and its foundations contributed more than $25 million in combined cash grants, product donations and cause marketing in fiscal year 2020. For more information, visit TheCloroxCompany.com, including the Good Growth blog, and follow the company on Twitter at @CloroxCo.

CLX-F

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SOURCE The Clorox Company

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Costar Technologies, Inc. Announces Financial Results For the Third Quarter Ended September 30, 2020

($ in thousands except per share amounts)

PR Newswire

COPPELL, Texas, Nov. 13, 2020 /PRNewswire/ — Costar Technologies, Inc. (the “Company”) (OTC Markets Group: CSTI) announced today its financial results for the third quarter ended September 30, 2020 that have been reviewed by the independent accounting firm BKD, LLP.


Financial Results for the Quarter Ended September 30, 2020

  • Revenues of $15,727, a 11.5% decrease compared to the third quarter of 2019.
  • Operating expenses, net of a goodwill impairment loss of $939, were down 19.4% to $5,062, compared to $6,283 in the third quarter of 2019.
  • GAAP net loss of $8,292, or ($5.17) per diluted share, compared to GAAP net income of $840, or $0.51 per diluted share, in the third quarter of 2019.
  • Adjusted earnings of $372, or $0.234 per diluted share, compared to $1,287, or $0.79 per diluted share, for the quarter ended September 30, 2019. Adjusted earnings of $1,036, or $0.65 per diluted share, for the nine months ended September 30, 2020, compared to $37, or $0.02 per diluted share, for the nine months ended September 30, 2019. Adjusted earnings, a non-GAAP measure, is defined below.
  • Adjusted EBITDA of $974, compared to $2,010 for the quarter ended September 30, 2019. Adjusted EBITDA of $2,124, compared to $904 for the nine months ended September 30, 2019 Adjusted EBITDA, a non-GAAP measure, is defined below.

Scott Switzer, the Company’s Interim Chief Executive Officer stated, “Like many businesses, we continue to adapt and evolve in response to the global pandemic. Our “One Costar” initiative has led to increased collaboration across our subsidiaries which has opened the door to new opportunities by expanding our ability to introduce products into new markets. The initiative has also driven many efficiencies that increase our agility to respond to the ever-changing market environment.  I am encouraged by how well our team continues to navigate new challenges while remaining focused on providing industry leading customer service and support.”

Sarah Ryder, the Company’s Chief Financial Officer, went on to say, “During the third quarter we saw a nearly 7.5% increase in revenue over the prior quarter, while realizing the benefit of expense reduction efforts executed throughout the second and third quarters. There were large non-cash charges incurred in the quarter as we put a valuation allowance on our deferred tax asset, recognized an impairment loss on the goodwill associated with the Arecont Vision acquisition and modified our inventory excess and obsolescence reserve policy. We will continue to evaluate our cost structure to ensure alignment with potential COVID-19 related restrictions which may continue to impact revenue.”

The Company’s independent auditors completed their analysis of the Company’s financial condition. The Independent Auditor’s Review Report, including financial statements and applicable footnote disclosures, is available on our website at www.costartechnologies.com.


Non-GAAP Financial Measures

The Company defines adjusted earnings, a non-GAAP measure, as net income (loss) excluding stock-based compensation and amortization of acquisition-related intangible assets. The Company defines adjusted EBITDA, a non-GAAP measure, as earnings before interest, taxes, depreciation, amortization and stock-based compensation. The following tables reconcile the non-GAAP financial measures disclosed in this release to GAAP net income (loss):


Quarter Ended 9/30/20


Quarter Ended 9/30/2019


Nine Months Ended 9/30/20


Nine Months Ended 9/30/19


Adjusted Earnings


372


1,287


1,036


37

Less:

    Stock-Based Compensation

(27)

(124)

(112)

(297)

    Intangible Amortization

(318)

(323)

(953)

(971)

    Restructuring Costs

(635)

    Impairment Loss

(939)

(939)

    Revaluation of Deferred Tax Asset

(4,614)

(4,614)

    Modification to Inventory Reserve Policy

(2,766)

