Market Newsdesk

WESTON, FL, Dec. 01, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Monaker Group, Inc. (NASDAQ: MKGI), a leading provider of travel and vacation rental booking technology, today announced that the Longroot initial coin offering (ICO) portal in Thailand, in which Monaker recently acquired an indirect controlling stake, has signed a Letter of Intent with MAGNOLIA QUALITY DEVELOPMENT CORPORATION (‘MQDC’) (‘MAGNOLIA’), a business unit of DTGO Corporation Limited (DTGO), to represent MQDC as Financial Advisor and ICO Portal for a proposed initial coin offering valued at between US$500 -700 million.

MAGNOLIA, founded in 1994, is a renowned real estate developer in Thailand with a portfolio of developments that extend from condominiums to mixed-use and ‘theme’ developments. MQDC residential and mixed-use developments are built with innovative, sustainable and safe materials with an award-winning team. MAGNOLIA is currently in development of ‘The Forestias’, Thailand’s largest property development project, valued at approximately 125,000 million Thai Baht (approximately US$4.12 billion).

“At MQDC, we always have our eyes on any latest innovation that would benefit all of our stakeholders. We are extremely excited about the possibilities the Longroot partnership brings, where it opens up an opportunity for retail investors to gain participation in our flagship project like The Forestias and our ecosystem through a Crypto Offering under a properly regulated environment,” stated Mr. Athid Nanthawaroon, Senior Vice President of DTGO Corporation Limited.

Longroot’s financial services are regulated by the Securities and Exchange Commission of Thailand to create digital assets for its corporate clients. These unique cryptocurrencies are expected to allow consumers to invest in unique revenue streams in wholesale travel, real estate homes and hotels, gaming assets and digital advertising – all complementary to Monaker’s portfolio and growth strategy.

Monaker expects its stake in Longroot (i.e., a current indirect 57% interest) to benefit from one of the fastest-growing global industries with increasing product demand. The Global Cryptocurrency Industry is projected to reach $3.7 billion by 2025, growing at a CAGR of 32.4% from 2017, and had a current Total Market Capitalization of approximately $500 billion on November 18, 2020.  

Monaker provides no assurance that definitive agreements between the Longroot initial coin offering (ICO) portal in Thailand and Magnolia are finalized or that such definitive agreements are finalized on favorable terms.

A director and officer of DTGO controls a significant ownership in HotPlay Enterprise Limited (which is party to a pending share exchange agreement with Monaker) (“HotPlay”), and various other related party transactions exist between DTGO and HotPlay.

Additional information regarding Monaker’s interest in Longroot is available in Monaker’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on November 19, 2020, and available at www.sec.gov.

About Monaker Group

Monaker Group, Inc., is an innovative technology-driven company building a next-generation company through acquisition and organic growth, leveraging the strengths and channels of our existing technologies with those that we acquire, creating synergy and opportunity in the leisure space. Monaker Group is a party to a definitive agreement (subject to closing conditions, including shareholder approval for the transaction) to acquire HotPlay Enterprise Limited, an innovative in-game advertising and AdTech company. Following the completion of the proposed HotPlay acquisition, Monaker Group plans to transform into NextPlay Technologies, an innovative global technology company focused on consumer engaging products in the video gaming and travel verticals with innovative Ad Tech and Blockchain solutions. For more information about Monaker Group, visit www.monakergroup.com and follow on Twitter @MonakerGroup.

About MQDC

Magnolia Quality Development Corporation Limited is a business unit of DTGO Corporation Limited (DTGO) that develops, invests in, and manages villa, condominium, and mixed-use projects. MQDC develops residential and mixed-use projects under the Magnolias and Whizdom brands. MQDC offers an industry-leading 30-year warranty on all its projects in line with its exceptional construction standards. Under its mission to improve the quality of living for all, MQDC invests in research and development to create products and innovations for consumers as well as ecosystems that support environment-friendly living and add value to surrounding communities. MQDC is determined to operate with concern for all life on Earth, advancing this agenda through sustainable development for the wider benefit of society. For more information, visit www.mqdc.com.

Forward-Looking Statements

Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the ability of the parties to close the company’s previously announced share exchange agreement with HotPlay Enterprise Limited (“HotPlay”) on the terms set forth in, and pursuant to the required timing set forth in, the HotPlay share exchange agreement, if at all; the occurrence of any event, change or other circumstances that could give rise to the right of one or all of HotPlay, the HotPlay stockholders or the company (collectively, the “Share Exchange Parties”) to terminate the HotPlay share exchange agreement; the effect of such termination; the outcome of any legal proceedings that may be instituted against Share Exchange Parties or their respective directors; the ability to obtain regulatory and other approvals and meet other closing conditions to the HotPlay share exchange agreement on a timely basis or at all, including the risk that regulatory and other approvals required for the HotPlay share exchange agreement are not obtained on a timely basis or at all, or are obtained subject to conditions that are not anticipated or that could adversely affect the combined company or the expected benefits of the transaction; the ability to obtain approval by the company’s stockholders on the expected schedule of the transactions contemplated by the HotPlay share exchange agreement; delays in obtaining required financial statements for HotPlay and prior acquisitions of the company, to the extent required; difficulties and delays in integrating HotPlay’s and the company’s businesses; prevailing economic, market, regulatory or business conditions, or changes in such conditions, negatively affecting the parties; risks associated with COVID-19 and the global response thereto; risks that the transactions disrupt the company’s or HotPlay’s current plans and operations; failing to fully realize anticipated cost savings and other anticipated benefits of the HotPlay share exchange agreement when expected or at all; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the HotPlay share exchange agreement; the ability of HotPlay and the company to retain and hire key personnel; the diversion of management’s attention from ongoing business operations; uncertainty as to the long-term value of the common stock of the combined company following the HotPlay share exchange agreement; the significant dilution which will be created to ownership interests of the company in connection with the closing of the HotPlay share exchange agreement and the conversion of the securities issued to the former Axion Ventures, Inc. stockholders and debt holders; the continued availability of capital and financing following the HotPlay share exchange agreement; the business, economic and political conditions in the markets in which Share Exchange Parties operate; and the fact that the company’s reported earnings and financial position may be adversely affected by tax and other factors. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the company’s publicly filed reports, including, but not limited to, the company’s Annual Report on Form 10-K for the year ended February 29, 2020 and its Quarterly Report on Form 10-Q for the quarter ended August 31, 2020.

