Market Newsdesk

TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is reporting that a significant increase in COVID-19 infections in the Santa Cruz province in Argentina has resulted in the temporary lockdown of various mines including our 49%-owned San José mine. Production for Q4 is likely to be impacted by the shutdown. Limited operations are expected to resume in the coming days, subject to permission from the authorities.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements and information, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.’s (the “Company”) estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news
release, which has been prepared by management of McEwen Mining Inc.

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina. McEwen Mining’s goal is to create a profitable gold and silver producer focused in the Americas.

McEwen Mining has approximately 409 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 20% of the shares.

CONTACT INFORMATION:
Investor Relations: (866)-441-0690 Toll Free (647)-258-0395 Mihaela Iancu ext. 320 [email protected]	Website: www.mcewenmining.com Facebook:  facebook.com/mcewenmining Facebook:  facebook.com/mcewenrob Twitter: twitter.com/ mcewenmining Twitter:  twitter.com/robmcewenmux Instagram: instagram.com/ mcewenmining	150 King Street West Suite 2800, P.O. Box 24 Toronto, ON, Canada M5H 1J9

MONTREAL, Nov. 30, 2020 (GLOBE NEWSWIRE) — This year, as the Fondation Dr Julien will not be able to welcome the population for the Guignolée, it is rather the Guignolée that will be bringing the festivities to the people. With the pandemic having cut the wings of many fundraising initiatives throughout the network of community social pediatrics centres (CSPCs) in the province, the Fondation Dr Julien wishes to appeal to the generosity of the population and businesses in Quebec and invites them to its first Webothon broadcast on Facebook on Saturday, December 12 at 2:00 p.m.

Now in its 18th year, the Guignolée Dr Julien Fundraiser is the major annual collection for community social pediatrics. It continues to raise funds not only for the three centres of expertise and training associated with the Fondation Dr Julien —La Ruelle d’Hochelaga, the Garage à musique and the Côte-des-Neiges Centre— but the 2020 edition also aims to further support the fundraising efforts of more than 30 CSPCs participating in the Guignolée Dr Julien Fundraiser across the province.

New virtual event
p
resented by National Bank

The Foundation is pleased to announce a new partnership with National Bank, which will present the very first edition of the Guignolée Dr Julien Webothon, a 75-minutes special live broadcast presented on Facebook on December 12, starting at 2:00 p.m. This brand-new fundraising event will be co-animated by Christian Bégin, ambassador of the Foundation and Dr. Julien. It will feature artists and friends of the Foundation Dr Julien, with musical performances by Michel Rivard, Sarahmée, Catherine Major and Guylaine Tanguay. Christian Bégin’s guests will also include Dr. Gaëlle Vekemans, social pediatrician and associate clinical director, Ève Christian, cofounder and ambassador of the Guignolée, and Jean-Charles Lajoie, host at TVA Sports and a great friend of the Guignolée for the past 12 years.

“National Bank and its employees are proud to partner with the
Fondation
Dr Julien over the next five years and thus support community social pediatric care and services for thousands of vulnerable children across Quebec. We hope many donors will be joining us on December 12 to make this first ever
Webothon
a great success,” said Jehan Vekemans, Vice President, Business Strategy, Wealth Management at National Bank and Guignolée Dr Julien Fundraiser Ambassador.

Program for December 12

Several volunteers will be outside to promote the Webothon and remind people that they can donate until January 15th. Dr. Julien and other ambassadors of social pediatrics will be available for interviews at La Ruelle d’Hochelaga, located at 1600 Aylwin St. in Montréal.

• From 7:00 to 11:00 a.m., the radio show Samedi et rien d’autre, hosted by Joël Le Bigot, will be broadcast live on ICI Première. This year, the Radio-Canada team will be in the studio while Dr. Julien and guests take turns at the microphone, live from CPSC La Ruelle d’Hochelaga.
• From 9:00 a.m. to 4:00 p.m., there will be a “drive-through” collection point in front of La Ruelle d’Hochelaga on Aylwin St.
  This will allow people to make a donation without having to get out of their car.
• From 2:00 to 3:15 p.m., the Webothon Guignolée Dr Julien presented by National Bank will be broadcast live on Facebook and available as a catch-up until January 15, 2021. Watch on: https://www.facebook.com/events/712086516351725/

Many options
to
make
donat
ion
.

• By phone – Call toll-free 1 855 DRJULIEN (1 855 375-8543)
• Via the website –
  https://guignoleedrjulien.org
• By organizing your own fundrais
  ing event:
  https://don.fondationdrjulien.org/fondation-dr-julien-1/campagne-en-details/guignolee-dr-julien-et-vous-22
• By mail – Send a cheque to the Fondation Dr Julien (4765 Rue Sainte-Catherine Est, Montreal, QC, H1V 1Z5) or to one of the centres in your community.
• By text – Text DRJULIEN to 20222

A recognized network of front-line care and services

Today, Quebec’s network of 43 CSPCs reaches some 10,400 children and their families yearly. Last May, during the pandemic, CSPCs were recognized by the Ministère de la Santé et des Services Sociaux as institutions providing essential front-line care and services to vulnerable clienteles. For the complete list of centres: https://fondationdrjulien.org/les-centres/trouver-un-centre/

“This year has been extremely difficult for everyone, but even more so for vulnerable children,” explains Dr. Gilles Julien, Social Pediatrician, Clinical Director and Founding President of the Fondation Dr Julien. “The pandemic and its accompanying lockdown measures have exacerbated inequalities, leaving children and their families even more at risk.Throughout Quebec, our teams have innovated, persevered and been there for families. This edition of the Guignolée is very different because we will not be able to welcome families as we have done for the past 17 years. We will miss them very much and we hope that thepopulation will still be there to show their support, which is so precious to us. Now more than ever, we need to feel that the whole community is there to give these children a chance to develop their full potential while ensuring that their fundamental rights arerespected. The need is great and these children cannot wait any longer.”

About the
Fondation
Dr Julien

The mission of the Fondation Dr Julien is to mobilize the community, to support and increase the number of front-line workers, to influence practices and to promote its unique community social pediatrics model. It works to ensure longevity so that the maximum number of vulnerable children can access care and services that respect their basic rights. It also trains, supports and certifies a network of community social pediatrics centres (CSPCs) and professionals in Quebec and elsewhere in Canada. Today, 43 CSPCs provide care to and empower some 10,400 children and their families in Quebec. To learn more: https://fondationdrjulien.org/la-psc/a-propos/

Requests for interviews before and during the
Guignolée
:

Élisa Baldet, Media Relations Specialist                
Fondation Dr Julien
514 588-3794
[email protected]

Photos accompanying this release are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/fd9de08a-5d5c-43fe-8e95-a588785b463d

https://www.globenewswire.com/NewsRoom/AttachmentNg/433fd7d9-fab3-4ffb-919d-b5efbd62d27b

Shenzhen, China, Nov. 30, 2020 (GLOBE NEWSWIRE) — Aesthetic Medical International Holdings Group Limited (the “Company” or Nasdaq: AIH), a leading provider of aesthetic medical services in China, today announces its unaudited financial results for the third quarter ended September 30, 2020.

Dr. Zhou Pengwu, the Chairman and CEO of the Company, commented, “Our financial results for the third quarter ended September 30, 2020 reflect our management’s agility and business resilience despite the full brunt and the unpredictability brought by the COVID-19 pandemic. For the third quarter of 2020, we recorded a total number of active customers of 83,222, achieving an increase of 16.4% from 71,502 in the third quarter of 2019. At the same time, our core business initiatives were well-executed and our market share in the aesthetic medical industry was strengthened primarily through our completion of the acquisition of Guangdong Pengai Hanfei Hospital Management Co., Ltd. and our integration of the industry chain.”

