Market Newsdesk

November 30, 2020 5:03 am

TeraRecon Launches NVIDIA-Powered Clinical Training Cloud for Global Education

DURHAM, N.C., Nov. 30, 2020 (GLOBE NEWSWIRE) — TeraRecon, the leading provider of AI-driven advanced visualization solutions, today announced the debut of their Clinical Training Cloud for affordable imaging-based education initiatives across the US and Europe. As a technology partner of TeraRecon, NVIDIA has supported the effort by contributing powerful image rendering and AI processing resources to the infrastructure for premium 3D system performance and scalability.

The TeraRecon Clinical Training Cloud was created to address the need for widely distributed remote access to advanced visualization tools in support of physician and technologist education. The cloud-based system provides users access to the full suite of multi-specialty advanced visualization workflows within TeraRecon’s Intuition, enabling real-time post processing and on-demand performance.

TeraRecon has been widely adopted for many years by physician-led cardiac and vascular training courses and fellowships around the globe. The all-new Clinical Training Cloud has expanded TeraRecon’s reach to serve the diverse needs of its customers and industry partners, most recently with HeartFlow, to educate physicians about coronary CTA and FFRct, and Penn Medicine.

Lance Scott, Chief Commercial Officer, HeartFlow commented, “Our work with TeraRecon recognizes the important role that advanced diagnostic tools, artificial intelligence, and cloud solutions play in driving the full adoption of new high-impact imaging modalities.”

“Cloud has emerged as the new medium for technology and is growing in popularity with the healthcare community,” said Dr. Mona Flores, Global Head of Medical AI at NVIDIA. “Given the current remote access state of global healthcare, NVIDIA feels it is imperative to empower clinicians to support continuing education for the medical imaging community, and TeraRecon’s Clinical Training Cloud Platform achieves that goal.”

To learn more about TeraRecon’s Clinical Training Cloud, contact [email protected].

About TeraRecon: TeraRecon is a leader in medical advanced visualization and artificial intelligence solutions. Their flagship product, Intuition, is the 2020 KLAS category leader for advanced visualization and holds the number one market share for US 3D imaging. Recently acquired by SymphonyAI Group, TeraRecon is one of seven portfolio companies and is strategically focused on AI-driven innovation in healthcare. The company continues to innovate ahead of customer demand and has most recently developed sophisticated healthcare-focused artificial intelligence platform solutions unlike any in the world today. As a company with a 20-year history of innovation, TeraRecon’s mission is to continuously redefine medical advanced visualization by leveraging artificial intelligence to improve patient care. Website: www.terarecon.com

Contact Marketing at [email protected] and 650.372.1100

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5bf313b-81e0-4ee8-bd14-4986e9012d16

November 30, 2020 5:03 am

P2 Gold Intersects High-Grade Copper at Todd Creek

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) — P2 Gold Inc. (“P2” or the “Company”) (TSX-V:PGLD) reports on the 2020 exploration drill program at its Todd Creek Property located in the Golden Triangle in northwest British Columbia.

The Todd Creek 2020 exploration drill program consisted of three holes totaling 1,027 meters and intersected up to 4.19% copper over 1.8 meters. All three drill holes targeted structurally-controlled copper mineralization within large zones of intense QSP (quartz + sericite + pyrite) alteration. Two of the three holes intersected significant copper mineralization with silver and gold. (See Table 1 for drill results.)

Drilling demonstrated that mineralization identified on surface is hosted in veins that are well defined and remain open at depth, with copper and gold grades appearing to improve with depth. Select drill results include:

Hole TC-002 (Yellow Bowl Zone) intersected 1.48% copper, 0.04 g/t gold and30.62 g/t silver over 1.2 meters within an 8.8-meter interval grading 0.53% copper, 0.01 g/t gold and10.63 g/t silver; and
Hole TC-002 (Yellow Bowl Zone) intersected 4.19% copper, 0.19 g/t gold and4.90 g/t silver over 1.8 meters within a 3.3-meter interval grading 3.03% copper, 0.20 g/t gold and7.15 g/t silver.

Plan maps and drill hole sections of the Todd Creek 2020 exploration drill program are available at www.p2gold.com.

The Todd Creek Property covers an area of over 32,000 hectares and is located within the Golden Triangle, approximately 35 kilometers northeast of Stewart, BC. The western side of the Todd Creek Property covers a 12-kilometer by 3-kilometer corridor of altered lower Jurassic volcanic rocks which host at least five zones of gold-copper mineralization including the Yellow Bowl and VMS zones, the targets of the 2020 exploration drill program, and the historical Fall Creek, Ice Creek and South zones. The known zones of mineralization at the Todd Creek Property, which borders the east side of Pretium Resources Inc.’s Bowser Claims, are found in the same stratigraphy that hosts the nearby Brucejack, Snowfield and Goldstorm deposits.

Prospecting has shown that both the Yellow Bowl and VMS Zones are covered by a mafic unit consisting of basalt flows and volcaniclastics which overlie interbedded rhyolite and andesitic volcanics. The zones are marked by intense QSP alteration surrounded by chlorite alteration, believed to be related to a porphyry system at depth. Mineralization intersected to date consists of semi-massive amounts of chalcopyrite, pyrite and locally sphalerite, within well-defined quartz/carbonate veins. These veins were intersected within the upper mafic unit and showed strong alteration of the wall rock and grades improving with depth. This relationship is expected to continue to depth where the veins cut through the underlying andesite/rhyolite volcanics, which experience has shown are better host rocks as seen elsewhere on the property at the Fall Creek, Ice Creek and South zones, as well as in the district as a whole.

Planning for the 2021 exploration program at Todd Creek is underway. It is expected the program will consist of additional prospecting, mapping, ground geophysics and drilling.

Table 1: Selected Todd Creek Property Drill Results, November 2020 (TC-001 to TC-003) ^{(1, 2)}

Hole	Collar Coords	Dip/ Azimuth	From (m)	To (m)	Interval (m)	Copper (%)	Gold (g/t)	Silver (g/t)
TC-001	6233180N 451078E	-45/240	No significant values
TC-002	6232761N 450617E	-45/45	10.8	19.6	8.8	0.51	0.01	10.63
		incl.	10.8	12.0	1.2	1.48	0.04	30.62
			69.0	76.7	7.7	0.35	0.04	5.03
			340.7	344.1	3.3	3.03	0.20	7.15
		incl.	340.7	342.5	1.8	4.19	0.19	4.90
TC-003	6228377N 452559E	-45/45	70.8	76.4	5.6	0.45	0.03	1.07
		Incl.	70.8	71.9	1.1	1.00	0.05	1.79

⁽¹⁾

True thickness to be determined.

⁽²⁾

All samples were submitted for preparation and analysis by MSALABS at its facilities in Terrace, BC. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade ICP analysis. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate at MSALABS in Langley, BC.

Quality Assurance

Amanda Tuck, P.Geo is the qualified person responsible for the Todd Creek Property and has reviewed, verified and approved the scientific and technical information in this news release relating thereto.

About
P2 Gold Inc
.

P2 is a mineral exploration and development company focused on advancing precious metals discoveries and acquisitions in the Pacific Northwest.

For further information, please contact:

P2 Gold Inc. www.p2gold .com

Joseph Ovsenek President, CEO and Chairman [email protected] Tel: +1 (604) 558-5167	Chris Hopkins, CFO ch opkins@p 2gold.com Tel: +1 (416) 786-9793

Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, the Company’s expectations, strategies and plans for the Todd Creek Property, including the Company’s planned expenditures and exploration activities.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s annual information form dated October 21, 2020 filed on SEDAR at www.sedar.com for a discussion of these risks.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.

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

November 30, 2020 5:03 am

TeraRecon Expands Change Healthcare Distribution Agreement Adding AI Subscription

DURHAM, N.C., Nov. 30, 2020 (GLOBE NEWSWIRE) — TeraRecon, the leading provider of AI-driven advanced visualization solutions, today announced the expansion of their distribution offering to Change Healthcare customers for their AI-powered Intuition Subscription. As one of the major Enterprise Imaging providers to extend this new offering, Change Healthcare will empower customers to take advantage of flexible purchasing terms while deploying multi-specialty, enterprise-wide advanced imaging decision support to their organization.

TeraRecon’s new subscription offering, Intuition Titanium, brings customers a consolidated and scalable 3D imaging solution that delivers AI-powered advanced visualization workflows. The subscription includes the company’s full Eureka AI Clinical Platform, which also gives customers the unique ability to include best-of-breed 3^rd party AI algorithms or in-house research innovations as part of their PACS workflow.

