Ocular Therapeutix™ Promotes Michael Goldstein, MD, MBA, to President, Ophthalmology and Appoints Rabia Gurses Ozden, MD as Senior Vice President, Clinical Development

Ocular Therapeutix™ Promotes Michael Goldstein, MD, MBA, to President, Ophthalmology and Appoints Rabia Gurses Ozden, MD as Senior Vice President, Clinical Development

BEDFORD, Mass.–(BUSINESS WIRE)–
Ocular Therapeutix, Inc. (NASDAQ:OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced the promotion of Michael Goldstein, MD, MBA, to the newly created position of President, Ophthalmology. Dr. Goldstein will continue to report to Antony Mattessich, Ocular’s President and Chief Executive Officer. With this promotion, Dr. Goldstein will be responsible for clinical operations and in that capacity will maintain his role as Chief Medical Officer. He will also be responsible for commercial operations in alignment with the overall Company strategy. The Company also announced the appointment of Rabia Gurses Ozden, MD, as Senior Vice President (SVP), Clinical Development. As SVP, Clinical Development, Dr. Ozden is responsible for leading the clinical development of Ocular Therapeutix’s current and growing pipeline of indications focusing on the front and back of the eye. The strategic appointments are expected to play a key role in supporting Ocular’s future growth and reflect Ocular’s commitment to developing innovative therapies for diseases and conditions of the eye.

“2020 has been a year of exciting growth for Ocular Therapeutix with the commercial success of DEXTENZA and with the development of our leading ophthalmology pipeline,” said Antony Mattessich, President and Chief Executive Officer of Ocular Therapeutix. “Recognizing the great opportunity to build upon our progress, I am thrilled to be expanding the organization with the promotion of Mike and with the addition of Rabia to our clinical team. Mike has played a key role in our recent successes, and I believe his strong leadership will continue to drive further success and future growth.”

“I am really excited about the work Ocular Therapeutix is doing in ophthalmology and our potential. We aim to keep developing exciting products to fulfill unmet needs in ophthalmology to benefit patients and to continue developing a best-in-class commercial team to deliver those products to market,” said Michael Goldstein, Chief Medical Officer and President, Ophthalmology. “I would also like to welcome Rabia to the Ocular team. We are fortunate to attract a talent like Rabia who brings to Ocular a proven track record and broad therapeutic expertise in ophthalmology with subspecialty training in glaucoma.”

Dr. Ozden has over 15 years of experience in clinical development, clinical operations, and pharmacovigilance in pharmaceutical and medical device programs. Dr. Ozden has had numerous interactions with regulatory agencies for clinical support in product filings, clinical endpoint developments and label negotiation. Prior to joining Ocular, Dr. Ozden most recently served as the Chief Development Officer at Akouos, Inc. Previously, Dr. Ozden served as Chief Medical Officer of Nightstar Therapeutics plc, a gene therapy company focused on rare inherited retinal diseases, which was acquired by Biogen. She has held leadership positions at Applied Genetic Technologies Corporation and GlaxoSmithKline, and earlier in her career held clinical development and operations roles at Quark Pharmaceuticals, Bausch & Lomb Pharmaceuticals and Carl Zeiss Meditec AG. Dr. Ozden received her M.D. from Hacettepe University School of Medicine, completed her ophthalmology residency at Ankara University School of Medicine, and her clinical fellowship in Glaucoma at the New York Eye and Ear Infirmary.

About Ocular Therapeutix, Inc.

Ocular Therapeutix, Inc. is a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology. Ocular Therapeutix’s first commercial drug product, DEXTENZA, is FDA-approved for the treatment of ocular inflammation and pain following ophthalmic surgery. Ocular Therapeutix has also submitted a Supplemental NDA for DEXTENZA to include the treatment of ocular itching associated with allergic conjunctivitis as an additional approved indication. Ocular Therapeutix’s earlier stage development assets currently in Phase 1 clinical trials include OTX-TIC (travoprost intracameral implant) for the reduction of intraocular pressure in patients with primary open-angle glaucoma or ocular hypertension and OTX-TKI (axitinib intravitreal implant) for the treatment of wet AMD and other retinal diseases. Ocular Therapeutix is currently evaluating OTX-CSI (cyclosporine intracanalicular insert) for the chronic treatment of dry eye disease in a Phase 2 clinical trial. Also, Ocular Therapeutix is currently developing OTX-DED (dexamethasone intracanalicular insert) for the short-term treatment of the signs and symptoms of dry eye disease and, in collaboration with Regeneron, OTX-AFS (aflibercept suprachoroidal injection) as an extended-delivery formulation of aflibercept for the treatment of retinal diseases. Ocular Therapeutix’s first product, ReSure® Sealant, is an FDA-approved device to seal corneal incisions following cataract surgery.

Forward Looking Statements

Any statements in this press release about future expectations, plans, and prospects for the Company, including the commercialization of DEXTENZA®, ReSure® Sealant, or any of the Company’s product candidates; the commercial launch of, and effectiveness of reimbursement codes for, DEXTENZA; the conduct of post-approval studies of DEXTENZA; the development and regulatory status of the Company’s product candidates, such as the Company’s development of and prospects for approvability of DEXTENZA for additional indications including allergic conjunctivitis, OTX-DED for the short-term treatment of the signs and symptoms of dry eye disease, OTX-CSI for the chronic treatment of dry eye disease, OTX-TIC for the treatment of primary open-angle glaucoma or ocular hypertension, OTX-TKI for the treatment of retinal diseases including wet AMD, and OTX-AFS as an extended-delivery formulation of the VEGF trap aflibercept for the treatment of retinal diseases including wet AMD; the potential receipt of a target action date under PDUFA; the ongoing development of the Company’s extended-delivery hydrogel depot technology; the size of potential markets for our product candidates; the potential utility of any of the Company’s product candidates; the potential benefits and future operation of the collaboration with Regeneron Pharmaceuticals, including any potential future payments thereunder; projected net product revenue and other financial metrics of DEXTENZA; the expected impact of the COVID-19 pandemic on the Company and its operations; the sufficiency of the Company’s cash resources and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend”, “goal,” “may”, “might,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the timing and costs involved in commercializing DEXTENZA, ReSure Sealant or any product candidate that receives regulatory approval, including the conduct of post-approval studies, the ability to retain regulatory approval of DEXTENZA, ReSure Sealant or any product candidate that receives regulatory approval, the ability to maintain reimbursement codes for DEXTENZA, the initiation, timing and conduct of clinical trials, availability of data from clinical trials and expectations for regulatory submissions and approvals, the Company’s scientific approach and general development progress, the availability or commercial potential of the Company’s product candidates, the Company’s ability to generate its projected net product revenue on the timeline expected, if at all, the sufficiency of cash resources, the Company’s existing indebtedness, the ability of the Company’s creditors to accelerate the maturity of such indebtedness upon the occurrence of certain events of default, the outcome of the Company’s ongoing legal proceedings, the severity and duration of the COVID-19 pandemic including its effect on the Company’s and relevant regulatory authorities’ operations, any additional financing needs or other actions and other factors discussed in the “Risk Factors” section contained in the Company’s quarterly and annual reports on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

