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Cohen & Steers Announces Changes to Realty Indexes

PR Newswire

NEW YORK, Nov. 13, 2020 /PRNewswire/ — Cohen & Steers, Inc. (NYSE: CNS) announced today pending changes to its Realty Majors Portfolio Index (RMP), Global Realty Majors Portfolio Index (GRM), and International Realty Majors Portfolio Index (IRP), effective as of the close of business on November 20, 2020.


Cohen & Steers Realty Majors Portfolio Index (RMP)


Added component (symbol)


Removed component (symbol)

Healthpeak Properties Inc. (PEAK.US)

National Retail Properties Inc. (NNN.US)


Cohen & Steers Global Realty Majors Portfolio Index (GRM)


Added component (symbol)


Removed component (symbol)

Healthpeak Properties Inc. (PEAK.US)

National Retail Properties Inc. (NNN.US)

Mapletree Industrial Trust (MINT.SP)

City Developments Ltd. (CIT.SP)

Aedifica (AED.BB)

Inmobiliaria Colonial Socimi (COL.SM)


Cohen & Steers International Realty Majors Portfolio Index (IRP)


Added component (symbol)


Removed component (symbol)

Mapletree Industrial Trust (MINT.SP)

City Developments Ltd. (CIT.SP)

Aedifica (AED.BB)

Inmobiliaria Colonial Socimi (COL.SM)

These free-float adjusted, modified market capitalization-weighted total return indexes of selected real estate equity securities are quoted intraday on a real-time basis by the Chicago Mercantile Exchange. The Indexes’ modified capitalization-weighted approach and qualitative screening process emphasize companies that Cohen & Steers believes are leading the securitization of real estate globally.

The Indexes can be used as indexing benchmarks, stock selection universes, underlying indexes for derivative instruments or performance benchmarks. All index weightings are independently calculated by Standard & Poor’s.

Website: https://www.cohenandsteers.com/
Symbol: (NYSE: CNS)

About Cohen & Steers. Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.

 

Cision View original content:http://www.prnewswire.com/news-releases/cohen–steers-announces-changes-to-realty-indexes-301172936.html

SOURCE Cohen & Steers, Inc.

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Pyxis Tankers Announces Financial Results for the Three and Nine Months Ended September 30, 2020

Maroussi, Greece, November 13, 2020 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), a growth-oriented pure play product tanker company, today announced unaudited results for the three and nine months ended September 30, 2020.

Summary

For the three months ended September 30, 2020, our Revenues, net were $5.1 million. For the same period, our time charter equivalent (“TCE”) revenues were $4.4 million, a decrease of approximately $1.8 million or 29.3% over the comparable period in 2019 primarily due to fewer operating days of our fleet reflecting the sale of our oldest MR in early 2020, the lower utilization of the small tankers and the Pyxis Epsilon’s first special survey. Our net loss increased by $1.1 million to $1.9 million, from $0.8 million in the comparable period in 2019. For the third quarter 2020, loss per share (basic and diluted) was $0.09 and our Adjusted EBITDA was $0.6 million, which represented a decrease of $1.5 million over the comparable period in 2019. Please see “Non-GAAP Measures and Definitions” below.

Valentios Valentis, our Chairman and CEO commented:

“The chartering environment for product tankers in the third quarter of 2020 continued to be very challenging, reflecting the normal seasonal softness which was further compounded by the negative impact of COVID-19 on the demand for refined petroleum products. Through our short-term time charters, we were able to achieve an average TCE of $14,565/day for our MRs during the quarter, which approximates 10 year industry averages.   

The short-term demand outlook for our sector continues to be cloudy. Despite this summer’s start of a gradual but uneven economic recovery worldwide from the pandemic, a drawdown of high product inventories has resulted in lower vessel demand. In November, we typically start to experience a seasonal boost in demand due to the movement of home heating oil cargoes and weather delays. However, recent announcements of lockdowns, especially in Europe, and other governmental restrictions due to the resurgence of the virus have created further uncertainty. Consequently, we expect the product tanker sector to continue to experience significant volatility due to the unpredictable recovery from the COVID-19 pandemic. We have continued to focus on our employment strategy for our MRs on shorter-term, staggered time charters which have benefited the Company. As of November 11, 2020, we had booked 68% of available days for the fourth quarter of 2020, exclusive of charterers’ options, at an average rate of $14,680 for our MRs.

During these challenging times, we have concluded some important operating and financial objectives. We recently completed scheduled special surveys on three of our vessels – on time and on budget. We spent $1.6 million in aggregate for these drydockings, including the installation of a Ballast Water Treatment System (“BWTS”) on our 2015 built Pyxis Epsilon. Fortunately, we have no major drydockings until 2023 when the Pyxis Theta undergoes her second special survey. Equally important to the Company were recent long-term debt and equity financings. In July, we refinanced the Pyxis Theta with a new 5 year secured loan with Alpha Bank, a new lender to the Company. The new loan provided us approximately $3.7 million of incremental working capital, after existing debt repayment, on more attractive terms, including pricing at LIBOR + a margin of 3.35%. In October, we completed a $5 million offering of units consisting of our new 7.75% cumulative convertible preferred shares and detachable warrants to purchase common stock over a five year period. Both of these securities have a strike price of $1.40 per share. The net proceeds of $4.3 million from this public offering are targeted for general corporate purposes, including working capital and further debt repayment. Overall, we raised long-term capital at a reasonable cost and lengthened our debt maturities while improving balance sheet flexibility and liquidity.

We still maintain a positive outlook about the long-term prospects for the product tanker sector. Solid global GDP growth is expected to return with rising demand for seaborne transportation of a broad range of petroleum products. In the meantime, the supply picture continues to look better due to the aging global fleet, continued low ordering of new tankers and delays in newbuild deliveries. Also, lower charter rates should result in more vessel scrapping as the number of MR2 vessels aged 20 years or more is roughly equal to the orderbook.

Lastly, we continue to appreciate the crews on board our vessels and onshore personnel for their professionalism during the pandemic. We were encouraged by the announcement earlier this week about the positive late stage, large scale clinical trial results of a highly effective vaccine. Good availability soon of approved vaccines and antibody treatments should be a blessing for all.”

Results for the three months ended
September
30, 2019 and 2020

For the three months ended September 30, 2020, we reported a net loss of $1.9 million, or $0.09 basic and diluted loss per share, compared to a net loss of $0.8 million, or $0.04 basic and diluted loss per share, for the same period in 2019. The daily TCE of $11,783 during the third quarter of 2020 was 4.7% lower than the relevant period in 2019, due to fewer operating days, from 500 days during the three months ended September 30, 2019, to 371 days in the comparable period in 2020. The increase in our net loss was mainly the result of lower operating results, from $0.7 million operating income during the three-month period ended September 30, 2019, to $0.6 million operating loss for the same period in 2020. Lower revenues, net, by $2.2 million, primarily attributable to fewer available days (i.e. from 552 days during the three months ended September 30, 2019 to 444 in the comparable period in 2020), following the sale of the 2006 built MR, Pyxis Delta, in the first quarter of 2020 and the first special survey of Pyxis Epsilon that took place in the third quarter of 2020. The decline in our revenues, net, was partially counterbalanced by an approximate $0.7 million aggregate decrease in costs principally associated with that vessel sale including vessel operating expenses, general and administrative expenses, management fees and depreciation along with lower interest and finance costs, net, compared to the same figures in 2019. The decline in our revenues, net was also partially offset by $0.4 million decrease in voyage related costs and commissions, as a result of the fewer operating days of our small tankers which were employed under spot charter arrangements. Our Adjusted EBITDA was $0.6 million, represented a decrease of $1.5 million from $2.1 million for the same period in 2019.

Results for the
nine
months ended
September
30, 2019 and 2020

For the nine months ended September 30, 2020, we reported a net loss of $4.3 million, or $0.20 basic and diluted loss per share, compared to a loss of $4.7 million over the comparable period in 2019. Despite 251 fewer operating days during the nine-month period in 2020 compared to the same period in 2019, higher daily TCE during most of the 2020 period, $11,825 versus $11,540 for the same period in 2019, mitigated the net loss. A reduction of 16.1% in Revenues, net, or $3.3 million for the nine months ended September 30, 2020, was primarily offset by a decrease of $3 million in vessel operating expenses, management fees, depreciation and interest and finance costs, primarily reflecting the impact from the sale of Pyxis Delta and the repayment of its associated loan. Our Adjusted EBITDA was $3.0 million, a decrease of $0.9 million from $3.9 million for the same period in 2019.