The company cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the company or any person acting on behalf of any Share Exchange Parties are expressly qualified in their entirety by the cautionary statements referenced above.

Additional Information and Where to Find It

In connection with the proposed HotPlay share exchange agreement transactions, the company will file with the SEC a proxy statement to seek stockholder approval for the HotPlay share exchange agreement and the issuance of shares of common stock pursuant thereto and in connection therewith, which, when finalized, will be sent to the stockholders of the company seeking their approval of the respective transaction-related proposals and the issuance of shares of common stock upon the conversion of shares of preferred stock issued in connection with the previously announced acquisition of a 33% interest in Axion Ventures, Inc. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED HOTPLAY SHARE EXCHANGE AGREEMENT, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, HOTPLAY AND THE PROPOSED HOTPLAY SHARE EXCHANGE AGREEMENT.

Investors and security holders may obtain copies of these documents free of charge through the website maintained by the SEC at www.sec.gov or from the company at its website, www.monakergroup.com. Certain documents filed with the SEC by the company will also be available free of charge by accessing the company’s website at www.monakergroup.com  under the heading “Stock Info” or, and all documents filed by the company with the SEC are available by directing a request by mail, email or telephone to Monaker Group, Inc. at 2893 Executive Park Drive, Suite 201, Weston, Florida 33331; [email protected]; or (954) 888-9779, respectively.

Participants in the Solicitation

The company and certain of its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the respective stockholders of the company in respect of the proposed HotPlay share exchange agreement under the rules of the SEC. Information about the company’s directors and executive officers is available in the company’s Annual Report on Form 10-K/A (Amendment No. 1) for the year ended February 29, 2020, as filed with the Securities and Exchange Commission on June 25, 2020. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the HotPlay share exchange agreement when they become available. Investors should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the company using the sources indicated above.

No Offer or Solicitation

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

Source: Monaker Group

Company Contacts:

Monaker Group, Inc.

Richard Marshall

Director of Corporate Development

Tel (954) 888-9779

[email protected]

MAGNOLIA

Athid Nanthawaroon

DTGO Senior Vice President

[email protected]

STAMFORD, Conn., Dec. 01, 2020 (GLOBE NEWSWIRE) — Patriot National Bancorp, Inc. (“Patriot,” “Bancorp” or the “Company”) (NASDAQ: PNBK), the parent company of Patriot Bank, N.A. (the “Bank”), today announced a net loss of $87,000, or $0.02 basic and diluted loss per share for the quarter ended September 30, 2020, compared with a net loss of $1.3 million reported in the second quarter of 2020. The improvement compared with the second quarter of 2020 resulted from a lower provision for loan losses and higher net interest and non-interest income.

The net loss for the nine-month period ended September 30, 2020 was $2.4 million, or $0.62 per fully diluted share, as compared to a net loss of $1.3 million, or $0.33 per fully diluted shares, during the same period in the prior year. The 2020 results to date, reflect lower net interest income and non-interest income.

As of September 30, 2020, total assets decreased 5.8% to $922.9 million, as compared to the second quarter of 2020. The Bank’s net loan portfolio by $41.3 million, to $740.1 million, while total deposits decreased $55.7 million or 7.1%, to $727.4 million in the third quarter of 2020. The decline in loans represented an intentional slow-down in new loan originations as the impact of the pandemic on the local economy was better understood. The decrease in total deposits during the quarter is primarily the result of declines in the use of wholesale brokered deposits and higher-cost certificates of deposits, partially offset by growth in deposits gathered from the prepaid debit card business.

Excluding that change in brokered deposits, total deposits increased $71.0 million or 12.5% since the end of the third quarter in 2019. In July 2020, the Company completed the purchase of prepaid debit card deposits from a prominent national provider and processor of prepaid debit cards for corporate, consumer and government clients. The prepaid debit card deposits totaled approximately $60.0 million as of September 30, 2020.

As far as the impact of COVID-19, Patriot has kept all branches open with customers re-directed to non-contact ATM’s and Live Banker ATMs as on-line banking services continue to be optimized with expanded customer call center staffing. Its multi-year investment to enhance customer’s technological banking experience has been well tested during the pandemic, as from January 1 to September 30, 2020, Patriot’s mobile deposits were up 98%, use of its mobile app banking was up 33%, monthly average log-ins rose 8% and the number of customers completely new to digital banking rose by 30%.

The Bank had provided CARES Act payment relief on loans of approximately $244.4 million. The Bank received some very positive indications of the strength of its borrowers as a significant percentage of the loans deferred as a result of the CARES Act have now resumed normal payments. The majority of the modifications granted to customers expired in November of 2020, the balance of loans modified in conjunction with the CARES Act had declined from the high of $244.4 million to $59.1 million

Patriot President & CEO Robert Russell
stated: “Many of the changes implemented during the second and third quarters are showing signs of success and are reflected in the positive profitability trends. The Bank continues to reshape its leadership team and its balance sheet and has strengthened its capital position to prepare for future growth and profitability of the organization. As the pandemic continues, Patriot remains prepared to deliver the tools and service required to remain a strong partner with the communities we serve”. Mr. Russell added: “we are very pleased that loans on deferral as a result of the Cares Act have declined from $244.4 million to $59.1 million.”

Financial Results
:

As of September 30, 2020, total assets were $922.9 million, as compared to $979.5 million at June 30, 2020 and $972.0 million at September 30, 2019. Net loans receivable totaled $740.1 million, as compared to $781.4 million at June 30, 2020 and $791.9 million at September 30, 2019. Deposits totaled $727.4 million at September 30, 2020, as compared to $783.1 million at June 30, 2020 and $762.1 million at September 30, 2019.

The decline in loans and total assets represents the intentional downsizing of the Bank’s balance sheet as the current economic uncertainties associated with the COVID-19 pandemic are assessed. The Company continues to originate loans, but at a slower pace than in the past, and has seen loan maturities and loan payoffs outpace loan originations during the nine-month period of September 30, 2020.

