Market Newsdesk

Wolters Kluwer Applies AI Technology to Improve Hospital Opioid Use and Patient Safety

Sentri7 delivers patient-specific, real-time Morphine Milligram Equivalent calculation to support opioid stewardship and proactive pain management at hospitals

WALTHAM, Mass.–(BUSINESS WIRE)–Wolters Kluwer, Health has announced its Sentri7 clinical program for hospital opioid stewardship is now powered by artificial intelligence (AI) to optimize inpatient opioid use and increase patient safety. Pharmacists can decrease the risk of opioid-related adverse events, identify opportunities for use of multi-modal (non-opioid) therapies and support earlier discontinuation of opioids.

Part of the Sentri7 AI+ solution, Opioid Stewardship leverages machine learning to continuously analyze complex data sets and automatically calculate a patient-specific, real-time morphine milligram equivalent (MME) for opioid administrations. Sentri7’s evidence-based rules utilize MME and patient-specific data to empower pharmacists’ 24/7 monitoring of opioid use.

“Hospitals are under increasing pressure to address proper use of opioids and we’re helping to empower clinical and quality leaders with the data they need to directly identify high-priority areas for improvement,” said Steven Riddle, PharmD, BCPS, FASHP, Director of Clinical Development. “Wolters Kluwer is applying AI and deep domain expertise to solve critical opioid stewardship challenges for health systems.”

Data shows that the longer a patient takes an opioid and the higher the dose, the likelihood increases that they will continue to use (or abuse) that drug going forward. Hospitals are often where people have their first exposure to opioid agents and therefore are ideal targets for reductions in unnecessary exposure or prolonged use.

In addition to integration of MME values into Sentri7 clinical decision support rules, the Opioid Stewardship Analytics dashboard also incorporates key metrics for managing appropriate opioid use and patient safety issues. These reports provide clinicians, quality specialists, risk managers, and others with in-depth insights, including average MME per patient per day, use per opioid standardized by MME, and trends by prescriber, department and hospital.

The Sentri7 Opioid Stewardship initiative improves overall organizational compliance with the Joint Commission’s Pain Assessment and Management Standards by identifying and monitoring patients at high risk for adverse events, improving use of non-opioid treatments, supporting pain management policies and protocols, and, most notably, creating a performance improvement model focused on opioid use.

Learn more about Wolters Kluwer’s solutions to improve hospitals’ opioid stewardship programs.

About Wolters Kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the clinicians, nurses, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.

Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

Wolters Kluwer provides trusted clinical technology and evidence-based solutions that engage clinicians, patients, researchers and students in effective decision-making and outcomes across healthcare. We support clinical effectiveness, learning and research, clinical surveillance and compliance, as well as data solutions. For more information about our solutions, visit https://www.wolterskluwer.com/en/health and follow us on LinkedIn and Twitter @WKHealth.

For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005283/en/

Media:

André Rebelo

Public Relations Manager

Wolters Kluwer

+1 781.392.2411

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Health Hospitals Clinical Trials General Health Pharmaceutical Biotechnology

MEDIA:

Posted on November 12, 2020 9:33 am

Galvanize Taps Into Largest Tech Labor Force in the South with Dallas Campus Launch

Galvanize Taps Into Largest Tech Labor Force in the South with Dallas Campus Launch

DALLAS–(BUSINESS WIRE)–
Recognizing that the Dallas metro area is the largest tech labor force in the South and wanting to increase accessibility for individuals looking to future-proof their careers, Galvanize, a leader in developing talent and capabilities for individuals and corporations in the fields of software engineering and data science, is expanding their reach with the launch of a new Dallas campus in January 2021.

The launch of this new campus will provide students in North Texas with in-person access to leading software engineering programs. Amid growing popularity of Galvanize’s remote offering in Dallas, the new, physical campus is centrally located in the City Center District, with easy access to the DART Light Rail, expanding opportunities for more students to participate in immersive bootcamp programs that prepare them for careers in software engineering.

“After seeing the immense interest in the Dallas area in our remote offerings, we knew we had to take the next step to expand the way we support learners in Texas,” said Galvanize CEO Harsh Patel. “The launch of this campus is a perfect match for the growing tech industry across the state and offers the opportunity for anyone to grow their skills – whether they’re just starting their career or are looking to change paths.”