  Three Months ended 
September 
30, 		  Nine
Months ended 
September 
30,
  2019   2020   2019   2020
  (Thousands of U.S. dollars, except for daily TCE rates)
Revenues, net 7,313   5,075   20,493   17,199
Voyage related costs and commissions (1,133)   (704)   (4,059)   (3,333)
Time charter equivalent revenues 1 6,180   4,371   16,434   13,866
               
Total operating days 2 500   371   1,424   1,173
               
Daily time charter equivalent rate 1, 2 12,360   11,783   11,540   11,825

1 Subject to rounding; please see “Non-GAAP Measures and Definitions” below.
2 Pyxis Delta was sold on January 13, 2020, and has been excluded from the calculation for the nine months ended September 30, 2020 (the vessel had been under time charter employment for approximately 2 days in January 2020 when it was redelivered from the charterers in order to be sold).    

Management’s Discussion and Analysis of Financial Results for the Three Months ended September 30, 2019 and 2020
(Amounts are presented in U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)

Revenues, net: Revenues, net of $5.1 million for the three months ended September 30, 2020, represented a decrease of $2.2 million, or 30.6%, from $7.3 million in the comparable period in 2019, as a result of fewer available days and related revenue contribution for the 2020 period versus 2019. This decline was mainly attributed to the sale of our oldest MR in the first quarter of 2020 and the first special survey of Pyxis Epsilon in the third quarter of 2020.

Voyage related costs and commissions: Voyage related costs and commissions of $0.7 million for the three months ended September 30, 2020, represented a decrease of $0.4 million over the comparable period in 2019. The decrease was primarily attributable to lower operating days of our small tankers during the three month period ended September 30, 2020 compared to the same period in 2019. Our small tankers were employed under spot charter arrangements where all voyage expenses are typically borne by us rather than the charterer and as a result a decrease in spot chartering activity caused a decrease in voyage related costs and commissions.

Vessel operating expenses: Vessel operating expenses of $2.8 million for the three months ended September 30, 2020 represented a decrease of $0.3 million, or 8.7%, from $3.1 million in the comparable period in 2019, mainly attributable to the vessel sale in the first quarter of 2020.

General and administrative expenses: General and administrative expenses of $0.7 million for the three months ended September 30, 2020, represented an increase of less than $0.1 million, or 10.8%, from the comparable period in 2019 due to timing of certain incurred costs.

Management fees: For the three months ended September 30, 2020, management fees paid to our ship manager, Pyxis Maritime Corp. (“Maritime”), an entity affiliated with our Chairman and Chief Executive Officer, Mr. Valentis, and to International Tanker Management Ltd. (“ITM”), our fleet’s technical manager, also decreased as a result of one less vessel, by $0.1 million from $0.4 million in the comparable period of 2019.

Amortization of special survey costs: Amortization of special survey costs was less than $0.1 million for the three months ended September 30, 2020 and remained stable compared to the three months ended September 30, 2019. This was due to the sale of Pyxis Delta that caused its remaining unamortized balance to be written-off, but on the other hand, the recognition of a new amortization schedule from the Pyxis Epsilon’s first special survey that was completed in the third quarter of 2020.

Depreciation: Depreciation of $1.1 million for the three months ended September 30, 2020, represented a decrease of $0.3 million or 19.4% compared to the three months ended September 30, 2019, due to a five vessel fleet during the third quarter of 2020, compared to a six vessel fleet during the comparable period in 2019.

Interest and finance costs, net: Interest and finance costs, net, of $1.3 million for the three months ended September 30, 2020, represented a decrease of $0.2 million, or 13.8%, from $1.5 million in the comparable period in 2019. The decrease was mainly attributed to the prepayment of the debt following the sale of Pyxis Delta and to the lower LIBOR rates paid on floating rate bank debt compared to the same period of 2019.

Management’s Discussion and Analysis of Financial Results for the
Nine
Months ended
September
30, 2019 and 2020
(Amounts are presented in U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)

Revenues, net: Revenues, net of $17.2 million for the nine months ended September 30, 2020, represented a decrease of $3.3 million, or 16.1%, from $20.5 million in the comparable period in 2019. The decrease in revenues, net during the nine-month period ended September 30, 2020, was mostly attributable to the vessel sale which resulted in the decrease of our total available days from 1,610 days during the nine months ended September 30, 2019, to 1,342 days during the same period in 2020.

Voyage related costs and commissions: Voyage related costs and commissions of $3.3 million for the nine months ended September 30, 2020, represented a decrease of $0.7 million, or 17.9%, from $4.1 million in the comparable period in 2019. For the nine months ended September 30, 2020, our MRs were on spot charters for 29 days in total, compared to 48 days for the respective period in 2019. Furthermore, the decrease was also attributable to fewer operating days of our small tankers during the most recent quarter. The lower spot chartering activity contribute to less voyage costs as under spot charters, all voyage expenses are typically borne by us rather than the charterer.

Vessel operating expenses: Vessel operating expenses of $8.0 million for the nine months ended September 30, 2020 represented a significant decrease of $1.4 million, or 15.2%, from $9.5 million in the comparable period in 2019. This was mainly attributed to the sale of Pyxis Delta.

General and administrative expenses: General and administrative expenses of $1.8 million for the nine months ended September 30, 2020, were flat compared to the comparable period in 2019.

Management fees: For the nine months ended September 30, 2020, management fees payable to Maritime and ITM of $1.1 million in the aggregate, represented a decrease of $0.1 million compared to the nine months ended September 30, 2019, as a result of the vessel sale in the first quarter of 2020.

Amortization of special survey costs: Amortization of special survey costs for the nine months ended September 30, 2020 represented a decrease of 13.3%, compared to the same period in 2019 primarily due to the write-off of the amortization of special survey costs for Pyxis Delta, after vessel sale.

Depreciation: Depreciation of $3.3 million for the nine months ended September 30, 2020 represented a decrease of $0.8 million, or 19.2%, compared to the same period in 2019, due to a five vessel fleet in 2020 as compared to a six vessel fleet for the same period in 2019.

Interest and finance costs, net: Interest and finance costs, net, of $3.8 million for the nine months ended September 30, 2020, represented a decrease of $0.6 million, or 13.5%, from $4.4 million in the comparable period in 2019. The decrease was attributable to lower LIBOR rates paid on floating rate bank debt compared to the same period in 2019 and the prepayment of the associated outstanding loan of Pyxis Delta upon its sale. The total borrowings outstanding (exclusive of promissory note and deferred financing costs) decreased to $55.1 million at September 30, 2020 from $60.1 million a year earlier.

Unaudited Interim Consolidated Statements of Comprehensive Loss
For the three months ended September 30, 2019 and 2020
(Expressed in thousands of U.S. dollars, except for share and per share data)

  Three Months Ended   Three Months Ended
  September
30, 2019 		  September
30, 2020
       
Revenues, net 7,313   5,075
       
Expenses:      
Voyage related costs and commissions (1,133)   (704)
Vessel operating expenses (3,063)   (2,796)
General and administrative expenses (591)   (655)
Management fees, related parties (183)   (152)
Management fees, other (232)   (194)
Amortization of special survey costs (71)   (66)
Depreciation (1,381)   (1,113)
Operating income
/ (loss) 		659   (
6
05)
       
Other expenses:      
Loss from financial derivative instrument (2)   (2)
Interest and finance costs, net (1,469)   (1,266)
Total other expenses, net (1,47
1
) 		  (1,
268
)
       
Net loss (
812
) 		  (1,
873
)
       
Loss per common share, basic and diluted ($0.0
4
) 		  ($0.0
9
)
       
Weighted average number of common shares, basic and diluted 21,
144
,
548 		  21,
560
,
656


Unaudited Interim Consolidated Statements of Comprehensive Loss

For the nine months ended September 30, 2019 and 2020
(Expressed in thousands of U.S. dollars, except for share and per share data)

  Nine
Months Ended 		  Nine
Months Ended
  September
30, 2019 		  September
30, 2020
       
Revenues, net 20,493   17,199
       
Expenses:      
Voyage related costs and commissions (4,059)   (3,333)
Vessel operating expenses (9,465)   (8,024)
General and administrative expenses (1,778)   (1,768)
Management fees, related parties (542)   (484)
Management fees, other (697)   (626)
Amortization of special survey costs (188)   (163)
Depreciation (4,086)   (3,302)
Gain from the sale of vessel, net –   7
Bad debt provisions (26)   –
Operating loss (
348
) 		  (494)
       