Total deposits declined $55.7 million during the third quarter of 2020, this was due to a decline of $69.9 million in wholesale brokered deposits, a decline of $51.0 million in certificate of deposits as higher rate non-relationship deposits were allowed to run off, and a decline of $22.7 million in money market deposits, which was partially offset by an increase of $60.0 million in prepaid debit card deposits.

Net interest income was $5.9 million in the third quarter of 2020, an increase of 3.9% from the second quarter of 2020, and a decline of 5.4% from the third quarter of 2019. The year-to-date September 30, 2020 net interest income was $17.9 million, a decrease of 6.8% over the year-to-date September 2019.

Net interest margin was 2.61% in the third quarter of 2020, as compared to 2.46% in the second quarter of 2020 and 2.70% in the third quarter of 2019.

Compared to the prior year, net interest income was negatively impacted by a lower average loan balance, and an increase in the rate paid on FHLB borrowings associated with the conversion of certain borrowings from a low variable teaser rate to higher fixed rate. The decline also reflects the impact of lower interest rates connected with a decline in market interest rates in late first quarter of 2020 connected to the COVID-19 pandemic.

The provision for loan losses in the third quarter of 2020 was $85,000, as compared to $910,000 in the second quarter of 2020 and $100,000 in the third quarter of 2019. The Allowance for Loan losses on September 30, 2020 totals 1.49% of total loans compared with 1.41% on June 30, 2020 and 1.05% on September 30, 2019. The increase in the Allowance as a percent of loans reflects additional provisions in the second and third quarter associated with the estimated impact of the COVID pandemic on the economy and local business community

Non­interest income was $704,000 in the third quarter of 2020, 81.0% higher than the second quarter of 2020, and 23.3% higher than the third quarter of 2019. The increase was primarily due to gains on sale of SBA loans of $421,000 in the third quarter of 2020. The year-to-date September 30, 2020 non-interest income was $1.5 million, a decline of 27.0% over the year-to-date September 30, 2019. The decrease in non­interest income for the year-to-date period was primarily due to lower realized gains on the sale of SBA loans associated with delays in executing the sale of those loans in 2020.

Non­interest expense was $6.6 million in the third quarter of 2020, 3.9% lower than the second quarter of 2020, and 0.9% lower than the third quarter of 2019. The year-to-date September 30, 2020 non-interest expense was $20.9 million, 5.2% higher than the prior year. The increase in non-interest expense for the year-to-date period was primarily driven by an increase of $694,000 in salaries and benefits and an increase of $297,000 in regulatory assessments expenses in 2020.

The income tax benefit was $6,000 in the third quarter of 2020, representing an effective tax rate of 6.5%. The income tax benefit was $811,000 in the nine-month period ended September 30, 2020, representing an effective tax rate of 25.0%.

As of September 30, 2020, shareholders’ equity was $64.5 million, as compared to $64.2 million at June 30, 2020. Patriot’s book value per share was $16.39 at September 30, 2020, as compared to $16.30 at June 30, 2020. The Bank’s capital ratios continue to be strong, maintaining its “well capitalized” regulatory status. As of September 30, 2020, the Bank’s Tier 1 leverage ratio was 9.35%, Tier 1 risk-based capital ratio was 11.08% and total risk-based capital ratio was 12.33%.

Patriot has currently suspended its quarterly dividend due to the uncertainties surrounding the pandemic however, the Bank hopes to resume when the current economic uncertainties are settled.

Patriot Bank is headquartered in Stamford and operates 9 branch locations: in Scarsdale, NY; and Darien, Fairfield, Greenwich, Milford, Norwalk, Orange, Stamford, Westport, CT with Express Banking locations at Bridgeport/ Housatonic Community College, downtown New Haven and Trumbull at Westfield Mall. The Bank also maintains SBA lending offices in Jacksonville and Stamford, along with a Rhode Island operations center.

About the Company
:

Founded in 1994, and now celebrating its 26th year, Patriot National Bancorp, Inc. (“Patriot” or “Bancorp”) is the parent holding company of Patriot Bank N.A. (“Bank”), a nationally chartered bank headquartered in Stamford, CT. Patriot operates with full service branches in Connecticut and New York and provides lending products and services nationally. Patriot’s mission is to serve its local community and nationwide customer base by providing a growing array of banking solutions to meet the needs of individuals and small businesses owners. Patriot places great value in the integrity of its people and how it conducts business. An emphasis on building strong client relationships and community involvement are cornerstones of our philosophy as we seek to maximize shareholder value.

“Safe Harbor” Statement Under Private Securities Litigation Reform Act of 1995
:

Certain statements contained in Bancorp’s public statements, including this one, may be forward looking and subject to a variety of risks and uncertainties. These factors include, but are not limited to: (1) changes in prevailing interest rates which would affect the interest earned on the Company’s interest earning assets and the interest paid on its interest bearing liabilities; (2) the timing of re-pricing of the Company’s interest earning assets and interest bearing liabilities; (3) the effect of changes in governmental monetary policy; (4) the effect of changes in regulations applicable to the Company and the Bank and the conduct of its business; (5) changes in competition among financial service companies, including possible further encroachment of non-banks on services traditionally provided by banks; (6) the ability of competitors that are larger than the Company to provide products and services which it is impracticable for the Company to provide; (7) the state of the economy and real estate values in the Company’s market areas, and the consequent effect on the quality of the Company’s loans; (8) demand for loans and deposits in our market area; (9) recent governmental initiatives that are expected to have a profound effect on the financial services industry and could dramatically change the competitive environment of the Company; (10) other legislative or regulatory changes, including those related to residential mortgages, changes in accounting standards, and Federal Deposit Insurance Corporation (“FDIC”) premiums that may adversely affect the Company; (11) the application of generally accepted accounting principles, consistently applied; (12) the fact that one period of reported results may not be indicative of future periods; (13) the state of the economy in the greater New York metropolitan area and its particular effect on the Company’s customers, vendors and communities and other such factors, including risk factors, as may be described in the Company’s other filings with the Securities and Exchange Commission (the “SEC”); (14) political, social, legal and economic instability, civil unrest, war, catastrophic events, acts of terrorism; (15) widespread outbreaks of infectious diseases, including the ongoing novel coronavirus (COVID-19) outbreak; (16) changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; (17) our ability to access cost-effective funding; (18) our ability to implement and change our business strategies; (19) changes in the quality or composition of our loan or investment portfolios; (20) technological changes that may be more difficult or expensive than expected; (21) our ability to manage market risk, credit risk and operational risk in the current economic environment; (22) our ability to enter new markets successfully and capitalize on growth opportunities; (23) changes in consumer spending, borrowing and savings habits; (24) our ability to retain key employees; and (25) our compensation expense associated with equity allocated or awarded to our employees.

