Market Newsdesk

November 12, 2020 5:03 pm

BellRing Brands Announces Share Repurchase Authorization of $60 Million

ST. LOUIS, Nov. 12, 2020 (GLOBE NEWSWIRE) — BellRing Brands, Inc. (NYSE:BRBR) today announced its Board of Directors approved a $60 million share repurchase authorization over the next two years. Repurchases may be made from time to time in the open market, private purchases, through forward, derivative, alternative, accelerated repurchase or automatic purchase transactions, or otherwise. The authorization does not, however, obligate BellRing to acquire any particular amount of shares, and repurchases may be suspended or terminated at any time at BellRing’s discretion. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions and legal requirements.

Cautionary Statement on Forward-Looking Language

Forward-looking statements, within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, are made in this press release. These forward-looking statements are sometimes identified from the use of forward-looking words such as “believe,” “should,” “could,” “potential,” “continue,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “aim,” “intend,” “plan,” “forecast,” “target,” “is likely,” “will,” “can,” “may” or “would” or the negative of these terms or similar expressions elsewhere in this press release. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, unanticipated developments that prevent, delay or negatively impact the repurchases, the rapidly changing situation related to the COVID-19 pandemic and other financial, operational and legal risks and uncertainties detailed from time to time in BellRing’s cautionary statements contained in its filings with the Securities and Exchange Commission. These forward-looking statements represent BellRing’s judgment as of the date of this press release. BellRing disclaims, however, any intent or obligation to update these forward-looking statements.

About
BellRing Brands
, Inc.

BellRing Brands, Inc. is a rapidly growing leader in the global convenient nutrition category. Its primary brands, Premier Protein®, Dymatize® and PowerBar®, appeal to a broad range of consumers across all major product forms, including ready-to-drink protein shakes, powders and nutrition bars, and are distributed across a diverse network of channels including club, food, drug, mass, eCommerce, specialty and convenience. BellRing’s commitment to consumers is to strive to make highly effective products that deliver best-in-class nutritionals and superior taste. For more information, visit www.bellring.com.

Contact:

Investor Relations
Jennifer Meyer
[email protected]
(314) 644-7665

November 12, 2020 5:03 pm

Mesa Air Group Announces Fourth Quarter Fiscal Year 2020 Earnings Release and Conference Call Date

PHOENIX, Nov. 12, 2020 (GLOBE NEWSWIRE) — Mesa Air Group, Inc. (NASDAQ: MESA) will release its fourth quarter earnings for fiscal year 2020 after the market closes on Wednesday, December 9. The company will also host a conference call to discuss the results on December 9 at 4:30 pm Eastern Time.

The call can be accessed by dialing 888-469-2054 and entering the passcode: PHOENIX (7463649).

There will also be a listen-only webcast on Mesa’s website (http://investor.mesa-air.com/events-and-presentations/events). A recorded version will be available on Mesa’s website approximately two hours after the call (http://investor.mesa-air.com).

About Mesa Air Group, Inc.

Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 101 cities in 39 states, the District of Columbia, Canada and Mexico. As of October 31st, 2020, Mesa operated a fleet of 146 aircraft with approximately 342 daily departures and 3,200 employees. Mesa operates all of its flights as either American Eagle, United Express, or DHL Express flights pursuant to the terms of capacity purchase agreements entered into with American Airlines, Inc., United Airlines, Inc., and DHL.

Investor Relations
Brian Gillman
[email protected]

Media
Matthew Harris
[email protected]

November 12, 2020 5:03 pm

Par Pacific Holdings to Participate in the Reuters Events Downstream Leadership Forum

HOUSTON, Nov. 12, 2020 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR)(“Par Pacific”) today announced that Joseph Israel, President & Chief Executive Officer of Par Petroleum, LLC, will participate in the Reuters Events Downstream Leadership Forum being held online on November 19-20, 2020. Mr. Israel will host a virtual discussion regarding the outlook for the refining industry on November 19, 2020 at 8:15 a.m. CST, followed by a live question and answer session.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, owns and operates market-leading energy, infrastructure, and retail businesses. Par Pacific’s strategy is to acquire and develop businesses in logistically complex markets. Par Pacific owns and operates one of the largest energy networks in Hawaii with 148,000 bpd of combined refining capacity, a logistics system supplying the major islands of the state and 91 retail locations. In the Pacific Northwest and the Rockies, Par Pacific owns and operates 60,000 bpd of combined refining capacity, related multimodal logistics systems, and 33 retail locations. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

For more information contact:

Ashimi Patel
Manager, Investor Relations
(832) 916-3355
[email protected]

November 12, 2020 5:01 pm

Former North Texas Food Bank Board Chair, Anurag Jain, Named One of Dallas Business Journal’s Outstanding Directors

Jain served on the NTFB board for 8 years, serving as board chair from July 2017-June 2020

Dallas, Nov. 12, 2020 (GLOBE NEWSWIRE) — North Texas Food Bank’s former board Chair Anurag Jain was honored by the Dallas Business Journal in the category of Individual Non-Profit Board at their Outstanding Directors Awards via a virtual ceremony on November 5, 2020. Jain served on the North Texas Food Bank Board for eight years including three years as board chair. During this time, the Food Bank faced several changes and challenges including the creation of a strategic vision with a goal to distribute 92 million meals by 2025, the passing of longtime CEO Jan Pruitt, the hiring of new CEO Trisha Cunningham, the completion of a historic $55M capital campaign and nearly tripling operations capacity with the opening of the Perot Family Campus distribution and volunteer center in Plano.

Jain’s service and leadership are characterized by Food Bank staff as innovative and enthusiastic with a focus on solutions to community needs. At the onset of the COVID-19 pandemic, when NTFB saw a significant decline in volunteer participation, Jain knew that there was an opportunity to help support displaced hospitality employees, looking for work after cutbacks due to the pandemic. Alongside business partner Patrick Brandt, Jain created a special fund called Get Shift Done that would provide out of work people with an income in exchange for support at local non-profits. Their work helped the North Texas Food Bank and several other non-profits continue their critical missions during a time when the need for these services was dire. Launched in March, the effort has grown to ten additional cities and has helped serve more than 50 million meals with support from more than 22,000 workers and 110 nonprofit partners.

“Anurag has been a dedicated, giving and strong leader for NTFB and a supportive thought partner. He is a hunger hero and we are thrilled that the Dallas Business Journal has recognized his immense contributions to our community,” said Trisha Cunningham, President and CEO of the North Texas Food Bank. “It is amazing to think about how much progress our organization has made during these last few years and a great deal of credit goes to our board and especially Anurag, who championed our employees, our mission and worked closely with generous donors to help us achieve our goals. His vision for our community has always been crystal clear, as evidenced by the establishment of the Get Shift Done initiative. I am proud that this was launched in North Texas and has grown steadily since March. Anurag is laser focused on supporting our community and I am thankful for his leadership as well as his friendship.”