Other expenses:      
Loss from financial derivative instrument (27)   –
Interest and finance costs, net (4,374)   (3,782)
Total other expenses, net (
4
,
401) 		  (
3
,
782
)
       
Net loss (
4
,
749
) 		  (
4
,
276
)
       
Loss per common share, basic and diluted ($0.
23
) 		  ($0.
20
)
       
Weighted average number of common shares, basic and diluted 21,0
96
,
56
2 		  21,4
90
,
669


Consolidated Balance Sheets

As of December 31, 2019 and September 30, 2020 (unaudited)
(Expressed in thousands of U.S. dollars, except for share and per share data)

    December 31, 2019   September
30, 2020
ASSETS        
         
CURRENT ASSETS:        
Cash and cash equivalents $ 1,441 $ 883
Restricted cash, current portion   535   600
Inventories   501   434
Trade accounts receivable   1,243   253
Less: Allowance for credit losses   –   (9)
Trade accounts receivable, net   1,243   244
Due from related parties   –   1,217
Vessel held-for-sale   13,190   –
Prepayments and other assets   325   298
Total current assets   17,235   3
,
676
         
FIXED ASSETS, NET:        
Vessels, net   87,507   84,889
Total fixed assets, net   87,507   8
4
,
889
         
OTHER NON-CURRENT ASSETS:        
Restricted cash, net of current portion   3,200   2,325
Financial derivative instrument   1   1
Deferred charges, net   779   1,062
Prepayments and other assets   47   –
Total other non-current assets   4,027   3
,
388
Total assets $ 108,769 $ 91,
953
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
         
CURRENT LIABILITIES:        
Current portion of long-term debt, net of deferred financing costs $ 8,984 $ 3,232
Trade accounts payable   4,538   3,256
Due to related parties   6,849   –
Hire collected in advance   1,415   393
Accrued and other liabilities   750   1,067
Total current liabilities   22,536   7
,
948
         
NON-CURRENT LIABILITIES:        
Long-term debt, net of current portion and deferred financing costs   49,233   51,120
Promissory note   5,000   5,000
Total non-current liabilities   54,233   5
6
,
120
         
COMMITMENTS AND CONTINGENCIES   –   –
         
STOCKHOLDERS’ EQUITY:        
Preferred stock ($0.001 par value; 50,000,000 shares authorized; none issued)   –   –
Common stock ($0.001 par value; 450,000,000 shares authorized;        
21,370,280 and 21,559,885 shares issued and outstanding as        
at December 31, 2019 and September 30, 2020, respectively)   21   22
Additional paid-in capital   75,154   75,323
Accumulated deficit   (43,175)   (47,460)
Total stockholders’ equity   32,000   2
7
,
885
Total liabilities and stockholders’ equity $ 108,769 $ 91,
953


Unaudited Consolidated Statements of Cash Flows

For the nine months ended September 30, 2019 and 2020
(Expressed in thousands of U.S. dollars)

  Nine
Months Ended 		Nine
Months Ended
  September
30, 2019 		September
30, 2020
     
Cash flows from operating activities:    
Net loss (
4
,
749
) 		(
4
,
276
)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 4,086 3,302
Amortization of special survey costs 188 163
Amortization and write-off of financing costs 195 265
Loss from financial derivative instrument 27 –
Gain on sale of vessel, net – (7)
Bad debt provisions 26 –
Issuance of common stock under the promissory note 56 112
     
Changes in assets and liabilities:    
Inventories 172 67
Trade accounts receivable, net 1,877 990
Due from related parties – (1,217)
Prepayments and other assets (226) 295
Special survey cost (481) (446)
Trade accounts payable (296) (1,549)
Due to related parties 2,647 (6,849)
Hire collected in advance 492 (1,022)
Accrued and other liabilities 3 75
Net cash provided by / (used in) operating activities 4
,
017 		(
10
,
097
)
     
Cash flow from investing activities:    
Proceeds from the sale of vessel, net – 13,197
Vessels additions – (13)
Ballast water treatment system installation (320) (391)
Net cash (used in) / provided by investing activities (
320
) 		1
2
,
793
     
Cash flows from financing activities:    
Proceeds from long-term debt – 15,250
Repayment of long-term debt (3,352) (19,079)
Gross proceeds from issuance of common stock 76 –
Common stock offering costs (3) (34)
Preferred stock offering costs – (19)
Payment of financing costs – (182)
Net cash used in financing activities (
3
,
279
) 		(
4
,
064
)
     
Net increase / (decrease) in cash and cash equivalents and restricted cash 4
18 		(1,
368
)
     
Cash and cash equivalents and restricted cash at the beginning of the period 4,204 5,176
     
Cash and cash equivalents and restricted cash at the end of the period 4,
622 		3,
808
     


Liquidity, Debt and Capital Structure

Pursuant to our loan agreements, as of September 30, 2020, we were required to maintain minimum liquidity of $2.9 million including reserves for special surveys and dry dockings. Total cash and cash equivalents, including restricted cash, aggregated $3.8 million as of September 30, 2020.

Total funded debt (in thousands of U.S. dollars), net of deferred financing costs:

    As of
December 		  As of
September
    31, 2019   30, 2020
Funded debt $ 58,217 $ 54,352
Promissory Note – related party   5,000   5,000
Total $ 63,217 $ 5
9
,
35
2

Our weighted average interest rate on our total funded debt for the nine months ended September 30, 2020 was 7.8%.

On January 13, 2020, pursuant to the sale agreement that we entered into in late 2019, Pyxis Delta was delivered to her buyers. The total net proceeds from the sale of the vessel were approximately $13.2 million, $5.7 million of which was used to prepay the loan facility secured by Pyxis Delta and Pyxis Theta and $7.5 million for the repayment of our liabilities to Maritime and obligations to our trade creditors.

On July 1, 2020, we issued 68,410 restricted common shares to Maritime Investors Corp., a company related to Mr. Valentios Valentis, our chairman and chief executive officer, at the volume weighted average closing share price for the 10-day period immediately prior to the second quarter end, related to the settlement of interest due under the second amendment to the Amended & Restated Promissory Note.

On July 8, 2020, Seventhone Corp. (our subsidiary that owns the Pyxis Theta) entered into a new five year $15.3 million secured loan agreement, for the purpose of refinancing the outstanding indebtedness under the previous loan facility. The proceeds were used to prepay the outstanding indebtedness of $11.3 million in full as well as provide for working capital.

At September 30, 2020, we had a total of 21,559,885 common shares issued and outstanding of which Mr. Valentis beneficially owned 80.8%.

Non-GAAP Measures and Definitions

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, depreciation and amortization and, if any, income taxes during a period. Adjusted EBITDA represents EBITDA before certain non-operating or non-recurring charges, such as vessel impairment charges, gain from debt extinguishment and stock compensation. EBITDA and Adjusted EBITDA are not recognized measurements under U.S. GAAP.

EBITDA and Adjusted EBITDA are presented in this press release as we believe that they provide investors with means of evaluating and understanding how our management evaluates operating performance. These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA do not reflect:

  • our cash expenditures, or future requirements for capital expenditures or contractual commitments;
  • changes in, or cash requirements for, our working capital needs; and
  • cash requirements necessary to service interest and principal payments on our funded debt.

In addition, these non-GAAP measures do not have standardized meanings and are therefore unlikely to be comparable to similar measures presented by other companies. The following table reconciles net loss, as reflected in the Unaudited Consolidated Statements of Comprehensive Loss to EBITDA and Adjusted EBITDA:

    Three Months Ended   Nine
Months Ended
(In thousands of U.S. dollars)   September
30, 2019 		  September
30,
2020 		  September
30, 2019 		  September
30,
2020
Reconciliation of Net loss to Adjusted EBITDA                
                 
Net loss $ (812) $ (1,873) $ (4,749) $ (4,276)
                 
Depreciation   1,381   1,113   4,086   3,302
                 
Amortization of special survey costs   71   66   188   163
                 
Interest and finance costs, net   1,469   1,266   4,374   3,782
                 
EBITDA $ 2
,
109 		$ 572 $ 3
,
899 		$ 2,
971
                 
Loss from financial derivative instrument   2   2   27   –
                 
Gain from the sale of vessel, net   –   –   –   (7)
                 
Adjusted EBITDA $ 2
,
111 		$ 574 $ 3
,
926 		$ 2,9
64

Daily TCE is a shipping industry performance measure of the average daily revenue performance of a vessel on a per voyage basis. Daily TCE is not calculated in accordance with U.S. GAAP. We utilize daily TCE because we believe it is a meaningful measure to compare period-to-period changes in our performance despite changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which our vessels may be employed between the periods. Our management also utilizes daily TCE to assist them in making decisions regarding employment of the vessels. We calculate daily TCE by dividing Revenues, net after deducting Voyage related costs and commissions, by operating days for the relevant period. Voyage related costs and commissions primarily consist of brokerage commissions, port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract.

