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Arcus Biosciences to Present Preliminary Data from Phase 1 Portion of ARC-8 Study for AB680 in Metastatic Pancreatic Cancer at ASCO-GI Symposium

– Preliminary data from the first dose-escalation cohorts, reported in an abstract released today, demonstrate encouraging signs of clinical activity for AB680 in combination with zimberelimab (anti-PD-1 antibody) and chemotherapy

– Additional data, as of a cut-off date of December 9, 2020, to be presented at ASCO-GI on January 15^th

HAYWARD, Calif.–(BUSINESS WIRE)–
Arcus Biosciences, Inc. (NYSE:RCUS), an oncology-focused biopharmaceutical company working to create best-in-class cancer therapies, today announced that preliminary data from the ongoing dose-escalation portion of its ARC-8 Phase 1/1b study, evaluating the safety and tolerability of AB680, the first small-molecule CD73 inhibitor to enter the clinic, in combination with zimberelimab (anti-PD-1) and nab-paclitaxel plus gemcitabine (chemotherapy) in front-line metastatic pancreatic cancer will be presented in a poster session at the ASCO 2021 Virtual Gastrointestinal Cancers Symposium (ASCO GI) being held January 15^th – 17^th, 2021.

“While recent cancer breakthrough therapies, most notably anti-PD-1 antibodies, have led to dramatic improvements in outcomes in many cancer settings, this is not the case for pancreatic cancer, which remains a devastating diagnosis for patients. We are highly encouraged by the preliminary data from our Phase 1 trial for AB680 in combination with anti-PD-1 therapy and chemotherapy, in which we have seen promising clinical activity in these difficult to treat patients. Importantly, this experimental regimen has been well tolerated, and early safety data indicate that this AB680 combination regimen appears to have a side effect profile similar to that of anti-PD-1 therapy and chemotherapy,” said Bill Grossman, M.D., the Chief Medical Officer of Arcus. “We look forward to presenting updated data from the Phase 1 portion of this trial at ASCO GI on January 15^th, wherein we will report more mature safety and clinical response data, including those from the 100mg dose cohort.”

The clinical activity and safety profile observed to date with AB680 in combination with zimberelimab (anti-PD-1 antibody) and chemotherapy support its recent advancement into the ongoing Phase 1b expansion portion of the study, as well as plans to open a randomized control arm for the Phase 1b expansion. Dosing of AB680 100mg I.V. every two weeks has been selected for this portion of the study.

Full details of the presentation are as follows:

Abstract/Poster Title: ARC-8: Phase I/Ib study to evaluate safety and tolerability of AB680 + chemotherapy + zimberelimab (AB122) in patients with treatment-naive metastatic pancreatic adenocarcinoma (mPDAC)

Abstract No: 404

Poster Session: Pancreatic Cancer

Available Date: January 15, 2021

Time: 5:00 a.m. PT

In addition to the presentation on AB680, Arcus will also highlight the design of the recently initiated ARC-9 randomized Phase 2 study to advance etrumadenant in late-line colorectal cancer:

Abstract/Poster Title: ARC-9: Phase Ib/II study to evaluate etrumadenant (AB928)-based treatment combinations in patients with metastatic colorectal cancer (mCRC)

Abstract No: TPS150

Trials in Progress Poster Session: Colorectal Cancer

Available Date: January 15, 2021

Time: 5:00 a.m. PT

Pancreatic Cancer

Pancreatic cancer is the fourth leading cause of cancer-related deaths in Europe and the United States¹ and the seventh leading cause of cancer-related deaths worldwide².

Pancreatic ductal adenocarcinoma (PDAC) is the most prevalent neoplastic disease of the pancreas, with high metastatic potential, accounting for more than 90% of all pancreatic malignancies and is a highly devastating disease with poor prognosis and rising incidence.^3,4

Few treatment options exist for metastatic pancreatic cancer, and response rates to the standard of care therapy of gemcitabine/nab-paclitaxel remain very low. Based on the FDA approved label for nab-paclitaxel in combination with gemcitabine, the phase 3 registrational trial demonstrated overall and complete response rates in patients with metastatic pancreatic cancer that were 23% and <1%, respectively. ^1,5

To date, addition of anti-PD-1 antibodies to gemcitabine/nab-paclitaxel in controlled clinical trials in this setting has shown no added benefit when compared to that obtained with the chemotherapy alone.^6,7

About ARC-8 Study

ARC-8 is a Phase 1/1b study to evaluate safety and tolerability of AB680 + zimberelimab (AB122) + chemotherapy in patients with treatment-naive metastatic pancreatic adenocarcinoma.