Dr. Zhou continued, “The markets have been signaling the recovery in our business and the aesthetical medical industry, as China gradually recovers from the aftermath of COVID-19 outbreak. Customers are adapting to the new normal and gradually restoring their contained enthusiasm in consuming aesthetic medical services. In addition to allocating our resources to focus on enhancing our customer stickiness and improving our brand awareness, long-term growth and returns with an emphasis on sustainability remain our priority.”

Third Quarter 2020 Unaudited Financial Highlights

• Total revenue was RMB281.3 million (US$41.4 million), an increase of 18.2% from RMB237.9 million in the third quarter of 2019.
• Gross profit was RMB179.7 million (US$26.5 million), an increase of 9.4% from RMB164.3 million in the third quarter of 2019.
• Gross margin was 63.9%, a decrease of 5.2 percentage points from 69.1% in the third quarter of 2019.
• Loss for the period was RMB17.7 million (US$2.6 million), compared with a profit of RMB118.8 million in the third quarter of 2019.
• EBITDA¹ for the period was RMB6.9 million (US$1.0 million), a decrease of 95.4% from RMB151.3 million in the third quarter of 2019.
• Adjusted profit¹ for the period was RMB6.9 million (US$1.0 million), a decrease of 65.8% from RMB20.2 million in the third quarter of 2019.
• Adjusted EBITDA¹ for the period was RMB31.5 million (US$4.6 million), a decrease of 39.1% from RMB51.7 million in the third quarter of 2019.
• Basic loss per share was RMB0.26 (US$0.04), compared with basic earnings per share of RMB2.77 in the third quarter of 2019. Diluted loss per share was RMB0.26 (US$0.04), compared with diluted loss per share of RMB0.12 in the third quarter of 2019.

¹

EBITDA, Adjusted EBITDA and Adjusted profit are not prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board, or IFRS. For more information regarding non-IFRS financials, please refer to “Non-IFRS Financial Measures” and “Reconciliations of IFRS and Non-IFRS Results” appearing elsewhere in this press release.

Nine Months Ended September 30, 2020 Unaudited Financial Highlights

• Total revenue was RMB539.0 million (US$79.4 million), a decrease of 14.6% from RMB631.0 million in the same period of 2019.
• Gross profit was RMB309.8 million (US$45.6 million), a decrease of 28.1% from RMB430.9 million in the same period of 2019.
• Gross margin was 57.5%, a decrease of 10.8 percentage points from 68.3% in the same period of 2019.
• Loss for the period was RMB165.2 million (US$24.3 million), compared with a profit of RMB198.9 million in the same period of 2019.
• EBITDA¹ for the period was a loss of RMB98.0 million (US$14.4 million), a decrease of 133.1% from a profit of RMB295.7 million in the same period of 2019.
• Adjusted profit¹ for the period was a loss of RMB82.5 million (US$12.1 million), a decrease of 237.5% from a profit of RMB60.0 million in the same period of 2019.
• Adjusted EBITDA¹ for the period was a loss of RMB15.2 million (US$2.2 million), a decrease of 109.9% from a profit of RMB153.3 million in the same period of 2019.
• Basic loss per share was RMB2.43 (US$0.36), compared with basic earnings per share of RMB4.66 in the same period of 2019. Diluted loss per share was RMB2.43 (US$0.36), compared with diluted earnings per share of RMB0.22 in the same period of 2019.

¹

EBITDA, Adjusted EBITDA and Adjusted profit are not prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board, or IFRS. For more information regarding non-IFRS financials, please refer to “Non-IFRS Financial Measures” and “Reconciliations of IFRS and Non-IFRS Results” appearing elsewhere in this press release.

Third Quarter 2019 and 2020 Operational Highlights

		For the Three Months Ended September 30,
		2019								2020								% Change
		Number				% of Total				Number				% of Total				Number
New Customers			32,023				44.8	%			35,939				43.2	%			12.2	%
Repeat Customers			39,479				55.2	%			47,283				56.8	%			19.8	%
Total Active Customers			71,502				100.0	%			83,222				100.0	%			16.4	%

• In the third quarter of 2020, repeat customers accounted for 56.8% of the active customer base.
• The total number of active customers was 83,222, an increase of 16.4% from 71,502 in the third quarter of 2019.

Nine Months Ended September 30, 2019 and September 30, 2020 Operational Highlights

		For the Nine Months Ended September 30,
		2019								2020								% Change
		Number				% of Total				Number				% of Total				Number
New Customers			79,260				46.2	%			77,083				41.4	%			-2.7	%
Repeat Customers			92,290				53.8	%			109,076				58.6	%			18.2	%
Total Active Customers			171,550				100.0	%			186,159				100.0	%			8.5	%

• In the nine months ended September 30, 2020, repeat customers accounted for 58.6% of the active customer base.
• The total number of active customers was 186,159 an increase of 8.5% from 171,550 in the same period of 2019.

Third Quarter 2019 and 2020 Unaudited Financial Results

		For the Three Months Ended September 30,
(RMB millions, except per share data and percentages)		2019				2020				% Change
Revenue			237.9				281.3				18.2	%
Non-surgical aesthetic medical services			144.7				138.4				-4.4	%
Minimally invasive aesthetic treatments			52.8				70.8				34.1	%
Energy-based treatments			91.9				67.6				-26.4	%
Surgical aesthetic medical services			80.8				128.8				59.4	%
General healthcare services and other aesthetic medical services			12.4				14.1				13.7	%
Gross profit			164.3				179.7				9.4	%
Gross margin			69.1	%			63.9	%			-5.2	pp*
Profit/(loss) for the period			118.8				(17.7	)			-114.9	%
Profit/(loss) margin			49.9	%			-6.3	%			-56.2	pp*
EBITDA**			151.3				6.9				-95.4	%
Adjusted EBITDA**			51.7				31.5				-39.1	%
Adjusted EBITDA margin			21.7	%			11.2	%			-10.5	pp*
Adjusted profit**			20.2				6.9				-65.8	%
Adjusted profit margin			8.5	%			2.4	%			-6.1	pp*
Basic profit/(loss) per share			2.77				(0.26	)			-109.4	%
Diluted profit/(loss) per share			(0.12	)			(0.26	)			116.7	%

Notes:

* pp represents percentage points

** Refer to below “Non-IFRS Financial Measures”

Revenues

Total revenue was RMB281.3 million (US$41.4 million), an increase of 18.2% from RMB237.9 million in the third quarter of 2019, primarily due to the acquisition of Guangdong Pengai Hanfei Hospital Management Co., Ltd. (“Guangdong Pengai Hanfei”) and the increased total number of active customers developed through the Company’s enhanced marketing and advertising efforts.

Cost of sales and services rendered

Cost of sales and services rendered was RMB101.6 million (US$15.0 million), an increase of 38.2% from RMB73.5 million in the third quarter of 2019.

Gross profit

Gross profit was RMB179.7 million (US$26.5 million), an increase of 9.4% from RMB164.3 million in the third quarter of 2019, primarily as a result of the increase in revenue due to the acquisition of Guangdong Pengai Hanfei and the expanded customer base. Gross profit margin was 63.9%, a decrease of 5.2 percentage points from 69.1% in the third quarter of 2019, mainly due to the more competitive pricing strategies adopted by the Company and its subsidiaries in response to the outbreak of COVID-19.

