Market Newsdesk

Hyliion Reports Third Quarter 2020 Financial Results

AUSTIN, Texas–(BUSINESS WIRE)–Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion Holdings”), a leader in electrified powertrain solutions for Class 8 commercial vehicles, today reported third quarter financial results for fiscal year 2020 for Hyliion Inc. (“Hyliion”).

Key Business Highlights

• Completed strategic combination between Hyliion Inc. and Tortoise Acquisition Corp. on October 1, 2020, yielding approximately $520 million in net proceeds to fund Hyliion’s growth plans and long-term objectives
• Installed eight hybrid electric units in the third quarter of 2020 for four fleet-based customers
• Signed agreement with FEV North America Inc. to accelerate commercialization of the Hypertruck ERX

Executive Commentary

“With ample resources from our strategic combination, Hyliion is well-capitalized and primed to disrupt the powertrain market. Our focus in 2020 and 2021 will be to position the company for long-term sustainable growth, capturing the material market opportunity from the electrification of class 8 vehicles. Along the way, our dynamic and proprietary solutions will help our commercial vehicle customers change the way they view performance, total cost of ownership, data, and sustainability,” commented Thomas Healy, Hyliion Holdings’ Chief Executive Officer.

“In the third quarter of 2020, we made progress toward commercialization of our Hybrid and Hypertruck ERX solutions for the Class 8 truck market, while also establishing key partnerships. We are experiencing strong interest for our solutions and are utilizing our resources to develop a scaled infrastructure that will be able to support demand from this $800 billion market. Overall, I am pleased with the progress we have made as we remain on track to meet our product milestones in 2021,” concluded Healy.

Business Impact of COVID-19

Hyliion continues to execute on its business objectives and drive growth across its platform, despite the effects of the COVID-19 pandemic on the world economy. Hyliion’s management team continues to work to advance its business objectives while maintaining the safety of its employees, suppliers, and customers. Hyliion has taken actions to mitigate issues caused by the pandemic and does not believe that those disruptions will materially impact or delay its long-term objectives.

3Q20 Conference Call

Hyliion Holdings will host a conference call and webcast for investors and other interested parties to review Hyliion’s third quarter 2020 financial results on Thursday, November 12, 2020 at 8:30 AM ET, which it will file with the Securities and Exchange Commission (the “SEC”) on Form 8-K/A. A live webcast of the call, as well as an archived replay, will be available online on the Investor Relations section of Hyliion’s website. Those wishing to participate can access the call using the links below:

Conference Call Online Registration: http://www.directeventreg.com/registration/event/5648525

Webcast: http://investors.hyliion.com/events-and-presentations

Third quarter financial results for fiscal year 2020 for Hyliion Holdings (f/k/a Tortoise Acquisition Corp.) on a standalone basis will also be filed with the SEC on Form 10-Q, and unaudited combined condensed pro formas for such period for Hyliion Holdings and Hyliion, will also be filed with the SEC under Form 8-K/A.

About Hyliion

A wholly owned subsidiary of Hyliion Holdings Corp. (NYSE: HYLN), Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of commercial transportation Class 8 vehicles by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, it designs, develops and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial vehicles, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Hyliion Holdings and Hyliion. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Such forward-looking statements include statements about Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2020 and 2021, the effects of Hyliion’s dynamic and proprietary solutions on its commercial vehicle customers, accelerated commercialization of the Hypertruck ERX, the ability to meet 2021 product milestones, the impact of COVID-19 on long-term objectives, and the ability to reduce carbon intensity and GHG. Hyliion Holdings undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties regarding the Hyliion Holdings’ business described in the “Risk Factors” sections of the Hyliion Holdings’ filings with the SEC, and other factors, risks and uncertainties identified and addressed in the Hyliion Holdings’ filings with the SEC. Forward-looking statements reflect the reasonable understanding and belief of Hyliion Holdings as of the date they are made. Readers are cautioned not to put undue reliance on any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005322/en/

INVESTOR INQUIRIES

Bob Gujavarty

Hyliion Holdings

[email protected]

MEDIA RELATIONS

Mustafa Riffat

[email protected]

Jeremy Cohen

[email protected]

Edelman

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Alternative Vehicles/Fuels Other Transport Technology Trucking Automotive Transport Other Automotive Software Data Management Logistics/Supply Chain Management

MEDIA:

Logo

Temporary Jobs Providing Crucial Safety Net in COVID Economy, PeopleReady Survey Finds

More than half of people taking temporary jobs have been affected by job loss, full-time employment elusive for many

TACOMA, Wash.–(BUSINESS WIRE)–
As job loss continues to grip the nation and the full-time permanent job market struggles to recover, temporary jobs are proving to be a safety net for many people across the country, according to a new survey from staffing leader PeopleReady.