For additional information on this trial (NCT04104672), please visit www.clinicaltrials.gov.

About AB680

AB680 is an extremely potent and selective small-molecule CD73 inhibitor designed to provide differential benefits relative to monoclonal antibodies, such as greater inhibition of CD73 enzymatic activity (both soluble and cell-bound) and deeper tumor penetration. CD73 is the primary enzymatic producer of immunosuppressive adenosine in the tumor microenvironment, and high CD73 expression is associated with significantly poorer prognosis in several tumor types, including pancreatic cancer. ⁸ By effectively eliminating CD73-derived adenosine, AB680 may improve the efficacy of treatment approaches expected to elicit anti-cancer immune responses (e.g., platinum-based chemotherapy with/without anti-PD-1 therapy). AB680 was the first small-molecule CD73 inhibitor to enter the clinic and demonstrated a favorable safety profile with a long half-life in a healthy volunteer study. AB680 is currently in a Phase 1/1b study for the treatment of first-line metastatic pancreatic cancer.

About Arcus Biosciences

Arcus Biosciences is an oncology-focused biopharmaceutical company leveraging its deep cross-disciplinary expertise to discover highly differentiated therapies and to develop a broad portfolio of novel combinations addressing significant unmet needs. Arcus currently has four molecules in clinical development: Etrumadenant (AB928), the first and only dual A_2a/A_2b adenosine receptor antagonist in the clinic, is being evaluated in multiple Phase 2 and 1b studies across different indications, including prostate, colorectal, non-small cell lung, pancreatic and triple-negative breast cancers. AB680, the first small-molecule CD73 inhibitor to enter the clinic, is in Phase 1/1b development for first-line treatment of metastatic pancreatic cancer in combination with zimberelimab and gemcitabine/nab-paclitaxel. Domvanalimab (AB154), an anti-TIGIT monoclonal antibody and new potential immuno-oncology backbone therapy, is in a three-arm randomized Phase 2 study for first-line treatment of PD-L1-high metastatic non-small cell lung cancer evaluating zimberelimab monotherapy, AB154 with zimberelimab and AB154 plus AB928 with zimberelimab. Zimberelimab (AB122), Arcus’s anti-PD-1 monoclonal antibody, is also being evaluated in a Phase 1b study as monotherapy for cancers with no approved anti-PD-1 treatment options, and in various combinations across the portfolio. For more information about Arcus Biosciences, please visit www.arcusbio.com.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained herein, including, but not limited to, Arcus’s development plans for AB680, 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. All forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause Arcus’s actual results, performance or achievements to differ significantly from those expressed or implied. Factors that could cause or contribute to such differences include, but are not limited to: risks associated with preliminary and interim data; the emergence of adverse events or other undesirable side effects; delays in our clinical trials due to difficulties or delays in the regulatory process, enrolling subjects or manufacturing or supplying product for such clinical trials; and the inherent uncertainty associated with pharmaceutical product development and clinical trials. Risks and uncertainties facing Arcus are described more fully in Arcus’s quarterly report on Form 10-Q for the quarter ended September 30, 2020 filed on November 5, 2020 with the SEC. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. Arcus disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this press release.

The Arcus name and logo are trademarks of Arcus. All other trademarks belong to their respective owners.

References

1. Von Hoff DD, et al., N Eng J Med. 2013; 369(18):1691.

2. Rawla P, Sunkara T, and Gaduputi V., World J Oncol. 2019; 10(1):10.

3. Kleeff J, et al., Nat Rev Dis Primers. 2016; 2:16022.

4. Orth M, et al., Radiat Oncol. 2019; 14(1):141.

5. https://packageinserts.bms.com/pi/pi_abraxane.pdf

6. Weiss GJ, et al., Invest New Drugs. 2018; 36(1):96.

7. Zev A., et al., Clin Cancer Res. 2020; 26(18): 4814.

8. Zhou L, et al., J Mol Med (Berl). 2019;97(6):803.

Source: Arcus Biosciences

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Katherine Bock

VP Investor Relations & Corporate Strategy

(510) 694-6231

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Oncology Health Clinical Trials General Health Pharmaceutical Biotechnology

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Movado Group, Inc. Reinstates a Dividend

~ Board of Directors Approves $0.10 per share Dividend ~

PARAMUS, N.J.–(BUSINESS WIRE)–
Movado Group, Inc. (NYSE: MOV), today announced that its Board of Directors has declared a cash dividend of $0.10 per share. The dividend is payable on February 5, 2021 to shareholders of record on January 21, 2021.

