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Cansortium Inc. Reports 2020 Third Quarter Financial Results

PR Newswire


Another strong quarter highlighted by $3.6M of Adjusted EBITDA on $14.3M of revenue

MIAMI, Nov. 23, 2020 /PRNewswire/ – Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated provider of premium-quality medical cannabis, today announced financial results for its third quarter and nine months ended September 30, 2020. The Company’s unaudited condensed interim consolidated financial statements and accompanying notes, along with the Management Discussion and Analysis (MD&A) are available under the Company’s profile on SEDAR at www.sedar.com and are also accessible through a link on the Investor Relations section of the Company’s website at www.cansortium.com.


Selected Third Quarter 2020 Financial Highlights

  • Consolidated revenue of $14.3 million, an increase of 94 percent or $6.9 million compared with consolidated revenue of $7.4 million in the third quarter of 2019.
  • Consolidated loss from operations of $(1.9) million, compared to loss from operations of $(8.1) million in the third quarter of 2019.
  • Consolidated Adjusted EBITDA(1) of  $3.6 million, compared to Adjusted EBITDA(1) loss of  $(2.1) million in the third quarter of 2019.
  • Consolidated net loss of $(8.9) million, or $(0.04) per diluted share, compared to consolidated net loss of $(11.3) million, or $(0.06) per diluted share for the same period last year.
  • During the third quarter of 2020, the Company opened its 21st medical marijuana dispensary in Coral Springs, FL. It operated 16 dispensaries during the comparable period in 2019. In October and November of 2020, the Company opened its 22nd and 23rdFlorida dispensary in Coral Gables, FL and Kendall, FL, respectively.

(1)

Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted EBITDA from EBITDA plus (minus) unrealized loss (gain) on embedded derivatives, plus (minus) certain one-time non-operating expenses, as determined by management. Reconciliations from EBITDA and Adjusted EBITDA to Net Loss are included in the accompanying financial schedules.


Selected Year-to-Date 2020 Financial Highlights

  • Consolidated revenue of $37.7 million, an increase of 50 percent or $18.7 million compared with consolidated revenue of $19.0 million during the nine months ended September 30, 2019.
  • Consolidated income from operations of $1.3 million, compared to loss from operations of $(28.7) million during the nine months ended September 30, 2019.
  • Consolidated Adjusted EBITDA(1) of  $7.0 million, compared to Adjusted EBITDA(1) loss of $(7.2) million during the nine months ended September 30, 2019.
  • Consolidated net loss of $(28.3) million, or $(0.14) per diluted share, compared to consolidated net loss of $(33.1) million, or $(0.18) per diluted share for the same period last year.

(1)

Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted EBITDA from EBITDA plus (minus) unrealized loss (gain) on embedded derivatives, plus (minus) certain one-time non-operating expenses, as determined by management. Reconciliations from EBITDA and Adjusted EBITDA to Net Loss are included in the accompanying financial schedules.


Full Year 2020 Outlook

The Company has continued to make progress on its targeted initiatives focused on growth and long-term shareholder value creation.   In its home state of Florida, the Company secured an additional cultivation and production facility during the second quarter of 2020 with minimum capital outlay, with operations anticipated to commence in the fourth quarter of 2020, and has opened five of the six dispensaries planned for 2020.  In Pennsylvania, the Company is actively pursuing two additional dispensary locations to augment the strong sales of its existing Hanover dispensary.  In Michigan, the Company enhanced the cultivation team on the ground with the engagement of Freedom Town. Finally, in Texas, the Company recently secured an extension of its convertible notes to allow the Company to continue to seek longer-term solutions there.  The Company reiterates its full year 2020 outlook for consolidated revenues in the range of $55 million to $60 million and Adjusted EBITDA of approximately $14 million. The forecast is based on projected revenues of at least $45 million for Cansortium’s Florida operations with additional revenue from the Michigan, Pennsylvania and Texas markets. 


ABOUT CANSORTIUM INC.

Headquartered in Miami, Florida, and operating under the Fluent™ brand, Cansortium is focused on being the highest quality cannabis company in the State of Florida driven by unrelenting commitment to operational excellence from seed to sale. Cansortium has developed strong proficiencies in each of cultivation, processing, retail, and distribution activities, the result of successfully operating in the highly regulated cannabis industry. In addition to Florida, Cansortium is seeking to create significant shareholder value in the attractive markets of Texas, Michigan and Pennsylvania.

Cansortium Inc.’s common shares and warrants trade on the CSE under the symbol “TIUM.U” and “TIUM.WT.U”, respectively, and on the OTCQB Venture Market under the symbol (OTCQB: CNTMF). Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.

Conference Call

The Company will host a conference call and live audio webcast on, November 24, 2020 at 5:00 P.M. Eastern time, to discuss its third quarter 2020 financial results.

All interested parties can join the conference call by dialing 1-800-319-4610 (Canada/USA) or +1-604-638-5340 (international). Callers should dial in 5 to 10 minutes prior to the scheduled start time and ask to join the call. A live audio webcast of the conference call will be available at: http://services.choruscall.ca/links/cansortium20201123.html

Forward-Looking Information

All projections related to anticipated future results are forward-looking in nature and are subject to risks and uncertainties that may cause actual results to differ, perhaps materially. Projections are predicated on the Company’s ability to continue successfully implementing the strategic growth and cost-saving initiatives identified by the Special Committee of the Board. In addition, projections are based on the Company’s ability to secure and effectively deploy its capital resources toward those initiatives.

Certain information in this news release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Financial Tables Follow 


Cansortium Inc.


Consolidated Statements of Financial Position


As of September 30, 2020 and December 31, 2019


(USD ‘000)


 September 30, 


 December 31, 


2020


2019


Assets

Current assets

Cash and cash equivalents

$

4,072

$

2,516

Accounts receivable

65

144

Inventory

9,574

6,709

Biological assets

6,128

3,845

Note receivable

4,895

3,870

Prepaid expenses and other current assets

1,311

556

Total current assets

26,045

17,640

Investment held for sale

324

–

Assets held for sale

–

6,301

Property and equipment, net

18,677

19,128

Intangible assets, net

97,418

98,566

Right-of-use assets

19,410

20,190

Investment in associate

3,043

3,424

Goodwill

1,526

1,526

Other assets

390

291


Total assets

$


166,833


$


167,066


Liabilities

Current liabilities

Accounts payable

4,558

7,860

Accrued liabilities

4,107

5,135

Income taxes payable

6,401

1,492

Derivative liabilities

13,436

13,198

Current portion of notes payable

37,211

9,350

Lease obligations

1,979

1,761

Other current liabilities

350

–

Total current liabilities

68,042

38,796

Liabilities held for sale

–

3,240

Notes payable, net of current portion

12,695

31,053

Lease obligations, net of current portion

20,728

21,166

Deferred income taxes

26,657

24,957

Other long-term liabilities

468

676

Total liabilities


128,590


119,888


Shareholders’ equity

Share capital

147,846

149,322

Share-based compensation reserve

4,148

2,977

Equity conversion feature

12,250

7,613

Warrants

13,265

11,773

Accumulated deficit

(138,891)

(123,785)

Accumulated other comprehensive loss

(375)

(563)

Total shareholders’ equity attributable to Cansortium Inc. shareholders

38,243

47,337

Non-controlling interests

–

(159)

Total shareholders’ equity 

38,243

47,178


Total liabilities and shareholders’ equity


$


166,833


$


167,066

 


Cansortium Inc.


Consolidated Statement of Operations


For the three and nine months ended September 30, 2020 and 2019


(USD ‘000)


For the three months
ended September 30,  


For the nine months
ended September 30,  


2020


2019


2020


2019

Revenue, net of discounts

$

14,313

$

7,387

$

37,718

$

19,005

Cost of goods sold

4,784

2,722

13,011

6,822

Gross profit before fair value adjustments

9,529

4,665

24,707

12,183

Realized fair value of increments on inventory sold

6,051

3,341

18,566

6,692

Unrealized change in fair value of biological assets

(4,263)

(1,109)

(23,945)

(3,182)

Gross profit

7,741

2,433

30,086

8,673

Expenses

General and administrative

2,861

4,362

9,064

19,384

Share-based compensation

1,689

258

4,938

1,744

Sales and marketing

3,561

3,348

10,162

8,972

Depreciation and amortization

1,561

2,549

4,635

7,250

Total expenses

9,672

10,517

28,799

37,350

Income (loss) from operations

(1,931)

(8,084)

1,287

(28,677)

Discontinued operations

236

–

(106)

–

Other expense (income)

Interest expense, net

3,892

2,926

11,448

9,786

Change in fair market value of derivative

673

(2,631)

1,680

(6,172)

Loss on investment in associate

166

–

381

–

Gain in fair market value of investment in associate

–

–

–

(3,388)

Loss on debt restructuring

–

–

8,065

–

Loss on disposal of assets

710

2,205

656

2,205

Other expense

1

257

7

285

Total other expense (income)

5,442

2,757

22,237

2,716

Loss before taxes

(7,609)

(10,841)

(20,844)

(31,393)

Income taxes

1,281

432

7,422

1,708

Net loss

(8,890)

(11,273)

(28,266)

(33,101)

Net income (loss) attributable to non-controlling interest

–

83

–

(204)

Net loss attributable to controlling interest

$

(8,890)

$

(11,356)

$

(28,266)

$

(32,897)

Net loss per share

Basic

$

(0.04)

$

(0.06)

$

(0.14)

$

(0.18)

Diluted

$

(0.04)

$

(0.06)

$

(0.14)

$

(0.18)

 


Cansortium Inc.


Consolidated Statement of Cash Flows


For the nine months ended September 30, 2020 and 2019


(USD ‘000)


For the nine months
ended September 30,


2020


2019


Operating activities

Net loss

$

(28,266)

$

(33,101)

Adjustments to reconcile net loss to net cash used in operating activities:

Unrealized gain on changes in fair value of biological assets

(23,945)

(3,182)

Share-based compensation

4,938

2,005

Depreciation and amortization

6,146

8,252

Discontinued operations

(106)

–

Amortization of debt discount

–

4,497

Accretion of convertible debentures

5,974

–

Interest on lease liabilities

3,324

–

Change in fair market value of derivative

1,680

(6,172)

Loss on investment in associate

381

–

Gain in fair market value of investment in associate

–

(3,388)

Loss on debt restructuring

8,066

–

Loss on disposal of assets

656

2,205

Deferred tax expense

1,700

–

Changes in operating assets and liabilities:

Accounts receivable

79

(51)

Inventory

(2,930)

(3,715)

Biological assets

21,662

2,746

Prepaid expenses and other current assets

(492)

(5,561)

Right-of-use assets

(1,439)

–

Other assets

(99)

(1,116)

Accounts payable

(309)

102

Accrued liabilities

2,205

(3,357)

Income taxes payable

4,909

1,838

Lease obligations

–

1,772

Other current liabilities

(251)

398

Other liabilities

(160)

–

Net cash provided by (used in) operating activities

3,723

(35,828)


Investing activities

Purchases of property and equipment

(3,136)

(12,558)

Purchase of intangible assets

–

(319)

Payment of notes receivable

350

–

Notes receivable

(1,375)

–

Proceeds from sale of subsidiary

600

–

Net cash used in investing activities

(3,561)

(12,877)


Financing activities

Proceeds from IPO

–

56,178

Proceeds from issuance of shares and warrants

4,351

–

Proceeds from issuance of notes payable

62

41,006

Payment of lease obligations

(3,207)

921

Interest repayments of notes payable

–

–

Principal repayments of notes payable

–

(46,353)

Net cash provided by financing activities

1,206

51,752

Effect of foreign exchange on cash and cash equivalents

188

(59)

Net increase in cash and cash equivalents

1,556

2,988

Cash and cash equivalents, beginning of period

2,516

2,026

Cash and cash equivalents, end of period

$

4,072

$

5,014

Cash paid during the period for interest

$

2,457

$

585

Non-cash transactions:

Issuance of shares to acquire additional interest in consolidated entity

$

–

$

13,786

Shares returns for sale of interest in subsidiaries

$

(4,374)

$

–

Founders shares return

$

(10,970)

$

–

Note payable amendment

$

10,380

$

–

Issuance of share for convertible debentures amendment

$

2,082

$

–

 


Cansortium Inc.


Financial Highlights


For the three and nine months ended September 30, 2020 and 2019


(USD ‘000)


Three months ended


Nine months ended


Financial results


September
30, 2020


September
30, 2019


Variance


September
30, 2020


September
30, 2019


Variance

Revenue

$

14,313

$

7,387

$

6,926

$

37,718

$

19,005

$

18,713

Gross profit

$

7,741

$

2,433

$

5,308

$

30,086

$

8,673

$

21,413

Gross margin


54.1%


32.9%


21.1%


79.8%


45.6%


34.1%

Adjusted gross profit (1)

$

9,529

$

4,665

$

4,864

$

24,707

$

12,183

$

12,524

Adjusted gross margin (1)


66.6%


63.2%


3.4%


65.5%


64.1%


1.4%

Selling, general and administrative expenses

$

9,672

$

10,517

$

(845)

$

28,799

$

37,350

$

(8,552)

EBITDA (1)

$

(1,617)

$

(4,483)

$

2,867

$

(3,243)

$

(11,854)

$

8,611

Adjusted EBITDA (1)

$

3,645

$

(2,095)

$

5,740

$

6,990

$

(7,224)

$

14,215

Net loss

$

(8,890)

$

(11,273)

$

2,383

$

(28,266)

$

(33,101)

$

4,835

Net loss per share (basic)

$

(0.04)

$

(0.06)

$

0.01

$

(0.14)

$

(0.18)

$

0.04

Net loss per share (diluted)

$

(0.04)

$

(0.06)

$

0.01

$

(0.14)

$

(0.18)

$

0.04

(1)

Adjusted gross profit, adjusted gross margin, EBITDA and Adjusted EBITDA are non-IFRS financial measures that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Refer to the reconciliation to IFRS and quarterly results of operations sections at the Company’s Management Discussion and Analysis document for reconciliation to IFRS.

Cansortium Inc.
Reconciliation of non-IFRS financial measures
For the three and nine months ended September 30, 2020 and 2019
(USD ‘000)


EBITDA

EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates EBITDA from net income (loss), plus (minus) interest expense (income), plus income taxes, plus depreciation and amortization, as follows:


Three months ended


Nine months ended


September



30, 2020


September



30,
2019


Variance


September



30, 2020


September



30, 2019


Variance

Net loss

$

(8,890)

$

(11,273)

$

2,383

$

(28,266)

$

(33,101)

$

4,835

Interest expense

3,892

2,926

966

11,448

9,786

1,662

Income taxes

1,281

432

849

7,422

1,708

5,714

Depreciation and amortization

2,100

3,432

(1,332)

6,153

9,753

(3,600)

EBITDA

$

(1,617)

$

(4,483)

$

2,866

$

(3,243)

$

(11,854)

$

8,611


Adjusted EBITDA

Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates adjusted EBITDA from EBITDA plus (minus) unrealized loss (gain) on embedded derivatives, plus (minus) certain one-time non-operating expenses, as determined by management. The reconciliation from EBITDA to Adjusted EBITDA is as follows:


Three months ended


Nine months ended


September
30, 2020


September
30, 2019


Variance


September
30, 2020


September
30, 2019


Variance

EBITDA

$

(1,617)

$

(4,483)

$

2,866

$

(3,243)

$

(11,854)

$

8,611

Change in fair value of biological assets

1,788

2,232

(444)

(5,379)

3,510

(8,889)

Change in fair market value of derivative

673

(2,631)

3,304

1,680

(6,172)

7,852

Gain in fair value of investment in associate

–

–

–

–

(3,388)

3,388

Share-based compensation

1,689

258

1,431

4,938

1,744

3,194

Discontinued operations

236

–

236

(106)

–

(106)

Loss on debt restructuring

–

–

–

8,065

–

8,065

Other non-recurring expense

876

2,530

(1,654)

1,035

8,935

(7,900)

Adjusted EBITDA

$

3,645

$

(2,095)

$

5,740

$

6,990

$

(7,224)

$

14,215

 

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SOURCE Cansortium Inc

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Cigna Affordable Care Act Health Plans to Expand into 63 New Counties Across North Carolina for 2021

– 2021 Open Enrollment Period (OEP) is now through Dec. 15

– New plan benefits include $0 virtual care – including for behavioral health providers, and additional $0 benefits for diabetes equipment and supplies are part of new plan benefits

– Cigna’s 2021 growth in North Carolina is the largest expansion by any carrier in the state

PR Newswire

RALEIGH, N.C., Nov. 23, 2020 /PRNewswire/ — Cigna is expanding access to health coverage through the Affordable Care Act (ACA) marketplace in 63 counties across North Carolina for 2021. Cigna’s plans on the individual exchange will include a number of features that increase access to quality health care – all while holding down out-of-pocket costs.

Cigna individual and family plans in North Carolina for 2021 will include:

  • New: $0 virtual care that now includes behavioral health providers* for most plans
  • New: Diabetes Care plan** that includes additional $0 benefits for diabetes equipment and supplies
  • New: access to Duke Health and WakeMed for health plans in the Raleigh – Durham area

Cigna is expanding into the following counties for 2021:

  • Raleigh / Durham area: Alamance, Durham, Franklin, Granville, Lee, Person, Vance and Warren.
  • Avery, Beaufort, Bertie, Bladen, Buncombe, Camden, Carteret, Cherokee, Chowan, Clay, Craven, Cumberland, Currituck, Dare, Duplin, Edgecombe, Gates, Graham, Greene, Halifax, Harnett, Haywood, Henderson, Hertford, Hoke, Hyde, Jackson, Jones, Lenoir, Macon, Madison, Martin, McDowell, Mitchell, Montgomery, Moore, Northampton, Onslow, Pamlico, Pasquotank, Perquimans, Pitt, Polk, Richmond, Robeson, Rutherford, Sampson, Scotland, Swain, Transylvania, Tyrell, Washington, Wayne, Wilson, and Yancey.

Cigna plans are currently offered in five counties: Chatham, Johnston, Nash, Orange and Wake. This expansion will bring the total to 68 counties, enabling Cigna to continue making health care more affordable, predictable and simple for more people across the state.  

“Cigna has participated in the individual market in North Carolina since 2014, and we are excited to serve even more people with affordable individual and family health plans in the future,” said Charles Pitts, Cigna market president for the Carolinas.

Cigna’s 2021 plans will again include the Patient Assurance Program*** to cap insulin costs at $25 per month for a 30-day supply of covered eligible insulin, as well as smarter digital interactions to better connect customers to care and medications – including access to the myCigna mobile app and Cigna One Guide to help customers navigate the highest quality and cost-effective providers, best sites of care and health tools.

Cigna’s real time benefit check program will increase financial predictability for customers. With this program, doctors can quickly and easily know the cost of treatment options during an appointment with a Cigna customer, which helps facilitate more informed and meaningful discussions among doctors and patients.

“Cigna remains deeply committed to providing affordable access to quality care with offerings that encourage and support whole-person health – how, when and where our customers want to use their benefits,” said Lisa Lough, president of Cigna’s Individual and Family Plans business. “Our plans on the individual exchange in North Carolina are designed with an understanding of our customers’ needs and preferences for their health care, delivered in a collaborative relationship with physician partners across the state.”

People interested in enrolling in a health plan on the individual exchange may do so during the 2021 Open Enrollment Period (OEP) that begins Nov. 1 and continues through Dec. 15. Health plans purchased during OEP are effective Jan. 1, 2021.

More details about Cigna health plans for individuals and families is available at www.cigna.com/individuals-families.

*Cigna provides access to virtual care through a national telehealth provider, MDLive located on myCigna, as part of your health plan. Providers are solely responsible for any treatment provided to their patients. Video chat may not be available in all areas or with all providers. This service is separate from your health plan’s network and may not be available in all areas or under all plan types. Virtual care does not guarantee that a prescription will be written. Refer to plan documents for complete description of virtual care services and costs, including other telehealth/telemedicine benefits. A primary care provider referral is not required for this service.
**Refer to plan documents for a complete description and list of diabetes equipment and supplies that are covered at $0.
***Discounts available with the Cigna Patient Assurance Program. $25 is the maximum out-of-pocket cost for a 30-day supply.

About Cigna
Cigna Corporation (NYSE: CI) is a global health service company dedicated to improving the health, well-being and peace of mind of those we serve. Cigna delivers choice, predictability, affordability and access to quality care through integrated capabilities and connected, personalized solutions that advance whole person health. All products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company, Cigna Life Insurance Company of New York, Connecticut General Life Insurance Company, Evernorth companies or their affiliates, Express Scripts companies or their affiliates, and Life Insurance Company of North America. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and other related products including group life, accident and disability insurance. 

Cigna maintains sales capability in over 30 countries and jurisdictions, and has approximately 190 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.

Media Contact:

Holly Fussell

423-304-9128


[email protected]

 

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SOURCE Cigna

Posted on

DISH Selects Mavenir To Deliver Cloud-Native Voice, Data And Messaging Services Software For Nationwide 5G Network

PR Newswire

ENGLEWOOD, Colo. and RICHARDSON, Texas, Nov. 23, 2020 /PRNewswire/ — Mavenir today announced that DISH Network has selected Mavenir’s cloud-based carrier messaging solution, which leverages Rich Communication Services (RCS) and Messaging-as-a-Platform (MaaP) technologies. Building upon the companies’ RAN announcement earlier this year, Mavenir is providing DISH with highly-scalable and intelligent cloud-native software in a virtualized, automated environment, leveraging open interfaces and artificial intelligence (AI). 

DISH will deploy Mavenir’s RCS Business Messaging solution, which will enable advanced voice and multimedia messaging (including cloud-native video, VoWiFi and VoLTE), to deliver best-in-class customer support capabilities.  Using AI and chatbots, customers will have access to services from an app where they can engage virtual assistants to answer questions, investigate and modify subscription plans, and participate in promotions.

“Mavenir’s innovative, cloud-native software solutions are compliant with our reimagined network architecture, which enables us to change the wireless business model and select vendor services and functions on demand,” said Marc Rouanne, DISH Executive Vice President and Chief Network Officer. “Mavenir is already playing an important role in our RAN software, and with this agreement we now look to them for messaging services, and beyond.”

“We are  honored to be partnering with DISH as they set the new standard for the U.S. wireless industry, building a transformative network that will be highly automated, efficient, and scalable,” said Pardeep Kohli, President and CEO of Mavenir. “We will enable DISH to provide innovative 5G services on demand, addressing new enterprise use cases based on network slicing and features with agility, speed and automation at a significantly lower cost compared to traditional operators.”

About DISH: 

DISH Network Corporation is a connectivity company. Since 1980, it has served as a disruptive force, driving innovation and value on behalf of consumers. Through its subsidiaries, the company provides television entertainment and award-winning technology to millions of customers with its satellite DISH TV and streaming SLING TV services. In 2020, the company became a nationwide U.S. wireless carrier through the acquisition of Boost Mobile. DISH continues to innovate in wireless, building the nation’s first cloud-native, Open RAN-based 5G broadband network. DISH Network Corporation (NASDAQ: DISH) is a Fortune 250 company.

About Mavenir:

Mavenir is the industry’s only end-to-end, cloud-native Network Software and Solutions/Systems Integration Provider, focused on accelerating software network transformation for Communications Service Providers (CSPs). Mavenir offers a comprehensive end-to-end product portfolio across every layer of the network infrastructure stack. From 5G application/service layers to packet core and RAN, Mavenir leads the way in evolved, cloud-native networking solutions enabling innovative and secure experiences for end users. Leveraging innovations in IMS (VoLTE, VoWiFi, Advanced Messaging (RCS)), Private Networks as well as vEPC, 5G Core and OpenRAN vRAN, Mavenir accelerates network transformation for more than 250+ CSP customers in over 120 countries, which serve over 50% of the world’s subscribers.

Mavenir embraces disruptive, innovative technology architectures and business models that drive service agility, flexibility, and velocity. With solutions that propel NFV evolution to achieve web-scale economics, Mavenir offers solutions to help CSPs with cost reduction, revenue generation, and revenue protection. www.mavenir.com

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SOURCE DISH Network Corporation

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Black Knight’s First Look: Mortgage Delinquencies Decline for Fifth Consecutive Month in October; Record-Low Rates Push Prepayment Activity to 16-Year High

– Mortgage delinquencies improved again in October, falling to 6.44%, the lowest level since March

– Despite five consecutive months of improvement, there are still more than 3.4 million delinquent mortgages, nearly twice as many as there were entering the year

– Serious delinquencies – loans 90 or more days past due – improved in October as well, but volumes remain at more than five times (+1.8 million) pre-pandemic levels

– October’s 4,700 foreclosure starts marked a nearly 90% year-over-year reduction as widespread moratoriums remain in place, while active foreclosure inventory set yet another record low at 178,000

– Record-low interest rates again pushed prepayment activity higher, with October’s prepayment rate of 3.17% setting the highest single-month mark in more than 16 years

PR Newswire

JACKSONVILLE, Fla., Nov. 23, 2020 /PRNewswire/ — Black Knight, Inc. (NYSE:BKI) reports the following “first look” at October 2020 month-end mortgage performance statistics derived from its loan-level database representing approximately two thirds of the national mortgage market. Data is then extrapolated to reflect the entirety of the active mortgage universe.

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 6.44%
Month-over-month change: -3.30%
Year-over-year change: 90.04%

Total U.S. foreclosure pre-sale inventory rate: 0.33%
Month-over-month change: -1.64%
Year-over-year change: -31.02%

Total U.S. foreclosure starts: 4,700
Month-over-month change: 4.44%
Year-over-year change: -89.29%

Monthly prepayment rate (SMM): 3.17%
Month-over-month change: 4.13%
Year-over-year change: 75.29%

Foreclosure sales as % of 90+: 0.07%
Month-over-month change: -10.03%
Year-over-year change: -96.11%

Number of properties that are 30 or more days past due, but not in foreclosure: 3,437,000
Month-over-month change: -105,000
Year-over-year change: 1,651,000

Number of properties that are 90 or more days past due, but not in foreclosure: 2,259,000
Month-over-month change: -64,000
Year-over-year change: 1,826,000

Number of properties in foreclosure pre-sale inventory: 178,000
Month-over-month change: -3,000
Year-over-year change: -77,000

Number of properties that are 30 or more days past due or in foreclosure: 3,616,000
Month-over-month change: -106,000
Year-over-year change: 1,575,000

Top 5 States by Non-Current* Percentage
Mississippi:                          11.29%
Louisiana:                            11.04%
Hawaii:                                9.55%
New York:                           8.77%
Texas:                                 8.43%                                                   

Bottom 5 States by Non-Current* Percentage
Montana:                            4.43%
Oregon:                              4.40%
Colorado:                           4.24%
Washington:                       4.08%
Idaho:                                 3.52%

Top 5 States by 90+ Days Delinquent Percentage
Mississippi:                         6.69%
Louisiana:                           6.47%
Hawaii:                                5.91%
Nevada:                              5.91%
Alaska:                                5.84%                                                                                   

Top 5 States by 6-Month Improvement in Non-Current* Percentage
New Jersey:                       -13.32%
California:                           -12.64%
New York:                           -10.37%
Michigan:                            -8.00%
Pennsylvania:                     -7.60%                                                                 

Top 5 States by 6-Month Deterioration in Non-Current* Percentage
North Dakota:                    28.70%
Wyoming:                           27.52%
Nebraska:                           23.29%
Minnesota:                         22.84%
Iowa:                                  19.03%                                                                                 

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
1)            Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.
2)            All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.

For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom.

The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by Dec. 7, 2020.

For more information about gaining access to Black Knight’s loan-level database, please send an email to [email protected].

About Black Knight

About Black Knight
Black Knight, Inc. (NYSE: BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.

Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.

 

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SOURCE Black Knight, Inc.

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Nuance Integrates Radiology Data Interoperability Standards into PowerScribe One to Improve Patient and Provider Experiences

Collaboration with the Radiological Society of North America and American College of Radiology to demonstrate Common Data Elements support at the RSNA annual meeting

PR Newswire

BURLINGTON, Mass., Nov. 23, 2020 /PRNewswire/ — Nuance Communications, Inc. (NASDAQ: NUAN) today announced the company has integrated the Common Data Elements (CDE) Steering Subcommittee interoperability standards into Nuance® PowerScribe One™ to generate and share actionable radiology reporting data that improve patient and provider experiences. Working closely with the CDE Steering Subcommittee, a joint team of informatics experts from the Radiological Society of North America (RSNA) and the American College of Radiologists (ACR), Nuance has integrated the standardized data element names and attributes to support clinical and translational research, patient care, and performance improvements in diagnostic and interventional radiology.

“Collaborating with Nuance and other leading solutions vendors will accelerate the adoption of CDE and help radiologists turn the wealth of information contained in radiology reports into actionable data. This has the power to meaningfully improve patient and financial outcomes, and transform the practice of radiology,” said Marc Kohli, MD, associate professor, associate chair of clinical informatics at the University of California, San Francisco, and the RSNA co-chair of the CDE Steering Subcommittee initiative. “Nuance is an important partner in the CDE project and in bringing the capabilities and benefits of the standard to radiologists quickly and effectively.”

The CDE interoperability standards define terms, data types, allowable values, and other attributes commonly used in radiology reports to standardize the reporting of findings such as anatomic location, shape, and dimensions. Integrating the CDE interoperability standards within cloud-based PowerScribe One allows radiologists to automatically extract actionable, structured clinical data in real-time while dictating findings and recommendations. Data can then be shared seamlessly across disparate picture archiving and communication systems (PACS), electronic health records (EHR), and other downstream systems to trigger appropriate clinical actions.

“Now is the time to get past the limitations of text-based radiology reporting, empower radiologists with data-driven solutions, realize the full clinical potential of radiology findings, and enable the seamless flow of information across care teams,” said Tarik Alkasab, MD, PhD, Diagnostic Radiology Specialist at Massachusetts General Hospital. “We have been collaborating with Nuance and the RSNA on the practical implementation of CDE for several years. The fact that PowerScribe One is facilitating the move to the next generation of data-oriented radiology and enabling us to deliver more information to our referring providers and thus better care to our patients is really exciting.”

By integrating CDE standards support into PowerScribe One, Nuance customers will realize many benefits including:

  • Reduced radiologist burnout and higher provider satisfaction by replacing manual searches for and re-entry of data contained in previous radiology reports or in other systems with automatic inclusion of data into appropriate areas of a report template.
  • Improved report consistency and communication of follow-up recommendations with context-aware, workflow-integrated presentation of evidence-based clinical decision support information.
  • More timely and effective care team coordination by streamlining communication of radiology data and findings between clinicians using radiology, EHR, and other computer systems.
  • Synchronized, real-time, two-way data sharing between PowerScribe One and disparate PACS, image viewer, EHR, and other third-party systems and solutions available through the Nuance AI Marketplace.
  • Data-driven improvements in radiology workflow efficiency and utilization as healthcare systems mitigate the effects of delayed patient care during the pandemic.
  • Reduced incidence of failed follow-up exams through automated tracking of compliance with follow-up recommendations for earlier detection and treatment of disease resulting in better patient prognosis.
  • Workflow optimization, triage-based prioritization of time-sensitive cases through data-driven, real-time access to AI models on the Nuance AI Marketplace.
  • Increased availability of high-quality data for AI model development and analytics across healthcare organizations to power new, breakthrough applications in primary care, patient outreach and population health, and other clinical areas.

“Working with the RSNA, ACR, and radiologists across the country to integrate the CDE standard into PowerScribe One has been a significant part of our radiology solutions roadmap,” said Karen Holzberger, Senior Vice President and General Manager of the Diagnostic Division at Nuance. “We are building on years of development and hard work by the RSNA, ACR, and on our own ambient, conversational, and cognitive AI innovations to turn the vision for the data-driven transformation of radiology into a reality – and ultimately improve patient care, reduce radiologist burnout and enhance financial outcomes for our customers.”

Nuance PowerScribe One is the nexus of an integrated, cloud-powered diagnostic radiology ecosystem that includes the Nuance PowerShare radiology image-sharing and teleradiology network, the Nuance AI Marketplace for workflow-integrated access to AI models for radiology, and mPower Clinical Analytics.

Nuance will demonstrate the power of PowerScribe One and the “Radiology Experience of the Future” during the virtual 2020 RSNA Annual Meeting from November 29 to December 5. To learn more about the PowerScribe One, click here.

About Nuance Communications, Inc.

Nuance Communications (NASDAQ: NUAN) is a technology pioneer with market leadership in conversational AI and ambient intelligence. A full-service partner trusted by 90 percent of U.S. hospitals and 85 percent of the Fortune 100 companies worldwide, Nuance creates intuitive solutions that amplify people’s ability to help others.

Trademark reference: Nuance and the Nuance logo are registered trademarks or trademarks of Nuance Communications, Inc. or its affiliates in the United States and/or other countries. All other trademarks referenced herein are the property of their respective owners.

Media Contact

Nancy Scott

+1 781-565-4130
[email protected]

 

 

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SOURCE Nuance Communications, Inc.

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The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Westpac Banking Corporation Securities — WBK

PR Newswire

PORTLAND, Nov. 23, 2020 /PRNewswire/ — The Rosen Law Firm, P.A. announces that the United States District Court for the District of Oregon has approved the following announcement of a proposed class action settlement that would benefit purchasers of Westpac Banking Corporation Securities (NYSE: WBK):

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED
SETTLEMENT; (II) SETTLEMENT HEARING; AND (III) MOTION FOR AN AWARD OF
ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:  All persons and entities who
purchased shares of Westpac Banking Corp. (“Westpac”) traded on a U.S. exchange, including the NYSE (“Westpac Securities”) during the period between November 11, 2015 and November 19, 2019, inclusive (the “Settlement Class”), and were damaged thereby:

Please read this notice carefully; your rights will be affected by a class action lawsuit pending in this court.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Oregon, that the above-captioned litigation (the “Action”) has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full Notice of (i) Pendency of Class Action and Proposed Settlement; (ii) Settlement Hearing; and (iii) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”).

YOU ARE ALSO NOTIFIED that Plaintiffs in the Action have reached a proposed settlement of the Action for $3,100,000 U.S. Dollars in cash (the “Settlement”), that, if approved, will resolve all claims in the Action.

A hearing will be held on April 20, 2021 at 9:30 a.m., before the Honorable John V. Acosta at the United States District Court for the District of Oregon, Mark O. Hatfield United States Courthouse, Courtroom 1127, 1000 S.W. Third Avenue, Portland, Oregon, 97204, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement, dated October 6, 2020 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel’s application for an award of attorneys’ fees and reimbursement of expenses should be approved. 

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  The Notice and Proof of Claim and Release form (“Claim Form”) can be downloaded from the website maintained by the Claims Administrator, www.strategicclaims.net.  You may also obtain copies of the Notice and Claim Form by contacting the Claims Administrator at In re Westpac Class Action Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Suite 205, Media, PA 19063; Toll-Free: (866) 274-4004; Fax: (610) 565-7985; [email protected].

If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form to the Claims Administrator postmarked no later than January 18, 2021.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion to the Claims Administrator such that it is received no later than March 8, 2021, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Defendants’ Counsel such that they are received no later than March 30, 2021, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk’s office, Westpac, or its counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

ROSEN LAW FIRM, P.A.
Sara Fuks, Esq.
275 Madison Avenue, 40th Floor
New York, New York 10016
Tel: (212) 686-1060
[email protected]

Requests for the Notice and Claim Form should be made to:

In re Westpac Class Action Litigation   
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson St., Suite 205
Media, PA 19063
Toll-Free: (866) 274-4004
[email protected]

By Order of the Court

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SOURCE The Rosen Law Firm, P.A.

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LPL Financial Welcomes Verus Capital Partners

CHARLOTTE, N.C., Nov. 23, 2020 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq:LPLA), a leading retail investment advisory firm, independent broker-dealer and registered investment advisor (RIA) custodian, today announced that Verus Capital Partners, a large enterprise with approximately 30 financial advisors, has joined LPL Financial’s broker-dealer and corporate RIA platforms, leveraging LPL as custodian. The advisors reported having served approximately $1 billion in advisory and brokerage assets*. They join LPL from Securities America, part of the Advisor Group network of broker-dealers.

Founder Stephen Bull, who started his career with AXA Advisors, formed Bull Capital Management in 2003 as an independent firm focused on trust, transparency and a client-first mentality. The outgrowth of his individual practice morphed into Verus Capital Partners. Bull is joined by partner Zach Mason, who has been in the financial planning and investment advisory industry since 2009. Two of the larger teams supported by Verus include Phillips Financial Management and Oxenham Financial, both serving more than $100 million each in brokerage and advisory assets*.

Verus Capital Partners is based in Scottsdale, Ariz., with another registered office in San Diego. The service-oriented firm supports financial advisors throughout the Southwest and beyond who are committed to integrity and excellence in advising their clients in all aspects of life’s financial decisions. Their mission, according to Bull, is to “deliver 5-star service with an unmatched level of integrity as we work together with clients to pursue their goals.”

LPL supports growth plans

Looking to expand their service, as well as their national footprint, the team turned to LPL for its differentiated support, integrated capabilities and the ability to recruit advisors across the country. “We have grown our team significantly over the past few years and feel confident we can grow our business even more aggressively within the next five years with LPL’s recruiting help. We believe that LPL is the best growth partner to support our vision of being able to support both traditional advisors and hybrid advisors, as well as RIA-only advisors,” said Bull, also noting that they appreciate LPL’s attractive economics and innovative technology. “We are committed to taking care of our advisors by giving them a heightened level of support in the areas where they need it most and across multiple practice models.”

Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, said, “We extend a warm welcome to Stephen, Zach and the entire network of Verus advisors and team members. These are proactive, service-driven financial professionals with a client-first mentality, and we are honored to be their choice for enhanced service and support to help them expand their team and deliver more value to their clients. LPL remains committed to meeting advisors where they are in the evolution of their practices by giving them more flexibility to affiliate and run their businesses as they see fit. We also stand firm in our commitment to advisors and to investing in the differentiated capabilities, business solutions, platforms and resources that can help the firm and each individual advisor in their network be successful. We look forward to a long-lasting partnership with Verus Capital Partners.”

Learn more about LPL Business Model Options. Read about other firms that recently joined LPL in the LPL Financial News and Media section of LPL.com.

Advisors, find an LPL business development representative near you.


About LPL Financial

LPL Financial (https://www.lpl.com) is a leader in the retail financial advice market, the nation’s largest independent broker-dealer** and a leading custodian (or provider of custodial services) to RIAs. We serve independent financial advisors, professionals and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

Securities and advisory services offered through LPL Financial LLC, an SEC- registered broker-dealer and investment advisor. Member FINRA/SIPC. 

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

*Based on prior business and represents assets that would have been custodied at LPL Financial, rather than third-party custodians. Reported assets and client numbers have not been independently and fully verified by LPL Financial.

**Based on total revenues, Financial Planning magazine June 1996-2020.

Verus Capital Partners, Phillips Financial Management, Oxenham Financial and LPL Financial are separate entities.


Forward-Looking Statements


Statements in this press release regarding LPL’s and Verus Capital Partners’ future operating results, growth, business plans and prospects, including statements related to the business growth that Verus Capital Partners’ anticipates as a result LPL’s assistance with advisor recruitment, as well as any other statements that are not related to present facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the historical performance of LPL and Verus Capital Partners, and LPL’s and Verus Capital Partners’ plans, estimates and expectations as of November 23, 2020. Forward-looking statements are not guarantees that the future results, plans, intentions or expectations expressed or implied by LPL will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause actual financial or operating results, levels of activity, or the timing of events, to be materially different than those expressed or implied by forward-looking statements. In particular, LPL can provide no assurance that the benefits, synergies, capabilities, service enhancements and efficiencies that Verus Capital expects in connection with joining LPL’s broker-dealer and corporate RIA platforms will materialize. Important factors that could cause or contribute to such differences include: difficulties or delays in transitioning Verus Capital Partners’ operations to LPL’s broker-dealer and corporate RIA platforms, LPL’s and Verus Capital Partners’ success competing with other industry participants for financial advisors, the performance of the financial products that LPL offers and competitive pressures on the pricing of such products, LPL’s ability to profitably provide quality service to the users of its platforms; changes in general economic and financial market conditions, including retail investor sentiment; and the other factors set forth in Part I, “Item 1A. Risk Factors” in LPL’s 2019 Annual Report on Form 10-K and any subsequent SEC filing. Except as required by law, LPL specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, even if its estimates change, and you should not rely on those statements as representing LPL’s views as of any date subsequent to November 23, 2020.

Connect with Us!

https://twitter.com/lpl

https://www.linkedin.com/company/lpl-financial

https://www.facebook.com/LPLFinancialLLC

https://www.youtube.com/user/lplfinancialllc


Media Contact:


Lauren Hoyt-Williams
(980) 321-1232
[email protected] 



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Parexel Partners with CTC North to Increase Research Capacity for Delivery of Early Phase Clinical Trials

BOSTON and DURHAM, N.C., Nov. 23, 2020 (GLOBE NEWSWIRE) — Parexel, a leading provider of solutions to accelerate the development and delivery of innovative therapies to improve world health, from clinical through commercialization, today announced a strategic partnership between its Early Phase Clinical Unit (EPCU) in Berlin, Germany and Clinical Trial Center (CTC) North, a full-service CRO located at the University Medical Center Hamburg-Eppendorf (UKE).