“Change Healthcare’s customers have an exciting new path forward,” said John Danahy, TeraRecon’s Chief Revenue Officer. “They will be able to offer their radiology departments, and every imaging-dependent specialist in their health system, a seamless, consistent, and powerful AI-driven interpretation experience that brings new insights into their workflow and drives better patient outcomes.”

“Our goal is to empower providers to deliver the best care possible within an efficient workflow,” said Tracy Byers, Senior Vice President and General Manager, Enterprise Imaging, Change Healthcare. ”By expanding our agreement with TeraRecon, we will help support better outcomes by bringing the power of their innovative advanced visualization capabilities to radiologists and cardiologists.”

Released in Q3 2020, the new offering has seen wide conversion interest and adoption from the existing TeraRecon customer base. It has removed barriers of entry for new customers looking to adopt an AI-driven imaging strategy. To explore all that the new subscription has to offer, visit www.terarecon.com. TeraRecon’s latest advanced visualization and artificial intelligence technologies will be exhibited during the upcoming Radiological Society of North America’s 2020 Annual Scientific Virtual Session from Sunday, November 29^th – Saturday, December 5^th.

Contact Marketing at [email protected] and 650.372.1100

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ec34891-55c2-489a-a3e1-b4ebc3a420b9

November 30, 2020 4:33 am

Autohome Inc. Announces Unaudited Third Quarter Ended September 30, 2020 Financial Results

PR Newswire

BEIJING, Nov. 30, 2020 /PRNewswire/ — Autohome Inc. (NYSE: ATHM) (“Autohome” or the “Company”), the leading online destination for automobile consumers in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third

Quarter

2020

Highlights[1]

Net Revenues in the third quarter of 2020 were RMB2,315.6 million ($341.0 million), exceeding the high end of the Company’s original guidance of RMB2,280.0 million ($335.8 million).
Online Marketplace and Others Revenues in the third quarter of 2020 were RMB547.7 million ($80.7 million), which contributed to 23.7% of total revenues, compared to 19.2% in the corresponding period of 2019. Data Products in the online marketplace and other business achieved revenue growth of approximately 51% year-over-year in the third quarter of 2020.
Net Income attributable to Autohome Inc. in the third quarter of 2020 was RMB846.7 million ($124.7 million), compared to RMB643.7 million for the corresponding period of 2019.
Adjusted Net Income attributable to Autohome Inc. (Non-GAAP)[2]in the third quarter of 2020 was RMB901.8 million ($132.8 million), representing an increase of 28.4% year-over-year.

[1] The reporting currency of the Company is Renminbi (“RMB”). For the convenience of readers, certain amounts throughout the release are presented in US dollars (“$”). Unless otherwise noted, all conversions from RMB to US$ are translated at the noon buying rate of US$1.00 to RMB6.7896 on September 30, 2020 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

Mr. Min Lu, Chairman of the Board of Directors and Chief Executive Officer of Autohome, stated, “We’re pleased to report a great quarter with revenues exceeding the high-end of our guidance by approximately RMB35.6 million. During the quarter, we made significant progress in enriching our end-to-end SaaS platform through unfolding new dealer data products. We are very encouraged by the achievements we have been making in enhancing our content offerings and are highly motivated to explore new space for future growth. As we move ahead, Autohome will remain committed to developing innovative solutions and investing in strategic areas in order to strengthen our competitiveness in the industry.”

Mr. Jun Zou, Chief Financial Officer of Autohome, added, “With a heightened emphasis on new initiatives, our data products delivered another quarter of robust growth with 51% year-over-year increase, driven by revenues from both OEMs and dealers. Additionally, non-GAAP net income increased significantly by RMB199.3 million compared with the same period last year, demonstrating the increasing value of our platform. In October, we made a follow-on investment in TTP Car Inc. to accelerate the expansion of our used car platform and further build out a comprehensive C2B2C ecosystem. Bolstered by an expanded array of growth drivers, a more balanced revenue mix and further enhanced operating efficiencies, we are well-positioned to achieve our long-term goals and create even greater shareholder value.”

[2] Adjusted net income attributable to Autohome Inc. (Non-GAAP) is defined as net income attributable to Autohome Inc. excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions. For more information on this and other non-GAAP financial measures, please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this release.

Unaudited Third Quarter 2020 Financial Results

Net
Revenues

Net revenues in the third quarter of 2020 were RMB2,315.6 million ($341.0 million), compared to RMB2,170.2 million in the corresponding period of 2019.

Media services revenues were RMB927.4 million ($136.6 million), compared to RMB924.5 million in the corresponding period of 2019.
Leads generation services revenues were RMB840.5 million ($123.8 million), compared to RMB828.8 million in the corresponding period of 2019. The increase was primarily due to the increase in average revenue per paying dealer.
Online marketplace and others revenues increased by 31.4% to RMB547.7 million ($80.7 million) from RMB416.9 million in the corresponding period of 2019. The increase was mainly driven by data products.

Cost of Revenues

Cost of revenues was RMB250.1 million ($36.8 million), compared to RMB247.1 million in the corresponding period of 2019. In addition, cost of revenues included share-based compensation expenses of RMB5.5 million ($0.8 million) during the third quarter of 2020, compared to RMB4.6 million in the corresponding period of 2019.

Operating Expenses

Operating expenses were RMB1,468.0 million ($216.2 million) in the third quarter of 2020, compared to RMB1,426.1 million in the corresponding period of 2019.

Sales and marketing expenses were RMB979.3 million ($144.2 million) in the third quarter of 2020, compared to RMB955.7 million in the corresponding period of 2019. The increase was primarily due to the increase in the expenses related to the Company’s 818 Global Super Auto Show. Sales and marketing expenses for the third quarter of 2020 included share-based compensation expenses of RMB11.2 million ($1.7 million), compared to RMB13.4 million in the corresponding period of 2019.
General and administrative expenses were RMB139.6 million ($20.6 million) in the third quarter of 2020, compared to RMB108.7 million in the corresponding period of 2019. General and administrative expenses for the third quarter of 2020 included share-based compensation expenses of RMB11.5 million ($1.7 million), compared to RMB16.0 million in the corresponding period of 2019.
Product development expenses were RMB349.0 million ($51.4 million) in the third quarter of 2020, compared to RMB361.7 million in the corresponding period of 2019. Product development expenses for the third quarter of 2020 included share-based compensation expenses of RMB25.7 million ($3.8 million), compared to RMB23.6 million in the corresponding period of 2019.

Operating Profit

Operating profit was RMB744.2 million ($109.6 million) in the third quarter of 2020, compared to RMB640.5 million in the corresponding period of 2019.

Income Tax
Ex
pense

Income tax expense was RMB31.9 million ($4.7 million) in the third quarter of 2020, compared to RMB119.5 million in the corresponding period of 2019. The decline was primarily due to the realization of uncertain preferential tax treatment taken by certain subsidiaries.

Net Income attributable to Autohome Inc.
and EPS

Net income attributable to Autohome Inc. was RMB846.7 million ($124.7 million) in the third quarter of 2020, compared to RMB643.7 million in the corresponding period of 2019. Basic and diluted earnings per share/per ADS or “EPS” were RMB7.09($1.04) and RMB7.06($1.04), respectively, compared to basic and diluted EPS of RMB5.42 and RMB5.39, respectively, in the corresponding period of 2019.

Adjusted Net Income attributable to A
utohome Inc.
(Non-GAAP) and Non-GAAP EPS

Adjusted net income attributable to Autohome Inc. (Non-GAAP), defined as net income attributable to Autohome Inc., excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions, was RMB901.8 million ($132.8 million) in the third quarter of 2020, compared to RMB702.4 million in the corresponding period of 2019. Non-GAAP basic and diluted EPS were RMB7.55 ($1.11) and RMB7.52($1.11), respectively, compared to non-GAAP basic and diluted EPS of RMB5.92 and RMB5.88, respectively, in the corresponding period of 2019.

Balance Sheet and Cash Flow

As of September 30, 2020, the Company had cash and cash equivalents and short-term investments of RMB13.47 billion ($1,983.5 million). Net cash provided by operating activities in the third quarter of 2020 was RMB503.7 million ($74.2 million).

Employees

The Company had 3,882 employees as of September 30, 2020.

Strategic Investment in TTP Car Inc. (“TTP”)

In October of 2020, Autohome announced that the Company has entered into a definitive agreement with TTP, a leading auction platform for used cars in China. Pursuant to the agreement, Autohome will make an investment in TTP through subscription of preferred shares in the capital of TTP for an aggregate purchase price of US$168 million, which is subject to customary closing conditions. In addition, Autohome has the right to purchase up to US$200 million in total principal amount of one or more convertible bonds to be issued by TTP upon Autohome’s request.