Commenting on the dividend announcement, Efraim Grinberg, Chairman and Chief Executive Officer, stated: “We are pleased to announce a cash dividend. Movado Group is committed to building long-term shareholder value and we believe this dividend declaration advances this objective. Since the onset of the COVID-19 pandemic, our team has intently focused on executing with discipline to strengthen our balance sheet, and as of third quarter end, we had accumulated $163.2 million in cash, reduced inventory and lowered debt. We believe the Board’s reinstatement of a dividend is a testament to our strong cash flow generation amidst this ongoing crisis and reflects their confidence in our strategy and future growth potential.”

Movado Group, Inc. designs, sources, and globally distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE®, SCUDERIA FERRARI®, REBECCA MINKOFF® and URI MINKOFF® watches, and for certain of these brands jewelry and other accessories, and operates Movado Company Stores in the United States and Canada.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “expects,” “anticipates,” “believes,” “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,” “estimates,” “may,” “will,” “should” and variations of such words and similar expressions. Similarly, statements in this press release that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to general economic and business conditions which may impact disposable income of consumers in the United States and the other significant markets (including Europe) where the Company’s products are sold, uncertainty regarding such economic and business conditions, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible terrorist attacks, natural disasters, pandemics, including the effect of the COVID-19 pandemic and other diseases on travel and traffic in the Company’s retail stores and the stores of its wholesale customers, supply disruptions and delivery delays from the Company’s suppliers as a result of the COVID-19 pandemic, adverse impact on the Company’s wholesale customers and customer traffic in the Company’s stores as a result of increased uncertainty and economic disruption caused by the COVID-19 pandemic, uncertainty relating to the availability of vaccines and treatments for COVID-19, the impact of the United Kingdom’s exit from the European Union, defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending, changes in consumer preferences and popularity of particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability of the Company to successfully implement its business strategies, competitive products and pricing, the impact of “smart” watches and other wearable tech products on the traditional watch market, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier’s inability to fulfill the Company’s orders, the loss of or curtailed sales to significant customers, the Company’s dependence on key employees and officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities, the possible impairment of acquired intangible assets including goodwill if the carrying value of any reporting unit were to exceed its fair value, volatility in reported earnings resulting from changes in the estimated fair value of contingent acquisition consideration, the continuation of the company’s major warehouse and distribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigation, the ability to secure and protect trademarks, patents and other intellectual property rights, the ability to lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company to successfully manage its expenses on a continuing basis, information systems failure or breaches of network security, the continued availability to the Company of financing and credit on favorable terms, business disruptions, and general risks associated with doing business outside the United States including, without limitation, import duties, tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and success of hedging strategies with respect to currency exchange rate fluctuations, and the other factors discussed in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward looking statements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in the future.

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ICR, Inc.

Rachel Schacter / Allison Malkin

203-682-8200

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Luxury Women Department Stores Men Specialty Home Goods Fashion Consumer Retail

MEDIA:

Posted on January 11, 2021 5:03 pm

Hilltop Holdings Inc. Announces Fourth Quarter and Full Year 2020 Earnings Conference Call and Webcast

Hilltop Holdings Inc. Announces Fourth Quarter and Full Year 2020 Earnings Conference Call and Webcast

DALLAS–(BUSINESS WIRE)–
Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop”), a Dallas-based financial holding company, will host a live webcast and conference call at 8:00 AM Central (9:00 AM Eastern) on Friday, January 29, 2021. Hilltop President and CEO Jeremy B. Ford and Hilltop CFO William B. Furr will review fourth quarter and full year 2020 financial results.

Interested parties can access the conference call by dialing 1-877-508-9457 (domestic) or 1-412-317-0789 (international). The conference call also will be webcast simultaneously on Hilltop’s Investor Relations website (http://ir.hilltop-holdings.com).

About Hilltop Holdings Inc.