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share data)		September 30, 2020				June 30, 2020				September 30, 2019
Assets
Cash and due from banks:
Noninterest bearing deposits and cash		$	3,231			$	1,616			$	3,157
Interest bearing deposits			46,405				64,280				46,844
Total cash and cash equivalents			49,636				65,896				50,001
Investment securities:
Available-for-sale securities, at fair value			47,823				46,624				50,057
Other investments, at cost			4,450				4,450				4,963
Total investment securities			52,273				51,074				55,020
Federal Reserve Bank stock, at cost			2,783				2,897				2,889
Federal Home Loan Bank stock, at cost			4,503				4,503				4,477
Gross loans receivable			751,298				792,500				800,314
Allowance for loan losses			(11,171	)			(11,148	)			(8,405	)
Net loans receivable			740,127				781,352				791,909
SBA loans held for sale			6,824				7,579				4,103
Accrued interest and dividends receivable			6,834				5,624				3,538
Premises and equipment, net			33,632				33,962				34,883
Other real estate owned			1,954				2,400				2,400
Deferred tax asset, net			12,066				12,180				11,495
Goodwill			1,107				1,107				1,107
Core deposit intangible, net			567				586				642
Other assets			10,623				10,384				9,521
Total assets		$	922,929			$	979,544			$	971,985
Liabilities
Deposits:
Noninterest bearing deposits		$	161,871			$	97,360			$	80,772
Interest bearing deposits			565,560				685,728				681,284
Total deposits			727,431				783,088				762,056
Federal Home Loan Bank and correspondent bank borrowings			90,000				90,000				100,000
Senior notes, net			11,909				11,890				11,834
Subordinated debt, net			9,774				9,767				9,745
Junior subordinated debt owed to unconsolidated trust, net			8,108				8,106				8,100
Note payable			1,044				1,094				1,242
Advances from borrowers for taxes and insurance			2,492				3,773				2,182
Accrued expenses and other liabilities			7,634				7,654				8,647
Total liabilities			858,392				915,372				903,806
Commitments and Contingencies			–				–				–
Shareholders’ equity
Preferred stock			–				–				–
Common stock			106,293				106,251				106,118
Accumulated deficit			(41,210	)			(41,123	)			(37,222	)
Accumulated other comprehensive loss			(546	)			(956	)			(717	)
Total shareholders’ equity			64,537				64,172				68,179
Total liabilities and shareholders’ equity		$	922,929			$	979,544			$	971,985

PATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
		Three Months Ended												Nine Months Ended
(In thousands, except per share amounts)		September 30, 2020				June 30, 2020				September 30, 2019				September 30, 2020				September 30, 2019
Interest and Dividend Income
Interest and fees on loans		$	8,578			$	9,111			$	10,245			$	27,722			$	30,345
Interest on investment securities			340				378				430				1,134				1,207
Dividends on investment securities			85				90				112				313				344
Other interest income			28				24				225				187				795
Total interest and dividend income			9,031				9,603				11,012				29,356				32,691
Interest Expense
Interest on deposits			2,028				2,792				3,655				8,020				10,452
Interest on Federal Home Loan Bank borrowings			628				638				602				1,963				1,467
Interest on senior debt			229				228				229				686				686
Interest on subordinated debt			235				253				277				756				845
Interest on note payable and other			5				5				6				15				20
Total interest expense			3,125				3,916				4,769				11,440				13,470
Net interest income			5,906				5,687				6,243				17,916				19,221
Provision for Loan Losses			85				910				100				1,799				3,202
Net interest income after provision for loan losses			5,821				4,777				6,143				16,117				16,019
Non-interest Income
Loan application, inspection and processing fees			54				40				32				147				74
Deposit fees and service charges			73				66				123				253				366
Gains on sale of loans			380				72				188				464				864
Rental income			131				131				137				393				459
Other income			66				80				91				257				312
Total non-interest income			704				389				571				1,514				2,075
Non-interest Expense
Salaries and benefits			3,460				3,645				3,480				10,966				10,272
Occupancy and equipment expenses			810				921				937				2,680				2,598
Data processing expenses			433				371				357				1,194				1,088
Professional and other outside services			627				726				721				2,137				2,233
Project expenses, net			6				54				212				154				277
Advertising and promotional expenses			107				123				63				377				255
Loan administration and processing expenses			75				36				44				135				101
Regulatory assessments			355				364				152				1,159				862
Insurance expenses			67				78				65				215				160
Communications, stationary and supplies			118				133				118				371				383
Other operating expenses			560				439				530				1,491				1,626
Total non-interest expense			6,618				6,890				6,679				20,879				19,855
(Loss) income before income taxes			(93	)			(1,724	)			35				(3,248	)			(1,761	)
(Benefit) provision for income taxes			(6	)			(446	)			8				(811	)			(456	)
Net (loss) income		$	(87	)		$	(1,278	)		$	27			$	(2,437	)		$	(1,305	)
Basic (loss) earnings per share		$	(0.02	)		$	(0.32	)		$	0.01			$	(0.62	)		$	(0.33	)
Diluted (loss) earnings per share		$	(0.02	)		$	(0.32	)		$	0.01			$	(0.62	)		$	(0.33	)