Business Outlook

Autohome currently expects to generate net revenues in the range of RMB2,475.0 million ($364.5 million) to RMB2,484.0 million ($365.9 million) in the fourth quarter of fiscal year 2020. This forecast reflects the Company’s current and preliminary view on the market and its operating conditions, which are subject to change, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic.

Conference Call Information

The Company will host an earnings conference call at 7:00 AM U.S. Eastern Time on Monday, November 30, 2020 (8:00 PM Beijing Time on the same day).

Dial-in details for the earnings conference call are as follows:

United States:	+1-855-824-5644
Hong Kong, China:	+852-3027-6500
Mainland China:	8009-880-563 / 400-821-0637
United Kingdom:	0800-026-1542
International:	+1-646-722-4977
Passcode:	48337130#

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until December 6, 2020:

United States:	+1-646-982-0473
International:	+61-2-8325-2405
Passcode:	319338479#

Additionally, a live and archived webcast of the conference call will be available at http://ir.autohome.com.cn.

About Autohome Inc.

Autohome Inc. (NYSE: ATHM) is the leading online destination for automobile consumers in China. Its mission is to enhance the car-buying and ownership experience for auto consumers in China. Autohome provides original generated content, professionally generated content, user-generated content, AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company’s dealer subscription and advertising services allow dealers to market their inventory and services through Autohome’s platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Autohome operates its “Autohome Mall,” a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit www.autohome.com.cn.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to 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”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements. Among other things, Autohome’s business outlook, Autohome’s strategic and operational plans and quotations from management in this announcement contain forward-looking statements. Autohome may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Autohome’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Autohome’s goals and strategies; Autohome’s future business development, results of operations and financial condition; the expected growth of the online automobile advertising market in China; Autohome’s ability to attract and retain users and advertisers and further enhance its brand recognition; Autohome’s expectations regarding demand for and market acceptance of its products and services; competition in the online automobile advertising industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Autohome’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

To supplement net income presented in accordance with U.S. GAAP, we use Adjusted Net Income attributable to Autohome Inc., Non-GAAP basic and diluted EPS and Adjusted EBITDA as non-GAAP financial measures. We define Adjusted Net Income attributable to Autohome Inc. as net income attributable to Autohome Inc. excluding share-based compensation expenses and amortization expenses of intangible assets related to acquisitions. We define Non-GAAP basic and diluted EPS as Adjusted Net Income attributable to Autohome Inc. divided by the basic and diluted weighted average number of ordinary shares. We define Adjusted EBITDA as net income attributable to Autohome Inc. before income tax expense/(benefit), depreciation expenses of property and equipment and amortization expenses of intangible assets and share-based compensation expenses. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance, in addition to net income prepared in accordance with U.S. GAAP. We believe these non-GAAP financial measures are important to help investors understand our operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess our core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of our results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliation of non-GAAP and GAAP Results” set forth at the end of this press release.

For investor and media inquiries, please contact:

In China:

Autohome Inc.
Investor Relations
Anita Chen
Tel: +86-10-5985-7483
Email: [email protected]

The Piacente Group, Inc.

Jenny Cai

Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:

The Piacente Group, Inc.

Brandi Piacente

Tel: +1-212-481-2050
E-mail: [email protected]

AUTOHOME INC.
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(Amount in thousands, except per share data)

	For three months ended September 30,
	2019	2020
	RMB	RMB	US$
	(Unaudited)	(Unaudited)	(Unaudited)

Net revenues:
Media services	924,463	927,361	136,586
Leads generation services	828,803	840,470	123,788
Online marketplace and others	416,933	547,737	80,673
Total net revenues	2,170,199	2,315,568	341,047
Cost of revenues	(247,098)	(250,085)	(36,834)
Gross profit	1,923,101	2,065,483	304,213

Operating expenses:
Sales and marketing expenses	(955,712)	(979,337)	(144,241)
General and administrative expenses	(108,714)	(139,632)	(20,566)
Product development expenses	(361,687)	(349,010)	(51,404)
Total operating expenses	(1,426,113)	(1,467,979)	(216,211)
Other income, net	143,558	146,672	21,602
Operating profit	640,546	744,176	109,604

Interest income	124,008	135,091	19,897
Gain/(loss) from equity method investments	127	(280)	(41)
Fair value change of other non-current assets	(1,416)	–	–
Income before income taxes	763,265	878,987	129,460

Income tax expense	(119,450)	(31,914)	(4,700)
Net income	643,815	847,073	124,760
Net income attributable to noncontrolling interests	(110)	(402)	(59)
Net income attributable to Autohome Inc.	643,705	846,671	124,701
Earnings per share for ordinary shares
Basic	5.42	7.09	1.04
Diluted	5.39	7.06	1.04

Weighted average shares used to compute earnings per share attributable to common stockholders:

Basic	118,733,086	119,459,200	119,459,200
Diluted	119,520,349	119,960,692	119,960,692

AUTOHOME INC.
RECONCILIATION OF NON-GAAP AND GAAP RESULTS
(Amount in thousands, except per share data)

	For three months ended September 30,
	2019	2020
	RMB	RMB	US$
	(Unaudited)	(Unaudited)	(Unaudited)

Net income attributable to Autohome Inc.	643,705	846,671	124,701
Plus: income tax expense	119,450	31,914	4,700
Plus: depreciation of property and equipment	27,053	42,364	6,240
Plus: amortization of intangible assets	2,917	2,951	435
EBITDA	793,125	923,900	136,076
Plus: share-based compensation expenses	57,589	53,943	7,945
Adjusted EBITDA	850,714	977,843	144,021

Net income attributable to Autohome Inc.	643,705	846,671	124,701
Plus: amortization of acquired intangible assets of Cheerbright, China Topside and Norstar	1,139	1,139	168
Plus: share-based compensation expenses	57,589	53,943	7,945
Adjusted net income attributable to Autohome Inc.	702,433	901,753	132,814
Non-GAAP earnings per share for ordinary shares

Basic	5.92	7.55	1.11
Diluted	5.88	7.52	1.11

Weighted average shares used to compute earnings per share attributable to common stockholders:

Basic	118,733,086	119,459,200	119,459,200
Diluted	119,520,349	119,960,692	119,960,692

AUTOHOME INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Amount in thousands, except as noted)

	As of December 31,	As of September 30,
	2019	2020
	RMB	RMB	US$
	(Audited)	(Unaudited)	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	1,988,298	1,807,095	266,156
Short-term investments	10,806,812	11,660,229	1,717,366
Accounts receivable, net	3,231,486	3,090,058	455,116
Amounts due from related parties, current	29,501	29,777	4,386
Prepaid expenses and other current assets	302,285	1,512,863	222,821
Total current assets	16,358,382	18,100,022	2,665,845
Non-current assets
Restricted cash, non-current	5,200	5,200	766
Property and equipment, net	281,773	370,929	54,632
Goodwill and intangible assets, net	1,532,024	1,523,834	224,436
Long-term investments	71,664	69,569	10,246
Deferred tax assets	27,782	120,789	17,790
Other non-current assets	879,040	233,468	34,386
Total non-current assets	2,797,483	2,323,789	342,256
Total assets	19,155,865	20,423,811	3,008,101

LIABILITIES AND EQUITY
Current liabilities
Accrued expenses and other payables	2,417,438	2,234,282	329,074
Advance from customers	95,636	91,363	13,456
Deferred revenue	1,370,953	666,432	98,155
Income tax payable	45,489	327,863	48,289
Amounts due to related parties	36,387	41,079	6,050
Total current liabilities	3,965,903	3,361,019	495,024
Non-current liabilities
Other liabilities	45,534	89,258	13,146
Deferred tax liabilities	538,487	515,462	75,919
Total non-current liabilities	584,021	604,720	89,065
Total liabilities	4,549,924	3,965,739	584,089

Equity
Total Autohome Inc. shareholders’ equity	14,629,097	16,480,391	2,427,299
Noncontrolling interests	(23,156)	(22,319)	(3,287)
Total equity	14,605,941	16,458,072	2,424,012
Total liabilities and equity	19,155,865	20,423,811	3,008,101

View original content:http://www.prnewswire.com/news-releases/autohome-inc-announces-unaudited-third-quarter-ended-september-30-2020-financial-results-301181455.html

SOURCE Autohome Inc.