Recently the Food Bank exceeded its 2025 meal goal of 92 million meals. Because of increased need and distributions due to the COVID-19 pandemic, the Food Bank provided access to nearly 97 million nutritious meals at the end of Fiscal Year 2020. Jain has passed the board chair torch to Michael Brookshire with a new goal to sustain operations to meet the elevated need.

“We established the position of Chairman Emeritus for Anurag to continue his support and leadership as the NTFB grows and expands in the years ahead,” said Cunningham.

As Chairman Emeritus, Jain will continue to provide support to the North Texas Food Bank.

“Fate brought me to NTFB, but it was the people and their commitment to the issue of hunger which kept me engaged with this critical mission,” said Anurag Jain, Board Chair Emeritus for the North Texas Food Bank. “It is humbling and gratifying to be associated with an organization like NTFB. Together, we were able to provide more meals than ever before, and that need continues to increase due to COVID-19. I am proud of the work that we did together to establish Get Shift Done. This program was successful and a model effort, thanks to the collaboration of generous donors, great teamwork within the nonprofit organizations served as well as the willingness of the frontline employees who wanted to make sure to support their communities while also earning an income. I am grateful to the NTFB for the nomination and I accept it in honor of my fellow board members as well as the staff who have worked tirelessly to provide healthy meals for neighbors in need.”

For more information about the Dallas Business Journal Outstanding Directors Awards please visit https://www.bizjournals.com/Dallas

To learn more about the Get Shift Done Initiative, please visit https://www.getshiftdone.org/

About the North Texas Food Bank: The North Texas Food Bank (NTFB) is a top-ranked nonprofit hunger-relief organization operating a state-of-the-art volunteer and distribution center in Plano, the Perot Family Campus. Last year, the Food Bank worked hard in partnership with member agencies from our Feeding Network to provide access to almost 97 million nutritious meals across a diverse 13- county service area, exceeding our goal by five years to provide access to 92 million annual meals by 2025. But the need for hunger relief is complex and in order to meet the continued need, the NTFB is always working to increase our food distribution efforts and bridge the hunger gap for children, seniors, and families in North Texas. NTFB is a member of Feeding America, a national hunger-relief organization.

About Anurag Jain: Anurag Jain is a futurist, a consummate entrepreneur, philanthropist and venture capitalist focused on charting a better course for humanity by pioneering solutions to the world’s most complex problems. Jain’s ability to harness and leverage technology paired with his visionary global mindset has enabled him to successfully launch multiple companies. He is currently the Chairman of Access Healthcare, a healthcare services platform utilizing AI and robotic process automation (RPA) to transform the revenue cycle management industry. He is also Managing Partner of Perot Jain, a venture capital firm, where he has invested heavily across various exponential technologies to help build highly disruptive, industry transforming companies. Jain views philanthropy and corporate social responsibility as core tenets in his personal life and business.

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Attachment

Anurag Jain 2020

Anna Kurian
North Texas Food Bank 
214-270-2059
[email protected]

November 12, 2020 5:01 pm

Liminal BioSciences Reports Third Quarter Financial Results

PR Newswire

PDUFA Target Action Date of June 5, 2021 for Ryplazim^® (plasminogen) BLA Submission
Ryplazim^® (plasminogen) Abstracts Selected for Presentation at American Society of Hematology (ASH) in early December
Changes to Board of Directors
OXER1 Antagonist Preclinical R&D Program Acquired
New Appointments to Board of Directors
US$30 MM in gross proceeds from a private placement closed in November
C$29.1 MM in proceeds from long-term loan from SALP in September
Executive team changes

LAVAL, QC, and CAMBRIDGE, England, Nov. 12, 2020 /PRNewswire/ – Liminal BioSciences Inc. (Nasdaq: LMNL) (“Liminal BioSciences” or the “Company”), a clinical-stage biopharmaceutical company, today reported its unaudited financial results for the third quarter ended September 30, 2020.

“It has been an eventful and historic quarter for the Company led by the resubmission of our biologics licensing application (BLA) with the United States Food and Drug Administration (FDA) for Ryplazim^® (plasminogen),” said Patrick Sartore, Chief Operating Officer, Plasma-Derived Therapeutics. “As we advance through the regulatory review process towards the current PDUFA target action date of June 5, 2021, we are continuing to build out our commercialization strategy to bring this much needed treatment to patients with congenital plasminogen deficiency (C-PLGD) in the U.S., pending FDA approval.”

“With the support of our largest shareholder, Structured Alpha LP (SALP), we have strengthened our financial position through the completion of a private placement for gross proceeds of US$30 million, with an equal contribution from SALP and a new US healthcare investor, and with an additional long-term loan from SALP of C$29.1 million,” said Murielle Lortie, Chief Financial Officer.

The Company also reports that Mr. Kenneth Galbraith tendered his resignation as CEO and as a member of our Board for personal reasons, effective November 13, 2020. Mr. Bruce Pritchard, Chief Operating Officer, Small Molecule Therapeutics and Mr. Patrick Sartore, Chief Operating Officer, Plasma-Derived Therapeutics, are currently heading their respective business units and have agreed to act in the capacity of CEO and President respectively, effective November 13, 2020. Mr. Galbraith will be involved in the transition of CEO duties to Mr. Pritchard.

Key Recent Highlights

BLA resubmission for Ryplazim^® (plasminogen) filed with FDA in September 2020
PDUFA target action date now set by FDA as June 5, 2021
Ryplazim^® (plasminogen) abstracts selected for presentation at ASH being held virtually between December 5 and 8, 2020
OXER1 antagonist R&D program acquired with C$2.4 million in secured convertible debenture financing provided to fund the ongoing preclinical research activities
Mr. Alek Krstajic and Mr. Eugene Siklos appointed to the Board of Directors
C$29.1 million in proceeds provided by long-term loan due in 2024 from SALP, the majority shareholder of Liminal
Completion of a private placement of common shares and warrants for US$30 million in gross proceeds from a combination of SALP and a new US healthcare investor
Mr. Kenneth Galbraith to step down as CEO and Mr. Bruce Pritchard to be appointed as CEO and Mr. Patrick Sartore to be appointed as President, effective on November 13, 2020.