FINANCIAL RATIOS AND OTHER DATA
		Three Months Ended												Nine Months Ended
(Dollars in thousands)		September 30, 2020				June 30, 2020				September 30, 2019				September 30, 2020				September 30, 2019
Quarterly Performance Data:
Net (loss) income		$	(87	)		$	(1,279	)		$	26			$	(2,437	)		$	(1,305	)
Return on Average Assets			-0.04	%			-0.52	%			0.01	%			-0.33	%			-0.08	%
Return on Average Equity			-0.53	%			-7.89	%			0.15	%			-4.96	%			-1.07	%
Net Interest Margin			2.61	%			2.46	%			2.70	%			2.61	%			1.22	%
Efficiency Ratio			100.12	%			113.41	%			98.02	%			107.46	%			93.24	%
Efficiency Ratio excluding project costs			100.03	%			112.51	%			94.92	%			106.66	%			91.94	%
% increase loans			-5.20	%			-3.22	%			-1.41	%			-7.49	%			2.55	%
% increase deposits			-7.11	%			-2.51	%			-0.72	%			-5.47	%			2.53	%
Asset Quality:
Nonaccrual loans		$	20,440			$	21,593			$	19,183			$	20,440			$	19,183
Other real estate owned		$	1,954			$	2,400			$	2,400			$	1,954			$	2,400
Total nonperforming assets		$	22,394			$	23,993			$	21,583			$	22,394			$	21,583
Nonaccrual loans / loans			2.72	%			2.72	%			2.40	%			2.72	%			2.40	%
Nonperforming assets / assets			2.43	%			2.45	%			2.22	%			2.43	%			2.22	%
Allowance for loan losses		$	11,171			$	11,148			$	8,405			$	11,171			$	8,405
Valuation reserve		$	492			$	485			$	1,252			$	492			$	1,252
Allowance for loan losses with valuation reserve		$	11,663			$	11,633			$	9,657			$	11,663			$	9,657
Allowance for loan losses / loans			1.49	%			1.41	%			1.05	%			1.49	%			1.05	%
Allowance / nonaccrual loans			54.65	%			51.63	%			43.81	%			54.65	%			43.81	%
Allowance for loan losses and valuation reserve / loans			1.55	%			1.47	%			1.20	%			1.55	%			1.20	%
Allowance for loan losses and valuation reserve / nonaccrual loans			57.06	%			53.87	%			50.34	%			57.06	%			50.34	%
Gross loan charge-offs		$	75			$	691			$	282			$	810			$	2,589
Gross loan (recoveries)		$	(13	)		$	(13	)		$	(128	)		$	(67	)		$	(183	)
Net loan charge-offs (recoveries)		$	62			$	678			$	154			$	743			$	2,406
Capital Data and Capital Ratios
Book value per share (1)		$	16.39			$	16.30			$	17.37			$	16.39			$	17.37
Shares outstanding			3,937,041				3,935,841				3,925,002				3,937,041				3,925,002
Bank Capital Ratios:
Leverage Ratio			9.35	%			9.03	%			9.47	%			9.35	%			9.47	%
Tier 1 Capital			11.08	%			10.52	%			10.82	%			11.08	%			10.82	%
Total Risk Based Capital			12.33	%			11.77	%			11.81	%			12.33	%			11.81	%
(1) Book value per share represents shareholders’ equity divided by outstanding shares.
Deposits:
		September 30,				June 30,				September 30,
(In thousands)			2020				2020				2019
Non-interest bearing:
Non-interest bearing		$	102,004			$	95,932			$	80,772
Prepaid DDA			59,867				1,428				–
Total non-interest bearing			161,871				97,360				80,772
Interest bearing:
NOW			29,518				26,941				23,675
Savings			91,169				70,230				57,390
Money market			142,909				165,658				125,934
Certificates of deposit, less than $250,000			133,754				160,258				170,814
Certificates of deposit, $250,000 or greater			44,042				60,066				62,702
Listed Deposits			33,173				41,690				44,140
Brokered deposits			90,995				160,885				196,629
Total Interest bearing			565,560				685,728				681,284
Total Deposits		$	727,431			$	783,088			$	762,056

Contacts:
Patriot Bank, N.A.	Joseph Perillo	Robert Russell	Michael Carrazza
900 Bedford Street	Chief Financial Officer	President & CEO	Chairman
Stamford, CT 06901	203-252-5954	203-252-5939	203-251-8230
www.BankPatriot.com

WARREN, N.J., Dec. 01, 2020 (GLOBE NEWSWIRE) — Bellerophon Therapeutics, Inc. (Nasdaq: BLPH) (“Bellerophon” or the “Company”), a clinical-stage biotherapeutics company focused on developing treatments for cardiopulmonary and infectious diseases, today announced that the first patient has been enrolled in its REBUILD Phase 3 registrational clinical study evaluating INOpulse^®, a pulsed inhaled nitric oxide therapy, as a potential treatment for fibrotic interstitial lung disease (fILD).

“Fibrotic ILD is a severe disease where patients face debilitating functional impairment, poor quality of life and limited life expectancy. Patients with fILD suffer severe mobility restrictions and often lack the ability to perform the most basic tasks such as walking, ascending stairs and managing daily housework,” said Jeremy Feldman, MD, Director Pulmonary Hypertension Program, Arizona Pulmonary Specialists and a lead investigator for the Phase 3 study. “Nitric Oxide is a pulmonary vasodilator that improves ventilation-perfusion matching, which can be impaired by systemic vasodilators. The benefits we observed in the Phase 2 study and into open-label extension, including activity levels and patient reported outcomes, underscore INOpulse’s potential to address this significant unmet medical need. I am excited to advance the Phase 3 study with the enrollment of the first patient, and look forward to the continued development of the promising INOpulse therapy for fILD.”

REBUILD is a Phase 3 randomized, double-blind, placebo-controlled clinical study to assess the safety and efficacy of pulsed inhaled nitric oxide (iNO) [at a dose of 45 mcg/kg ideal body weight (IBW)/hour] versus placebo in fILD patients at risk of pulmonary hypertension (PH) on long-term oxygen therapy. The REBUILD trial is planned to enroll 300 patients who will receive either INOpulse or placebo for a 16-week blinded treatment period, after which patients are eligible to rollover into an open-label extension. The primary endpoint is change in moderate to vigorous physical activity (MVPA), as previously agreed upon with the U.S. Food and Drug Administration.