According to a 2019 survey, the technology industry ranked as the number one economic driver in Dallas. With record unemployment rates across Texas and the U.S., tech is still a growing sector in the state. As the industry expands, the launch of this new campus will serve as a learning space for students of all ages to explore software engineering.

The first cohort of the Dallas campus will coincide with the January 2021 launch. With the Hack Reactor immersive program, students are enrolled in an advanced coding bootcamp that focuses on building autonomous software engineers who are ready for any job in the tech industry. Graduates leave with the expertise needed to tackle unique and unfamiliar problems as well as the knowledge to build complex applications.

As a leading bootcamp education provider in software engineering and data science, Galvanize helps accelerate the careers of technical professionals by teaching the skills need to excel in modern-day software engineering, data analysis, and data engineering roles. Galvanize’s software engineering and data science graduates have been hired by today’s leading innovators across diverse sectors, including Apple, Accenture, Oracle, Spotify, and Tesla.

For more information on the Galvanize Dallas campus and to register for the January cohort, visit galvanize.com/campuses/dallas. To find a Galvanize learning solution near you, visit the Galvanize campuses page.

About Galvanize

Galvanize is a learning community for technology with eight physical campuses across the U.S. where innovative startups, aspiring students, and large enterprises benefit from a dynamic, unique technology ecosystem. Galvanize is an industry leader in technology education, offering the Data Science and Hack Reactor Software Engineering immersive bootcamps that propel careers and help individuals thrive in the digital economy. In addition to its physical campuses, Galvanize offers full-time and part-time immersive bootcamps to individuals remotely, and tailored workforce training to enterprise clients to address each of their unique needs. With 8,000+ graduates, Galvanize alumni have gone on to bring their talents to over 2,250 companies. Galvanize is a subsidiary of K12 Inc. (NYSE: LRN), a premier provider of innovative, high-quality online and blended education solutions, curriculum, and programs to students, schools and enterprises in primary, secondary and post-secondary settings. Learn more at www.galvanize.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005099/en/

Media Contact

Emily Riordan

Director, Corporate Communications

K12 Inc.

703-483-7328

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Software Human Resources Data Management Continuing Professional Services Technology Education Training

MEDIA:

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Nortech Systems Announces Third-Quarter 2020 Results

MINNEAPOLIS–(BUSINESS WIRE)–Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, aerospace & defense and industrial markets, reported net sales of $26.3 million for the third quarter ended September 30, 2020, compared with $30.1 million for the third quarter of 2019.

Operating income for the third quarter of 2020 was $2.7 million which includes a gain on sale of property and equipment of $3.8 million; this compares with operating income of $0.7 million for the third quarter of 2019. Net income for the third quarter of 2020 was $2.0 million, or $0.73 per diluted common share. This compares with net income for the third quarter of 2019 of $0.4 million, or $0.16 per diluted common share. Nortech’s backlog at the end of the third quarter 2020 was $45.8 million.

The Company closed on sale and leaseback agreements with Essjay Investment Company, LLC (“Essjay”) relating to the Company’s manufacturing facilities in Bemidji and Mankato, Minnesota during the third quarter of 2020. The Company received net proceeds from the sale, excluding closing costs, of approximately $6.0 million and recorded a gain on sale of property of equipment of $3.8 million. The Company entered into a lease agreement for the Bemidji, Minnesota facility and the Mankato, Minnesota facility for an initial 15-year term, with multiple 5-year renewal options.

The Nortech Merrifield production facility consolidation is on track and expected to be complete on or before December 31, 2020. By the end of 2020, the Company will shift nearly all of its Printed Circuit Board (PCB) manufacturing to its Mankato, Minnesota production facility, Nortech’s PCB center of excellence, and much of its complex wire and cable assembly production to its Bemidji, Minnesota production facility, Nortech’s wire and cable assembly center of excellence. This consolidation is impacting approximately 60 employees, who have been offered positions at other Nortech facilities in Minnesota and given outplacement assistance.