Key Anticipated Milestones

Liminal BioSciences continues to take precautionary measures in response to the COVID-19 global pandemic to protect the health of its employees, their families, patients, donors and local communities. The Company has had only limited disruptions to ongoing business operations related to the pandemic and is in position to provide guidance on the timing of certain near-term objectives:

Anticipated initiation of Phase 1 multiple ascending dose (MAD) trial in the United Kingdom of fezagepras in healthy volunteers in Q4-2020;
Expected nomination of preclinical product candidate (PCC) for GPR84 antagonist research program in Q4-2020;
Poster presentations for Ryplazim^® (plasminogen) at ASH Annual Meeting to be held virtually in early December 2020;
Current expected PDUFA target action date for Ryplazim^® (plasminogen) of June 5, 2021;
Potential monetization of Priority Review Voucher (PRV), if granted by FDA on successful Ryplazim^® (plasminogen) BLA approval, in 2021
Anticipated initiation of a global Phase 2b clinical trial of fezagepras in patients with idiopathic pulmonary fibrosis (IPF) in H2-2021;
Anticipated initiation of Phase 1b/2a clinical trial of fezagepras in the US for patients with high triglyceride levels (hypertriglyceridemia) in H2-2021;
US commercial launch of Ryplazim^® (plasminogen), if approved by FDA, in 2021;
Expected nomination of PCC for OXER1 antagonist research program in H2-2021;
Anticipated initiation of additional clinical studies for Ryplazim^® (plasminogen) in H2-2021; and
Potential marketing collaborations and patient access for Ryplazim^® (plasminogen), including in selected ex-US markets, in 2021 and 2022, pending required local approvals for such markets.

CoVIG-19 Plasma Alliance

In July 2020, Liminal BioSciences announced that it joined the CoVIg-19 Plasma Alliance to contribute to the acceleration of the development of a potential new therapy for COVID-19. On October 8, 2020, the National Institutes of Health announced the launch of a Phase 3 clinical trial supported by the Alliance. The trial is expected to assess the benefits of treatment in hospitalized patients across 18 countries to determine if an antibody-based serum (anti-coronavirus hIVIG) combined with remdesivir can boost the immune system to combat COVID-19. Liminal BioSciences will continue to evaluate ways in which it can support the fight against COVID-19 and encourage people who have fully recovered from COVID-19, or know someone who has, to use the Alliance’s “plasmabot” to find and be connected to a nearby plasma collection center.

“Our continued active managing of R&D and other expenses has contributed to the reduction of net loss from continuing operations for the third quarter of 2020 by approximately 20% compared to the same quarter of 2019,” said Murielle Lortie, Chief Financial Officer of Liminal BioSciences. “While we anticipate that our current working capital position together with the recently completed US$30 million private placement, should fund our continuing operations in the near term, we will continue to evaluate a variety of financing strategies to extend our cash runway, including a combination of public or private equity offerings, debt financings, strategic collaborations, business and asset divestitures, monetization of any PRV, that may be granted by the FDA in the future, and grant funding.”

Third Quarter Financial Results:

Following the sale of our bioseparations business segment in the fourth quarter of 2019, we have restated the prior periods to remove the impact of those operations from the lines in the financial statements and have reclassified those results to the discontinued operations line in the financial statements. All amounts presented in this section are in C$ unless otherwise specified.

Cash Position: Cash and cash equivalents at September 30, 2020 were $36.0 million compared to $26.0 million as of June 30, 2020. As at September 30, 2020, the Company’s working capital, i.e., the current assets net of current liabilities, amounted to $28.3 million compared to $17.0 million at June 30, 2020. This cash and working capital position excludes the private placement closed on November 3, 2020 of US$30 million in gross proceeds (C$36.9 million net proceeds).
Long-term debt: During the quarter ended September 30, 2020, we borrowed an additional $29.1 million in long-term debt under the borrowing facility provided by SALP. Total long-term debt as at September 30, 2020 was $40.4 million, of which $38.0 million is due and repayable in 2024.
Revenues were $0.6 million for the third quarter of 2020, as compared to $0.8 million for the third quarter of 2019.
Research and development expenses were $12.4 million for the third quarter of 2020 compared to $18.1 million for the third quarter of 2019, representing a decrease of approximately 31% primarily due to a reduction in manufacturing cost for Ryplazim^® (plasminogen) of $3.1 million, the recognition of $1.5 million in grants under the Canadian Emergency Wage Subsidy program of the Canadian government and a reduction in payroll and related expenses of $2.1 million.
Administration, selling and marketing
expenses were $9.0 million for the third quarter of 2020 compared to $9.9 million for the third quarter of 2019, representing a decrease of 9% due to a decline in legal fees, payroll and related expense, and share-based payments expense, but which were partially offset by an increase in directors’ and officers’ insurance cost.
Finance costs were $2.2 million for the third quarter of 2020 compared to $1.7 million for the third quarter of 2019, representing an increase of $0.5 million reflecting the interest incurred on our secured convertible debentures issued concurrently with the acquisition of the OXER1 antagonist R&D program, and on the increased long-term debt with SALP.
Net loss from continuing operations was $23.3 million for the third quarter of 2020 compared to $29.6 million for the third quarter of 2019, representing a decrease of approximately 22%.

About Liminal BioSciences Inc.
Liminal BioSciences is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing novel treatments for patients suffering from diseases of high unmet medical need, primarily related to fibrosis, including respiratory, liver and kidney diseases. Liminal BioSciences has a deep understanding of certain biological targets and pathways that have been implicated in the fibrotic process, including fatty acid receptors such as FFAR1, G-protein-coupled receptor 84 (GPR84), and peroxisome proliferator-activated receptors (PPARs). Our lead small molecule product candidate, fezagepras (PBI-4050), is expected to enter a Phase 1 clinical trial in Q4-2020 in the UK to evaluate multiple ascending doses in normal healthy volunteers, at daily dose exposures higher than those evaluated in our previously completed Phase 2 clinical trials. Fezagepras is expected to be further evaluated in a global Phase 2b clinical trial in patients with idiopathic pulmonary fibrosis (IPF) anticipated to be initiated in H2-2021. In addition, we expect to initiate a Phase 1b/2a clinical trial in the US of fezagepras for patients with high triglyceride levels (hypertriglyceridemia) in H2-2021.

Fezagepras has previously been granted Orphan Drug Designation by the FDA and the European Medical Agency (EMA) for the treatment of IPF. The treatment has also received a Promising Innovative Medicines (PIM) designation by the Medicines and Healthcare products Regulatory Agency (MHRA) for IPF.

Liminal BioSciences has also leveraged its experience in bioseparation technologies through its subsidiary Prometic Bioproduction Inc. to isolate and purify biopharmaceuticals from human plasma. Liminal BioSciences’ lead plasma-derived product candidate is Ryplazim^®(plasminogen) (“Ryplazim^®“), for which the Company, through its US subsidiary, Prometic Biotherapeutics Inc., resubmitted a BLA in September 2020 with the FDA seeking approval to treat patients with congenital plasminogen deficiency. The PDUFA target action date for this BLA filing is June 5, 2021. Ryplazim^® has previously been granted Orphan Drug and Rare Pediatric Disease Designations by the FDA for the treatment of congenital plasminogen deficiency.