November 30, 2020 4:33 am

MOGU Announces Second Quarter Fiscal Year 2021 Unaudited Financial Results

MOGU Announces Second Quarter Fiscal Year 2021 Unaudited Financial Results

Live Video Broadcast (“LVB”) Business Maintains Robust Growth Momentum with GMV Increasing 42.2% YoY in the Second quarter

LVB GMV for the Second quarter Accounted for 74.4% of total GMV

HANGZHOU, China–(BUSINESS WIRE)–
MOGU Inc. (NYSE: MOGU) (“MOGU” or the “Company”), a leading KOL-driven online fashion and lifestyle destination in China, today announced its unaudited financial results for the second quarter of fiscal year 2021 ended September 30, 2020.

“In the post-COVID environment, we were glad to see our KOLs have leveraged strong supply chain in China and delivered another strong quarter for MOGU Live.” said Chen Qi, Chairman and Chief Executive Officer of MOGU. “We believe that MOGU Live is our best response to the structural change in the fashion supply chain landscape in China. Manufacturers’ best products and rapid manufacturing capabilities can be digitalized and presented to our consumers in the most immersive and interactive fashion. Looking forward, we will remain dedicated to providing the best fashion shopping experience to our consumers.”

“We continue to invest in user engagement and conversion and our active MOGU live buyers increased by 20.7% year over year.” added Mr. Raymond Huang, Chief Strategy Officer. “Our live video broadcasting business is our key growth driver and it has delivered 42.2% growth year over year. MOGU live accounted for 74.4% of our total GMV in the second quarter of fiscal year 2021.”

Second Quarter Fiscal Year 2021 Highlights

Gross Merchandise Value (GMV¹) for the second quarter of fiscal year 2021 was RMB3,112 million (US$458.3 million²), a decrease of 25.3% year-over-year. GMV for the twelve-month period ended September 30, 2020 was RMB14,951 million (US$2,202.0 million), a decrease of 16.1% year-over-year.
Live Video Broadcast business continued to grow stronger with associated GMV for the second quarter of fiscal year 2021 increasing by 42.2% year-over-year to RMB2,316 million (US$341.1 million). LVB associated GMV for the second quarter of fiscal year 2021 accounted for 74.4% of total GMV. Active buyers of the LVB³ in the twelve-month period ended September 30, 2020 grew by 20.7% year-over-year to 3.5 million.

Second quarter Fiscal Year 2021 Financial Results

Total revenues decreased by 43.1% to RMB112.5 million (US$16.6 million) from RMB197.9 million during the same quarter of fiscal year 2020.

Commission revenuesdecreased by 32.0% to RMB68.9 million (US$10.1 million) from RMB101.3 million in the same period of fiscal year 2020, primarily due to the restructuring of the Company’s business towards a LVB-focused model. Commission revenue from the LVBbusiness grew year-over-year and wasin line with the continued year-over-year growth in LVB-associated GMV.

Marketing services revenuesdecreased by 71.5% to RMB18.0 million (US$2.6 million) from RMB63.1million in the same period of fiscal year 2020. The decrease was primarily due to the restructuring of the Company’s business towards a LVB-focused model.

Other revenues decreased by 23.4% to RMB25.7 million (US$3.8million) from RMB33.5 million in the same period of fiscal year 2020, primarily due to a decrease in online direct sales.

Cost of revenues decreased by 40.1% to RMB45.5 million (US$6.7 million) from RMB76.0 million in the same period of fiscal year 2020, which was primarily due to a decrease in the costs associated with decreased online direct sales and IT related expenses.

Sales and marketing expensesdecreased by 73.5% to RMB47.9 million (US$7.1 million) from RMB180.8 million in the same period of fiscal year 2020, primarily due to optimized spending on user acquisition activities and user incentive programs resulting from the restructuring of the Company’s business and also due to measures we conducted to counter the adverse impact of COVID-19.

Research and development expenses decreased by 45.0% to RMB27.7 million (US$4.1 million) from RMB50.3 million in the same period of fiscal year 2020, primarily as a result of headcount optimization we conducted to counter the adverse impact of COVID-19.

General and administrative expenses decreased by 37.4% to RMB24.7 million (US$3.6 million) from RMB39.5 million in the same period of fiscal year 2020, primarily due to a decrease of payroll expenses.

Amortization of intangible assets decreased by 1.4% to RMB75.8 million (US$11.2 million) from RMB76.8 million in the same period of fiscal year 2020.

Loss from operations was RMB100.5 million (US$14.8 million), compared to loss from operations of RMB223.6 million in the same period of fiscal year 2020.

Net loss attributable to MOGU Inc.’s ordinary shareholders was RMB93.7 million (US$13.8 million), compared to a net loss attributable to MOGU Inc’s ordinary shareholders of RMB326.6 million in the same period of fiscal year 2020.

Adjusted EBITDA⁴was negative RMB15.2 million (US$2.2 million), compared to negative RMB124.6 million in the same period of fiscal year 2020.

Adjusted net loss⁵ was RMB11.3 million (US$1.7 million), compared to adjusted net loss of RMB196.9 million in the same period of fiscal year 2020.

Basic and diluted loss per ADS were RMB 0.87 (US$ 0.13) and RMB 0.87 (US$ 0.13), respectively, compared with RMB3.0 and RMB3.0, respectively, in the same period of fiscal year 2020. One ADS represents 25 Class A ordinary shares.

Cash and cash equivalents, Restricted cash and Short-term investments were RMB802.5 million (US$118.2 million) as of September 30, 2020, compared with RMB1,095.4 million as of March 31, 2020.

Subsequent event

In October 2020, one of the Company’s investee repurchased a majority portion of the Company’s investment in the investee for a total cash consideration of approximately US$16.0 million (equivalent to RMB107.1million), of which US$14.4 million was received in October 2020. As a result, a gain from the investment will be recognized in the quarter ended December 31, 2020.

Conference Call

MOGU’s management will host an earnings conference call at 6:30 AM U.S. Eastern Time on Monday, November 30, 2020 (7:30 PM Beijing/Hong Kong Time on the same day).

Dial-in numbers for the live conference call are as follows:

International:

+1 647 689 5649

Mainland China, North:

+86 108 007 141 191

Mainland China, South:

+86 108 001 401 195

United States:

+1 877 824 0239

Hong Kong:

+852 800 901 563

Passcode:

Mogu

A telephone replay of the call will be available after the conclusion of the conference call until 11:59 PM ET on December 7, 2020.

Dial-in numbers for the replay are as follows:

International:

+1 416 621 4642

United States:

+1 800 585 8367

Passcode:

3347189

A live and archived webcast of the conference call will be available on the Investor Relations section of MOGU’s website at http://ir.mogu-inc.com.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses nonGAAP measures, such as Adjusted EBITDA and Adjusted net profit/(loss) as supplemental measures to review and assess operating performance. The presentation of these nonGAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company defines Adjusted EBITDA as net loss before interest income, loss from investments, net, income tax benefits, share of results of equity investee, share-based compensation expenses, amortization of intangible assets, and depreciation of property and equipment. The Company defines Adjusted net profit/(loss) as net loss excluding loss from investments, net, share-based compensation expenses, amortization of intangible assets, and adjustments for tax effects. Beginning from the second quarter of fiscal year 2020, we combined each of (i) investment gain/(loss), (ii) gain on deconsolidation of a subsidiary and (iii) gain from investment disposals, into loss from investments. The related financial statements prior to July 1, 2019 have been recast to reflect this change. See “Unaudited Reconciliations of GAAP and NonGAAP Results” at the end of this press release.

The Company presents these nonGAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the nonGAAP financial measures help identify underlying trends in its business by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are nonrecurring in nature or may not be indicative of the Company’s core operating results and business outlook. The Company also believes that the nonGAAP financial measures could provide further information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects.

The nonGAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The nonGAAP financial measures have limitations as analytical tools. The Company’s nonGAAP financial measures do not reflect all items of income and expense that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these nonGAAP measures may differ from the nonGAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the nonGAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on the nonGAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and NonGAAP Results” set forth at the end of this press release.

Safe Harbor Statement

This announcement 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,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as MOGU’s strategic and operational plans, contain forward-looking statements. MOGU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about MOGU’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MOGU’s growth strategies; the risk that COVID-19 or other health risks in China or globally could adversely affect its operations or financial results; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s ecommerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s ecommerce market; PRC governmental policies and regulations relating to MOGU’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in MOGU’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and MOGU undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About MOGU Inc.

