Posts

Posted on

Borqs Technologies Signs Strategic MOU for 5G Industrial Park Project in South Taihu New Area of Zhejiang Province, China

SANTA CLARA, Calif., Nov. 23, 2020 (GLOBE NEWSWIRE) — Borqs Technologies, Inc. (Nasdaq: BRQS, the “Company”), a global provider of embedded software and products for the Internet of Things (IoT), today reported that the Company has signed an MOU with the Board Committee of Huzhou South Taihu New Area for a 5G Industrial Park Project.

The company intends to setup a Joint Venture in South Taihu New Area in the near term which will serve as Borqs’ China headquarters for 5G activities, including sales, R&D center, and manufacturing.

This project will be implemented in two phases. First, a 5G R&D center and up to 10 micro-electronics manufacturing lines will be established. The Joint Venture will be provided rent-free facilities of 5,500 square meters for two and a half years. In the second phase, the local government authority will construct a Borqs 5G Industrial Park and the Joint Venture will be granted 13,000 square meters of land for commercial and residential use.

The Company’s operations within the area will also enjoy government supported manufacturing supply chain financial assistance, favorable equipment leasing programs, a series of local grants and local tax incentives.

The Company expects to sign the definitive agreement of cooperation in the very near future.

About
Huzhou South
Taihu
New Area of Zhejiang province
, China

The South Taihu New Area of Huzhou City was officially established on June 2, 2019, and is one of the four new areas established by the provincial government. It is located in the northern part of Zhejiang Province at the south shore of the beautiful Taihu Lake, with a total planning area of 225 square kilometers. Accessible by high speed railway and five express highways, the area is also connected with the inland water transportation channels in China. There are four international airports around the new area, including Hongqiao and Pudong in Shanghai, Xiaoshan in Hangzhou and Lukou in Nanjing.

About Borqs Technologies, Inc.

Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio.

Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products. The Company is also currently in development of 5G products for phones and hotspots.

Forward-Looking Statements and Additional Information

This press release includes “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect our management’s current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including the possibility that the Company will not consummate the joint-venture as described or may not receive actual orders in any amounts expected, and the negative impact of the coronavirus on the Company’s supply chain, revenues and overall results of operations, so the reader is advised to refer to the Risk Factors sections of the Company’s filings with the Securities and Exchange Commission for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:

Sandra Dou
Director of Finance
Borqs Technologies, Inc.
[email protected]
www.borqs.com



Posted on

Aquestive Therapeutics Receives First Milestone Payment from KYNMOBI™ Monetization

Receives first milestone payment of $10 million, bringing total fourth quarter proceeds to $50 million

WARREN, N.J., Nov. 23, 2020 (GLOBE NEWSWIRE) — Aquestive Therapeutics, Inc. (NASDAQ: AQST), a pharmaceutical company focused on developing and commercializing differentiated products that address patients’ unmet needs and solve therapeutic problems, announced today receipt of the first milestone payment of $10 million under the previously announced royalty monetization agreement with an affiliate of Marathon Asset Management, a leading global investment firm (“Marathon”), bringing total cash proceeds this quarter to $50 million.

In conjunction with the receipt of the first milestone payment and closing of the monetization transaction, Aquestive has repaid a portion of certain senior notes and plans to utilize the remaining net proceeds to fund the Company’s ongoing development and commercialization of its proprietary product and pipeline candidates, as well as for working capital purposes. Under the terms of the monetization agreement, Aquestive is eligible to receive up to the additional $75 million of milestone payments at various points based on the achievement of worldwide royalty targets. This includes up to $15 million potentially available in 2021 and through mid-2022.

“We are pleased to have met the first milestone of our agreement with Marathon and to have received the additional proceeds of $10 million this quarter. These proceeds will help to execute on advancing our key clinical and commercial initiatives, including the resubmission of our NDA for FDA approval of our lead product Libervant™ (diazepam) Buccal Film, for the management of seizure clusters, and our ongoing clinical development program for AQST-108, an oral sublingual film formulation delivering systemic epinephrine,” remarked Keith J. Kendall, President and Chief Executive Officer of Aquestive.

A
bout Aquestive Therapeutics

Aquestive Therapeutics is a pharmaceutical company that applies innovative technology to solve therapeutic problems and improve medicines for patients. The Company has commercialized one internally-developed proprietary product to date, Sympazan, has a commercial proprietary product pipeline focused on the treatment of diseases of the central nervous system, or CNS, and other unmet needs, and is developing orally administered complex molecules to provide alternatives to invasively administered standard of care therapies. The Company also collaborates with other pharmaceutical companies to bring new molecules to market using proprietary, best-in-class technologies, like PharmFilm®, and has proven capabilities for drug development and commercialization.

Forward-Looking Statement
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,” “may,” “will,” or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the FDA’s confirmation that modeling and simulations are a potential path forward to approval; the Company’s belief that the additional information requested by the FDA is available based on previously conducted studies and that no additional clinical studies will be required for resubmission of the New Drug Application (NDA) for Libervant; the timing of the NDA resubmission to the FDA; ability to address the concerns identified in the FDA’s Complete Response Letter dated September 25, 2020 regarding the NDA for Libervant and obtain FDA approval of Libervant for U.S. market access; therapeutic benefits of Libervant; and other statements that are not historical facts. These forward-looking statements are also subject to the uncertain impact of the COVID-19 global pandemic on our business including with respect to our clinical trials including site initiation, patient enrollment and timing and adequacy of clinical trials; on regulatory submissions and regulatory reviews and approvals of our product candidates; pharmaceutical ingredient and other raw materials supply chain, manufacture, and distribution; sale of and demand for our products; our liquidity and availability of capital resources; customer demand for our products and services; customers’ ability to pay for goods and services; and ongoing availability of an appropriate labor force and skilled professionals. Given these uncertainties, the Company is unable to provide assurance that operations can be maintained as planned prior to the COVID-19 pandemic. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks associated with the Company’s development work, including any delays or changes to the timing, cost and success of our product development activities and clinical trials and plans; risk of delays in FDA approval of Libervant and our other drug candidates or failure to receive approval; risk of our ability to demonstrate to the FDA “clinical superiority” within the meaning of the FDA regulations of our drug candidate Libervant relative to FDA-approved diazepam rectal gel and nasal spray products including by establishing a major contribution to patient care within the meaning of FDA regulations relative to the approved products as well as risks related to other potential pathways or positions which are or may in the future be advanced to the FDA to overcome the seven year orphan drug exclusivity granted by the FDA for the approved nasal spray product of a competitor in the U.S. and there can be no assurance that we will be successful; risk that a competitor obtains other FDA marketing exclusivity that blocks U.S. market access for Libervant; risk inherent in commercializing a new product (including technology risks, financial risks, market risks and implementation risks and regulatory limitations); risks for consummating the monetization transaction for KYNMOBI™ and other risks and uncertainties concerning the royalty and other revenue stream of KYNMOBI, achievement of royalty targets worldwide or in any jurisdiction and certain other commercial targets required for contingent milestone payments under the monetization transaction, and of sufficiency of net proceeds of the monetization transaction after satisfaction of and compliance with 12.5% Senior Notes obligations, as applicable, and for funding the Company’s operations; risk of development of our sales and marketing capabilities; risk of legal costs associated with and the outcome of our patent litigation challenging third party at risk generic sale of our proprietary products; risk of sufficient capital and cash resources, including access to available debt and equity financing and revenues from operations, to satisfy all of our short-term and longer term cash requirements and other cash needs, at the times and in the amounts needed; risk of failure to satisfy all financial and other debt covenants and of any default; risk related to government claims against Indivior for which we license, manufacture and sell Suboxone® and which accounts for the substantial part of our current operating revenues; risk associated with Indivior’s cessation of production of its authorized generic buprenorphine naloxone film product, including the impact from loss of orders for the authorized generic product and risk of eroding market share for Suboxone and risk of sunsetting product; risks related to the outsourcing of certain marketing and other operational and staff functions to third parties; risk of the rate and degree of market acceptance of our product and product candidates; the success of any competing products, including generics; risk of the size and growth of our product markets; risks of compliance with all FDA and other governmental and customer requirements for our manufacturing facilities; risks associated with intellectual property rights and infringement claims relating to the Company’s products; risk of unexpected patent developments; the impact of existing and future legislation and regulatory provisions on product exclusivity; legislation or regulatory actions affecting pharmaceutical product pricing, reimbursement or access; claims and risks that may arise regarding the safety or efficacy of the Company’s products and product candidates; risk of loss of significant customers; risks related to legal proceedings, including patent infringement, investigative and antitrust litigation matters; changes in government laws and regulations; risk of product recalls and withdrawals; uncertainties related to general economic, political, business, industry, regulatory and market conditions and other unusual items; and other uncertainties affecting the Company described in the “Risk Factors” section and in other sections included in our Annual Report on Form 10-K, in our Quarterly Reports on Form 10-Q, and in our Current Reports on Form 8-K filed with the Securities Exchange Commission. Given those uncertainties, you should not place undue reliance on these forward-looking statements, which speak only as of the date made. All subsequent forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. The Company assumes no obligation to update forward-looking statements or outlook or guidance after the date of this press release whether as a result of new information, future events or otherwise, except as may be required by applicable law.

