Market Newsdesk

MINNEAPOLIS, Minn., Nov. 12, 2020 (GLOBE NEWSWIRE) — Northern Technologies International Corporation (NASDAQ: NTIC), a leading developer of corrosion inhibiting products and services, as well as bio-based and biodegradable polymer resin compounds, today reported its financial results for the fourth quarter and fiscal year ended August 31, 2020. 

Full year fiscal 2020 financial and operating highlights include (with growth rates on a fiscal year-over-year basis):

• NTIC’s fourth quarter and full year financial results impacted by the ongoing COVID-19 pandemic
• Consolidated net sales decreased 14.5% to $47,639,000
• ZERUST® net sales decreased 9.7% to $34,475,000
• ZERUST® oil and gas net sales increased 2.0% to $2,783,000
• NTIC China net sales increased 2.9% to a record $13,410,000
• Natur-Tec® net sales decreased 25.1% to $13,164,000
• Joint venture operating income decreased 31.4% to $8,883,000
• Net income attributable to NTIC decreased to a net loss attributable to NTIC of $1,338,000
• Net income per diluted share attributable to NTIC decreased to a net loss of $0.15 per diluted share
• Net income attributable to NTIC for the 2020 fiscal year included a one-time $1.6 million non-cash adjustment to the company’s U.S. deferred tax asset
• Consolidated balance sheet at August 30, 2020 was strong with no debt, total cash and cash equivalents of $6,403,000 and available for sale securities of $5,545,000

“Our fourth quarter and full year financial results reflect our ability to navigate the extraordinarily challenging market conditions created by the COVID-19 pandemic.  Our experienced management team, strong balance sheet, leading technologies, and our long-term diversification strategies have been key to our ability to operate in current market conditions.  Since March of 2020, we’ve been focused on safely providing uninterrupted service to our worldwide customers, and I am encouraged by the rebounding sales trend we experienced in both the fourth quarter of fiscal 2020, as well as the start of fiscal 2021,” said G. Patrick Lynch, President and Chief Executive Officer of NTIC.

“NTIC China achieved record sales for fiscal 2020, despite earlier COVID-19 shutdowns during the fiscal year.  NTIC China fourth quarter sales were up 2.7% over the prior year period and increased 11.2% from the fiscal 2020 third quarter.  We believe the growth we are experiencing at NTIC China is due to new customer development efforts and our successful expansion into non-automotive markets.  In addition, fourth quarter 2020 ZERUST® oil & gas sales grew 53.5% over the prior year period and were up 81.4% from the fiscal 2020 third quarter.  We are successfully growing our ZERUST® oil & gas pipeline and storage tank solutions with new and existing customers, and we believe we are well positioned for additional opportunities within the oil & gas market in fiscal 2021,” continued Mr. Lynch. 

“The COVID-19 crisis disproportionately impacted our core ZERUST® industrial and emerging Natur-Tec businesses in fiscal 2020, as many of our global customers and end users in these markets operated at significantly lower capacities or remained closed altogether.  While the timing and pace of the economic recovery remains uncertain, I am encouraged by the direction we are headed and NTIC’s compelling position within large, growing, and global markets.  I am proud of how NTIC and our joint venture partners have responded throughout this challenging period and excited by the new business opportunities we continue to uncover,” concluded Mr. Lynch.

NTIC’s consolidated net sales decreased 25.4% to $10,029,000 during the three months ended August 31, 2020, compared to $13,448,000 for the three months ended August 31, 2019.  The continued global economic slowdown, as a result of the COVID-19 crisis, significantly reduced demand across the company’s global customer base.  For the full year ended August 31, 2020, consolidated net sales decreased 14.5% to $47,639,000, compared to $55,750,000 for the same period last fiscal year. 

The following tables set forth NTIC’s net sales by product category for the three months and fiscal year ended August 31, 2020 and 2019 by segment:

	Three Months Ended August 31,
		2020		% of Net Sales				2019		% of Net Sales			% Change
ZERUST® industrial net sales	$	6,914,040		68.9	%		$	7,957,148		59.2	%		(13.1	)%
ZERUST® joint venture net sales		467,649		4.7	%			464,999		3.5	%		0.6	%
ZERUST® oil & gas net sales		770,331		7.7	%			501,793		3.7	%		53.5	%
Total ZERUST® net sales	$	8,152,020		81.3	%		$	8,923,940		66.4	%		(8.6	)%
Total Natur-Tec® net sales		1,876,666		18.7	%			4,523,624		33.6	%		(58.5	)%
Total net sales	$	10,028,686		100.0	%		$	13,447,564		100.0	%		(25.4	)%

	Fiscal Year Ended August 31,
		2020		% of Net Sales				2019		% of Net Sales			% Change
ZERUST® industrial net sales	$	29,719,015		62.4	%		$	32,839,875		58.9	%		(9.5	)%
ZERUST® joint venture net sales		1,972,646		4.1	%			2,607,554		4.7	%		(24.3	)%
ZERUST® oil & gas net sales		2,782,874		5.8	%			2,727,283		4.9	%		2.0	%
Total ZERUST® net sales	$	34,474,535		72.4	%		$	38,174,712		68.5	%		(9.7	)%
Total Natur-Tec® net sales		13,164,157		27.6	%			17,575,425		31.5	%		(25.1	)%
Total net sales	$	47,638,692		100.0	%		$	55,750,137		100.0	%		(14.5	)%

NTIC’s joint venture operating income decreased 37.0% to $1,925,000 during the three months ended August 31, 2020, compared to joint venture operating income of $3,057,000 during the three months ended August 31, 2019.  This decrease was attributable to a corresponding reduction in total net sales of the joint ventures as fees for services provided to joint ventures are primarily a function of the net sales of NTIC’s joint ventures, which decreased 35.4% to $18,498,000 during the three months ended August 31, 2020, compared to $28,632,000 for the three months ended August 31, 2019.  For fiscal year 2020, NTIC’s joint venture operating income decreased 31.4% to $8,883,000, compared to joint venture operating income of $12,953,000 during the full year ended August 31, 2019.  Net sales of NTIC’s joint ventures decreased 24.1% to $87,030,000 during the full year ended August 31, 2020, compared to $114,635,000 for the full year ended August 31, 2019. 

Operating expenses, as a percent of net sales, for the fourth quarter of fiscal 2020 were 53.0%, compared to 46.6% for the same period last fiscal year.  On a dollar basis, fourth quarter operating expenses declined 15.3% because of reduced selling, general and administrative expenses.  For the full year, operating expenses, as a percent of net sales, were 49.0%, compared to 43.3% for the same period last fiscal year. 