“We are pleased to have enrolled the first patient in our Phase 3 REBUILD study, as it marks an important milestone in our efforts to develop the first potential therapy to treat a broad fILD population that includes patients at risk of pulmonary hypertension,” said Fabian Tenenbaum, Chief Executive Officer of Bellerophon. “The REBUILD study builds on the positive results from our Phase 2 trial that demonstrated the safety and efficacy of INOpulse in improving MVPA, multiple quality of life measures and key hemodynamic parameters. Importantly, our current balance sheet provides us with the resources to continue advancing this program through the availability of these Phase 3 data and we look forward to sharing top-line results from this important study in 2022.”

Bellerophon previously reported positive top-line results from its iNO-PF Phase 2 study, a randomized, double-blind, placebo-controlled clinical study of INOpulse for the treatment of fILD. The Phase 2 studies established iNO45 as the preferred dose for the REBUILD Phase 3 study, with patients who received iNO45 over 16 weeks demonstrating clinically meaningful and statistically significant improvement in MVPA of 20% over baseline compared to placebo (p=0.02). Improvements in MVPA were further supported by placebo-corrected benefits in other key parameters, as measured by two patient-reported questionnaires, the University of California, San Diego Shortness of Breath Questionnaire, and the St. George’s Respiratory Questionnaire. The safety and tolerability profile of INOpulse in the double-blind period of iNO-PF has been maintained in the ongoing open-label extension period.

The Company also previously reported positive top-line data from PHPF-002, an ancillary dose escalation study assessing the acute hemodynamic effect of INOpulse in fILD via right heart catheterization. The study demonstrated that acute treatment with INOpulse provided clinically meaningful and statistically significant improvements in pre-specified hemodynamic parameters, including a 21% reduction in pulmonary vascular resistance, with increased benefit (p<0.01) on dose escalation from iNO30 to iNO45, and a 12% reduction in mean pulmonary arterial pressure. The acute hemodynamic benefits underpin the chronic benefit in exercise capacity demonstrated in the iNO-PF study and further support utilizing the iNO45 dose in the REBUILD Phase 3 study.

About
Bellerophon

Bellerophon Therapeutics is a clinical-stage biotherapeutics company focused on developing innovative therapies that address significant unmet medical needs in the treatment of cardiopulmonary and infectious diseases. The Company is currently developing multiple product candidates under its INOpulse^® program, a proprietary pulsatile nitric oxide delivery system. For more information, please visit www.bellerophon.com.

Forward-looking Statements

Any statements in this press release about Bellerophon’s future expectations, plans and prospects, including statements about the clinical development of its product candidates, regulatory actions with respect to the Company’s clinical trials and expectations regarding the sufficiency of the Company’s cash balance to fund clinical trials, operating expenses and capital expenditures, and other statements containing the words “anticipate,” “believe,” “continue,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” 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, including: risks and uncertainties relating to INOpulse^® not proving to be an effective treatment for COVID-19 or approved for marketing by the FDA, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary or interim results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, the FDA’s substantial discretion in the approval process, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and in subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent Bellerophon’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.

Contacts
At W2O Group : Julie Normart (559) 974-3245 [email protected]	At LifeSci Advisors: Brian Ritchie (212) 915-2578 [email protected]

REDMOND, Wash., Dec. 01, 2020 (GLOBE NEWSWIRE) — MicroVision, Inc. (Nasdaq: MVIS), an innovative leader in solid state lidar sensor and ultra-miniature laser display technology based on its proprietary laser beam scanning technology, today announced Judy Curran was appointed to its board of directors.

Curran is an accomplished senior automotive executive with over 30 years of experience in vehicle program, engineering and technology leadership. Curran has a strong record of leading innovation at Ford Motor Company where she served in a number of executive positions including Director of Technology Strategy, where she developed the cross-vehicle global strategy for key new technologies including assisted driving, infotainment, new electrical architectures, and connectivity. Previous executive roles at Ford included Vehicle Line Director, Vehicle Evaluation and Validation Director and VP Engineering for Automotive Components Holding LLC. Curran currently works at Ansys as its Head of Global Automotive Strategy. Ansys is a simulation software company used to simulate multi-physic systems including ADAS systems.

In addition to her executive experience, Curran has served on several boards including the Automotive Component Holdings Operating Board, a Ford Subsidiary; Board of Directors Executive Committee, Inforum Automotive NEXT; Board of Advisors, College of Engineering, Lawrence Technological University; German American Chamber of Commerce Board – Detroit Office and Board of Directors for SAE Foundation, SAE WCX, and SAE GLC Committees. Curran earned her Bachelor of Science in Electrical Engineering and Computer Software at Lawrence Technological University and her Master of Science in Electrical Engineering at the University of Michigan.

“Judy has an extensive background in executive and strategic leadership in the automotive industry during a distinguished career at Ford. We are fortunate to have her join our board,” said Brian Turner, Chairman and Lead Independent Director at MicroVision. “I believe automotive lidar sensor technology represents a significant opportunity and potential value to our shareholders. Judy brings a deep understanding of the current automotive marketplace including new technology, business strategy, operations and management. Her role at Ford Motor Company leading assisted driving strategy and other technology initiatives strengthens our board as we consider various opportunities. She will be a valuable addition to the MicroVision board of directors.”

“I am very excited to join the MicroVision board and I look forward to working with Brian, my fellow directors and management as the Company continues to explore strategic options with Craig-Hallum Capital Group, LLC, its financial advisor,” said Curran. “I am eager to bring my experience and energy to the board and help guide the Company in implementing a successful strategy.”

About MicroVision

MicroVision is the creator of PicoP® scanning technology, an ultra-miniature sensing and projection solution based on the laser beam scanning methodology pioneered by the Company. MicroVision’s platform approach for this sensing and display solution means that its technology can be adapted to a wide array of applications and form factors. We combine our hardware, software, and algorithms to unlock value for our customers by providing them a differentiated advanced solution for a rapidly evolving, always-on world.

MicroVision has a substantial portfolio of patents relating to laser beam scanning projection and sensing. MicroVision’s industry leading technology is a result of its extensive research and development. The Company is based in Redmond, Washington.

MicroVision and PicoP are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.