Hilltop Holdings is a Dallas-based financial holding company. Its primary line of business is to provide business and consumer banking services from offices located throughout Texas through PlainsCapital Bank. PlainsCapital Bank’s wholly owned subsidiary, PrimeLending, provides residential mortgage lending throughout the United States. Hilltop Holdings’ broker-dealer subsidiaries, Hilltop Securities Inc. and Hilltop Securities Independent Network Inc., provide a full complement of securities brokerage, institutional and investment banking services in addition to clearing services and retail financial advisory. At December 31, 2020, Hilltop employed approximately 4,900 people and operated approximately 420 locations in 48 states. Hilltop Holdings’ common stock is listed on the New York Stock Exchange under the symbol “HTH.” Find more information at Hilltop-Holdings.com, PlainsCapital.com, PrimeLending.com and Hilltopsecurities.com.

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Investor Relations Contact:

Erik Yohe, 214-525-4634

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Professional Services Finance

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Posted on January 11, 2021 5:03 pm

Fiesta Restaurant Group, Inc. Reports Fiscal Fourth Quarter 2020 Comparable Restaurant Sales

Fiesta Restaurant Group, Inc. Reports Fiscal Fourth Quarter 2020 Comparable Restaurant Sales

Improvement in Comparable Restaurant Sales Compared to the Third Quarter

New $75 million Term Loan and $10 million Revolver Facilities Completed on November 23, 2020

DALLAS–(BUSINESS WIRE)–
Fiesta Restaurant Group, Inc. (“Fiesta” or the “Company”) (NASDAQ: FRGI), parent company of the Pollo Tropical® and Taco Cabana® restaurant brands, today reported comparable restaurant sales for the 14-week fiscal fourth quarter 2020 ended January 3, 2021 and provided a liquidity update.

Fiesta President and Chief Executive Officer Richard Stockinger said, “Both of our brands demonstrated sequential improvement in comparable restaurant sales from third quarter levels during the fourth quarter. Pollo Tropical comparable restaurant sales accelerated from -11.1% in the third quarter of 2020 to -6.4% in December. After adjusting for the estimated impact of named storms in the third and fourth quarters, Pollo Tropical’s sales growth would have been even stronger. Taco Cabana also improved its comparable restaurant sales trend from -14.2% in the third quarter of 2020 to -10.2% in December. The sales acceleration at both brands was realized despite closed dining rooms across most units along with continued headwinds in terms of COVID and economic conditions in Florida and Texas.”

Mr. Stockinger continued, “As we have previously stated, maximizing liquidity during the COVID crisis has been a top priority. Our new Senior Credit Facility consisting of a $75 million term loan and $10 million revolver that we entered into on November 23⁽¹⁾ allowed us to replace our prior credit agreement with a more flexible and longer-term loan through 2025 that provides ample liquidity during the remainder of this challenging period and beyond. The financial covenants of the loan are more flexible, requiring only a minimum liquidity requirement of $20 million through 2021. We believe the progress we made in reducing total net debt⁽²⁾ from the beginning of the pandemic in mid-March combined with this new senior credit facility will enable us to exit this crisis in a much stronger financial position, poised for future growth.”

Mr. Stockinger concluded, “As we begin 2021, our focus will continue to be on driving profitable sales growth by increasing capacity and ease of use through channels most desired by consumers including online ordering, drive-thru, pickup and delivery, and selectively opening dining rooms in situations in which we can achieve profitable sales. As we did in 2020, we will continue to focus our investments on improving the customer experience in those desired channels through a number of initiatives including curbside enhancements, such as geofencing, drive-thru experience upgrades for faster ordering and payment, including digital menu boards, and ongoing app and loyalty platform improvements.”

(1)		See the Current Report on Form 8-K filed on November 30, 2020.
(2)		Defined as total debt less total cash.

Comparable Restaurant Sales Summary

The Company is temporarily releasing its comparable restaurant sales results and liquidity status commentary more frequently as a result of the rapidly changing economic environment and conditions related to the COVID-19 pandemic, consistent with many other peer companies in the restaurant segment. The Company will continue to evaluate the benefits of this temporary change in disclosure practices as the economic and COVID-19 pandemic conditions evolve. The Company uses a 52- or 53-week fiscal year that ends on the Sunday closest to December 31. The fiscal year and fourth quarter ended January 3, 2021 contained 53 weeks and 14 weeks, respectively. Fourth quarter 2020 comparable restaurant sales exclude the extra week in fiscal fourth quarter 2020 and are reported on a 13-week basis.