Vessel operating expenses (“Opex”) per day are our vessel operating expenses for a vessel, which primarily consist of crew wages and related costs, insurance, lube oils, communications, spares and consumables, tonnage taxes as well as repairs and maintenance, divided by the ownership days in the applicable period.

We calculate utilization (“Utilization”) by dividing the number of operating days during a period by the number of available days during the same period. We use fleet utilization to measure our efficiency in finding suitable employment for our vessels and minimizing the amount of days that our vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys and intermediate dry-dockings or vessel positioning. Ownership days are the total number of days in a period during which we owned each of the vessels in our fleet. Available days are the number of ownership days in a period, less the aggregate number of days that our vessels were off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and intermediate dry-dockings and the aggregate number of days that we spent positioning our vessels during the respective period for such repairs, upgrades and surveys. Operating days are the number of available days in a period, less the aggregate number of days that our vessels were off-hire or out of service due to any reason, including technical breakdowns and unforeseen circumstances.

EBITDA, Adjusted EBITDA, Opex and daily TCE are not recognized measures under U.S. GAAP and should not be regarded as substitutes for Revenues, net and Net income. Our presentation of EBITDA, Adjusted EBITDA, Opex and daily TCE does not imply, and should not be construed as an inference, that our future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with U.S. GAAP.

Recent Daily Fleet Data:

                 
(Amounts in U.S.$)     Three Months Ended   Nine
Months Ended
      September
30,
2019 		  September
30, 2020*		   September
30, 2019 		  September
30,
2020*
Eco-Efficient MR2:

(2 of our vessels) 		                 
  TCE   15,193   14,313   14,185   14,816
  Opex   5,762   6,261   5,768   6,065
  Utilization %   100.0%   99.4%   100.0%   98.5%
Eco-Modified MR2:

(1 of our vessels) 		                 
  TCE   13,432   15,019   13,046   15,196
  Opex   6,236   6,565   6,894   6,242
  Utilization %   100.0%   100.0%   98.8%   100.0%
Standard MR2:

(1 of our vessels) 		                 
  TCE   13,934   –   12,867   –
  Opex   5,860   –   5,926   –
  Utilization %   98.9%   –   99.6%   –
Small Tankers:

(2 of our vessels) 		                 
  TCE   6,621   5,352   5,581   5,481
  Opex   4,836   5,425   5,156   5,112
  Utilization %   72.3%   60.9%   66.7%   70.6%
Fleet: (6 vessels / 5 vessels) *                  
  TCE   12,360   11,783   11,540   11,825
  Opex   5,549   5,987   5,778   5,719
  Utilization %   90.6%   83.6%   88.4%   87.4%

* Pyxis Delta was sold on January 13, 2020, and has been excluded from the calculations for the three and nine months ended September 30, 2020 (the vessel had been under time charter employment for approximately 2 days in January when it was re-delivered from the charterers in order to be sold).

Subsequent Events

Effective October 1, 2020, the Company issued 70,890 of common shares at the volume weighted average closing share price for the 10 day period immediately prior to the third quarter end related to the settlement of interest due under the second amendment to the Amended & Restated Promissory Note.

On October 13, 2020, the Company announced the closing of its underwritten public offering (the “Offering”) of 200,000 Units at an offering price of $25.00 per Unit. Each Unit was immediately separable into one 7.75% Series A Cumulative Convertible Preferred Share (the “Preferred Shares”) and eight (8) warrants, each warrant exercisable for one common share (the “Warrants”), for a total of up to 1,600,000 common shares of the Company.

Pyxis Tankers has granted the underwriters a 45-day option to purchase up to 30,000 additional Preferred Shares and/or 240,000 additional Warrants solely to cover over-allotments, if any. The Company also announced the partial exercise of the underwriter’s overallotment option for 135,040 Warrants, which were issued on October 13, 2020.

Pyxis Tankers received gross proceeds of $5.0 million from the Offering, prior to deducting underwriting discounts and estimated offering expenses. The Company will use the net proceeds from the Offering of approximately $4.3 million for general corporate purposes, including working capital and the repayment of debt.

Each Preferred Share is convertible into common shares at an initial conversion price of $1.40 per common share, or 17.86 common shares, at any time at the option of the holder, subject to certain customary adjustments. Each Warrant will entitle the holder to purchase one common share at an initial exercise price of $1.40 per share at any time prior to October 13, 2025. If the trading price of Pyxis Tankers’ common stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the Company can call for mandatory conversion of the Preferred Shares. Dividends on the Preferred Shares are cumulative and paid monthly in arrears starting November 20, 2020, to the extent declared by the board of directors of the Company. The Preferred Shares are not redeemable for a period of three years from issuance, except upon change of control.

On November 2, 2020, the Company announced that the board of directors of the Company has declared the first dividend of $0.1991 per share on the Preferred Shares for the month of November. The cash dividend will be payable on November 20, 2020 to holders of record as of November 13, 2020.

Conference Call and Webcast

We will host a conference call to discuss our results at 4:30 p.m., Eastern Time, on Friday, November 13, 2020.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote “Pyxis Tankers”.

A telephonic replay of the conference call will be available until Friday, November 20, 2020, by dialing 1(866) 331-1332 (US Toll Free Dial In), 0(808) 238-0667 (UK Toll Free Dial In) or +44 (0) 3333 009785 (Standard International Dial In). The access code required for the replay is: 5478965#.

A live webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events & Presentations page.

Webcast participants of the live conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:

https://event.on24.com/wcc/r/2630580/3D19689A801B46787CE38701135AC221

An archived version of the webcast will be available on the website within approximately two hours of the completion of the call.

The information discussed on the conference call, or that can be accessed through, Pyxis Tankers Inc.’s website is not incorporated into, and does not constitute part of this report.

About Pyxis Tankers Inc.

We own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. Pyxis Tankers is positioned to opportunistically expand and maximize the value of its fleet due to competitive cost structure, strong customer relationships and an experienced management team, whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this report.


Pyxis Tankers Fleet (as of November 11, 2020)

      Carrying     Charter Earliest
      Capacity Year Type of Rate Redelivery
Vessel Name Shipyard Vessel Type (dwt) Built Charter per day

1
 		Date
Pyxis Epsilon SPP / S. Korea MR 50,295 2015 Time $15,000 November 2020
Pyxis Theta 2 SPP / S. Korea MR 51,795 2013 Time $15,650 January 2021
Pyxis Malou   SPP / S. Korea MR 50,667 2009 Time $13,000 November 2020
Northsea Alpha Kejin / China Small Tanker 8,615 2010 Spot n/a n/a
Northsea Beta Kejin / China Small Tanker 8,647 2010 Spot n/a n/a
      170,019        

      1)   Charter rates are gross and do not reflect any commissions payable.
      2)   Pyxis Theta is contracted with a charterer’s right to extend the charter at the same rate to March, 2021

Forward Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words “expected”, “estimated”, “scheduled”, “could”, “should”, “anticipated”, “long-term”, “opportunities”, “potential”, “continue”, “likely”, “may”, “will”, “positioned”, “possible”, “believe”, “expand” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking information or statements. But the absence of such words does not mean that a statement is not forward-looking. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking information is based on the opinions, expectations and estimates of management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Although we believe that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, those are not guarantees of our future performance and you should not place undue reliance on the forward-looking statements and information because we cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results and future events could differ materially from those anticipated or implied in such information. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2019 and our other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements and information contained in this presentation are made as of the date hereof. We do not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other applicable securities laws.

Company

Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
[email protected]

Visit our website at www.pyxistankers.com

Company Contact

Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: [email protected]

Source: Pyxis Tankers Inc.