The strategic collaboration supports the high demand for and continuation of Early Phase clinical studies during the COVID-19 pandemic, enabling the optimal use of resources and providing additional bed capacity for healthy volunteers and patients ensuring early phase research can continue. One central point of the collaboration will be the roll-out and implementation of Parexel’s eSource system ClinBaseTM at CTC North to drive efficiency and collaboration.

“We’re delighted about the CTC North partnership, which leverages broad expertise across both partners to provide a unique solution for Clinical Pharmacology research in healthy volunteers and patients,” said Dr. Sandra Stark, Head of the Berlin EPCU & Interim Head, Global EPCUs. “The use of ClinBase as the eSource system will support trials from a data perspective resulting in minimal timelines for post-clinical services.”

Multiple ongoing and recently awarded studies are being conducted at CTC North as well as biosimilar, COVID-19, food effect and bioavailability studies, among others. CTC North and its Clinical Pharmacology Unit have partnered with UKE for more than 10 years, primarily in the conduct of vaccine development and first-in-human trials.

“We’re pleased to have the opportunity to partner with Parexel’s Berlin EPCU after collaborating together for many years,” said Ralf Freese, Medical Director and Vice President of BVMA (Federal Association of Contract Research Organizations). “Under one roof, we’re combining Parexel’s ‘excellence’ with CTC North’s access to one of Europe´s most modern clinics at UKE providing access to specialists from all fields of medicine.”

In addition to its Berlin EPCU, Parexel’s Early Phase clinical development presence includes EPCUs in Baltimore and Los Angeles (USA) and London (United Kingdom), providing access to more than 300 beds and 35+ patient populations. This global network enables customers to run Phase I trials from multiple locations simultaneously with integrated technology to make decisions in real-time. During the COVID-19 pandemic, Parexel has adapted its Early Phase facilities and processes to mitigate viral transmission risks. Each of the company’s units can support COVID-19- related product development and flexible capacity models and decentralized clinical trial processes have been introduced where possible to help advance Early Phase programs in support of COVID-19 therapies.

About Parexel

Parexel supports the development of innovative new medicines to improve the health of patients. We provide services to help life science and biopharmaceutical clients everywhere transform scientific discoveries into new treatments. From clinical trials to regulatory and consulting services to commercial and market access, our therapeutic, technical and functional ability is underpinned
by a deep conviction in what we do. For more information, visit our website and follow us on LinkedIn, Twitter and Instagram.

About
CTC North

CTC North is an independent full-service CRO located at the University Medical Center Hamburg-Eppendorf (UKE). Its objective is to guarantee the professional conduct of clinical trials in accordance with ICH-GCP, the German Drug Law (AMG) and the German Medical Device Law (MPG) within a university environment. CTC North provides professional services in all aspects of clinical trials and offers complete clinical trial management complying with regulatory guidelines valid worldwide and the highest quality assurance standards. It acts as an advisor to investigators and scientists and provides a variety of support services related to conducting clinical trials. CTC North has extensive experience with the coordination of multicenter clinical trials, with a focus on studies with non-commercial sponsors (IITs). The following services are provided: Project management, regulatory services, medical writing, safety monitoring, monitoring, data management, and statistics.

CONTACT:

Parexel

Lori Dorer
+1 978 495 4135
[email protected]

W2O

Lindsay LeCain
+1 508 259 9521
[email protected]



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All Kids Bike and Celebrity Athletes Bring Bikes to Students in Bentonville

Hall of Fame Mountain Biker Brian Lopes Leads ALL STAR Roster of Celebrity Athletes Through Northwest Arkansas, the “Mountain Bike Capital of the World”

BENTONVILLE, Ark., Nov. 23, 2020 (GLOBE NEWSWIRE) — All Kids Bike, a nationwide movement of the Strider Education Foundation, is on a mission to teach every child in America how to ride a bicycle in kindergarten PE class. Marking the program’s second anniversary, an ALL STAR roster of celebrity athletes delivered bikes to kindergarten students at Sugar Creek Elementary School in Bentonville, Arkansas, during a week of activities designed to highlight the growing momentum for this important national program.

“The pace for onboarding schools and delivering bikes is picking up exponentially,” said Ryan McFarland, All Kids Bike Founder, who was in attendance all week. “Riding bikes is a wonderful activity for kids, especially this year. It’s naturally distanced, great exercise, fun for the kids, and it gets them off their computer screens.”

As part of the weeklong celebration, Hall of Fame mountain biker Brian Lopes led an ALL STAR group through three days of rides to explore and showcase the extensive trail systems, bike parks, and other attractions around Bentonville. As an All Kids Bike ambassador, Lopes also helped arrange school visits to witness firsthand the program’s impact.

“We were stoked to be back in the land of OZ Trails in Northwest Arkansas for the second consecutive year,” said Brian Lopes. “The Walton Family Foundation, Bike Bentonville and BikeNWA have built a world class cycling destination. This trip was a highlight of the year, especially seeing the kids when we delivered those bikes to Sugar Creek Elementary. The All Kids Bike program is changing kids’ lives. It’s great to see the excitement and the confidence the kids get when they first learn how to ride their new bikes.”

Over the past two years, All Kids Bike has funded 231 schools in 36 states, impacting more than 37,000 students. The program celebrated its second anniversary on November 18 and continues to set up programs in more schools every week across the country. Thanks to donations from individuals, businesses and organizations like the Walton Family Foundation and BikeNWA, All Kids Bike places Kindergarten PE Learn-to-Ride programs into public schools for free.

“The myriad trails and cycling infrastructure that have been developed in recent years have propelled Bentonville and Northwest Arkansas into becoming the new ‘Mountain Bike Capital of the World’,” said Gary Vernon, of the Walton Personal Philanthropy Group. “It’s only natural that we would want to share this treasure with the next generation of local cyclists.”

Grants from the Walton Family Foundation, at the recommendation of Steuart Walton and Tom Walton, supported the ALL STAR week event and All Kids Bike donations to kindergarten students at Sugar Creek Elementary School.

Delivering Bikes to Schools:

Students attending the donation event on Thursday, November 19, were treated to a world class exhibition by professional cyclists Corey Martinez and Mike “Hucker” Clark. Martinez is a three-time NORA Cup Street Rider of the Year, and Clark is a BMX dirt jumper, X Games silver medalist and three-time NORA Cup Jumper of Year.

The donation from All Kids Bike included an eight-lesson Kindergarten PE Learn-To-Ride Curriculum, teacher training and certification, 22 Strider 14x Balance Bikes, helmets, pedal conversion kits and a five-year support plan.

Bike Riding Benefits for Kids:

Childhood development never stops. By continuing to expand the All Kids Bike program this year, more children across the country are learning life skills and getting much needed exercise while getting away from their computer screens and spending more time outdoors.

The Kindergarten PE Program supports critical health and safety needs, including:

  • Spatial awareness: Teaches the concept and understanding of “safe distancing” to a child.
  • Limited touch points: Specifically-designated hand placement limits cross-class touch points.
  • Fosters overall health: Core muscle development, cardio activity, and mental motivation.

Learning to ride a bike at a young age increases confidence while developing balance, mobility, safety, environmental awareness, and facilitating exercise. The bikes used in the All Kids Bike program allow children and teachers to progress through the riding process void of fear and full of encouragement. Kids develop their skills with each session, first learning to balance, then learning to pedal, all on the same bicycle. 

“We have a lot of schools on our wait list for funding and for bikes,” McFarland said. “We’re always looking for funding, but what we can raise now – before the end of this year – gives us time to train teachers and order equipment, so programs can be in place for the Spring semester. We can have thousands more kids riding bikes next Summer if we can raise the necessary funds now.”