The PeopleReady survey found that 51% of those taking temporary jobs have experienced job loss (either themselves or a household member) in the past month, and 78% of them are also looking for a full-time permanent job but having difficulty finding one (67%). The overwhelming majority of respondents (79%) said that income from temporary jobs has become critical in maintaining their household budgets since the economic downturn.

“The full-time job market will take time to recover. Following an economic downturn, temporary jobs tend to return to the marketplace sooner,” said Taryn Owen, president of PeopleReady. “Temporary jobs are available now to connect people to work. Whether someone is out of work or looking to earn more money over the holidays, temporary employment can help.”

While the majority of respondents (67%) reported having more difficulty paying their bills since the economic downturn, nearly all of them (99%) said they rely on income from temporary work to pay for everyday household expenses, including rent or mortgage payments (43%), utility bills (15%), groceries (15%), car payments (7%), and other living costs (20%).

If they were unable to work, respondents reported their savings would last: one week or less (21%), 2–3 weeks (13%), 1–2 months (16%), 3–5 months (8%), 6–11 months (4%), a year or longer (4%). Many said they had no personal savings at all (35%).

“Job seekers who are struggling to find the kinds of full-time jobs they lost may want to consider a different approach,” added Owen. “Temporary jobs can help them bridge employment gaps, build new skills, and establish relationships with potential employers—all while providing much-needed income.”

PeopleReady has a variety of ways for job seekers to access potential job opportunities: via app (JobStack), online (www.jobs.peopleready.com), and in person (at all PeopleReady branches across the nation).

Survey Methodology

A SurveyMonkey survey of 1,749 temporary workers was conducted by PeopleReady between Sept. 7, 2020, and Nov. 6, 2020.

About PeopleReady

PeopleReady, a TrueBlue company (NYSE: TBI), specializes in quick and reliable on-demand labor and highly-skilled workers. PeopleReady supports a wide range of blue-collar industries, including construction, manufacturing and logistics, waste and recycling, and hospitality. Leveraging its game-changing JobStack platform, PeopleReady serves more than 130,000 businesses and puts more than 300,000 people to work each year, operating more than 600 branch offices across all 50 states, Puerto Rico, and Canada. Learn more at www.peopleready.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005395/en/

Media Contact

David Irwin

PeopleReady Communications Director

[email protected]

630-453-1120

KEYWORDS: United States North America Washington

INDUSTRY KEYWORDS: Women Consumer Professional Services Men Human Resources

MEDIA:

Logo

Featuring the latest from Fortnite, Minecraft, Grand Theft Auto and Call of Duty, plus gaming series from Arcade Cloud, pop culture shows from Wisecrack, and content from esports stars, gaming YouTubers and top streamers, programming will be available 24/7 on this FAST linear channel

Contacts:
Enthusiast Gaming: - Eric Bernofsky
Chief Corporate Officer
[email protected]

Media Relations – ID Public Relations
[email protected]

XL Fleet Generates Record Third Quarter 2020 Revenue

Remains on Track to Complete Merger with Pivotal Investment Corporation II (NYSE: PIC) in Fourth Quarter of 2020

BOSTON–(BUSINESS WIRE)–
XL Fleet (“XL” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced that its revenue for the third quarter of 2020 was the highest for a single quarter in the Company’s history.

XL achieved record quarterly total GAAP revenue of $6.3 million for the third quarter of 2020. In comparison, XL achieved $2.6 million in revenue for the third quarter in 2019, and approximately $7.2 million in revenue for the full fiscal year ended December 31, 2019. The revenue increase was driven by continued product adoption across the Company’s portfolio, which is currently comprised of XL’s core hybrid and plug-in hybrid electric drivetrain business. The Company expanded margins that resulted in positive gross margins of 12.1% for the third quarter of 2020, as compared to negative (3.7%) for the third quarter of 2019.

Due to strong year-to-date results, XL remains on track to deliver on its full year 2020 revenue forecast of approximately $21 million. XL continues to grow its sales opportunity pipeline for 2021 to $220 million as of today, which supports XL’s current revenue forecast of $75 million for fiscal year 2021.