“Although our third quarter revenue, gross profit and backlog have been impacted by the COVID-19 pandemic, we are pleased with our recent improving bookings trend, and the strides we have proactively made to improve our financial liquidity with our sale and leaseback closing, the PPP loan and the plant consolidation continuing as planned. We expect this will allow us to operate through the current COVID-19 pandemic, invest in the business, create positive momentum for 2021, and succeed long term,” stated Jay D. Miller, Chief Executive Officer and President.

Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.

About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.

Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. While this release is based on management’s best judgment and current expectations, actual results may differ and involve a number of risks and uncertainties. Specifically, the Company states that the consolidation of the Merrifield facility will be completed by year end yielding operational efficiencies and that its booking trend is improving. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: government regulation, volatility in market conditions which may affect market supply of and demand for the company’s products; increased competition; changes in the reliability and efficiency of operating facilities or those of third parties; risks related to availability of labor; commodity and energy cost instability; general economic, financial and business conditions that could affect the company’s financial condition and results of operations; as well as risk factors listed from time to time in the company’s filings with the SEC.

Condensed Consolidated Statements of Operations
(in thousands, except for share data)
		THREE MONTHS ENDED								NINE MONTHS ENDED
		September 30,								September 30,
		Unaudited				Unaudited				Unaudited				Unaudited
		2020				2019				2020				2019
Net Sales		$	26,362			$	30,058			$	80,263			$	85,515
Cost of Goods Sold			24,716				26,423				73,171				76,594
Gross Profit			1,646				3,635				7,092				8,921
			6.2	%			12.1	%			8.8	%			10.4	%
Operating Expenses
Selling Expenses			594				589				1,945				2,147
General and Administrative Expenses			2,164				2,333				5,819				7,374
Gain on Sale of Property and Equipment			(3,821	)			–				(3,821	)			–
Total Operating Expenses			(1,063	)			2,922				3,943				9,521
Income (Loss) from Operations			2,709				713				3,149				(600	)
Interest Expense			(126	)			(256	)			(526	)			(780	)
Income (Loss) Before Income Taxes			2,583				457				2,623				(1,380	)
Income Tax (Benefit) Expense			612				44				638				122
Net Income (Loss)		$	1,971			$	413			$	1,985			$	(1,502	)
Income (Loss) Per Common Share – Diluted		$	0.73			$	0.16			$	0.74			$	(0.56	)
Weighted Average Number of Common Shares Outstanding – Diluted			2,703,029				2,657,911				2,678,698				2,667,754

Condensed Consolidated Balance Sheets
(in thousands)
		September 30,			December 31,
		2020			2019
		Unaudited			Audited
Cash		$	328		$	351
Restricted Cash			1,366			309
Accounts Receivable			16,019			18,558
Inventories			14,496			14,279
Contract Assets			7,334			7,659
Prepaid Expenses and Other Current Assets			1,274			2,128
Property and Other Long-term Assets			15,555			14,408
Goodwill and Other Long-term Assets, Net			3,585			3,718
Total Assets		$	59,957		$	61,410
Accounts Payable		$	11,213		$	14,014
Current Portion of Lease Obligation			1,266			1,415
Other Current Liabilities			5,767			6,803
Long Term Line of Credit			2,546			10,088
Long-term Debt and Other Liabilities			6,887			3,297
Long Term Lease Obligation			10,152			5,817
Shareholders’ Equity			22,126			19,976
Total Liabilities and Shareholders’ Equity		$	59,957		$	61,410

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005683/en/

Chris Jones, CFO

[email protected]

952-345-2244

KEYWORDS: Minnesota United States North America

INDUSTRY KEYWORDS: Hardware Health Medical Devices Data Management Engineering Technology Aerospace Manufacturing

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SOL Global Investments Core Portfolio Company Verano Holdings Announces Acquisition and Combination

Verano Holdings Announces Business Combination with AltMed

TORONTO–(BUSINESS WIRE)–
SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) is pleased to announce that Verano Holdings, LLC (“Verano”), the Company’s largest core investment holding, announced today the signing of a definitive merger agreement to acquire and combine operations with Alternative Medical Enterprises, LLC, Plants of Ruskin, LLC, and affiliated companies (collectively, “AltMed”), vertically-integrated medical cannabis companies that apply pharmaceutical industry standards to developing, cultivating, producing, and dispensing medical cannabis and medical cannabis products in Florida and Arizona. The transaction is expected to result in a highly-accretive combination of Verano and AltMed with the resulting company operating under the Verano name.