Gross profit of non-surgical aesthetic medical services was RMB87.7 million (US$12.9 million), a decrease of 19.4% from RMB108.8 million in the third quarter of 2019. Gross profit margin was 63.4%, a decrease from 75.2% in the third quarter of 2019.

Gross profit of minimally invasive aesthetic treatments was RMB46.5 million (US$6.8 million), an increase of 36.0% from RMB34.2 million in the third quarter of 2019. Gross profit margin was 65.7%, an increase from 64.8% in the third quarter of 2019.

Gross profit of energy-based treatments was RMB41.1 million (US$6.1 million), a decrease of 44.9% from RMB74.6 million in the third quarter of 2019. Gross profit margin was 60.8%, a decrease from 81.2% in the third quarter of 2019.

Gross profit of surgical aesthetic medical services was RMB86.1 million (US$12.7 million), an increase of 65.9% from RMB51.9 million in the third quarter of 2019. Gross profit margin was 66.8%, an increase from 64.2% in the third quarter of 2019.

Gross profit of general healthcare services and other aesthetic medical services was RMB5.9 million (US$0.9 million), an increase of 59.5% from RMB3.7 million in the third quarter of 2019. Gross profit margin was 41.8%, an increase from 29.8% in the third quarter of 2019.

Selling expenses

Selling expenses were RMB140.0 million (US$20.6 million), representing 49.8% of the Company’s total revenue of the same period, compared to selling expenses of RMB103.5 million in the third quarter of 2019, which represented 43.5% of the Company’s total revenue of the same period. Selling expenses increased on a year-over-year basis, primarily because the Company enhanced its marketing efforts and incurred advertising and marketing expenses to extend the brand’s reach, boost sales and attract new customers.

General and administrative expenses

General and administrative expenses were RMB61.1 million (US$9.0 million), an increase of 14.4% from RMB53.4 million in the third quarter of 2019, primarily due to the increase of share-based compensation expenses which was first recognised in June 2019, and the acquisition of Guangdong Pengai Hanfei.

Profit/(loss) for the period

As a result of the foregoing, the Company recorded a loss for the third quarter of 2020 of RMB17.7 million (US$2.6 million), compared with a profit of RMB118.8 million in the third quarter of 2019. Basic loss per share was RMB0.26 (US$0.04), compared with basic earnings per share of RMB2.77 in the third quarter of 2019. Diluted loss per share was RMB0.26 (US$0.04), compared with diluted loss per share of RMB0.12 in the third quarter of 2019.

Certain Non-IFRS items

EBITDA for the third quarter of 2020 was RMB6.9 million (US$1.0 million), a decrease of 95.4% from RMB151.3 million in the third quarter of 2019.

Adjusted profit for the third quarter of 2020 was RMB6.9 million (US$1.0 million), a decrease of 65.8% from RMB20.2 million in the third quarter of 2019.

Adjusted EBITDA for the third quarter of 2020 was RMB31.5 million (US$4.6 million), a decrease of 39.1% from RMB51.7 million in the third quarter of 2019.

EBITDA, Adjusted EBITDA and Adjusted profit are not prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board, or IFRS. For more information regarding non-IFRS financials, please refer to “Non-IFRS Financial Measures” and “Reconciliations of IFRS and Non-IFRS Results” appearing elsewhere in this press release.

Third Quarter 2019 and 2020 Operational Results

Repeat customer ratio

Repeat customers, defined as active customers who had previously received at least one procedure from the Company, accounted for 56.8% of the Company’s active customer base in the third quarter of 2020.

Number of treatments

The Company conducted a total of 187,847 treatments, including 49,551 surgical treatments and 132,393 non-surgical treatments, in the third quarter of 2020, representing an increase of 14.6% and 27.8% and an increase of 14.3%, respectively, from 163,946 total treatments, 38,764 surgical treatments and 115,799 non-surgical treatments in the third quarter of 2019.

For the nine months ended September 30, 2020, the Company conducted a total of 413,770 treatments, including 86,792 surgical treatments and 297,760 non-surgical treatments, representing an increase of 14.8% and 30.0% and an increase of 13.1%, respectively, from 360,471 total treatments, 66,748 surgical treatments and 263,235 non-surgical treatments in the same period of 2019.

Nine Months Ended September 30, 2019 and September 30, 2020 Unaudited Financial Results

		For the Nine Months Ended September 30,
(RMB millions, except per share data and percentages)		2019				2020				% Change
Revenue			631.0				539.0				-14.6	%
Non-surgical aesthetic medical services			345.9				268.9				-22.3	%
Minimally invasive aesthetic treatments			155.3				139.3				-10.3	%
Energy-based treatments			190.6				129.6				-32.0	%
Surgical aesthetic medical services			238.3				239.9				0.7	%
General healthcare services and other aesthetic medical services			46.8				30.2				-35.5	%
Gross profit			430.9				309.8				-28.1	%
Gross margin			68.3	%			57.5	%			-10.8	pp*
Profit/(loss) for the period			198.9				(165.2	)			-183.1	%
Profit/(loss) margin			31.5	%			-30.6	%			-62.1	pp*
EBITDA**			295.7				(98.0	)			-133.1	%
Adjusted EBITDA**			153.3				(15.2	)			-109.9	%
Adjusted EBITDA margin			24.3	%			-2.8	%			-27.1	pp*
Adjusted profit/(loss)**			60.0				(82.5	)			-237.5	%
Adjusted profit/(loss) margin			9.5	%			-15.3	%			-24.8	pp*
Basic profit/(loss) per share			4.66				(2.43	)			-152.1	%
Diluted profit/(loss) per share			0.22				(2.43	)			-1,204.5	%

Notes:

* pp represents percentage points

** Refer to below “Non-IFRS Financial Measures”

Revenues

Total revenue was RMB539.0 million (US$79.4 million), a decrease of 14.6% from RMB631.0 million in the same period of 2019, primarily due to the temporary shutdown of the Company’s treatment centers in February and March 2020, the control measures implemented by the Company to limit the customer-flow in the treatment centers due to the outbreak of COVID-19 during the first quarter and the second quarter of 2020 and the more competitive pricing strategies adopted by the Company and its subsidiaries in response to the outbreak of COVID-19.

Cost of sales and services rendered

Cost of sales and services rendered was RMB229.2 million (US$33.8 million), an increase of 14.5% from RMB200.1 million in the same period of 2019.

Gross profit

Gross profit was RMB309.8 million (US$45.6 million), a decrease of 28.1% from RMB430.9 million in the same period of 2019, primarily as a result of the decrease in revenue in the first quarter and the second quarter of 2020 due to the COVID-19 outbreak. Gross profit margin was 57.5%, a decrease of 10.8 percentage points from 68.3% in the same period of 2019, primarily as a result of the decrease in revenue in the first quarter and the second quarter of 2020 due to the COVID-19 outbreak.

Gross profit of non-surgical aesthetic medical services was RMB150.9 million (US$22.2 million), a decrease of 40.7% from RMB254.5 million in the same period of 2019. Gross profit margin was 56.1%, a decrease from 73.6% in the same period of 2019.

Gross profit of minimally invasive aesthetic treatments was RMB83.7 million (US$12.3 million), a decrease of 23.0% from RMB108.7 million in the same period of 2019. Gross profit margin was 60.1%, a decrease from 70.0% in the same period of 2019.

Gross profit of energy-based treatments was RMB67.2 million (US$9.9 million), a decrease of 53.9% from RMB145.8 million in the same period of 2019. Gross profit margin was 51.8%, a decrease from 76.5% in the same period of 2019.