The company reported a net loss attributable to NTIC for the fourth quarter of fiscal 2020 of $1,765,000, or a loss of $0.19 per diluted share, compared to net income attributable to NTIC of $829,000, or $0.09 per diluted share, for the same period last fiscal year.  For the full year ended August 31, 2020, net loss attributable to NTIC was $1,338,000, or $0.15 per diluted share, compared $5,210,000 in net income attributable to NTIC, or $0.55 per diluted share, for last fiscal year.  Net loss attributable to NTIC for the  fourth quarter and fiscal year of fiscal 2020 included a one-time $1.6 million non-cash adjustment to the company’s U.S. deferred tax asset, which was required to remove the net U.S. deferred tax asset from NTIC’s balance sheet. 

NTIC’s balance sheet remains strong, with no debt, and working capital of $27,105,000 at August 31, 2020, including $6,403,000 in cash and cash equivalents and $5,545,000 in available for sale securities, compared to $25,461,000 of working capital at August 31, 2019, including $5,857,000 in cash and cash equivalents and $3,565,000 in available for sale securities. 

At August 31, 2020, the company had $24,091,000 of investments in joint ventures, of which $14,163,000 or 58.8%, is cash, with the remaining balance primarily invested in other working capital. 

Conference Call and Webcast

NTIC will host a conference call today at 8:00 a.m. Central Time to review its results of operations for the fourth quarter and full fiscal year of 2020 and its outlook, followed by a question and answer session.  The conference call will be available to interested parties through a live audio webcast available through NTIC’s website at www.ntic.com or https://ntic.gcs-web.com/events-presentations where the webcast will be archived and accessible for at least 12 months.  The dial-in number for the conference call is (877) 670-9776 and the confirmation code is 4094075.

About Northern Technologies International Corporation 

Northern Technologies International Corporation develops and markets proprietary environmentally beneficial products and services in over 60 countries either directly or via a network of subsidiaries, joint ventures, independent distributors and agents.  NTIC’s primary business is corrosion prevention marketed primarily under the ZERUST^® brand. NTIC has been selling its proprietary ZERUST^® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over 40 years and in recent years has targeted and expanded into the oil and gas industry. NTIC offers worldwide on-site technical consulting for rust and corrosion prevention issues.  NTIC’s technical service consultants work directly with the end users of NTIC’s products to analyze their specific needs and develop systems to meet their technical requirements. NTIC also markets and sells a portfolio of bio-based and biodegradable polymer resins and finished products marketed under the Natur-Tec^® brand.  

Forward-Looking Statements 

Statements contained in this release that are not historical information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include NTIC’s belief that it is well positioned for additional opportunities within the oil & gas market in fiscal 2021 and other statements that can be identified by words such as “believes,” “continues,” “expects,” “anticipates,” “intends,” “potential,” “outlook,” “will,” “may,” “would,” “should,” “guidance” or words of similar meaning, the use of future dates and any other statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of NTIC’s management and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Such potential risks and uncertainties include, but are not limited to, in no particular order: the effects of the COVID-19 pandemic on NTIC’s business and operating results; the ability of NTIC to pay dividends; the effect of economic uncertainty and trade disputes; NTIC’s dependence on the success of its joint ventures and fees and dividend distributions that NTIC receives from them; NTIC’s relationships with its joint ventures and its ability to maintain those relationships; NTIC’s dependence on its joint venture in Germany in particular due to its significance and the effect of a termination of this or its other joint ventures on NTIC’s business and operating results; the ability of NTIC China to achieve significant sales; costs and expenses incurred by NTIC in connection with its ongoing litigation against its former Chinese joint venture partner; the effect of the United Kingdom’s proposed exit from the European Union, economic slowdown and political unrest; risks associated with NTIC’s international operations; exposure to fluctuations in foreign currency exchange rates and tariffs, including in particular the Euro compared to the U.S. dollar; the health of the U.S. and worldwide economies, including in particular the U.S. automotive industry; the level of growth in NTIC’s markets; NTIC’s investments in research and development efforts; acceptance of existing and new products; timing of NTIC’s receipt of purchase orders under supply contracts; variability in sales to customers in the oil and gas industry and the effect on NTIC’s quarterly financial results; increased competition; the costs and effects of complying with changes in tax, fiscal, government and other regulatory policies, including the new tax reform law, which could result in a write-down of our deferred tax assets, and rules relating to environmental, health and safety matters; pending and potential litigation; and NTIC’s reliance on its intellectual property rights and the absence of infringement of the intellectual property rights of others. More detailed information on these and additional factors which could affect NTIC’s operating and financial results is described in the company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the fiscal year ended August 31, 2019 and subsequent quarterly reports on Form 10-Q, and its annual report on Form 10-K for the fiscal year ended August 31, 2020 to be filed with the SEC. NTIC urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the company faces. Additionally, NTIC undertakes no obligation to publicly release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS – AUGUST 31, 2020 AND 2019
		August 31, 2020				August 31, 2019
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents	$	6,403,032			$	5,856,758
	Available for sale securities		5,544,722				3,565,258
	Receivables:
	Trade excluding joint ventures, less allowance for doubtful accounts
	of $90,000 as of August 31, 2020 and $65,000 as of August 31, 2019		8,072,212				9,779,518
	Trade joint ventures		475,900				824,473
	Fees for services provided to joint ventures		927,286				1,268,000
	Income taxes		19,907				457,018
	Inventories		10,961,796				10,488,728
	Prepaid expenses		797,495				1,062,609
	Total current assets		33,202,350				33,302,362
PROPERTY AND EQUIPMENT, NET			7,110,789				7,358,159
OTHER ASSETS:
	Investments in joint ventures		24,090,826				24,207,339
	Deferred income taxes		209,729				1,634,258
	Patents and trademarks, net		802,006				1,008,969
	Operating lease right of use asset		658,788				—
	Total other assets		25,761,349				26,850,566
	Total assets	$	66,074,488			$	67,511,087
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
	Accounts payable	$	3,205,241			$	4,505,531
	Income taxes payable		310,922				6,759
	Accrued liabilities:
	Payroll and related benefits		1,314,978				1,857,971
	Other		880,118				1,471,532
	Current portion of operating lease		386,345				—
	Total current liabilities		6,097,604				7,841,793
	LONG-TERM LIABILITIES:
	Operating lease, less current portion		272,443				—
	Total long-term liabilities		272,443				—
COMMITMENTS AND CONTINGENCIES
EQUITY:
	Preferred stock, no par value; authorized 10,000 shares; none issued and     outstanding		—				—
	Common stock, $0.02 par value per share; authorized 15,000,000
	shares as of August 31, 2020 and August 31, 2019;     issued and outstanding 9,099,990 and 9,086,816, respectively		182,000				181,736
	Additional paid-in capital		17,415,043				16,013,338
	Retained earnings		42,472,810				44,992,719
	Accumulated other comprehensive loss		(3,410,438	)			(4,593,178	)
	Stockholders’ equity		56,659,415				56,594,615
	Non-controlling interests		3,045,026				3,074,679
	Total equity		59,704,441				59,669,294
	Total liabilities and equity	$	66,074,488			$	67,511,087