Prometic Plasma Resources, a subsidiary of Liminal BioSciences, has joined the CoVIg-19 Plasma Alliance to contribute to the acceleration of the development of a potential new therapy for COVID-19. Liminal BioSciences’ Canadian plasma collection center located in Winnipeg, Manitoba is licensed by the FDA and Health Canada, and is certified by the European Union and the Plasma Protein Therapeutics Association. Liminal BioSciences’ American plasma collection center located in Amherst, New York is licensed by the State of New York and its BLA submission is currently under review by the FDA.

Liminal BioSciences has active business operations in Canada, the United Kingdom and the United States.

Forward Looking Statement
This press release contains forward-looking statements about Liminal BioSciences’ objectives, strategies and businesses that involve risks and uncertainties. Forward–looking information includes statements concerning, among other things, statements regarding our clinical development plans for fezagepras, with respect to the timing for FDA review of the BLA for Ryplazim^®, our plans for commercial launch of Ryplazim^® in the United States if approved, our regulatory and commercial plans for Ryplazim^® outside the United States, the potential of our product candidates and development of R&D programs and the nature and timing of initiation of clinical trials.

These statements are “forward-looking” because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. At this stage, the product candidates of the Company have not been authorized for sale in any country. Among the factors that could cause actual results to differ materially from those described or projected herein include, but are not limited to, risks associated with FDA review, Liminal BioSciences’ ability to effectively establish a commercial organization, Liminal BioSciences’ ability to develop, manufacture, and successfully commercialize product candidates, if ever, the impact of the COVID-19 pandemic on its business operations, clinical development, regulatory activities and financial and other corporate impacts, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical trials, the ability of Liminal BioSciences to take advantage of business opportunities in the pharmaceutical industry, uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals and general changes in economic conditions. You will find a more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to materially differ from our current expectations in the filings the Company makes with the U.S. Securities and Exchange Commission and Canadian Securities Commissions filings and reports filings and reports, including in the Annual Report on Form 20-F, as amended, for the year ended December 31, 2019 and future filings and reports by the Company, from time to time. Such risks may be amplified by the COVID-19 pandemic and its potential impact on Liminal BioSciences’ business and the global economy. As a result, we cannot guarantee that any forward-looking statement will materialize. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. We assume no obligation to update any forward-looking statement contained in this Press Release even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations.

View original content:http://www.prnewswire.com/news-releases/liminal-biosciences-reports-third-quarter-financial-results-301172413.html

SOURCE Liminal BioSciences Inc.

November 12, 2020 4:58 pm

Vertiv Holdings Co Announces Commencement of Secondary Offering

Vertiv Holdings Co Announces Commencement of Secondary Offering

COLUMBUS, Ohio–(BUSINESS WIRE)–
Vertiv Holdings Co (“Vertiv”) (NYSE: VRT), a global provider of critical digital infrastructure and continuity solutions, today announced the commencement of an underwritten secondary public offering of up to 18 million shares of Vertiv’s Class A common stock by VPE Holdings, LLC (“Platinum”), the selling stockholder and an affiliate of certain private equity investment funds advised by Platinum Equity Advisors, LLC (the “Selling Stockholder”), pursuant to a registration statement filed with the Securities and Exchange Commission (SEC).

Following the completion of the transactions, the Selling Stockholder will remain Vertiv’s largest stockholder, owning at least 77 million shares of Class A common stock, representing an economic interest of approximately 24% in Vertiv. Vertiv is not selling any shares of Class A common stock in the offering and will not receive any proceeds from the offering.

J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers of, and as the underwriters for, the Offering.

A registration statement relating to these securities 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. A copy of the preliminary prospectus and preliminary prospectus supplement relating to the offering may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Vertiv, any underwriter, or any dealer participating in the offering will arrange to send these documents if contacted at: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY, 11717, or telephone: 1-866-803-9204 or by email at [email protected] or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY, 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected].

This press release shall 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.

About Vertiv Holdings Co

Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to ensure its customers’ vital applications run continuously, perform optimally and grow with their business needs. As Architects of Continuity™, Vertiv solves the most important challenges facing today’s data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Columbus, Ohio, Vertiv employs approximately 20,000 people and does business in more than 130 countries.

Cautionary Note Concerning Forward-Looking Statements

This press release, and other statements that Vertiv may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Vertiv’s future financial or business performance, strategies or expectations, and as such are not historical facts. This includes, without limitation, statements regarding the financial position, capital structure, indebtedness, business strategy and plans and objectives of Vertiv management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Vertiv cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained or incorporated by reference in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Vertiv. There can be no assurance that future developments affecting Vertiv will be those that Vertiv has anticipated. Vertiv undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Vertiv’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Vertiv has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: competition, the ability of Vertiv to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; and factors relating to the business, operations and financial performance of Vertiv and its subsidiaries, including: global economic weakness and uncertainty; risks relating to the continued growth of Vertiv’s customers’ markets; failure to meet or anticipate technology changes; the unpredictability of Vertiv’s future operational results; disruption of Vertiv’s customers’ orders or Vertiv’s customers’ markets; less favorable contractual terms with large customers; risks associated with governmental contracts; failure to mitigate risks associated with long-term fixed price contracts; risks associated with information technology disruption or security; risks associated with the implementation and enhancement of information systems; failure to properly manage Vertiv’s supply chain or difficulties with third-party manufacturers; competition in the infrastructure technologies industry; failure to realize the expected benefit from any rationalization and improvement efforts; disruption of, or changes in, Vertiv’s independent sales representatives, distributors and original equipment manufacturers; failure to obtain performance and other guarantees from financial institutions; failure to realize sales expected from Vertiv’s backlog of orders and contracts; changes to tax law; ongoing tax audits; risks associated with future legislation and regulation of Vertiv’s customers’ markets both in the United States and abroad; costs or liabilities associated with product liability; Vertiv’s ability to attract, train and retain key members of its leadership team and other qualified personnel; the adequacy of Vertiv’s insurance coverage; a failure to benefit from future acquisitions; failure to realize the value of goodwill and intangible assets; the global scope of Vertiv’s operations; risks associated with Vertiv’s sales and operations in emerging markets; exposure to fluctuations in foreign currency exchange rates; Vertiv’s ability to comply with various laws and regulations and the costs associated with legal compliance; adverse outcomes to any legal claims and proceedings filed by or against Vertiv; Vertiv’s ability to protect or enforce its proprietary rights on which its business depends; third-party intellectual property infringement claims; liabilities associated with environmental, health and safety matters, including risks associated with the COVID-19 pandemic; risks associated with litigation or claims against Vertiv; Vertiv’s ability to realize cost savings in connection with Vertiv’s restructuring program; risks associated with Vertiv’s limited history of operating as an independent company; potential net losses in future periods; risks relating to the proposed offering, including Vertiv’s ability to complete the offering on anticipated terms and timelines or at all; and other risks and uncertainties indicated in Vertiv’s SEC reports or documents filed or to be filed with the SEC by Vertiv.