(2,766)


Net Income (Loss)


(8,292)


840


(8,983)


(1,231)


Quarter Ended 9/30/20


Quarter Ended 9/30/2019


Nine Months Ended 9/30/20


Nine Months Ended 9/30/19


Adjusted EBITDA


974


2,010


2,124


904

Less:

    Interest

(205)

(350)

(703)

(1,006)

    Income Taxes (Benefit)

(4,896)

(255)

(4,653)

474

    Depreciation

(115)

(118)

(346)

(335)

    Intangible Amortization

(318)

(323)

(953)

(971)

    Stock-Based Compensation

(27)

(124)

(112)

(297)

    Restructuring Costs

(635)

    Impairment Loss

(939)

(939)

    Modification to Inventory Reserve Policy

(2,766)

(2,766)


Net Income (Loss)


(8,292)


840


(8,983)


(1,231)

These reconciliations of GAAP to non-GAAP measures should be considered together with the Company’s financial statements. These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company’s management believes that this information can assist investors in evaluating the Company’s operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management. However, the non-GAAP financial measures should not be regarded as a replacement for (or superior to) corresponding, similarly captioned, GAAP measures.


About Costar Technologies, Inc.

Costar Technologies, Inc. develops, designs, manufactures and distributes a range of security solution products including surveillance cameras, lenses, digital video recorders and high-speed domes. The Company also develops, designs and distributes industrial vision products to observe repetitive production and assembly lines, thereby increasing efficiency by detecting faults in the production process. Headquartered in Coppell, Texas, the Company’s shares currently trade on the OTC Markets Group under the ticker symbol “CSTI”. Costar was ranked as the 40th largest company in a&s magazine’s Security 50 for 2020. Security 50 is an annual ranking by the magazine of the world’s largest security manufacturers in the areas of video surveillance, access control and intruder alarms, based on sales revenue.


Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements, including statements regarding the Company’s ability to grow revenue and earnings, that are subject to substantial risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to risks related to the ability to diversify business across vertical markets, secure new customer wins, and launch new products. You can often identify forward-looking statements by words such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other comparable terminology. These forward-looking statements are based on management’s current expectations, but they involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of the risks and uncertainties.

You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable laws.

 


COSTAR TECHNOLOGIES, INC. AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(AMOUNTS SHOWN IN THOUSANDS)


September 30, 2020


December 31, 2019


(Reviewed)     


(Audited)     


ASSETS


Current assets

   Cash and cash equivalents

$

1

$

1

   Accounts receivable, less allowance for doubtful accounts

      of $249 and $396, respectively

9,467

9,056

   Inventories

15,974

20,196

   Prepaid expenses and other current assets

2,286

2,295

Total current assets

27,728

31,548


Non-current assets

   Property and equipment, net

645

910

   Deferred financing costs, net

30

59

   Deferred tax asset, net

4,514

   Intangible assets, net

6,730

7,683

   Goodwill

5,574

6,513

   Right of use assets

2,426

3,131

   Other non-current assets

149

149

(661)

Total non-current assets

15,554

22,959

Total assets

$

43,282

$

54,507


LIABILITIES AND STOCKHOLDERS’ EQUITY


Current liabilities

   Accounts payable

$

4,362

$

5,639

   Accrued expenses and other

6,473

5,879

   Line of credit

14,030

15,953

   Current maturities of long-term debt, net of unamortized 

       financing fees

3,789

781

   Contingent purchase price

498

1,490

   Current maturities of notes payable, unrelated party

583

   Current maturities of lease liabilities

1,035

990

Total current liabilities

30,187

31,315


Long-Term liabilities

   Long-term debt, net of current maturities and 

        unamortized financing fees

3,592

   Payroll Protection Program loan

3,025

   Deferred tax liability

100

   Non-current maturities of lease liabilities

1,607

2,389

Total long-term liabilities

4,732

5,981

Total liabilities

34,919

37,296


Stockholders’ Equity

   Preferred stock

   Common stock

3

3

   Additional paid-in capital

157,613

157,478

   Accumulated deficit

(144,732)

