Market Newsdesk

VANCOUVER, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) — GoldQuest Mining Corp. (TSXV:GQC, “GoldQuest” or the “Company”) The Minister of Energy and Mines, Mr. Antonio Almonte, stated in an interview published in the El Dia newspaper that he will be visiting the city of San Juan in the coming weeks to speak about the Romero Gold and Copper Project with community members. The Minister also went on to state that post his visit he will be writing a report to the President of the Dominican Republic to assist in making a decision on the Project.

“We are encouraged that Minister Almonte will meet with various community members to discuss our project in the next few weeks,” commented Dave Massola CEO of GoldQuest. “We are hopeful that a conclusion on our Romero Exploitation application will be made in the near term. We also invite the Minister or Vice Minister Miguel Diaz to visit our project site.”

In a separate letter to Mr. Massola, Minister Almonte stated that the government apologizes for the delay and assured GoldQuest that the new government is committed to supporting responsible mining and foreign investment. He also emphasized that the government is aware of the time the company has waited for a decision and assured the company that the Ministry is working hard to speed up the process of mining projects.

GoldQuest’s Romero gold project has been paralyzed for several years awaiting government approval, specifically the President’s final approval, to commence formal environmental studies, which, according to independent engineers JDS, could result in life-of-mine expenditures of US$550 million and create up to 1,000 jobs in the construction phase and 343 permanent jobs during the operation phase. (see details of the JDS Pre-Feasibility Study filed on SEDAR November 11, 2016).

The Company is well funded with C$15.7 million in cash reported at the end of Q3 2020.

About GoldQuest:

GoldQuest is a Canadian based mineral exploration and development company with projects in the Dominican Republic. GoldQuest is traded on the TSX‐V under the symbol GQC and in Frankfurt/Berlin with symbol M1W. The Company is well funded to carry out exploration programs and to advance the development of its Romero gold/copper discovery, also located in the Tireo Formation of the Dominican Republic.

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 news release.

Forward‐looking statements:

Statements contained in this news release that are not historical facts are forward‐looking information that involves known and unknown risks and uncertainties. Forward‐looking statements in this news release include, but are not limited to, statements with respect to potential development and production from the Company’s Romero Project, the economy of the Dominican Republic, the benefits of development and production from the Romero project on the economy of the Dominican Republic, the NPV and IRR included in the PFS, future tax payments and exploration expenditures by the Company in the Dominican Republic, the merits of the Company’s mineral properties, future programs and studies, and the Company’s plans and exploration programs for its mineral properties, including the timing of such plans and programs. In certain cases, forward‐looking statements can be identified by the use of words such as “plans”, “looks forward”, “has proven”, “expects” or “does not expect”, “is expected”, “potential”, “likelihood”, “appears”, “budget”, “scheduled”, “estimates”, “forecasts”, “at least”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved”.

Forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking statements. Such risks and other factors include, among others, risks related to economic and political conditions globally and in the Dominican Republic; the COVID-19 pandemic, including measures taken and that may be taken to attempt to reduce the spread of COVID-19, employee and contractor health, safety and availability, availability of materials and equipment, travel restrictions, and other risks and uncertainties related to the pandemic; uncertainties inherent in drill results and the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company’s ability to continue as a going concern; the Company’s ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward‐looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward‐looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward‐looking statements except as required under applicable securities laws. Forward‐looking statements are based on assumptions that the Company believes to be reasonable, including expectations regarding mineral exploration and development costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company’s current mineral resource estimates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained and that there will be no significant disruptions affecting the Company or its properties.

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 news release.

CONTACT INFORMATION

GoldQuest Corp

Dave Massola

Chief Executive Officer – Toronto

+1‐416-583-5606

[email protected]

14% year-over-year revenue growth

28% year-over-year total fee-paying members growth

WUXI, China, Jan. 14, 2021 (GLOBE NEWSWIRE) — Skillful Craftsman Education Technology Ltd. (“the Company”) (NASDAQ: EDTK), an education technology company providing interactive online learning services, today announced its financial results for the first six months of fiscal year 2021 ended September 30, 2020.

First Six Months of Fiscal Year 2021 Financial and Operational Highlights

All financial figures are in US Dollars unless otherwise noted.