Category: Financial News

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112006098/en/

For investor inquiries:

Lynne Maxeiner

Vice President, Global Treasury & Investor Relations

Vertiv

T +1 614-841-6776

E: [email protected]

For media inquiries:

Sara Steindorf

FleishmanHillard for Vertiv

T +1 314-982-1725

E: [email protected]

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Networks Hardware Data Management Technology Software

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November 12, 2020 4:56 pm

Timber Pharmaceuticals Provides Business Update and Announces Third Quarter 2020 Financial Results

WOODCLIFF LAKE, NJ, Nov. 12, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Timber Pharmaceuticals, Inc. (“Timber” or the “Company”) (NYSE American: TMBR), a biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases, today provided a business update and announced financial results for the third quarter of 2020, ended September 30, 2020.

John Koconis, Chief Executive Officer of Timber, commented, “During the third quarter the management team of Timber has been working hard on all fronts of the Company’s operations. This includes advancing our two ongoing Phase 2b clinical trials for orphan indications, exploring strategic options for the two assets acquired from BioPharmX Corp, and investigating options to improve the capital structure of the Company. We are also focused on increasing the efficiency of our operations, as evidenced by the cash used in operations for the nine months ended September 30, 2020 was only $6.6 million, compared to cash used in operation for the six months ended June 30, 2020 of $5.1 million, or a cash burn of $1.5 million in the quarter ended September 30, 2020. At September 30^th, our cash balance was $12.0 million.”

“With worldwide COVID-19 cases rising, we are actively working with and monitoring our testing sites to reduce the potential for impact on our two trials, which together are taking place at 27 locations in 10 countries around the world. In July, we announced that all 11 sites across the U.S. and Australia participating in the Phase 2b CONTROL study evaluating TMB-001, topical isotretinoin for Congenital Ichthyosis, a rare disorder with no U.S. Food & Drug Administration (FDA) approved treatments, were open and enrolling patients. At the same time, we also announced that 70% of the sites participating in the Phase 2b clinical trial evaluating TMB-002, topical rapamycin for the treatment of facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), were open and enrolling patients. Currently, the TMB-001 study is progressing according to plan. However, site activation and patient enrollment have recently been impacted by the COVID-19 pandemic in the larger and longer TMB-002 study, especially at our contracted test sites in Eastern Europe. At this time, we expect all sites to be opened by year-end 2020 and are working closely with the sites to better estimate any delay to the recruitment timelines.”

“We received $0.3 million in the third quarter in connection with the $1.5 million grant funding awarded to us by the FDA for TMB-001, bringing the total received to date to $0.6 million. The grant was awarded to us as part of the Orphan Products Clinical Trials Grants Program of the FDA’s Office of Orphan Products Development. With the expenses of the merger transaction now behind us and the capital in hand to fund our programs, we are fully focused on advancing our programs and driving toward our goals against the backdrop of the COVID-19 environment,” concluded Mr. Koconis.

For Timber’s complete financial results for the period ended September 30, 2020, see the Company’s quarterly Form 10-Q filed with the Securities and Exchange Commission on November 12, 2020.

About Timber Pharmaceuticals, Inc.

Timber Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of treatments for rare and orphan dermatologic diseases. The Company’s investigational therapies have proven mechanisms-of-action backed by decades of clinical experience and well-established CMC (chemistry, manufacturing and control) and safety profiles. The Company is initially focused on developing non-systemic treatments for rare dermatologic diseases including congenital ichthyosis (CI), facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), and localized scleroderma. For more information, visit www.timberpharma.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.

These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential, “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s Form 10-Q filed on August 18, 2020 and its other filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, contact:

Timber Pharmaceuticals, Inc.
John Koconis
Chief Executive Officer
[email protected]

Investor Relations:
Stephanie Prince
PCG Advisory
(646) 762-4518
[email protected]

Media Relations:
Adam Daley
Berry & Company Public Relations
(212) 253-8881
[email protected]

November 12, 2020 4:55 pm

CORRECTING and REPLACING Field Roast™ Partners With Award-Winning Chef Roy Choi to “Make Taste Happen”

CORRECTING and REPLACING Field Roast™ Partners With Award-Winning Chef Roy Choi to “Make Taste Happen”

Brand Unveils First Redesign in Over 20 Years

CHICAGO–(BUSINESS WIRE)–
Please replace the release with the following corrected version due to multiple revisions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201112005224/en/

For the first time since 1997, Field Roast is debuting a whole new look, including a redrawn logo and reimagined packaging. (Photo: Business Wire)

The updated release reads:

FIELD ROAST™ PARTNERS WITH AWARD-WINNING CHEF ROY CHOI TO “MAKE TASTE HAPPEN”

Brand Unveils First Redesign in Over 20 Years

Doubling down on its unwavering commitment to crafting bold and adventurous taste, leading plant-based brand Field Roast Grain Meat Co™ (“Field Roast”), owned by Greenleaf Foods, SPC, announced a bold brand redesign and a multi-year partnership with prolific chef Roy Choi. The new packaging and partnership promise to inspire culinarians to “Make Taste Happen.”

For the first time since its founding in 1997, the Seattle-born Field Roast is debuting a whole new look, including a redrawn logo and reimagined packaging. The new logo offers a modern spin on a traditional badge, designed to represent its trusted product and reputation for crafting high-quality plant-based meats and cheeses. The revamped packaging nods to the brand’s craftsman legacy with landscape imagery and flavor-forward product names.

To kick off the new era of the brand’s evolution, Field Roast has inked a multi-year partnership with culinary luminary and co-host of The Chef Show, Roy Choi. Choi and Field Roast will team up on the brand’s new Make Taste Happen campaign, which aims to inspire communities of culinary creators with bold flavors that help them craft, discover and share new taste experiences. To define its new identity, Field Roast surveyed more than 11,500 consumers to better understand their expectations of plant-based protein. The study found that Field Roast’s target consumer values food exploration, with nearly all stating that they like to be the first to discover something new (93%), try new things (100%), and that they enjoy cooking (93%).