MOGU Inc. (NYSE: MOGU) is a leading KOL-driven online fashion and lifestyle destination in China. MOGU provides people with a more accessible and enjoyable shopping experience for everyday fashion, particularly as they increasingly live their lives online. By connecting merchants, KOLs and users together, MOGU’s platform serves as a valuable marketing channel for merchants, a powerful incubator for KOLs, and a vibrant and dynamic community for people to discover and share the latest fashion trends with others, where users can enjoy a truly comprehensive online shopping experience.

MOGU INC.

Unaudited Interim Condensed Consolidated Balance Sheets

(All amounts in thousands, except for share and per share data)

As of March 31,

As of September 30,

2020

2020

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

856,567

571,695

84,202

Restricted cash

807

807

118

Short-term investments

238,000

230,000

33,875

Inventories, net

2,926

1,975

291

Loan receivables, net

113,111

112,985

16,641

Prepayments and other current assets

99,108

82,299

12,122

Amounts due from related parties

57

36

5

Total current assets

1,310,576

999,797

147,254

Non-current assets:

Property, equipment and software, net

14,109

13,794

2,032

Intangible assets, net

813,011

642,024

94,560

Goodwill

186,504

186,504

27,469

Investments

102,373

120,868

17,802

Other non-current assets

14,183

121,258

17,859

Total non-current assets

1,130,180

1,084,448

159,722

Total assets

2,440,756

2,084,245

306,976

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

17,080

20,259

2,984

Salaries and welfare payable

6,032

13,642

2,009

Advances from customers

103

65

10

Taxes payable

6,342

1,289

190

Amounts due to related parties

12,018

6,753

995

Accruals and other current liabilities

393,536

347,239

51,143

Total current liabilities

435,111

389,247

57,331

Non-current liabilities:

Deferred tax liabilities

21,529

25,761

3,794

Other non-current liabilities

3,644

2,866

422

Total non-current liabilities

25,173

28,627

4,216

Total liabilities

460,284

417,874

61,547

Shareholders’ equity

Ordinary shares

180

181

26

Treasury stock

(6,566)

(109,667)

(16,152)

Statutory reserves

2,630

2,630

387

Additional paid-in capital

9,431,740

9,445,237

1,391,133

Accumulated other comprehensive income

201,796

159,946

23,557

Accumulated deficit

(7,649,308)

(7,831,956)

(1,153,522)

Total MOGU Inc. shareholders’ equity

1,980,472

1,666,371

245,429

Total shareholders’ equity

1,980,472

1,666,371

245,429

Total liabilities and shareholders’ equity

2,440,756

2,084,245

306,976

MOGU INC.

Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss

(All amounts in thousands, except for share and per share data)

For the three months ended

For the six months ended

September 30,

September 30,

2019

2020

2019

2020

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Commission revenues

101,315

68,901

10,148

230,697

154,210

22,713

Marketing services revenues

63,130

17,977

2,648

152,374

41,969

6,181

Other revenues

33,478

25,650

3,778

63,714

48,804

7,188

Total revenues

197,923

112,528

16,574

446,785

244,983

36,082

Cost of revenues (exclusive of amortization of intangible assets shown separately below)

(75,972)

(45,488)

(6,700)

(136,576)

(94,285)

(13,887)

Sales and marketing expenses

(180,758)

(47,938)

(7,061)

(325,719)

(109,842)

(16,178)

Research and development expenses

(50,258)

(27,654)

(4,073)

(106,440)

(56,652)

(8,344)

General and administrative expenses

(39,482)

(24,721)

(3,641)

(73,698)

(48,248)

(7,106)

Amortization of intangible assets

(76,815)

(75,750)

(11,157)

(141,284)

(146,228)

(21,537)

Other income, net

1,775

8,523

1,255

8,032

14,850

2,187

Loss from operations

(223,587)

(100,500)

(14,803)

(328,900)

(195,422)

(28,783)

Interest income

7,405

5,660

834

15,788

10,424

1,535

Loss from investments, net

(32,632)

–

–

(32,632)

–

–

Loss before income tax and share of results of equity investees

(248,814)

(94,840)

(13,969)

(345,744)

(184,998)

(27,248)

Income tax benefits

578

1,103

162

241

2,350

346

Share of results of equity investee

(78,348)

–

–

(101,607)

–

–

Net loss

(326,584)

(93,737)

(13,807)

(447,110)

(182,648)

(26,902)

Net loss attributable to MOGU Inc.

(326,584)

(93,737)

(13,807)

(447,110)

(182,648)

(26,902)

Net loss attributable to MOGU Inc’s ordinary shareholders

(326,584)

(93,737)

(13,807)

(447,110)

(182,648)

(26,902)

Net loss

(326,584)

(93,737)

(13,807)

(447,110)

(182,648)

(26,902)

Other comprehensive income/(loss):

Foreign currency translation adjustments, net of nil tax

49,756

(38,300)

(5,641)

103,137

(39,159)

(5,767)

Share of other comprehensive income /(loss) of equity method investee

110

–

–

(268)

–

–

Unrealized securities holding losses, net of tax

(6,759)

(2,691)

(396)

(6,759)

(2,691)

(396)

Total comprehensive loss

(283,477)

(134,728)

(19,844)

(351,000)

(224,498)

(33,065)

Total comprehensive loss attributable to MOGU Inc.

(283,477)

(134,728)

(19,844)

(351,000)

(224,498)

(33,065)

Net loss attributable to MOGU Inc’s ordinary shareholders

(326,584)

(93,737)

(13,807)

(447,110)

(182,648)

(26,902)

Net loss per share attributable to ordinary shareholders

Basic

(0.12)

(0.03)

(0.01)

(0.16)

(0.07)

(0.01)

Diluted

(0.12)

(0.03)

(0.01)

(0.16)

(0.07)

(0.01)

Net loss per ADS

Basic

(3.00)

(0.87)

(0.13)

(4.12)

(1.68)

(0.25)

Diluted

(3.00)

(0.87)

(0.13)

(4.12)

(1.68)

(0.25)

Weighted average number of shares used in computing net loss per share

Basic

2,720,892,161

2,692,172,477

2,692,172,477

2,702,715,560

2,710,268,598

2,710,268,598

Diluted

2,720,892,161

2,692,172,477

2,692,172,477

2,702,715,560

2,710,268,598

2,710,268,598

Share-based compensation expenses included in:

Cost of revenues

1,434

729

107

(1,525)

1,249

184

General and administrative expenses

12,137

4,613

679

21,451

7,538

1,110

Sales and marketing expenses

2,498

1,291

190

5,271

2,621

386

Research and development expenses

4,514

1,192

176

9,122

1,620

239

MOGU INC.

Unaudited Interim Condensed Consolidated Statements of Cash Flows

(All amounts in thousands, except for share and per share data)

For the three months ended

For the six months ended

September 30,

September 30,

2019

2020

2019

2020

RMB

RMB

US$

RMB

RMB

US$

Net cash used in operating activities

(89,391)

(31,382)

(4,622)

(119,270)

(39,981)

(5,889)

Net cash used in investing activities

(148,798)

(116,622)

(17,177)

(267,947)

(130,836)

(19,270)

Net cash used in financing activities

(18,966)

(97,095)

(14,301)

(25,773)

(102,631)

(15,116)

Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash

17,814

(11,149)

(1,642)

34,348

(11,424)

(1,683)

Net decrease in cash and cash equivalents and restricted cash　

(239,341)

(256,248)

(37,742)

(378,642)

(284,872)

(41,958)

Cash and cash equivalents and restricted cash at beginning of period

1,138,415

828,750

122,062

1,277,716

857,374

126,278

Cash and cash equivalents and restricted cash at end of period

899,074

572,502

84,320

899,074

572,502

84,320

MOGU INC.