Investors

Ocular Therapeutix

Donald Notman

Chief Financial Officer

[email protected]

or

Westwicke, an ICR Company

Chris Brinzey, 339-970-2843

Managing Director

[email protected]

Media

Ocular Therapeutix

Scott Corning

Senior Vice President, Commercial

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Health Clinical Trials Research Science Pharmaceutical Optical Biotechnology

MEDIA:

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Heritage Cannabis Places First Order with IntelGenx for CBD Filmstrips in Canada and Australia

Heritage Cannabis Places First Order with IntelGenx for CBD Filmstrips in Canada and Australia

TORONTO–(BUSINESS WIRE)–Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) (“Heritage” or the “Company”), today announced that it has executed a definitive supply agreement (the “Agreement”) with IntelGenx Corp. (TSX-V:IGX) (OTCQB:IGXT) (“IntelGenx”) for the manufacturing and supply of filmstrip products containing 10 mg of CBD using IntelGenx’s VersaFilm® technology (“CBD Filmstrips”) for the Canadian and Australian markets.

Under the Agreement, Heritage has placed its first purchase order with IntelGenx for 50,000 CBD Filmstrips that will be sold in select provincial retailers and the direct-to-consumer medical channel in Canada. The CBD Filmstrips will be formulated with both CBD and CBDA as CBDA has shown more potent activity at 5-HT1A (serotonin) receptors in published studies. The CBD Filmstrips, which dissolve orally, are meant to enable better and faster absorption than oral tinctures and capsules. IntelGenx expects to make its first shipment of product to Heritage in the second quarter of 2021.

Pursuant to the Agreement, Heritage will supply CBD material for IntelGenx’s filmstrip manufacture and supply in Canada and Australia on a non- and semi-exclusive basis, respectively. The Agreement also contemplates an option on future co-development of CBD and THC filmstrips using proprietary technology from both companies.

The CBD Filmstrips will be produced at IntelGenx’s manufacturing facility under Canadian GPP conditions and registered as a product for sale with Health Canada as a cannabis product governed by the Cannabis Act and with the Australian Department of Health’s Therapeutic Goods Administration as a medicinal cannabis product governed by the Narcotic Drugs Act.

Umar Syed, Heritage’s President of the Medical and International Division, commented, “Rapidly dissolving CBD Filmstrips provide tangible benefits for medical cannabis consumers by providing a more discreet and convenient administration method. As we continue to build a wide spectrum of medical cannabis products that offer both traditional and newer delivery platforms, we are excited to be at the stage where we will be distributing CBD Filmstrips in Canada and Australia.”

Dr. Horst G. Zerbe, CEO of IntelGenx, commented, “We believe this first-ever purchase order for commercial quantities of an oral thin film product based on our VersaFilm® technology represents a value inflection point for our Company. We are looking forward to building a strong partnership with Heritage, which shares our commitment to making innovative and high-quality oral thin film products available to medical cannabis consumers.”

About Heritage Cannabis Holdings Corp.

Heritage is a vertically integrated cannabis provider that currently has two Health Canada approved licensed producers, through its subsidiaries Voyage Cannabis Corp. and CannaCure Corp. both regulated under the Cannabis Act Regulations. Working under these two licenses, Heritage has two additional subsidiaries, Purefarma Solutions, which provides extraction services, and a Medical Services Division which is focused on cannabis based medical solutions. In the U.S., Heritage operates under Opticann Inc., a Colorado based oral and topical cannabinoid company with the rights to exclusively sell CBD and CBG products made with the patented VESIsorb® drug delivery system for optimized absorption and stability. As the parent company, Heritage is focused on providing the resources for its subsidiaries to advance their products or services to compete both domestically and internationally.

ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORP.

“Clint Sharples”

Clint Sharples

CEO

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Media:

Corey Herscu for Heritage Cannabis

[email protected]

Tel: 416-300-3030

Or

Investors:

Kelly Castledine

Tel: 647-660-2560

[email protected]

KEYWORDS: Australia/Oceania Australia North America Canada

INDUSTRY KEYWORDS: General Health Agriculture Alternative Medicine Natural Resources Health

MEDIA:

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Seagen to Host Conference Call and Webcast Discussion of Fourth Quarter and Full Year 2020 Financial Results on February 11, 2021

Seagen to Host Conference Call and Webcast Discussion of Fourth Quarter and Full Year 2020 Financial Results on February 11, 2021

BOTHELL, Wash.–(BUSINESS WIRE)–
Seagen Inc. (Nasdaq: SGEN) today announced that it will report its fourth quarter and full year 2020 financial results on Thursday, February 11, 2021 after the close of U.S. financial markets. Following the announcement, Company management will host a conference call and webcast discussion of the results and provide a general corporate update. Access to the event can be obtained as follows:

Thursday, February 11, 2021

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

  • Telephone 844-763-8274 (domestic) or +1 412-717-9224 (international); conference ID 10150708
  • Webcast with slides available at www.seagen.com in the Investors section. A webcast replay will be archived on the Company’s website.

About Seagen

Seagen is a global biotechnology company that discovers, develops and commercializes transformative cancer medicines to make a meaningful difference in people’s lives. Seagen is headquartered in the Seattle, Washington area, and has locations in California, Canada, Switzerland and the European Union. For more information on the company’s marketed products and robust pipeline, visit www.seagen.com and follow @SeagenGlobal on Twitter.