Forward-Looking
Statements

Certain statements contained in this release, including those relating to potential of the Company, potential strategic options, commercialization of the Company’s technology, the Company’s future products and product applications and those including words like “believe” are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected in our forward-looking statements include the risk that the Company may not succeed in finding strategic solutions, including a potential sale of the Company, with acceptable timing, benefits or costs, our ability to operate with limited cash or to raise additional capital when needed; market acceptance of our technologies and products; and for products incorporating our technologies; the failure of our commercial partners to perform as expected under our agreements, including from the impact of the COVID-19 (coronavirus); our ability to identify parties interested in paying any amounts or amounts we deem desirable for the purchase or license of intellectual property assets; our or our customers’ failure to perform under open purchase orders, our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards and develop partnership opportunities; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims; our ability to maintain our listing on the Nasdaq Stock Market, and other risk factors identified from time to time in the Company’s SEC reports, including the Company’s Annual Report on Form 10-K filed with the SEC. These factors are not intended to represent a complete list of the general or specific factors that may affect us. It should be recognized that other factors, including general economic factors and business strategies, may be significant, now or in the future, and the factors set forth in this release may affect us to a greater extent than indicated. Except as expressly required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.

Investor Relations Contact

David H. Allen
Darrow Associates, Inc.
408.427.4463
[email protected]

SACRAMENTO, Calif., Dec. 01, 2020 (GLOBE NEWSWIRE) — Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer of specialty alcohols and essential ingredients, announced the closing of its agreement with Liberty Basin, LLC to sell 134 acres, rail loop and grain handling assets at its Pacific Ethanol Magic Valley plant in Burley, Idaho for $10 million in cash. Pacific Ethanol is retaining the ethanol plant and terminal on the remaining 25 acres and has entered into agreements with Liberty Basin, LLC for ongoing coordination of operations and delivery of grain to the ethanol plant.

“The sale of real estate and grain handling assets at our Magic Valley facility marks further progress in our strategic realignment around higher, more stable margins in specialty alcohols and essential ingredients,” said Mike Kandris, Pacific Ethanol’s CEO. “With this sale we further strengthened our balance sheet by using all net sale proceeds to pay down term debt. We will continue to own the production facility and plan to upgrade the product offerings prior to restarting production.”

About Pacific Ethanol, Inc.

Pacific Ethanol, Inc. (PEIX) is a leading producer of specialty alcohols and essential ingredients. The company is focused on products for four key markets: Health, Home & Beauty, Food & Beverage, Essential Ingredients and Renewable Fuels. The company’s customers include major food and beverage companies and consumer products companies. Pacific Ethanol’s subsidiary, Kinergy Marketing LLC, markets all specialty alcohol products for Pacific Ethanol’s distilleries as well as fuel grade ethanol for third parties. Pacific Ethanol’s subsidiary, Pacific Ag. Products LLC, markets wet and dry distillers grains. For more information please visit www.pacificethanol.com.

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


Statements and information contained in this communication that refer to or include Pacific Ethanol’s estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Pacific Ethanol’s current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Pacific Ethanol’s plans to upgrade product offerings at its Pacific Ethanol Magic Valley distillery prior to restarting production; Pacific Ethanol’s new business focus and its effects; Pacific Ethanol’s ability to obtain additional regulatory qualifications and their effects; Pacific Ethanol’s intentions to sell or repurpose its idled distilleries; and Pacific Ethanol’s other plans, objectives, expectations and intentions. It is important to note that Pacific Ethanol’s plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Pacific Ethanol’s current expectations depending upon a number of factors affecting Pacific Ethanol’s business. These factors include, among others, adverse economic and market conditions, including for specialty alcohols and essential ingredients; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; the effects – both positive and negative – of the novel coronavirus; and the ability of Pacific Ethanol to timely and successfully execute on its strategic realignment and new business focus. These factors also include, among others, the inherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Pacific Ethanol’s products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the specialty alcohol production and marketing industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Pacific Ethanol’s distilleries, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Pacific Ethanol’s filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Pacific Ethanol’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 16, 2020.

Company IR Contact:	IR Agency Contact:	Media Contact:
Pacific Ethanol, Inc.	Moriah Shilton	Paul Koehler
916-403-2755	LHA	Pacific Ethanol, Inc.
[email protected]	415-433-3777	916-403-2790
		[email protected]

 

– Meeting Highlights Include
New
Long-Term
D
ata
in Tuberous Sclerosis Comple
x
–

CARLSBAD, Calif., Dec. 01, 2020 (GLOBE NEWSWIRE) — GW Pharmaceuticals plc (Nasdaq: GWPH), the world leader in the science, development, and commercialization of cannabinoid prescription medicines, along with U.S. subsidiary Greenwich Biosciences, announced today that a variety of data, including long-term data in the treatment of tuberous sclerosis complex (TSC) and in multiple seizure subtypes for EPIDIOLEX^® (cannabidiol) oral solution, will be presented at the virtual American Epilepsy Society (AES) Annual Meeting, taking place December 4-8, 2020. EPIDIOLEX, a pharmaceutical formulation of cannabidiol (CBD), is the first prescription, plant-derived, cannabis-based medicine approved by the U.S. Food and Drug Administration (FDA) for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS), Dravet syndrome, or tuberous sclerosis complex (TSC) in patients one year of age and older.

New long-term data for people with TSC who enrolled from the EPIDIOLEX expanded access program will be presented for the first time at the meeting, along with other data evaluating the efficacy and safety of EPIDIOLEX for TSC and treatment-resistant epilepsies.

“Following FDA approval of EPIDIOLEX in TSC earlier this year, AES is an important opportunity to review additional positive, long-term data,” said Justin Gover, Chief Executive Officer, GW Pharmaceuticals. “Given that the majority of individuals living with TSC experience treatment-resistant epilepsy, we believe there is a need for promising new treatment options and are pleased to present more than three years of TSC patient data in both convulsive and nonconvulsive seizure subtypes.”

Meeting activities include:

Data Presentations

All posters will be available in the ePoster Hall for the duration of AES2020.

