Market Newsdesk

NEW YORK, Dec. 03, 2020 (GLOBE NEWSWIRE) — DarkPulse, Inc. (OTC Markets: DPLS) (“DarkPulse” or the “Company”), a technology-security company focused on the manufacture, sale, installation and monitoring of laser sensing systems based on its patented BOTDA dark-pulse sensor technology (the “DarkPulse Technology”) which provides a data stream of critical metrics for assessing the health and security of infrastructure for applications in border security, pipelines, oil and gas, aviation and aerospace, and mine safety, today announced it has created a video to demonstrate the functions of its patented DarkPulse BOTDA System. In the video the Company discusses applications of its technology with respect to the detection of changes in stress and pressure of a pipeline. The demonstration system was created to simulate conditions related to: pressure changes within a pipeline, changes in stress/strain, and detection of changes related internal corrosion via hoop strain measurements. To emphasize the systems high resolution capabilities the demonstration was performed utilizing a 4-inch PVC pipe.

“We are pleased to release a video demonstration of our system which showcases the high degree of sensing capability. Given the global pandemic, and restrictions on travel, DarkPulse will be utilizing video and live streaming demonstrations to showcase its technology to potential customers,” said Dennis O’Leary, Chairman and CEO of the DarkPulse. “It has been a challenging but rewarding process for our team. I offer them my congratulations for a job well done.”

To view the video demonstration please visit www.DarkPulse.com/demo

The Company continues to explore additional potential opportunities in strategic locations worldwide with the goal of accelerating the adoption of its DarkPulse Technology Products and expand its global market position.

About DarkPulse, Inc.

DarkPulse, Inc. uses advanced laser-based monitoring systems to provide rapid and accurate monitoring of temperatures, strains and stresses. The Company’s technology excels when applied to live, dynamic critical infrastructure and structural monitoring, including pipeline monitoring, perimeter and structural surveillance, aircraft structural components and mining safety. The Company’s fiber-based monitoring systems can assist markets that are not currently served, and its unique technology covers extended areas and any event that is translated into the detection of a change in strain or temperature. In addition to the Company’s ongoing efforts with respect to the marketing and sales of its technology products and services to its customers, the Company also continues to explore potential strategic alliances through joint venture and licensing opportunities to further expand its global market position.

For more information, visit www.DarkPulse.com

Safe Harbor Statement

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. All statements other than statements of historical facts included in this news release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy 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, the following: our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our prior filings with the Securities and Exchange Commission. 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.

Media contact:

DarkPulse Solutions, Inc.

[email protected]

1.800.436.1436

VIRGINIA BEACH, Va., Dec. 03, 2020 (GLOBE NEWSWIRE) — Armada Hoffler Properties, Inc. (NYSE: AHH) today announced it has formed a 50/50 joint venture with Beatty Development Group, which will develop and build T. Rowe Price’s new 450,000 square foot global headquarters in Baltimore’s Harbor Point. Beatty is the lead developer of the joint venture and Armada Hoffler is the noncontrolling equity partner and general contractor for the build-to-suit project.

Situated between Harbor East and Fell’s Point, Harbor Point is Baltimore’s largest downtown waterfront development site with capacity for up to three million square feet of mixed-use space on 27 acres. T. Rowe Price has signed a letter of intent for a 15-year lease at Harbor Point for two sustainably designed and constructed buildings totaling approximately 450,000 square feet. The T. Rowe Price site is adjacent to Armada Hoffler’s existing Harbor Point assets: the Wills Wharf office building, the Thames Street Wharf office building, and 1405 Point apartments. In addition to T. Rowe Price’s new global headquarters, the joint venture plans to develop complementary ground level retail and limited onsite parking as well as expand and improve the green spaces and public amenities at Harbor Point. The preliminary estimated cost of this entire phase of mixed-use development – office, retail, onsite parking, and public space improvements – is approximately $250 million.

In conjunction with the build-to-suit project, another joint venture between Beatty and Armada Hoffler will develop and build a new mixed-use facility with structured parking on a neighboring site to accommodate both existing parking requirements and the influx of employees relocating to Harbor Point. T. Rowe Price plans to relocate its downtown Baltimore operations to Harbor Point in the first half of 2024.

“T. Rowe Price further validates Harbor Point as a top tier destination for world-class companies,” said Lou Haddad, President & CEO of Armada Hoffler Properties. “Alongside Exelon, Morgan Stanley, and EY, we are excited to welcome T. Rowe Price and their 1,700 employees currently downtown to Harbor Point.”

“We look forward to continuing our 25-year partnership with Armada Hoffler in creating an innovative and sustainable global headquarters for T. Rowe Price at Harbor Point,” said Michael Beatty, President of Beatty Development Group.

About Armada
Hoffler
Properties, Inc.

Armada Hoffler Properties, Inc. (NYSE: AHH) (the “Company”) is a vertically-integrated, self-managed real estate investment trust (“REIT”) with four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to developing and building properties for its own account, the Company also provides development and general contracting construction services to third-party clients. Founded in 1979 by Daniel A. Hoffler, the Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit ArmadaHoffler.com.

Forward-Looking Statements

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. These forward-looking statements may include comments relating to the proposed T. Rowe Price headquarters and related projects, including the anticipated lease duration, expected timing of completion and the size of the Company’s portfolio after completion of the T. Rowe Price project. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and the other documents filed by the Company with the Securities and Exchange Commission (the “SEC”) from time to time, including the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020. The Company’s actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company’s filings with the SEC. These factors include, without limitation: (a) the impact of the coronavirus (COVID-19) pandemic on macroeconomic conditions and economic conditions in the markets in which the Company operates, including, among others: (i) disruptions in, or a lack of access to, the capital markets or disruptions in the Company’s ability to borrow amounts subject to existing construction loan commitments; (ii) adverse impacts to the Company’s tenants’ and other third parties’ businesses and financial condition that adversely affect the ability and willingness of the Company’s tenants and other third parties to satisfy their rent and other obligations to the Company, including deferred rent; (iii) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases or to re-lease the Company’s properties on the same or better terms in the event of nonrenewal or early termination of existing leases; and (iv) federal, state and local government initiatives to mitigate the impact of the COVID-19 pandemic, including additional restrictions on business activities, shelter-in place orders and other restrictions, and the timing and amount of economic stimulus or other initiatives; (b) the Company’s ability to continue construction on development and construction projects, in each case on the timeframes and on terms currently anticipated; (c) the Company’s ability to accurately assess and predict the impact of the COVID-19 pandemic on its results of operations, financial condition, dividend policy, acquisition and disposition activities and growth opportunities; and (d) the Company’s ability to maintain compliance with the covenants under its existing debt agreements or to obtain modifications to such covenants from the applicable lenders. The Company expressly disclaims any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Armada
Hoffler
Properties, Inc.
Contact
s
:

Investor Relations		Public Relations
Michael P. O’Hara		Chelsea D. Forrest
Chief Financial Officer, Treasurer, and Secretary		Director of Marketing
Email: [email protected]		Email: [email protected]
Phone: (757) 366-6684		Phone: (757) 612-4248

VANCOUVER, British Columbia, Dec. 03, 2020 (GLOBE NEWSWIRE) — Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce that Greg Etter has been appointed to the Board of Directors effective November 27, 2020.

Mr. Etter has broad, extensive experience in the natural resources sector, including more than two decades of successfully managing diverse portfolios as a senior executive at multiple international mining companies. Mr. Etter has been responsible for government relations, legal, security, land, environment, public relations, and community affairs. During the course of his career, he has had wide-ranging experience on four continents, including significant accomplishments relating to development projects. He joined Kinross Gold Corporation (TSX, NYSE) in 2007 and served in a number of roles including Senior Vice-President, Global Government Relations, Security and Lands prior to his retirement in 2020.