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND TWELVE MONTHS ENDED AUGUST 31, 2020 AND 2019
	Three Months Ended								Twelve Months Ended
	August 31, 2020				August 31, 2019				August 31, 2020				August 31, 2019
NET SALES:
Net sales, excluding joint ventures	$	9,561,036			$	13,144,465			$	45,666,045			$	53,142,583
Net sales, to joint ventures		467,649				303,099				1,972,646				2,607,554
Total net sales		10,028,685				13,447,564				47,638,691				55,750,137
Cost of goods sold		6,617,787				9,086,655				31,609,274				37,970,244
Gross profit		3,410,898				4,360,909				16,029,417				17,779,893
JOINT VENTURE OPERATIONS:
Equity in income of joint ventures		803,746				1,628,730				4,270,327				7,225,518
Fees for services provided to joint ventures		1,121,641				1,428,547				4,612,885				5,727,579
Total joint venture operations		1,925,387				3,057,277				8,883,212				12,953,097
OPERATING EXPENSES:
Selling expenses		2,171,761				2,890,929				10,656,689				10,968,592
General and administrative expenses		2,079,957				2,363,033				8,688,309				9,349,559
Research and development expenses		1,061,292				1,017,331				3,979,455				3,822,070
Total operating expenses		5,313,010				6,271,293				23,324,453				24,140,221
OPERATING INCOME		23,275				1,146,893				1,588,176				6,592,769
INTEREST INCOME		151,852				26,234				167,733				78,257
INTEREST EXPENSE		(16,034	)			(2,210	)			(16,034	)			(13,567	)
INCOME BEFORE INCOME TAX EXPENSE		159,093				1,170,917				1,739,875				6,657,459
INCOME TAX EXPENSE		1,804,690				189,506				2,674,635				841,837
NET (LOSS) INCOME		(1,645,597	)			981,411				(934,760	)			5,815,622
NET INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS		119,275				152,565				402,949				606,000
NET (LOSS) INCOME ATTRIBUTABLE TO NTIC	$	(1,764,872	)		$	828,846			$	(1,337,709	)		$	5,209,622
NET (LOSS) INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:
Basic	$	(0.19	)		$	0.09			$	(0.15	)		$	0.57
Diluted	$	(0.19	)		$	0.09			$	(0.15	)		$	0.55
WEIGHTED AVERAGE COMMON SHARES
ASSUMED OUTSTANDING:
Basic		9,099,990				9,086,816				9,096,981				9,085,584
Diluted		9,099,990				9,342,557				9,096,981				9,415,974
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.00			$	0.06			$	0.13			$	0.24

*Share and per share data have been adjusted for all periods presented to reflect the two-for-one stock split effective June 28, 2019.

Investor and Media Contacts:
Matthew Wolsfeld, CFO
NTIC
(763) 225-6600

–


Xebec


Shanghai


will receive


a


direct


strategic


investment from Shenergy


to


collaborate


on


building


China’s


hydrogen infrastructure


–

MONTREAL, Nov. 12, 2020 (GLOBE NEWSWIRE) — Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions, today announced a strengthened partnership with Shanghai based Shenergy Group Company Limited (“Shenergy”). Initially formed in 2015, the existing Sino-Joint Venture partnership with Xebec Shanghai, will receive a direct strategic equity investment ($3.4M) from Shenergy in exchange for the debt and interest owed by Xebec for its share buyback obligation. The newly formed partnership will open large-scale opportunities to develop hydrogen infrastructure in China. Shenergy is one of several designated state-owned enterprises tasked with building out hydrogen infrastructure in Shanghai and across China.

“Xebec has been a valuable partner since 2015 when we embarked with them to collaborate on hydrogen projects in China. The hydrogen fuel market is now starting to accelerate with China’s new government policies, and we wanted to strengthen our relationship with this strategic investment. Xebec’s PSA technology platform is known for its robust performance, compact footprint and low operating costs for hydrogen purification. We see Xebec’s solutions and expertise as a key component in our mandate for the rollout of hydrogen refueling stations and onsite hydrogen generation infrastructure. I look forward to our collaboration and it is our honor to be working with a worldwide renewable gas leader,” states Xue Feng Song, Deputy General Manager at Shenergy Group Company Limited.

“We’re excited to be taking our partnership with Shenergy to the next level. Shenergy is an energy leader in China and has been a key partner for Xebec Shanghai since 2015. They saw an opportunity to further our relationship by making a strategic equity investment into Xebec as they prepare for China’s new hydrogen policy, one of the most aggressive in the world. This partnership will help us grow our hydrogen business in Asia and is expected to have a positive impact on our activities in Europe and North America as Xebec integrates with and benefits from the growing hydrogen supply chain in China,” says Kurt Sorschak, President & CEO, Xebec Adsorption Inc.

China’s new
policy sets a framework for
one
million FCEV on the road by 2030

Announced in September, China set an aggressive hydrogen policy which targets 1 million fuel cell electric vehicles (FCEVs) on the road by 2030. Part of this target is an initial five-year plan for the accelerated development of the hydrogen fuel cell vehicle industry, with an aim to achieve a total deployment of 10,000 FCEVs and a total economic output of RMB 24 billion by 2025.

There have been approximately 7,200 FCEVs and 80 refueling stations deployed in China to date. Xebec believes this new policy showcases the strategic significance of FCEVs for the decarbonization of transportation and hydrogen’s extended use within industry.

In addition, China’s new hydrogen policy was followed by the country’s pledge to be carbon neutral by 2060. The country now joins more than 60 others who have pledged carbon neutrality by 2050. Hydrogen is expected to play a key part in reducing the world’s greenhouse gas (GHG) emissions by displacing the use of higher carbon-based fuels.

Strengthened partnership
will
allow
Xebec
to
scale
its
hydrogen footprint and
improve
its
balance sheet

Xebec Shanghai has successfully deployed 25 hydrogen purification systems in China to date with an additional seven scheduled for commissioning over the next few months. These systems have historically been used for refinery or petrochemical off-gas purification to provide high purity hydrogen for FCEVs or industrial applications. As a result of the new policy, additional applications are expected to open up, such as hydrogen refueling infrastructure and de-centralized hydrogen production where Xebec’s technology will be needed.

Shenergy in effect has converted the debt Xebec owed to Shanghai Chengyi New Energy Venture Capital Co., Shenergy’s financial services subsidiary, into a direct strategic investment of equity. Consideration of approximately $1.7M will be paid for the outstanding interest owed by Xebec, and the $3.4M of long-term debt will be moved into the equity section of Xebec’s balance sheet. Following the transaction, Xebec will own 60% of the Sino-Joint Venture with 35% belonging to Shenergy and 5% to a management incentive pool.

The definitive agreements for the investment have been signed at the end of October, and closing is expected to occur at the end of December 2020. Xebec and Shenergy will have board representation in Xebec Shanghai and decisions will need a greater than two-thirds majority. Consequently, after closing, IFRS requires that Xebec no longer consolidate Xebec Shanghai into its financial statements; instead, Xebec will consolidate the proportional profits and losses of Xebec Shanghai.

Related l
inks
:

https://www.xebecinc.com

For more information
:

Xebec Adsorption Inc.
Brandon Chow, Investor Relations Manager
[email protected]
+1 450.979.8700 ext 5762

About
Shenergy Group Company Limited

Shenergy is a state-owned enterprise; an energy firm solely funded and supervised by the State-Owned Assets Supervision and Administration Commission (SASAC) of the Shanghai Municipal Government. Shenergy has over 100 fully owned and holding enterprises including Shanghai Gas (Group) Co., Ltd. Shenergy is mainly engaged in the development and integration of power & gas infrastructure, as well as in industry, real estate and finance activities. By the end of 2019, the company had total assets of RMB 189.1billion and operating revenue of RMB 48.8billion. Shenergy has been among “Top 500 Chinese Enterprises” for 18 consecutive years.

About Xebec Adsorption Inc.

Xebec is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Well-positioned in the energy transition space with proprietary technologies that transform raw gases into clean sources of renewable energy, Xebec’s 1500+ customers range from small to multi-national corporations, governments and municipalities looking to reduce their carbon footprints. Headquartered in Montréal, Quebec, Canada, Xebec has several Sales and Support offices in North America and Europe, as well as two manufacturing facilities in Montréal and Shanghai. Xebec trades on the TSX Venture Exchange under the symbol XBC. For more information, www.xebecinc.com.

Caution


ary Statement


Neither 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. This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions. Forward-looking statements, including statements concerning future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects as well as the expectations of management of Xebec with respect to information regarding the business and the expansion and growth of Xebec operations, involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to business and economic factors and uncertainties, and other factors that could cause actual results to
differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in Xebec’s public documents, including in the most recent annual management discussion and analysis and annual information form, filed on SEDAR at www.sedar.com. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual result
s may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the uncertain and unpredictable condition of global economy,
notably as a consequence of the Covid-19 pandemic, Xebec’s capacity to generate revenue growth,
the availability to Xebec
of
financing and credit alternatives and access to capital,
Xebec’
s capacity to
meet all its
other
commitments and business plans
,
Xebec’s
limited number of customers,
the potential
loss of key employees,
changes in the use of proceeds relating to the loan,
share price volatil
ity, and other factors. Although Xebec believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should
not be placed on these
statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all.
Except where required by applicable law, Xebec disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

NEW YORK, Nov. 12, 2020 (GLOBE NEWSWIRE) — Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases, today reported financial results for its fiscal second quarter and six months ended September 30, 2020.  Immunovant ended the quarter with approximately $444 million in cash.

“Our team made outstanding operational and strategic progress during the fiscal second quarter,” said Pete Salzmann, M.D., Chief Executive Officer of Immunovant.  “First, we reported positive topline results from our randomized, placebo-controlled trial of IMVT-1401 in patients with moderate-to-severe Myasthenia Gravis (MG). Second, we announced the appointment of Michael Elliott, MBBS, Ph.D., an accomplished industry leader in immunology, as Chief Scientific Officer.  And third, we further strengthened our balance sheet with approximately $188 million of net proceeds from a public equity offering,” he continued. 

“We plan to report results from the high-dose cohort of ASCEND WAIHA, an open-label Phase 2a clinical trial of IMVT-1401 in Warm Autoimmune Hemolytic Anemia (WAIHA), in the first quarter of calendar year 2021.  We plan to report results from ASCEND GO-2, a Phase 2b clinical trial of IMVT-1401 in patients with Thyroid Eye Disease (TED), in the first half of calendar year 2021.  We also plan to announce three new indications for IMVT-1401 by August 2021,” he added.

Financial Highlights for Fiscal Second Quarter Ended September 30, 2020

R&D Expenses: Research and development expenses increased by $1.7 million, from $10.3 million for the three months ended September 30, 2019 to $12.0 million for the three months ended September 30, 2020. The year-over-year increase was primarily driven by higher costs related to expansion of ongoing clinical trials, initiation of a non-clinical study and additional professional services.

G&A Expenses:  General and administrative expenses increased by $4.8 million, from $4.2 million for the three months ended September 30, 2019 to $9.0 million for the three months ended September 30, 2020. The year-over-year increase was primarily due to higher headcount, resulting in additional personnel costs and stock-based compensation expense.

Net Loss: Net loss was $20.8 million ($0.25 per common share) for the three months ended September 30, 2020, compared to $14.5 million ($0.38 per common share) for the three months ended September 30, 2019.  Net loss for the three months ended September 30, 2020 and 2019 included $3.4 million and $3.1 million, respectively, related to non-cash stock-based compensation expense.

Common Stock: As of September 30, 2020, there were 97,890,705 shares of the common stock issued and outstanding.

Financial Highlights for Fiscal Six Months Ended September 30, 2020

R&D Expenses: Research and development expenses were $28.9 million for the six months ended September 30, 2020, compared to $28.8 million for the six months ended September 30, 2019. Expenses in 2019 included $10.0 million related to the achievement of the first development and regulatory milestone under Immunovant’s license agreement with HanAll Biopharma Co., Ltd. Excluding the effects of this one-time milestone, research and development expenses increased by $10.1 million for the six months ended September 30, 2020 compared to the same period in the prior year. The year-over-year increase was primarily due to increases in contract manufacturing costs and non-clinical and clinical studies, driven by the expansion of clinical trial programs for the treatment of autoimmune diseases. Other increases include higher personnel-related expenses (including stock-based compensation expense) due to higher headcount to support clinical operations and increased professional services.

G&A Expenses: General and administrative expenses were $18.7 million for the six months ended September 30, 2020, compared to $5.8 million for the six months ended September 30, 2019. The year-over-year increase was primarily due to higher stock-based compensation expense and higher personnel-related costs, both of which were due to higher headcount. Other increases include higher legal and professional fees to support our growth and operations as a public company.

Net Loss: Net loss was $47.5 million ($0.61 per common share) for the six months ended September 30, 2020, compared to $34.5 million ($0.90 per common share) for the six months ended September 30, 2019.  Net loss for the six months ended September 30, 2020 and 2019 included $7.4 million and $3.7 million, respectively, related to non-cash stock-based compensation expense.

About Immunovant, Inc.

Immunovant, Inc. is a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. Immunovant is developing IMVT-1401, a novel, fully human anti-FcRn monoclonal antibody, as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies.

Forward-Looking Statements

This press release contains forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. The use of words such as “may,” “might,” “will,” “would,” “should,” “expect,” “believe,” “estimate,” and other similar expressions are intended to identify forward-looking statements. Examples of these forward-looking statements include statements concerning Immunovant’s clinical programs, including the number and timing of clinical programs, development initiatives and new indications for IMVT-1401; the potential efficacy of Immunovant’s product candidates for patients with autoimmune diseases; Immunovant’s expectations with respect to clinical development opportunities; and Immunovant’s statements and expectations regarding its balance sheet. All forward-looking statements are based on estimates and assumptions by Immunovant’s management that, although Immunovant believes to be reasonable, are inherently uncertain. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that Immunovant expected. Such risks and uncertainties include, among others, initial results or other preliminary analyses or results of early clinical trials may not be predictive final trial results or of the results of later clinical trials; the availability of data from clinical trials; the expectations for regulatory submissions and approvals; the continued development of Immunovant’s product candidates; Immunovant’s scientific approach and general development progress; the availability and commercial potential of Immunovant’s product candidates including the size of potentially addressable markets and degree of market acceptance; and the potential impact of the recent COVID-19 pandemic on Immunovant’s clinical development plans and timelines. These statements are also subject to a number of material risks and uncertainties that are described under the section titled “Risk Factors” in Immunovant’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q in each case filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was made. Immunovant undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

IMMUNOVANT, INC.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

		Three Months Ended September 30,										Six Months Ended September 30,
		2020					2019					2020					2019
Operating expenses:
Research and development (includes $999 and $1,476 of stock-based compensation expense for the three and six months ended September 30, 2020, respectively, and $2,307 and $2,372 of stock-based compensation expense for the three and six months ended September 30, 2019, respectively)(1)		$	11,976				$	10,331				$	28,898				$	28,807
General and administrative (includes $2,362 and $5,866 of stock-based compensation expense for the three and six months ended September 30, 2020, respectively, and $830 and $1,337 of stock-based compensation expense for the three and six months ended September 30, 2019, respectively)(2)		8,998					4,163					18,662					5,748
Total operating expenses		20,974					14,494					47,560					34,555
Interest expense		—					249					—					249
Other income, net		(225		)			(294		)			(151		)			(319		)
Loss before provision for income taxes		(20,749		)			(14,449		)			(47,409		)			(34,485		)
Provision for income taxes		40					33					88					56
Net loss		$	(20,789	)			$	(14,482	)			$	(47,497	)			$	(34,541	)
Net loss per common share – basic and diluted(3)		$	(0.25	)			$	(0.38	)			$	(0.61	)			$	(0.90	)
Weighted-average common shares outstanding – basic and diluted(3)		84,353,438					38,590,381					77,623,132					38,590,381

(1) Includes $68 and $176 of costs allocated from Roivant Sciences Ltd. for the three and six months ended September 30, 2020, respectively, and $1 and $152 of costs allocated from Roivant Sciences Ltd. for the three and six months ended September 30, 2019, respectively.
(2) Includes $173 and $337 of costs allocated from Roivant Sciences Ltd. for the  three and six months ended September 30, 2020, respectively, and $270 and $514 of costs allocated from Roivant Sciences Ltd. for the three and six months ended September 30, 2019, respectively.
(3) Retroactively restated for the reverse recapitalization.

IMMUNOVANT, INC.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except share and per share data)

		September 30, 2020					March 31, 2020
Assets
Current assets:
Cash		$	444,372				$	100,571
Prepaid expenses		5,854					5,460
Income tax receivable		40					36
Value-added tax receivable		—					3,009
Total current assets		450,266					109,076
Operating lease right-of-use assets		3,493					—
Property and equipment, net		136					65
Deferred offering costs		—					246
Total assets		$	453,895				$	109,387
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	5,787				$	1,190
Accrued expenses		5,787					10,938
Current portion of operating lease liabilities		1,102					—
Due to Roivant Sciences Ltd.		134					3,190
Total current liabilities		12,810					15,318
Operating lease liabilities, net of current portion		2,679					—
Total liabilities		15,489					15,318
Commitments and contingencies
Stockholders’ equity:(1)
Series A preferred stock, par value $0.0001 per share, 10,000 shares authorized, issued and outstanding at September 30, 2020 and March 31, 2020		—					—
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2020 and March 31, 2020		—					—
Common stock, par value $0.0001 per share, 500,000,000 shares authorized, 97,890,705 shares issued and outstanding at September 30, 2020 and 500,000,000 shares authorized, 56,455,376 shares issued and 54,655,376 shares outstanding at March 31, 2020		10					5
Additional paid-in capital		577,341					185,306
Accumulated other comprehensive loss		(222		)			(16		)
Accumulated deficit		(138,723		)			(91,226		)
Total stockholders’ equity		438,406					94,069
Total liabilities and stockholders’ equity		$	453,895				$	109,387

⁽¹⁾ Retroactively restated for the reverse recapitalization.

Contact:

John Strumbos, Ph.D., MBA
Vice President, Finance and Strategy
Immunovant, Inc.
[email protected]

CALGARY, Alberta, Nov. 12, 2020 (GLOBE NEWSWIRE) — DIRTT Environmental Solutions Ltd. (“DIRTT”, the “Company”, “we” or “us”) (NASDAQ: DRTT, TSX: DRT), an interior construction company that uses technology for client-driven design and manufacturing, is pleased to announce its plans to participate in the following investment conferences.

• 11
  
  ^th
  
  Annual Craig-Hallum Alpha Select Conference
  
  Tuesday, November 17, 2020

• Truist 2020 Industrials and Services Summit
  
  Tuesday, December 8, 2020

DIRTT will meet one-on-one with institutional investors at the conferences, which are both being held virtually. DIRTT’s updated investor presentation will be available in the investors section of the DIRTT website at dirtt.com/investors.

ABOUT DIRTT

DIRTT is a building process powered by technology. The Company uses its proprietary ICE^® software to design, manufacture and install fully customized interior environments. The technology drives DIRTT’s advanced manufacturing and provides certainty on cost, schedule and final result. Complete interior spaces are constructed faster, cleaner and more sustainably. DIRTT’s manufacturing facilities are located in Phoenix, Savannah and Calgary. The Company works with over 75 partners throughout North America. DIRTT trades on Nasdaq under the symbol “DRTT” and on the Toronto Stock Exchange under the symbol “DRT”.

FOR FURTHER INFORMATION, PLEASE CONTACT

Kim MacEachern
Investor Relations, DIRTT
403-618-4539
[email protected]

ATLANTA, Nov. 12, 2020 (GLOBE NEWSWIRE) — Alimera Sciences, Inc. (NASDAQ: ALIM) (Alimera), a leader in the commercialization and development of prescription ophthalmology treatments for the management of retinal diseases, today announces that new real-world clinical data for ILUVIEN^® will be featured in 3 posters at the American Academy of Ophthalmology 2020 Virtual Conference. The posters will be available to registered attendees beginning Friday, November 13, 2020.

Posters include:

• Abstract # 30064808: “Outcomes from the prospective IDEAL registry study – results achieved with the 0.2 µg/day fluocinolone acetonide implant” – Khoramnia, et. al.
• Abstract # 30064802: “Three-year real-world outcomes from the IRISS registry study, using the 0.2 µg/day fluocinolone acetonide (FAc) implant” – Khoramnia, et. al.
• Abstract # 30065140: “Predictive value IOP challenge and other safety measures of PALADIN 2yr. data” – Malik, et. al.

“ILUVIEN is a uniquely durable therapy, providing physicians the opportunity to reduce the recurrence of diabetic macular edema, and therefore reduce the need for frequent injections of the current standard of care,” said Rick Eiswirth, President and CEO of Alimera.“We are very excited to have these abstracts showcased at the American Academy of Ophthalmology, highlighting the longer term three-year outcomes that support ILUVIEN’s ability to give more DME patients the potential to see better, longer, with fewer injections.”

Registration to the conference can be accessed here.

A
bout ILUVIEN

ILUVIEN (fluocinolone acetonide intravitreal implant) 0.19 mg is a sustained release intravitreal implant, injected into the back of the eye. With its CONTINUOUS MICRODOSING™ technology, ILUVIEN is designed to release submicrogram levels of fluocinolone acetonide, a corticosteroid, for up to 36 months, to reduce the recurrence of disease. ILUVIEN enables patients to maintain vision longer with fewer injections. ILUVIEN is approved in the U.S., Australia, Canada, Kuwait, Lebanon and the U.A.E. to treat diabetic macular edema (DME) in patients who have been previously treated with a course of corticosteroids and did not have a clinically significant rise in intraocular pressure. ILUVIEN is indicated in 17 European countries for the treatment of vision impairment associated with chronic DME considered insufficiently responsive to available therapies and in 16 European countries for prevention of relapse in recurrent non-infectious uveitis affecting the posterior segment of the eye (NIPU). Alimera does not have the contractual right to pursue approval to treat uveitis in the U.S., and therefore does not have a regulatory license in the U.S. to treat NIPU. For important safety information on ILUVIEN, see https://iluvien.com/#isi

About Alimera Sciences, Inc.

Alimera Sciences is a pharmaceutical company that specializes in the commercialization and development of prescription ophthalmic pharmaceuticals. Alimera is presently focused on diseases affecting the back of the eye, or retina, because these diseases are not well treated with current therapies and affect millions of people in our aging populations. For more information, please visit www.alimerasciences.com.

Forward Looking Statements

This press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, regarding, among other things, Alimera’s beleif that ILUVIEN reduces the need for frequent injections of the current standard of care. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual results to differ materially from those projected in its forward-looking statements. Meaningful factors include but are not limited to the willingness of physicians to consider ILUVIEN as an alternative to the current standard of care, as well as the factors discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Alimera’s Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020 which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.

All forward-looking statements contained in this press release are expressly qualified by the cautionary statements contained or referred to herein. Alimera cautions investors not to rely too heavily on the forward-looking statements Alimera makes or that are made on its behalf. These forward-looking statements speak only as of the date of this press release (unless another date is indicated). Alimera undertakes no obligation, and specifically declines any obligation, to publicly update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

For press inquiries: Jules Abraham for Alimera Sciences 917-885-7378 [email protected]

For investor inquiries: Scott Gordon for Alimera Sciences [email protected]

        

EL DORADO, Ark., Nov. 12, 2020 (GLOBE NEWSWIRE) — Murphy USA Inc. (NYSE: MUSA) will be participating virtually at the Stephens Annual Investment Conference on Wednesday, November 18^th, 2020 at 3:00 PM ET. The webcast can be accessed through the Investor Relations section of Murphy USA’s website at http://ir.corporate.murphyusa.com.

About Murphy USA

Murphy USA (NYSE:MUSA) is a leading retailer of gasoline and convenience merchandise with nearly 1,500 sites located primarily in the Southwest, Southeast and Midwest United States. The company and its team of nearly 10,000 employees serve an estimated 1.7 million customers each day through its network of retail gasoline stations in 25 states. The majority of Murphy USA’s sites are located in close proximity to Walmart stores. The company also markets gasoline and other products at standalone stores under the Murphy Express brand. Murphy USA ranks 262 among Fortune 500 companies.

Source: Murphy USA Inc. (NYSE: MUSA)

Investor Contact:

Christian Pikul – Vice President of Investor Relations and FP&A
[email protected]

Mitchell Freer – Investor Relations Analyst
[email protected]

MINNEAPOLIS, Nov. 12, 2020 (GLOBE NEWSWIRE) — OTCQB: (PETV) PetVivo Holdings, Inc. (OTCQB: PETV) an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for pets is pleased to announce the entry into a sponsored research agreement with Colorado State University (“CSU”) College of Veterinary Medicine and Biomedical Sciences to engage in a clinical study involving the treatment of osteoarthritis in canines through the administration of PetVivo’s proprietary medical device, KUSH^®.

Felix Duerr, DVM, associate professor of small animal orthopedics, will serve as Principal Investigator for the research project. Dr. Duerr established and now oversees CSU’s Orthopedic Medicine and Mobility program. His clinical interests include sports medicine and rehabilitation, and minimally invasive surgery, including arthroscopy.

“The study designed by the team is novel and he hopes the research will lead to new ways to treat osteoarthritis, which affects up to 20% of all dogs, no matter the age,” said Dr. Duerr.

KUSH is a medical device that is administered by intraarticular injection in afflicted joints of animals, such as dogs and horses, for the treatment of osteoarthritis. The product is intended to provide a lubricious cushion between the bones to reinforce cartilage. A primary objective of PetVivo is to commercialize beneficial medical device products, such as KUSH, to further enhance the lives and happiness of companion animals and their owners.

About PetVivo Holdings, Inc.

For more information about PetVivo and Kush, please contact [email protected] or visit https://petvivo.com/

PetVivo Holdings Inc. (OTCQB: PETV) is an emerging biomedical device company currently focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for companion animals. The Company’s strategy is to leverage human therapies for the treatment of companion animals in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics.

PetVivo has a pipeline of seventeen products for the treatment of animals and people. A portfolio of eighteen patents protects the Company’s biomaterials, products, production processes and methods of use. The Company’s lead product Kush, a veterinarian-administered, intraarticular injection for the treatment of osteoarthritis in dogs and horses, is scheduled for expanded commercial sale later this year.

CONTACT:

John Lai, CEO
PetVivo Holdings, Inc.
Email: [email protected]
(952) 405-6216
5251 Edina Industrial Blvd.
Minneapolis, MN 55439
www.petvivo.com

Forward-Looking commercial Statements:

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar matters that are not historical facts. These statements may be preceded by, followed by, or include the words “aim,” “anticipate,” “believe,” “estimate, “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meanings. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the forward-looking statements. There is no assurance that any forward-looking statements will materialize. Readers accordingly should not place undue reliance on these forward-looking statements, which do not reflect unknown or unanticipated events or circumstances occurring after the date of these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Attachment

• PetVivo Holdings, Inc.

TAMPA, Fla., Nov. 12, 2020 (GLOBE NEWSWIRE) — AutoWeb, Inc. (Nasdaq: AUTO), a robust digital marketing platform providing digital advertising solutions for automotive dealers and OEMs, has made significant advancements in its ability to match consumer search queries with its portfolio of marketing solutions while creating operational efficiencies that maximize the company’s investment in paid search marketing. The enhanced capabilities and performance metrics, enabled by AutoWeb’s collaboration with Palo Alto, Calif.-based MotiveMetrics, support the company’s transformational efforts by contemporizing and modernizing a foundational element of its business.

AutoWeb recently deployed MotiveMetrics’ +AI software for search engine marketing (SEM), which is powered by an artificial intelligence enabled linguistics engine. The technology, which targets the most relevant experience for a consumer’s search query intent, dynamically creates and manages millions of marketing communications at scale. Using deep learning, natural language generation and processing, and machine learning to match keywords to consumer intent unlocks opportunities that drive increased consumer engagement and improved economics.

“We are relentlessly focused on improving the performance of our digital marketing investments and as part of our evolution we must think about traffic acquisition in a completely different way to drive efficiency and a better financial outcome for the business,” said Dan Ingle, COO of AutoWeb. “Working with MotiveMetrics has enabled us to execute that seamlessly while allowing us to deliver significant operational improvements with its entrepreneurial approach, unique products and cutting-edge use of technology.”

Using software to optimize AutoWeb’s ad environments at scale has not only improved the performance of AutoWeb’s bottom line; it has enhanced the responsiveness of its Google and Bing ads accounts to changes like seasonality (elections, holidays, pandemics, etc.), as well as changes in trends or publisher algorithms. This has improved overall performance and importantly, it has smoothed out those results and made AutoWeb’s digital business more consistent and predictable.

MotiveMetrics partners closely with AutoWeb to tackle some of the more complex challenges of operating within the major search engine platforms with a focus on optimizing AutoWeb’s marketing spend and maximizing its team’s productivity. Through the use of MotiveMetrics’ products, AutoWeb has been able to quickly identify and deploy the most successful campaigns and strategies without the historical delays associated with more manual processes. The increased speed of these learning cycles allows AutoWeb to continuously improve the accuracy of matching consumer searches with its digital marketing efforts. This relevance drives higher quality scores which generates economic benefit in the form of more targeted and efficient traffic acquisition spend.

“Scale and complexity are our sweet spot, which has made AutoWeb an ideal partner,” said Jon Piron, VP of Sales at MotiveMetrics. “The results we are seeing exceeded both AutoWeb’s and our expectations, and our teams’ collaborative relationship enabled us to realize even higher overall ratings and efficiencies. With the industry constantly shifting, it’s essential digital marketing companies think creatively in their approach to traffic acquisition, and we are pleased our solutions are successfully supporting AutoWeb’s performance and operational goals.”

About AutoWeb, Inc.

AutoWeb, Inc. provides high-quality consumer leads, clicks and associated marketing services to automotive dealers and manufacturers throughout the United States. The company also provides consumers with robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive Internet in 1995 and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and has helped every major automaker market its brand online.

Investors and other interested parties can receive AutoWeb news alerts by accessing the online registration form at investor.autoweb.com/alerts.cfm.

Forward-Looking Statements Disclaimer

The statements contained in this press release that are not historical facts are forward-looking statements under the federal securities laws. Words such as “anticipates,” “could,” “may,” “estimates,” “expects,” “projects,” “intends,” “pending,” “plans,” “believes,” “will” and words of similar substance, or the negative of those words, used in connection with any discussion of future operations or financial performance identify forward-looking statements. In particular, statements regarding expectations and opportunities, new product expectations and capabilities, projections, statements regarding future events, and our outlook regarding our performance and growth are forward-looking statements. These forward-looking statements are not guarantees of future performance and involve assumptions and risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, these forward-looking statements. AutoWeb undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements are changes in general economic conditions; the financial condition of automobile manufacturers and dealers; disruptions in automobile production; changes in fuel prices; the economic impact of terrorist attacks, political revolutions or military actions; failure of AutoWeb’s internet security measures; dealer attrition; pressure on dealer fees; increased or unexpected competition; the failure of new products and services to meet expectations; failure to retain key employees or attract and integrate new employees; actual costs and expenses exceeding charges taken by AutoWeb; changes in laws and regulations; costs of legal matters, including, defending lawsuits and undertaking investigations and related matters; and other matters disclosed in AutoWeb’s filings with the Securities and Exchange Commission. Investors are strongly encouraged to review the company’s Annual Report on Form 10-K for the year ended December 31, 2019 and other filings with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect the business, operating results or financial condition of AutoWeb and the market price of the AutoWeb’s stock.

Media
Contact:

Beth P. Quezada
Communications & Culture Manager
AutoWeb, Inc.
949.862.1391
[email protected]

PHILADELPHIA and MALIBU, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — Hill International (NYSE:HIL) (Hill), the global leader in managing construction risk, announced today that it has been selected to provide owner’s representative/project management (OR/PM) services to HRL Laboratories (HRL) overseeing the design and construction of backup power at HRL’s Malibu headquarters as the owner’s representative.

High-tech research and development company HRL’s Malibu campus is comprised of multiple buildings housing office space, laboratories, and industrial facilities, which need to be protected against power bumps and outages. “It is important for any business to maintain operations during power outages,” says Hill Senior Vice President and Deputy Regional Manager John Skoury, P.E. “Especially in California, where earthquakes and wildfires can unexpectedly disrupt power, having an alternative power source is essential. HRL’s new project will not only help guard against lost time and money, but also minimize safety hazards in laboratories during a power failure. Our team looks forward to providing OR/PM services to deliver the project successfully.”

Hill will provide a variety of OR/PM services during the project lifecycle. During design, Hill will work closely with the design team to meet HRL’s requirements and acquire required permitting from the City of Malibu.

During construction, Hill’s responsibilities will include creating a risk-management process and project controls, reviewing and advising on all project plans and documents, managing project budgets and schedules, and troubleshooting unexpected problems. Hill will also serve as the main liaison between HRL and contractors. Especially important during the COVID-19 pandemic, Hill will help to ensure the safety of all workers. The project is expected to conclude in 2022.

“We’re thrilled to support HRL Laboratories on this project,” says Hill Chief Executive Office Raouf Ghali. “We understand the important research being carried out by the company and hope that our own contribution allows HRL’s work to proceed without interruption. We also look forward to supporting any future project needs HRL may have.”

About Hill International

Hill International, with approximately 2,700 professionals in 69 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.

Forward Looking Statements

Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.

Hill International, Inc.

Elizabeth J. Zipf, LEED AP BD+C
Senior Vice President
(215) 309-7707
[email protected]

The Equity Group
, Inc.

Devin Sullivan
Senior Vice President
(212) 836-9608
[email protected]

SOUTH SAN FRANCISCO, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — Vaxart, Inc., (NASDAQ: VXRT), a clinical-stage biotechnology company developing oral vaccines that are administered by tablet rather than by injection, announced today additional results from its Hamster Challenge Study:

• Significant reduction in lung viral load of 4-5 logs in hamsters that received two oral vaccine doses, as compared to non-vaccinated animals.
• Potent induction of antibody response, with serum IgG antibody titers above 10,000 in hamsters that received two oral vaccine doses.
• Oral vaccination protected as well as intranasal vaccination against intranasal challenge with respect to key indicators: protection from weight loss, protection from increase in lung weight, viral load reduction, and induction of serum IgG antibodies, demonstrating that mucosal protection by both routes of administration was comparable.

As previously announced, all hamsters that received two oral doses of Vaxart’s COVID-19 vaccine candidate showed no systemic weight loss, a key indicator of protection against COVID-19 in this animal model. By contrast, the unvaccinated animals lost approximately 9% total weight. Additionally, unvaccinated hamsters had over two times (2x) the relative lung weight of orally vaccinated hamsters, a sensitive indicator of serious disease that correlates with the viral load findings.

“These additional data provide further evidence supporting the efficacy potential of our oral COVID-19 vaccine candidate,” said Andrei Floroiu, chief executive officer of Vaxart. “In addition, we believe that our room-temperature-stable oral tablet vaccine would be a more convenient, more practical solution to the COVID-19 pandemic as compared to cold-chain dependent injectable vaccines.”

The study evaluated Vaxart’s recombinant adenoviral vaccine, with doses administered at 0 and 4 weeks. Animals were challenged with SARS-CoV-2 at week 8. Hamsters are considered an excellent model for assessing COVID-19 infection since they can be infected via the intranasal route, and, if infected, they demonstrate clinical symptoms such as weight loss, labored breathing and ruffled fur. Furthermore, hamsters also develop lung issues similar to those seen in humans. Images of hamsters infected with SARS-CoV-2 reveal severe lung injury comparable to what has been observed in infected human lungs, including severe, multi-lobular ground glass opacity, and regions of lung inflammation.

About Vaxart

Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using tablets that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart has believes that its proprietary tablet vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Its development programs currently include tablet vaccines designed to protect against coronavirus, norovirus, seasonal influenza and respiratory syncytial virus (RSV), as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immuno-oncology indication. Vaxart has filed broad domestic and international patents covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Vaxart’s strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as “should,” “believe,” “could,” “potential,” “will,” “expected,” “plan” and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s ability to develop (including enrolling a sufficient number of subjects and manufacturing sufficient quantities of its product candidates) and commercialize its COVID-19 vaccine candidate and preclinical or clinical results and trial data (including plans with respect to the COVID-19 vaccine product candidates); expectations regarding the timing and nature of future announcements including, those related to clinical trials and results of preclinical studies; Vaxart’s expectations with respect to the important advantages it believes its oral vaccine platform can offer over injectable alternatives, particularly for coronaviruses; the potential applicability of results seen in our preclinical studies or trials to those that may be seen in human studies or clinical trials; the expected role of mucosal immunity in blocking transmission of COVID-19; and Vaxart’s expectations with respect to the effectiveness of its products or product candidates, including Vaxart’s potential role in mitigating the impact of COVID-19 globally. Vaxart may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials or preclinical studies, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial and preclinical study data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart’s product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart’s product candidates may not achieve broad market acceptance; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart’s or its partners’ control, including the recent outbreak of COVID-19; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; that Vaxart may not be able to obtain, maintain and enforce necessary patent and other intellectual property protection; that Vaxart’s capital resources may be inadequate; Vaxart’s ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks described in the “Risk Factors” sections of Vaxart’s Quarterly and Annual Reports filed with the SEC. Vaxart does not assume any obligation to update any forward-looking statements, except as required by law.

Contacts:
Media Relations	Investor Relations
Gloria Gasaatura	David R. Holmes
LifeSci Communications	LifeSci Advisors, LLC
Tel: (646) 970-4688	Tel: (646) 970-4995
[email protected]	[email protected]