“Field Roast has led the plant-based industry for more than 20 years, and this redesign represents the differentiated position we continue to pioneer in our category. We’re thrilled to bring consumers unexpected, indulgent flavors and to now inspire their culinary adventures with a trailblazing chef partner,” said Dan Curtin, president of Greenleaf Foods. “Field Roast is proud to welcome chef Choi to our team as a friend and collaborator. His leadership in the ever-evolving food scene and his unique talent for blending culture, community and culinary perfectly complements Field Roast. Together, we’ll help food-lovers explore more flavor adventures.”

In addition to teaming up to introduce Field Roast’s new look this year, Choi will help tell the Field Roast story through a national advertising campaign in 2021, which will include various marketing, public relations, and shopper marketing activities. Field Roast fans can also expect unique plant-based recipe ideation and inspiration from Choi.

“Through my journey to eat more plant-based foods, I found Field Roast and really connected with their food and their philosophies. I enjoy how their food tastes, how it cooks and its versatility. It’s rare when you can be a fan of a company and align with them professionally,” said Choi. “I am proud to partner with Field Roast. As plant-based pioneers, they’re committed to re-imagination and putting good things out into the world. As a chef, it’s important for me to connect with people who genuinely care about what they do. As I’ve gotten to know the team at Field Roast better, I see what they are truly about—together, we’ll help people eat better and more sustainably.”

Field Roast believes the best dishes have yet to be discovered. Its portfolio of high-quality plant-based burgers, sausages, roasts, appetizers and entrees, in addition to its leading Chao Creamery dairy-free cheese products, are crafted for those who want to discover, indulge and share in bold taste experiences. Field Roast’s new packaging is already rolling onto shelves at over 17,000 retailers across the U.S., with more stores planned in the coming months.

For more information on Field Roast, visit fieldroast.com and follow @FieldRoast on Facebook, Instagram and YouTube.

About Greenleaf Foods, SPC

Greenleaf Foods, SPC, is transforming plant-based protein with a wide array of delicious and innovative products that satisfy consumers interested in adding protein variety to their diets. Our leading brands include Lightlife® (“Lightlife”) and Field Roast Grain Meat Co.™ (“Field Roast”). Together, these brands are delighting loyal, longtime fans and enticing new ones who never knew plant-based protein could taste so good. The Lightlife and Field Roast portfolios feature nearly 50 products and represent a leading market position in the refrigerated, plant-based protein category in the U.S. Greenleaf Foods, SPC is a wholly owned, independent subsidiary of Maple Leaf Foods Inc. (TSX:MFI).

About Roy Choi

Choi is known as one of the architects of the modern food truck movement and is co-host of the Netflix cooking series The Chef Show with Jon Favreau, as well as host and executive producer of the Emmy-winning social justice series Broken Bread. He is a graduate of the Culinary Institute of America. In 2010, Food and Wine magazine named him Best New Chef. His cookbook/memoir L.A. Son was a NY Times Bestseller in 2013. In 2016, he was named TIME 100 Most Influential People in the World. And in 2017, LocoL in Watts, received the first ever LA Times Restaurant of the Year award. Roy resides in Los Angeles where he is a voice and advocate for street food culture past, present, and future, and the co-owner, co-founder, and chef of Kogi BBQ, Chego!, Best Friend at Park MGM Las Vegas, and LocoL.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005224/en/

Kayla Petersen, [email protected]

KEYWORDS: United States North America Illinois Washington

INDUSTRY KEYWORDS: Women Entertainment Marketing Supermarket Men Communications Food/Beverage Celebrity Consumer Retail

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Field Roast™ announces award-winning chef Roy Choi is the new face of the brand. (Photo: Business Wire)

Photo

For the first time since 1997, Field Roast is debuting a whole new look, including a redrawn logo and reimagined packaging. (Photo: Business Wire)

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November 12, 2020 4:55 pm

Bsquare Third Quarter 2020 Results Show Improving Financial Performance

Third quarter highlights company’s focus on operational excellence

PR Newswire

SEATTLE, Nov. 12, 2020 /PRNewswire/ — Bsquare Corporation (NASDAQ: BSQR) today announced financial results for the third quarter of 2020. Revenue was $10.4 million up 17% over Q2 2020, net loss was $0.1 million, adjusted EBITDAS was $0.3 million, and cash was breakeven for the quarter.

“We had a good quarter especially given the challenges we experienced in Q2. Revenue and margins were up sequentially, EBITDAS results improved, and cash utilization was minimal, all suggesting that COVID-19 did not derail us.’ said Ralph C, Derrickson, CEO and President of Bsquare.

Added Derrickson: “The investments we made in our large Edge-to-Cloud customer relationships are bearing fruit and suggest that at the intersection of our two business segments, there lies the potential to accelerate our emergence from the period of business rebuilding that has dominated our management attention for the last five quarters.”

Third Quarter 2020 Financial Highlights

Cash, cash equivalents, restricted cash, and short-term investments totaled $12.6 million on September 30, 2020, unchanged from June 30, 2020.
Revenue for Q3 2020 was $10.4 million, up $1.5 million from Q2 2020. Revenue increases were driven by higher sales in the Partner Solutions segment and increased service revenue in the Edge-to-Cloud segment.
Partner Solutions gross margins were 19%, up from Q2 2020. Edge-to-cloud margins also improved sequentially as investments in our large customers began to wind down.
Net loss for the current quarter was $0.1 million, or $(0.01) per diluted share, compared to a net loss of $1.1 million, or $(0.08) per diluted share, in the second quarter of 2020.
Adjusted EBITDAS was approximately $0.3 million, a $1.1 million improvement over the negative $0.8 million in the second quarter of 2020.

Details as follows (unaudited, in thousands except percentages and per share amounts):

	Three Months Ended
	September 30, 2020			June 30, 2020			Quarter- over- Quarter Change			September 30, 2019			Year- over-Year Change
Revenue:
Partner Solutions	$	9,145		$	8,110		$	1,035		$	12,556		$	(3,411)
Edge to Cloud		1,275			814			461			2,085			(810)
Total revenue		10,420			8,924			1,496			14,641			(4,221)
Total gross profit	$	1,890		$	1,046		$	844		$	2,632		$	(742)
Gross margins (1):
Partner Solutions		19	%		14	%		5	%		14	%		5	%
Edge to Cloud		12	%		(15)	%		27	%		40	%		(28)	%
Total gross margin		18	%		12	%		6	%		18	%		0	%
Total operating expenses		2,028			2,121			(93)			3,761			(1,733)
Total operating expenses excluding restructuring costs (2)		2,028			2,121			(93)			3,508			(1,480)
Net loss		(136)			(1,073)			937			(1,107)			971
Per diluted share		(0.01)			(0.08)			0.07			(0.09)			0.08
Net loss excluding restructuring costs (2)		(136)			(1,073)			937			(854)			718
Per diluted share excluding restructuring costs (2)		(0.01)			(0.08)			0.07			(0.07)			0.06
Adjusted EBITDAS (2)		277			(806)			1,083			(472)			749
Cash, restricted cash, cash equivalents and short-term investments	$	12,572		$	12,582		$	(10)		$	11,610		$	962


Notes:
(1)	Quarter-over-quarter change and year-over-year change represent percentage point change.
(2)	Total operating expenses excluding restructuring costs, net loss excluding restructuring costs, net loss per diluted share excluding restructuring costs, and Adjusted EBITDAS are non-GAAP financial measures (reconciliation provided after financial statement tables).