The transaction will have a significant positive impact on the Company’s recently announced net asset value and the Company will update the market regularly as information is available.

The Company owns approximately 12.6% of Verano as of the date of signing of the merger agreement.

Verano is a leading multi-state owner, developer, operator, and manager of cannabis cultivation, manufacturing, and dispensing licenses offering innovative products to the discerning, high-end customer market. Verano produces a full suite of premium, artisanal cannabis products sold under its consumer brands, including Encore™ Edibles, Avexia™ and Verano™. Verano’s unique Zen Leaf™ branded dispensary environments deliver an elevated cannabis shopping experience in both medical and adult-use markets. Active in 12 U.S. states, with 17 active retail locations and approximately 440,000 square feet of cultivation facilities, Verano has been profitable each year since its founding.

AltMed, founded in 2014 and profitable in recent years, is a fully-integrated medical cannabis company known for its robust research and development pipeline exemplified by its award-winning MÜV™ products and dispensaries. AltMed offers a full range of premium cannabis options developed in its vertically-integrated operations in Arizona and Florida. With 27 active retail locations, AltMed has 220,000 square feet of cultivation facilities in Florida, and 30,000 square feet in Arizona, which is rapidly expanding by an additional 50,000 square feet to meet increased demand.

This transformative transaction is expected to create a market leader in the United States by combining two profitable, fully-integrated platforms with the ability to scale by entering new markets and expanding deeper into existing key markets. The combination will accelerate Verano’s expansion into Florida and Arizona, currently among the largest and fastest-growing cannabis markets in the United States. Following the consummation of the transaction, the combined group of companies will operate under the Verano name and will have the ability to operate in 14 states, with eight cultivation facilities and 44 active retail locations. Approximately 32 additional retail locations are planned.

The combination is expected to result in substantial benefits to AltMed and Verano, including the following reasons for the transaction:

• Establishes Verano as one of the three largest MSOs in the United States based on 2021 internal projections compared to current FactSet 2021 consensus estimates for revenue and EBITDA.
• Creates a scale market leader well positioned for growth and accelerates expansion in limited license, high-growth markets – specifically Florida and Arizona.
• Includes a premium, comprehensive product offering encompassing both medically-focused and lifestyle. Four product brands: Verano™, Avexia™, Encore™, and MÜV™; and two retail brands: Zen Leaf™ and MÜV™.
• Joins companies with aligned cultures, industry-leading management teams, and best-in-class core competencies of people, processes, research and products.
• Increases Verano’s reputation as a manufacturer of high-quality products on a large scale by adding similar capabilities in new states.
• Enhances both companies’ abilities to provide a superior, patient and customer-focused cannabis experience.
• Combines experienced management teams with significant and diverse industry expertise including pharmaceutical, real estate, manufacturing, agriculture and hospitality, with a proven track record as disciplined cannabis industry operators and good stewards of capital.
• Increases the combined company’s financial profile with industry-leading margins and profitability.

“We are very excited to see Verano Holdings enter into a highly-accretive business combination,” said SOL Global CFO Paul Kania. “The transaction will allow for two profitable entities to continue their successes together as a leading multi-state operator in high-growth US markets. As our largest core holding, the announced transaction is a positive development for SOL Global shareholders.”

For further information on the transaction, please refer to the press release of Verano Holdings dated November 11, 2020.¹ There can be no assurances that the proposed transaction between Verano and AltMed will be completed as proposed or at all.

About SOL Global Investments Corp.:

SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. Our investment partnerships range from minority positions to large strategic holdings with active advisory mandates. SOL Global’s seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, Energy, and New Age Wellness.