Reconciliations of GAAP and Non-GAAP Results

(All amounts in thousands, except for share and per share data)

For the three months ended

For the six months ended

September 30,

September 30,

2019

2020

2019

2020

RMB

RMB

US$

RMB

RMB

US$

Net loss

(326,584)

(93,737)

(13,807)

(447,110)

(182,648)

(26,902)

Add:

Share of result of equity investees

78,348

–

–

101,607

–

–

Add:

Loss from investments, net

32,632

–

–

32,632

–

–

Less:

Income tax benefits

(578)

(1,103)

(162)

(241)

(2,350)

(346)

Less:

Interest income

(7,405)

(5,660)

(834)

(15,788)

(10,424)

(1,535)

Loss from operations

(223,587)

(100,500)

(14,803)

(328,900)

(195,422)

(28,783)

Add:

Share-based compensation expenses

20,583

7,825

1,152

34,319

13,028

1,919

Add:

Amortization of intangible assets

76,815

75,750

11,157

141,284

146,228

21,537

Add:

Depreciation of property and equipment

1,626

1,768

260

3,465

3,583

528

Adjusted EBITDA

(124,563)

(15,157)

(2,234)

(149,832)

(32,583)

(4,799)

Net loss

(326,584)

(93,737)

(13,807)

(447,110)

(182,648)

(26,902)

Add:

Loss from investments, net

32,632

–

–

32,632

–

–

Add:

Share-based compensation expenses

20,583

7,825

1,152

34,319

13,028

1,919

Add:

Amortization of intangible assets

76,815

75,750

11,157

141,284

146,228

21,537

Less:

Adjusted for tax effects

(387)

(1,161)

(171)

(387)

(2,322)

(342)

Adjusted net loss

(196,941)

(11,323)

(1,669)

(239,262)

(25,714)

(3,788)

¹ GMV refers to the total value of orders placed on the MOGU platform regardless of whether the products are sold, delivered or returned, calculated based on the listed prices of the ordered products without taking into consideration any discounts on the listed prices. Buyers on the MOGU platform are not charged for separate shipping fees over the listed price of a product. If merchants include certain shipping fees in the listed price of a product, such shipping fees will be included in GMV. As a prudent matter aiming at eliminating any influence on MOGU’s GMV of irregular transactions, the Company excludes from its calculation of GMV transactions over a certain amount (RMB100,000) and transactions by users over a certain amount (RMB1,000,000) per day.

² The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2020, which was RMB6.7896 to US$1.00. The percentages stated in this press release are calculated based on the RMB amounts.

³ “Active buyers of the LVB” refers to registered user accounts that placed one or more orders in one of the LVB channels on our platform, regardless of whether the products are sold, delivered or returned. If a buyer registered two or more user accounts on our platform and placed orders on our platform through those different registered user accounts, the number of active buyers would, under this methodology, be counted as the number of the registered user accounts that such buyer used to place the orders;

⁴ Adjusted EBITDA represents net loss before (i) interest income, loss from investments, net, income tax benefits and share of results of equity investee and (ii) certain non-cash expenses, consisting of share-based compensation expenses, amortization of intangible assets, and depreciation of property and equipment. See “Unaudited Reconciliations of GAAP and NonGAAP Results” at the end of this press release.

⁵ Adjusted net loss represents net loss excluding (i) loss from investments, net, (ii) share-based compensation expenses, (iii) amortization of intangible assets, (iv) adjustments for tax effects. See “Unaudited Reconciliations of GAAP and NonGAAP Results” at the end of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005376/en/

For investor and media inquiries, please contact:

MOGU Inc.

Raymond Huang

Phone: +86-571-8530-8201

E-mail: [email protected]

Christensen

In China

Mr. Eric Yuan

Phone: +86-10-5900-1548

E-mail: [email protected]

In the United States

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: [email protected]

KEYWORDS: China Asia Pacific

INDUSTRY KEYWORDS: Online Retail Fashion Discount/Variety Retail Specialty

MEDIA:

Posted on November 30, 2020 4:14 am
Kingsoft Cloud to be Added to MSCI China Index

BEIJING, Nov. 30, 2020 (GLOBE NEWSWIRE) — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC), a leading independent cloud service provider in China, today announced that it will be included in the MSCI China Index, effective after the U.S. market close on November 30, 2020.

Kingsoft Cloud is one of only two US-listed Chinese companies selected for the MSCI China Index inclusion in this upcoming reconstitution. This is indeed a great milestone for the company and inclusion in MSCI China Index reflects company’s continued growth while enhancing its leading position as an independent cloud service provider in China.

MSCI is a leading provider of research-based indexes and analytics worldwide. The indices cover thousands of securities from different geographic sub-areas and cap sizes that have good operational results and potential. The MSCI market cap weighted indices are amongst the most respected and widely used benchmarks in the financial industry, and the MSCI China Index is widely used among institutional investors.

About Kingsoft Cloud Holdings Limited

Kingsoft Cloud Holdings Limited (NASDAQ: KC) is a leading independent cloud service provider in China. Kingsoft Cloud has built a comprehensive and reliable cloud platform consisting of extensive cloud infrastructure, cutting-edge cloud products and well-architected industry-specific solutions across public cloud, enterprise cloud and AIoT cloud services.

For more information, please visit: http://ir.ksyun.com.

Safe Harbor Statement

This announcement 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,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; the relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud’s ability to monetize the customer base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to Kingsoft Cloud’s business operations and the economy in China and elsewhere generally; China’s political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Kingsoft Cloud Holdings Limited
Nicole Shan
Tel: +86 (10) 6292-7777 Ext. 6300
Email: [email protected]

Christensen
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: [email protected]

Posted on November 30, 2020 3:59 am
Realfiction completes a heavily oversubscribed directed issue of units of SEK 35.8 million and issues warrants to existing shareholders

PR Newswire

STOCKHOLM, Nov. 30, 2020 /PRNewswire/ —

Not for release, publication or distribution in whole or in part, directly or indirectly, in the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Singapore, South Africa, South Korea or any other jurisdiction where such release, publication or distribution would be unlawful or would require registration or any other measures. Please refer to important information at the end of the press release.

Realfiction Holding AB (“Realfiction” or the “Company”) hereby announces that the Company has carried out a directed issue of 400,000 units (the “Directed Issue”). The investors in the Directed Issue consists of Tamarind Limited and Formue Nord Markedsneutral A/S. One unit consists of five (5) shares and two (2) warrants of series TO1. Additionally, the Company has resolved to issue and allocate one (1) warrant of series TO1 to current shareholders for every twenty-two (22) shares owned on the applicable record date.

The board of directors of Realfiction has, based on the authorization given by the extraordinary general meeting on 18 November 2020, resolved on and carried out the Directed Issue. The subscription price in the Directed Issue was set to SEK 89.50 per unit, corresponding to SEK 17.9 per share. The warrants are issued free of charge. The Company will initially receive SEK 35.8 million from the Directed Issue before deduction of transaction costs.

The board of directors of Realfiction assesses, given that the Directed Issue was carried out through an accelerated book-building procedure (conducted by Mangold Fondkommission AB), that the Directed Issue has been carried out in accordance with prevailing market conditions.

The rationale for deviating from the shareholders’ preferential rights is to broaden the shareholder base, as well as the fact that a directed issue provides the opportunity to, at favorable terms, raise capital in a time- and cost-effective manner. This is in line with the assessment of the Company’s board of directors that it is in the Company’s and the shareholders’ best interest to carry out an issue with deviation from the shareholders’ preferential rights and in accordance with prevailing market conditions.

The proceeds from the Directed Issue and the warrants will be used for a continued development of the ECHO 3D technology while simultaneously continue the sales of the Company’s current mixed reality products. Realfiction’s patent pending ECHO technology holds the potential to revolutionize the flatscreen market, by solving the problem of creating mass-produced and low-cost holographic televisions and monitors in high resolution and for multi-user scenarios without the need for head borne 3D-glasses or headsets. Finding such a solution is a current focus for the leading display manufactures.

The Directed Issue entails an initial dilution of 11.1 percent of the number of shares and votes in the Company. Through the Directed Issue, the number of outstanding shares will increase by 2,000,000 from 16,011,363 to 18,011,363. The share capital will increase by SEK 200,000 from SEK 1,601,136.3 to SEK 1,801,136.3. The issue costs amount to approximately SEK 1.9 million.

The Directed Issue will be registered after the warrants of series TO1, issued to current shareholders, are registered. This entails that investors in the Directed Issue will not receive additional warrants in capacity as shareholders in the Company on the applicable record date

Warrants to current shareholders in Realfiction

The board of directors of Realfiction has also decided to issue warrants of series TO1 (same series as in the Directed Issue) to the Company, which on the record date will be granted free of charge to current shareholders in Realfiction. The warrants will, to some extent, compensate current shareholders in the Company for the dilution in the Directed Issue.

The record date for the allotment of the free of charge warrants of series TO1 will be announced as soon as it is determined. The current shareholders of Realfiction will receive one (1) warrant of series TO1 for every twenty-two (22) held shares on the record date. Round down will be applied if necessary.

Terms and information regarding warrants of series TO1

A total of 1,527,789 warrants of series TO1 will be issued, where 800,000 are allotted to investors in the Directed Issue and 727,789 to be allotted to current shareholders in the Company.