Long-Term Safety & Efficacy of EPIDIOLEX

• Long-Term Safety and Efficacy of Add-on Cannabidiol (CBD) for Treatment of Seizures Associated with Tuberous Sclerosis Complex (TSC) in an Open-Label Extension (OLE) Trial (GWPCARE6)
• Efficacy and Safety of Cannabidiol (CBD) in Patients with Treatment-Resistant Epilepsies in the Expanded Access Program (EAP): Additional Efficacy Data for Convulsive and Nonconvulsive Seizure Subtypes
• Long-Term Efficacy and Safety of Cannabidiol (CBD) in Patients with Tuberous Sclerosis Complex (TSC): 4-year Results from the Expanded Access Program (EAP)

Post
H
oc Analysis of Phase 3 EP
I
DIOLEX data

• Efficacy of Add-On Cannabidiol (CBD) Treatment in Patients with Tuberous Sclerosis Complex (TSC) and a History of Infantile Spasms (IS): Post Hoc Analysis of Phase 3 Trial GWPCARE6

EPIDIOLEX Virtual Booth
(accessible in
the
AES Leadership Exhibitor Hall)

December 5-8, 2020

About Tuberous Sclerosis Complex (TSC)
Tuberous sclerosis complex (TSC) is a rare genetic condition that affects approximately 50,000 individuals in the U.S. and nearly one million people worldwide.¹ At least two children born each day will develop TSC, with an estimated prevalence of one in 6,000 newborns.¹ The condition causes mostly benign tumors to grow in vital organs of the body including the brain, skin, heart, eyes, kidneys and lungs² and is a leading cause of genetic epilepsy.³ People with TSC may experience a variety of seizure types. One of the most common is infantile spasms that typically present in the first year of life; focal (or partial) seizures are also very common.⁴ TSC is associated with an increased risk of autism and intellectual disability⁵ and the severity of the condition can vary widely. In some children the disease is very mild, while others may experience life-threatening complications.² Epilepsy is present in about 85 percent of patients with TSC and may progress to become intractable to medication.^4,6,7 More than 60 percent of individuals with TSC do not achieve seizure control⁸ with standard treatments such as antiepileptic drugs, epilepsy surgery, ketogenic diet, or vagus nerve stimulation⁶ compared to 30-40 percent of individuals with epilepsy who do not have TSC who are drug resistant.^9,10

About EPIDIOLEX
^®
 (cannabidiol) oral solution

EPIDIOLEX^® (cannabidiol) oral solution, a pharmaceutical formulation of highly purified cannabidiol (CBD), is the first in a new class of anti-epileptic medications with a novel mechanism of action, and the first prescription, plant-derived cannabis-based medicine approved by the U.S. Food and Drug Administration (FDA). In the U.S., EPIDIOLEX is indicated for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS), Dravet syndrome or tuberous sclerosis complex (TSC) in patients one year of age and older. Epidiolex has received approval in the European Union under the tradename EPIDYOLEX^® for adjunctive use in conjunction with clobazam to treat seizures associated with LGS and Dravet syndrome in patients two years and older. EPIDIOLEX/EPIDYOLEX has received Orphan Drug Designation from the FDA and the EMA for the treatment of seizures associated with Dravet syndrome, LGS and TSC, each of which are severe childhood-onset, drug-resistant syndromes and is under EMA review for the treatment of TSC. Important safety and prescribing information for EPIDIOLEX is available at Epidiolex.com.

About GW Pharmaceuticals plc and Greenwich Biosciences, Inc.
Founded in 1998, GW is a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. The Company’s lead product, EPIDIOLEX® (cannabidiol) oral solution, is commercialized in the U.S. by its U.S. subsidiary Greenwich Biosciences for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS), Dravet syndrome, or tuberous sclerosis complex (TSC) in patients one year of age and older. This product has received approval in the European Union under the tradename EPIDYOLEX® for the adjunctive treatment of seizures associated with LGS or Dravet syndrome in conjunction with clobazam in patients two years and older and is under EMA review for the treatment of TSC. The Company has a deep pipeline of additional cannabinoid product candidates, in particular nabiximols, for which the Company is advancing multiple late-stage clinical programs in order to seek FDA approval in the treatment of spasticity associated with multiple sclerosis and spinal cord injury. The Company has additional cannabinoid product candidates in clinical trials for autism and schizophrenia. For further information, please visit www.gwpharm.com.

Important Safety Information
Important safety information for Epidiolex is available at Epidiolex.com.

Enquiries:

U.S. Media Enquiries: Sam Brown Inc. Healthcare Communications
Christy Curran Mike Beyer	615 414 8668 312 961 2502

^{________________________
1} TS Alliance, What is TSC? https://www.tsalliance.org/about-tsc/what-is-tsc/. Accessed April 15, 2019.
² NIH Tuberous Sclerosis Fact Sheet. https://www.ninds.nih.gov/Disorders/Patient-Caregiver-Education/Fact-Sheets/Tuberous-Sclerosis-Fact-Sheet. Accessed November 19, 2019.
³ TS Alliance Website. https://www.tsalliance.org/. Accessed November 19, 2019.
⁴ Kingswood JC, d’Augeres GB, Belousova E, et al. TuberOus SClerosis registry to increase disease Awareness (TOSCA) – baseline data on 2093 patients. Orphanet J Rare Dis. 2017;12(1):2.
⁵ de Vries PJ, Belousova E, Benedik MP, et al. TSC-associated neuropsychiatric disorders (TAND): findings from the TOSCA natural history study. Orphanet J Rare Dis. 2018;13(1):157.
⁶ Tuberous Sclerosis Alliance. Diagnosis, Surveillance, and Management for Healthcare Professionals https://www.tsalliance.org/healthcareprofessionals/diagnosis/. Accessed February 19, 2019.
⁷ Jeong A, Wong M. Systemic disease manifestations associated with epilepsy in tuberous sclerosis complex. Epilepsia. 2016;57(9):1443-1449.
⁸ Chu-Shore CJ, Major P, Camposano S, Muzykewicz D, Thiele EA. The natural history of epilepsy in tuberous sclerosis complex. Epilepsia. 2010;51(7):1236-1241.
⁹ Kwan P., Brodie M.J. Early identification of refractory epilepsy. N. Engl. J. Med. 2000;342(5):314–319.
¹⁰ French JA. Refractory epilepsy: clinical overview. Epilepsia. 2007;48 Suppl 1:3-7.