Non-IFRS Financial Measures

This press release includes reference to net asset value, which is a financial measure that does not have a standardized meaning prescribed by IFRS. Net asset value is calculated as the value of total assets less the value of total liabilities at a specific date. The Company believes this non-IFRS financial measure not only provides management with comparable financial data for internal financial analysis but also provides meaningful supplemental information to investors. In particular, management believes this financial measure can provide information useful to its shareholders in understanding the performance of the Company and may assist in the evaluation of its business relative to that of its peers. Investors are cautioned that this non-IFRS measure should not be construed as an alternative to the measurements calculated in accordance with IFRS as, given its non-standardized meaning, it may not be comparable to similar measures presented by other issuers.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.

The forward-looking information contained in this press release includes, without limitation, the completion of the merger transaction between Verano and AltMed, the transaction resulting in a highly accretive business combination, the anticipation that the transaction will create a market leading multi-state cannabis operator in the United States, the strategic business and expansion plans of the resulting entity and the anticipated effect of the transaction on the Company’s net asset value. Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.

By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including the failure by Verano or Altmed to obtain all necessary corporate and regulatory approvals, national or regional economic, legal, regulatory and competitive conditions, plans for commercialization, changes in relationships with vendors, access to capital and expectations regarding market acceptance. Other risk factors include: the risks resulting from investing in the US marijuana industry, which may be legal under certain state and local laws but is currently illegal under U.S. federal law; the risks of investing in securities of private companies which may limit the Company’s ability to sell or otherwise liquidate those securities and realize value; reliance on management; the ability of the Company to service its debt; the Company’s ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company’s current MD&A, which has been filed on SEDAR and can be accessed at www.sedar.com.

Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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¹https://www.globenewswire.com/news-release/2020/11/11/2124578/0/en/Verano-Holdings-Announces-Agreement-to-Acquire-and-Combine-Operations-with-AltMed-in-Florida-and-Arizona-Creating-One-of-the-Largest-U-S-Private-Cannabis-Companies.html

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005681/en/

SOL Global Investments Corp.

Paul Kania, CFO

Phone: (212) 729-9208

Email: [email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Health Pharmaceutical

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Posted on November 12, 2020 9:22 am

IIROC Trade Resumption – IN

Canada NewsWire

TORONTO, Nov. 12, 2020 /CNW/ – Trading resumes in:

Company: InMed Pharmaceuticals Inc.

TSX Symbol: IN

All Issues: Yes

Resumption (ET): 9:50 AM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

Posted on November 12, 2020 9:20 am

Tyler Technologies Signs Statewide Agreement with Nevada for Tyler Supervision

Tyler Technologies Signs Statewide Agreement with Nevada for Tyler Supervision

Solution to be used for adult parole and probation by more than 700 authorized state users

PLANO, Texas–(BUSINESS WIRE)–Tyler Technologies, Inc. (NYSE: TYL) announced today it has signed an agreement for Tyler Supervision™ with the state of Nevada’s Department of Public Safety (DPS), specifically the Nevada Parole and Probation (NPP) Department. NPP is looking to replace its current Offender Information Tracking System (OTIS) with a modern technology environment. The department’s objective is to implement a new solution that will allow users to perform work in a more efficient manner and implement more automated processes.

NPP is currently using a 20-year-old, homegrown application for parole and probation management. The current solution has limited functionality and is not able to update with new features to keep up with the agency’s growing needs. NPP selected Tyler’s solution to help it make a major technological step forward for management of adult parole and probation cases, allowing the agency to coordinate, communicate, record, and track each step of the supervision process.

“Our current system is crucial for tracking parolees and probationers within the state. But the system is antiquated, and it is nearly impossible to make the changes and enhancements required for advanced case management. We are looking forward to implementing a statewide solution that will bring many efficiencies and advanced functionality for parole and probation,” said Captain Tom Lawson, NPP.

Tyler Supervision will replace NPP’s legacy system and allow the agency to better manage its caseloads and department. Given that the Nevada Department of Health and Human Services already uses Tyler Supervision and several Nevada courts utilize Tyler’s Odyssey^® case management solution, this project will allow critical data sharing among all agencies, enabling efficiencies across the state. The solution will also bring additional benefits including:

• Intuitive features such as Voice Biometric telephone check-in using Tyler’s automated Interactive Voice Response (IVR) system to streamline agency management
• Ability to track fines, fees, and other charges and generate recurring invoices, create a payment plan, and receive payments
• Ability to see critical case information in one place
• Advanced CJIS security standards and Amazon GovCloud requirements for data protection
• 24/7 access through a web-based software-as-a-service (SaaS) solution

“We’re pleased to expand upon our partnership in Nevada by bringing our fully integrated cloud solution, Tyler Supervision, to Nevada’s adult parole and probation processes,” said Rusty Smith, president of Tyler’s Courts & Justice Division. “We understand that this project is NPP’s top technology priority, and we look forward to helping NPP realize its vision of having a comprehensive case management system that is both adaptive to evolving business needs and intuitive for today’s modern users.”