• Revenue was $15.3 million, compared with $13.4 million for the same period of last year, representing a 14% increase.
• Gross profit was $8.5 million, compared with $8.1 million for the same period of last year, representing a 5% increase.
• Gross profit margin was 55%, compared with 60% for the same period of last year.
• Net income was $4.39 million, compared with $5.13 million for the same period of last year. The decrease was due in part to one-time expense related to the Company’s initial public offering (“IPO”).
• Basic and diluted earnings per share were $0.44, compared with $0.57 for the same period of last year.
• Total fee-paying members¹ reached 3.28 million, compared with 2.57 million during the same period of last year, representing a 28% increase.

¹Number of fee-paying members is defined as the total number of members that are paying fees for accessing our platforms as of the end of the applicable period.

Mr. Xiaofeng Gao, Chairman and CEO of Skillful Craftsman Education Technology Ltd., commented, “We are excited to announce our strong results for the first six months of fiscal year 2021 ended September 30, 2020. Our revenue increased by 14% to $15.3 million, from $13.4 million for the same period of last year and our total fee-paying members increased by 28% to 3.28 million, compared with 2.57 million during the same period of last year. We believe the results demonstrate the resilience of our business, the experience of our senior management team, and our commitment to quality service. As an education technology company, we strive to optimize our service and diversify our offerings to meet the evolving needs of the market. We believe that the current business climate, which encourages remote learning, will enhance our business growth more than ever. We have been pursuing our business strategies to expand course offerings in tune with industry trends and national policies, integrate online and offline resources for virtual simulation experimental training, offer professional development-related services and develop mobile app and WeChat interfaces for our online learning platform. We believe we are well-positioned in the turbulent market environment to optimize our revenue structure and strategically explore opportunities to create more value for all of our shareholders.”

First Six Months of Fiscal Year 2021 Financial Results

All figures refer to the first six months of fiscal year 2021 ended September 30, 2020 unless otherwise stated

Revenue

Revenue increased by 14% to $15.3 million, from $13.4 million for the same period of last year.

Cost of Revenue

Cost of revenue increased by 28% to $6.83 million, from $5.35 million for the same period of last year. The increase was mainly caused by the increase of resource usage fee by $0.35 million and website maintenance fee by $0.48 million. In addition, the depreciation expenses of server hardware also increased by $0.6 million.

Gross Profit and Gross Margin

Gross profit increased by 5% to $8.5 million, from $8.1 million for the same period of last year.

Gross margin decreased by 5 percentage points to 55%, from 60% for the same period of last year.

Operating Expenses

Operating expenses increased by 90% to $2.38 million, from $1.25 million for the same period of last year.

Sales and marketing expenses increased by 13% to $0.88 million, from $0.78 million for the same period of last year. This increase was mainly due to Telecommunications service fees, which increased by $0.21 million as the Company expanded their network and service systems.

General and administrative expenses increased by 217% to $1.50 million, from $0.47 million for the same period of last year. This increase was primarily caused by higher employee compensation and welfare expenses and particularly an increase of $0.54 million in salary and fee expenses of independent directors, senior executives and employees related to the IPO. The service fee also increased by $0.27 million due to the success of IPO. The Company also recorded research and development expenses in general and administrative expenses of $0.24 million, compared with $0.10 million for the same period of last year.

Income Before Tax

Income before tax expense decreased by 11% to $6.14 million, from $6.86 million for the same period of last year.

Net Income

Net income decreased by 14% to $4.39 million, from $5.13 million for the same period of last year.

Basic and diluted earnings per share were $0.44, compared with $0.57 for the same period of last year.

Cash and Cash Equivalents

As of September 30, 2020, the Company had cash and cash equivalents of $17.5 million, compared with $11.9 million as of March 31, 2020.

Cash Flow

Net cash generated from operating activities was $6.58 million, compared with $6.78 million for the same period of last year.

Net cash used in investing activities was $14.24 million, compared with $5.73 million for the same period of last year.

Net cash generated from financing activities was $13.24 million, compared with nil for the same period of last year.