(135,749)

Less common stock held in treasury, at cost

(4,521)

(4,521)

Total stockholders’ equity

8,363

17,211

Total liabilities and stockholders’ equity

$

43,282

$

54,507

 

 

 


COSTAR TECHNOLOGIES, INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF OPERATIONS


(AMOUNTS SHOWN IN THOUSANDS, EXCEPT NET INCOME PER SHARE)


Three Months Ended September 30,


Nine Months Ended September 30,


2020


2019


2020


2019


(Reviewed)


(Reviewed)


(Reviewed)


(Reviewed)

Net revenues

$

15,727

$

17,774

$

47,395

$

52,588

Cost of revenues

12,917

10,054

32,449

31,527


Gross profit

2,810

7,720

14,946

21,061

Selling, general and administrative
expenses

4,065

4,821

13,448

17,358

Engineering and development expense

997

1,462

3,552

4,411

Restructuring costs

635

Impairment loss

939

939

6,001

6,283

18,574

21,769


Income (loss) from operations

(3,191)

1,437

(3,628)

(708)

Other expenses

Interest expense

(205)

(350)

(703)

(1,006)

Other income, net

8

1

9

Total other expenses, net

(205)

(342)

(702)

(997)

Income (loss) before taxes

(3,396)

1,095

(4,330)

(1,705)

Income tax provision (benefit)

4,896

255

4,653

(474)


Net income (loss)

$

(8,292)

$

840

$

(8,983)

$

(1,231)


Net income (loss) per share:

Basic

$

(5.17)

$

0.53

$

(5.63)

$

(0.78)

Diluted

$

(5.17)

$

0.51

$

(5.63)

$

(0.78)


Weighted average shares outstanding:

Basic

1,603

1,597

1,596

1,576

Diluted

1,603

1,633

1,596

1,576

 

Cision View original content:http://www.prnewswire.com/news-releases/costar-technologies-inc-announces-financial-results-for-the-third-quarter-ended-september-30-2020-301173085.html

SOURCE Costar Technologies, Inc.

Posted on

NIKOLA 72 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuits Against Nikola Corporation- NKLA, NKLAW

NIKOLA 72 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuits Against Nikola Corporation- NKLA, NKLAW

NEW ORLEANS–(BUSINESS WIRE)–
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until November 16, 2020 to file lead plaintiff applications in securities class action lawsuits against Nikola Corporation (NasdaqGS: NKLA, NKLAW) f/k/a VectoIQ Acquisition Corp. (NasdaqCM: VTIQ, VTIQW, VTIQU), if they purchased the Company’s securities between March 3, 2020 and October 15, 2020, inclusive (the “Class Period”) or owned VectoIQ shares as of the May 8, 2020 record date and were entitled to vote on VectoIQ’s proposed transaction with Nikola. These actions are pending in the United States District Courts for the District of Arizona, Eastern District of New York and Central District of California.

What You May Do

If you purchased securities of Nikola or VectoIQ as above and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-nkla to learn more. If you wish to serve as a lead plaintiff in these class actions by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by November 16, 2020.

About the Lawsuit

Nikola and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On September 10, 2020, Hindenburg Research published a report alleging that evidence showed the Company was “an intricate fraud built on dozens of lies.” Subsequently, it was reported that the Company was the subject of probes by both the U.S. Securities and Exchange Commission and the Justice Department. Then, on September 21, 2020, the Company announced the sudden resignation of Founder and Executive Chairman, Trevor Milton. Then, in several interviews on October 15-16, 2020, the Company’s CEO made statements indicating that the Company’s strategic manufacturing partnership with General Motors could fall through.

On this news, the price of Nikola’s shares plummeted.

The first-filed case is Borteanu v. Nikola Corporation et al., 20-cv-01797.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.

To learn more about KSF, you may visit www.ksfcounsel.com.

Lewis Kahn, Managing Partner

[email protected]

1-877-515-1850

KEYWORDS: United States North America Louisiana

INDUSTRY KEYWORDS: Legal Professional Services

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