 



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Kimco Realty Corporation to Present at Nareit’s REITworld: 2020 Virtual Investor Conference

Kimco Realty Corporation to Present at Nareit’s REITworld: 2020 Virtual Investor Conference

JERICHO, N.Y.–(BUSINESS WIRE)–
Kimco Realty Corp. (NYSE:KIM) announced today that its management will participate in the Nareit’s REITworld: 2020 Virtual Investor Conference on Tuesday, November 17, 2020. Kimco management will provide a general overview of the company followed by a question-and-answer session. To access the Company’s live presentation, attendees are required to register for Nareit’s REITworld, using the registration link below. Registration is complimentary.

Event:

 

Kimco Realty Corporation Management Presentation at Nareit’s REITworld: 2020 Virtual Investor Conference

When:

 

Tuesday, November 17, 2020 from 8:45 A.M. – 9:15 A.M. ET

Where:

 

Registration can be accessed by clicking on the following link: REITworld Virtual Investor Conference

If you are unable to participate, audio from the conference will be available until February 26, 2020.

About Kimco

Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of September 30, 2020, the company owned interests in 400 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the company’s blog (blog.kimcorealty.com) and social media channels, including Facebook (www.facebook.com/KimcoRealty), Twitter (www.twitter.com/kimcorealty), YouTube (www.youtube.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.

Safe Harbor Statement

The statements in this news release state the company’s and management’s intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the company, (iv) the company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management’s ability to estimate the impact of such changes, (vi) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (vii) pandemics or other health crises, such as coronavirus disease 2019 (COVID-19), (viii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company’s common and preferred stock and the company’s ability to pay dividends, (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward- looking statements is contained from time to time in the company’s Securities and Exchange Commission (“SEC”) filings. Copies of each filing may be obtained from the company or the SEC.

The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2019, as may be updated or supplemented in the company’s Quarterly Reports on Form 10-Q and the company’s other filings with the SEC, which discuss these and other factors that could adversely affect the company’s results. The company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

David F. Bujnicki

Senior Vice President, Investor Relations and Strategy

Kimco Realty Corporation

1-866-831-4297

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: REIT Retail Commercial Building & Real Estate Supermarket Construction & Property

MEDIA:

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TherapeuticsMD Announces Closing of its Underwritten Public Offering of Common Stock

TherapeuticsMD Announces Closing of its Underwritten Public Offering of Common Stock

BOCA RATON, Fla.–(BUSINESS WIRE)–
TherapeuticsMD, Inc. (NASDAQ:TXMD) today announced the closing of its underwritten public offering of 23,437,500 shares of its common stock for net proceeds of approximately $27.5 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by TherapeuticsMD. All of the shares in the offering were sold by TherapeuticsMD.

Cantor Fitzgerald & Co. was the sole bookrunning manager for the offering.

A shelf registration statement relating to the shares of common stock offered in the public offering described above was previously filed with the Securities and Exchange Commission (“SEC”) and declared effective by the Securities and Exchange Commission (the “SEC”) on May 5, 2020. A final prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may also be obtained by contacting Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 6th floor, New York, NY 10022; Email: [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any 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.

About TherapeuticsMD, Inc.

TherapeuticsMD, Inc. is an innovative, leading healthcare company, focused on developing and commercializing novel products exclusively for women. Our products are designed to address the unique changes and challenges women experience through the various stages of their lives with a therapeutic focus in family planning, reproductive health, and menopause management. The company is committed to advancing the health of women and championing awareness of their healthcare issues.

Forward Looking Statements

This press release by TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that TherapeuticsMD intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control, that may cause actual results to differ materially, including the risks and uncertainties associated with market conditions, risks and uncertainties associated with TherapeuticsMD’s business and finances in general and other risks described in the sections titled “Risk Factors” in TherapeuticsMD’s filings with the SEC, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, the preliminary prospectus supplement with respect to the offering and other filings with the SEC.

Investor Contact

Nichol Ochsner

Vice President Investor Relations

561-961-1900 Ext. 2088

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: General Health Women Consumer Health Managed Care

MEDIA:

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CONMED Corporation Announces Quarterly Cash Dividend

CONMED Corporation Announces Quarterly Cash Dividend

UTICA, N.Y.–(BUSINESS WIRE)–CONMED Corporation (NYSE: CNMD) today announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable on January 5, 2021 to all shareholders of record as of December 15, 2020.

About CONMED Corporation

CONMED is a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The Company’s products are used by surgeons and physicians in a variety of specialties, including orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery and gastroenterology. For more information, visit www.conmed.com.

Forward-Looking Statements

This press release may contain forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties, which could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. For example, in addition to general industry and economic conditions, factors that could cause actual results to differ materially from those in the forward-looking statements may include, but are not limited to, the risk factors discussed in the Company’s Annual Report on Form 10-K for the full year ended December 31, 2019 and listed under the heading Forward-Looking Statements in the Company’s most recently filed Form 10-Q. Any and all forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct.

CONMED Corporation

Todd Garner

Chief Financial Officer

315-624-3317

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Medical Supplies Medical Devices Health Hospitals Surgery Other Health

MEDIA:

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Retail Value Inc. Declares 2020 Year-End Common Stock Dividend of $1.16 Per Share

Retail Value Inc. Declares 2020 Year-End Common Stock Dividend of $1.16 Per Share

BEACHWOOD, Ohio–(BUSINESS WIRE)–
Retail Value Inc. (NYSE: RVI) declared a common stock dividend of $1.16 per share (approximately $23.0 million in the aggregate) on account of estimated annual taxable income generated in Puerto Rico. The dividend is payable on January 12, 2021 to shareholders of record at the close of business on December 2, 2020 and will be subject to a 10% withholding tax.

In accordance with recent guidance from the Internal Revenue Service, specifically Revenue Procedure 2020-19, certain real estate investment trusts are permitted to distribute up to 90% of distributions declared prior to December 31, 2020 in stock in order to conserve capital and enhance their liquidity. As a result, the Company has elected to pay the 2020 year-end dividend in a combination of cash and common shares with the cash component not to exceed 10% of the aggregate dividend.

In accordance with Internal Revenue Service guidance, shareholders may make an election to receive their dividend in all cash or all common shares. Shareholders who do not make an election will be deemed to have elected to receive their dividend in all cash. However, to the extent more than 10% cash is elected by all shareholders in the aggregate, then the cash portion will be prorated. The value of the shares distributed in the dividend will be based upon the volume weighted average trading prices of the Company’s common stock on December 31, 2020 and January 4 and January 5, 2021. Fractional shares of common stock will not be issued; stockholders who would otherwise be entitled to receive fractional shares will receive a cash payment in lieu of fractional shares. Election forms are expected to commence mailing on December 9, 2020, and must be received by the Company’s transfer agent, Computershare Shareholder Services, by 5:00 p.m. ET on December 30, 2020.

If you have any questions regarding the election form or the election deadline, please call Georgeson, our Information Agent for the election, toll free at 866-695-6074. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend election, please contact such bank, broker or nominee, who will also be responsible for distributing the election form to you and submitting the completed election form on your behalf.

Safe Harbor

RVI considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, the impact of the COVID-19 pandemic on the Company’s ability to manage its properties and finance its operations and on tenants’ ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay ongoing and deferred rents; our ability to sell assets on commercially reasonable terms; our ability to complete dispositions of assets under contract; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions and natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions and natural disasters; local conditions such as an increase in the supply of, or a reduction in demand for, retail real estate in the area; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants at our properties; our ability to secure equity or debt financing on commercially acceptable terms or at all; impairment charges; our ability to enter into definitive agreements with regard to our financing arrangements and our ability to satisfy conditions to the completion of these arrangements; changes with respect to the Puerto Rican economy and government; the ability to secure and maintain management services provided to us, including pursuant to our external management agreement with one or more subsidiaries of SITE Centers; and our ability to maintain our REIT status. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company’s most recent reports on Form 10-K and Form 10-Q. The impacts of the COVID-19 pandemic may also exacerbate the risks described therein, any of which could have a material effect on the Company. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Christa Vesy, EVP and

Chief Financial Officer

216-755-5500

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Architecture Other Retail Department Stores Specialty Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property Retail Urban Planning Building Systems REIT Landscape

MEDIA:

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Avivagen Inc. Announces Proposed Extension of Warrants

Avivagen Inc. Announces Proposed Extension of Warrants

OTTAWA, Ontario–(BUSINESS WIRE)–
Avivagen Inc. (TSXV:VIV, OTCQB:VIVXF) (“Avivagen” or the “Corporation”), a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications that safely enhance and support immune function, thereby supporting general health and performance, announces that it will be requesting approval from the TSX Venture Exchange for the extension of the expiration date of warrants exercisable to purchase 2,029,250 common shares at $1.20 per share, which were originally issued on November 30, 2017. These warrants currently have an expiration date of November 30, 2020. Subject to TSX Venture Exchange approval, the new date of expiry for such warrants will be June 30, 2021. All other terms of such warrants will remain unchanged.