PharmFilm® and the Aquestive logo are registered trademarks of Aquestive Therapeutics, Inc. All other registered trademarks referenced herein are the property of their respective owners.

Aquestive Investor Inquiries:

Westwicke, an ICR Company
Stephanie Carrington
stephanie.carrington@westwicke.com
646-277-1282



Posted on

Versus Systems Files to List on Nasdaq

Rewards Software Company Files Form F-1 Registration Statement for Proposed Public Offering and Application for Nasdaq Uplisting

LOS ANGELES, Nov. 23, 2020 (GLOBE NEWSWIRE) — Versus Systems Inc. (“Versus” or the “Company”) (CSE:VS) (OTCQB:VRSSF) (FRANKFURT:BMVA), today announced that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (“SEC”) relating to a proposed public offering of its common shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined.

Versus has also applied to list its common shares on The Nasdaq Capital Market under the ticker symbol “VS.” The Company believes it meets the initial listing requirements for The Nasdaq Capital Market except for the equity standard requirement, which the Company anticipates satisfying upon closing of this proposed public offering.

Lake Street Capital Markets, LLC is acting as representative of the underwriters for the offering.

The proposed offering will be made only by means of a prospectus. Once available, a copy of the preliminary prospectus related to the offering may be obtained from Lake Street Capital Partners, LLC, Attention: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, MN 55402, telephone: (612) 326-1305, or by emailing [email protected].

A registration statement relating to the proposed offering has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The listing of the Company’s common shares with The Nasdaq Capital Market remains subject to approval by The Nasdaq Stock Market and the satisfaction of all applicable listing and regulatory requirements. No assurance can be given that the Company’s common shares will ultimately be listed on The Nasdaq Capital Market. During the review process, the Company’s common shares will continue to trade on the CSE under its current symbol “VS,” and on OTCQB under its current symbol “VRSSF.”


About Versus Systems

Versus Systems, Inc. has developed a proprietary in-game prizing and promotions engine that allows publishers, developers, and creators of games, apps, and other interactive media content to offer real world prizes inside their content. Players, viewers and users can choose from among the offered prizes and then complete in-game or in-app challenges to win the prizes.

The Versus platform can be integrated into mobile, console, and PC games, as well as streaming media and mobile apps. Brands pay to place their products in-games and apps and gamers, viewers, and users complete challenges to earn those prizes. Versus has multiple granted patents for how to manage prizing at scale and how to comply with federal, state, and local law with their Dynamic Regulatory Compliance engine. The Versus Systems platform is available now in HP OMEN and HP Pavilion desktop and laptop computers, as well as select mobile games and applications.

For more information, please visit www.versussystems.com or visit the official Versus Systems YouTube channel.

For Versus Systems, contact:

Cody Slach, Sean McGowan
Gateway Investor Relations
949-574-3860
[email protected]
or
[email protected]


Disclaimer for Forward-Looking Information 

This news release contains certain forward-looking information and forward-looking statements within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward looking statements. In this news release,
such
statements include, without limitation, statements regarding the results of our proposed public offering of shares of our common
shares
and the
potential
uplisting
of our common shares
to The Nasdaq
Capital
Market
.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements
including
uncertainties related to the
terms and
success of our proposed
public
offering and the potential that we may not be able to list our common
shares
on The Nasdaq
Capital
Market
. Although the forward-looking statements contained in this news release are based upon what management of the Company
believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable law. 

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



Posted on

Kerr Mines and Star Royalties Close US$18 Million Project Financing for Restart of the Copperstone Gold Mine

TORONTO, Nov. 23, 2020 (GLOBE NEWSWIRE) — Kerr Mines Inc. (TSX: KER, OTC: KERMF) (“Kerr”or the “Company”) and Star Royalties Ltd. (“Star Royalties”) are very pleased to jointly announce the closing of the first installment of their previously announced US$18,000,000 gold purchase and sale agreement (“Streaming Agreement”) which will be used to finance the restart of underground operations and gold production at the Copperstone Gold Mine (“Copperstone”) in Arizona, USA.

Giulio T. Bonifacio, Chief Executive Officer of Kerr, stated: “We are excited to enter this new chapter for Kerr Mines with the closing of this first installment of the Copperstone stream financing. We look forward to working with Star Royalties to expeditiously restart operations at our flagship asset. Our focus now shifts to securing long term lead items, finalizing the process facilities to accommodate our whole ore leach approach, and sourcing underground contractors and equipment.”

Alex Pernin, Chief Executive Officer of Star Royalties, commented: “Following our comprehensive due diligence process, we have great confidence in both Copperstone’s potential and Kerr’s ability to execute a successful restart of operations. We look forward to working closely with their team as we transition Copperstone into Arizona’s next gold producing mine.”

The US$18 million advance payment under the Streaming Agreement will be provided in three equal installments, with the first US$6 million installment having now been advanced. The remaining two tranches will be advanced at the request of Kerr as it incurs expenditures for the restart of Copperstone, with a further US$6 million payable on or before February 28, 2021 and the final US$6 million payable on or before April 30, 2021.

Summary of
Terms

  • Star Royalties will purchase from Kerr an amount of refined gold equal to 9.9% of gold produced at Copperstone until a cumulative 21,000 ounces of refined gold are delivered, then 3.3% of gold produced until a cumulative 27,200 ounces are delivered, and 1.2% of gold produced thereafter for the remaining life of mine;
  • In addition to the US$18 million advance payment, Star Royalties will provide a cash payment to Kerr for each ounce of gold delivered equal to 25% of the average London Bullion Market Association gold spot price for the five consecutive trading days prior to delivery. The Company has granted security over all of its assets to Star to secured the obligation of the Company to Star under the Streaming Agreement;
  • In connection with the advance of the first tranche of US$6 million, Kerr repaid in full the US$2 million convertible promissory note held by Sprott Private Resource Lending (Collector) LP (“Sprott”). This repayment resulted in Sprott not exercising its conversion rights at CAD$0.13 for US$500,000 and CAD$0.16 for US$1.5 million, avoiding dilution to Kerr shareholders.