Mr. Etter specializes in establishing sound relationships with local, state and federal stakeholders that lead to the successful permitting of mining operations under the guidance of all regulations and environmental, social and governance (ESG) requirements.

Mr. Etter obtained his B.S. in Geology from Colorado State University, and graduated Magna Cum Laude from Washburn University School of Law choosing afterwards to specialize in natural resources work. Mr. Etter was Vice President, General Counsel and Secretary at Battle Mountain Gold Company (NYSE, FWB, ASX) playing a key role in the management in addition to having responsibility for legal matters, and domestic government and environmental affairs. Mr. Etter joined Newmont Mining Corporation (TSX, NYSE) in 2000, initially responsible for government affairs, public relations, social development and security, later serving as Vice President and Executive Aide to the Chairman.

Mark O’Dea, Chairman of Liberty Gold, commented, “On behalf of Liberty Gold, it is my pleasure to welcome Greg to the Board. The unique skillset and experience he brings is well suited to our company culture and project portfolio. As our Black Pine and Goldstrike projects approach the development stage, Greg’s government and public relations expertise, as well his legal, land and environment experience, will be valuable and complementary skills to add to Liberty’s growing team.”

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past producing open-pit mines, where previous operators only scratched the surface.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations

Phone: 604-632-4677 or Toll Free 1-877-632-4677
[email protected] 

SOUTHFIELD, Mich., Dec. 03, 2020 (GLOBE NEWSWIRE) — DENSO, a leading mobility supplier, today announced it has invested again in mobility platform developer Ridecell as part of the company’s Series C financing round. DENSO first invested in Ridecell, which helps commercial fleets digitally transform their operations, in 2017.

DENSO’s investments strengthen ties between the companies and allow each to accelerate advances in connected solutions for mobility providers. These advancements are particularly useful to fleet operators looking for more seamless and efficient ways to manage fleet data, automate workflows and ensure secure vehicle access.

“Working with Ridecell and their fleet customers has been invaluable as we advance the development and commercialization of new mobility services,” said Rob Wunsche, director of Mobility Platform Services and New Product Innovation at DENSO. “When DENSO invests in partners, our mission is to leverage each other’s strengths to innovate, and with Ridecell, that translates to a powerful set of solutions for fleet owners.”

Ridecell’s ability to provide data insights and workflow automation for fleets, motor pools and trucking and logistics companies comes at a time when digital solutions are more important than ever. COVID-19 has raised consumer and enterprise rental demand, and increased the need for contactless reservation and entry and drop-off solutions in the shared vehicle market.

“The leading fleets in the world were already working on digital transformation,” said Aarjav Trivedi, CEO of Ridecell. “COVID-19 created an urgent need for them to accelerate digital access to their fleets, reduce risk by enabling self-service touch-less monetization across B2B and B2C business models, and reduce costs through automation. For Ridecell, it created opportunities to help many customers and partners quickly meet the shifting consumer and enterprise demand for fleet operations automation and contactless commerce. We are excited to continue that momentum, and welcome our C-round investors to our team as we deliver the premier technology platform for mobility companies and fleet operators in a post-pandemic era.”

Despite the challenges posed this year by COVID-19, DENSO remains committed to its Second Founding, the company’s strategy to enrich mobility and meet the evolving needs of its customers. As part of this, DENSO’s collaborative development with partners can help it expand into new mobility areas and build new revenue streams, all while making transportation safer, greener and more efficient for all. DENSO’s investment in Ridecell supports such efforts.

In November, DENSO also invested in Lambda:4, a German developer of wireless positioning technologies often used in search and rescue missions, to strengthen its passive digital key.

About DENSO

DENSO is a $47.6 billion global mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in its 200 facilities to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company’s 170,000+ employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. Globally headquartered in Kariya, Japan, DENSO spent 9.9 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2020. For more information about global DENSO, visit https://www.denso.com/global.

In North America, DENSO is headquartered in Southfield, Michigan, and employs 27,000+ engineers, researchers and skilled workers across 51 sites in the U.S, Canada and Mexico. In the United States alone, DENSO employs 17,700+ employees across 14 states (and the District of Columbia) and 41 sites. In fiscal year ending March 31, 2020, DENSO in North America generated $10.9 billion in consolidated sales. DENSO is committed to advancing diversity and inclusion inside the company and beyond – a principle that brings unique perspectives together, bolsters innovation and pushes DENSO forward. Join us, and craft not only how the world moves, but also your career: densocareers.com. For more information, go to https://www.denso.com/us-ca/en/.

About
Ridecell

Ridecell helps companies build and operate profitable mobility businesses. With the company’s High-yield Mobility™ toolkit of intelligent software, business services, and ecosystem partners, Ridecell customers maximize three key profit drivers: customer experience; fleet utilization; and operational efficiency.

Founded in 2009, today Ridecell powers some of the most successful shared mobility services in cities across Europe and North America. These services include Gig Car Share from AAA, ZITY from Ferrovial and Groupe Renault.

Ridecell is headquartered in San Francisco, California, with more than 170 employees in offices across the globe.

Contact: Andrew Rickerman
DENSO International America, Inc.
(734) 560-8752
[email protected]

VANCOUVER, British Columbia, Dec. 03, 2020 (GLOBE NEWSWIRE) — Loop Insights Inc. (MTRX:TSXV; RACMF:OTCBQ) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, enhanced customer engagement, and automated venue tracing to the brick and mortar space, is pleased to announce the launch of a second product into the Telus IoT Marketplace (T:TSX; TU:NYSE), which will serve to significantly expand Loop’s sales distribution channels on a national scale.

On October 15th, Loop announced the significant milestone of having been accepted into the TELUS IoT Marketplace. The Company’s first product accepted into the IoT Marketplace was our venue tracing service, which has received significant exposure to many of TELUS’s largest customers and significant ongoing discussions with them. The third-party validation that came with this acceptance has been instrumental in Loop’s venue tracing discussions with large corporate customers worldwide.

LOOP’S SECOND PRODUCT IS ITS INSIGHTS SERVICE AND ARTIFICIAL INTELLIGENCE INSIGHTS PORTAL USED IN PILOT ACROSS 3 TELUS FLAGSHIP RETAIL LOCATIONS

On September 17th, Loop announced an agreement with TELUS to conduct a 90-day proof of concept pilot across TELUS’s three flagship corporate retail locations in British Columbia. 

TELUS deployed Loop’s Insights service, which consists of our IoT Fobi device, Loop Cloud API, and AI Insights Portal to test and leverage its automated marketing capabilities. Connected between the printer and point of sale, Loop’s Fobi device’s real-time capabilities are driven by Artificial Intelligence to enhance the shopping experience. Providing data-driven product suggestions and unique discount codes for future use, Loop enables TELUS’s customers to increase revenues through increased spend per customer.

The first goal of the Pilot, assuming a successful completion, was for Loop to achieve exponential scale through a channel reseller distribution partnership for our Insights service with TELUS, which has now been achieved. This acceptance into the TELUS IoT Marketplace provides Loop with national sales and marketing exposure to TELUS business customers. As a result of this announcement, TELUS will generate creditable third-party validation and credibility for our go-to-market strategy. 

Loop Insights CEO Rob Anson stated, “To be recognized by TELUS for our now second IoT product designation into their IoT Marketplace is of huge significance given the fact they are clearly one of the most advanced IoT solutions providers in the world. Their sales and marketing support will be invaluable in commercializing and distributing our technology to TELUS customers across Canada, as will their third party validation by providing us with even greater strength when speaking to potential IoT customers around the world.”