	Third Quarter 2020	Fiscal October	Fiscal November	Fiscal December	Fourth Quarter 2020
Pollo Tropical	-11.1%	-9.7%	-8.2%	-6.4%	-8.2%
Taco Cabana	-14.2%	-12.4%	-6.4%	-10.2%	-10.0%

As a reminder, third quarter 2020 comparable restaurant sales at Pollo Tropical benefited from the estimated negative impact of Hurricane Dorian in 2019 of approximately 140 basis points.

Fiscal November 2020 comparable restaurant sales at Pollo Tropical were negatively impacted by Tropical Storm Eta in 2020. After adjusting for the estimated impact of that named storm, fiscal November 2020 comparable restaurant sales would have been approximately 130 basis points higher, and fourth quarter 2020 comparable restaurant sales would have been approximately 40 basis points higher.

Restaurants are included in comparable restaurant sales after they have been open for 18 months or longer. Restaurants are excluded from comparable restaurant sales for any fiscal month in which the restaurant was closed for more than five days. Comparable restaurant sales are compared to the same period in the prior year. For comparative purposes, the calculation of the changes in comparable restaurant sales is based on a 13-week fiscal quarter. Restaurant sales for the extra week in the fiscal quarter ended January 3, 2021 have been excluded for purposes of calculating the change in comparable company-owned restaurant sales.

About Fiesta Restaurant Group, Inc.

Fiesta Restaurant Group, Inc., owns, operates and franchises the Pollo Tropical® and Taco Cabana® restaurant brands. The brands specialize in the operation of fast casual/quick service restaurants that offer distinct and unique flavors with broad appeal at a compelling value. The brands feature fresh-made cooking, drive-thru service and catering. For more information about Fiesta Restaurant Group, Inc., visit the corporate website at www.frgi.com.

Forward Looking Statements

Certain statements contained in this news release and in our public disclosures, whether written, oral or otherwise made, relating to future events, or future performance, including any discussion, express or implied regarding the impact of the COVID-19 pandemic, our financial position and our belief with respect to our financial position and future growth resulting from our new credit facility and debt reduction and our initiatives on future sales, margins, operating profit, cash liquidity and earnings contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are often identified by the words “may,” “might,” “believes,” “thinks,” “anticipates,” “plans,” “positioned,” “target,” “continue,” “expects,” “look to,” “intends” and other similar expressions, whether in the negative or the affirmative, that are not statements of historical fact. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict, and you should not place undue reliance on our forward-looking statements. Our actual results and timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those discussed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 29, 2019 and our quarterly reports on Form 10-Q. All forward-looking statements and the internal projections and beliefs upon which we base our expectations included in this release are made only as of the date of this release and may change. While we may elect to update forward-looking statements at some point in the future, we expressly disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

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Investor Relations Contact:

Raphael Gross

203-682-8253

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Restaurant/Bar Food/Beverage Other Retail Retail Specialty

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Posted on January 11, 2021 5:03 pm

Polaris Infrastructure Extends Memorandum of Understanding for 10 MW Run-of-River Hydro Project in Panama

PR Newswire

TORONTO, Jan. 11, 2021 /PRNewswire/ – Polaris Infrastructure Inc. (TSX: PIF) (“Polaris Infrastructure” or the “Company”), a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, announced today that it has extended the period of exclusivity to June 30, 2021 for the Memorandum of Understanding (“MOU”) signed in 2020 to acquire the owner of a Panama-based 10 MW run-of-river hydro project called Chuspa (the “Project”) from Navitas Holdings, Inc. of Panama. 

Due to restrictions arising from Covid-19 Polaris was unable to commence the construction of the Project in 2020.  We are optimistic that with this extension we can mobilize in the second quarter of this year.

While Covid-19 has pushed back the commencement of construction in Panama, Polaris is committed to continue with the strategic goal of continued growth and diversification.  The recent announcement of the successful renegotiation and extension of our key contract at San Jacinto has positioned the Company to pursue its key goals:

• Additional progress on corporate development and acquisition initiatives in the renewables sector;
• Optimization of the balance sheet given the recent contract extension and the relatively low level of Net Corporate Debt;
• Advancement of Carbon Credit certification process for 8 de Agosto and El Carmen hydro facilities in Peru to ensure all operating facilities are certified to sell credits.