In connection with the closing of the Streaming Agreement, Kerr, Trans Oceanic Minerals Company Ltd. (“TOMCL”) and Braydon Capital Corporation (“Braydon”) amended certain terms and conditions of the outstanding debt held by TOMCL and Braydon. In particular, the parties agreed as follows:

  • The maturity dates of outstanding promissory notes held by Braydon and TOMCL in the aggregate principal amount of approximately US$9.3 million were extended from August 22, 2021 to December 31, 2023;
  • The rate of interest payable on the principal of the notes was increased from 8% to 10%, with interest payable quarterly starting on the commencement of commercial production;
  • Two CAD$1 million unconvertible promissory notes, one held by each of Braydon and TOMCL, were amended to include a conversion feature providing that the principal amount of the notes can be converted into common shares of Kerr at any time prior to maturity at a price of CAD$0.16 per share, subject to Kerr having the right of early conversion in the event the volume-weighted average trading price of the common shares exceeds CAD$0.30 for twenty consecutive trading days; and
  • Kerr also agreed to make prepayments against the principal of the notes by way of preferential payments, in certain circumstances.

About Kerr Mines Inc.

Kerr Mines is an emerging American gold producer advancing the restart of production at its 100-per-cent-owned, fully permitted past-producing Copperstone mine project, located in mining-friendly Arizona. The Copperstone mine project demonstrates significant upside exploration potential that has yet to be drilled within a 50 square-kilometre (12,258 acres) land package that includes past production of over 500,000 ounces of gold by way of an open-pit operation. The company’s current focus is on maximizing Copperstone’s potential by defining and expanding current resources and further optimizing the mine’s economics for purposes of the restart of production in 2021.

For further information please visit the Kerr Mines website (www.kerrmines.com).

For further information contact:  
Giulio Bonifacio, Chief Executive Officer Martin Kostuik, President
[email protected]
 [email protected]

About Star Royalties
Ltd.

Star Royalties Ltd. is a growth-oriented, precious metals-focused royalty and streaming company. We pursue high-quality cash flow generation and shareholder value creation through the origination and acquisition of royalties and streams. By specializing in custom-made and operator-friendly financing solutions, our objective is to be uniquely aligned with our counterparties and to provide our investors with leverage to rising precious metal prices. We aim to become the preferred mine financing partner for producers, developers and explorers.

For more information on Star Royalties, please visit our website at starroyalties.com or contact:
Alex Pernin, P.Geo. Peter Bures
Chief Executive Officer and Director Chief Business Development Officer
[email protected]
 [email protected]
+1 647 360 4793 +1 437 997 8088


Cautionary Note Regarding Forward Looking Statements

Certain statements in this news release may constitute “forward-looking statements”, including those regarding future market conditions for metals and minerals, the purchase and delivery of gold in connection with the Streaming Agreement, the payment of the second tranche and third tranche in connection with the Streaming Agreement, the use of proceeds from the Streaming Agreement, the restart of Copperstone, the prepayments against the principal of the notes by way of preferential payments, in certain circumstances. Forward-looking statements are statements that address or discuss activities, events or developments that Star Royalties and Kerr expect or anticipate may occur in the future. When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Star Royalties or Kerr to be materially different from future results, performances or achievements expressed or implied by such statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results, performances or achievements to differ materially from such forward-looking statements, including, without limitation, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of Star Royalties to obtain required funds and identify and execute future acquisitions on acceptable terms or at all, risks inherent to royalty and streaming companies, title and permitting matters, metal and mineral commodity price volatility, discrepancies with respect to the estimated production of Copperstone, mineral reserves and resources and metallurgical recoveries, mining operation and development risks relating to the parties which produce the metals and minerals Star Royalties will purchase or receive payments from, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global social and economic climate, natural disasters and global pandemics, dilution, and competition. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and neither Star Royalties nor Kerr undertakes any obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.



Posted on

New Consumer Behaviors Will Shift US$3Trillion in Economic Value, Accenture Report Finds

New Consumer Behaviors Will Shift US$3Trillion in Economic Value, Accenture Report Finds

New risks and opportunities are emerging across industries as people avoid public spaces, fly less, and spend differently as a result of COVID-19

NEW YORK–(BUSINESS WIRE)–
With the pandemic driving people to spend more time at home, avoid air travel, and change their spending habits, businesses can expect to see a shift of more than US$3 trillion in economic value, according to Accenture (NYSE: ACN).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201123005657/en/

As a result of behavioral changes, corporate liquidity and revenue streams across a range of industries will suffer. (Photo: Business Wire)

As a result of behavioral changes, corporate liquidity and revenue streams across a range of industries will suffer. (Photo: Business Wire)

The report, titled The Big Value Shift, quantifies the broad impact of long-term changing consumer behaviors and provides actionable insights for companies to build strategies to thrive in the face of disruption. Through a proprietary macroeconomic model that incorporates data from 38,000 companies across 25 industries, as well as household spending data for 15 countries that account for approximately 80% of global GDP, Accenture conservatively found:

  • More than US$2 trillion of annual value may shift away from industries such as restaurants, traditional retail, and commercial real estate as consumers pass more of their leisure time at home.
  • Changes in spending may cause a net decline of up to US$687 billion in annual value across consumer-facing industries.
  • If current declines in air travel persist into a longer-term shift, up to US$318 billion of annual value will flow to different industries and ecosystems.

“Ripple effects of today’s changing consumer behaviors are causing waves that will reshape industries and their ecosystems. Companies must be ready — with responsive business models, technology-enabled operating models that are agile, and a growth mindset rooted in data and advanced analytics — to uncover new value and better meet customer demands as this wave of change approaches their industry,” said Kathleen O’Reilly, global lead of Accenture Strategy.

According to the latest Accenture Consumer Pulse survey, nearly three-quarters (73%) of respondents expect to feel most comfortable spending their free time at home over the next six months. This shift is impacting the traditional retail and leisure industries with value transferring to companies that offer ecommerce and digital-entertainment options.

“The crisis has forced an uncomfortable reckoning for many brands — but, handled wisely, this will result in new ways of doing business that deliver better experiences for consumers and growth for organizations,” said Oliver Wright, global lead of Accenture’s Consumer Goods & Services industry group. “Before Covid-19, in-store shopping was, for most companies, the only ‘game in town’ with ecommerce and digital marketing an afterthought. The companies that fully integrate enjoyable and efficient digital and physical experiences that deliver faster, more convenient services will be the winners in the future.”

The highly suppressed demand for air travel has had a profound impact on the travel ecosystem from airlines and airports to aircraft manufacturers, and even further downstream to hotel chains, energy, and resources companies. Data suggests that business travel will be one of the last segments to experience a sustained recovery. As consumers will still have vacation time, value is likely to migrate to sectors like domestic tourism, digital entertainment, and outdoor recreation.

Emily Weiss, global lead of Accenture’s Travel industry group, said, “Fundamental changes in behavior, including heavily reduced air travel and consumer discomfort in public spaces, creates opportunity in other areas. Companies need to innovate to drive new revenue streams and look at their ecosystem partnerships to offer value-added services that cater to new ways of working and the health-conscious consumer. For example, the hospitality sector can leverage existing assets to provide hotel rooms for day rates so people can work away from home, but still in a safe space. Critically, these efforts could also become a permanent and profitable avenue for growth in the post-pandemic era.”

The Big Value Shift is the first in a series of Macroeconomic Insights that looks at major economic and sustainability trends arising from the COVID-19 crisis and offers guidance for business leaders as they strategize and navigate their companies through unchartered business territory.