Andrew Turner, TELUS VP Strategic Operations stated, “At TELUS, we are always looking to deliver leading IoT solutions to our valued business customers. It is excellent to see early-stage Canadian companies such as Loop Insights succeeding. After first successfully launching Loops venue tracing and management service on the TELUS IoT Marketplace, we are excited to deliver their Insights service. Now with two Loop services on our TELUS IoT Marketplace, we are eager to see where we evolve from here.”

TELUS launched the TELUS IoT Marketplace to help Canadian businesses accelerate the adoption of Internet of Things (IoT) tech. The marketplace is designed to allow businesses to quickly deploy IoT solutions while acting as a lead generation and sales channel for developers. TELUS has also committed its sales and marketing teams to provide support.

Loop takes the guesswork out of decision making with its Insights service. Businesses receive real-time updates on how their company is performing online, on-premise, and between properties. Loop enables access to 100% of every transaction providing real-time insights and analytics, micro and macro buying trends, AI forecasting and modeling, third-party data integration, and inventory / supply chain management all with its plug-and-play setup that requires no IT integration. With Loop, businesses improve their operations, inventory management, and marketing because Loop’s ability to connect multiple data points brings value to data.

The second goal of the Pilot is a rollout of our Insights service to all TELUS corporate stores. Loop will provide an update on this when it becomes available.

On November 4th, Loop announced the successful completion of a 20 location pilot with a leading US-based retailer, resulting in a rollout to 550 locations.

CANADIAN IoT MARKET TO HIT $21.8 BILLION BY 2023 

The importance of this TELUS IoT Marketplace distribution channel to Loop is critical and timely, given the growth of IoT in Canada over just the next couple of years. IoT Investment in Canada alone is growing exponentially, which will require companies and organizations to make fast decisions with respect to solutions. Our TELUS recognition and acceptance will make it much easier for those decision-makers to chose Loop.

Nigel Wallis, Vice President, Internet of Things and Industries at IDC Canada stated, “In Canada alone, IDC anticipates that the total IoT market will grow To $21.8 billion in 2023. While organizations are investing in hardware, software, and services to support their IoT initiatives, their next challenge is finding solutions that help them manage, process, and analyze the data being generated from all these connected things.” 

SOURCE: https://www.idc.com/getdoc.jsp?containerId=CA43807919

This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement https://agoracom.com/ir/LoopInsights/forums/discussion

About TELUS

TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications and information technology company with $14.6 billion in annual revenue and 14.2 million customer connections spanning wireless, data, IP, voice, television, entertainment, video, and security. We leverage our global-leading technology to enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. TELUS Health is Canada’s largest healthcare IT provider, and TELUS International delivers the most innovative business process solutions to some of the world’s most established brands.

Driven by our passionate social purpose to connect all Canadians for good, our deeply meaningful and enduring philosophy to give where we live has inspired our team members and retirees to contribute more than $700 million and 1.3 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most giving company in the world.

About Loop Insights

Loop Insights Inc. is a Vancouver-based Internet of Things (“IoT”) technology company that delivers transformative artificial intelligence (“AI”) automated marketing, contact tracing, and contactless solutions to the brick and mortar space. Its unique IoT device, Fobi, enables data connectivity across online and on-premise platforms to provide real-time, detailed insights and automated, personalized engagement. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries. Loop Insights operates in the telecom, casino gaming, sports and entertainment, hospitality, and retail industries, in Canada, the US, the UK, Latin America, Australia, Japan, and Indonesia. Loop’s products and services are backed by Amazon’s Partner Network.

	For more information, please contact:
	Loop Insights Inc.	LOOP Website: www.loopinsights.ai
	Rob Anson, CEO	Facebook: @LoopInsights
	T: +1 877-754-5336 Ext. 4	Twitter: @LoopInsights
	E: [email protected]	LinkedIn:  @LoopInsights

Forward-Looking Statements/Information:
 

This news release contains certain statements which constitute forward-looking statements or information. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop’s control, including the impact of general economic conditions, industry conditions, and competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives. 

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

SAN DIEGO, Dec. 03, 2020 (GLOBE NEWSWIRE) — GBT Technologies Inc. (OTC PINK: GTCH) (“GBT”, or the “Company”), announced as a further update to its press release issued November 24, 2020, that it filed for continuation for its 3D microchip and database sharing patents and received a grant date as of December 1, 2020 from the United States Patent and Trademark Office (“USPTO”). The continuation application has been assigned serial number 17102928 by the USPTO. The goal of the continuation application is to strengthen and broaden the protection of the intellectual property.

The patent seeks to cover new silicon manufacturing structure and orientation, with the stated designed of providing more capabilities and lower power consumption with reduced cost. The goal of the new manufacturing architecture is to enable larger designs within smaller areas and significantly increases the silicon yield to enhance smaller nodes like 5nm, 3nm and below. The invention is defined to support analog, RF, digital, MIXED and MEMS IC’s design styles. 

The mobile database management and sharing patent is designed to enable secured communication protocol and to produce faster, more secured processing of database objects throughout networks. The technology covered by the patent is aimed to enable sharing and exchange of vast amounts of data using segmentation oriented, secured techniques. The patent covers database communication within conventional networks like cellular, radio, WLAN, LAN, the Internet and private protocols including internal communication inside integrated circuits units. The patent also covers radio based networks to protect IoT and mobile technologies. By its working definition, the goal of the system is to offer another advanced security top-layer to protect the network’s security and potentially boost its speed exponentially. 

Forward-Looking Statements

Certain statements contained in this press release may constitute “forward-looking statements”. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release.

Contact:
Dr. Danny Rittman, CTO
[email protected]

– Achieved Record High Quarterly Revenues and Gross Profit



– Maintained Stable and High Gross Margin



– Attained Second Quarter of Adjusted Operating Profitability

GUANGZHOU, China, Dec. 03, 2020 (GLOBE NEWSWIRE) — EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading autonomous aerial vehicle (AAV) technology platform company, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Highlights

Financial and Operational Highlights

• Total revenues were RMB71.0 million (US$10.5 million), up 104.3% year over year, with growth across the main revenue streams.
   
• Gross margin was 59.2%, an increase of 4.3 percentage points year over year, driven by optimized cost structure of certain products and the change in revenue mix. Gross profit was RMB42.0 million (US$6.2 million), an increase of 120.3% year over year.
   
• Operating loss was RMB1.8 million (US$0.3 million), shrinking from an operating loss of RMB10.6 million in the third quarter of 2019.
   
• Adjusted operating profit¹ (non-GAAP) was achieved again at RMB4.5 million (US$0.7 million), turning around from an adjusted operating loss of RMB7.4 million in the third quarter of 2019.
   
• Net loss was RMB1.1 million (US$0.2 million), narrrowing from net loss of RMB10.2 million in the third quarter of 2019.
   
• Adjusted net income² (non-GAAP) was achieved again at RMB5.3 million (US$0.8 million), turning around from an adjusted net loss of RMB7.0 million in the third quarter of 2019.
   
• Sales of the EH216, the Company’s flagship passenger-grade AAV, reached 23 units in the third quarter of 2020 versus 18 units in the third quarter of 2019. Of the 23 units, 2 were the newly launched EH216F.

Business Highlights

• Launched the EH216F AAV and intelligent aerial firefighting solution: In July, EHang introduced the EH216F, the firefighting version of EH216.  The EH216F is the world’s first large-payload AAV for high-rise aerial firefighting.  With a peak altitude of up to 600 meters, it is superior to conventional extinguisher equipment for high-rise fires. Given significant market demand, it has attracted strong interest from emergency management departments and fire departments at national and local level in China.
   
• Unveiled the heavy-lift EH216L AAV for aerial logistics: In September, EHang unveiled another new product, the aerial logistics version of EH216 named the EH216L.  The EH216L is a multi-rotor AAV with the record payload capacity.  This model opens up more commercial opportunities for various urban and rural aerial logistics uses that require frequent and point-to-point deliveries.
   
• Capacity expansion to meet high demand for AAVs in China: In July, EHang announced that it will build a new AAV production facility in Yunfu, Guangdong.  This factory expands upon the current facility in Guangzhou and will support the growth of the air mobility business in China with a planned initial capacity of 600 units of passenger-grade AAVs per annum.  The Yunfu factory is designed to be an industry-leading AAV production center and will feature an R&D facility and a training center for air mobility.
   
• Obtained the first operational flight permit for passenger-grade AAVs in North America: In July, the EH216 was awarded a Special Flight Operations Certificate issued by the Transport Canada Civil Aviation with which trial flights have been permitted and are routinely conducted in Québec province, Canada.
   
• Joined an international project to develop an air ambulance: In August 2020, EHang was selected to join Ambular, an important international project supported by the International Civil Aviation Organization, which is dedicated to the development of a flying ambulance for emergency medical uses.

Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer, commented: “In the third quarter we had significant growth in revenues and gross profit, both year-over-year and quarter-over-quarter.  Notably, we have attained positive quarterly operating profitability on an adjusted basis again since last time in the fourth quarter of 2019.  This reflects our improving business operations despite the impact of COVID-19 around the world.”

Hu continued, “We are excited by the launch of two new products based on the cutting-edge EH216 passenger-grade AAV technology platform.  The EH216F and the EH216L are designed to meet strong market demand for high-rise firefighting solutions and heavy-lift aerial logistics solutions.  Both are expected to drive revenue growth in the years to come.  With increasing demand and stronger government emphasis on supporting the development of urban air mobility and unmanned civil aviation in China, we have started to ramp up our production capacity with the new facility in Yunfu. This is an important step forward as we get ourselves ready for the next phase of growth.”

“We are confident in our long-term growth prospects.  We are the recognized world leader in UAM. Further regulatory breakthroughs should drive faster growth of the global UAM market.  We are creating new use cases, increasing our air mobility operations, and most importantly, providing compelling and integrated technologies and solutions.  With the government support and relevant infrastructure upgrade, it is expected that we will receive the airworthiness certificate for EH216 in 2021 and start to provide commercial operation services,” concluded Mr. Hu.

Third Quarter 2020 Financial Results

Total Revenues

Total revenues were RMB71.0 million (US$10.5 million), up 104.3% year over year, with growth across the main revenue streams.  Air mobility solutions represented 49.0% of total revenues in the third quarter of 2020.  Sales of the EH216, the Company’s flagship passenger-grade AAV, reached 23 units, including 2 units of the EH216F, in the third quarter of 2020, compared with 18 units in the same period of 2019.

Costs of revenues

Costs of revenues were RMB29.0 million (US$4.3 million), up 84.8% year over year. The increase tracked growth in revenues.

Gross profit

Gross profit was RMB42.0 million (US$6.2 million), up 120.3% from RMB19.1 million in the third quarter of 2019.

Gross margin was 59.2%, up 4.3 percentage points from 54.9% in the third quarter of 2019. The steady increase in gross margin was mainly due to the optimization of cost structure of certain products and changes in revenue mix.

Operating expenses

Total operating expenses were RMB44.2 million (US$6.5 million), up 47.3% from RMB30.0 million in the third quarter of 2019. Operating expenses as a percentage of total revenues were 62.2%, 24.1 percentage points lower when compared with 86.3% in the third quarter of 2019. The increase in operating expenses were primarily due to higher research and development expenses related to continuous product development and increased general and administrative expenses.

• Sales and marketing expenses were RMB8.4 million (US$1.2 million), up 35.4% from RMB6.2 million in the third quarter of 2019, as we expanded operations in European markets.
   
• General and administration expenses were RMB16.0 million (US$2.4 million), up 65.5% from RMB9.7 million in the third quarter of 2019. The increase was mainly due to the additional expenses related to being a public company and prudent provisions related to potential COVID-19 impacts.
   
• Research and development expenses were RMB19.8 million (US$2.9 million), up 40.0% from RMB14.1 million in the third quarter of 2019. The increase was mainly due to continued investment in new model development.  The Company had been preparing new versions of both passenger-grade AAV and non-passenger-grade AAV models, such as the newly-announced EH216F and EH216L as well as related operating systems with enhanced functionalities.

Adjusted operating expenses³ (non-GAAP)

Adjusted operating expenses were RMB37.9 million (US$5.6 million), representing an increase of 41.2% from RMB26.8 million in the third quarter of 2019. Adjusted operating expenses as a percentage of total revenues were 53.4%, compared with 77.3% in the third quarter of 2019.

Operating loss

Operating loss was RMB1.8 million (US$0.3 million), compared with operating loss of RMB10.6 million in the third quarter of 2019. Operating margin was negative 2.6%, compared with negative 30.5% in the third quarter of 2019. 

Adjusted operating profit/(loss) (non-GAAP)

Adjusted operating profit was achieved again with RMB4.5 million (US$0.7 million) compared with adjusted operating loss of RMB7.4 million in the third quarter of 2019. Adjusted operating margin was 6.4%, compared to negative 21.2% in the third quarter of 2019.

Net loss

Net loss was RMB1.1 million (US$0.2 million) compared with net loss of RMB10.2 million in the third quarter of 2019. Net margin was negative 1.5%, compared with negative 29.4% in the third quarter of 2019.

Adjusted net income/(loss) (non-GAAP)

Adjusted net income was achieved again with RMB5.3 million (US$0.8 million) compared with adjusted net loss of RMB7.0 million in the third quarter of 2019. Adjusted net margin was 7.4%, compared to negative 20.1% in the third quarter of 2019.

Adjusted net income attributable to EHang’s ordinary shareholders was RMB6.1 million (US$0.9 million) with an adjusted net margin of 8.6%, compared to negative 20.7% in the third quarter of 2019.

Earnings/(loss) per share and per ADS

Basic and diluted net loss per ordinary share were both RMB0.002 (US$0.0004). Adjusted basic and diluted earnings per ordinary share⁴ (non-GAAP) were both RMB0.06 (US$0.01).

Basic and diluted net loss per ADS were both RMB0.004 (US$0.0008). Adjusted basic and diluted earnings per ADS⁵ (non-GAAP) were both RMB0.12 (US$0.02).

Business Outlook

Due to continuous uncertainties surrounding the impacts and duration of COVID-19 in China and international markets, the Company is adjusting its outlook to at least 50% annual revenues growth for full year 2020.  However, the Company has become more optimistic and confident in its long-term growth outlook given the increasing practical uses and demands for AAVs and stronger government emphasis on supporting the industry growth in the global UAM markets, especially in China. 

The above outlook is based on information available and market conditions as of the date of this press release and reflects the Company’s current and preliminary expectations, which are subject to change.

Conference Call

EHang’s management team will host an earnings conference call at 8:00 AM on Thursday, December 3, 2020, U.S. Eastern Time (9:00 PM on December 3, 2020, Beijing/Hong Kong Time).

To join the conference, please register in advance using the link below. Conference access information will be provided upon registration.

Participant Online Registration: http://apac.directeventreg.com/registration/event/8538989

A replay of the conference call may be accessed by phone at the following numbers until December 11, 2020. To access the replay, please reference the conference ID 8538989.

	Phone Number
International	+61 2 8199-0299
United States	+1 (646) 254-3697
Hong Kong	+852 800963117
Mainland China	+86 4006322162 +86 8008700205

A live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.ehang.com/.

About EHang

EHang (Nasdaq: EH) is the world’s leading autonomous aerial vehicle (AAV) technology platform company. EHang’s mission is to make safe, autonomous, and eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with AAV products and commercial solutions: air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions. As the forerunner of cutting-edge AAV technologies and commercial solutions in the global Urban Air Mobility (UAM) industry, EHang continues to explore the boundaries of the sky to make flying technologies benefit our life in smart cities. For more information, please visit www.ehang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Non-GAAP
Financial Measures

The Company uses adjusted operating profit/(loss), adjusted net income/(loss), adjusted operating expenses, adjusted basic and diluted earnings/(loss) per ordinary share and adjusted basic and diluted earnings/(loss) per ADSs (the “Non-GAAP Financial Measures”) in evaluating its operating results and for financial and operational decision-making purposes. There was no income tax impact on the Company’s non-GAAP adjustments because the non-GAAP adjustments are usually recorded in entities located in tax-free jurisdictions, such as the Cayman Islands.

The Company believes that the Non-GAAP Financial Measures help identify underlying trends in its business that could otherwise be distorted by the effects of items such as share-based compensation expenses that are included in their comparable GAAP measures. The Company believes that the Non-GAAP Financial Measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management members in their financial and operational decision-making.

Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure, operating margin and net margin or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the Non-GAAP Financial Measures. The Non-GAAP Financial Measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.7896 to US$1.00, the noon buying rate in effect on September 30, 2020 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

Investor Contact:


[email protected]

In the U.S.: [email protected]
In China: [email protected]

Media Contact:


[email protected]

EHANG HOLDINGS LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
		As of		As of
		December 31, 2019		September 30, 2020
		RMB		RMB		US$
				(Unaudited)		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		321,662		157,804		23,242
Short-term investments		7,674		84,696		12,474
Accounts receivable, net		41,103		137,253		20,215
Unbilled revenue		4,807		2,800		412
Cost and estimated earnings in excess of billings		14,212		3,722		548
Inventories		18,490		56,690		8,350
Prepayments and other current assets		20,565		22,450		3,307
Total current assets		428,513		465,415		68,548
Non-current assets:
Property and equipment, net		16,272		12,266		1,807
Intangible assets, net		1,209		1,108		163
Long-term loans receivable		–		14,835		2,185
Long-term investments		2,983		2,919		430
Deferred tax assets		184		184		27
Other non-current assets		252		187		28
Total non-current assets		20,900		31,499		4,640
Total assets		449,413		496,914		73,188
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term bank loans		5,000		15,000		2,209
Accounts payable		27,285		52,487		7,730
Contract liabilities		9,918		6,506		958
Accrued expenses and other liabilities		53,310		77,516		11,418
Deferred income		–		783		115
Deferred government subsidies		80		80		12
Income taxes payable		5		–		–
Total current liabilities		95,598		152,372		22,442
Non-current liabilities:
Long-term loans		32,534		–		–
Mandatorily redeemable non-controlling interests		–		40,000		5,891
Deferred tax liabilities		292		292		43
Unrecognized tax benefit		5,494		5,314		783
Deferred income		–		3,297		486
Deferred government subsidies		140		80		12
Total non-current liabilities		38,460		48,983		7,215
Total liabilities		134,058		201,355		29,657

EHANG HOLDINGS LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
		As of			As of
		December 31, 2019			September 30, 2020
		RMB			RMB			US$
					(Unaudited)			(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED)
Shareholders’ equity:
Class A ordinary shares		44			44			6
Class B ordinary shares		28			28			5
Additional paid-in capital		1,020,691			1,042,728			153,577
Statutory reserves		1,035			1,035			152
Accumulated deficit		(720,419	)		(758,852	)		(111,767	)
Accumulated other comprehensive income		10,195			7,537			1,110
Total EHang Holdings Limited shareholders’ equity		311,574			292,520			43,083
Non-controlling interests		3,781			3,039			448
Total shareholders’ equity		315,355			295,559			43,531
Total liabilities and shareholders’ equity		449,413			496,914			73,188

EHANG HOLDINGS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”) except for number of shares and per share data)
		Three Months Ended											Nine Months Ended
		September 30, 2019			June 30, 2020			September 30, 2020					September 30, 2019			September 30, 2020
		RMB			RMB			RMB		US$			RMB			RMB		US$
		(Unaudited)			(Unaudited)			(Unaudited)					(Unaudited)			(Unaudited)
Total revenues		34,745			35,700			70,980		10,454			67,130			125,498		18,484
Costs of revenues		(15,674	)		(15,147	)		(28,958	)	(4,265	)		(29,108	)		(51,769	)	(7,625	)
Gross profit		19,071			20,553			42,022		6,189			38,022			73,729		10,859
Operating expenses:
Sales and marketing expenses		(6,162	)		(9,218	)		(8,344	)	(1,229	)		(18,698	)		(23,338	)	(3,437	)
General and administrative expenses		(9,692	)		(16,348	)		(16,044	)	(2,363	)		(27,584	)		(43,000	)	(6,333	)
Research and development expenses		(14,123	)		(17,870	)		(19,777	)	(2,913	)		(41,699	)		(54,307	)	(7,999	)
Total operating expenses		(29,977	)		(43,436	)		(44,165	)	(6,505	)		(87,981	)		(120,645	)	(17,769	)
Other operating income		326			3,724			333		49			1,469			4,826		711
Operating loss		(10,580	)		(19,159	)		(1,810	)	(267	)		(48,490	)		(42,090	)	(6,199	)
Other income/(expense):
Interest income		150			974			738		109			646			3,124		460
Interest expenses		(110	)		(488	)		(669	)	(99	)		(409	)		(1,645	)	(242	)
Foreign exchange gain/(loss)		360			278			(233	)	(34	)		396			(226	)	(33	)
Other income		88			244			678		100			241			1,003		148
Other expense		–			(1,689	)		(56	)	(8	)		(26	)		(1,745	)	(257	)
Total other income/(expense)		488			(681	)		458		68			848			511		76
Loss before income tax and (loss)/gain from equity method investment		(10,092	)		(19,840	)		(1,352	)	(199	)		(47,642	)		(41,579	)	(6,123	)
Income tax (expenses)/benefits		(49	)		145			–		–			(127	)		145		21
Loss before (loss)/gain from equity method investment		(10,141	)		(19,695	)		(1,352	)	(199	)		(47,769	)		(41,434	)	(6,102	)
(Loss)/gain from equity method investment		(59	)		(33	)		288		42			(69	)		236		35
Net loss		(10,200	)		(19,728	)		(1,064	)	(157	)		(47,838	)		(41,198	)	(6,067	)

EHANG HOLDINGS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”) except for number of shares and per share data)
		Three Months Ended											Nine Months Ended
		September 30, 2019			June 30, 2020			September 30, 2020					September 30, 2019			September 30, 2020
		RMB			RMB			RMB		US$			RMB			RMB		US$
		(Unaudited)			(Unaudited)			(Unaudited)					(Unaudited)			(Unaudited)
Net loss		(10,200	)		(19,728	)		(1,064	)	(157	)		(47,838	)		(41,198	)	(6,067	)
Net (income)/loss attributable to non-controlling interests		(192	)		1,111			798		118			1,226			2,765		407
Net loss attributable to EHang Holdings Limited		(10,392	)		(18,617	)		(266	)	(39	)		(46,612	)		(38,433	)	(5,660	)
Accretion to redemption value of redeemable convertible preferred shares		(10,660	)		–			–		–			(13,694	)		–		–
Net loss attributable to ordinary shareholders		(21,052	)		(18,617	)		(266	)	(39	)		(60,306	)		(38,433	)	(5,660	)
Net loss per ordinary share:
Basic and diluted		(0.35	)										(1.04	)
Net loss per Class A and Class B ordinary share:
Basic and diluted					(0.17	)		(0.002	)	(0.0004	)					(0.35	)	(0.05	)
Shares used in net loss per ordinary share computation (in thousands of shares):
Basic and diluted		59,582											57,732
Shares used in net loss per Class A and Class B ordinary share computation (in thousands of shares):
Basic					109,548			109,608		109,608						109,541		109,541
Diluted					109,548			109,950		109,950						109,541		109,541
Loss per ADS (2 ordinary shares equal to 1 ADS) Basic and Diluted					(0.34	)		(0.004	)	(0.0008	)					(0.70	)	(0.10	)

EHANG HOLDINGS LIMITED CONDENSED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

		Three Months Ended											Nine Months Ended
		September 30, 2019			June 30, 2020			September 30, 2020					September 30, 2019			September 30, 2020
		RMB			RMB			RMB		US$			RMB			RMB		US$
		(Unaudited)			(Unaudited)			(Unaudited)					(Unaudited)			(Unaudited)
Gross profit		19,071			20,553			42,022		6,189			38,022			73,729		10,859
Plus: Share-based compensation		71			–			80		12			365			80		12
Adjusted gross profit		19,142			20,553			42,102		6,201			38,387			73,809		10,871
Adjusted gross margin		55.1	%		57.6	%		59.3	%	59.3	%		57.2	%		58.8	%	58.8	%
Operating expenses		(29,977	)		(43,436	)		(44,165	)	(6,505	)		(87,981	)		(120,645	)	(17,769	)
Plus: Share-based compensation		3,132			8,012			6,258		921			12,750			16,206		2,387
Adjusted operating expenses		(26,845	)		(35,424	)		(37,907	)	(5,584	)		(75,231	)		(104,439	)	(15,382	)
Adjusted operating expenses percentage		77.3	%		99.2	%		53.4	%	53.4	%		112.1	%		83.2	%	83.2	%
Operating loss		(10,580	)		(19,159	)		(1,810	)	(267	)		(48,490	)		(42,090	)	(6,199	)
Plus: Share-based compensation		3,203			8,012			6,338		933			13,115			16,286		2,399
Adjusted operating (loss)/profit		(7,377	)		(11,147	)		4,528		666			(35,375	)		(25,804	)	(3,800	)
Adjusted operating margin		(21.2	%)		(31.2	%)		6.4	%	6.4	%		(52.7	%)		(20.6	%)	(20.6	%)
Net loss		(10,200	)		(19,728	)		(1,064	)	(157	)		(47,838	)		(41,198	)	(6,067	)
Plus: Share-based compensation		3,203			8,012			6,338		933			13,115			16,286		2,399
Adjusted net (loss)/income		(6,997	)		(11,716	)		5,274		776			(34,723	)		(24,912	)	(3,668	)
Adjusted net margin		(20.1	%)		(32.8	%)		7.4	%	7.4	%		(51.7	%)		(19.9	%)	(19.9	%)

EHANG HOLDINGS LIMITED CONDENSED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)
		Three Months Ended											Nine Months Ended
		September 30, 2019			June 30, 2020			September 30, 2020					September 30, 2019			September 30, 2020
		RMB			RMB			RMB		US$			RMB			RMB		US$
		(Unaudited)			(Unaudited)			(Unaudited)					(Unaudited)			(Unaudited)
Net loss attributable to ordinary shareholders		(21,052	)		(18,617	)		(266	)	(39	)		(60,306	)		(38,433	)	(5,660	)
Plus: Share-based compensation		3,203			8,012			6,338		933			13,115			16,286		2,399
Plus: Accretion to redemption value of redeemable convertible preferred shares		10,660			–			–		–			13,694			–		–
Adjusted net (loss)/income attributable to ordinary shareholders		(7,189	)		(10,605	)		6,072		894			(33,497	)		(22,147	)	(3,261	)
Adjusted net income attributable to ordinary shareholders margin		(20.7	%)		(29.7	%)		8.6	%	8.6	%		(49.9	%)		(17.6	%)	(17.6	%)
Adjusted basic and diluted net loss per ordinary share		(0.12	)										(0.58	)
Adjusted basic and diluted net (loss)/income per Class A and Class B ordinary share					(0.10	)		0.06		0.01						(0.20	)	(0.03	)
Adjusted basic and diluted net (loss)/income per ADS					(0.20	)		0.12		0.02						(0.40	)	(0.06	)

EHANG HOLDINGS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
	Three Months Ended											Nine Months Ended
	September 30, 2019			June 30, 2020			September 30, 2020					September 30, 2019			September 30, 2020
	RMB			RMB			RMB		US$			RMB			RMB		US$
	(Unaudited)			(Unaudited)			(Unaudited)					(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	(10,200	)		(19,728	)		(1,064	)	(157	)		(47,838	)		(41,198	)	(6,067	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and Amortization	1,388			1,620			1,550		228			4,185			4,740		698
Share-based compensation	3,203			8,012			6,338		933			13,115			16,286		2,399
Loss on disposal of intangible assets	–			–			77		11			–			77		11
Loss on disposal of property and equipment	–			228			–		–			–			228		34
Gain on disposal of long-term investment	–			–			(288	)	(42	)		–			(288	)	(42	)
Share of net loss from an equity investee	59			33			–		–			69			52		8
(Reversal) allowance for doubtful accounts	(7	)		3,727			4,650		685			(217	)		8,519		1,255
Changes in operating assets and liabilities:
Accounts receivable	(23,658	)		(30,900	)		(65,317	)	(9,619	)		(34,166	)		(105,308	)	(15,510	)
Unbilled revenue	–			–			–		–			–			1,481		218
Cost and estimated earnings in excess of billings	–			–			–		–			3,247			10,490		1,545
Inventories	(6,942	)		(18,868	)		(8,844	)	(1,303	)		(11,746	)		(38,865	)	(5,724	)
Prepayments and other current assets	(4,579	)		1,388			(2,422	)	(357	)		(6,629	)		(2,795	)	(412	)
Other non-current assets	15			21			22		3			44			65		10
Accounts payable	4,727			11,446			11,809		1,740			7,195			25,951		3,822
Contract liabilities	618			(170	)		101		15			(3,674	)		(3,412	)	(503	)
Income taxes payable	49			–			–		–			49			(5	)	(1	)
Deferred income	–			–			4,080		601			–			4,080		601
Deferred government subsidies	(20	)		(20	)		(20	)	(3	)		(60	)		(60	)	(9	)
Unrecognized tax benefits	–			(151	)		–		–			–			(180	)	(26	)
Accrued expenses and other liabilities	4,989			(1,387	)		7,370		1,085			6,177			4,380		645
Net cash used in operating activities	(30,358	)		(44,749	)		(41,958	)	(6,180	)		(70,249	)		(115,762	)	(17,048	)