The All Kids Bike school funding and waiting lists are online at https://support.allkidsbike.org

The ALL
STAR
Roster
of Celebrity Riders Included:

  1. Brian Lopes: Named “the best all-around world class cycling athlete” by USA Today, Lopes is a 19-time Mountain Bike Champion, including four Mountain Bike World Championships, six Mountain Bike World Cup Championships, and nine Mountain Bike National Championships. He is in the Mountain Bike and BMX Hall-of-Fame, and author of the book, Mastering Mountain Bike Skills.
  2. Rahsaan Bahati: National Crit champion and with the Bahati Foundation
  3. Eliot Jackson: U.S. Downhill racer and with the Grow Cycling Foundation
  4. Colton Haaker: Multi-time enduro cross champion and X Games medalist
  5. Corey Martinez: Three-time NORA Cup Street Rider of the Year and X Games gold medalist
  6. Mike “Hucker” Clark: BMX dirt jumper, X Games silver medalist and three-time NORA Cup Jumper of Year
  7. Nick Troutman: World champion freestyle kayaker
  8. Kialani Hines: Professional mountain biker and second overall in the hunt for ‘Queen of Crankworx’
  9. Austin “Bubba” Warren: Downhill, dual slalom and enduro MTB rider

About All Kids Bike

All Kids Bike is a national movement led by the nonprofit Strider Education Foundation to place Kindergarten PE Learn-To-Ride Programs into public schools for free using donations from individuals, businesses and organizations. One of the key goals of the organization is to make riding a bicycle the fourth “R” of elementary education along with reading, writing and arithmetic. The ability to ride improves a life greatly while developing balance, mobility, safety, environmental awareness and facilitating exercise. It instills confidence in the classroom, home and community. As of Oct. 31, 2020, the All Kids Bike Kindergarten PE Program is running in 231 schools in 36 states, impacting 37,676 students this year.

About Walton Family Foundation, at the direction of Steuart Walton and Tom Walton

The Walton Family Foundation is, at its core, a family-led foundation. Three generations of the descendants of our founders, Sam and Helen Walton, and their spouses work together to lead the foundation and create access to opportunity for people and communities. We work in three areas: improving K-12 education, protecting rivers and oceans and the communities they support, and investing in our home region of Northwest Arkansas and the Arkansas-Mississippi Delta. In 2019, the foundation awarded more than $525 million in grants in support of these initiatives.

Bike Bentonville & Visit Bentonville

Bike Bentonville is part of Visit Bentonville, which is funded by the Bentonville Advertising and Promotion Commission which was established in 1996. The Commission is supported by a 2 percent tax on lodging and meeting space and a 1 percent tax on restaurant and dining establishments. The organization’s mission is to brand, promote and sell Bentonville as a tourism destination, stimulating economic development. Visit Bentonville leads the planning of sports, meetings and group tours while also marketing leisure experiences that include arts, cycling, culinary, film, music and aviation. Visit Bentonville also collaborates with tourism offices throughout the state of Arkansas to create positive economic impact while increasing tourism amenities for both visitors and residents.

Bike NWA

Founded in 1999, BikeNWA is a 501(c)(3) nonprofit working to create a more active transportation friendly community by advocating for safe, connected bicycle and pedestrian infrastructure; supporting programs and events that foster a thriving, fun cycling culture; and ensuring that diverse constituencies have a voice in the development of new policies and infrastructure.

Media contact:
Van Holmes
For All Kids Bike
[email protected]  

Photos accompanying this announcement are available at: 

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Posted on

TEN Ltd Reports Profits for the Nine Months and Third Quarter Ended September 30, 2020 and Announces Common Stock Dividend of $0.125 Per Share


130% increase


of operating income


y-o-y


Full-year common stock dividend


totals


$0.50


per share


New acquisitions to add a minimum of $200 million in TCE


revenues


H


igh


utilization levels despite global pandemic


TEN’s crew health and safety remains a priority

ATHENS, Greece, Nov. 23, 2020 (GLOBE NEWSWIRE) — TEN, Ltd (TEN) (NYSE: TNP) (the “Company”) today reported results (unaudited) for the quarter and nine months ended September 30, 2020.

NINE
MONTHS
2020
SUMMARY
RESULTS

TEN generated a net income of $70.6 million in the nine months ended September 30, 2020, before second-quarter 2020 reported non-cash charges of $16.5 million, compared to $2.0 million for the same nine-month period in 2019.

Gross revenues amounted to $512.5 million, a $90.4 million, or 21.4%, increase over the 2019 equivalent nine-month period, despite three vessels undergoing dry-docking for survey and upgrading purposes.

Adjusted EBITDA for the nine months ended September 30, 2020 increased to $234.1 million, $67.0 million higher from the same period in 2019.

Operating income, before non-cash items, totaled $133.3 million, a 130% increase from the 2019 equivalent nine-month period.

The average daily time charter equivalent (TCE) rate per vessel of the fleet increased by 27.4% to reach $25,351.

Fleet utilization for the first nine months of the year at a still strong 95.2% after increased dry-dockings and pandemic related operational obstacles.

On September 30, 2020, total cash reserves stood at $236.5 million.

Six tankers with an average age of 14.7 years were sold in the first half of 2020 generating about $37.5 million free cash after repaying nearly $61.0 million of related debt. Additionally, during the year, the Company has taken delivery of four environmentally friendly state of the art vessels, two suezmaxes and two aframaxes on minimum five-year contracts to an oil major with expected TCE-basis revenues of about $200 million. These transactions resulted in the reduction of the fleet’s average age by about three years and further enhanced its modern profile.

Vessel operating expenses were at $133.4 million, just under the operating expenses in the 2019 nine-month period with the same average number of vessels.

Average daily operating expenses per vessel in the 2020 first nine months also remained at a relatively stable level of $7,757.

Total finance costs remained steady at $61.0 million, almost exactly the level of the 2019 nine-month period, of which bank loan interest amounted to $35.4 million. A reduction of $18.5 million due to lower average outstanding debt, lower market interest rates and lower average margins in this nine-month period.

Total debt outstanding as of September 30, 2020 stood at $1.504 billion.

Q
3
2020
SUMMARY RESULTS

In what is the seasonally slowest quarter, TEN’s net income for the three-month period that ended on September 30, 2020 reached $1.4 million compared to a net loss of $9.5 million in the same quarter of 2019. An $11.0 million positive turnaround.

Gross revenue generated by TEN’s vessels amounted to $142.8 million, 9% more than in the 2019 third quarter resulting to an EBITDA of $48.1 million.

Despite the additional pressure created by the global slow-down in demand due to the pandemic and the inevitable draw-down of global inventories, operating income increased by 29% from the 2019 third quarter to reach $15.1 million.

Average daily TCE rates per vessel increased to $20,451, compared to an average daily TCE per vessel of $18,837 in the 2019 third quarter.

Operating expenses of about $45.2 million were similar to those of the 2019 third quarter. Average daily opex per vessel at $7,927 increased modestly, due partly to a weakness in the US dollar, necessary dry-docking expenses and effects of the pandemic.

Finance and interest costs fell 39% to $13.5 million, due to a reduction in average debt outstanding between the two respective third quarters and a decrease in margins payable on several loans.


DIVIDEND – COMMON SHARES


The Company will pay a dividend of $0.1250 per common share on December 22, 2020 to shareholders of record as of December 16, 2020 bringing the total payments to holders of the common stock for 2020 to $0.50 per share on a reverse-split adjusted basis.


OTHER


Following the full redemption of the $50 million Series B Preferred shares in July 2019, at the end of October 2020 TEN also repaid, at par, its 8.875% $50 million Series C Preferred Shares and reduced its total preferred shares by $100 million.

Since the commencement of the TEN’s share buyback program in May 2020, the Company has acquired approximately $10 million worth of common shares representing over 5% of the total (reverse-split adjusted) shares outstanding.


CORPORATE STRATEGY & OUTLOOK


As the rollercoaster year 2020 approaches to a close, a light glimmers at the end of the tunnel in the form of a vaccine that hopefully cures all.

In the meantime, TEN continues its steady course through these turbulent times.

The strong market at the start of the year gave us the opportunity to charter-out at accretive rates a number of our vessels operating in spot trades. At the same time, we sold six tankers with an average age of 14.7 years and replaced them with four brand new, purposely-built eco-designed vessels with solid long-term employment which will add $200 million, over 5 years, in TCE-basis revenues.

Concurrently, we took the opportunity of the distressed newbuilding prices to order two specialized vessels, one DP2 shuttle tanker and one LNG carrier, today both with long-term charter contracts.

Additionally, we have continued the reduction of our preferred securities and bank debt, whilst maintaining our uninterrupted dividend policy and strong cash reserves.