Each warrant of series TO1 will give the holder the right to subscribe for one (1) new share in Realfiction during the period from 9 November 2021 until and including 22 November 2021 to a subscription price corresponding to the following:

70 percent of the volume weighted average price of the Company’s share during the period from 25 October 2021 until and including 5 November 2021. The subscription price shall never be determined to a higher amount than SEK 26.85.

Warrants of series TO1 will, upon full exercise, provide the Company additional funds of a maximum of approximately SEK 41.0 million, based on the maximum subscription price. The actual issue amount will depend on subscription price in the Directed Issue.

Upon full exercise of the warrants of series TO1, the dilution will amount to approximately 7.8 percent, calculated in proportion to the number of shares in the Company following the registration of the new shares of the Directed Issue. Upon full exercise of warrants of series TO1, the number of outstanding shares will increase by 1,527,789 from 18,011,363 to 19,539,152 and the share capital will increase by approximately SEK 152,778.9 from approximately SEK 1,801,136.3 to approximately SEK 1,953,915.2.

CEO comment

“Through this directed issue, which includes warrants with an exercise period next year to potentially minimize the dilutive effect for our existing shareholders, we have now secured the funding needed to complete our ECHO 3D display technology to a point where it can be integrated into future displays targeted at consumer and enterprise audiences. Furthermore, the profiles of the two investors in this directed issue confirm the strong support we are receiving from professional and tech-savvy investors. One of them is a Danish investment fund, while the other is an investment company controlled by a tech-savvy investor who does not want to step forward just yet. This investment company also participated in the directed issue that we conducted in November 2019. I want to thank the whole Realfiction team, our global partners and all our current shareholders for your valuable contribution that has already taken us far, and I welcome all existing and new shareholders on board for the next chapter in Realfiction’s journey, with the aim of truly making our mark in the 3D history books,” says Realfiction’s CEO Clas Dyrholm.

Advisor

Mangold Fondkommission AB is the sole bookrunner and financial advisor and Eversheds Sutherland Advokatbyrå AB is the legal advisor in connection with the Directed Issue.

For more information about Realfiction Holding AB, please contact:
Clas Dyrholm, founder and CEO
Telephone: +45 25 22 32 81
Email: [email protected]
www.realfiction.com

Certified Adviser

Mangold Fondkommission AB is the Company’s Certified Adviser and can be contacted via [email protected] or +46 8 503 015 50.

This information is such that Realfiction Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 19:45 CET on 27 November 2020.

About Realfiction Holding AB

Founded in Denmark in 2008, Realfiction is a leading innovator and provider of Mixed Reality solutions and services, a market estimated to reach USD 80 billion by 2025. Realfiction continues to invent technologies within Mixed Reality, with an intention to disrupt the industry by pursuing the vision of converting science fiction into real fiction. Realfiction Holding AB’s share is publicly traded on Nasdaq First North Growth Market under the symbol “REALFI”. The share’s ISIN code is SE0009920994.

Important information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in Realfiction in any jurisdiction, neither from Realfiction nor from someone else.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. Mangold Fondkommission AB is acting for Realfiction in connection with the Directed Issue and no one else and will not be responsible to anyone other than Realfiction for providing the protections afforded to its clients nor for giving advice in relation to the Directed Share Issue or any other matter referred to herein.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Singapore, South Africa, South Korea or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the “Prospectus Regulation”) and has not been approved by any regulatory authority in any jurisdiction. Realfiction has not authorized any offer to the public of shares or rights in any member state of the EEA and no prospectus has been or will be prepared in connection with the Directed Issue. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation.

Forward-looking statements

This press release contains forward-looking statements that reflect the Company’s intentions, beliefs, or current expectations about and targets for the Company’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim” or “might”, or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this press release or any obligation to update or revise the statements in this press release to reflect subsequent events. Undue reliance should not be placed on the forward-looking statements in this press release. The information, opinions and forward-looking statements contained in this press release speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless required by law or Nasdaq First North Growth Market regulations.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/realfiction/r/realfiction-completes-a-heavily-oversubscribed-directed-issue-of-units-of-sek-35-8-million-and-issue,c3245479

The following files are available for download:

https://mb.cision.com/Main/15845/3245479/1341247.pdf

Release

https://news.cision.com/realfiction/i/rf-logo,c2855115

RF-logo

View original content:http://www.prnewswire.com/news-releases/realfiction-completes-a-heavily-oversubscribed-directed-issue-of-units-of-sek-35-8-million-and-issues-warrants-to-existing-shareholders-301181453.html

SOURCE Realfiction

Posted on November 30, 2020 3:38 am
Lucerne Capital Objects To Formal Offer From Next Private To Acquire Altice Europe

Believes Structure of the Offer is Unlawful under Dutch Law and Violates the Rights of Minority Shareholders

Questions the Validity of the Fairness Opinion Provided to the Altice Europe Board of Directors by LionTree Advisors LLC

Outlines Egregious Corporate Governance Incidents Resulting in Massive Wealth Transfers from Altice Europe to Patrick Drahi

PR Newswire

GREENWICH, Conn. and AMSTERDAM, Nov. 30, 2020 /PRNewswire/ — Lucerne Capital Management (“Lucerne”), a registered investment adviser managing funds that own approximately EUR 94 million of shares of Altice Europe N.V. (ATC.AS) (“Altice Europe” or the “Company”), announced today that it has delivered a letter to the Altice Europe Board objecting to the formal all-cash offer of EUR 4.11 per share for all common shares A and common shares B of Altice Europe by Next Private B.V. (the “Offer”).

As a long-term shareholder of Altice Europe stock, Lucerne outlines in its letter its objection to and serious concerns about the price of the Offer and Altice Europe’s historical and ongoing corporate governance practices, as well as calls into question the legality of the structure of the Offer. Below is a summary from Lucerne’s letter, the full text of which can be found here: https://hubs.ly/H0BGvMG0.

“As you are aware, the vast majority of Altice Europe’s minority shareholders believe that the public offer is nothing more than an illicit attempt by Mr Drahi to exploit the Covid-19 pandemic to yet again transfer massive value to himself, to the detriment of the minority shareholders. For this reason, the offer is set up in a way that the minority shareholders are forced to sell their shares at a price pre-determined by Mr Drahi, regardless of their level of willingness to accept the offer price voluntarily. As it is structured in a pre-wired fashion, and as Mr Drahi already has the required majority to vote through the pre-wired restructuring measures himself, Mr Drahi is apparently hoping to push out the minorities quickly while avoiding any sort of scrutiny of the price by the courts.

Lucerne believes that this scheme is unlawful under Dutch law. It remains incomprehensible to Lucerne that the independent members of the Board, led by Mr Van Breukelen, would lend themselves to rubber stamp such an obviously improper scheme. Given the prior behaviour of the “independent” members of the Board in allowing Messrs Drahi and Weill to extract hundreds of millions of euros from the company through related party transactions and other schemes, we have serious concerns in relation to your judgment where it concerns related party transactions involving Mr Drahi. We urge you now to consider seriously our questions and concerns and to engage with us, instead of choosing to hide behind various legal and financial advisors and their opaque and increasingly incomprehensible recommendations and opinions.

The documentation published on 24 November 2020 does nothing to address the concerns voiced by the overwhelming majority of the minority shareholders. The artificial addition of the “Adverse Recommendation Change” is, in essence, meaningless, as the wording clearly shows that the Board may not make any such Adverse Recommendation Change at all, except in extremely narrow circumstances which will never materialize.

Coming up with artificial solutions which provide no actual protection for minority shareholders after the fact (even when they are “tailor-made and negotiated by the Board in light of the particularities of this Transaction”) is no substitute for the actual protections which the independent members of the Board should have agreed if they had in fact fulfilled their fiduciary duties, such as a hard acceptance threshold; Mr Drahi not being allowed to vote on items where he so clearly has a conflict of interest; and sticking to the Dutch law requirement of providing a reasonable exit opportunity for minority shareholders – which this is clearly not.

We urge the independent members of the Board to take seriously their fiduciary duties vis-à-vis the minority shareholders. If, however, the independent members of the Board are dead-set on continuing on this misguided path, you leave Lucerne and other minority shareholders with no other alternative than to request the Enterprise Chamber to order an investigation into the course of affairs and the management of Altice Europe, and to request immediate measures preventing the pre-wired restructuring measures from being brought to a vote on the 7 January 2021 EGM.”

About Lucerne Capital Management

Founded in 2000 by Pieter Taselaar, Lucerne Capital Management is an investment firm specializing in bottom up stock selection with a focus on European markets.