EHANG HOLDINGS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
	Three Months Ended											Nine Months Ended
	September 30, 2019			June 30, 2020			September 30, 2020					September 30, 2019			September 30, 2020
	RMB			RMB			RMB		US$			RMB			RMB		US$
	(Unaudited)			(Unaudited)			(Unaudited)					(Unaudited)			(Unaudited)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(147	)		(866	)		(170	)	(25	)		(1,009	)		(1,328	)	(196	)
Disposal of property and equipment	–			192			–		–			–			192		28
Acquisition of intangible assets	(180	)		(269	)		–		–			(180	)		(278	)	(41	)
Proceeds from maturity of short-term investments	25,130			2,500			20,900		3,078			39,530			36,400		5,361
Purchase of short-term investments	(34,730	)		(19,899	)		(76,265	)	(11,233	)		(57,630	)		(113,364	)	(16,697	)
Loans to third parties	–			–			–		–			–			(53,900	)	(7,939	)
Repayment of loan from a third party	–			–			30,000		4,419			–			40,000		5,891
Loan to a related party	–			–			–		–			(425	)		–		–
Repayment of loan from a related party	–			–			–		–			425			–		–
Others	–			–			–		–			–			(54	)	(8	)
Net cash flow used in investing activities	(9,927	)		(18,342	)		(25,535	)	(3,761	)		(19,289	)		(92,332	)	(13,601	)

EHANG HOLDINGS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
	Three Months Ended											Nine Months Ended
	September 30, 2019			June 30, 2020			September 30, 2020					September 30, 2019			September 30, 2020
	RMB			RMB			RMB		US$			RMB			RMB		US$
	(Unaudited)			(Unaudited)			(Unaudited)					(Unaudited)			(Unaudited)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term bank loans	–			5,000			5,000		736			5,000			15,000		2,209
Repayment of a short-term bank loan	–			–			–		–			(5,000	)		(5,000	)	(736	)
Proceeds from a loan from a third party	30,000			–			–		–			30,000			–		–
Repayment of loans from third parties	(5,000	)		–			–		–			(5,000	)		–		–
Shares issued upon vesting of restricted share units	3			–			–		–			3			–		–
Proceeds from issuance of mandatorily redeemable non-controlling interests of a subsidiary	–			40,000			–		–			–			40,000		5,891
Proceeds from issuance of subsidiaries’ equity to non-controlling interest holders	–			2,023			–		–			–			2,023		298
Proceeds from issuance of Class A ordinary shares pursuant to underwriters’ exercise of over-allotment option	–			–			–		–			–			7,313		1,077
Proceeds from issuance of Series C redeemable convertible preferred shares	–			–			–		–			47,436			–		–
Payment of issuance of Class A ordinary shares pursuant to underwriters’ exercise of over-allotment option’s issuance costs	–			–			(199	)	(29	)		–			(715	)	(105	)
Payment of issuance costs for initial public offering	–			(304	)		(2,408	)	(355	)		–			(11,831	)	(1,743	)
Net cash provided by financing activities	25,003			46,719			2,393		352			72,439			46,790		6,891

EHANG HOLDINGS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
	Three Months Ended											Nine Months Ended
	September 30, 2019			June 30, 2020			September 30, 2020					September 30, 2019			September 30, 2020
	RMB			RMB			RMB		US$			RMB			RMB		US$
	(Unaudited)			(Unaudited)			(Unaudited)					(Unaudited)			(Unaudited)
Effect of exchange rate changes on cash and cash equivalents	1,501			(454	)		(5,285	)	(778	)		1,952			(2,554	)	(376	)
Net decrease in cash and cash equivalents	(13,781	)		(16,826	)		(70,385	)	(10,367	)		(15,147	)		(163,858	)	(24,134	)
Cash and cash equivalents at the beginning of the period/year	60,153			245,015			228,189		33,609			61,519			321,662		47,376
Cash and cash equivalents at the end of the period	46,372			228,189			157,804		23,242			46,372			157,804		23,242

Unpaid issuance cost for Series C redeemable convertible preferred shares included in Accrued expenses and other liabilities	743		743		743	109		743		743	109
Unpaid issuance costs for initial public offering included in Accrued expenses and other liabilities	–		5,304		2,896	427		–		2,896	427
Unpaid issuance costs for issuance of Class A ordinary shares pursuant to underwriters’ exercise of over-allotment option included in Accrued expenses and other liabilities	–		1,046		847	125		–		847	125

_____________________

¹ Adjusted operating profit/(loss) is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.
² Adjusted net income/(loss) is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.
³ Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.
⁴ Adjusted basic and diluted earnings per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted net loss per ordinary share excluding share-based compensation expenses and accretion to redemption value of redeemable convertible preferred shares. See “Non-GAAP Financial Measures” at the end of this press release.
⁵ Adjusted basic and diluted earnings per ADS is a non-GAAP financial measure, which is defined as basic and diluted net loss per ADS excluding share-based compensation expenses and accretion to redemption value of redeemable convertible preferred shares. See “Non-GAAP Financial Measures” at the end of this press release. 

GUANGZHOU, China, Dec. 03, 2020 (GLOBE NEWSWIRE) — LIZHI INC. (“LIZHI” or the “Company”) (NASDAQ: LIZI), a leading online UGC audio community and interactive audio entertainment platform in China, today announced its cooperation with Xpeng Motors, a leading Chinese smart electric vehicle company, to integrate LIZHI’s in-car audio content product into Xpeng Motors’ in-car intelligent operating system. The product has been launched in this week.

This cooperation marks another significant step forward for LIZHI to leverage its comprehensive content library, leading-edge technologies and strong operating capabilities in audio-centric user communities. Furthermore, it reaffirms LIZHI’s pursuit of diversified business models by tapping into the large demand for in-car audio entertainment services spanning various use cases. With seamless connectivity, LIZHI will strive to enrich the personalized driving experience for Xpeng Smart EV users.

The collaboration aims to accentuate the complementary strengths of both parties and strives for a win-win situation. For LIZHI, under the collaboration, it may make its premium content offerings and AI-empowered content discovery and recommendation system accessible to Xpeng Motors’ growing customer base comprised of tech-savvy middle-class consumers.

Mr. Jinnan (Marco) Lai, Founder and Chief Executive Officer of LIZHI, commented, “We are excited to establish the cooperation with Xpeng Motors which is aimed to deliver better mobility experience for Xpeng Smart EV users. We believe this will strengthen our competitiveness in the in-car audio services space. As of September 30, 2020, there have been over 234 million podcasts uploaded to our platform. We will exploit this immense content base to heighten the creation of sought-after content and categories so as to deliver premium content to users in different living scenarios through our AI-empowered content distribution solutions. We are confident that our key strengths built on our advanced audio technologies, our AI-enabled content recommendation and distribution systems and massive content portfolios will add value to Xpeng Smart EV users.”

“We believe more and more people view the interior space of their cars as a mobile living space and we see an exciting runway to expand cooperation with leading automobile makers in China. Looking forward, our in-car audio initiatives will be important part of our strategic effort to diversify our business model to gain traction with a wider user base. We are well positioned to utilize on our strengths delivering a powerful online audio experience to users and capture growth in this emerging smart in-car audio services space,” Mr. Lai concluded.

About LIZHI INC.

LIZHI INC. is a leading online UGC audio community and interactive audio entertainment platform in China, with a mission to enable everyone to showcase vocal talent. The Company is aiming to bring people closer together through voice.

Since the launch of its Lizhi app in 2013, LIZHI has cultivated a vibrant and growing community encouraging audio content creation and sharing. Now LIZHI is an audio wonderland offering a wide range of podcasts and audio entertainment products and features, including audio live streaming and various interactive audio social products, empowering users to enjoy an immersive and diversified entertainment experience through audio. LIZHI envisions a global audio community – a place where everyone can create, share and connect with each other through voice and across cultures.