Financial Commentary on Third Quarter 2020

Results Compared to Third

Quarter 2019

Partner Solutions revenue increased for the comparative period, driven by higher sales of Microsoft operating systems and other embedded software.
Edge to Cloud revenue decreased when compared to the prior year third quarter, primarily from completion of software consulting projects during 2019 that did not recur in 2020.
Total operating expenses, both including and excluding restructuring costs, decreased when compared to the third quarter of 2019 due to announced spending reduction initiatives that reduced salary, benefit, and marketing costs.
Net loss for Q3 2020 was $0.1 million or $(0.01) per diluted share compared to a loss of $1.1 million or $(0.09) per diluted share in Q3 2019, an improvement of $1.0 million or $0.08 per diluted share.

Conference Call

Management will host a conference call today, November 12, 2020, at 5 p.m. Eastern Time (2 p.m. Pacific Time). To access the call dial 1-800-437-2398 or 1-856-344-9206 for international callers, and reference “Bsquare Corporation Third Quarter 2020 Earnings Conference Call.” A replay will be available for two weeks following the call by dialing 1-844-512-2921, or 1-412-317-6671 for international callers; reference pin number 5860407. A live and replay webcast of the call will be available at www.bsquare.com in the investor relations section.

About Bsquare Corporation

Bsquare builds technology that is powering the next generation of intelligent devices and the systems in which they operate. We believe the promise of IoT will be realized through the development of intelligent devices and intelligent systems that are cloud-enabled, contribute data, facilitate distributed control & decision making, and operate securely at scale. Bsquare’s suite of services and software components allow our customers to create new revenue streams and operating models while providing new opportunities for lowering costs and improving operations. We serve a global customer base from offices in Seattle, Washington, and the United Kingdom. For more information, visit www.bsquare.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the safe-harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “expect,” “believe,” “plan,” “strategy,” “future,” “may,” “should,” “will,” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our preparation for and ability to service customers during the COVID-19 pandemic and our ability to achieve our business plans, strategies, and expectations. Forward-looking statements are neither historical facts nor assurances about future performance. Instead, they are based on current beliefs, expectations, and assumptions about the future of our business and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: our ability to execute our development initiatives and sales and marketing strategies; the extent to which we are successful in gaining new long-term customers and retaining existing ones; whether we are able to maintain our favorable relationship with Microsoft as a systems integrator and distributor; our success in leveraging strategic partnering initiatives with companies such as Microsoft, AWS and Intel; the impact of COVID-19 on our business; risks relating to our receipt of a PPP loan; and such other risk factors as discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. Except as may be required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.


BSQUARE Contact:	Investor Contact:
Christopher Wheaton, Chief Financial Officer	Steven Gottlieb
BSQUARE Corporation	BSQUARE Corporation
+1 425.519.5900	+ 1 425.519.5900
[email protected]	[email protected]

Bsquare and the Bsquare Logo are trademarks of Bsquare Corporation in the U.S. and other countries. Other names and brands herein may be trademarks of others.

BSQUARE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts)

	September 30, 2020		December 31, 2019
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	12,209	$	7,712
Restricted cash		363		600
Short-term investments		—		2,249
Accounts receivable, net of allowance for doubtful accounts of $50 and $31 at September 30, 2020 and December 31, 2019, respectively		5,514		9,216
Contract assets		553		494
Prepaid expenses and other current assets		423		244
Total current assets		19,062		20,515
Equipment, furniture and leasehold improvements, less accumulated depreciation		403		252
Deferred tax assets		7		7
Intangible assets, less accumulated amortization		95		169
Right-of-use lease asset, net		1,471		1,828
Other non-current assets		25		284
Total assets	$	21,063	$	23,055
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Third-party software fees payable	$	5,722	$	7,224
Accounts payable		287		408
Notes payable		962		—
Accrued compensation		456		1,001
Other accrued expenses		658		306
Deferred revenue		2,142		1,559
Operating lease		317		702
Total current liabilities		10,544		11,200
Deferred revenue, long-term		10		903
Operating lease, long-term		1,269		1,256
Notes payable, long-term		618		—
Shareholders’ equity:
Preferred stock, no par: 10,000,000 shares authorized; no shares issued and outstanding		—		—
Common stock, no par: 37,500,000 shares authorized; 13,180,139 and 13,042,293 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively		139,516		138,877
Accumulated other comprehensive loss		(1,017)		(987)
Accumulated deficit		(129,877)		(128,194)
Total shareholders’ equity		8,622		9,696
Total liabilities and shareholders’ equity	$	21,063	$	23,055

BSQUARE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue:
Partner Solutions	$	9,145	$	12,556	$	33,160	$	37,341
Edge to Cloud		1,275		2,085		2,913		6,576
Total revenue		10,420		14,641		36,073		43,917
Cost of revenue:
Partner Solutions		7,402		10,762		27,502		31,834
Edge to Cloud		1,128		1,247		3,050		4,637
Total cost of revenue		8,530		12,009		30,552		36,471
Gross profit		1,890		2,632		5,521		7,446
Operating expenses:
Selling, general and administrative		1,987		2,462		6,951		8,478
Research and development		41		1,046		222		5,276
Restructuring costs		—		253		—		1,629
Total operating expenses		2,028		3,761		7,173		15,383
Loss from operations		(138)		(1,129)		(1,652)		(7,937)
Other income (loss), net		2		22		(31)		116
Loss before income taxes		(136)		(1,107)		(1,683)		(7,821)
Income taxes		—		—		—		—
Net loss	$	(136)	$	(1,107)	$	(1,683)	$	(7,821)
Basic loss per share	$	(0.01)	$	(0.09)	$	(0.13)	$	(0.60)
Diluted loss per share	$	(0.01)	$	(0.09)	$	(0.13)	$	(0.60)
Net loss excluding restructuring costs (3)	$	(136)	$	(854)	$	(1,683)	$	(6,192)
Per diluted share excluding restructuring costs (3)	$	(0.01)	$	(0.07)	$	(0.13)	$	(0.48)
Shares used in per share calculations:
Basic		13,165		12,934		13,205		12,982
Diluted		13,165		12,934		13,205		12,982