In addition to the contract renegotiation, and despite a challenging environment, in 2020 Polaris:

• Achieved a record level of total energy production on a consolidated basis as a result of the Peru plants becoming fully operational;
• Sustained full availability at all our plants during Covid restrictions and experienced no cases amongst our staff;
• Finished the year with a strong cash position of US$63 million;
• Took the opportunity to augment our corporate development and project finance teams in both Toronto and Latin America;
• Enhanced our leading ESG strategies, policies and disclosures and continued our excellent Health and Safety record.

“Given such activities and accomplishments, we are positioned well to execute on the plan to grow and diversify in the short and medium term” commented Marc Murnaghan.  “I also want to take this opportunity to personally thank all of our employees, financial partners, local communities and government partners for their support and commitment to Polaris in 2020 and extend best wishes for a safe and prosperous 2021.”

About Polaris Infrastructure

Polaris Infrastructure is a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America.  Currently, the Company owns and operates a geothermal project located in Nicaragua and hydro projects located in Peru.

Cautionary Statements 

This press release contains certain “forward-looking information” which may include, but is not limited to, statements with respect to future events or future performance, management’s expectations regarding the ability to complete the acquisition of the Project on the terms described in this press release or at all, the anticipated MW of the Project, the anticipated investments required to complete construction of the Project, the anticipated timeline required to achieve commercial operation, the ability to fund construction with cash on hand and funds generated through operations, the expected benefits from the acquisition of the Project and diversification into Panama and the availability of similar acquisition opportunities in Panama. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved.  A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current geothermal and hydro energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the geothermal and hydro power industries; political instability or insurrection or war; labor force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities, or in the commencement of operations; the ability of the Company to continue as a going concern and general economic conditions, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form.  These factors should be considered carefully and readers of this press release should not place undue reliance on forward-looking information.

Although the forward-looking information contained in this press release is based upon what management believes to be reasonable assumptions, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The information in this press release, including such forward-looking information, is made as of the date of this press release and, other than as required by applicable securities laws, Polaris Infrastructure assumes no obligation to update or revise such information to reflect new events or circumstances.

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SOURCE Polaris Infrastructure Inc.

Posted on January 11, 2021 5:03 pm

Abercrombie & Fitch Co. Provides Fourth Quarter Business Plan Update

NEW ALBANY, Ohio, Jan. 11, 2021 (GLOBE NEWSWIRE) — Abercrombie & Fitch Co. (NYSE: ANF) today provided an update to its fiscal fourth quarter 2020 plan. The company expects: 

• Net sales to decline in the 5% to 7% range versus plan of down 5% to down 10%, reflecting ongoing digital momentum offset by store closures and capacity restrictions in North America and EMEA.
• Gross profit rate to be up at least 130 basis points to last year’s 58.2% versus plan of flat to up slightly, benefiting from reduced depth and breadth of promotions and markdowns relative to plan and to last year.
• Operating expense, excluding other operating income, to be down at least 2% from fiscal 2019 adjusted non-GAAP operating expense of $566 million, reflecting savings in store expenses due to closures and the recognition of rent abatements. This compares to plan of up 1% to 2%.

Fran Horowitz, Chief Executive Officer, said:

“I am proud of our quarter-to-date performance, including the peak holiday selling period. Customers continue to respond favorably to updated product and messaging, and we expect lower promotional depth and breadth to drive gross profit rate expansion in the quarter. Our digital sales continue to be robust, partially offsetting ongoing store challenges, where we have experienced reduced hours of operation, capacity restrictions and closures in EMEA and North America.”

“Looking ahead, we will remain focused on controlling what we can, including tightly managing inventories and expenses. At the same time, we will continue to pivot to quickly address and respond to those external situations that are beyond our control. We are in the fortunate position of entering 2021 from a position of brand and financial strength. We are successfully navigating this unprecedented environment, while keeping the health and safety of our associates, customers and communities a top priority, and executing on our key strategies. I am confident in our ability to build on recent global learnings and successes across our brands and look forward to sharing additional details on our upcoming fourth quarter call.”