About Skillful Craftsman

Skillful Craftsman is an education technology company that provides interactive online vocational training and virtual simulation experimental training courses. The Company began operations in Wuxi, China in 2013 and is a key supporter for China education reform and development for labor employment. As of March 31, 2020, the Company had 68.5 million total registered members, of which 3.1 million are fee-paying members. For more information, please visit: ir.kingwayup.com

Safe Harbor Statement

This report contains “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that represent our beliefs, projections and predictions about future events. All statements other than statements of historical fact are “forward-looking statements,” including any projections of earnings, revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements of management’s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the foregoing. Words such as “may”, “will”, “should”, “could”, “would”, “predicts”, “potential”, “continue”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar expressions, as well as statements in the future tense, identify forward-looking statements.

Forward-looking statements are based on information available at the time those statements are made and management’s belief as of that time with respect to future events. These statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements described in or implied by such statements. Such risks, uncertainties, and other factors include, but are not limited to, our ability to improve launch and leverage new technologies and cooperative relationships or anticipate market demand in a timely or cost-effective manner, and those factors discussed under the headings “Risk Factors”, “Operating and Financial Review and Prospects,” and elsewhere in our Annual Report on Form 20-F. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Actual results may differ materially from expected results described in our forward-looking statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their likely impact, and the accuracy and completeness of the publicly available information with respect to the factors upon which our business strategy is based or the success of our business. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.

For investor and media enquiries, please contact:

Skillful Craftsman
Investor Relations Department
Email: [email protected] 

Ascent Investor Relations LLC
Tina Xiao
Tel: +1 917-609-0333
Email: [email protected]

SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITED

CONSOLIDATED BALANCE SHEETS

			As of
			September 30, 2020				March 31, 2020
			(Unaudited)				(Audited)
ASSETS
Current assets:
Cash and cash equivalents		$	17,450,639			$	11,931,714
Accounts receivable, net			103,069				78,785
Prepayments and other current assets			1,119,333				1,963,102
Other investments			8,000,000				–
Total current assets			26,673,041				13,973,601
Non-current assets
Property and equipment, net			15,212,700				12,324,125
Intangible assets, net			19,146,875				19,294,740
Long-term prepayments and other non-current assets			68,526				97,035
Total non-current assets			34,428,101				31,715,900
TOTAL ASSETS		$	61,101,142			$	45,689,501
Current liabilities
Accounts payable		$	99,264			$	249,086
Taxes payable			330,189				543,600
Amounts due to a related party			509,012				–
Other payables			996,436				227,525
Deferred revenue-current			12,250,372				16,736,365
Total current liabilities			14,185,273				17,756,576
Non-current liabilities
Deferred revenue-non-current			1,597,510				50,877
Total non-current liabilities			1,597,510				50,877
TOTAL LIABILITIES		$	15,782,783			$	17,807,453
COMMITMENTS AND CONTIGENCIES							–
SHAREHOLDERS’ EQUITY:
Ordinary shares, 500,000,000 shares authorized; par value $0.0002 per share; 12,000,000 and 9,000,000 shares issued and outstanding as of 30 September, 2020 and 31 March, 2020, respectively			2,400				1,800
Additional paid-in capital			13,415,987				1,619,774
Statutory reserve			745,590				745,590
Retained earnings			31,313,865				26,921,172
Accumulated other component of equity:
Foreign currency translation reserve			(159,483	)			(1,406,288	)
TOTAL SHAREHOLDERS’ EQUITY			45,318,359				27,882,048
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	61,101,142			$	45,689,501

SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

			For the six months ended September,
			2020				2019
			(Unaudited)				(Unaudited)
Revenue		$	15,313,780			$	13,420,883
Cost of revenue			(6,826,879	)			(5,350,363	)
Gross profit			8,486,901				8,070,520
Operating expenses:
Selling and marketing expenses			(879,812	)			(776,903	)
General and administrative expenses			(1,499,774	)			(473,802	)
Total operating expenses			(2,379,586	)			(1,250,705	)
Income from operations			6,107,315				6,819,815
Interest income			30,292				41,692
Others, net			(909	)			(3,345	)
Income before income taxes			6,136,698				6,858,162
Income tax expense			(1,744,005	)			(1,724,099	)
Net income		$	4,392,693			$	5,134,063
Other comprehensive income/(loss):
Foreign currency translation adjustment			1,246,805				(1,020,318	)
Total comprehensive income			5,639,498				4,113,745