About Tyler Technologies, Inc.

Tyler Technologies (NYSE: TYL) provides integrated software and technology services to the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate more efficiently and connect more transparently with their constituents and with each other. By connecting data and processes across disparate systems, Tyler’s solutions are transforming how clients gain actionable insights that solve problems in their communities. Tyler has more than 26,000 successful installations across more than 10,000 sites, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler was named to Forbes’ “Best Midsize Employers” list in 2019 and has been recognized three times on Forbes’ “Most Innovative Growth Companies” list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005080/en/

Jennifer Kepler

Tyler Technologies

972.713.3770

[email protected]

KEYWORDS: United States North America Texas Nevada

INDUSTRY KEYWORDS: Courts Data Management Public Policy/Government Law Enforcement/Emergency Services State/Local Technology Software

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Astrotech Reports First Quarter of Fiscal Year 2021 Financial Results

AUSTIN, Texas–(BUSINESS WIRE)–
Astrotech Corporation (NASDAQ: ASTC) reported its financial results for the first quarter of fiscal year 2021, which ended September 30, 2020.

In October, we completed two strategic capital raises for a total of $24.2 million, strengthening our balance sheet for our future growth. The financings allow for continued operating expenses and working capital as we increase sales of our TRACER 1000™ explosives trace detector (ETD) to DHL (Deutsche Post AG) and other customers in the security market, launch the AgLAB-1000-D2™ into the hemp and cannabis industry, and develop, in partnership with Cleveland Clinic, the BreathTest-1000™ to screen for volatile organic compound (VOC) metabolites found in a person’s breath that could indicate they may have an infection, including Coronavirus Disease 2019 (“COVID-19”) or the resulting disease, pneumonia.

In September, we announced the completion of non-detection testing with the US Transportation Security Administration (TSA), an important milestone that positions us well for detection testing, which is the final phase of TSA’s Air Cargo Screening Technology Qualification Test (ACSQT). Once detection testing is completed successfully, we understand that the TRACER 1000™ will be listed on the Air Cargo Screening Technology List (ACSTL) as an “approved” device and thereby approved for cargo sales in the United States. We also announced that we surpassed $1 million in purchase orders of our TRACER 1000 with an additional $1 million in future service and support commitments as we look to continue to gain market share in the domestic and international ETD markets.

“We are excited to have passed the $1 million milestone for our TRACER 1000 in October. We believe we offer the most advanced ETD on the market and we are excited to be nearing completion of detection testing with the TSA,” stated Thomas B. Pickens III, Chairman and Chief Executive Officer of Astrotech Corporation. “We are also thrilled to have entered into a partnership between BreathTech and Cleveland Clinic, one of the world’s leading breath analysis institutions. Dr. Dweik and his colleagues at Cleveland Clinic have successfully led many clinical trials applying mass spectrometry to identify unique metabolites using breath samples. We believe that our technology has the potential to play an important role in providing a quick, non-invasive, easy-to-use screening device that can be utilized in numerous locations including hospitals, nursing homes, schools, and airports as we look to get all of our lives back to normal again.”

First Quarter Fiscal Year 2021 Financial Highlights

Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.

• Commercial sales of the TRACER 1000 continued, leading to revenue of $140 thousand for the first quarter of fiscal 2021. Additional purchase orders have already been received.
• SG&A expenses decreased $276 thousand, or 23.0%, and R&D expenses decreased $246 thousand, or 28.8%.
• Monthly cash outlay for this fiscal year has been reduced to approximately $493 thousand, a 19.1% reduction from our cash outlay through the first three months of fiscal year 2020.
• The Company terminated its corporate office lease in Austin, Texas, resulting in net cash savings of approximately $870 thousand over the next three years.