BSQUARE CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In thousands, unaudited)

Adjusted EBITDAS
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Loss from operations, as reported	$	(138)	$	(1,129)	$	(1,652)	$	(7,937)
Depreciation and amortization		134		216		494		696
Stock-based compensation		281		188		601		371
Restructuring costs		—		253		—		1,376
Adjusted EBITDAS (1)	$	277	$	(472)	$	(557)	$	(5,494)


(1)	Adjusted EBITDAS is a non-GAAP financial measure that BSQUARE defines as income (loss) from operations before depreciation expense on fixed assets and amortization expense (including impairment) on intangible assets, stock-based compensation expense, restructuring costs, and goodwill impairment (when applicable). Adjusted EBITDAS should not be construed as a substitute for net income (loss) or net cash provided (used) by operating activities (all as determined in accordance with GAAP) for the purpose of analyzing our operating performance, financial position and cash flows. Adjusted EBITDAS has limitations, including that it does not reflect our entire cost structure to operate our business (such as the cost of replacing assets being depreciated or amortized, capital expenditures, and stock-based compensation expenses which we expect to continue being meaningful, and income tax expense (benefit)) and may not be comparable to similarly titled measures used by other companies. However, BSQUARE regards Adjusted EBITDAS as a complement to net income and other GAAP financial performance measures. BSQUARE uses Adjusted EBITDAS to evaluate BSQUARE’s financial performance and the effectiveness of its business strategies on a consistent basis across reporting periods, and BSQUARE believes the measure is often used by analysts, investors, and other interested parties to evaluate comparable companies.

Total operating expenses excluding restructuring costs	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Total operating expenses	$	2,028	$	3,761	$	7,173	$	15,383
Restructuring costs		—		253		—		1,629
Total operating expenses excluding restructuring costs (1)	$	2,028	$	3,508	$	7,173	$	13,754


(1)	Total operating expenses excluding restructuring costs and goodwill impairment is a non-GAAP financial measure that BSQUARE defines as total operating expenses, plus an add-back for restructuring costs (and goodwill impairment, when applicable). This measure should not be construed as a substitute for total operating loss for the purpose of analyzing our operating performance, and it has limitations, including that it does not reflect our entire cost structure to operate our business. However, BSQUARE regards this measure as a complement to GAAP operating expenses because it excludes costs that may not be indicative of operating performance. BSQUARE uses this measure to evaluate its financial performance and the effectiveness of its business strategies on a consistent basis across reporting periods, and BSQUARE believes the measure is often used by analysts, investors, and other interested parties to evaluate comparable companies.

Net loss excluding restructuring costs	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net loss	$	(136)	$	(1,107)	$	(1,683)	$	(7,821)
Restructuring costs		—		253		—		1,629
Net loss excluding restructuring costs (1)	$	(136)	$	(854)	$	(1,683)	$	(6,192)


(1)	Net loss excluding restructuring costs is a non-GAAP financial measure that BSQUARE defines as net loss, plus an add-back for restructuring costs (and goodwill impairment, when applicable). This measure should not be construed as a substitute for total operating loss for the purpose of analyzing our operating performance, and it has limitations, including that it does not reflect our entire cost structure to operate our business. However, BSQUARE regards this measure as a complement to GAAP net loss because it excludes costs that may not be indicative of operating performance. BSQUARE uses this measure to evaluate its financial performance and the effectiveness of its business strategies on a consistent basis across reporting periods, and BSQUARE believes the measure is often used by analysts, investors, and other interested parties to evaluate comparable companies.

Net loss per diluted share excluding restructuring costs	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Diluted loss per share	$	(0.01)	$	(0.09)	$	(0.13)	$	(0.60)
Restructuring costs		—		(0.02)	$	—	$	(0.12)
Net loss excluding restructuring costs (1)	$	(0.01)	$	(0.07)	$	(0.13)	$	(0.48)

(1)

Net loss excluding restructuring costs is a non-GAAP financial measure that BSQUARE defines as diluted loss per share, plus an add-back for the per diluted share amount of restructuring costs (and goodwill impairment, when applicable). Other than being expressed on a per diluted share basis, this measure is the same as net loss excluding restructuring costs, has the same limitations, and is used and disclosed by BSQUARE for the same reasons.

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SOURCE Bsquare

November 12, 2020 4:54 pm

First Majestic to Appeal Circuit Court Decision to Nullify APA

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — First Majestic Silver Corp. (“First Majestic” or the “Company”) announced today that its Mexican subsidiary Primero Empresa Minera, S.A. de C.V. (“PEM”) has now been provided with written reasons for the decision made on September 23, 2020 by the Mexican Federal Court on Administrative Matters (“Federal Court”), nullifying the Advance Pricing Agreement (“APA”) concluded in 2012 between PEM and the Mexican tax authority, Servicio de Administracion Tributaria (“SAT”).

The Federal Court’s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons (i) SAT’s errors in analyzing PEM’s request for the APA and the evidence provided in support of the request; and (ii) SAT’s failure to request from PEM certain additional information before issuing the APA. The Company’s legal advisors having now reviewed the written reasons continue to be of the view that the Federal Court’s decision is flawed both due to procedural irregularities and failure to address the relevant evidence and legal authorities. The Company intends to appeal the decision to the Circuit Courts by the December 1, 2020 deadline.

The Company continues to seek an amicable resolution of its dispute with the Government of Mexico including by diplomatic channels of resolution. In addition, as previously disclosed, on May 13, 2020 the Company served a Notice of Intent to Submit a Claim on the Government of Mexico under the provisions of the North American Free Trade Agreement (“NAFTA”). The Company therefore continues to maintain the option of seeking a resolution of its dispute with the Government of Mexico through international arbitration.

ABOUT THE COMPANY

First Majestic is a publicly traded mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine. Production from these mines are projected to be between 11.0 to 11.7 million silver ounces or 21.4 to 22.9 million silver equivalent ounces in 2020.

FOR FURTHER INFORMATION contact [email protected], visit our website at www.firstmajestic.com or call our toll-free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

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signed
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Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward Looking Statements

This press release contains “forward‐looking information” and “forward-looking statements” under applicable Canadian and U.S. securities laws (collectively, “forward‐looking statements”). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: appeals of judgments; resolution of claims; arbitration proceedings; commercial mining operations; the timing and amount of estimated future production. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward‐looking statements”.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies, governments, courts and society, actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; availability of courts and arbitral panels; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” in the Company’s most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.