Net earnings per ordinary share, basic and diluted			0.44			0.57
Weighted average number of ordinary shares, basic and diluted			10,000,000			9,000,000

SKILLFUL CRAFTSMAN EDUCATION TECHNOLOGY LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	For the six months ended September 30,
	2020				2019
Cash flows from operating activities
Net income	$	4,392,693			$	5,134,063
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment		1,657,961				1,069,520
Amortization of intangible assets		3,157,605				3,104,576
Loss on disposals of property and equipment		–				7,002
Changes in operating assets and liabilities:
Accounts receivables		(24,284	)			365,396
Prepayments and other current assets		(602,972	)			(388,049	)
Long-term prepayments and other non-current assets		28,509				(291,606	)
Accounts payable		(149,822	)			18,224
Amounts due to a related party		509,012				–
Deferred revenue		(2,939,360	)			(1,732,645	)
Other payables		768,911				187,950
Taxes payable		(213,411	)			(692,252	)
Net cash generated from operating activities		6,584,842				6,782,179
Cash flows from investing activities
Purchases of property and equipment		(3,988,249	)			(1,682,416	)
Purchases of intangible assets		(2,254,100	)			(4,043,574	)
Purchases of other investments		(8,000,000	)			–
Net cash used in investing activities	$	(14,242,349	)		$	(5,725,990	)
Cash flows from financing activities
Proceeds from IPO net off IPO expenses		13,243,554				–
Net cash flows generated from financing activities		13,243,554				–
Effects of foreign currency translation		(67,122	)			539,066
Net increase in cash and cash equivalents		5,518,925				1,595,255
Cash and cash equivalents at beginning of period		11,931,714				10,362,283
Cash and cash equivalents at end of period	$	17,450,639			$	11,957,538
Supplemental disclosures of cash flow information:
Cash paid for income taxes	$	1,974,038				2,327,558

 

CHARLOTTE, N.C., Jan. 14, 2021 (GLOBE NEWSWIRE) — Driven Brands Holdings Inc. (“Driven Brands” or the “Company”) today announced the pricing of its initial public offering of 31,818,182 shares of its common stock at a price to the public of $22.00 per share. Driven Brands is the largest automotive services company in North America, with a portfolio of highly recognizable brands that fulfill an extensive range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash.

Driven Brands has granted the underwriters a 30-day option to purchase up to an additional 4,772,727 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the Nasdaq Global Select Market on January 15, 2021, under the ticker symbol “DRVN,” and the offering is expected to close on January 20, 2021, subject to customary closing conditions.

Driven Brands intends to use the proceeds from the offering and cash on hand to repay in full the outstanding indebtedness under certain credit facilities and to pay fees and expenses in connection with the offering. If the underwriters exercise their option to purchase additional shares, Driven Brands intends to use a portion of the net proceeds therefrom to acquire shares of common stock from certain of its existing stockholders. None of the existing stockholders Driven Brands purchases shares from will be an existing employee, executive officer or director or controlling stockholder of the Company.

Morgan Stanley & Co. LLC, BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers for the offering. J.P. Morgan Securities LLC and Barclays Capital Inc. are also acting as book-running managers. Robert W. Baird & Co. Incorporated, Credit Suisse Securities (USA) LLC, Piper Sandler & Co. and William Blair & Company, L.L.C. are acting as bookrunners for the offering.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on January 14, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained from any of the following sources:

• Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014, or by email at [email protected];
• BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or via email: [email protected]; or
• Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: [email protected].

This release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking Statements

This press release includes “forward looking information,” including with respect to the initial public offering. These statements are made through the use of words or phrases such as “will” or “expect” and similar words and expressions of the future. Forward-looking statements involve known and unknown risks, uncertainties and assumptions, including the risks outlined under “Risk Factors” in the preliminary prospectus and elsewhere in the Company’s filings with the SEC, which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as required by law.

About Driven Brands

Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,100 centers across 15 countries, and services over 50 million vehicles annually. Driven Brands’ network generates approximately $900 million in revenue from more than $3 billion in system-wide sales.

Driven Brands Holdings Inc.

440 S. Church Street, Suite 700

Charlotte, NC 28202

Media Contact:

(704) 644-8129


[email protected]

Investor Contact:

Rachel Webb

(704) 644-8125


[email protected]