About Accenture

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

Accenture Strategy works with boards, CEOs, and C-suite executives to create 360° value for all stakeholders by defining and answering their most strategic business questions — including growth, profitability, technology-driven transformation, mergers and acquisitions (M&A), operating models and sustainability—with insights from AI and data science, combined with deep industry and function expertise. For more information, follow @AccentureStrat or visit www.accenture.com/strategy.

Copyright© 2020 Accenture. All rights reserved

Maggie Nolan

Accenture Strategy

+1 917 452 3964

[email protected]

Aleks Vujanic

Accenture — Retail, Travel & Hospitality

+44 7500 974 814

[email protected]

Tara Burns

Accenture — Consumer Goods & Services

+44 07850 435 158

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Data Management Lodging Online Retail Technology Travel Air Transport Retail Software Networks Restaurant/Bar

MEDIA:

Photo
Photo
As a result of behavioral changes, corporate liquidity and revenue streams across a range of industries will suffer. (Photo: Business Wire)
Posted on

BD Announces Streamlined Reporting Capabilities for COVID-19 Data

Reports Generated by BD Synapsys™ 3.84 Informatics Solution Simplify Mandatory Public Health Reporting

PR Newswire

FRANKLIN LAKES, N.J., Nov. 23, 2020 /PRNewswire/ — BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced new reporting capabilities for COVID-19 data, enabling scheduled reports to be generated from BD Synapsys™ Informatics (version 3.84).

BD Synapsys™ Informatics is an optional integrated informatics solution available to customers using the BD Veritor™ Plus System, a portable instrument delivering SARS-CoV-2 antigen test results in approximately 15 minutes, and the BD MAX™ System, a molecular diagnostic platform returning results in two to three hours.

Both BD Veritor™ and BD MAX™ systems have been granted Emergency Use Authorization (EUA) by the U.S. Food and Drug Administration (FDA) to perform SARS-CoV-2 diagnostic testing.

The BD Synapsys™ solution’s new capabilities allow global customers to create general-purpose reports with COVID-19 data from their BD Veritor™ and/or BD MAX™ systems. The solution also offers configured reporting capabilities, which allow customers in the U.S. to generate reports in accordance with the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act requires COVID-19 testing facilities to report testing data to local and federal health authorities daily, including the number of tests performed, results and key patient demographics. Additional configured reports can be developed, as needed.

“BD Synapsys™ Informatics unifies instrument-read COVID-19 test results from the BD Veritor™ and BD MAX™ systems,” said Rajeev Sehgal, director of Informatics for BD Integrated Diagnostics Solutions. “The solution’s new encrypted reporting capabilities reduce the burden associated with manual reporting. This empowers customers to focus on what matters most: Caring for their patients.”

Used with the BD Veritor™ Plus System and/or the BD Max™ System, the BD Synapsys™ Informatics 3.84 solution allows customers to export all SARS-CoV-2 test results in a single daily report.

“Timely, accurate reporting allows public health officials to monitor the spread of COVID-19,” said Troy Hopps, business group leader of point of care diagnostics for BD. “For COVID-19 testing facilities – including labs, hospitals and nursing homes – the BD Synapsys™ Informatics solution’s new reporting capabilities, supported by secure connectivity, simplifies the process of reporting test results to public health authorities.”

About BD Synapsys™ Informatics

BD Synapsys™ Informatics is the informatics platform for BD diagnostics systems, including the BD Veritor™ Plus System and the BD MAX™ System, which have been granted Emergency Use Authorization by the U.S. Food and Drug Administration to perform SARS-CoV-2 diagnostic testing. BD Synapsys™ Informatics solution provides secure connectivity, integrated workflows, and on-demand actionable insights for laboratories and facilities with Clinical Laboratory Improvement Amendments (CLIA) waivers. BD Synapsys Informatics was among the first life science diagnostics informatics platforms to receive the Underwriters Laboratory Cybersecurity Assurance Program certification, an independent third-party evaluation that uses standardized, testable criteria for assessing software vulnerabilities and weaknesses. Learn more about BD Synapsys.

About the BD Veritor™ System for Rapid Detection of SARS-CoV-2 Assay

The BD Veritor™ Plus System for Rapid Detection of SARS-CoV-2 Assay has been CE marked to the IVD Directive (98/79/EC), but has not been cleared or approved by FDA. The test has been authorized by FDA under an EUA for use by authorized laboratories. The test has been authorized only for the detection of proteins from SARS-CoV-2, not for any other viruses or pathogens; and, the test is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostics for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Act, 21 U.S.C. § 360bbb-3(b)(1), unless the authorization is terminated or revoked sooner. The BD Veritor™ Plus System for Rapid Detection of SARS-CoV-2 Assay is not authorized for use by consumers or for at-home use.

About the BD MAX™ System for Detection of SARS-CoV-2 Assay

The BD SARS-CoV-2 Reagent Kit for BD MAX™ System has been CE marked to the IVD Directive (98/79/EC), but it has not been cleared or approved by FDA. The test has been authorized by FDA under an EUA only for the detection of RNA from SARS-CoV-2 virus to aid in the diagnosis of SARS-CoV-2 virus infection. It has not been authorized for use to detect any other viruses or pathogens. The test is authorized in the United States for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostic tests for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Act, 21 U.S.C. § 360bbb-3(b)(1), unless the authorization is terminated or revoked sooner.

About BD

BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 65,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians’ care delivery process, enable laboratory scientists to accurately detect disease and advance researchers’ capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com.

Contacts:

Mela Sera, APR                                                     
BD Public Relations                                               
443-824-8012                                                     
[email protected]     

Kristen M. Stewart, CFA
BD Strategy & Investor Relations
201-847-5378
[email protected] 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/bd-announces-streamlined-reporting-capabilities-for-covid-19-data-301178592.html

SOURCE BD (Becton, Dickinson and Company)

Posted on

Daqo New Energy Announces Unaudited Third Quarter 2020 Results

PR Newswire


SHANGHAI
, Nov. 23, 2020 /PRNewswire/ — Daqo New Energy Corp. (NYSE: DQ) (“Daqo New Energy”, the “Company” or “we”), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its unaudited financial results for the third quarter of 2020.

Third Quarter 2020 Financial and Operating Highlights

  • Polysilicon production volume was 18,406 MT in Q3 2020, compared to 18,097 MT in Q2 2020
  • Polysilicon sales volume was 13,643 MT in Q3 2020, compared to 18,881 MT in Q2 2020
  • Polysilicon average total production cost(1) was $5.82/kg in Q3 2020, compared to $5.79/kg in Q2 2020
  • Polysilicon average cash cost(1) was $4.88/kg in Q3 2020, compared to $4.87/kg in Q2 2020
  • Polysilicon average selling price (ASP) was $9.13/kg in Q3 2020, compared to $7.04/kg in Q2 2020
  • Revenue was $125.5 million in Q3 2020, compared to $133.5 million in Q2 2020
  • Gross profit was $45.3 million in Q3 2020, compared to $22.7 million in Q2 2020. Gross margin was 36.0% in Q3 2020, compared to 17.0% in Q2 2020
  • Net income attributable to Daqo New Energy Corp. shareholders was $20.8 million in Q3 2020, compared to $2.4 million in Q2 2020
  • Earnings per basic American Depositary Share (ADS)(3) was $0.29 in Q3 2020, compared to $0.03 in Q2 2020
  • EBITDA (non-GAAP)(2) was $51.6 million in Q3 2020, compared to $26.8 million in Q2 2020. EBITDA margin (non-GAAP)(2) was 41.1% in Q3 2020, compared to 20.0% in Q2 2020
  • Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $25.2 million in Q3 2020, compared to $6.9 million in Q2 2020
  • Adjusted earnings per basic ADS(3) (non-GAAP)(2) was $0.35 in Q3 2020, compared to $0.10 in Q2 2020