Contacts

Steve Bruce/Taylor Ingraham
ASC Advisors
203-992-1230

SOURCE Lucerne Capital Management

Posted on November 30, 2020 3:30 am
GA Rep. Colton Moore demands Special Session to revoke Gov. Kemp’s Emergency Powers

ATLANTA and WASHINGTON, Nov. 30, 2020 (GLOBE NEWSWIRE) — Georgia State Representative Colton Moore R-GA, informed Governor Brian Kemp and Secretary of State Brad Raffensperger to turn the Georgia election review and certification over to the State Legislature. He became the first State Legislator in the United States to support such a measure within a State’s Legislative branch of government. Days later, Moore’s emergency concerns were published in the Washington Post.

Rep. Moore has since released this follow-up statement on November 30 to the 53,820 citizens he represents and the entire state of Georgia:

Citizens of Georgia,

I will support delaying the directive of Georgia’s electoral votes until allegations against Dominion Voting Systems, the unauthorized distribution of absentee ballots, and the firing of Georgia election officials in multiple counties can be cleared of reasonable suspicion.

The Governor and Secretary of State created election “laws” that were never approved by the Georgia Legislature. The Secretary of State sent absentee ballot applications out to every Georgia voter without requiring voters to meet the application eligibility standard the law sets forth. The Secretary of State broke this law, destroyed election integrity and our legislative intent they were charged with. This action has now induced this terrible situation our State is in. Georgians can judge for themselves with the laws that have existed for years.

Georgia O.C.G.A § 21-2-381

– Making of application for absentee ballot;

(C) The application shall be in writing and shall contain sufficient information for proper identification of the elector; the permanent or temporary address of the elector to which the absentee ballot shall be mailed; the identity of the primary, election, or runoff in which the elector wishes to vote; and the name and relationship of the person requesting the ballot if other than the elector.

(4)(b)(1) Upon receipt of a timely application for an absentee ballot, a registrar or absentee ballot clerk shall enter thereon the date received. The registrar or absentee ballot clerk shall determine, in accordance with the provisions of this chapter, if the applicant is eligible to vote in the primary or election involved. In order to be found eligible to vote an absentee ballot by mail, the registrar or absentee ballot clerk shall compare the identifying information on the application with the information on file in the registrar’s office and, if the application is signed by the elector, compare the signature or mark of the elector on the application with the signature or mark of the elector on the elector’s voter registration card. In order to be found eligible to vote an absentee ballot in person at the registrar’s office or absentee ballot clerk’s office, such person shall show one of the forms of identification listed in Code Section 21-2-417 and the registrar or absentee ballot clerk shall compare the identifying information on the application with the information on file in the registrar’s office.

(2) If found eligible, the registrar or absentee ballot clerk shall certify by signing in the proper place on the application and shall either mail the ballot as provided in this Code section or issue the ballot to the elector to be voted within the confines of the registrar’s or absentee ballot clerk’s office or deliver the ballot in person to the elector if such elector is confined to a hospital.

(3) If found ineligible, the clerk or the board of registrars shall deny the application by writing the reason for rejection in the proper space on the application and shall promptly notify the applicant in writing of the ground of ineligibility, a copy of which notification should be retained on file in the office of the board of registrars or absentee ballot clerk for at least one year.

This law and legislatively-approved process already existed to ensure broad participation and security of the absentee ballot voting process. Actions by the Governor’s administration violated this law and undermined all integrity of the election. Now, the Governor and Secretary want to wipe all Georgia voting systems and reset the machines to zero this week?

Resetting these machines would destroy evidence currently being sought in multiple courts and in the interest of our State’s cybersecurity defense measures and review process. To add insult to injury, the Governor certified this election with serious doubts about the integrity of the signature verification process.

Unfortunately, this situation is one where the Governor has abused his emergency powers outside the bounds of existing Georgia law. The Speaker and the Lieutenant Governor have the power to convene a Special Session.

By restricting the Legislature to act only furthers the damage if and when the Supreme Court intervenes. The inability to present a confident result, coupled with the actions of the current and previous Secretary of State, have left Georgia in the wake of three scandal-ridden General elections. This Governor’s vision for our elections is ripping us apart.

Together, with Representative Vernon Jones, Senator Brandon Beach, Senator Greg Dolezal, Senator Burt Jones, and Senator William Ligon we call for a Special Session. Without an understanding of these terminations and a review of the absentee ballot distribution that violated Georgia law, the people of Dade and Walker County demand this Special Session immediately.

We want election officials involved in DeKalb and Floyd County voting issues under oath immediately. These election officials were terminated and involved in altering thousands of votes, later corrected by their county. Americans deserve an explanation for their termination.

Let this evidence, the admission by Vice President Joe Biden, and these allegations be considered by the Georgia Legislature. If they do not rise to the bar required to further a Special Session, I would support the Georgia Legislature confirming Governor Kemp’s certification for Joe Biden to bring some peace and confidence back into our State and America. Until then, it is difficult for Citizens to have any type of faith in this election process.

Sincerely,

Rep. Colton Moore

A copy of Rep. Moore’s original emergency letter to Georgia’s Executive branch can be read on ABC’s Chattanooga affiliate website, News Channel 9.

Rep. Moore is an outgoing Representative whose term will conclude on January 20, 2021. Representative-elect Mike Cameron will fill his position. Moore ran for State Senate in Northwest Georgia in the June primary, but was narrowly defeated by Senator Jeff Mullis.

This June 2020 primary was the first statewide Georgia election to occur on the Dominion Voting Systems. At the direction of Governor Brian Kemp and Secretary Brad Raffenspurger in 2019, Walker and Catoosa Counties were among the first counties in Georgia to install the Dominion Voting Systems.

For media or citizen inquiry, you can contact Rep. Moore at 423-508-2195

Posted on November 30, 2020 3:18 am
Cority Announces Partnership with European EHS and CSR Consultancy, VP&White, Enabling Best-in-Class Digital Solutions to the Global Market

Partnership enables large-scale software implementations and consulting in Europe

France, Nov. 30, 2020 (GLOBE NEWSWIRE) — Cority, the most trusted provider of EHS management software, is pleased to announce its partnership with VP&White – a major European consultancy providing Environmental, Health and Safety (EHS) and Corporate Social Responsibility (CSR) software implementations and support.

For the past 11 years, VP&White has established itself in the European market as a leading EHS solutions implementations provider, working with over 120 clients, and successfully conducting over 400 implementations. Cority and VP&White have been working together on significant projects over the past several years, including offering support to a world-famous luxury goods manufacturing company, multinational automotive manufacturer, major telecoms provider, a large global construction company, amongst others.

The partnership with Cority will bring clients an additional level of business expertise on EHS and CSR reporting, including support for digital transformation, data migrations, training, management of change, and application management. In addition, this partnership further extends Cority’s ability to serve its growing list of global clients through the end-to-end digitization process.

“VP&White has a strong reputation in the market for providing excellent support and services to major multinational companies in France and wider Europe. We are thrilled to deepen our existing partnership to continue to provide long-term, efficient, and effective support to our current and future enterprise-level clients,” said Tjeerd Hendel-Blackford, International Sales Manager, Cority. “The Cority team already works hand-in-hand with VP&White consultants on a number of projects and the interactions are always mutually beneficial for our teams and global clients. Our solid, expert-led joint approach brings guaranteed success to client projects and we look forward to extending our joint services into CSR initiatives.”

“We strive to bring the best solutions to our customers, and our partnership with Cority allows us to complement our EHSQ offering with a market-leading solution,” said Nicolas Perrin, Director at VP&White. “We believe that the best-in-class capabilities of Cority’s solution will be an asset in addressing EHSQ issues and are confident that the close collaboration between the teams will guarantee success for our customers.”

About Cority

Cority is the most trusted environmental, health, safety, and quality (EHSQ) software for assuring client success. Cority enables organizations to utilize EHSQ software to advance their journey to sustainability and operational excellence by combining the deepest domain expertise with the most comprehensive and secure true SaaS platform. With 35 years of innovation and experience, Cority’s team of nearly 400 experts serve more than 1,300 clients in 100 countries. The company enjoys the industry’s highest levels of client satisfaction and has received many awards for its strong employee culture and outstanding business performance. To learn more, visit www.cority.com.

About VP&White

VP&White specialize in the implementation of full web solutions to optimize operational performance. Since 2006, VP&White have been offering reliable and scalable digital solutions tailored to customers’ needs. From offices in Paris and Lyon, the team of experts in CSR, QHSE, Risk Management, Real Estate and Operational Performance has completed over 400 projects in more than 10 countries across Europe and North America. For more information about VP&White, please visit www.vpwhite.com

Cority Software Inc. [email protected]

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