About Astrotech

Astrotech (NASDAQ: ASTC) is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. 1^st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.

About AgLAB-1000™ and BreathTest-1000™

This press release contains information about our new products under development, AgLAB-1000 and BreathTest-1000. Product development involves a high degree of risk and uncertainty, and there can be no assurance that our new products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. In addition, FDA approval will be required to market BreathTest-1000 in the United States. Obtaining FDA approval is a complex and lengthy process, and there can be no assurance that FDA approval for BreathTest-1000 will be granted on a timely basis or at all.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, the severity and duration of the COVID-19 pandemic and its impact on the U.S. and worldwide economy, the timing, scope and effect of further U.S. and international governmental, regulatory, fiscal, monetary and public health responses to the COVID-19 pandemic, the Company’s use of proceeds from the common stock offerings, whether we can successfully complete the development of our new products and proprietary technologies, whether we can obtain the FDA and other regulatory approvals required to market our products under development in the United States or abroad, and whether the market will accept our products and services, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings including the annual report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of its publication and should not be relied upon as representing its views as of any subsequent date. The Company assumes no obligation to update these forward-looking statements.

 

ASTROTECH CORPORATION
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share data)
(Unaudited)
		Three Months Ended September 30,
		2020				2019
Revenue		$	140			$	1
Cost of revenue			113				—
Gross profit			27				1
Operating expenses:
Selling, general and administrative			926				1,202
Research and development			609				855
Disposal of corporate lease			544				—
Total operating expenses			2,079				2,057
Loss from operations			(2,052	)			(2,056	)
Interest and other expense, net			(59	)			(12	)
Loss from operations before income taxes			(2,111	)			(2,068	)
Income tax benefit			—				—
Net loss		$	(2,111	)		$	(2,068	)
Weighted average common shares outstanding:
Basic and diluted			7,719				5,591
Basic and diluted net loss per common share:
Net loss		$	(0.27	)		$	(0.37	)
Total comprehensive loss		$	(2,111	)		$	(2,068	)

 

ASTROTECH CORPORATION
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
		September 30, 2020				June 30, 2020
Assets
Current assets
Cash and cash equivalents		$	1,853			$	3,349
Accounts receivable			52				101
Inventory:
Raw materials			114				416
Work-in-process			337				38
Finished goods			161				222
Income tax receivable			—				429
Prepaid expenses and other current assets			283				117
Total current assets			2,800				4,672
Property and equipment, net			100				99
Assets held for disposal			—				237
Operating leases, right-of-use assets, net			287				851
Other assets			—				71
Total assets		$	3,187			$	5,930
Liabilities and stockholders’ equity (deficit)
Current liabilities
Accounts payable			75				239
Payroll related accruals			473				433
Accrued expenses and other liabilities			676				627
Income tax payable			2				2
Term note payable – related party			2,500				2,500
Term note payable			330				210
Lease liabilities			198				339
Total current liabilities			4,254				4,350
Term note payable, net of current portion			211				332
Lease liabilities, net of current portion			166				623
Other liabilities			—				—
Total liabilities			4,631				5,305
Commitments and contingencies
Stockholders’ equity (deficit)
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at September 30, 2020 and June 30, 2020			—				—
Common stock, $0.001 par value, 50,000,000 shares authorized; 8,243,686 and 8,250,286 shares issued at September 30, 2020 and June 30, 2020, respectively; 7,843,770 and 7,850,362 shares outstanding at September 30, 2020 and June 30, 2020, respectively			190,599				190,599
Treasury stock, 399,916 shares at cost at September 30, 2020 and June 30, 2020			(4,129	)			(4,129	)
Additional paid-in capital			13,976				13,934
Accumulated deficit			(201,890	)			(199,779	)
Total stockholders’ equity (deficit)			(1,444	)			625
Total liabilities and stockholders’ equity (deficit)		$	3,187			$	5,930

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005675/en/

Eric Stober, Chief Financial Officer, Astrotech Corporation, (512) 485-9530

 

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Medical Devices Health Technology Agriculture Natural Resources Hardware

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