Three months ended

US$ millions

except as indicated otherwise


Sep 30,
2020


Jun 30,
2020


Sep 30,
2019

Revenues

125.5

133.5

83.9

Gross profit

45.3

22.7

18.1

Gross margin

36.0%

17.0%

21.5%

Income from operations

33.3

10.8

8.8

Net income attributable to Daqo New Energy Corp.
shareholders


20.8

2.4

5.0

Earnings per basic ADS ($ per ADS)(3)


0.29

0.03

0.07

Adjusted net income (non-GAAP)(2) attributable to
Daqo New Energy Corp. shareholders


25.2

6.9

9.5

Adjusted earnings per basic ADS (non-GAAP)(2)
($ per ADS) (3)


0.35

0.10

0.14

EBITDA (non-GAAP)(2) 

51.6

26.8

19.7

EBITDA margin (non-GAAP)(2)

41.1%

20.0%

23.5%

Polysilicon sales volume (MT) 

13,643

18,881

9,238

Polysilicon average total production cost ($/kg)(1)

5.82

5.79

6.97

Polysilicon average cash cost (excl. dep’n) ($/kg)(1)

4.88

4.87

5.85

 

Notes:

(1)  Production cost and cash cost only refer to production in our Xinjiang polysilicon facilities. Production cost is calculated by the inventoriable costs relating to production of polysilicon in Xinjiang divided by the production volume in the period indicated. Cash cost is calculated by the inventoriable costs relating to production of polysilicon excluding depreciation expense, divided by the production volume in the period indicated.

(2)  Daqo New Energy provides EBITDA, EBITDA margins, adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per ADS on a non-GAAP basis to provide supplemental information regarding its financial performance. For more information on these non-GAAP financial measures, please see the section captioned “Use of Non-GAAP Financial Measures” and the tables captioned “Reconciliation of non-GAAP financial measures to comparable US GAAP measures” set forth at the end of this press release.


(3)  ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary shares from one (1) ADS representing twenty-five (25) ordinary shares to one (1) ADS representing five (5) ordinary shares. The earnings per ADS and number of ADS information has been retrospectively adjusted to reflect the change for all periods presented.

Management Remarks

Mr.Longgen Zhang, CEO of Daqo New Energy, commented, “During the third quarter of 2020, we successfully completed the annual maintenance and several technology improvement projects at our polysilicon manufacturing facilities. We resumed full production in August with excellent operational results. For the third quarter, we produced 18,406 MT of polysilicon among which approximately 97.7% was mono-grade. We continued our relentless drive to lower production cost and reached a record-low cost in Renminbi terms. During the third quarter, we completed our digital transformation project, with a fully digitized manufacturing system that allows us to continuously improve our process control and analyze our manufacturing data so as to achieve better results in system stability, manufacturing efficiencies, production cost and product quality in future. As our facilities are now running with increased efficiency, we expect to achieve a higher production volume of approximately 19,500-20,500 MT in the fourth quarter, with a potential cost reduction by approximately 3% as compared to the third quarter.”

“During the quarter, polysilicon ASPs increased rapidly due to the quick recovery in solar PV demand from both domestic and foreign markets. Our ASP was $9.13/kg, a significant improvement from approximately $7.04/kg in the second quarter. With robust market demand for mono-grade polysilicon, we expect our ASP to improve meaningfully in the fourth quarter as compared to the third quarter. In recent weeks, because of strong solar module and installation demand, we began to see solar glass capacity shortage becoming a bottleneck for the solar industry and limiting module production. We expect the shortage of solar glass to ease over the coming months as additional solar glass capacity comes online. The temporary constraint on the industry’s utilization rate will be removed which eventually will increase demand for polysilicon.”

“Solar is now becoming one of the most competitive sources of energy, even compared to traditional power generation methods. Globally, we are seeing strong momentum around the world in adopting and implementing renewable energy policies that would strongly benefit the solar end market. Last month, Mr. Xi Jinping, President of China, announced China’s initiative to scale up the national contributions to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. We believe favorable policies benefiting solar will be implemented during the upcoming 14th five-year-plan, driving a substantial increase in solar installations in China. In addition, a growing number of countries and regions, including the most important economies in the world, have announced goals and plans to reduce carbon emission and widely adopt renewable energies. In particular, we are starting to see the trend of utility-scale solar generation combined with power storage providing base-load energy and replacing and displacing coal power plants. We believe this is the beginning of a long term trend of solar displacing traditional fossil-fuel based generation driven by both economics and renewable energy mandates. We are strongly committed to contributing our efforts as a raw material provider for mainstream solar PV modules and are fully confident we will benefit from this fast-growing market.”


Outlook and guidance

The Company expects to produce approximately 19,500 to 20,500 MT of polysilicon and sell approximately 20,500 MT to 21,500 MT of polysilicon to external customers during the third quarter of 2020. For the full year of 2020, the Company expects to produce approximately 75,800 MT to 76,800 MT of polysilicon, inclusive of the impact of the Company’s annual facility maintenance.

This outlook reflects Daqo New Energy’s current and preliminary view as of the date of this press release and may be subject to changes. The Company’s ability to achieve these projections is subject to risks and uncertainties. See “Safe Harbor Statement” at the end of this press release.

Third Quarter 2020 Results


Revenues

Revenues were $125.5 million, compared to $133.5 million in the second quarter of 2020 and $83.9 million in the third quarter of 2019. The sequential decrease in revenues was primarily due to lower polysilicon sales volume despite higher ASP.


Gross profit and margin

Gross profit was $45.3 million, compared to $22.7 million in the second quarter of 2020 and $18.1 million in the third quarter of 2019. Gross margin was 36.0%, compared to 17.0% in the second quarter of 2020 and 21.5% in the third quarter of 2019. The increase in gross margin was primarily due to improvement in production costs and higher ASP.


Selling, general and administrative expenses

Selling, general and administrative expenses were $9.2 million, compared to $10.1 million in the second quarter of 2020 and $8.2 million in the third quarter of 2019. SG&A expenses during the quarter included $4.0 million in non-cash share-based compensation costs related to the Company’s share incentive plan. 


Research and development expenses

Research and development (R&D) expenses were $1.7 million, compared to $2.0 million in the second quarter of 2020 and $1.2 million in the third quarter of 2019. Research and development expenses can vary from period to period and reflect R&D activities that take place during the quarter.


Income from operations and operating margin

As a result of the foregoing, income from operations was $33.3 million, compared to $10.8 million in the second quarter of 2020 and $8.8 million in the third quarter of 2019. Operating margin was 26.6%, compared to 8.1% in the second quarter of 2020 and 10.5% in the third quarter of 2019.


Interest expense

Interest expense was $5.4 million, compared to $6.7 million in the second quarter of 2020 and $2.6 million in the third quarter of 2019.


EBITDA (non-GAAP)

EBITDA (non-GAAP) was $51.6 million, compared to $26.8 million in the second quarter of 2020 and $19.7 million in the third quarter of 2019. EBITDA margin (non-GAAP) was 41.1%, compared to 20.0% in the second quarter of 2020 and 23.5% in the third quarter of 2019.


Net income attributable to Daqo New Energy Corp. shareholders and earnings per ADS

As a result of the aforementioned, net income attributable to Daqo New Energy Corp. shareholders was $20.8 million in the third quarter of 2020, compared to $2.4 million in the second quarter of 2020 and $5.0 million in the third quarter of 2019.

Earnings per basic ADS was $0.29 in the third quarter of 2020, compared to $0.03 in the second quarter of 2020, and $0.07 in the third quarter of 2019.