About Avivagen

Avivagen is a life sciences corporation focused on developing and commercializing products for livestock, companion animal and human applications. By unlocking an overlooked facet of β-carotene activity, a path has been opened to safely and economically support immune function, thereby promoting general health and performance in animals. Avivagen is a public corporation traded on the TSX Venture and OTCQB® Venture Market exchanges under the symbols VIV and VIVXF, and is headquartered in Ottawa, Canada, based in partnership facilities of the National Research Council of Canada and Charlottetown, Prince Edward Island. For more information, visit www.avivagen.com. The contents of the website are expressly not incorporated by reference in this press release.

About OxC-beta™ Technology and OxC-beta™ Livestock

Avivagen’s OxC-beta™ technology is derived from Avivagen discoveries about β-carotene and other carotenoids, compounds that give certain fruits and vegetables their bright colours. Through support of immune function the technology provides a non-antibiotic means of promoting health and growth. OxC-beta™ Livestock is a proprietary product shown to be an effective and economic alternative to the antibiotics commonly added to livestock feeds. The product is currently available for sale in the United States, Philippines, Taiwan, New Zealand, Thailand, Australia, Malaysia, Mexico & Brazil.

Avivagen’s OxC-beta™ Livestock product is safe, effective and could fulfill the global mandate to remove all in-feed antibiotics as growth promoters. Numerous international livestock trials with poultry and swine using OxC-beta™ Livestock have proven that the product performs as well as, and, sometimes, in some aspects, better than in-feed antibiotics.

Forward Looking Statements

This news release includes certain forward-looking statements that are based upon the current expectations of management. Forward-looking statements involve risks and uncertainties associated with the business of Avivagen Inc. and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “aim”, “anticipate”, “appear”, “believe”, “consider”, “could”, “estimate”, “expect”, “if”, “intend”, “goal”, “hope”, “likely”, “may”, “plan”, “possibly”, “potentially”, “pursue”, “seem”, “should”, “whether”, “will”, “would” and similar expressions. Statements set out in this news release relating to the possibility for OxC-beta™ Livestock to replace antibiotics in livestock feeds as growth promoters and the proposed warrant extension are forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. For instance, Avivagen’s products may not gain market acceptance or regulatory approval in new jurisdictions or for new applications and may not be widely accepted as a replacement for antibiotics as growth promoters in livestock feeds due to many factors, many of which are outside of Avivagen’s control. The warrant extension is conditional on TSX Venture Exchange approval and the agreement of Computershare Trust Company of Canada which acts as Warrant Agent for such warrants, both of which are outside of Avivagen’s control. Readers are referred to the risk factors associated with the business of Avivagen set out in Avivagen’s most recent management’s discussion and analysis of financial condition available at www.SEDAR.com. Except as required by law, Avivagen assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

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

Copyright © 2020 Avivagen Inc. OxC-beta™ is a trademark of Avivagen Inc.

Avivagen Inc.

Drew Basek

Director of Investor Relations

100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6

Phone: 416-540-0733

E-mail: [email protected]

Kym Anthony

Chief Executive Officer

100 Sussex Drive, Ottawa, Ontario, Canada K1A 0R6 Head

Office Phone: 613-949-8164

Website: www.avivagen.com

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Science Veterinary Other Science Agriculture Natural Resources Pets Health Consumer

MEDIA:

Posted on

Zosano Pharma Reports Third Quarter 2020 Financial Results

FREMONT, Calif., Nov. 13, 2020 (GLOBE NEWSWIRE) — Zosano Pharma Corporation (NASDAQ:ZSAN), a clinical-stage biopharmaceutical company, today announced financial results for the third quarter ended September 30, 2020, as well as recent business updates.

“Our priority focus is obtaining resolution regarding the NDA for Qtrypta™,” said Steven Lo, President and CEO of Zosano. “We plan on having a Type A meeting with the FDA as soon as possible and look forward to clarification on next steps and the possibility of resubmitting our NDA. We continue to believe in the promise that Qtrypta holds as an attractive alternative for patients suffering from migraine. Separately during the quarter, we executed a feasibility study agreement with Mitsubishi Tanabe Pharma Corporation that reinforces the potential of our transdermal microneedle system technology.”

Recent Business Updates

  • Entered into a feasibility study agreement with Mitsubishi Tanabe Pharma Corporation. Under the agreement, Zosano plans to evaluate the feasibility of formulating a pharmaceutical agent being developed by Mitsubishi Tanabe Pharma Corporation for administration with its proprietary transdermal microneedle system technology
  • Partnered with EVERSANA, a leading provider of commercial services to the life science industry, to commercialize and distribute Qtrypta™, if approved, in the United States
  • Received a complete response letter (CRL) from the U.S. Food and Drug Administration (FDA) in connection with the Qtrypta™ (zolmitriptan transdermal microneedle system) 505(b)(2) New Drug Application (NDA)
  • To conserve resources, decided to end enrollment of new subjects into the placebo-controlled Phase 2/3 clinical trial evaluating the potential of C213 as an acute treatment for cluster headache as of December 31, 2020; subjects enrolled prior to that time will continue to be evaluated

Financial Results for the Third Quarter Ended September 30, 2020

Zosano reported a net loss for the third quarter of 2020 of $8.7 million, or $0.11 per share on a basic and diluted basis, compared with a net loss of $9.9 million, or $0.55 per share on a basic and diluted basis, for the same quarter in 2019.

Research and development expenses for the third quarter of 2020 were $5.8 million, compared with $6.5 million for the same quarter in 2019. The decrease of $0.7 million was primarily attributable to lower clinical trial costs of $0.8 million due to the completion of Zosano’s long-term safety study in 2019, a decrease of $0.2 million in compensation costs due to reduced headcount and a $0.3 million decrease in travel and general business expenses due to COVID-19. These decreases were partially offset by an increase of $0.3 million associated with the scale up and technology transfer to Zosano’s contract manufacturers and an increase in depreciation expense of $0.3 million related to assets placed into service at its contract manufacturers.

General and administrative expenses for the third quarter of 2020 were $2.7 million, compared with $3.1 million in 2019. The decrease of $0.4 million was primarily attributable to a $0.4 million decrease in professional services costs related to strategic and pre-commercial activities and a $0.2 million decrease in compensation costs related to lower headcount. These decreases were partially offset by a $0.2 million increase in legal and professional services costs related to corporate and intellectual property matters and audit fees.

As of September 30, 2020, cash and cash equivalents were $43.6 million as compared with $6.3 million as of December 31, 2019.

About Zosano Pharma

Zosano Pharma Corporation is a clinical-stage biopharmaceutical company focused on developing products where rapid administration of approved molecules with established safety and efficacy profiles may provide substantial benefit to patients, in markets where patients remain underserved by existing therapies. The company’s transdermal microneedle system technology consists of titanium microneedles coated with drug that are designed to enable rapid systemic administration of therapeutics to patients. Zosano’s lead product candidate is Qtrypta™ (M207), which is a proprietary formulation of zolmitriptan designed to be delivered via its transdermal microneedle system technology, as an acute treatment for migraine. Learn more at www.zosanopharma.com or connect through LinkedIn at https://www.linkedin.com/company/zosano-pharma, Twitter at https://twitter.com/ZosanoPharma and Instagram at https://www.instagram.com/zosanopharma/.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the company’s plan to have a Type A meeting with the FDA and the company’s expectations with respect to the meeting with the FDA, the company’s plan to evaluate the feasibility of formulating a pharmaceutical agent being developed by Mitsubishi Tanabe Pharma Corporation for administration, with the company’s proprietary transdermal microneedle system technology and the company’s plan with respect to the placebo-controlled Phase 2/3 clinical trial evaluating the potential of C213 as an acute treatment for cluster headache. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause the company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the company’s business in general, see the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. The company does not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events, changed circumstances or otherwise, except as required by law.

Zosano Contacts:

Christine Matthews
Chief Financial Officer
510-745-1200

Zosano PR:
Sylvia Wheeler or Alexandra Santos
[email protected] or [email protected]

ZOSANO PHARMA CORPORATION

CONDENSED BALANCE SHEETS

(in thousands, except par value and share amounts)

    September 30,

2020 		  December 31,

2019
   
(unaudited)
 		   

ASSETS
Current assets:        
Cash and cash equivalents   $ 43,554     $ 6,316  
Prepaid expenses and other current assets   615     497  
Total current assets   44,169     6,813  
Restricted cash   455     455  
Property and equipment, net   30,621     24,636  
Operating lease right-of-use assets   5,204     5,763  
Other long-term assets   3     3  
Total assets   $ 80,452     $ 37,670  

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:        
Accounts payable   $ 1,972     $ 4,356  
Accrued compensation   1,982     2,015  
Build-to-suit obligation, current portion   4,293     4,554  
Operating lease liabilities, current portion   1,332     1,140  
Paycheck Protection Program loan, current portion   201     —  
Other accrued liabilities   3,394     4,172  
Total current liabilities   13,174     16,237  
Build-to-suit obligation, long-term portion, net of debt issuance costs and discount   5,447     6,095  
Operating lease liabilities, long-term portion   5,058     5,931  
Paycheck Protection Program loan, long-term portion   1,416     —  
Other liabilities   113     15  
Total liabilities   25,208     28,278  
         
Stockholders’ equity:        
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of September 30, 2020 and December 31, 2019   —     —  
Common stock, $0.0001 par value; 250,000,000 shares authorized; 102,066,218 and 23,503,214 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively   10     2  
Additional paid-in capital   379,326     308,211  
Accumulated deficit   (324,092 )   (298,821 )
Total stockholders’ equity   55,244     9,392  
Total liabilities and stockholders’ equity   $ 80,452     $ 37,670  

ZOSANO PHARMA CORPORATION

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except share and per share amounts)

(unaudited)

    Three Months Ended September 30,   Nine Months Ended September 30,
    2020   2019   2020   2019
                 
Revenue   $ —     $ —     $ —     $ —  
Operating expenses:                
Research and development   5,824     6,486     16,270     19,742  
General and administrative   2,704     3,071     8,552     8,709  
Total operating expenses   8,528     9,557     24,822     28,451  
Loss from operations   (8,528 )   (9,557 )   (24,822 )   (28,451 )
Other income (expense):                
Interest income   2     41     17     203  
Interest expense   (165 )   (281 )   (561 )   (357 )
Other income (expense), net   4     (66 )   95     (44 )
Loss before provision for income taxes   (8,687 )   (9,863 )   (25,271 )   (28,649 )
Provision for income taxes   —     —     —     —  
Net loss   $ (8,687 )   $ (9,863 )   $ (25,271 )   $ (28,649 )
Unrealized gain on marketable securities, net of tax   —     —     —     5  
Comprehensive loss   $ (8,687 )   $ (9,863 )   $ (25,271 )   $ (28,644 )
                 
Net loss per common share – basic and diluted   $ (0.11 )   $ (0.55 )   $ (0.45 )   $ (1.84 )
Weighted-average shares used in computing net loss per common share – basic and diluted   77,883,158     17,832,092     56,437,417     15,579,387  



Posted on

Phathom Pharmaceuticals to Present at the Jefferies Virtual London Healthcare Conference

FLORHAM PARK, N.J., Nov. 13, 2020 (GLOBE NEWSWIRE) — Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a late clinical-stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases, announced today that members of the management team will participate in a fireside chat at the Jefferies Virtual London Healthcare Conference on Wednesday, November 18, 2020 at 3:15 p.m. GMT (10:15 a.m. ET).

Company management will also participate in one-on-one meetings during the virtual conference which runs from November 17-19, 2020.

To access the live webcast and archived recordings for each presentation, visit the News & Events section of the Phathom website at https://investors.phathompharma.com/news-events/events-and-presentations.  Recordings will be available for 60 days following the event.

About Phathom

Phathom Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases and disorders.  Phathom has in-licensed the exclusive rights in the United States, Europe, and Canada to vonoprazan, a novel potassium competitive acid blocker (P-CAB) in late-stage development for the treatment of acid-related disorders.  For more information about Phathom, visit the Company’s website at www.phathompharma.com or follow the Company on LinkedIn at www.linkedin.com/company/phathompharma.

CONTACTS

Media Contact:

Nick Benedetto
1-877-742-8466
[email protected]

Investor Contact:

Todd Branning
1-877-742-8466
[email protected]



Posted on

MAG Silver Reports Third Quarter Financial Results

VANCOUVER, British Columbia, Nov. 13, 2020 (GLOBE NEWSWIRE) — MAG Silver Corp. (TSX / NYSE American:MAG) (“MAG” or the “Company”) announces the Company’s unaudited financial results for the three and nine months ended September 30, 2020. For details of the unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2020, please see the Company’s filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov).

All amounts herein are reported in $000s of United States dollars (“US$”) unless otherwise specified.

HIGHLIGHTS – SEPTEMBER 30, 2020 & EVENTS SUBSEQUENT TO THE QUARTER END

  • Juanicipio operator, Fresnillo, has implemented a range of safety measures and monitoring procedures, consistent with the World Health Organization’s and Mexican Government’s direction, in response to COVID-19, with the overall expected project development timetable unchanged.
    • Juanicipio plant expected to commence commissioning in mid-2021 and reach 85% of its 4,000 tonnes per day (“tpd”) nameplate capacity by year end 2021.
  • Construction of the 4,000 tpd Juanicipio plant continues to advance, with the plant foundations completed and curing, and the prefabricated steel elements now ready for installation.
  • Underground development at Juanicipio is now at 32 km (20 miles) with preparation of the first production stope concluded during the third quarter of 2020.
  • Initial mine production commenced in early August 2020 with processing of development material on commercial terms through the nearby Fresnillo plant, and is expected to continue at a rate of approximately 16,000 tonnes per month until the Juanicipio plant is commissioned. During the quarter ended September 30, 2020, on a 100% basis:
    • 42,476 tonnes of mineralized material were processed through Fresnillo’s mill, with 394 thousand silver ounces, 610 gold ounces, 138 tonnes of lead and 174 tonnes of zinc produced and sold in the quarter.
    • Subsequent to the quarter end, a further15,400 tonnes were processed in October 2020.
  • Provisional sales of $9,525 on a 100% basis less $1,530 in related costs, netting $7,995 that was credited against project capital in accordance with MAG’s pre-commercial production accounting policy.
  • Estimated initial capital of $440,000 (on a 100% basis) as of January 1, 2018, will be reduced by:
    • Development expenditures incurred since then to September 30, 2020 of approximately $197,427 (the Company therefore estimates approximately $242,573 of remaining initial capital on a 100% basis as at September 30, 2020);
    • Existing cash held in Minera Juanicipio as at September 30, 2020 ($14,417); and,
    • Expected cashflow generated from material being processed through the Fresnillo plant up until the Juanicipio plant is commissioned in mid-2021 (a net of $7,995 was generated in the third quarter of 2020).
  • After the temporary COVID-19 restrictions established by the Mexican Government in the previous quarter were lifted, drilling resumed in the current quarter and the full Juanicipio 2020 exploration program is expected to be completed as planned in 2020.
  • On June 29, 2020, the Company established an at-the-market equity program (the “ATM Program”) and in the quarter ended September 30, 2020 the Company sold and issued 3,092,783 common shares under the ATM Program at an average price of $16.17 per share, for gross and net proceeds of $50,000 and $48,625 respectively.
  • MAG held cash and cash equivalents as at September 30, 2020 of $136,045 while Minera Juanicipio had cash on hand on a 100% basis of $14,417 as at September 30, 2020.
  • Subsequent to September 30, 2020, the Company advanced $40,524 to Minera Juanicipio representing its 44% share of a $92,100 cash call to fund process plant construction and further underground development on the Juanicipio property.
  • Deer Trail Project in Utah was announced during the quarter, a silver-rich Carbonate Replacement Deposit (“CRD”) target, with drilling having commenced in November, 2020.

“We are very pleased with the progress at Juanicipio. The metallurgical response of the mineralization is correlating well with our expectations. We will start optimizing flotation parameters over the next two quarters, which will significantly de-risk the Juanicipio plant start-up,” said George Paspalas, President and CEO. “Whilst the early cash flow at Juanicipio is a welcome boost, we remain eager explorers at both the Juanicipio JV and Deer Trail.”