Gross profit of surgical aesthetic medical services was RMB145.4 million (US$21.4 million), a decrease of 3.5% from RMB150.6 million in the same period of 2019. Gross profit margin was 60.6%, a decrease from 63.2% in the same period of 2019.

Gross profit of general healthcare services and other aesthetic medical services was RMB13.5 million (US$2.0 million), a decrease of 47.7% from RMB25.8 million in the same period of 2019. Gross profit margin was 44.7%, a decrease from 55.1% in the same period of 2019.

Selling expenses

Selling expenses were RMB310.5 million (US$45.7 million), representing 57.6% of the Company’s total revenue of the same period, compared to selling expenses of RMB268.8 million in the same period of 2019, which represented 42.6% of the Company’s total revenue of the same period. Selling expenses increased on a year-over-year basis, primarily because the Company continued to enhance its marketing efforts and incur advertising and marketing expenses to extend the brand’s reach, boost sales and attract new customers.

General and administrative expenses

General and administrative expenses were RMB168.8 million (US$24.9 million), an increase of 41.0% from RMB119.7 million in the same period of 2019, primarily due to the increase of share-based compensation expenses which was first recognised since June 2019.

Profit/(loss) for the period

As a result of the foregoing, the Company recorded a loss for the nine months ended September 30, 2020 of RMB165.2 million (US$24.3 million), compared with a profit of RMB198.9 million in the same period of 2019. Basic loss per share was RMB2.43 (US$0.36), compared with basic earnings per share of RMB4.66 in the same period of 2019. Diluted loss per share was RMB2.43 (US$0.36), compared with diluted earnings per share of RMB0.22 in the same period of 2019.

Certain Non-IFRS items

EBITDA for the nine months ended September 30, 2020 was a loss of RMB98.0 million (US$14.4 million), a decrease of 133.1% from a profit of RMB295.7 million in the same period of 2019.

Adjusted profit for the nine months ended September 30, 2020 was a loss of RMB82.5 million (US$12.1 million), a decrease of 237.5% from a profit of RMB60.0 million in the same period of 2019.

Adjusted EBITDA for the nine months ended September 30, 2020 was a loss of RMB15.2 million (US$2.2 million), a decrease of 109.9% from a profit of RMB153.3 million in the same period of 2019.

EBITDA, Adjusted EBITDA and Adjusted profit are not prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board, or IFRS. For more information regarding non-IFRS financials, please refer to “Non-IFRS Financial Measures” and “Reconciliations of IFRS and Non-IFRS Results” appearing elsewhere in this press release.

Certain balance sheet item

Cash and cash equivalents amounted to RMB66.2 million (US$9.8 million) as of September 30, 2020, compared to RMB154.5 million as of December 31, 2019.

Certain cash flow items

Net cash used in operating activities was RMB19.7 million (US$2.9 million) for the nine months ended September 30, 2020, compared to net cash generated from operating activities of RMB99.6 million for the nine months ended September 30, 2019.

Net cash used in investing activities was RMB106.9 million (US$15.7 million) for the nine months ended September 30, 2020, compared to RMB81.6 million for the nine months ended September 30, 2019.

Net cash generated from financing activities was RMB38.3 million (US$5.6 million) for the nine months ended September 30, 2020, compared to net cash used in financing activities of RMB58.1 million for the nine months ended September 30, 2019.

Liquidity and capital resources

The Company had net current liabilities of RMB236.2 million as at September 30, 2020. From the second quarter of FY2020 to the third quarter of FY2020, the Company completed three acquisitions leading to a potential cash flow amounting to approximately RMB54 million in the coming 12 months after the date of this release. During the first quarter of 2020, due to the outbreak of COVID-19, the Company temporarily shut down its aesthetic treatment centers. This created material and adverse impacts on its revenue and cash flow for the first half of 2020 with potential continuing impacts on subsequent periods. After considering the gradual recovery of business post the COVID-19 outbreak, its expected cash flow from future operations taking into consideration cost and expenses management, funds from bank borrowings and other sources of financing, the Company concluded that it has sufficient financial resources to meet its financial obligations as and when they fall due and continue its operation in the coming 12 months, subject to any uncertainty of the development of COVID-19.

Exchange Rate

This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB6.7896 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on September 30, 2020.

Non-IFRS Financial Measures

EBITDA represents our profit before income tax, adjusted to exclude finance costs and amortization and depreciation. Adjusted EBITDA represents EBITDA, adjusted to exclude donation, fair value gain of convertible redeemable preferred shares, fair value loss of convertible note, fair value gain of exchangeable note liabilities, fair value gain of derivative financial instrument, share-based compensation expense, other one-off expenses including professional fees in relation to our financing activities but are not capitalized, IT-related expenses paid to a related party pursuant to a service agreement, which was expired in June 2019, and roadshow expenses incurred for IPO.

Adjusted profit represents profit for the period/year, adjusted to exclude donation, fair value gain of convertible redeemable preferred shares, fair value loss of convertible note, fair value gain of exchangeable note liabilities, fair value gain of derivative financial instrument, share-based compensation expense, other one-off expenses including professional fees in relation to our financing activities but are not capitalized, IT-related expenses paid to a related party pursuant to a service agreement, which was expired in June 2019, and roadshow expenses incurred for IPO.

EBITDA, Adjusted EBITDA and Adjusted profit are non-IFRS financial measures. You should not consider EBITDA, Adjusted EBITDA and Adjusted profit as a substitute for or superior to net income prepared in accordance with IFRS. Furthermore, because non-IFRS measures are not determined in accordance with IFRS, they are susceptible to varying calculations and may not be comparable to other similarly titled measures presented by other companies. You are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.

The Company presents EBITDA, Adjusted EBITDA and Adjusted profit as supplemental performance measures because it believes that such measures provide useful information to the investors in understanding and evaluating the Company’s results of operations, and facilitate operating performance comparisons from period to period and company to company.

Recent Developments

On October 13, 2020, the Company announced that its board of directors had approved a share repurchase program, under which the Company was authorized to repurchase in the open market up to US$6.0 million worth of its American depositary shares (“ADSs”) from time to time until October 12, 2021, depending on general market conditions, trading price and other factors, as well as subject to the applicable laws and the Company’s securities trading policy.

As of November 30, 2020, 45,000 ADSs were repurchased with a total consideration of approximately US$0.3 million.

Business Outlook

As China gradually recovers from the aftermath of the COVID-19 outbreak, the Company has experienced recovery in its business operations. While the duration of the COVID-19 pandemic and its negative impact to market demand and the Company’s business operations still cannot be conclusively and accurately estimated at this time since there is still uncertainty for possible COVID-19 outbreak in the future, subject to any uncertainty of the development of COVID-19, the Company currently expects that its revenue will gradually recover in the fourth quarter of 2020. Such expectation reflects the current and preliminary view of the Company’s management team based on the information available at the time, and may be subject to changes. The Company will continue to monitor and evaluate the development of the pandemic, and the resulting financial impact on the Company.

Conference Call Information

The Company’s management will hold an earnings conference call on November 30, 2020, at 8:00 AM U.S. Eastern Time (5:00 am Pacific Time/ 9:00 pm Beijing Time). Dial-in details for the earnings conference call are as follows:

Conference Call
Date:	November 30, 2020
Time:	8:00 am ET, U.S.
International Toll Free:	United States: +1 888-346-8982 Canada: +1 855-669-9657 Mainland China: +86 400-120-1203 Hong Kong: +852 800-905-945
International:	International: +1 412-902-4272
Conference ID:	Aesthetic Medical International Holdings Group Limited

Please dial in at least 15 minutes before the commencement of the call to ensure timely participation. For those unable to participate, an audio replay of the conference call will be available from approximately one hour after the end of the live call until December 7, 2020. The dial-in for the replay is +1 877-344-7529 within the United States or +1 412-317-0088 internationally. The replay access code is 10150230.