Financial Condition

As of September 30, 2020, the Company had $109.8 million in cash and cash equivalents and restricted cash, compared to $115.8 million as of June 30, 2020 and $68.2 million as of September 30, 2019. As of September 30, 2020, notes receivable balance was $1.9 million, compared to $8.2 million as of June 30, 2020 and $4.3 million as of September 30, 2019. As of September 30, 2020, total borrowings were $271.0 million, of which $140.0 million were long-term borrowings, compared to total borrowings of $264.8 million, including $116.9 million long-term borrowings, as of June 30, 2020 and total borrowings of $248.8 million, including $163.5 million long-term borrowings, as of September 30, 2019.


Cash Flows

For the nine months ended September 30, 2020, net cash provided by operating activities was $71.1 million, compared to $101.6 million in the same period of 2019.

For the nine months ended September 30, 2020, net cash used in investing activities was $80.3 million, compared to $202.3 million in the same period of 2019. The net cash used in investing activities in 2020 and 2019 was primarily related to the capital expenditures on our Phase 3B and 4A polysilicon projects.

For the nine months ended September 30, 2020, net cash provided by financing activities was $1.1 million, compared to $76.6 million in the same period of 2019.

Use of Non-GAAP Financial Measures

To supplement Daqo New Energy’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“US GAAP”), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most directly comparable GAAP measures including earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA margin; adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS. Our management believes that each of these non-GAAP measures is useful to investors, enabling them to better assess changes in key element of the Company’s results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, our management believes that, used in conjunction with US GAAP financial measures, these non-GAAP financial measures provide investors with meaningful supplemental information to assess the Company’s operating results in a manner that is focused on its ongoing, core operating performance. Our management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Given our management’s use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company’s operating results as seen through the eyes of our management. These non-GAAP measures are not prepared in accordance with US GAAP or intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with US GAAP; the non-GAAP measures should be reviewed together with the US GAAP measures, and may be different from non-GAAP measures used by other companies.

The Company uses EBITDA, which represents earnings before interest, taxes, depreciation and amortization, and EBITDA margin, which represents the proportion of EBITDA in revenues. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS exclude costs related to the non-operational polysilicon assets in Chongqing. Such costs mainly consist of non-cash depreciation costs, as well as utilities and maintenance costs associated with the temporarily idle polysilicon machinery and equipment, and the Company had removed this adjustment from the non-GAAP reconciling item since the fourth quarter of 2018, because as of the end of the third quarter of 2018, all of the polysilicon machinery and equipment had been either relocated to Xinjiang, disposed, or planned to be disposed of in due course. Adjusted net income attributable to Daqo New Energy Corp. shareholders and adjusted earnings per basic and diluted ADS also exclude costs related to share-based compensation. Share-based compensation is a non-cash expense that varies from period to period. As a result, our management excludes this item from our internal operating forecasts and models. Our management believes that this adjustment for share-based compensation provides investors with a basis to measure the Company’s core performance, including compared with the performance of other companies, without the period-to-period variability created by share-based compensation.

A reconciliation of non-GAAP financial measures to comparable US GAAP measures is presented later in this document.

Conference Call

The Company has scheduled a conference call to discuss the results at 8:00 AM U.S. Eastern Time on November 23, 2020 (9:00 PM Beijing / Hong Kong time on the same day).

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

Participant dial in (U.S. toll free):

+1-888-346-8982

Participant international dial in:

+1-412-902-4272

China mainland toll free:

4001-201203

Hong Kong toll free:

800-905945

Hong Kong local toll:

+852-301-84992

You can also listen to the conference call via Webcast through the URL:
https://services.choruscall.com/links/dq201123.html

A replay of the call will be available 1 hour after the end of the conference through November 30, 2020.

The conference call replay numbers are as follows:

US Toll Free:

+1-877-344-7529

International Toll:

+1-412-317-0088

Canada Toll Free:

855-669-9568

Replay access code:

10149965

To access the replay using an international dial-in number, please select the link below.

https://services.choruscall.com/ccforms/replay.html

Participants will be required to state their name and company upon entering the call.

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2008, the Company is one of the world’s lowest cost producers of high-purity polysilicon. Daqo’s highly-efficient and technically advanced manufacturing facility currently has a nameplate annual polysilicon production capacity of 70,000 metric tons.

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 outlook for the fourth quarter and the full year of 2020 and quotations from management in this announcement, as well as Daqo New Energy’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports 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 the Company’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: the demand for photovoltaic products and the development of photovoltaic technologies; global supply and demand for polysilicon; alternative technologies in cell manufacturing; the Company’s ability to significantly expand its polysilicon production capacity and output; the reduction in or elimination of government subsidies and economic incentives for solar energy applications; the Company’s ability to lower its production costs; changes in the political and regulatory environment; and the duration of COVID-19 outbreaks in China and many other countries and the impact of the outbreaks and the quarantines and travel restrictions instituted by relevant governments on economic and market conditions, including potentially weaker global demand for solar PV installations that could adversely affect the Company’s business and financial performance. Further information regarding these and other risks is included in the reports or documents the Company has filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

 

 

 


Daqo New Energy Corp.


Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income

(US dollars in thousands, except ADS and per ADS data)


Three months ended


Nine months ended


Sep 30,
2020


Jun 30,
2020


Sep 30,
2019


Sep 30,
2020


Sep 30,
2019

Revenues

$125,529

$133,518

$83,909

$427,878

$231,072

Cost of revenues

(80,276)

(110,820)

(65,834)

(303,373)

(186,087)

Gross profit

45,253

22,698

18,075

124,505

44,985

Operating expenses

Selling, general and administrative
  expenses

 

(9,223)

 

(10,120)

 

(8,178)

 

(28,235)

 

(23,920)

Research and development expenses

(1,746)

(1,958)

(1,228)

(5,358)

(4,052)

Other operating (expense) / income

(954)

133

145

(1,036)

579

Total operating expenses

(11,923)

(11,945)

(9,261)

(34,629)

(27,393)

Income from operations

33,330

10,753

8,814

89,876

17,592

Interest expense

(5,438)

(6,653)

(2,551)

(18,378)

(6,461)

Interest income

200

368

193

719

775

Foreign exchange loss

–

–

–

–

(189)

Income before income taxes

28,092

4,468

6,456

72,217

11,717

Income tax expense

(6,193)

(2,037)

(1,561)

(14,574)

(3,652)

Net income from continuing operations

21,899

2,431

4,895

57,643

8,065

Income / (loss) from discontinued
operations, net of tax

 

–

 

(55)

 

88

 

(141)

 

1,370

Net income

21,899

2,376

4,983

57,502

9,435

Net income (loss) attributable to non-
  controlling interest

 


1,142

 

(7)

 

–

 


1,132

 

–

Net income attributable to Daqo New
  Energy Corp. shareholders


$20,757

$2,383

$4,983


$56,370

$9,435

Net income

21,899

2,376

4,983

57,502

9,435

Other comprehensive income / (loss):

Foreign currency translation adjustments

25,937

1,213

(21,337)

17,331

(20,594)

Total other comprehensive income / (loss)

25,937

1,213

(21,337)

17,331

(20,594)

Comprehensive income / (loss)

47,836

3,589

(16,354)

74,833

(11,159)

Comprehensive income / (loss)
  attributable to non-controlling interest


1,163

(6)

–

 


1,148

 

–

Comprehensive income / (loss)
  attributable to Daqo New Energy Corp.
  shareholders

 

 


$46,673

 

 

$3,595

 

 

$(16,354)

 

 


$73,685

 

 

$(11,159)

 Earnings per ADS* (GAAP)

– continuing operations


0.29

0.03

0.07


0.80

0.12

– discontinued operations

0.00

0.00

0.00

0.00

0.02

 Basic


0.29

0.03

0.07


0.80

0.14

– continuing operations


0.27

0.03

0.06


0.74

0.12

– discontinued operations

0.00

0.00

0.01

0.00

0.02

 Diluted


0.27

0.03

0.07


0.74

0.14

 

Weighted average ADS outstanding*

Basic

71,281,184

70,546,207

68,172,007

70,570,987

67,483,068

Diluted

76,626,371

76,270,603

75,755,443

76,398,480

69,631,876

*ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary
shares from one (1) ADS representing twenty-five (25) ordinary shares to one (1) ADS representing five (5) ordinary shares. The earning
per ADS and number of ADS information has been retrospectively adjusted to reflect the change for all periods presented.