Peggy Pinkston

(425) 527-4160

[email protected]

KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Oncology Health Clinical Trials Research Science Pharmaceutical Biotechnology

MEDIA:

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Industrial Logistics Properties Trust Acquires Industrial Building in Kansas City, KS for $44 Million

Industrial Logistics Properties Trust Acquires Industrial Building in Kansas City, KS for $44 Million

NEWTON, Mass.–(BUSINESS WIRE)–Industrial Logistics Properties Trust (Nasdaq: ILPT) announced the acquisition of a net leased Class A industrial building in Kansas City, Kansas for a purchase price of $44.0 million, excluding acquisition related costs. The building is situated on 57 acres located at 17001 West Mercury Street and consists of approximately 645,000 rentable square feet. This single tenant property is 100% leased and has a remaining lease term of approximately 12 years. The purchase price represents a 6.5% capitalization rate.

John Murray, President and Chief Executive Officer of ILPT, made the following statement:

“We are pleased to add this modern distribution facility to ILPT’s high quality portfolio of industrial and logistics assets. The property was constructed in 2018, is well located with access to convenient transportation infrastructure and includes developable land to support future growth and expansion. This acquisition expands ILPT’s geographic diversification into another top 20 U.S. industrial market, the largest and fastest growing submarket in Kansas City.”

About Industrial Logistics Properties Trust

Industrial Logistics Properties Trust is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. As of September 30, 2020, ILPT owned 301 properties with 43.8 million rentable square feet which are approximately 98.8% leased to 264 different tenants with a weighted average remaining lease term of approximately 9.0 years.

Warning Concerning Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever ILPT uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, ILPT is making forward-looking statements. These forward-looking statements are based upon ILPT’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by ILPT’s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond ILPT’s control. For example:

  • Mr. Murray states that the acquired property includes developable land to support future growth and expansion. However, this property may not be developed or expanded in the future.

The information contained in ILPT’s filings with the SEC, including under “Risk Factors” in ILPT’s periodic reports, or incorporated therein, identifies other important factors that could cause ILPT’s actual results to differ materially from those stated in or implied by ILPT’s forward-looking statements. ILPT’s filings with the SEC are available on the SEC’s website at www.sec.gov.

You should not place undue reliance upon forward-looking statements.

Except as required by law, ILPT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.

No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

Kevin Barry, Manager, Investor Relations

(617) 658-0776

www.ilptreit.com

KEYWORDS: United States North America Massachusetts Kansas

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

MEDIA:

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Cresco Labs Announces Upcoming Conference Participation

Cresco Labs Announces Upcoming Conference Participation

CHICAGO–(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or “the Company”), one of the largest vertically integrated, multistate cannabis operators in the United States, announced today its participation in the following conferences:

  • 23rd Annual Needham Growth Conference – January 12th, 2021 – Management will participate in virtual one-on-one meetings. CEO and Co-Founder Charlie Bachtell will participate in a fireside chat.
  • ATB Capital Markets 9th Annual Institutional Investor Conference – January 14th, 2021 – Management will participate in virtual one-on-one meetings, and Charlie Bachtell will participate on a panel.

About Cresco Labs

Cresco Labs is one of the largest vertically integrated, multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted brands including Cresco, Remedi, High Supply, Cresco Reserve, Good News, Wonder Wellness, FloraCal Farms and Mindy’s Chef Led Artisanal Edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at CrescoLabs.com.

Forward Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which 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, including but not limited to those risks discussed under “Risk Factors” in the company’s Annual Information Form dated April 28, 2020, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.

Media:

Jason Erkes, Cresco Labs

Chief Communications Officer

[email protected]

Investors:

Jake Graves

Senior Analyst, Investor Relations

[email protected]

For general Cresco Labs inquiries:

312-929-0993

[email protected]

KEYWORDS: Illinois United States North America Canada

INDUSTRY KEYWORDS: Other Consumer Other Retail Tobacco Alternative Medicine Health Consumer Retail Agriculture Natural Resources

MEDIA:

CSI Reports Record Revenues and Net Income for Third Quarter

CSI Reports Record Revenues and Net Income for Third Quarter

Revenues Increase 0.9% to $72.8 Million

Net Income Per Share Rises 14.0% to $0.49

PADUCAH, Ky.–(BUSINESS WIRE)–
Computer Services, Inc. (CSI) (OTCQX: CSVI) today reported record revenues and net income for the third quarter and first nine months of fiscal 2021, which ended November 30, 2020.

CSI’s revenues rose 0.9% to $72.8 million for the third quarter of fiscal 2021 compared with $72.1 million for the third quarter of fiscal 2020. Third quarter net income rose 12.0% to $13.5 million compared with $12.0 million for the third quarter of fiscal 2020. Net income per share rose 14.0% to $0.49 compared with $0.43 for the third quarter of fiscal 2020.

“CSI’s growth in the third quarter benefited from continued demand for our products and services and from the high percentage of revenues generated from long-term contracts and high customer renewal rates,” stated Steven A. Powless, chairman and CEO of CSI. “Our team transitioned to remote work early in the pandemic and we have maintained our pace for new sales and bank conversions even though travel was limited due to COVID-19. We expect our new bank contracts signed this year to be transitioned to CSI’s platform in future quarters and contribute to our base of recurring revenues.

“Our outlook for fiscal 2021 remains positive based on our sales momentum and our success in supporting our customers on a remote basis. We expect to report higher revenues and net income for fiscal 2021 based on our revenue from existing contracts, new business, and demand for our digital banking solutions. We expect fourth quarter revenues to be higher than reported last year due to these trends, despite a substantial reduction in early contract termination fees expected to be reported in the fourth quarter of fiscal 2021 compared to $4.6 million in early contract termination fees reported in the fourth quarter of last fiscal year. We also expect that operating income and net income for the fourth quarter of fiscal 2021 will be lower than fiscal 2020 due to lower early contract termination fees and the comparison of low operating expenses in the fourth quarter of last year arising from the adoption of ASC 350-40, Internal-Use Software, and ASC 340-40, Contracts with Customers. These adoptions resulted in one-time true-up reductions in certain expenses in the fourth quarter of fiscal 2020 that will not be repeated in the fourth quarter of fiscal 2021. Our core businesses remain sound and we remain optimistic about our continued growth next year,” Powless continued.