JUANICIPIO PROJECT UPDATE

Under the terms of an Engineering, Procurement, Construction and Management agreement, Fresnillo and its affiliates are overseeing the construction of the 4,000 tpd process plant and associated surface and underground infrastructure. In the previous quarter, surface construction progress at Juanicipio was limited due to temporary COVID-19 restrictions imposed by the Mexican Government in response to the virus outbreak. Construction ramped up again starting June 1, 2020 and into the quarter ended September 30, 2020, and according to Fresnillo, the overall development timetable currently remains unchanged with the Juanicipio processing plant expected to be commissioned in mid-2021.

In the nine months ended September 30, 2020, further development progress was made on construction of the flotation plant and other infrastructure. The mill foundations are completed and curing. Underground development to date at Juanicipio is now at 32 km (20 miles) with access to the upper portion of the resource now achieved. Initial development indicates that the grade and width of the vein are in line with previous drilling-derived estimates, and preparation of the first production stope was concluded during the three months ended September 30, 2020. A photo gallery of current development progress at Juanicipio is available at https://magsilver.com/projects/photo-gallery/#photo-gallery.

Initial production from the mine commenced during the third quarter ahead of schedule, with 42,476 tonnes of development material successfully processed through the Fresnillo plant in August (21,126 tonnes) and September (21,350 tonnes) of 2020. The Joint Venture produced and sold 394 thousand silver ounces, 610 gold ounces, 138 tonnes of lead and 174 tonnes of zinc in the third quarter. Provisional sales (net of treatment charges) of $9,525 less $1,530 in related mining and transportation costs, netting $7,995 on a 100% basis, was credited against Juanicipio capitalized costs in accordance with the Company’s pre-commercial production accounting policy. The provisional sales and treatment charges will be adjusted in the fourth quarter based on final assay and pricing adjustments in accordance with the offtake contracts.

By bringing forward the start-up of the mine and by processing mineralized material early, MAG and Fresnillo expect to secure several positive outcomes for the Juanicipio Project:

  • generating cash-flow from production to offset some of the cash requirements of the initial project capital (provisional net $7,995 was generated on a 100% basis in the third quarter of 2020);
  • de-risking the flotation process through a better understanding of the metallurgical characteristics and response of the Juanicipio mineralization;
  • increased certainty around the geological block model prior to start-up of the processing plant; and,
  • allowing a quicker and more certain ramp-up to the nameplate 4,000 tonnes per day plant design.

Mineralized material from the mine is expected to be processed on commercial terms at a rate of 16,000 tonnes per month at the Fresnillo plant facility (100% owned by Fresnillo) until the Juanicipio plant is commissioned in mid-2021. Subsequent to the quarter end, another 15,400 tonnes of material were processed in October 2020.

The initial capital expenditure requirements for the Juanicipio Project, as revised and announced by the joint venture shareholders on February 24, 2020 (see Press Release as of the same date) is estimated as of January 1, 2018 to be $440,000 (100% basis). This initial capital expenditure estimate does not take into account the capital expenditures incurred since January 1, 2018 which total approximately $197,427 to September 30, 2020. MAG therefore estimates the remaining initial capital expenditures on a 100% basis for the Juanicipio Project to be approximately $242,573 (MAG’s 44% share being $106,732 as at September 30, 2020) This funding balance will be reduced by both existing cash held in Minera Juanicipio as at September 30, 2020 ($14,417 on a 100% basis), and by expected cash flows generated from mineralized material sold and processed through the Fresnillo processing plant at the rate of approximately 16,000 tonnes per month.

On the exploration front, most of the Juanicipio property remains unexplored with many untested exploration targets still to be pursued by the joint venture partners. After a temporary halt in exploration activity in the prior quarter due to COVID-19 restrictions, drilling on the property resumed in the third quarter with five rigs currently on site. Drilling is presently focused on continued step-out and infill drilling of the Valdecañas Deep Zone. Holes are also being directed at the Anticipada Vein and NE-trending Venadas Vein family targeting them independently from the Valdecañas Vein. Despite the temporary COVID-19 restrictions noted above, the full Juanicipio 2020 drilling program is expected to be completed as planned in 2020.

DEER TRAIL
PROJECT

During the quarter, MAG announced its Deer Trail earn-in project in Utah, a silver-rich CRD target. With drill roads completed and drill pads fully permitted, a 6,500-metre Phase I surface drilling program commenced subsequent to the quarter end in November 2020.

THE ATM PROGRAM

On September 8, 2020, the Company completed a $50,000 at-the-market equity program (“the ATM Program”) which was established on June 29, 2020. From June 30, 2020 to September 8, 2020, the Company sold and issued 3,092,783 common shares under the ATM Program at an average price of $16.17 per share for gross proceeds of $50,000. There is no remaining availability under the ATM Program.

FINANCIAL RESULTS –
THREE AND NINE MONTHS
ENDED
SEPTEMBER 30, 2020

As at September 30, 2020, MAG had working capital of $137,814 (September 30, 2019: $94,895) including cash and cash equivalents of $136,045 (September 30, 2019: $94,599) and no long-term debt. As well, as at September 30, 2020 Minera Juanicipio had cash of $14,417 (MAG’s attributable 44% share $6,343).

The Company’s net loss for the three and nine months ended September 30, 2020 amounted to $3,607 and $17,208 respectively or $(0.04)/share and $(0.19)/share respectively (September 30, 2019: $2,005 and $3,408 or $(0.02)/share and $(0.04)/share, respectively).

The Company recorded a deferred income tax benefit of $1,229 for the three months ended September 30, 2020 and a deferred income tax expense of $4,949 for the nine months ended September 30, 2020 (September 30, 2019: $595 and $27 deferred income tax expense, respectively). The deferred expense for the nine months ended September 30, 2020 was driven primarily by the non-cash devaluation of certain tax assets denominated in Mexican Pesos, as the Mexican Peso devalued significantly against the US dollar in the first six months of the year (from 18.87 Pesos/US$ on December 31, 2019 to 22.36 on September 30, 2020).

Share-based payment expense (a non-cash item) recorded in the three and nine months ended September 30, 2020 amounted to $554 and $2,262 respectively (September 30, 2019: $507 and $2,015 respectively) and is determined based on the fair value of equity incentives granted and vesting in the period.

The Company recorded a 44% equity loss pick-up of $3,392 and $6,890 respectively in the three and nine months ended September 30, 2020 from Minera Juanicipio (September 30, 2019: $266 equity loss pick-up and $496 equity income pick-up respectively). The equity loss pick-up from Minera Juanicipio relates to the Company’s 44% share of a foreign exchange loss and a deferred income tax expense, which was partially offset by interest income earned within Minera Juanicipio.

Qualified Person:

All scientific or technical information in this press release, including assay results and Mineral Resource estimates, if applicable, is based upon information prepared by or under the supervision of, or has been approved by Dr. Peter Megaw, Ph.D., C.P.G., a Certified Professional Geologist who is a “Qualified Person” for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects (“National Instrument 43-101” or “NI 43-101”). Dr. Megaw is not independent as he is an officer and a paid consultant of MAG Silver.

About MAG Silver Corp.

MAG Silver Corp. is a Canadian advanced stage development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%) being developed in a joint venture with Fresnillo (56%). The Juanicipio Project is located in the Fresnillo Silver Trend in Mexico, the world’s premier silver mining camp. The Juanicipio Joint Venture is currently constructing and developing the surface and underground infrastructure on the property to support a 4,000 tonnes per day mining operation, with the operational expertise of Fresnillo, the project operator. As well, an exploration program is in place at Juanicipio on multiple highly prospective targets.

For further information on behalf of MAG Silver Corp.
Contact Michael J. Curlook, VP Investor Relations and Communications
                      
Phone:
Toll Free:		   (604) 630-1399
(866) 630-1399		   Website:
Email:		   www.magsilver.com

[email protected]
             

Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.

This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not
guarantees
of future performance and actual results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions
; the use of the net proceeds from the private placement is subject to change;
political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the
MAG Silver
’s
filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.

Please Note: Investors are urged to consider closely the disclosures in 
MAG’s
annual and quarterly reports and other public filings, accessible through the Internet at

www.sedar.com

and

www.sec.gov

LEI: 254900LGL904N7F3EL14