 

 

 


Daqo New Energy Corp.


Unaudited Consolidated Balance Sheets

(US dollars in thousands)

Sep 30, 2020

Jun 30, 2020

Sep 30, 2019

ASSETS:

Current Assets:

Cash and cash equivalents

$70,150

$88,215

$26,985

Restricted cash

39,640

27,551

41,192

Accounts receivable, net

42

65

129

Notes receivable

1,908

8,163

4,294

Prepaid expenses and other current assets

12,972

13,476

24,176

Advances to suppliers

1,229

6,712

7,823

Inventories, net

53,640

26,824

21,023

Amount due from related parties

213

12

3,492

Current assets associated with discontinued operation

–

667

414

Total current assets

179,794

171,685

129,528

Property, plant and equipment, net

987,295

956,675

883,084

Prepaid land use right

29,815

28,826

21,030

Deferred tax assets

1,386

1,332

790

Investment in affiliate

658

633

625

Operating lease Right-of-use assets

137

153

211

Other non-current assets

147

–

–

Non-current asset associated with discontinued operation

–

181

6,804

TOTAL ASSETS

1,199,232

1,159,485

1,042,072

Current liabilities:

Short-term borrowings, including current portion of long-
  term borrowings

 

131,064

 

147,839

 

85,278

Accounts payable

19,739

18,833

20,070

Notes payable

62,128

49,143

62,287

Advances from customers-short term portion

17,544

23,500

21,218

Payables for purchases of property, plant and equipment

76,158

97,239


81,709

Accrued expenses and other current liabilities

16,616

18,262


12,071

Amount due to related parties


4,820

8,169


16,787

Income tax payable

7,314

4,414

3,437

Lease liabilities – short term portion

78

74

81

Current liabilities associated with discontinued operation

–

877


1,087

Total current liabilities


335,461

368,350

304,025

Long-term borrowings

139,967

116,911

163,519

Advance from customers – long term portion

1,266

1,132

9,092

Amount due to related parties – long term portion

10,897

16,247

15,387

Other long-term liabilities

21,157

20,067


20,876

Deferred tax liabilities

5,647

5,459

1,145

Lease liabilities – long term portion

–

–

74

Non-current liabilities associated with discontinued 
operation

–

–


–

TOTAL LIABILITIES


514,395

528,166

514,118

 

EQUITY:

Ordinary shares

36

36

35

Treasury stock

(1,749)

(1,749)

(1,749)

Additional paid-in capital

405,784


400,103

382,660

Accumulated gains

257,292

236,535

180,834

Accumulated other comprehensive loss

(2,622)

(28,538)

(33,826)

Total Daqo New Energy Corp.’s shareholders’ equity

658,741


606,387

527,954

Non-controlling interest


26,096


24,932

–

Total equity


684,837

631,319

527,954

TOTAL LIABILITIES & EQUITY

1,199,232

1,159,485

1,042,072

 

 

 


Daqo New Energy Corp.


Unaudited Consolidated Statements of Cash Flows

(US dollars in thousands)

For the nine months ended Sep 30,

2020

2019


Operating Activities:

Net income

57,502

9,435

Less: (loss) / income from discontinued operations, net of tax

(141)

1,370

Net income from continuing operations

57,643

8,065

Adjustments to reconcile net income to net cash provided by operating activities

68,248

45,814

Changes in operating assets and liabilities

(54,722)

45,588

Net cash provided by operating activities-continuing operations

71,169

99,467

Net cash (used in) / provided by operation activities-discontinued operations

(50)

2,138

Net cash provided by operating activities

71,119

101,605


Investing activities:

Net cash used in investing activities-continuing operations

(80,147)

(204,067)


Net cash (used in) / provided by investing activities-discontinued operations

(195)

1,791

Net cash used in investing activities

(80,342)

(202,276)


Financing activities:

Net cash provided by financing activities – continuing operations

1,127

87,445

Net cash used in financing activities – discontinued operations

(64)

(10,843)

Net cash provided by financing activities

1,063

76,602


Non-cash transactions

Effect of exchange rate changes

2,656

(2,582)

Net (decrease) / increase in cash, cash equivalents and restricted cash

(5,504)

(26,651)

Cash, cash equivalents and restricted cash at the beginning of the period

115,294

95,120

Cash, cash equivalents and restricted cash at the end of the period

109,790

68,469

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

Sep 30, 2020

Sep 30, 2019

Cash and cash equivalents

70,150

27,277

Restricted cash

39,640

41,192

Total cash, cash equivalents, and restricted cash shown in the

statement of cash flows

109,790

68,469

 

 

 


Daqo New Energy Corp.


Reconciliation of non-GAAP financial measures to comparable US GAAP measures

(US dollars in thousands)


Three months Ended


Nine months Ended


Sep 30,
2020


Jun 30,
2020


Sep 30,
2019


Sep 30,
2020


Sep 30,
2019



Net income

21,899

2,431

4,895

57,643

8,065

Income tax expense

6,193

2,037

1,561


14,574

3,652

Interest expense

5,438

6,653

2,551

18,378

6,461

Interest income

(200)

(368)

(193)

(719)

(775)

Depreciation & Amortization

18,289

16,004

10,878

51,568

32,524


EBITDA (non-GAAP)

51,619

26,757

19,692


141,444

49,927


EBITDA margin (non-GAAP)

41.1%

20.0%

23.5%

33.1%

21.6%

 

 


Three months Ended


Nine months Ended


Sep 30,
2020


Jun 30,
2020


Sep 30,
2019


Sep 30,
2020


Sep 30,
2019


Net income attributable to Daqo New Energy Corp.
  shareholders

 


20,757

 

2,383

 

4,983

 


56,370

 

9,435

Share-based compensation

4,478

4,491

4,476

13,430

13,436


Adjusted net income (non-GAAP) attributable to Daqo New
Energy Corp. shareholders


25,235

6,874

9,459


69,800

22,871


Adjusted earnings per basic ADS* (non-GAAP)


$0.35

$0.10

$0.14


$0.99

$0.34


Adjusted earnings per diluted ADS* (non-GAAP)


$0.33

$0.09

$0.12


$0.91

$0.33

*ADS means American Depositary Share. On November 17, 2020, the Company effected a change of the ratio of its ADSs to ordinary
shares from one (1) ADS representing twenty-five (25) ordinary shares to one (1) ADS representing five (5) ordinary shares. The earning
per ADS and number of ADS information has been retrospectively adjusted to reflect the change for all periods presented.

 

Cision View original content:http://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-third-quarter-2020-results-301178820.html

SOURCE Daqo New Energy Corp.