Third Quarter Results

Consolidated revenues increased 0.9% to $72.8 million in the third quarter of fiscal 2021 compared with $72.1 million in the third quarter of fiscal 2020. The growth in revenues benefited from higher sales, including growth in digital banking, document delivery, regulatory compliance, and payments processing. Enterprise Banking Group (EBG) revenues rose 4.9% to $45.2 million in the third quarter of fiscal 2021 and accounted for 62.1% of total revenues for the quarter. Business Solutions Group (BSG) revenues were down 5.1% to $27.6 million compared to the third quarter of last fiscal year due to a decrease in sales of third-party hardware & software and migration from item capture transactions to digital banking transactions, both factors primarily the result of current period pandemic-related economic conditions. The results for the third quarter of fiscal 2021 included approximately $975,000 in early contract termination fees, compared with $1.0 million in the third quarter of fiscal 2020. Excluding the effect of early contract termination fees, net revenues increased approximately 0.9% in the third quarter of fiscal 2021 compared with the third quarter of fiscal 2020. The early contract termination fees are generated when a customer terminates its contract prior to the end of the contracted term, a circumstance that typically arises when an existing CSI customer is acquired by another financial institution that is not a CSI customer. These fees often, but not always, vary significantly from period to period based on the number and size of customers that are acquired and how early in the contract term a customer is acquired.

Operating expenses declined 3.6% to $55.1 million for the third quarter of fiscal 2021 compared with $57.2 million for the third quarter of fiscal 2020. The decline in operating expenses was related to lower travel and marketing expenses due to COVID-19 restrictions, lower recognized salary expenses due to the adoption of ASC 340 and ASC 350 in the fourth quarter of fiscal 2020, and lower profit-sharing expense. This decline was offset partially by higher personnel expenses resulting from increased staffing for the current year period and the effect of typical annual salary adjustments, and higher software amortization expense primarily due to new capital investments placed into service during the trailing 12-month period. CSI did not reduce staff due to COVID-19, but increased hiring of new personnel beginning in the first half of fiscal 2021 to expand customer support and product development in key areas.

Operating income increased 18.1% to $17.6 million for the third quarter of fiscal 2021 compared with $14.9 million for the third quarter of fiscal 2020. Operating margin rose to 24.2% in the third quarter of fiscal 2021 compared with 20.7% for the third quarter of fiscal 2020. The increase in operating income and margin benefited primarily from increased digital banking and payments processing revenues over the third quarter of fiscal 2020 and lower operating expenses attributable to the pandemic-related travel restrictions. Excluding the effect of early contract termination fees, operating income rose 19.6%, or $2.7 million, in the third quarter of fiscal 2021 compared with the third quarter of fiscal 2020.

The provision for income tax was $4.2 million for the third quarter of fiscal 2021 compared with $3.2 million in the third quarter of fiscal 2020. The increase was due to a higher taxable income and a higher effective tax rate due to timing of the recognition and magnitude of certain deductions and credits taken in the third quarter of fiscal 2021 compared with the third quarter of fiscal 2020.

Net income for the third quarter of fiscal 2021 rose 12.0% to $13.5 million compared with $12.0 million for the third quarter of fiscal 2020. Net income per share increased 14.0% to $0.49 for the third quarter of fiscal 2021 on 27.6 million weighted average shares outstanding compared with $0.43 for the third quarter of fiscal 2020, on 27.7 million weighted average shares outstanding.

“CSI’s balance sheet remained strong with increased cash generated from operations and no long-term debt,” Powless commented. “We continued to use our strong cash flow to fund new product development and invest in software and hardware to support our future growth. We expect to leverage our strong balance sheet and cash flow to fund acquisitions, expand our infrastructure and continue our program of returning a portion of our net income to shareholders through our cash dividend and stock buyback programs.

“During the first nine months of fiscal 2021, we invested approximately $21.2 million in property, equipment and software to support our continued growth, up 27.8% from $16.5 million in the first nine months of fiscal 2020. We increased cash dividend payments by 17.3% to $18.5 million and stock repurchases were up 115.7% to $6.6 million compared with the first nine months of last fiscal year.

“After the close of the third quarter, our Board of Directors approved a $1.00 special cash dividend that was paid on December 30, 2020, to shareholders of record as of the close of business on December 22, 2020. The special cash dividend was paid from cash reserves. In addition, the Board authorized a $10.0 million increase in the Company’s share repurchase program. We believe CSI’s stock represents an attractive investment at current prices in light of our earnings growth, solid cash flow from operations and strong capital position,” Powless concluded.

Nine Months Results

Consolidated revenues for the first nine months of fiscal 2021 rose 2.1% to $215.9 million compared with $211.5 million for the first nine months of fiscal 2020. CSI’s increase in revenues benefited from EBG growth compared with the first nine months of fiscal 2020, despite the revenue impacts of lower transactional volume due to reduced economic activity. EBG revenues rose 4.0% to $133.4 million compared with the first nine months of fiscal 2020 and accounted for 61.8% of total revenues through the first nine months of fiscal 2021. BSG revenues were down 1.0% to $82.5 million compared with the first nine months of the prior fiscal year, primarily as a result of the impact of current period pandemic-related economic conditions on certain revenues as described above. Fiscal year-to-date consolidated revenues also included $4.9 million in early contract termination fees compared with $3.8 million in the first nine months of fiscal 2020. Excluding the effect of the early contract termination fees from both periods, fiscal year-to-date consolidated revenues increased approximately 1.6% compared with the first nine months of fiscal year 2020.

Operating expenses decreased 2.5% to $161.1 million for the first nine months of fiscal 2021 compared with $165.1 million for the first nine months of fiscal 2020. The decline in operating expenses was related to lower travel and marketing expenses due to COVID-19 restrictions, lower recognized salary expenses due to the adoption of ASC 340 and ASC 350 in the fourth quarter of fiscal 2020, and lower profit-sharing expense, offset partially by higher staffing for the current year period and the effect of typical annual salary adjustments, higher costs of goods sold, primarily due to higher related revenues, and higher software amortization expense primarily due to new capital investments placed into service during the trailing 12-month period.

Operating income increased 18.2% to $54.8 million for the first nine months of fiscal 2021 compared with $46.4 million for the first nine months of fiscal 2020. Operating margin increased to 25.4% in the first nine months of fiscal 2021 compared with 21.9% in the first nine months of fiscal 2020. The increase in operating income and margin benefited primarily from increased digital banking, payments processing and document delivery revenues, a reduction in operating expenses attributable to pandemic‑related travel restrictions, and an increase in early contract termination fees compared to the first nine months of fiscal 2020. Excluding the effect of early contract termination fees, operating income rose 17.3%, or $7.3 million, in the first nine months of fiscal 2021 compared with the first nine months of fiscal 2020.

Net income for the first nine months of fiscal 2021 increased by 11.3% to $41.9 million compared with $37.6 million in the first nine months of fiscal 2020. Net income per share rose 11.8% to $1.52 per share for the first nine months of fiscal 2021 compared with $1.36 for the first nine months of fiscal 2020.

CSI’s cash flow from operations increased 6.3% to $51.6 million in the first nine months of fiscal 2021 compared with $48.5 million in the first nine months of fiscal 2020. The increase in operating cash flow benefited from higher net income in the first nine months of fiscal 2021 compared with fiscal 2020. Cash and cash equivalents increased 10.1% to $74.7 million as of November 30, 2020, from $67.9 million as of November 30, 2019.

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers innovative financial technology and regulatory compliance solutions to financial institutions and corporate customers across the nation. Through a combination of expert service, cutting-edge technology and a customer-first mentality, CSI excels at driving businesses forward in a rapidly changing industry. CSI’s expertise and commitment to authentic alliances has resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, American Banker’s Best Fintechs to Work For and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.

Forward-Looking Statements

This news release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements except historical statements contained herein constitute “forward-looking statements.” Forward-looking statements are inherently uncertain and are based only on current expectations and assumptions that are subject to future developments that may cause results to differ materially.

Readers should carefully consider: (i) economic, competitive, technological and governmental factors affecting CSI’s operations, customers, markets, services, products and prices; (ii) risk factors affecting the financial services information technology industry generally including, but not limited to, cybersecurity risks that may result in increased costs for us to protect against the risks, as well as liability or reputational damage to CSI in the event of a breach of our security; (iii) risk factors affecting the United States economy generally including without limitation acts of terrorism, military actions including war, and viral epidemics and pandemics that alter human behaviors, including the COVID-19 pandemic and its effect on our business operations and financial results; (iv) increasing domestic and international regulation imposing burdensome requirements regarding the privacy of consumer data especially consumer financial transaction data of which CSI possesses substantial quantities; and (v) other factors discussed in CSI’s Annual Reports, Quarterly Reports, news releases and other documents posted from time to time on the OTCQX website (www.otcmarkets.com), including without limitation, the description of the nature of CSI’s business and its management discussion and analysis of financial condition and results of operations for reported periods. Except as required by law or OTC Markets Group, Inc., CSI undertakes no obligation to update, and is not responsible for updating, the information contained or incorporated by reference in this report beyond the publication date, whether as a result of new information or future events, or to conform this document to actual results or changes in CSI’s expectations, or for changes made to this document by wire services or Internet services or otherwise.

COMPUTER SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
(in thousands, except share and per share data)
       
Three Months Ended November 30,   Nine Months Ended November 30,

2020

 

2019

 

2020

 

2019

       
Revenues $

72,750

  $

72,115

  $

215,850

  $

211,483

Operating expenses

55,133

 

57,202

 

161,055

 

165,118

Operating income

17,617

 

14,913

 

54,795

 

46,365

Non-operating income

–

 

–

 

37

 

57

Interest income, net

68

 

323

 

399

 

1,016

Income before income taxes

17,685

 

15,236

 

55,231

 

47,438

Provision for income taxes

4,200

 

3,200

 

13,334

 

9,797

       
Net income $

13,485

  $

12,037

  $

41,898

  $

37,641

       
Earnings per common share $

0.49

  $

0.43

  $

1.52

  $

1.36

       
       
Shares used in computing earnings per      
common share

27,612,335

 

27,685,814

 

27,640,514

 

27,693,661

       
COMPUTER SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share data)
 

11/30/2020

2/29/2020

11/30/2019

(Unaudited)

(Audited)

(Unaudited)

ASSETS
Current assets
Cash and cash equivalents

$

74,690

$

70,109

$

67,855

Funds held on behalf of clients

 

9,530

 

8,912

 

2,350

Accounts receivable

 

38,630

 

37,993

 

35,855

Income tax receivable

 

–

 

1,352

 

–

Deferred contract costs

 

17,990

 

14,979

 

11,161

Prepaid expenses and other current assets

 

11,645

 

10,509

 

10,855

Total current assets

 

152,485

 

143,854

 

128,077

Property and equipment, net of accumulated depreciation

 

45,128

 

45,144

 

44,725

Software and software licenses, net of accumulated amortization

 

22,639

 

18,224

 

19,340

Deferred contract costs

 

102,301

 

82,449

 

64,469

Internally developed software, net

 

5,694

 

5,517

 

–

Goodwill

 

60,115

 

60,115

 

60,115

Intangible assets, net

 

3,561

 

4,054

 

4,219

Right of use assets

 

7,092

 

7,606

 

7,914

Other assets

 

5,497

 

4,637

 

4,792

 
Total assets

$

404,512

$

371,600

$

333,651

 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable

$

10,436

$

9,528

$

9,889

Accrued expenses

 

18,463

 

9,432

 

19,929

Deferred contract liabilities

 

47,076

 

38,364

 

31,994

Deferred revenue

 

10,494

 

11,196

 

9,895

Client funding obligation – settlement liabilities

 

9,530

 

8,912

 

–

Current portion of operating lease liabilities

 

2,472

 

2,266

 

2,243

Income tax payable

 

3,069

 

–

 

1,742

Total current liabilities

 

101,540

 

79,698

 

75,693

Long-term liabilities
Deferred income taxes, net

 

24,394

 

24,394

 

17,787

Deferred contract liabilities

 

11,623

 

9,826

 

204

Other liabilities

 

1,757

 

1,723

 

1,780

Postretirement benefits

 

–

 

189

 

254

Operating lease liabilities

 

4,936

 

5,655

 

5,979

Total long-term liabilities

 

42,709

 

41,787

 

26,003

 
Total liabilities

 

144,249

 

121,485

 

101,696

 
Shareholders’ equity
Preferred stock; shares authorized, 5,000,000; none issued
Common stock, no par; 60,000,000 shares authorized;
27,583,755 shares issued at November 30, 2020;
27,654,865 shares issued at February 29, 2020;
27,673,760 shares issued at November 30, 2019;

 

32,368

 

30,295

 

30,053

Retained earnings

 

227,186

 

217,865

 

199,530

Other comprehensive income, net

 

709

 

1,955

 

2,371

Total shareholders’ equity

 

260,262

 

250,115

 

231,954

 
Total liabilities and shareholders’ equity

$

404,512

$

371,600

$

333,651

 

 

Brian K. Brown, CFO

800-545-4274, ext. 10689 or [email protected]

KEYWORDS: Kentucky United States North America

INDUSTRY KEYWORDS: Professional Services Data Management Technology Finance Software Banking

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Twist Bioscience Supplies Centers for Disease Control and Prevention with Custom SARS-CoV-2 Synthetic RNA Controls

Twist Bioscience Supplies Centers for Disease Control and Prevention with Custom SARS-CoV-2 Synthetic RNA Controls

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–
Twist Bioscience Corporation (Nasdaq: TWST), a company enabling customers to succeed through its offering of high-quality synthetic DNA using its silicon platform, today announced it will supply the U.S. Centers for Disease Control and Prevention (CDC) with a customized version of Twist SARS-CoV-2 Synthetic RNA Controls for use in the CDC Influenza SARS-CoV-2 (Flu SC2) Multiplex Assay. The CDC SARS-CoV-2 (Flu SC2) Multiplex Assay tests for influenza A, B and SARS-CoV-2 simultaneously.

Positive controls provide quality control measures for the development, verification, and ongoing validation of both next-generation sequencing (NGS) and reverse transcription-polymerase chain reaction (RT-PCR) assays. In addition to using the assay at its primary site, CDC intends to distribute this multiplex assay to additional public health laboratories for testing across the United States.

“We have partnered with the CDC over the last several months to optimize these controls to be stable at room temperature for ease of shipping and storage,” said Emily M. Leproust, Ph.D., CEO and co-founder of Twist Bioscience. “Integrating our SARS-CoV-2 control into the Flu SC2 Multiplex Assay supports the accurate detection of SARS-CoV-2 in specimens from patients exhibiting symptoms that could result from either COVID-19 or the flu. We remain committed to using our robust synthesis platform to work with industry and government agencies to improve health globally and expect to make these optimized controls widely available to customers later this month.”

In March 2020, Twist launched synthetic SARS-CoV-2 RNA distinct reference sequences as positive controls for the development of both next-generation sequencing (NGS) and reverse transcription-polymerase chain reaction (RT-PCR) assays to test for SARS-CoV-2. These controls continue to be included in many different assays worldwide and can be used to determine the limit of detection, monitor day-to-day test variations, and are included on the U.S. Food and Drug Administration (FDA) website as reference materials for SARS-CoV-2. In June, additional SARS-CoV-2 controls were released to cover the evolution of the virus, and in December, Twist announced plans to develop controls for a newly identified strain known as the UK strain or B1.1.7 lineage, variant under investigation VUI-202012/01, which it expects to release in mid-January 2021.

Twist provides custom controls and offers a suite of research tools including next-generation sequencing (NGS) products for SARS-CoV-2 as well as a broad respiratory panel and the most comprehensive viral research panel. For more information on the Twist products to combat COVID-19, please visit: https://www.twistbioscience.com/coronavirus-research-tools. Customers purchasing synthetic controls are subject to Twist’s leading biosecurity screening protocols and applicable laws and regulations.

About Twist Bioscience Corporation

Twist Bioscience is a leading and rapidly growing synthetic biology and genomics company that has developed a disruptive DNA synthesis platform to industrialize the engineering of biology. The core of the platform is a proprietary technology that pioneers a new method of manufacturing synthetic DNA by “writing” DNA on a silicon chip. Twist is leveraging its unique technology to manufacture a broad range of synthetic DNA-based products, including synthetic genes, tools for next-generation sequencing (NGS) preparation, and antibody libraries for drug discovery and development. Twist is also pursuing longer-term opportunities in digital data storage in DNA and biologics drug discovery. Twist makes products for use across many industries including healthcare, industrial chemicals, agriculture and academic research.

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Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained herein, including without limitation Twist’s ability to deliver synthetic controls for SARS-CoV-2 to the CDC and its customers and the wide availability of the optimized controls in January 2021, 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. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause Twist Bioscience’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. Such risks and uncertainties include, among others, the risks and uncertainties of the ability to attract new customers and retain and grow sales from existing customers; risks and uncertainties of rapidly changing technologies and extensive competition in synthetic biology could make the products Twist Bioscience is developing obsolete or non-competitive; uncertainties of the retention of a significant customer; risks of third party claims alleging infringement of patents and proprietary rights or seeking to invalidate Twist Bioscience’s patents or proprietary rights; and the risk that Twist Bioscience’s proprietary rights may be insufficient to protect its technologies. 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 Twist Bioscience’s business in general, see Twist Bioscience’s risk factors set forth in Twist Bioscience’s Quarterly Report Form 10-K filed with the Securities and Exchange Commission on November 27, 2020 and subsequent filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Twist Bioscience specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Angela Bitting

SVP, Corporate Affairs

925-202-6211

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Health Infectious Diseases Genetics Research Science Pharmaceutical Biotechnology

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PROS Holdings, Inc. Announces Date of Fourth Quarter and Full Year 2020 Financial Results Release, Conference Call, and Webcast

PROS Holdings, Inc. Announces Date of Fourth Quarter and Full Year 2020 Financial Results Release, Conference Call, and Webcast

HOUSTON–(BUSINESS WIRE)–PROS® (NYSE: PRO), a provider of AI-powered solutions that optimize selling in the digital economy, will release its financial results for the fourth quarter and full year ended December 31, 2020 after the U.S. financial markets close on Thursday, February 4, 2021.

PROS Holdings, Inc. will host a conference call on Thursday, February 4, 2021 at 4:45 p.m. EST to discuss the company’s financial results and business outlook. To access this call, dial 1-877-407-9039 (toll-free) or 1-201-689-8470.

The live and archived webcasts of this call can be accessed under the “Investor Relations” section of the Company’s website at www.pros.com. A telephone replay will be available until Thursday, February 18, 2021 at 1-844-512-2921 (toll-free) or 1-412-317-6671 using the pass code 13714219.

About PROS

PROS Holdings, Inc. (NYSE: PRO) provides AI-powered solutions that optimize selling in the digital economy. PROS solutions make it possible for companies to price, configure, and sell their products and services in an omnichannel environment with speed, precision, and consistency. Our customers, who are leaders in their markets, benefit from decades of data science expertise infused into our industry solutions.

Investor Contact:

PROS Investor Relations

Belinda Overdeput

713-335-5895

[email protected]

Media Contact:

Amanda Parrish

832-924-4731

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Software Networks Internet Data Management Technology Online Retail Mobile/Wireless Retail

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Smith Micro to Present at the 23rd Annual Needham Growth Conference on January 12, 2021

Smith Micro to Present at the 23rd Annual Needham Growth Conference on January 12, 2021

PITTSBURGH–(BUSINESS WIRE)–
Smith Micro Software, Inc. (NASDAQ: SMSI), today announced that the company will participate in the Needham & Company 23rd Annual Growth Conference, which will be held virtually January 11-15, 2021.

William W. Smith, Jr., President and CEO of Smith Micro, Timothy Huffmyer, CFO of Smith Micro, and Charles Messman, VP of Investor Relations with the company will present virtually from 2:45 to 3:25 pm Eastern Time on Tuesday, January 12. Smith Micro will offer a live audio webcast of its presentation at https://wsw.com/webcast/needham103/smsi/2268072, as well as an archived replay, which will be made available on the Investor Relations page of Smith Micro’s website. The accompanying presentation materials will be available on the company’s Investor Relations page in advance of the Conference.

Conference Details

About Smith Micro Software, Inc.

Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and cable MSOs around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today’s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. The Smith Micro portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. For more information, visit https://www.smithmicro.com/.

Smith Micro and the Smith Micro logo are registered trademarks of Smith Micro Software, Inc.

IR INQUIRIES:

Charles Messman

+1 949-362-5800

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Software Technology Mobile/Wireless Telecommunications

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CarLotz Nominates Four New Members to Its Board of Directors

CarLotz Nominates Four New Members to Its Board of Directors

Experienced Executives Add Strength and Diversity as the Company Accelerates Growth

Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner to Join at Close of Merger

RICHMOND, Va.–(BUSINESS WIRE)–
CarLotz, Inc., (“CarLotz” or the “Company”), a leading consignment-to-retail used vehicle marketplace, which recently announced it would become a public company via a merger with special purpose acquisition company Acamar Partners Acquisition Corp. (“Acamar Partners”) (Nasdaq: ACAM), announced today that Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner have been nominated to its Board of Directors, effective at the closing of the business combination transaction.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210107005059/en/

“Linda, Sarah, Kimberly and James are all pioneers in their industries and bring a wide diversity of thinking and experience to CarLotz. We look forward to their energy, passion and wisdom as we continue our rapid growth,” said Michael Bor, Chairperson, CEO and co-founder of CarLotz, “Like them, we are disruptors in an established category. We have an ambitious national expansion plan and their combined experience will be invaluable. On behalf of all of us here at CarLotz, I am pleased to extend a warm welcome to Linda, Sarah, Kimberly and James to our Board of Directors.”

Linda Abraham, currently Managing Director of Crimson Capital, invests in and advises early stage technology companies, and brings extensive strategy and growth experience to the CarLotz board. Prior to Crimson, Linda co-founded comScore, a global leader in digital measurement and analytics, where she served in a variety of leadership roles helping to grow the company to 32 offices in 23 countries before it went public in 2007. She also co-founded Paragren Technologies, which was later acquired by Oracle. Linda serves on the board of multiple companies spanning public, private, and non-profit sectors. Among these companies are Site Centers, Tiger 21, Upskill, Zum, and Humanest. Additionally, she serves on the board of the School of Data Science at the University of Virginia, and is a 2020-2021 Fellow in the Stanford Distinguished Careers Institute. She will now be bringing this vast experience in technology and business leadership to the CarLotz Board of Directors. On the CarLotz board, Linda will serve as the Chair of the Compensation Committee.

Sarah Kauss, Founder and Chairwoman of S’well, brings extensive experience as a consumer products leader with a proven track record of launching companies, building multi-million dollar brands, and assembling high-performance leadership teams. Sarah previously held the position of CEO at S’well for 10 years, where she turned $30K of bootstrap funding from her savings into over $100M in revenue. Before her time at S’well, Sarah worked in international real estate development and accounting, accumulating years of experience leading international collaboration and partnerships, as well as providing professional services to public and privately held companies in the technology, consumer products, and media sectors. Sarah has been recognized as a Fortune’s “40 Under 40” honoree, EY Entrepreneurial Winning Woman, and was awarded the Harvard Business School of New York’s Entrepreneurship Award. On the CarLotz board, Sarah will be a member of the Audit and Compensation Committees.

Kimberly Sheehy brings decades of financial and advisory experience to the CarLotz board. Most recently, she was Chief Financial Officer of ResMan LLC, a privately owned software company providing software solutions to multi-family residential property managers. Previously, she served as CFO of Lori’s Gifts, a privately owned retail company serving hospitals throughout the United States. Ms. Sheehy previously served as Chief Financial & Administrative Officer of CyrusOne Inc., a public high-growth real estate investment trust specializing in engineering, building and managing data center properties. She also held senior roles at Cincinnati Bell Inc. and Ernst & Young. Kimberly’s achievements have been honored with several awards, including Dallas Business Journal’s CFO of the Year and Cincinnati’s One Hundred Wise Women program. For the past three years, Kimberly has served as an independent board member and as Audit Committee Chair for Switch Inc. On the CarLotz board, Kimberly will serve as the Chair of the Audit Committee and will be a member of the Nominating and Corporate Governance Committee.

James Skinner brings a wealth of financial, retail and branding experience to the CarLotz board. The retired Vice Chairman of the $4 billion luxury fashion retailer Neiman Marcus Group (NMG), James brings decades of experience ranging from Chief Operating Officer and Chief Financial Officer at NMG to serving on several Boards of Directors. Prior to NMG, he held various positions at CompUSA, including executive vice president and Chief Financial Officer. In addition to these accomplishments, James is also a Certified Public Accountant, licensed in the state of Texas. Today, James serves on the Board of Directors for Acamar Partners and Ares Commercial Real Estate. He is also on the Advisory Board of RevTech Ventures, an early stage venture capital firm focused on retail technology. James also brings the experience of having served as Chairman of various Audit, Compensation and Finance Committees to the CarLotz board. On the CarLotz board, James will Chair the Nominating and Corporate Governance Committee and will be a member of the Audit Committee.

With these new additions, CarLotz’s board composition will consist of Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner, along with previously disclosed Chairperson Michael Bor and board members Steven Carrel, David Mitchell and Luis Solorzano. Biographies for the existing board members can be found in the SEC Form S-4 filed by Acamar Partners, which can be found at the SEC’s website at www.sec.gov or through www.acamarpartners.com.

Acamar Partners is scheduled to hold a stockholders meeting to approve the proposed merger on January 20, following which the transaction is expected to close on January 22. Upon the consummation of the merger, CarLotz will become a public company listed on Nasdaq under the ticker symbol LOTZ.

About CarLotz, Inc.

CarLotz is a used vehicle consignment and Retail Remarketing™ business that provides our corporate vehicle sourcing partners and retail sellers of used vehicles with the ability to access the previously unavailable retail sales channel while simultaneously providing buyers with prices that are, on average, below those of traditional dealerships. Our mission is to create the world’s greatest vehicle buying and selling experience. We operate a technology-enabled buying, sourcing and selling model that offers a seamless omni-channel experience and comprehensive selection of vehicles while allowing for a fully contactless end-to-end e-commerce interface that enables no hassle buying and selling. Our proprietary Retail Remarketing™ technology provides our corporate vehicle sourcing partners with real-time performance metrics and data analytics along with custom business intelligence reporting that enables price and vehicle triage optimization between the wholesale and retail channel. Through our marketplace model, we generate significant value for both sellers and buyers through price, selection and experience. For more information, visit www.carlotz.com.

About Acamar Partners Acquisition Corp.

Acamar Partners Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Acamar Partners Acquisition Corp. raised $305.6 million in its initial public offering in February 2019 (and subsequent exercise of the underwriters’ over-allotment option). The company’s securities are quoted on Nasdaq under the ticker symbols ACAM, ACAMW and ACAMU. For more information, visit www.acamarpartners.com.

Important Additional Information and Where to Find It

This communication is being made in respect of the proposed merger transaction involving Acamar Partners and CarLotz. Acamar Partners has filed a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), which includes a proxy statement of Acamar Partners, a prospectus of Acamar Partners and a consent solicitation statement of CarLotz. A definitive proxy statement/prospectus/consent solicitation statement has been sent to the stockholders of Acamar Partners and CarLotz, as of the respective record dates with respect to the required stockholder approvals. Before making any voting or investment decision, investors and security holders of Acamar Partners and CarLotz are urged to carefully read the entire registration statement and proxy statement/prospectus/consent solicitation statement, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because these documents contain important information about the proposed transaction. The documents filed by Acamar Partners with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, the documents filed by Acamar Partners may be obtained free of charge from Acamar Partners at www.acamarpartners.com. Alternatively, these documents, when available, can be obtained free of charge from Acamar Partners upon written request to Acamar Partners Acquisition Corp., 1450 Brickell Avenue, Suite 2130, Miami, Florida 33131, or by calling 786-264-6680.

Participants in the Solicitation

Acamar Partners, CarLotz and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Acamar Partners in connection with the proposed merger. Information regarding Acamar Partners’ directors and executive officers is contained in Acamar Partners’ Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 27, 2020, and subsequent Form 8-K filed with the SEC on July 14, 2020, both of which are available at the SEC website at www.sec.gov.

Additional information regarding the interests of these participants and other persons who may be deemed to be participants in the solicitation may be obtained by reading the registration statement and the proxy statement/prospectus/consent solicitation statement and other relevant documents filed with the SEC. Free copies of these documents may be obtained as described in the preceding paragraph.

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

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward-looking statements include statements that are not historical facts, such as statements concerning possible or assumed future actions, business strategies, events or results of operations, including statements regarding Acamar Partners’ and CarLotz’ expectations or predictions of future financial or business performance or conditions. Forward-looking statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions.

Forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Acamar Partners’ Form 10-K for the year ended December 31, 2019 under “Risk Factors” in Part I, Item 1A and in Acamar Partners’ Form 10-Q for the quarterly period ended March 31, 2020, Form 10-Q for the quarterly period ended June 30, 2020 and Form 10-Q for the quarterly period ended September 30, 2020 under “Risk Factors” in Part II, Item 1A. These risk factors will be important to consider in determining future results and should be reviewed in their entirety.

In addition to risks previously disclosed in Acamar Partners’ reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: ability to meet the closing conditions to the merger, including approval by stockholders of Acamar Partners on the expected terms and schedule; delay in closing the merger; failure to realize the benefits expected from the proposed transaction; the effects of pending and future legislation; risks related to management’s focus on the proposed transaction rather than on the ongoing business operations of CarLotz; business disruption following the transaction; risks related to Acamar Partners’ or CarLotz’ indebtedness; other consequences associated with mergers, acquisitions and legislative and regulatory actions and reforms; risks of the automotive and used vehicle industries; the potential impact of COVID-19 on the used vehicle industry and on the CarLotz business; litigation, complaints, product liability claims or adverse publicity; the impact of changes in consumer spending patterns, consumer preferences, local, regional and national economic conditions, crime, weather, demographic trends and employee availability; new entrants in the consignment-to-retail used vehicle business; technological disruptions, privacy or data breaches, the loss of data or cyberattacks; and the ability to compete successfully with new and existing market participants.

Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Acamar Partners’ and CarLotz’ control. While all projections are necessarily speculative, Acamar Partners and CarLotz believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Acamar Partners and CarLotz, or their representatives, considered or consider the projections to be a reliable prediction of future events.

Forward-looking statements speak only as of the date they are made, and Acamar Partners and CarLotz are under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports that Acamar Partners has filed or will file from time to time with the SEC. Forward-looking statements are expressed in good faith, and Acamar Partners and CarLotz believe there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Acamar Partners and is not intended to form the basis of an investment decision in Acamar Partners. All subsequent written and oral forward-looking statements concerning Acamar Partners and CarLotz, the proposed transaction or other matters and attributable to Acamar Partners and CarLotz or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Investors:

[email protected]

Media:

[email protected]

KEYWORDS: Virginia United States North America

INDUSTRY KEYWORDS: Other Professional Services Other Retail Automotive Specialty Other Automotive Professional Services General Automotive Retail

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