Looking forward, a normalization of the pandemic should revitalize world trade and materially increase oil demand, resulting in a stronger freight market. The historically low supply of tonnage currently in existence should assist in boosting rates and asset values significantly, providing better opportunities to divest our first-generation vessels and enhance profitability further.

In the meantime, we spare no effort in securing the well-being of our seafarers and thank them for their heroic efforts in maintaining our flawless operations and high utilization record in this unprecedented challenging environment.

We wish you all a SAFE Thanksgiving and better days ahead.

CONFERENCE CALL
As previously announced, today, Monday, November 23, 2020 at 10:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management’s outlook for the business. The call, which will be hosted by TEN’s senior management, may contain information beyond that which is included in the earnings press release.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 877 553 9962 (US Toll Free Dial In), 0808 238 0669 (UK Toll Free Dial In) or +44 (0)2071 928592 (Standard International Dial In). Please quote “Tsakos” to the operator.

A telephonic replay of the conference call will be available until Monday, November 30, 2020 by dialing 1 866 331 1332 (US Toll Free Dial In), 0808 238 0667 (UK Toll Free Dial In) or +44 (0)3333 00 9785 (Standard International Dial In). Access Code: 90295809#

SIMULTANEOUS SLIDES AND AUDIO WEBCAST:
There will also be a simultaneous live, and then archived, slides webcast of the conference call, available through TEN’s website (www.tenn.gr). The slides webcast will also provide details related to fleet composition and deployment and other related company information. This presentation will be available on the Company’s corporate website reception page at www.tenn.gr. Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

ABOUT TEN
TEN, founded in 1993 and celebrating this year 27 years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 68 double-hull vessels, including one LNG carrier and one suezmax DP2 shuttle tanker under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.6 million dwt.

ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information, please contact:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
COO
+30210 94 07 710
[email protected]

Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
[email protected]      

                               
TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES  
Selected Consolidated Financial and Other Data  
(In Thousands of U.S. Dollars, except share, per share and fleet data)  
                               
      Three months ended     Nine months ended  
      September 30 (unaudited)     September 30 (unaudited)  
  STATEMENT OF OPERATIONS DATA   2020         2019       2020         2019    
                               
  Voyage revenues $ 142,834       $ 131,002     $ 512,503       $ 422,066    
                               
  Voyage expenses   37,242         30,132       105,363         96,888    
  Charter hire expense   5,471         2,728       16,033         8,094    
  Vessel operating expenses   45,246         44,766       133,440         134,163    
  Depreciation and amortization   33,144         34,522       102,477         104,065    
  General and administrative expenses   6,591         7,143       21,859         20,375    
  Loss on sale of vessels                           –                                 –                          3,050                                   –    
  Impairment charges                 –         –                        13,450                           –    
  Total expenses   127,694         119,291       395,672         363,585    
                               
  Operating income    15,140         11,711       116,831         58,481    
                               
  Interest and finance costs, net   (13,485 )       (22,133 )     (60,958 )       (60,988 )  
  Interest income   28         690       538         3,238    
  Other, net   (140 )       (3 )     377         (34 )  
  Total other expenses, net   (13,597 )       (21,446 )     (60,043 )       (57,784 )  
  Net income (loss)   1,543         (9,735 )     56,788         697    
                               
  Less: Net (income) loss attributable to the noncontrolling interest   (123 )       206       (2,668 )       1,312    
  Net income (loss) attributable to Tsakos Energy Navigation Limited $ 1,420         $ (9,529 )   $ 54,120         $ 2,009    
                               
  Effect of preferred dividends   (9,204 )       (10,204 )     (28,268 )       (30,613 )  
  Undistributed income to Series G participants   –         –       (1,370 )       –    
  Deemed dividend on Series B preferred shares   –         –       –         (2,750 )  
  Deemed dividend on Series C preferred shares   (2,493 )       –       (2,493 )       –    
 

Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited, basic 		$ (10,277 )     $ (19,733 )   $ 21,989       $ (31,354 )  
 

Net income (loss) attributable to common stockholders of Tsakos Energy Navigation Limited, diluted 		$ (10,277 )     $ (19,733 )   $ 24,013       $ (31,354 )  
                               
  Earnings (Loss) per share, basic  $ (0.55 )     $ (1.11 )   $ 1.16       $ (1.78 )  
  Earnings (Loss) per share, diluted $ (0.55 )     $ (1.11 )   $ 1.16       $ (1.78 )  
                               
  Weighted average number of common shares, basic    18,605,661         17,825,746       18,937,444         17,633,473    
  Weighted average number of common shares, diluted   18,605,661         17,825,746       20,681,143         17,633,473    
                                       
                               
  BALANCE SHEET DATA
   		  September 30       December 31                
      2020         2019                  
  Cash   236,493         197,770                  
  Other  assets   290,639         261,607                  
  Vessels, net   2,574,077         2,633,251                  
  Advances for vessels  under construction   77,493         61,475                  
  Total assets $ 3,178,702       $ 3,154,103                  
                               
  Debt, net of deferred finance costs   1,495,003         1,534,296                  
  Other liabilities   262,897         147,488                  
  Stockholders’ equity   1,420,802         1,472,319                  
  Total liabilities and stockholders’ equity $ 3,178,702       $ 3,154,103                  
                               
                               
      Three months ended     Nine months ended  
  OTHER FINANCIAL DATA   September 30     September 30  
      2020         2019       2020         2019    
  Net cash from operating activities $ 45,098       $ 36,769     $ 187,179       $ 121,373    
  Net cash used in investing activities $ (86,375 )     $ (27,453 )   $ (70,274 )     $ (60,297 )  
  Net cash provided by (used in) financing activities $ 21,217       $ (24,898 )   $ (78,183 )     $ (104,598 )  
                               
  TCE per ship per day $ 20,451       $ 18,837     $ 25,351       $ 19,900    
                               
  Operating expenses per ship per day $ 7,927       $ 7,603     $ 7,757       $ 7,679    
  Vessel overhead costs per ship per day $ 1,117       $ 1,213     $ 1,232       $ 1,166    
      9,044         8,816       8,989         8,845    
                               
  FLEET DATA                            
                               
  Average number of vessels during period   64.1         64.0       64.8         64.0    
  Number of vessels at end of period   65.0         64.0       65.0         64.0    
  Average age of fleet at end of period Years 9.2         9.0       9.2         9.0    
  Dwt at end of period (in thousands)   7,119         6,936       7,119         6,936    
                               
  Time charter employment – fixed rate Days 2,030         2,425       6,953         7,090    
  Time charter employment – variable rate Days 1,225         1,589       4,448         4,817    
  Period employment (coa) at market rates Days 58         177       234         630    
  Spot voyage employment at market rates Days 2,171         1,289       5,261         4,143    
  Total operating days   5,484         5,480       16,896         16,680    
  Total available days   5,898         5,888       17,749         17,472    
  Utilization   93.0 %       93.1 %     95.2 %       95.5 %  
                               
  Non-GAAP Measures            
  Reconciliation of Net income (loss) to Adjusted EBITDA            
      Three months ended     Nine months ended  
      September 30     September 30  
      2020         2019       2020         2019    
                               
  Net income (loss) attributable to Tsakos Energy Navigation Limited   1,420         (9,529 )     54,120         2,009    
  Depreciation and amortization   33,144         34,522       102,477         104,065    
  Interest Expense   13,485         22,133       60,958         60,988    
  Loss on sale of vessels                                  –                                      –                             3,050                              –    
  Impairment charges                                  –                                      –                           13,450                                       –    
  Adjusted EBITDA $ 48,049       $ 47,126     $ 234,055       $ 167,062    
                               
  The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP measures used within the financial community  may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods as well as comparisons between the performance of Shipping Companies. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. We are using the following  Non-GAAP measures:  
  (i) TCE which represents voyage revenue less voyage expenses is divided by the number of operating days less 226 days  lost for the third quarter and 618 days for the nine-month of 2020 and 125 days for the prior year quarter of 2019 and 339 days for the nine-month of 2019, respectively, as a result of calculating revenue on a loading to discharge basis.  
  (ii) Vessel overhead costs are General & Administrative expenses, which also include Management fees, Stock compensation expense and Management incentive award.  
  (iii) Operating expenses per ship per day which exclude Management fees, General & Administrative expenses, Stock compensation expense and Management incentive award.  
  (iv) EBITDA. See above for reconciliation to net income.  
  Non-GAAP financial measures should be viewed in addition to and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.  
  The Company does not incur corporation tax.