A live and archived webcast of the call will also be available on AIH’s website at: https://ir.aihgroup.net/. Please log in at least 10 minutes prior to the conference call in order to download the applicable audio software.

About Aesthetic Medical International Holdings Group Limited

AIH, known as “Peng’ai” in China, is a leading provider of aesthetic medical services in China. AIH operates through treatment centers that spread across major cities in mainland China, and also has presence in Hong Kong and Singapore. Leveraging over 20 years of clinical experience, AIH provides one-stop aesthetic service offerings, including surgical aesthetic treatments, non-surgical aesthetic treatments, and general medical services and other aesthetic services. According to certain third party industry consultant, AIH was the third-largest private aesthetic medical services provider in China in terms of revenue in 2018. For more information regarding the Company, please visit: https://ir.aihgroup.net/.

Safe Harbor Statement

This press release contains “forward-looking statements.” These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. These risks and uncertainties and others that relate to the Company’s business and financial condition are detailed from time to time in the Company’s SEC filings, and could cause the actual results to differ materially from those contained in any forward-looking statement. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements, except as required under applicable law.

Investor Relations Contact

For investor and media inquiries, please contact:

Aesthetic Medical International Holdings Group Limited

Email: [email protected]

Ascent Investor Relations LLC

Ms. Tina Xiao

Tel: (917) 609-0333

Email: [email protected]

AESTHETIC MEDICAL INTERNATIONAL HOLDINGS GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

		31 December				30 September				30 September
		2019				2020				2020
		RMB’000				RMB’000				US$’000
						(Unaudited)				(Unaudited)
ASSETS
Non-current assets
Property, plant and equipment			519,323				720,240				106,080
Investment properties			15,373				–				–
Intangible assets			175,417				400,009				58,915
Derivative financial instruments			–				1,164				171
Investments accounted for using the equity method			10,256				8,464				1,247
Prepayments and deposits			42,298				47,520				6,999
Deferred income tax assets			19,774				43,088				6,346
			782,441				1,220,485				179,758
Current assets
Inventories			26,120				36,510				5,377
Trade receivables			9,705				16,316				2,403
Other receivables, deposits and prepayments			71,278				60,793				8,954
Derivative financial instruments			–				21,447				3,159
Amounts due from related parties			3,101				6,628				977
Cash and cash equivalents			154,490				66,207				9,751
			264,694				207,901				30,621
Total assets			1,047,135				1,428,386				210,379
EQUITY AND LIABILITIES
Equity attributable to owners of the Company
Share capital			469				469				69
Treasury shares			(41	)			(41	)			(6	)
Accumulated losses			(242,232	)			(399,963	)			(58,908	)
Other reserves			789,285				852,092				125,500
			547,481				452,557				66,655
Non-controlling interests			43,117				66,377				9,776
Total equity			590,598				518,934				76,431

AESTHETIC MEDICAL INTERNATIONAL HOLDINGS GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

		31 December				30 September				30 September
		2019				2020				2020
		RMB’000				RMB’000				USD’000
						(Unaudited)				(Unaudited)
LIABILITIES
Non-current liabilities
Borrowings			12,917				55,458				8,168
Lease liabilities			165,615				310,454				45,725
Convertible note			–				34,621				5,099
Contingent consideration payable			–				49,202				7,247
Deferred income tax liabilities			12,703				15,644				2,304
			191,235				465,379				68,543
LIABILITIES
Current liabilities
Trade payables			17,017				41,174				6,064
Accruals, other payables and provisions			58,439				75,848				11,171
Consideration payable			–				55,891				8,233
Amounts due to related parties			626				702				103
Contract liabilities			5,542				38,476				5,667
Borrowings			127,470				156,396				23,035
Lease liabilities			36,266				49,186				7,244
Current income tax liabilities			19,942				26,400				3,888
			265,302				444,073				65,405
Total liabilities			456,537				909,452				133,948
Total equity and liabilities			1,047,135				1,428,386				210,379

AESTHETIC MEDICAL INTERNATIONAL HOLDINGS GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME

		Three months ended												Nine months ended
		30 September				30 September				30 September				30 September				30 September				30 September
		2019				2020				2020				2019				2020				2020
		RMB’000				RMB’000				US$’000				RMB’000				RMB’000				US$’000
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Revenue			237,892				281,323				41,434				630,966				539,000				79,386
Cost of sales and services rendered			(73,544	)			(101,605	)			(14,965	)			(200,089	)			(229,190	)			(33,756	)
Gross profit			164,348				179,718				26,469				430,877				309,810				45,630
Selling expenses			(103,471	)			(139,981	)			(20,617	)			(268,757	)			(310,512	)			(45,733	)
General and administrative expenses			(53,384	)			(61,082	)			(8,996	)			(119,687	)			(168,858	)			(24,870	)
Finance costs, net			(6,222	)			(7,600	)			(1,119	)			(18,259	)			(17,661	)			(2,601	)
Other gains, net			513				2,791				411				17,045				1,808				266
Fair value gain of convertible redeemable preferred shares			93,600				–				–				136,656				–				–
Fair value losses of convertible note			(1,403	)			(786	)			(116	)			(6,761	)			(786	)			(116	)
Fair value gain of exchangeable note liabilities			29,081				–				–				45,274				–				–
Fair value loss of derivative financial instrument			315				–				–				301				–				–
Share of (losses)/profits of investments accounted for using the equity method			(63	)			20				3				(1,431	)			(909	)			(134	)
Profit/(loss) before income tax			123,314				(26,920	)			(3,965	)			215,258				(187,108	)			(27,558	)
Income tax (expense)/credit			(4,551	)			9,211				1,357				(16,331	)			21,891				3,225
Profit/(loss) for the period			118,763				(17,709	)			(2,608	)			198,927				(165,217	)			(24,333	)

		Three months ended												Nine months ended
		30 September				30 September				30 September				30 September				30 September				30 September
		2019				2020				2020				2019				2020				2020
		RMB’000				RMB’000				US$’000				RMB’000				RMB’000				US$’000
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Items that may be subsequently reclassified to profit or loss
Currency translation differences			(70	)			(946	)			(139	)			(159	)			(504	)			(74	)
Total other comprehensive (loss)/income for the period, net of tax			(70	)			(946	)			(139	)			(159	)			(504	)			(74	)
Total comprehensive income/(loss) for the period			118,693				(18,655	)			(2,747	)			198,768				(165,721	)			(24,407	)
Profit/(loss) attributable to:
Owners of the Company			115,674				(16,914	)			(2,491	)			194,727				(157,569	)			(23,207	)
Non-controlling interests			3,089				(795	)			(117	)			4,200				(7,648	)			(1,126	)
Profit/(loss) for the period			118,763				(17,709	)			(2,608	)			198,927				(165,217	)			(24,333	)
Earnings per share for profit attributable to owners of the company (in RMB per share)
—Basic			2.77				(0.26	)			(0.04	)			4.66				(2.43	)			(0.36	)
—Diluted			(0.12	)			(0.26	)			(0.04	)			0.22				(2.43	)			(0.36	)
Total comprehensive income attributable to:
Owners of the Company			115,604				(17,860	)			(2,630	)			194,568				(158,073	)			(23,281	)
Non-controlling interests			3,089				(795	)			(117	)			4,200				(7,648	)			(1,126	)
			118,693				(18,655	)			(2,747	)			198,768				(165,721	)			(24,407	)

AESTHETIC MEDICAL INTERNATIONAL HOLDINGS GROUP LIMITED

RECONCILIATIONS OF NON-IFRS RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE IFRS MEASURES

		For the Three Months Ended September 30,												For the Nine Months Ended September 30,
		2019				2020				2020				2019				2020				2020
EBITDA and adjusted EBITDA			RMB’000				RMB’000				US$’000				RMB’000				RMB’000				US$’000
Profit /(loss) Before taxation for the year/period			123,314				(26,920	)			(3,965	)			215,258				(187,108	)			(27,558	)
Adjustments
+ Finance costs			6,295				8,337				1,228				18,545				18,690				2,753
+ Amortisation and Depreciation			21,694				25,471				3,751				61,849				70,411				10,370
EBITDA			151,303				6,888				1,014				295,652				(98,007	)			(14,435	)
+ Fair value gains of convertible redeemable preferred shares			(93,600	)			–				–				(136,656	)			–				–
+ Fair value losses of convertible note			1,403				786				116				6,761				786				116
+ Fair value gain of derivative financial instruments			(315	)			–				–				(301	)			–				–
+ Fair value gains of exchangeable note			(29,081	)			–				–				(45,274	)			–				–
+ ESOP expense			18,843				21,020				3,096				25,124				63,597				9,367
+ Professional fees			1,999				1,445				213				4,354				15,392				2,267
+ Gain on disposal of subsidiary			–				–				–				–				1,656				244
+Donation							1,330				196								1,330				196
+ IT-related expenses paid to a related party			–				–				–				2,500				–				–
+Roadshow expense			1,122				–				–				1,122				–				–
Adjusted EBITDA			51,674				31,469				4,635				153,282				(15,246	)			(2,245	)

		For the Three Months Ended September 30,												For the Nine Months Ended September 30
		2019				2020				2020				2019				2020				2020
Adjusted Profit		RMB’000				RMB’000				US$’000				RMB’000				RMB’000				US$’000
Profit / (loss) for the period			118,763				(17,709	)			(2,608	)			198,927				(165,217	)			(24,334	)
Adjustments
+ Fair value gains of convertible redeemable preferred shares			(93,600	)			–				–				(136,656	)			–				–
+ Fair value losses of convertible note			1,403				786				116				6,761				786				116
+ Fair value gains of derivative financial instruments			(315	)			–				–				(301	)			–				–
+ Fair value gains of exchangeable note			(29,081	)			–				–				(45,274	)			–				–
+ Interest expense on convertible note			1,113				–				–				3,483				–				–
+ ESOP expense			18,843				21,020				3,096				25,124				63,597				9,367
+ Professional fees			1,999				1,445				213				4,354				15,392				2,267
+ Gain on disposal of subsidiary			–				–				–				–				1,656				244
+ Donation			–				1,330				196				–				1,330				196
+ IT-related expenses paid to a related party			–				–				–				2,500				–				–
+ Roadshow expense			1,122				–				–				1,122				–				–
Adjusted Profit			20,247				6,872				1,013				60,040				(82,456	)			(12,144	)

TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) — Feed Ontario released its 2020 Hunger Report today, revealing that even prior to COVID-19 food bank use was on the rise. The report points to Ontario’s insufficient social assistance programs, a growth in precarious employment, and a lack of affordable housing in the province as the primary reasons that more than 537,000 people accessed a food bank, visiting more than 3.2 million times, in the year leading up to the pandemic.

The 2020 Hunger Report also includes a special feature on the impact of COVID-19 on food bank use and vulnerable populations across the province. This includes the survey results from close to 200 food bank visitors in September who spoke to the devastating impact that the pandemic is having on their daily lives and their ability to afford even their most basic expenses, such as rent, heat, hydro, transportation, and food.

“COVID-19 compounded the extreme challenges that were already being faced by low-income Ontarians across the province, one of the most significant being how difficult it is for low-income adults and families to afford rent or housing each month,” says Carolyn Stewart, Executive Director, Feed Ontario. “This is exemplified in our survey results, which revealed that 1 out of 2 food bank visitors is now worried about facing eviction or defaulting on their mortgage in the next two to six months.”

As detailed in the report, over 85 percent of food bank visitors are rental or social housing tenants that spend the majority of their monthly income on housing. The report argues that this leaves very little for all other necessities, and makes it near impossible for low-income people to establish savings or a financial cushion to help offset income loss or unexpected expenses during times of emergency.

“In addition to growing concerns about eviction, the survey revealed that over 93 percent of respondents are navigating the financial challenges created by the pandemic by borrowing money from friends or family, accessing payday loans, or using credit cards to help pay bills,” says Stewart. “What makes this incredibly concerning is that as the pandemic continues it will put progressively more stress on low-income people as they incur larger debts and work to stretch every dollar even further.”

The report argues that not only will increased debt contribute to increased anxiety, but that it will make it even more difficult for low-income individuals to get back on their feet once COVID-19 is over. Further, the report details that in addition to incurring more debt, many adults and families have no choice but to go without food in order to afford monthly expenses, with rent, utilities, and phone/internet being the most common expenses that are causing someone to miss a meal. As one survey respondent stated, “Prices have gone up. My hydro bill has almost doubled since last year this time. Choosing to pay bills and put food last has been happening for me.”

Ontario’s food banks are working hard to navigate the challenges created by the pandemic and to meet the demand in their communities as individuals and families turn to them for support, many for the very first time. As noted in the 2020 Hunger Report, provincial and federal government support programs and benefits played a significant role in helping food banks to meet an initial surge in demand with the onset of COVID-19 and throughout the summer; however, as these supports wind down, food banks are growing increasingly concerned as they head into the winter months.

“Government intervention and support, like CERB and the moratorium on evictions, played a significant role in helping families avoid financial catastrophe and homelessness throughout the spring and summer; however, as many of these supports come to an end, food banks have started to see an increasing number of people turning to them for assistance,” says Stewart. “In comparing September 2019 to September 2020, our hunger-relief network has already seen a 10 percent increase in food bank visits across the province.”

Feed Ontario is calling on the Government of Ontario to provide immediate support to low-income adults and families impacted by the pandemic, including the development of a rent relief or payment program for tenants facing rent arrears or eviction due to COVID-19, as well as the reinstatement of the Emergency Benefit for social assistance recipients.

Further, Feed Ontario is calling on the provincial government to align Ontario’s social assistance rates with the national standard set by CERB, and to invest in strengthening the workforce by developing strong labour laws and policies that benefit hard-working people, including the reinstatement of paid sick days and quality job opportunities that provide a livable wage.

“Food banks are working tirelessly to meet an unprecedented demand that we believe will continue long after the pandemic and that could eventually exceed the capacity of our network,” says Stewart. “Immediate investments that address and prevent poverty are essential to our collective ability to navigate this crisis and ensure that adults and families do not fall into poverty or deep levels of poverty as a result of the pandemic.”

Feed Ontario believes that its vision of ending poverty and hunger is shared by all levels of government, and that there has never been a greater need for collective action than there is today.

20
20
Hunger Report Highlights and Trends

• Food Bank Use Data (leading up to COVID-19)
  • 537,575 adults, children, and seniors accessed food banks across Ontario between April 1^st 2019 – March 31^st, 2020, an increase of 5.3% over the previous year, and 7.8% over the last two years.
  • Ontario’s food banks were visited over 3,282,500 times throughout the year, an increase of 7.3% over the previous year, and 11.8% over the last two years.
  • The primary drivers of food bank use are: Ontario’s insufficient social assistance programs, precarious employment, and unaffordable housing
    • 65.7% of food bank visitors cite social assistance as their primary source of income
    • 44% increase in the number of people with employment accessing food banks in the last four years
    • 86% of food bank visitors are rental or social housing tenants who spend the majority of their monthly income on rent
• Impact of COVID-19 on food bank use and vulnerable people
  • In surveying close to 200 food bank visitors throughout September it was found that:
    • 1 out of 2 food bank visitors are worried about eviction or defaulting on their mortgage in the next two to six months
    • 93% of food bank visitors borrowed money from friends and family, accessed a payday loan, or used a credit card to help pay for monthly necessities
    • The top three expenses that caused a survey respondent to miss a meal were rent, utilities, and phone/internet
• Food Bank Response to COVID-19
  
  • With the onset of COVID-19, Ontario’s food banks rapidly shifted their operations in a wide variety of ways to meet the demand in their communities while adhering to physical distancing and safety guidelines, including:
    • 81% of food banks implemented a new emergency food support program
    • 77% increased the amount of food provided to reduce the number of visits
    • 64% initiated a home delivery service
    • 41% began operating as an appointment model food bank
    • 21% initiated a drive-thru service

To download a full copy of the 2020 Hunger Report, or to find out more about food banks in Ontario, please visit: www.feedontario.ca

About Feed Ontario
:

From securing fresh and healthy food sources to driving change through policy research and innovative programming, Feed Ontario unites food banks, industry partners, and local communities in its work to end poverty and hunger. Join Feed Ontario and help build a healthier province. Every $1 raised provides the equivalent of 3 meals to an Ontarian in need. Learn more at: www.feedontario.ca

For more information, please contact:

Amanda King | Feed Ontario | [email protected] | 416-656-4100 x2932

KELOWNA, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) — Allied Corp. (“Allied” or the “Company”) (OTCQB: ALID), an international medical cannabis company focused on creating and providing targeted cannabinoid health solutions to address today’s medical issues is pleased to announce an endorsement contract with elite athlete, Camille Leblanc-Bazinet (“Camille Leblanc”).

Camille Leblanc earned the title of “Fittest Woman on Earth” when she won the 2014 Crossfit Games. Camille Leblanc has a large and engaged fan-base of athletes and trainers on social media that exceeds over 2 million followers. Her social media audience is representative of consumers of Allied’s products under the brands: Equilibrium Bio, Tactical Relief and MaXXa. One of the target markets for these brands includes top-level athletes and people who enjoy playing sports at a competitive level.

Camille Leblanc is a nine-year individual Crossfit Games veteran and is one of Crossfit’s most enduring athletes. Leblanc has finished in the top 10 in four out of her nine Crossfit games appearances and has also won five out of eight regional competitions. As a former gymnast, Camille Leblanc currently serves as a Crossfit Level 1 Seminar Staff. She also has a degree in chemical engineering.

Camille is also sponsored by Red Bull energy drinks and she is often invited to attend Reebok athlete events as a spokesperson. The Equilibrium Bio electrolyte replacement drinks (“Hydro Sport”) will be a good fit for post activity recovery and rehydration.

“We intend to bring an educational component to athletes regarding the authentic benefits that the Allied products offer. I believe in the products and stand behind Allied’s vision in creating pharmaceutical and natural health products for targeted health and wellness,” says Camille LeBlanc, Allied Brand Ambassador.

“With the launch of Equilibrium, this extends our brand portfolio beyond the typical CBD products currently in the marketplace. With months of product development, formulating the proper taste and hydration profiles, we truly believe we have developed a product that will be widely recognized by elite athletes, and rapidly become one of our best selling products. All of our products are formulated with an end user in mind and we are one of a handful of companies to develop a CBD drink that delivers on taste and performance,” said Calum Hughes, Founder and CEO of Allied Corp.

Some of
Allied’s
Products
:
https://tacticalrelief.com/cbdproducts/

About the Tactical Relief™ Brand by Allied:

Tactical Relief™ is a patriotic brand under which health and wellness product are brought to market to serve veterans and first responders. The flagship product “Liberty” is a hemp derived CBD tincture for sale in the US. Additional products include Tactical Hydration, a CBD infused electrolyte replacement drink.

About the Equilibrium Bio
™
Brand by Allied:

Equilibrium Bio is a lifestyle brand that is focused on everything Athletic. From Crossfit workouts to Ironman races to general athletic consumers, Equilibrium Bio products are there with the athlete along the entire competitive journey. Hydration is a primary focus for this brand and it’s products.

About the
MaXXa
Brand by Allied:

MaXXa is an elegant line of health products that was brought to market to serve the health minded population cohort that care about their skin. The flagship products consist of CBD infused anti-aging eye serum, topical skin tightening lotions, lip care products and skin care creams.

For more
general
information on
Allied Corp
.
 visit www.allied.health        

About Allied Corp.

Allied Corp. is an international medical cannabis production company with a mission to address today’s medical issues by researching, creating and producing targeted cannabinoid health solutions. Allied Corp. uses an evidence-informed scientific approach to make this mission possible, through cutting-edge pharmaceutical research and development, innovative plant-based production and unique development of therapeutic products.

Investor Relations:

[email protected]
1-877-255-4337

Forward-Looking Statements:
This press release contains “forward-looking information” within the meaning of applicable securities laws in Canada or “forward-looking statements” made pursuant to the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information”). Forward-looking information may relate to the Company’s future outlook and anticipated events, plans or results, and may include information regarding the Company’s objectives, goals, strategies, future revenue or performance and capital expenditures, and other information that is not historical information. Forward-looking information can often be identified by the use of terminology such as “believe,” “anticipate,” “plan,” “expect,” “pending,” “in process,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions. The forward-looking information contained in this press release is based on the Company’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the circumstances. Forward looking statements in this press release include the following: that Allied is leveraging the conditions in its Colombia grow operation and future Kelowna location to support its Research and Development efforts; that Allied is making important strides forward to position itself as a leader in the medical cannabis space, that Allied intends to make a series of proposed trademark and other intellectual property protection filings, as part of the Company’s Intellectual Property and Pharma Development (IP&PD) Strategy, statements respecting the joint development, manufacturing, and introduction of TACTICAL RELIEF™ branded products, and the use of proceeds from the offering of convertible notes.