For more information, please visit: http://ir.lizhi.fm.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

LIZHI INC.
IR Department
Tel: +86 (20) 3866-4265
Email: [email protected]

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
Email: [email protected]

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]

• Mine Development Associates, a division of RESPEC
  ,
  appointed as lead engineering firm for the 2021
  DeLamar
  Pre
  -F
  easibility Study
• PFS will
  examine potential for
  larger production scenarios than were
  outlined
  in the 2019
  DeLamar
  Project
  Preliminary Economic Assessment
  (the “PEA”)
• PFS
  , to be delivered in Q4 2021, is fully financed by the current Integra treasury of
  C$
  4
  2
  M
• 90% of the current
  DeLamar
  resources
  are
  in a Measured and Indicated category,
  therefore
  no
  further resource conversion drilling
  and related expen
  di
  tures
  are
  expected
  in 2021
  in support of the PFS
• PFS sourcing and procurement
  practices
  will focus on an “Idaho-First” approach, favouring procurement from within the state

VANCOUVER, British Columbia, Dec. 03, 2020 (GLOBE NEWSWIRE) — Integra Resources Corp. (“Integra” or the “Company”)(TSX-V:ITR ; NYSE American:ITRG) is pleased to announce the engagement of Mine Development Associates, a division of RESPEC (“MDA”) as the lead consultant for the Pre-Feasibility Study (the “PFS”) at the DeLamar Gold-Silver Project in southwest Idaho.

George Salamis, President and CEO, commented: “The upcoming DeLamar Project Pre-Feasibility Study will be based on similar parameters that led to the robust 2019 Preliminary Economic Study, demonstrating a baseline of gold and silver production to come from the heap-leaching of oxide and transitional gold and silver mineralization from the Florida Mountain and DeLamar Deposits. Last year’s PEA also contemplated a measure of sulphide mineralization processing in a 2,000 tonne per day milling scenario, to compliment low-grade heap-leaching. The upcoming PFS will be examining the potential for larger milling options to process and recover more gold and silver from sulphide mineralization, potentially leading to higher overall gold and silver production rates than those outlined in the 2019 PEA. As more than 90% of the current resource at DeLamar is in the Measured and Indicated category, the Company will not be required to deplete its treasury with costly resource-definition drilling in preparation for the 2021 Pre-feasibility Study. The 2019 PEA envisaged an average annual production of 124,000 ozs per year gold equivalent, from two open pits on the project. The 2019 PEA also produced an After-tax NPV (5%) of US$358 million and 43% After-Tax IRR at US$1350/oz Au and US$16.90 /oz Ag with a AISC of US$742/oz on an AuEq co-product basis.”   Mr. Salamis added, “As of our last reporting period, the Company’s treasury totalled C$ 42 million and thus we are fully financed to complete this study in 2021. As the Company works to establish formal sourcing and procurement best practices, the equipment and consumables for the PFS will be sourced using an “Idaho-First” methodology, meaning procurement options will be prioritized on sourcing from within the State of Idaho, and specifically from within Owyhee County where possible. Hiring personnel for the Project has been and will continue to be locally prioritized. We look forward to the formal start of the PFS as it represents an exciting next step in the evolution and de-risking of the DeLamar Project.”

As lead consultant for the PFS, MDA will be responsible for resource and reserve calculations, geology, open pit mine design, site infrastructure design including waste rock piles and haul roads, mine scheduling, capital and operating cost estimation, and execution planning. Tom Dyer of MDA, the lead project manager for the PFS, will be coordinating contractor engagement with a strong focus on local procurement, service providers, and employment. Working in coordination with MDA, Integra has selected M3 Engineering and Technology for process facilities design, access and power infrastructure design. Welsh Hagen have been retained for the design of the tailing management facility and the heap leach pad design, and McClelland Laboratories will continue to handle all metallurgical test work. As part of Integra’s commitment to responsible modern mining that prioritizes environmental stewardship, Warm Springs Consulting of Boise, Idaho, has been retained to undertake trade-off studies that evaluate the integration of several sustainable and regenerative systems into the PFS.

Over the course of 2020, several pre-feasibility-level and environmental baseline studies have been underway at the DeLamar Project, including geomechanical drilling and testwork for pit slope design and stability. Tetra Tech, out of its local office in Boise, Idaho, is the lead consultant for surface water sampling and analysis as well as hydrogeological studies in support of groundwater well drilling oversight and installation that was completed in Q4. Environment & Health experts from Ramboll’s Boise, Idaho, office have been overseeing the collection of meteorological data at the DeLamar site since construction of the meteorological tower was completed in early August 2020. SRK Consulting (US), Inc., out of Reno, NV, has been selected to initiate the baseline geochemical studies in Q4 of 2020 with Q1 of 2021 being targeted for sample selection and testing.

The PFS is projected to take approximately 10 months to complete, with results currently expected in the 4^th quarter of 2021.

Recent
Appointments

The Company is pleased to announce the appointment of Josh Serfass to Executive Vice President, Corporate Development and Investors Relations. Mr. Serfass is responsible for leading the Company’s marketing and investor relations activities. The Company also announces the appointment of Mark Stockton to the position of Vice President, Corporate Affairs and Sustainability. Mr. Stockton will be responsible for leading the development and implementation of Integra’s corporate affairs and ESG (Environment Social Governance) strategy and programs.

The Company has also significantly expanded its Boise team in 2020 with the important additions of Robert Mullener as Permitting Manager, Michael Spicher as Engineering Manager, Christopher Longton as Senior Exploration Manager, and Jared Blake as Site Controller. These recent hires bring significant Western U.S. mining experience, and will play critical roles as the DeLamar Project advances towards PFS.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Tim Arnold (PE, SME), Integra’s Chief Operating Officer, of Reno, Nevada, and is a “Qualified Person” (“QP”) as defined in National Instrument 43- 101 – Standards of Disclosure for Mineral Projects.

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

About Integra Resources

Integra Resources is a development-stage mining company focused on the exploration and de-risking of the past producing DeLamar Gold-Silver Project in Idaho, USA.  Integra Resources is led by the management team from Integra Gold Corp. which successfully grew, developed and sold the Lamaque Project, in Quebec, for C$600 M in 2017. Since acquiring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver Deposits, in late 2017, the Company has demonstrated significant resource growth and conversion while providing a robust economic study in its maiden Preliminary Economic Assessment. The Company is currently focused on resource growth through brownfield and greenfield exploration and the start of pre-feasibility level studies designed to advance the DeLamar Project towards a potential construction decision. For additional information, please reference the “Technical Report and Preliminary Economic Assessment for the DeLamar and Florida Mountain Gold – Silver Project, Owyhee County, Idaho, USA (October 22, 2019).”

ON BEHALF OF THE BOARD OF DIRECTORS

George Salamis
President, CEO and Director

CONTACT INFORMATION

Corporate Inquiries: [email protected]
Company website: www.integraresources.com
Office phone: 1-604-416-0576

Forward looking and other cautionary statements

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. . In this news release, forward-looking statements relate, among other things, to: statements about the estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; future exploration prospects; the completion and timing of mineral resource estimates and PEA; future growth potential of Integra; and future development plans.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the impact of COVID-19 on the timing of exploration and development work; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; actual results of reclamation activities; conclusions of future economic evaluations; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Although the forward-looking statements contained in this news release are based upon what management of Integra believes, or believed at the time, to be reasonable assumptions, Integra cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be anticipated, estimated or intended.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

CAUTIONARY NOTE TO US INVESTORS WITH RESPECT TO MINERAL RESOURCES

The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) and, following a two-year transition period, the SEC Modernization Rules will replace the historical property disclosure requirements for mining registrants that are included in Industry Guide 7. Following the transition period, as a foreign private issuer that files its annual report on Form 40-F with the SEC pursuant to the multi-jurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. If the Company ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the multi-jurisdictional disclosure system, then the Company will be subject to the SEC Modernization Rules which differ from the requirements of NI 43-101 and the CIM Definition Standards.

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