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

A&F cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Press Release or made by management or spokespeople of A&F involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the company’s control. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements. The following factors, in addition to those disclosed in “ITEM 1A. RISK FACTORS” of A&F’s Annual Report on Form 10-K for the fiscal year ended February 1, 2020, and in A&F’s subsequently filed quarterly reports on Form 10-Q, in some cases have affected, and in the future could affect, A&F’s financial performance and could cause actual results for fiscal 2020 and beyond to differ materially from those expressed or implied in any of the forward-looking statements included in this Press Release or otherwise made by management: the current outbreak of the novel coronavirus, or COVID-19, has materially adversely impacted and disrupted, and may continue to materially adversely impact and cause disruption to, our business, financial performance and condition, operating results, liquidity and cash flows; the spread of the COVID-19 outbreak has caused significant disruptions in the United States and global economy, the extent of the impact and duration of which is not yet known and any future outbreak of any other highly infectious or contagious disease could have a similar impact; changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits could have a material adverse impact on our business; failure to engage our customers, anticipate customer demand and changing fashion trends, and manage our inventory commensurately could have a material adverse impact on our business; our failure to operate in a highly competitive and constantly evolving industry could have a material adverse impact on our business; fluctuations in foreign currency exchange rates could have a material adverse impact on our business; our ability to attract customers to our stores depends, in part, on the success of the shopping malls or area attractions that our stores are located in or around; the impact of war, acts of terrorism, mass casualty events or civil unrest could have a material adverse impact on our business; the impact of extreme weather, infectious disease outbreaks, including COVID-19, and other unexpected events could result in an interruption to our business, as well as to the operations of our third-party partners, and have a material adverse impact on our business; failure to successfully develop an omnichannel shopping experience, a significant component of our growth strategy, or failure to successfully invest in customer, digital and omnichannel initiatives could have a material adverse impact on our business; our failure to optimize our global store network could have a material adverse impact on our business; our failure to execute our international growth strategy successfully and inability to conduct business in international markets as a result of legal, tax, regulatory, political and economic risks could have a material adverse impact on our business; failure to protect our reputation could have a material adverse impact on our business; if our information technology systems are disrupted or cease to operate effectively it could have a material adverse impact on our business; we may be exposed to risks and costs associated with cyber-attacks, data protection, credit card fraud and identity theft that could have a material adverse impact on our business; our reliance on our distribution centers makes us susceptible to disruptions or adverse conditions affecting our supply chain; changes in the cost, availability and quality of raw materials, labor, transportation, and trade relations could have a material adverse impact on our business; we depend upon independent third parties for the manufacture and delivery of all our merchandise, and a disruption of the manufacture or delivery of our merchandise could have a material adverse impact on our business; we rely on the experience and skills of our executive officers and associates, and the failure to attract or retain this talent, or effectively manage succession could have a material adverse impact on our business; fluctuations in our tax obligations and effective tax rate may result in volatility in our results of operations could have a material adverse impact on our business; our litigation exposure, or any securities litigation and shareholder activism, could have a material adverse impact on our business; failure to adequately protect our trademarks could have a negative impact on our brand image and limit our ability to penetrate new markets which could have a material adverse impact on our business; changes in the regulatory or compliance landscape could have a material adverse impact on our business; and the agreements related to our senior secured asset-based revolving credit facility and our senior secured notes include restrictive covenants that limit our flexibility in operating our business and our inability to obtain credit on reasonable terms in the future could have an adverse impact on our business.

About Abercrombie & Fitch Co.

Abercrombie & Fitch Co. (NYSE: ANF) is a leading, global specialty retailer of apparel and accessories for Men, Women and Kids through three renowned brands. For more than 125 years, the iconic Abercrombie & Fitch brand has outfitted innovators, explorers and entrepreneurs. Today, the brand reflects the updated attitude of modern consumer, while remaining true to its heritage of creating expertly crafted products with an effortless, American style. The Hollister brand epitomizes the liberating and carefree spirit of the endless California summer for the teen market. abercrombie kids creates smart, playful apparel for children ages 5-14, celebrating the wide-eyed wonder of childhood.

The brands share a commitment to offering products of enduring quality and exceptional comfort that allow consumers around the world to express their own individuality and style. The Company operates approximately 760 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com and www.hollisterco.com.

Investor Contact:	Media Contact:
Pamela Quintiliano	Mackenzie Gusweiler
Abercrombie & Fitch Co.	Abercrombie & Fitch Co.
(614) 283-6751	(614) 283-6192
[email protected]	[email protected]