There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Risk factors that could cause actual results to differ materially from forward-looking information in this release include: the Company’s exposure to legal and regulatory risk; the effect of the legalization of adult-use cannabis in Canada and Colombia on the medical cannabis industry is unknown and may significantly and negatively affect the Company’s medical cannabis business; that the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabis are not as currently expected; that adverse changes or developments affecting the Company’s main or planned facilities may have an adverse effect on the Company; that the medical cannabis industry and market may not continue to exist or develop as anticipated or the Company may not be able to succeed in this market; risks related to completion of the greenhouse construction in Colombia, risks related to market competition; risks related to the proposed adult-use cannabis industry and market in Canada and Colombia including the Company’s ability to enter into or compete in such markets; that the Company has a limited operating history and a history of net losses and that it may not achieve or maintain profitability in the future; risks related to the Company’s current or proposed international operations; risks related to future third party strategic alliances or the expansion of currently existing relationships with third parties; that the Company may not be able to successfully identify and execute future acquisitions or dispositions or successfully manage the impacts of such transactions on its operations; risks inherent to the operation of an agricultural business; that the Company may be unable to attract, develop and retain key personnel; risks resulting from significant interruptions to the Company’s access to certain key inputs such as raw materials, electricity, water and other utilities; that the Company may be unable to transport its cannabis products to patients in a safe and efficient manner; risks related to recalls of the Company’s cannabis products or product liability or regulatory claims or actions involving the Company’s cannabis products; risks related to the Company’s reliance on pharmaceutical distributors; that the Company, or the cannabis industry more generally, may receive unfavourable publicity or become subject to negative consumer or investor perception; that certain events or developments in the cannabis industry more generally may impact the Company’s reputation or its relationships with customers or suppliers; that the Company may not be able to obtain adequate insurance coverage in respect of the risks that it faces, that the premiums for such insurance may not continue to be commercially justifiable or that there may be coverage limitations and other exclusions which may result in such insurance not being sufficient; that the Company may become subject to liability arising from fraudulent or illegal activity by its employees, contractors, consultants and others; that the Company may experience breaches of security at its facilities or losses as a result of the theft of its products; risks related to the Company’s information technology systems; that the Company may be unable to sustain its revenue growth and development; that the Company may be unable to expand its operations quickly enough to meet demand or manage its operations beyond their current scale; that the Company may be unable to secure adequate or reliable sources of necessary funding; risks related to, or associated with, the Company’s exposure to reporting requirements; risks related to conflicts of interest; risks related to fluctuations in foreign currency exchange rates; risks related to the Company’s potential exposure to greater-than-anticipated tax liabilities; risks related to the protection and enforcement of the Company’s intellectual property rights, or the intellectual property that it licenses from others; that the Company may become subject to allegations that it or its licensors are in violation of the intellectual property rights of third parties; that the Company may not realize the full benefit of the clinical trials or studies that it participates in; that the Company may not realize the full benefit of its licenses if the licensed material has less market appeal than expected and the licenses may not be profitable; as well as any other risks that may be further described in and the risk factors discussed in the Company’s continuous disclosure including its Management’s Discussion and Analysis sections in its Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K filed under the Company’s profile at www.sec.gov.

Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking information in this presentation, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information in this presentation. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers and viewers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this release represents the Company’s expectations as of the date of this release or the date indicated, regardless of the time of delivery of the presentation. The Company disclaims any intention, obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

Five-year agreement involves the creation of global network of digital hubs to help CNH Industrial enhance its digital capabilities

London, Milan, New York, November 30, 2020

Accenture (NYSE: ACN) and Microsoft (NASDAQ: MSFT) are collaborating with CNH Industrial (NYSE: CNHI / MI: CNHI) to help the capital goods company enhance its digital capabilities and develop “smart” connected products and services.

The program is an integral part of CNH Industrial’s digital transformation initiative, which is designed to help the company grow topline revenue, build a digitally enabled workforce, and enhance sustainability.

The key element of the five-year collaboration is the creation of a global network of digital hubs — in Brazil, Europe, India and the U.S. — where the three companies will work together to design, launch and manage digital services that will make the products of CNH Industrial’s brands even smarter, more functional, secure and sustainable.

The connected vehicles will provide customers with new services and functionalities in a variety of areas, including computer-aided farming, predictive maintenance, enhanced fleet management and green transportation. CNH Industrial also plans to develop a broad set of data-driven digital services to help clients drive sustainability, such as yield improvement in agriculture and more-efficient vehicles and improved fleet management in the transportation industry. By complementing its historical product-sales-based business model with new digital-driven services, CNH Industrial intends to achieve significant revenue growth.

Accenture, in collaboration with Avanade, its joint venture with Microsoft, will design, build, test and scale a range of digital services to support new connected products that leverage innovative technologies including advanced analytics, artificial intelligence, the internet of things and cloud computing. Accenture will also design, manage and coordinate the activities within the digital hubs; help CNH Industrial define its digital factory operating model; and provide capabilities, assets and skilled resources to help CHN Industrial develop digitally empowered teams across the globe. A focus will be on practicing speed to value and significantly collapsing the innovation timeline. The work will leverage Accenture’s Industry X Innovation Network of centers that combine startup thinking with rapid prototyping, delivery and ramp-up capabilities to turn ideas quickly into scalable products and solutions.

“We’re excited to be part of this collaboration to help CNH Industrial innovate and realize its digital transformation, which is particularly important at a time when every industry has been deeply affected by the pandemic,” said Axel Schmidt, a senior managing director at Accenture who leads its automotive practice globally.

Teodoro Lio, a managing director and Accenture’s automotive lead in Europe who serves as CNH Industrial’s global client account lead added: “This is another example of how we team with clients to help them address the transformations that lie ahead, using our experience to embrace the change and unlock new value for all the stakeholders.”

Microsoft, which has been working with CNH Industrial on its digital transformation since 2018, will continue to provide its industry experts, digital advisors and consulting services to develop and create new connected products, leveraging its recently announced global initiatives in the digital skills, sustainability and artificial intelligence innovation domains, as well as the Microsoft Azure platform.

“We’re proud to announce this milestone in our long-term collaboration with CNH Industrial and with our strategic partner Accenture. In this economic downturn and critical time for the industrial vehicles sector, we partner with CNH Industrial to support the development of an ecosystem of connected services to streamline daily operations of CNH Industrial’s brands’ customers and contribute to the sustainable growth of the industry”, said Marco Giletta, global business director of automotive at Microsoft Italy. “With the close collaboration among all players, CNH Industrial will have access to the most innovative technological platform and industry skills, as well as the ability to create digital projects, fostering the company’s digital transformation.”

CNH Industrial will benefit from the well-established relationship between Microsoft and Accenture. The two companies have been working closely together for more than two decades helping organizations overcome disruption and lead transformation in their industries.

“The creation of digital hubs is a key pillar of our strategy that will move CNH Industrial from being a manufacturer of physical products to being able to deliver new digitally born and connected products and services,” said Andreas Weishaar, ​​​​​Chief Strategy, Talent, ICT and Digital Officer​, CNH Industrial. “Over the next five years, we’ll team with Accenture and Microsoft in an integrated and agile manner to build and operate these digital factories and to deliver positive impacts for customers and dealers, communities and the environment. We will continue to transform the company culture as we transform our products in parallel, creating tremendous value by empowering our team and integrating our traditional business models with new digital services and making a positive impact on global sustainability.”

About CNH Industrial



CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions.

More information can be found on the corporate website: www.cnhindustrial.com. 

About Accenture


 

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 506,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. 

Visit us at


www.accenture.com

.

Accenture’s Automotive industry group helps clients drive efficiencies, improve agility and enhance customer-centricity while developing new sustainable transportation business models.

To learn more, visit


https://www.accenture.com/us-en/industries/automotive-index


.

About Microsoft



Microsoft (Nasdaq “MSFT” @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

###

CONTACT:

CNH Industrial

Laura Overall
Corporate Communications Manager
CNH Industrial              
Tel. +44 (0)2077 660 338                       
E-mail: [email protected]
www.cnhindustrial.com

Accenture

Youssef Zauaghi

+49 (0)175 5766458



[email protected]

Accenture Press Office Italy


[email protected]


+39 331 6989467

Microsoft Press Office


[email protected]


+39 3357603766

Attachments

• 20201130_PR_CNH_Industrial_Accenture_Microsoft
• CNH INDUSTRIAL N.V.