Posted on

Clear Channel Outdoor Holdings, Inc. To Participate In The Wells Fargo TMT Summit

PR Newswire

SAN ANTONIO, Nov. 23, 2020 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc., (NYSE:CCO) announced today that William Eccleshare, CEO of Clear Channel Outdoor Holdings, Inc., Brian Coleman, CFO of Clear Channel Outdoor Holdings, Inc. and Scott Wells, CEO of Clear Channel Outdoor Americas are scheduled to participate in a question and answer session at the Wells Fargo TMT Summit on Wednesday, December 2, 2020, at 10:40 a.m., Eastern Time.  A live audio webcast of the question and answer session will be available on Clear Channel Outdoor Holdings’ investor website at www.investor.clearchannel.com and will be available for replay on the website for 30 days. 

About Clear Channel Outdoor Holdings 

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the world’s largest outdoor advertising companies with a diverse portfolio of approximately 500,000 print and digital displays in 31 countries across North America, Europe, Latin America and Asia, reaching millions of people monthly. A growing digital platform includes more than 16,000 digital displays in international markets and more than  2,000 digital displays (excluding airports), including more than 1,400 digital billboards, in the U.S.

Comprised of two business divisions – Clear Channel Outdoor Americas (CCOA), the U.S. and Caribbean business division, and Clear Channel International (CCI), covering markets in Europe, Latin America and Asia – CCO employs approximately 5,100 people globally. More information is available at investor.clearchannel.com, clearchanneloutdoor.com and clearchannelinternational.com.

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/clear-channel-outdoor-holdings-inc-to-participate-in-the-wells-fargo-tmt-summit-301178445.html

SOURCE Clear Channel Outdoor Holdings, Inc.

Posted on

The GEO Group Announces Decision by Federal Bureau of Prisons to Not Rebid Its Contract for Rivers Correctional Facility

The GEO Group Announces Decision by Federal Bureau of Prisons to Not Rebid Its Contract for Rivers Correctional Facility

BOCA RATON, Fla.–(BUSINESS WIRE)–The GEO Group, Inc. (NYSE: GEO) (“GEO”) announced today that the Federal Bureau of Prisons has decided to not rebid the contract for the company-owned, 1,450-bed Rivers Correctional Facility in North Carolina, which is set to expire on March 31, 2021. The contract for the Rivers Correctional Facility generated approximately $43 million in annualized revenues for GEO. GEO expects to market the Rivers Correctional Facility to other federal and state agencies.

George C. Zoley, Chairman and Chief Executive Officer of GEO, said, “We have operated the Rivers Correctional Facility under a public-private partnership with the Federal Bureau of Prisons for 20 years. Over the last two decades, our employees have delivered high quality services, helping Washington D.C. residents at the Rivers Correctional Facility achieve successful rehabilitation and community reentry outcomes. Federal prison populations in the United States have experienced a decline, more recently as a result of the COVID-19 pandemic. We expect to market the Rivers Correctional Facility to other federal and state agencies.”

In an effort to enhance the community support services for Washington D.C. residents housed at the Rivers Correctional Facility, GEO established Reentry Success D.C. in collaboration with the National Federation of Federal Employees (an affiliate of the International Association of Machinists and Aerospace Workers). The program enhances GEO’s pre- and post-release services by connecting returning citizens to gainful employment. Reentry Success D.C. is available to every GEO Continuum of Care participant at the Rivers Correctional Facility, who is returning to Washington D.C. upon release. Additional information on Reentry Success D.C. can be found at www.reentrysuccessdc.com

About The GEO Group

The GEO Group (NYSE: GEO) is a fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO is a leading provider of enhanced in-custody rehabilitation, post-release support, electronic monitoring, and community-based programs. GEO’s worldwide operations include the ownership and/or management of 123 facilities totaling approximately 93,000 beds, including projects under development, with a workforce of approximately 23,000 professionals.

This press release contains forward-looking statements regarding future events and the future performance of GEO that involve risks and uncertainties that could materially affect actual results. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to successfully market the Rivers Correctional Facility to other federal and state agencies as of March 31, 2021 or as soon as practicable thereafter; (2) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (3) GEO’s ability to declare future quarterly cash dividends and the timing and amount of such future dividends; (4) GEO’s ability to successfully pursue further growth and continue to enhance shareholder value; (5) GEO’s ability to access the capital markets in the future on satisfactory terms or at all; (6) GEO’s ability to control operating costs associated with contract start-ups; (7) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (8) GEO’s ability to obtain future financing on acceptable terms or at all; (9) GEO’s ability to sustain company-wide occupancy rates at its facilities; and (10) other factors contained in GEO’s Securities and Exchange Commission filings, including its Form 10-K, 10-Q and 8-K reports.

Pablo E. Paez (866) 301 4436

Executive Vice President, Corporate Relations

KEYWORDS: Florida North Carolina United States North America

INDUSTRY KEYWORDS: REIT Other Construction & Property White House/Federal Government Construction & Property Public Policy/Government

MEDIA:

Logo
Logo
Posted on

AECOM awarded design contract to modernize U.S. Air Force Academy’s historic Sijan Hall

AECOM awarded design contract to modernize U.S. Air Force Academy’s historic Sijan Hall

LOS ANGELES–(BUSINESS WIRE)–
AECOM (NYSE:ACM), the world’s premier infrastructure consulting firm, today announced that the U.S. Army Corps of Engineers (USACE), Omaha District selected the firm to design the renovation of the U.S. Air Force Academy’s 700,000-square-foot Sijan Hall, which is located just north of Colorado Springs, CO. The dormitory is situated in the campus’s Cadet Area, which is a National Historic Landmark District. This will be the first modernization project at Sijan Hall since it was built in 1968, with the design encompassing residential, academic, courtyard, and recreational spaces.

“AECOM’s strong in-house multi-disciplinary capabilities and track record of technical excellence positioned us as a trusted partner to help modernize the cadet experience,” said Lara Poloni, AECOM’s president. “With more than 20 years of project experience at the U.S. Air Force Academy, we understand that it plays a vital role as both an active military installation and a prestigious institution of higher education. We are proud to support the Academy’s mission to prepare future generations of leaders in the Air Force, Space Force, and beyond.”

The $25-million design contract requires a complex five-phase renovation that will allow Sijan Hall to remain occupied throughout construction. Sijan Hall—the second-largest dormitory in the United States with 2,200 beds—is a cornerstone of cadet living and is grouped into squadrons. AECOM’s design team will reconfigure shared spaces for studying and socializing to foster collaboration and improve cadet wellbeing. The modernization will incorporate energy-efficient materials and systems, smart building technologies, improved daylighting, and updated HVAC systems, including geothermal energy and air conditioning for the first time—all while meeting USACE high-performance and sustainable building requirements.

AECOM’s portfolio of work at the U.S. Air Force Academy includes the ongoing restoration of the iconic Cadet Chapel, the design of the new U.S. Air Force Center for Cyber Innovation (Cyberworx), and the historic Kettle Creek Dam, as well as master planning, facility assessments, building renovations, environmental services, and airfield designs.

About AECOM

AECOM (NYSE: ACM) is the world’s premier infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.2 billion in fiscal year 2020. See how we deliver what others can only imagine at aecom.com and @AECOM.

Forward-Looking Statements

All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the Power transaction and other recent acquisitions and divestitures, including the risk that the expected benefits of such transactions or any contingent purchase price will not be realized within the expected time frame, in full or at all; the risk that costs of restructuring transactions and other costs incurred in connection with recent acquisitions and divestitures will exceed our estimates or otherwise adversely affect our business or operations; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

Investor Contact:

Will Gabrielski

Senior Vice President, Investor Relations

213.593.8208

[email protected]

Media Contact:

Brendan Ranson-Walsh

Vice President, Global Communications & Corporate Responsibility

213.996.2367

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Architecture Contracts Professional Services Defense Environment Construction & Property Engineering Building Systems Landscape Consulting Manufacturing Interior Design

MEDIA: