Market Newsdesk

Q2-2021 Highlights

• Revenues increased 1.5% to $68.4 million, compared to $67.4 million for the same quarter last year
• New bookings⁽¹⁾ totaled $62.3 million, which translated into a book-to-bill ratio⁽¹⁾ of 0.91 for the quarter, and 1.03 year-to-date
• Adjusted EBITDA⁽¹⁾ reached $0.8 million, a decrease from $3.2 million in the same quarter last year
• Net loss of $5.5 million, or $0.09 per share, compared to a loss of $2.3 million, or $0.04 per share, for the same quarter last year
• Solid financial position with net bank borrowing⁽¹⁾ of $15.6 million at the end of the quarter, compared to $26.9 million as at March 31, 2020
• Renewal of the framework agreement with Desjardins Group for the provision of services and the delivery of technology projects from October 1, 2020 until 2022
• Added twelve new clients in Q2, signed and implemented several other major Enterprise Cloud Solutions agreements, including a substantial one for the Florida Municipal Power Agency

MONTREAL, Nov. 12, 2020 /PRNewswire/ – Alithya Group inc. (TSX: ALYA) (NASDAQ: ALYA) (“Alithya” or the “Company”), a leader in strategy and digital transformation with more than 2,200 professionals and offering digital business solutions across Canada, the U.S. and Europe, reported today its results for the second quarter of fiscal 2021 ended September 30, 2020. All amounts are in Canadian dollars unless otherwise stated.

Summary of the financial results for the second quarter:

“We are very pleased with our results and our overall growth despite the impacts of the pandemic in certain geographies. Our revenues increased compared to the same period last year, driven by our Canadian operations and acquisitions completed last year, and partially offset by our U.S. and European operations which are still impacted by the pandemic. Compared to the first quarter, our revenues decreased as they always do in our summer quarter, but they did so to a much lesser extent than usual, which is encouraging. In addition, on a combined basis, we are pleased to report that the three acquisitions completed last year continue to generate organic growth, both year-over-year and sequentially, as well as continued superior margins,” stated Paul Raymond, President and CEO of Alithya.

“Our adjusted EBITDA and net income decreased year over year as a result of a lower utilization rate in the U.S. due to the pandemic and our strategic decision to support our employees and protect our expertise during this temporary downturn. We believe this is in the company’s best long-term interests. Conversely, our Canadian operation reported its best gross margin on record as some large clients started to ramp up and cross-selling opportunities from recent acquisitions materialize. Despite the daily challenges faced by employees in the wake of this pandemic, they continue to show passion and dedication for Alithya and its clients. I sincerely want to thank every single one of our 2,200 professionals,” continued Mr. Raymond.

“Looking forward, despite the continued uncertainty surrounding the pandemic, we are very optimistic about the second half of the year. In the third quarter, we should expect to benefit from new contracts we signed in the first half of the year and the improvement we see in the U.S. market. Furthermore, we are currently engaged in a comprehensive hiring campaign to pursue our shift to a more permanent employee base and to support our growth. Leveraging our solid financial position, which would further improve following the possible confirmation of the Paycheck Protection Program (“PPP”) loans forgiveness, in part or in full, we will continue to focus on the execution of our strategic plan which is to increase our scale through organic growth and acquisitions,” concluded Mr. Raymond.

Second Quarter Results

Revenues



Revenues amounted to $68.4 million, up 1.5%, compared to $67.4 million for the same period last year, driven by the Canadian operations. On a geographical basis, revenues in Canada increased 13.4% to $38.9 million due to the contribution from acquisitions completed last year and growth at certain key clients, partially offset by the negative impact of COVID-19. U.S. revenues decreased 9.5% to $27.1 million due primarily to the negative impact of COVID-19, partially offset by the contribution from an acquisition. Europe revenues decreased 24.3%, to $2.4 million, mainly due to the impact of COVID-19, impacting mostly one important client. On a sequential basis, our consolidated revenues decreased only 3.3%, a lesser extent than usual, for our seasonally softest quarter of the year. Assuming a constant US$ exchange rate from Q1 to Q2, the consolidated decrease would have been 1.8%. As such, by geography, revenues in Canada and Europe increased while revenues decreased in the U.S.

Gross margin


Gross margin amounted to $18.7 million, or 27.4%, a decrease compared to $20.7 million, or 30.7%, for the same quarter last year. This variation was driven primarily by reduced gross margin from Europe and the U.S. due to the negative impacts of COVID-19 on utilization rates, partially offset by increased gross margin in Canada, due to the changing mix of revenues and governmental wage subsidies. The Canadian operations, however, reported their best gross margin on record.

Adjusted EBITDA

Adjusted EBITDA amounted to $0.8 million, or an adjusted EBITDA margin of 1.2%, a decrease from $3.2 million, or an adjusted EBITDA margin of 4.8%, for the same quarter last year. The contribution from acquisitions, increased margins from higher value-added business and reduced pre-acquisition selling, general and administrative expenses, were offset by the decline in gross margin in our U.S. operations.

Net loss

Net loss amounted to $5.5 million, or $0.09 per share, compared to $2.3 million, or $0.04 per share, for the same period last year. This variation was largely due to decreased adjusted EBITDA, increased SG&A expenses, increased amortization of intangibles and depreciation, and decreased income tax recovery.

Liquidity and Capital Resources

Net cash used in operating activities amounted to $6.1 million, compared to $0.6 million for the same period last year. This variation was mainly attributable to unfavorable changes in working capital and decreased net income.

Net bank borrowing reached $15.6 million, an improvement from $26.9 million as at March 31, 2020.

Six-Month Results

Revenues were stable at $139.1 million, compared to $139.6 million last year; gross margin was $39.1 million, or 28.1%, versus $41.9 million, or 30.0% last year; adjusted EBITDA was $4.1 million, or 2.9%, compared to $6.3 million, or 4.5% last year; operating loss was $10.2 million, compared to $4.4 million last year and; net loss was $10.0 million, or $0.17 per share, compared to $3.9 million, or $0.07 per share last year, essentially for the same reasons mentioned for the second quarter.

Strategic plan

Alithya remains prudent with its outlook in the context of COVID-19 and continues to monitor the situation closely. Alithya’s priorities for the coming quarters will remain the protection of its people, its clients and the Company. Alithya is fortunate to operate as an essential services provider in a growing industry. However, the unprecedented nature of the COVID-19 crisis leads it to be very cautious and disciplined in the ongoing management of its business continuity plan.

Alithya is still focused on its 3-5-year strategic plan which sets as a goal to become a North-American digital transformation leader, with the ambition of doubling the Company’s size during this period. According to this plan, Alithya’s consolidated scale and scope should allow it to leverage its geographies, expertise, integrated offerings, and position on the value chain to target the fastest growing IT segments. In fact, Alithya’s specialization in digital technologies and the flexibility to either deploy enterprise solutions, or deliver solutions tailored to specific business objectives, responds directly to client expectations.

More specifically, the company has established a three-fold plan focusing on:

• Increasing scale through organic growth and complementary acquisitions
• Achieving best-in-class employee engagement
• Providing our investors, partners and stakeholders with long-term growing return on investment

Forward-Looking Statements

This press release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable U.S. safe harbours (collectively “forward-looking statements”). Statements that do not exclusively relate to historical facts, as well as statements relating to management’s expectations regarding the future growth, results of operations, performance and business prospects of Alithya, and other information related to Alithya’s business strategy and future plans or which refer to the characterizations of future events or circumstances represent forward-looking statements. Such statements often contain the words “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “could,” “would,” “will,” “may,” “can,” “continue,” “potential,” “should,” “project,” “target,” and similar expressions and variations thereof, although not all forward-looking statements contain these identifying words.

Forward-looking statements in this press release include, among other things, information or statements about: (i) our ability to generate sufficient earnings to support our operations; (ii) our ability to take advantage of business opportunities and meet our goals set in our three to five year strategic plan; (iii) our ability to develop new business, broaden the scope of our service offerings and enter into new contracts; (iv) our strategy, future operations, and prospects; (v) our need for additional financing and our estimates regarding our future financing and capital requirements; (vi) our expectations regarding our financial performance, including our revenues, profitability, research and development, costs and expenses, gross margins, liquidity, capital resources, and capital expenditures; (vii) our ability to realize the expected synergies or cost savings relating to the integration of our business acquisitions, and (viii) the impact of the COVID-19 pandemic and related response measures on our business operations, financial results and financial position and those of our clients and on the economy in general.

Forward-looking statements are presented for the sole purpose of assisting investors and others in understanding Alithya’s objectives, strategies and business outlook as well as its anticipated operating environment and may not be appropriate for other purposes. Although management believes the expectations reflected in Alithya’s forward-looking statements were reasonable as at the date they were made, forward-looking statements are based on the opinions, assumptions and estimates of management and, as such, are subject to a variety of risks and uncertainties and other factors, many of which are beyond Alithya’s control, and which could cause actual events or results to differ materially from those expressed or implied in such statements. Such risks and uncertainties include but are not limited to those discussed in the section titled “Risks and Uncertainties” of Alithya’s Management’s Discussion and Analysis for the quarter ended September 30, 2020 and Management’s Discussion and Analysis for the year ended March 31, 2020, as well as in Alithya’s other materials made public, including documents filed with Canadian and U.S. securities regulatory authorities from time to time and which are available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Additional risks and uncertainties not currently known to Alithya or that Alithya currently deems to be immaterial could also have a material adverse effect on its financial position, financial performance, cash flows, business or reputation.

Forward-looking statements contained in this press release are qualified by these cautionary statements and are made only as of the date of this press release. Alithya expressly disclaims any obligation to update or alter any forward-looking statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by applicable law. Investors are cautioned not to place undue reliance on forward-looking statements since actual results may vary materially from them.

Non-IFRS Measures

This press release includes certain measures which have not been prepared in accordance with IFRS. EBITDA, adjusted EBITDA, adjusted EBITDA margin, net bank borrowing, bookings and book-to-bill ratio are non-IFRS measures. These measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. Please refer to the Management’s Discussion and Analysis for the quarter ended September 30, 2020 and the Management’s Discussion and Analysis for the year ended March 31, 2020 for a description of such measures, a reconciliation to the most directly comparable IFRS financial measure and calculated amounts.

Conference Call

Alithya will hold a conference call to discuss these results on November 12, 2020, at 9:00 AM Eastern Time. Interested parties can join the call by dialing 1-647-788-4922 (Toronto or overseas) or 1-877-223-4471 (elsewhere in North America). Persons unable to call in at this time may access a recording by calling 1-800-585-8367 and entering the passcode 9994375. This recording will be available starting November 12, 2020 as of 12:00 PM Eastern Time until 11:59 PM Eastern TimeNovember 19, 2020.

About Alithya

Alithya Group inc. is a leader in strategy and digital transformation in North America. Founded in 1992, the Company can count on more than 2,200 professionals in Canada, the U.S. and Europe. Alithya’s integrated offering is based on four pillars of expertise: strategy services, application services, enterprise cloud solutions and data and analytics. Alithya deploys solutions, services, and skillsets to craft tools tailored to its clients’ unique business needs in the financial services, manufacturing, energy, telecommunications, transportation and logistics, professional services, healthcare, and government sectors. To learn more, go to alithya.com.

Note to readers:  Management’s Discussion and Analysis and the interim condensed consolidated financial statements and notes thereto for the three months ended September 30, 2020 are available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar and on the Company’s website at www.alithya.com. Shareholders may, upon request, receive a hard copy of these documents free of charge.

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SOURCE Alithya

NEW YORK, Nov. 12, 2020 /PRNewswire/ — S&P Global Market Intelligence and Oliver Wyman announced today a collaboration with Citi to support the financial institution’s commitment for a smooth transition to a low-carbon economy. Citi will be utilizing Climate Credit Analytics, a pioneering climate scenario analysis and credit analytics model suite, introduced by S&P Global Market Intelligence and Oliver Wyman at Climate Week NYC 2020.  

Climate Credit Analytics is designed to help financial institutions and corporates assess how a transition to a low-carbon economy will impact the creditworthiness of their counterparties. Its underlying insights combine S&P Global Market Intelligence’s advanced Credit Analytics risk models and unique datasets with Oliver Wyman’s industry-leading climate scenario and stress testing expertise.

“Climate Credit Analytics aligns with emerging regulatory directives and will help enable the broader industry to better analyze and manage climate risks while deploying capital to underpin long term sustainable growth. Further advancing this technology is common cause and very timely, we are delighted to be working with such capable partners,” said Colin Church, Citi’s Head of Climate Risk Management.

“This new tool will provide valuable rigor for analyzing our client portfolios under different climate transition risk scenarios, enabling us to build on our prior climate scenario analysis work. Integrating this analysis will contribute to the climate risk pillar of our Sustainable Progress Strategy and our ongoing Task Force on Climate-related Financial Disclosures (TCFD) implementation,” said Eliza Eubank, Citi’s Head of Environmental and Social Risk Management.

“Climate change is a non-traditional risk, and financial institutions and corporates are working to understand its implications. We have a deep legacy in credit analytics and we are proud to work with Citi, a leader in this area, to collaborate on creating integrated climate and credit-related analytics to navigate the effects of climate risk on the financial markets,” said Martina Cheung, S&P Global Market Intelligence’s President.

“We are delighted that Citi will be the first bank to utilize Climate Credit Analytics. This unique solution to quantify climate risks is readily customizable, incorporates the NGFS Scenarios, and covers all corporate sectors, including major greenhouse gas emitting sectors. Citi’s commitment to environmental finance exemplifies the critical role that financial institutions play in combating climate change,” said Oliver Wyman’sJohn Colas, Partner and Vice Chairman, Financial Services Americas.

 For additional information on Climate Credit Analytics, please visit S&P Global Market Intelligence.

About S&P Global Market Intelligence

At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, perform valuations and assess credit risk. Investment professionals, government agencies, corporations and universities around the world use this essential intelligence to make business and financial decisions with conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, offering ESG solutions, deep data and insights on critical business factors. S&P Global has been providing essential intelligence that unlocks opportunity, fosters growth and accelerates progress for more than 160 years. For more information, visit www.spglobal.com/marketintelligence.

About Oliver Wyman

Oliver Wyman is a global leader in management consulting. With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities.

Oliver Wyman is a business of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.

Media Contacts

Amanda Oey

S&P Global Market Intelligence
P. +1 (212) 438-1904
E. [email protected]

Francine Minadeo

Oliver Wyman

P. +1 (212) 345-6417
E. [email protected]

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SOURCE S&P Global Market Intelligence

TSX-V: GBR

VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ – Great Bear Resources Ltd. (the “Company” or “Great Bear”) (TSXV: GBR) (OTCQX: GTBAF) today reported the first gold recovery test results from its 100% owned flagship Dixie Project, in the Red Lake district of Ontario.

Chris Taylor, President and CEO of Great Bear said, “The first results from a preliminary suite of metallurgical tests planned for the various mineralized zones at Dixie have returned very high gold recoveries. Hinge zone high-grade gold samples averaging approximately 13 g/t gold recovered between 95% – 97 % of the head grade gold from conventional cyanidation bottle roll leach tests. Results in this range had been expected, as free gold dominates the Hinge zone and all other zones at Dixie, and high gold recoveries are typical of such systems. We will periodically release gold recovery results from representative samples originating from all of our gold zones over the coming months.”

Details of Hinge Zone Gold Recovery Results

• A composite sample of 18.0 kilograms representing 10.9 metres (core length) of drill core was selected for processing from the Hinge zone.
• Two approximately one-kilogram representative samples of Hinge zone gold mineralization collectively averaging 13.07 g/t gold head grade were analyzed at Blue Coast Research Ltd. of Parksville, British Columbia.
• Samples were processed through a standard 48-hour bottle roll procedure at 40% solids, using a 1.0 g/L sodium cyanide solution.
• Two primary grind samples: 1) 80% passing (“p80”) 112 µm, and 2) p80 74 µm returned 95.4% and 97.2% gold recoveries, respectively. Table 1 and Figure 1.
• The high reported gold recoveries are similar to those reported from other mines in the Red Lake area.
• Additional metallurgical test work consisting of sodium cyanide bottle roll tests on samples from the Hinge, Limb and LP Fault zones on the Dixie Project are currently underway. The Company will also begin gravity circuit recovery tests in 2021.

Table
1
: Gold recoveries from the first sodium cyanide leach tests of Hinge zone material.

About the Dixie Project

The Dixie Project is 100% owned, comprised of 9,140 hectares of contiguous claims that extend over 22 kilometres, and is located approximately 25 kilometres southeast of the town of Red Lake, Ontario. The project is accessible year-round via a 15 minute drive on a paved highway which runs the length of the northern claim boundary and a network of well-maintained logging roads.

The Dixie Project hosts two principal styles of gold mineralization:

• High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb, Hinge and Arrow zones). Hosted by mafic volcanic rocks and localized near regional-scale D2 fold axes. These mineralization styles are also typical of the significant mined deposits of the Red Lake district.

• High-grade disseminated gold with broad moderate to lower grade envelopes (LP Fault). The LP Fault is a significant gold-hosting structure which has been seismically imaged to extend to 14 kilometres depth (Zeng and Calvert, 2006), and has been interpreted by Great Bear to have up to 18 kilometres of strike length on the Dixie property. High-grade gold mineralization is controlled by structural and geological contacts, and moderate to lower-grade disseminated gold surrounds and flanks the high-grade intervals. The dominant gold-hosting stratigraphy consists of felsic sediments and volcanic units.

About Great Bear

Great Bear Resources Ltd. is a well-financed gold exploration company managed by a team with a track record of success in mineral exploration. Great Bear is focused in the prolific Red Lake gold district in northwest Ontario, where the company controls over 300 km² of highly prospective tenure across 4 projects: the flagship Dixie Project  (100% owned), the Pakwash Property (earning a 100% interest), the Dedee Property (earning a 100% interest), and the Sobel Property (earning a 100% interest), all of which are accessible year-round through existing roads.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab. Selected samples are also chosen for duplicate assay from the coarse reject of the original sample. Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC). No QAQC issues were noted with the results reported herein.

Qualified Person and NI 43-101 Disclosure

Results for the metallurgical test program were provided and approved by Andrew Kelly, P.Eng., of Blue Coast Research Ltd., a Qualified Person for the purpose of National Instrument 43-101.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration, and Ms. Andrea Diakow P.Geo, Exploration Manager for Great Bear are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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SOURCE Great Bear Resources Ltd.

NEW YORK, Nov. 12, 2020 /PRNewswire/ — Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”) is pleased to announce it has signed a definitive stock purchase agreement to acquire 100% of privately held Timios Holdings Corp. (“Timios”) in an all-cash deal, the material terms of which are disclosed in the Company’s related 8-k filing. The acquisition is subject to the satisfaction of regulatory approvals and other customary closing conditions.

Timios, a nationwide title and settlement solutions provider, has been expanding in recent years through offering innovative and freedom-of-choice-friendly solutions for real estate transactions, including residential and commercial title insurance and closing and settlement services, as well as specialized offerings for the mortgage industry.

Ideanomics expects that Timios will become one of the cornerstones of Ideanomics Capital, the Company’s fintech business unit, which focuses on leveraging technology and innovation to improve efficiency, transparency, and profitability for the financial services industry. Timios combines difficult to obtain licenses, a knowledgeable and experienced team, and a scalable solutions platform to deliver best-in-class service through both centralized processing and a localized branch network. Ideanomics will assist Timios in scaling its business in various ways, including referring client acquisition and product innovation.

Founded in 2008 by real estate industry veteran Trevor Stoffer, Timios’ vision is to bring honesty and transparency to real estate transactions. Mr. Stoffer, who currently serves as Timios’ Chairman of the Board, believes that the real estate process has been overly complicated to the detriment of consumers and commercial clients. The company offers title and settlement, appraisal management, and real-estate-owned (REO) title and closing services in 44 states and currently serves more than 280 national and regional clients.

“As we move into an unprecedented era of data-driven real estate transactions, Timios intends to continue to shepherd our customers through this significant transformation in the real estate industry by providing transparency and simplification,” said Timios Chairman of the Board, Trevor Stoffer. “We look forward to leveraging Ideanomics’ resources to continue Timios’ growth and to explore opportunities to further modernize real estate closings.”

Timios has introduced significant product and service level improvements, becoming an innovator in the real estate title and escrow services industries – markets poised for technology disruption. Its proprietary tools eliminate tedious calculations and provide increased pricing transparency to the benefit of all parties in a transaction; lender, real estate agents, and consumers alike. Using a combination of operational discipline and technology, Timios employs efficient workflow management systems and a data-driven approach which results in one of the highest closing rates in the business.

“Ideanomics’ DNA is to serve as a catalyst for change through innovation. Timios fits perfectly within our model as a disruptive force in the mortgage and title industry, which currently has many antiquated processes that go against the trend towards transparency and freedom of choice. With this acquisition, we are onboarding a profitable business which has grown both its top and bottom line tremendously in 2020. We are delighted to add them to our family, where we anticipate they will integrate seamlessly, and we look forward to working with the management team to further develop what is a win-win for both Ideanomics and Timios,” said Alf Poor, CEO of Ideanomics.

The U.S. real estate market is forecasted to continue its upward trend in 2021, with home sales expected to rise and a high volume of sales to occur as buyers take advantage of low interest rates.¹ According to Realtor.com, its ‘pace of sales’ metric– which tracks differences in time-on-market – continues to remain above the pre-COVID baseline and is 18.9 points above the January baseline, suggesting buyers and sellers are continuing to connect at a faster rate going into the 2020 fall. 

For more information, visit: ideanomics.com or timios.com

About Timios Holding Corp.
Timios is the Greek word for “honest,” and that has guided everything we do since 2008. Our mission is simple: to provide an unparalleled real estate transaction experience for buyers, sellers, and professionals. By empowering our customers through innovation, providing total transparency, and simplifying every step, we’ve revolutionized the process to give our customers the control they deserve.

About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Our Mobile Energy Global (MEG) division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions and services across the financial services industry. Together, MEG and Ideanomics Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.

The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.

Safe Harbor Statement
This press release contains certain statements that may include “forward looking statements”. All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact
Timios Holding Corp.
Ernie Lewis, SVP of Marketing
5716 Corsa Avenue, #102 Westlake Village, CA 91362
[email protected]

Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018   
[email protected]

Valerie Christopherson / Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
[email protected]

¹ https://www.realtor.com/research/topics/real-estate-market-outlook/

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SOURCE Ideanomics; Timios Holdings Corp.

PETACH-TIKVA, Israel, Nov. 12, 2020 /PRNewswire/ — Eltek Ltd. (NasdaqCM: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of Printed Circuit Boards, announced today that it will release its financial results for the third quarter of 2020 on Wednesday, November 18, 2020, before the market opens. Eltek’s financial results will be released over the news wires and will be posted on its corporate website at: www.nisteceltek.com. 

On Wednesday, November 18, 2020, at 8:30 a.m. Eastern Time, Eltek will conduct a conference call to discuss the results. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Alon Mualem, Chief Financial Officer.

To participate, please call the following teleconference numbers. Please allow for additional time to connect prior to the call:

United States: 1-888-668-9141
Israel: 03- 9180644
International: +972-3-9180644

 At:

8:30 a.m. Eastern Time



5:30 a.m. Pacific Time



15:30 p.m. Israel Time

A replay of the call will be available through the Investor Info section on Eltek’s corporate website at http://www.nisteceltek.com approximately 24 hours after the conference call is completed and will be archived for 30 days.

About Eltek

Eltek – “Innovation Across the Board”, is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is the Israeli leader in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.

Eltek was founded in 1970. The Company’s headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiaries in North America and in Europe and by agents and distributors in Europe, India, South Africa and South America.

For more information, visit Eltek’s web site at www.nisteceltek.com.

Forward Looking Statement

Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to statements regarding expected results in future quarters, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company’s Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission.

Investor Contact:




Alon Mualem



Chief Financial Officer


[email protected]


+972-3-9395023

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SOURCE Eltek Ltd.

CHICAGO, Nov. 12, 2020 /PRNewswire/ — The latest research from Cars.com (NYSE: CARS), a leading digital automotive marketplace and solutions provider, found nearly half of Americans (47%) plan to travel for Thanksgiving this year, which is down 21 percentage points from 2019. Of those not traveling, more than half (59%) said COVID-19 impacted their plans. The majority of Thanksgiving travelers (72%) will travel by car to their destination, with most trips happening close to home.¹

“We’ve been watching consumer travel habits since the onset of the pandemic, and there have been two consistent themes — the pandemic is obviously affecting people’s travel plans, but when people do travel, the majority drive by car because of the safety and freedom cars provide. We are seeing these themes continue for holiday travel this year,” said Jenni Newman, Cars.com editor-in-chief.

2020 Thanksgiving Travel Trends, According to Cars.com:
¹

• COVID-19 continues to affect travel plans. While 47% of Americans still plan to travel for the Thanksgiving holiday, it is down from 68% in 2019. Of the 41% not traveling, 59% stated that COVID-19 had some impact on their decision. Eleven percent have not yet decided if they will travel.
• Major cities are hit the hardest. The majority of travelers (44%) are avoiding large cities, likely because those areas are harder hit by COVID-19.
• The car is the main driver to Thanksgiving dinner. The car continues to dominate pandemic transportation with 72% of travelers planning to drive, and most (66%) intending to stay within 100 miles of home.
• Traffic congestion peaks the weekend before Thanksgiving. While travel is down, expect the highest congestion the weekend before (37%), followed by the day before Thanksgiving (13%) and Thanksgiving Day (19%). As it gets closer to Thanksgiving, the local hours between 9 a.m. and 12 p.m. are expected to be the busiest for travel Nov. 25 and 26.

“While personal vehicles present a safer option for holiday travel, it’s important for drivers and their passengers to stay vigilant and follow Centers for Disease Control and Prevention guidelines and local COVID-19 rules and restrictions,” said Newman.

For more information, visit Cars.com/news/coronavirus/.

¹

Cars.com Holiday Travel Survey Oct. 22-Oct. 25, 2020; 1,008 responses

About CARS
CARS is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share.

In addition to Cars.com, CARS companies include Dealer Inspire, a technology provider building solutions that future-proof dealerships with more efficient operations and connected digital experiences, FUEL, which gives dealers and OEMs the opportunity to harness the untapped power of digital video by leveraging Cars.com’s pure audience of in-market car shoppers, and DealerRater, a leading car dealer review and reputation management platform.

The full suite of CARS properties include Cars.com™, Dealer Inspire®, DealerRater®, FUEL™, Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.

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SOURCE Cars.com Inc.

Strong Ending Cash Balance of $13.9M

LAVAL, QC, Nov. 12, 2020 /CNW Telbec/ Crescita Therapeutics Inc. (TSX: CTX) (OTC US: CRRTF) (“Crescita” or the “Company”), a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house research & development (“R&D”) and manufacturing capabilities, today reported its financial results for the third quarter ended September 30, 2020 (“Q3-F2020”).  All amounts presented are in thousands of Canadian dollars (“CAD”) unless otherwise noted.

Financial Highlights
 – Q3-F2020 vs. Q3-F2019

• Revenue was $7,301 compared to $4,906, an increase of $2,395;
• In Q3-F2020, the Company amended its licensing agreement with commercial partner Taro Pharmaceuticals Inc. (“Taro”) for Pliaglis^® in the U.S. and received a total of $5,151(US$3,855). Revenue was recorded as follows:
• $4,483
  (US$3,355) as licensing revenue (See Revenue and Q3-F2020 Corporate Developments);
• $668
  (US$500) as Other Income (See Other Income – Taro Amendment);
• Gross profit was $6,129 representing an increase of $2,686;
• Operating expenses (excluding COGS) were $2,259, compared to $2,965, a decrease of $706;
• Adjusted EBITDA was $4,316 compared to $939, an increase of $3,377;
• Ending cash position was $13,856, an increase of $851 year-over-year and $4,591 versus Q2-F2020.

“We delivered a strong quarter with a record-high cash balance since Q1-F2016, as we continue to focus on finding commercial partners for Pliaglis. Over the last few months, we have advanced licensing opportunities for Pliaglis in the rest of world, most recently signing agreements in Austria, Mexico, and perhaps the most meaningful for our future, China,” commented Serge Verreault, President and Chief Executive Officer of Crescita. “Sales in our Commercial Skincare segment posted a modest increase versus the prior year, reflecting the reopening of the economy in the summer months and showed an encouraging trend as we headed into the second wave of the pandemic. We are cautiously optimistic but cannot discount the impact that any other government-mandated closures may have in the coming months.”

“Our goal remains to secure recurring revenue streams for the future, and we are evaluating ways to best deploy our cash on hand, including strategic investments to grow our Company. On a separate note, I would like to thank our employees for their exceptional work during this difficult time and our clients for their trust and loyalty,” added Mr. Verreault. 

Q3-F2020 Corporate Developments

• Patent Granted for Enhanced Formulation of Pliaglis
  On August 25, 2020, the Company was granted U.S. Patent No. 10,751,305 for Solid-Forming Topical Formulations for Pain Control by the United States Patent and Trademark Office which covers an enhanced formulation of Pliaglis through January 14, 2031.
• Licensing Agreement for Pliaglis in Austria
  On August 12, 2020, the Company entered into a commercialization license agreement with Pelpharma, a privately held Austrian pharmaceutical company specializing in the treatment of various skin and nail diseases, granting them the exclusive rights to sell and distribute Pliaglis in Austria.
• Amendment to Development and Commercialization Agreement with Taro
  On July 28, 2020, the Company announced that it entered into an amendment to the development and commercialization agreement with Taro (the “Taro Amendment”) with regard to Pliaglis in the U.S. The Taro Amendment entitled the Company to receive a one-time payment in the aggregate amount of $5,151(US$3,855).

Subsequent Events

• Licensing Agreement for Pliaglis in China
  On November 5, 2020, the Company announced that it entered into an exclusive agreement with Juyou-Biotechnology Co. Ltd (“Juyou”), a biotechnology company that develops and sells medical and cosmetic skin care products, for the commercialization and development of Pliaglis^® and an enhanced formulation of Pliaglis in mainland China.
• Licensing Agreement for Pliaglis in Mexico
  On October 19, 2020, the Company entered into a commercialization and license agreement with LIV LABORATÓRIOS (“LIV”), a division of MINOS Labs, a privately held Mexican group of pharmaceutical, consulting, and regulatory companies. LIV specializes in dermatology solutions and sells directly to physicians. The agreement grants LIV the exclusive rights to distribute and sell Pliaglis in Mexico.

Q3-F2020 Financial Results
 

Note:

 The Management’s Discussion and Analysis (“MD&A”), Condensed Consolidated Interim Financial Statements and accompanying notes for the three and nine months ended September 30, 2020 can be found at www.crescitatherapeutics.com/investors and have been filed on SEDAR at www.sedar.com.

Summary Financial Results
 

Revenue
The Company generates revenue from its three reportable segments: 1) Commercial Skincare (“Commercial”), which manufactures branded non-prescription skincare products for sale in both the Canadian and international markets; 2) Licensing and Royalties (“Licensing”), which includes revenue from the licensing of intellectual property related to Pliaglis or for the use of its transdermal delivery technologies; and 3) Manufacturing and Services (“Manufacturing”), which includes revenue from contract manufacturing and product development services (“CDMO”) offered to our clients.

For the three months ended September 30, 2020, total revenue was $7,301 compared to $4,906 for the three months ended September 30, 2019, representing a year-over-year increase of $2,395. The increase came primarily from the Licensing segment, representing $2,462, as a result of the Taro Amendment concluded during the quarter of $4,483, and to a lesser extent from the Commercial Skincare segment, representing a slight increase of $77, primarily because of incremental sales of hand sanitizers and personal protective equipment starter kits. These increases were partly offset by the fourth and final cumulative sales milestone of $1,324(US$1,000) in Q3-F2019 under the licensing agreement with Taro, which did not repeat in 2020, as well as lower royalties on global Pliaglis sales of $697 year-over-year, and a decrease of $144 in the Manufacturing segment, mainly due to a reduction in work volumes from our contract manufacturing clients due to pandemic-driven decreases in demand.

For the nine months ended September 30, 2020, total revenue was $12,849 compared to $18,517 in the comparable nine-month period of 2019, representing a decrease of $5,668. The Commercial Skincare and Manufacturing segments were impacted by $765 and $731, respectively, as a result of lower demand for our products and services due to COVID-19-related shutdowns of personal services businesses such as spas and medispas throughout most of the second quarter of 2020. The Licensing segment posted a decrease of $4,172 year-over-year primarily due to the aggregate amount of $5,459 recognized in the first nine months of 2019 in connection with the Cantabria Agreement, which did not repeat in 2020, lower royalties on global Pliaglis sales of $967, and sales milestones of $2,645(US$2,000), which did not repeat in 2020, partly offset by the $4,483 received from the Taro Amendment.

Gross Profit
For the three months ended September 30, 2020, total gross profit was $6,129, representing a gross margin of 83.9%, compared to $3,443 or a gross margin of 70.2% for the three months ended September 30, 2019. The year-over-year increase in gross profit of $2,686 and improvement in gross margin of 13.7% were primarily due to the increase in high margin Licensing revenue, as explained above, combined with lower costs associated to earning royalties on Pliaglis year-over-year. 

For the nine months ended September 30, 2020, total gross profit was $9,685, representing a gross margin of 75.4%, compared to $14,404 or a gross margin of 77.8% for the comparative nine months of 2019. The decreases in gross profit of $4,719 and in gross margin of 2.4% were mainly due to: the decrease in high margin licensing revenue, the COVID-19 related business and product demand disruptions, as well as the timing and mix of CDMO sales driving the decreases in our Commercial Skincare and  Manufacturing segments, respectively, partly offset by the lower costs associated to earning royalties on Pliaglis year-over-year. 

Operating Expenses (excluding COGS)
For the three and nine months ended September 30, 2020, total operating expenses were $2,259 and $7,402, compared to $2,965 and $8,850, for the three and nine months ended September 30, 2019. The year-over-year decreases $706 and $1,448 were mainly driven by lower selling, general and administrative (“SG&A”) and R&D expenses. Late in Q1-F2020, we initiated cash conservation measures in response to the COVID-19 pandemic which contributed to the year-over-year decreases. The measures included temporary layoffs and salary reductions. In addition, we had the benefit of wage subsidies under the CEWS program of $259 and $557, respectively, for the three and nine months ended September 30, 2020, which were recorded against SG&A-related compensation, as well as savings due to certain unfilled positions.

Impairment of Intangible Assets
For the nine months ended September 30, 2020, the Company recognized an impairment charge of $1,918, mainly to reflect the projected impact of the pandemic-driven decrease in demand for its non-prescription skincare products and contract manufacturing services on its long-term forecasts.

Other Income – Taro Amendment
As part of the Taro Amendment concluded during the quarter, the Company recognized $668(US$500) in connection with the termination of a non-financial clause regarding the supply of Pliaglis to non-U.S. territories.

Income before Income Taxes
For the three months ended September 30, 2020, the Company reported income before income taxes of $4,607, compared to $332 for the three months ended September 30, 2019. The year-over-year increase of $4,275 was mainly attributable to: 1) the incremental total gross margin of $2,686 across our segments, largely due to the amounts received under the Taro Amendment; 2) a reduction in R&D and SG&A expenses of $250 and $460, respectively; 3) Other Income of $668 recognized as part of the Taro Amendment in connection with the termination of certain non-financial clauses; 4) a reduction in net interest expense of $74; and 5) the favourable impact of foreign exchange variances in the amount of $141 year-over-year.

For the nine months ended September 30, 2020, the Company reported income before income taxes of $1,208, compared to $3,897 reported for the nine months ended September 30, 2019. The year-over-year decrease of $2,689 was mainly attributable to: 1) the reduction in gross margin of $4,156 across all segments, excluding the impacts of both the Cantabria Agreement as well as the Taro Amendment; 2) the benefit of the upfront payment and guaranteed minimum royalties under the Cantabria Agreement of $3,772, net of contract termination fees recognized in Q2-F2019 which did not repeat; 3) the impairment charge of $1,918 taken in Q2-F2020; partly offset by 1) the aggregate impact of the Taro Amendment of $5,151; 2) the decrease in SG&A and R&D expenses of $952 and $562, respectively; 3) the reduction in net interest expense of $288; and 4) the favourable impact of net foreign exchange variances in the amount of $270.

Cash and Cash Equivalents
Cash and cash equivalents were $13,856 at September 30, 2020 compared to $13,005 at September 30, 2019 and $9,265 at June 30, 2020, representing increases of $851 and $4,591, respectively, mainly due to the cash received from the Taro Amendment. During the fourth quarter ended December 31, 2019, the Company repaid the outstanding balance of the Knight Loan in the amount of $3,570.

Non-IFRS Financial Measures

The Company reports its financial results in accordance with IFRS. However, we use certain non-IFRS financial measures to assess our Company’s performance. We believe these to be useful to management, investors, and other financial stakeholders in assessing Crescita’s performance from both a financial and operational standpoint. The non-IFRS measures used in this press release do not have any standardized meaning prescribed by IFRS and are therefore not comparable to similar measures presented by other issuers. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. The following are the Company’s non-IFRS measures along with their respective definitions:

1. EBITDA is defined as earnings before interest, income taxes, depreciation, and amortization.
2. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, other expenses or (income), share-based compensation costs, goodwill and intangible assets impairment, and foreign exchange (gains) or losses, as applicable.

Management believes that Adjusted EBITDA is an important measure of operating performance and cash flow and provides useful information to investors as it highlights trends in the underlying business that may not otherwise be apparent when relying solely on IFRS measures. A reconciliation of EBITDA and adjusted EBITDA to their closest IFRS measure can be found below.

Caution Concerning Limitations of Summary Financial Results Press Release

This summary earnings press release contains limited information meant to assist the reader in assessing Crescita’s performance, but it is not a suitable source of information for readers who are unfamiliar with Crescita and is not in any way a substitute for the Company’s Consolidated Audited Financial Statements and notes thereto, MD&A and Annual Information Form (“AIF”).

About
 
Crescita Therapeutics
 Inc.
Crescita (TSX: CTX and OTC US: CRRTF) is a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. The Company offers a portfolio of non-prescription skincare products and early to commercial stage prescription drug products and owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active ingredients into or through the skin.

Supported by a sales force covering Canada and executing a business to business to consumer marketing approach, Crescita sells its non-prescription skincare products domestically through spas, medispas, and medical aesthetic clinics, as well as internationally, through distributors. Crescita’s portfolio also includes a prescription product called Pliaglis^®, that utilizes the Company’s proprietary phase-changing topical cream Peel technology, a part of the DuraPeel™ family, which are self-occluding, film-forming cream/gel formulations, that provide extended release delivery of the active ingredients to the site of application. Pliaglis is a topical local anesthetic cream that provides safe and effective local dermal analgesia on intact skin prior to superficial dermatological procedures. The product is currently approved in over 25 different countries and sold by commercial partners in the U.S., Italy, Brazil, sold in Canada by the Company, and was most recently licensed to partners in Austria and Mexico and China.

Crescita’s expertise in product formulation and development can be leveraged in combination with its patented transdermal delivery technologies to develop and manufacture creams, liquids, gels, ointments and serums under its CDMO infrastructure. The Company operates out of a 50,000 square-foot facility located in Laval, Québec, which produces the majority of its non-prescription skincare products, such as LDR, Pro-Derm, Dermazulene and Alyria. Formulations manufactured by or for Crescita include cosmetics, natural health products and products with Drug Identification Numbers. For additional information, please visit www.crescitatherapeutics.com.

Forward-Looking Statements
This press release contains “forward-looking information” as defined under Canadian securities laws (collectively, “forward-looking statements”). The words “plans”, “expects”, “does not expect”, “goals”, “seek”, “strategy”, “future”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projected”, “believes” or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “should”, “might”, “likely”, “occur”, “be achieved” “continue” or “temporary”  and similar expressions identify forward-looking statements and include statements regarding the Company’s plans, objectives and responses to the COVID-19 pandemic. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking statements.

Forward-looking statements are not historical facts but instead represent management’s expectations, estimates, projections and assumptions regarding future events or circumstances. Such forward-looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations which are difficult to predict and many of which are beyond the control of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the Company as of the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Material factors and assumptions used to develop the forward-looking statements, and material risk factors that could cause actual results to differ materially from the forward-looking statements, include but are not limited to the risks of, and future impacts related to, COVID-19, including the response of domestic and international governments to the virus; the impact of COVID-19 on the Company’s operations, personnel, supply chain, product sales, royalties, customer demand and financial flexibility;  changes in the business or affairs of Crescita; the ability of Crescita’s licensees to successfully market its products; competitive factors in the industries in which Crescita operates; relationships with customers, suppliers and licensees; changes in legal and regulatory requirements; foreign exchange and interest rates; prevailing economic conditions; and other factors, many of which are beyond the control of Crescita. 

Additional factors that could cause Crescita’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risk factors included in Crescita’s most recent Annual Information Form under the heading “Risks Factors”, and as described from time to time in the reports and disclosure documents filed by Crescita with Canadian securities regulatory authorities and commissions. These and other factors should be considered carefully, and readers should not place undue reliance on Crescita’s forward-looking statements when making decisions, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved.

All forward-looking statements are based only on information currently available to the Company and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements.

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SOURCE Crescita Therapeutics Inc.

VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ – Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce results from the remaining seven holes of the 40-hole program totaling 4,153 meters at the Copalito silver-gold project (the “Property”), located in Sinaloa State, Mexico. These results are part of the first ever drill program at the Property with previous results from the program announced in July and October 2020.

Highlights from Holes
BDH-20-34 to BDH-20-40 include:

BDH-20-040 in the 5 Senores Vein

• 1,813 gpt silver equivalent (“Eq”) over 0.51 meters consisting of 16.95 gpt gold, 369 gpt silver and 3.74% lead plus zinc within
• 933 gpt silver Eq over 2.25 meters consisting of 6.65 gpt gold, 335 gpt silver and 2.6% lead plus zinc; and
• 311 gpt silver Eq over 9.05 meters consisting of 2.09 gpt gold, 124 gpt silver and 0.795% lead plus zinc.
• This hole is one of the deepest vertical holes drilled to date at an elevation of about 600 meters above sea level.

BDH-20-039 in the 5 Senores Vein

• 213 gpt silver Eq over 3.3 meters consisting of 128.1 gpt silver, 0.66 gpt gold, and 1.17% lead plus zinc and 183.66 gpt silver Eq over 4.0 meters consisting of 109.6 gpt silver, 0.84 gpt gold, and 0.26% lead plus zinc within:
• 93.78 gpt silver Eq over 27.4 meters consisting of 60.4 gpt silver, 0.28 gpt gold and 0.4% lead plus zinc

BD- 20-037 in the 5 Senores Vein

• 1,260.81 gpt silver Eq over 1 meter consisting of 846 gpt silver, 3.11 gpt gold and 6.15% lead plus zinc within:
• 735.3 gpt silver Eq over 2.25 meters consisting of 483.8 gpt silver, 2.18 gpt gold and 2.86% lead plus zinc and 211.48 gpt silver Eq over 10 meters consisting of 128.5 gpt silver, 0.655 gpt gold and 1.13% lead plus zinc.

James McDonald, President and CEO, states “We are very pleased the first ever drill program conducted on Copalito has shown excellent grade potential and continuity of vein structures. This indicates the potential for discovery and delineation of high-grade resources is good.”

Luis Moya, Chief Geologist, comments “After receiving the geochemical analyses of the last 7 of 40 holes it can be concluded the drilling campaign ended successfully. The last holes establish continuity to depth and along strike with high grade potential exhibiting values of up to 16.95 gpt gold and 846 gpt silver.”

Drilling Discussion

The drill program tested 4,153 meters along a classic Mexican epithermal vein system. A follow up drill program will now be designed, the details of which will be released once complete. The follow up program will be guided by detailed structural mapping and possibly geophysics.

The drill program also returned high-grade values from other previously released drill holes targeting such veins as the Pilar Vein with gold values up to 7.05 gpt and 13.55% lead plus zinc (BDH-20-33); the Chiva Vein with silver values up to 936 gpt (BDH-20-09); and the Cobriza Vein with silver values up to 307 gpt. The seven remaining holes, BDH-20-34 to BDH-20-40, focused on the Pillar and 5 Senores veins located within the southeast region of the Property.

Along with previous drill holes, good continuity and grade potential has been shown for at least 600 meters of strike length along the 5 Senores vein. Previously released BDH-20-04 drilled into 5 Senores contained silver equivalent values up to 2,843 gpt. Grade highlights from drilling ranged to 2,830 gpt silver (BDH-20-04) and 16.95 gpt gold (BDH-20-40); see the Company’s news release dated July 22, 2020.

Detailed Drill Results – Holes BDH-20-034 to BDH-20-040

a) Plan Map of Hole BDH-20-001 to BDH-20-40 and b) Cross Sections for BDH-20-039/BDH-20-040 and BDH-20-37

.
Click here to view larger versions of the

plan map

 and

cross sections

.

Qualified Persons

The Kootenay technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf of Kootenay by James McDonald, P.Geo, President, CEO & Director for Kootenay, a Qualified Person.

Sampling and QA/QC

All technical information for the Copalito exploration program is obtained and reported under a formal quality assurance and quality control (“QA/QC”) program. Samples are taken from core cut in half with a diamond saw under the direction of qualified geologists and engineers. Samples are then labeled, placed in plastic bags, sealed and with interval and sample numbers recorded. Samples are delivered by the Company to ALS Minerals (“ALS”) in Hermosillo, Sonora. The samples are dried, crushed and pulverized with the pulps being sent airfreight for analysis by ALS in North Vancouver, B.C. Systematic assaying of standards, blanks and duplicates is performed for precision and accuracy. Analysis for silver, zinc, lead and copper and related trace elements was done by ICP four acid digestion, with gold analysis by 30-gram fire assay with an AA finish. All drilling reported is HQ core and has been contracted to Globexplore Drilling from Hermosillo, Mexico.

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

About Kootenay Silver Inc.

Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in the states of Sonora, Sinaloa and Chihuahua, Mexico, respectively.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

The information in this news release has been prepared as at November 11, 2020. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “expected”, “may”, “will” or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made.  Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to US Investors:

 This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

This press release uses the terms “Measured”, “Indicated”, and “Inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.

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SOURCE Kootenay Silver Inc.

LONDON, Nov. 12, 2020 /PRNewswire/ — Clarivate Plc (NYSE: CCC), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today that Jerre Stead, Executive Chairman and Chief Executive Officer, and Richard Hanks, Chief Financial Officer, will present at the RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference on Tuesday, November 17, 2020 at 3:20 PM Eastern Time.

A live webcast of the event will be available on the Investor Relations section of the Clarivate website at http://ir.clarivate.com/Event-Calendar. A replay of the webcast will be available for 30 days after the conclusion of the live event via https://event.on24.com/wcc/r/2829419/B68713F26578AC291009DCAC2D96EB7F.

About Clarivate
Clarivate™ is a global leader in providing solutions to accelerate the lifecycle of innovation. Our bold mission is to help customers solve some of the world’s most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of science and intellectual property. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise. For more information, please visit clarivate.com.

Category: Investor Conference

Source: Clarivate Plc

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SOURCE Clarivate Plc