“Our record Q3 revenue nearly matches our performance for the entire prior calendar year in a single quarter,” said Dimitri Kazarinoff, Chief Executive Officer of XL. “This accomplishment is a testament to the strength of XL’s differentiated platform and proven business model. We are excited by the strong momentum we are experiencing across our product portfolio, the increased adoption from existing customers, and the continued expansion of new customer relationships across North America. We look forward to further leveraging our deep customer and partner relationships to build on this success, drive significant growth, and advance our leadership position within commercial fleet electrification.”

“Fleet electrification is a massive long-term opportunity supported by favorable market and regulatory trends and an enduring focus on the decarbonization of operations by fleet owners globally,” said Tod Hynes, Founder and Chief Strategy Officer of XL. “We are committed to delivering solutions that meet our customers’ sustainability objectives and reliability requirements through products and services available today. Moreover, XL’s strong track-record, long-term relationships, and established supply chain partnerships continue to provide opportunities to further scale our business and broaden our product portfolio.”

XL remains on track to complete its previously announced merger agreement with Pivotal Investment Corporation II (NYSE: PIC) (“Pivotal”) in the fourth quarter of 2020. Upon closing, the combined company will be named XL Fleet Corp. and is expected to remain listed on the New York Stock Exchange under a new ticker symbol, “XL”, with no material debt expected to be outstanding. Pivotal filed its amended registration statement on Form S-4 with the U.S. Securities and Exchange Commission on November 12, 2020, which includes a complete set of XL’s financial results through the end of the third quarter of 2020.

About XL Fleet

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 130 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL’s plug-in hybrid electric drive system was named one of TIME magazine’s best inventions of 2019.

For additional information, please visit www.xlfleet.com.

About Pivotal Investment Corporation II

Pivotal Investment Corporation II (NYSE: PIC) is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. On September 18, 2020, Pivotal announced that it had entered into a definitive merger agreement with XL Fleet. Upon closing, the combined company will be named XL Fleet and is expected to remain listed on the New York Stock Exchange under a new ticker symbol, “XL”. For additional information, please visit https://www.pivotalic.com/.

Important Information and Where to Find It

This communication is being made in respect of the proposed merger transaction involving Pivotal and XL. Pivotal filed a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), which includes a proxy statement/prospectus of Pivotal, and certain related documents, to be used at the meeting of shareholders to approve the proposed business combination and related matters. INVESTORS AND SECURITY HOLDERS OF PIVOTAL ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, AND ANY AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT XL, PIVOTAL AND THE BUSINESS COMBINATION. The definitive proxy statement will be mailed to shareholders of Pivotal as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the registration statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov.

The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Pivotal, XL and certain of their respective directors and executive officers may be deemed participants in the solicitation of proxies from the shareholders of Pivotal in favor of the approval of the business combination and related matters. Shareholders may obtain more detailed information regarding the names, affiliations and interests of certain of Pivotal’s executive officers and directors in the solicitation by reading Pivotal’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the proxy statement and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Pivotal’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement relating to the business combination when it becomes available. You may obtain free copies of these documents filed with the SEC, without charge, at the SEC’s web site at www.sec.gov.

No Offer or Solicitation

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

Forward Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding the proposed business combination, including Pivotal’s ability to consummate the transaction, the timing of the closing of the business combination, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations and product and service offerings, estimated financial position, estimated revenues and losses, projected costs, prospects, customer pipeline, plans and objectives of management, and the Company’s ability to achieve its forecasted revenue targets are forward-looking statements. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. These statements may be preceded by, followed by or include the words “anticipates,” “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Pivotal’s Annual Report on Form 10-K for the year ended December 31, 2019 under Risk Factors in Part I, Item 1A and in Pivotal’s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2020 and September 30, 2020. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Pivotal and XL believe there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and neither Pivotal nor XL is under any obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which Pivotal has filed or will file from time to time with the SEC.

In addition to factors previously disclosed in Pivotal’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the parties’ ability to meet the closing conditions to the merger, including approval by stockholders of Pivotal and XL on the expected terms and schedule and the risk that regulatory approvals required for the merger are not obtained or are obtained subject to conditions that are not anticipated; delay in closing the merger or the PIPE Offering; failure to realize the benefits expected from the proposed transaction; the effects of pending and future legislation; risks related to disruption of management time from ongoing business operations due to the proposed transaction; business disruption following the transaction; other consequences associated with mergers, acquisitions and divestitures and legislative and regulatory actions and reforms; risks associated with XL’s business, including the highly competitive nature of XL’s business and the market for hybrid electric vehicles; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components necessary to support XL’s products and services; the introduction of new technologies; privacy and data protection laws, privacy or data breaches, or the loss of data; and the impact of the COVID-19 pandemic on XL’s business, results of operations, financial condition, regulatory compliance and customer experience.

Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Pivotal’s and XL’s control. While all projections are necessarily speculative, Pivotal and XL believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Pivotal and XL, or their respective representatives and advisors, considered or consider the projections to be a reliable prediction of future events.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering in an investment in Pivotal and is not intended to form the basis of an investment decision in Pivotal. All subsequent written and oral forward-looking statements concerning Pivotal and XL, the proposed transactions or other matters and attributable to Pivotal and XL or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005378/en/

For XL Fleet

Media:

Eric Foellmer

(617) 648-8551

[email protected]

Investors:

Marc Silverberg

ICR, Inc.

[email protected]

For Pivotal Investment Corporation II

Jonathan Gasthalter/Nathaniel Garnick/Sam Fisher

Gasthalter & Co.

(212) 257-4170

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Fleet Management Environment Alternative Vehicles/Fuels Automotive Automotive Manufacturing Logistics/Supply Chain Management Transport Manufacturing

MEDIA:

Logo

First Home Bancorp, Inc. Reports Record Earnings for Third Quarter of 2020

ST. PETERSBURG, Fla.–(BUSINESS WIRE)–
First Home Bancorp, Inc. (OTCQX: FHBI) (“FHBI” or the “Company”), parent company of First Home Bank (“First Home” or the “Bank”) reported record earnings for the third quarter of 2020, driven by mortgage banking income, as well as loan origination fees and net interest income associated with the Paycheck Protection Program (“PPP”). The Company reported net income for the third quarter 2020 of $5.25 million, or $2.20 per basic common share, compared to net income of $2.35 million, or $0.95 per basic common per share in the second quarter 2020, and $1.28 million, or $0.60 per basic common share in the third quarter of 2019. Year-to-date net income through the September 30, 2020 was $7.10 million, an increase of $3.78 million or 114% over year-to-date net income through September 30, 2019 of $3.32 million. The third quarter’s earnings contributed to an increase in tangible book value to $21.85 per basic common share.

FHBI Chief Executive Officer Anthony N. Leo stated: “Our efforts over the prior three years to diversify revenue through the expansion of our mortgage banking operations were key to the Company’s record performance in the third quarter of 2020. In addition, as a leading nationwide SBA lender, we were well positioned to be among the region’s foremost producers of PPP loans, driving revenue through origination fees and net interest income. At the same time, we strengthened our balance sheet substantially in the third quarter with the provision of $7 million to the allowance for loan and lease losses should we experience deterioration in credit quality resulting from adverse economic conditions.”

Net Income and Performance Ratios

Key components of the Company’s net income in the third quarter of 2020 include:

• The Bank’s Residential Mortgage Division produced a record volume of loan originations, with production of $598 million during the third quarter of 2020, reaching $1.28 billion in production year-to-date.
• PPP net loan origination fee income of $4.30 million was recognized in the third quarter of 2020, compared to $3.87 million recognized in the second quarter of 2020. There remains $19.53 million of PPP net loan origination fees on the balance sheet as of September 30, 2020, which will be recognized over the remaining estimated lives of the loans.
• Interest income on PPP loans in the third quarter of 2020 was $2.27 million compared to $1.17 million in the second quarter 2020. PPP loans have been funded almost entirely by the Federal Reserve’s PPP Liquidity Facility (“PPPLF”) at a rate of 35 bps.
• The Company’s record earnings were achieved while recognizing no gain on sale of SBA guaranteed loans. In consideration of strong revenue from other sources, no SBA guaranteed loans were sold in the third quarter, advancing the Company’s strategy of increasing recurring revenue through holding government guaranteed loans.
• The Company recorded provision for loan losses of $7.00 million during the quarter, compared to $3.00 million in the second quarter of 2020 and $2.30 million in the same quarter of 2019.

The Company’s return on average common equity equaled 43.23% for the quarter, bringing year-to-date return on average common equity to 19.73%. Return on average assets for the quarter equaled 1.44%, bringing year-to-date return on average assets to 0.87%. The Company’s return on assets ratios were impacted by $880 million in net PPP loans on the Company’s balance sheet, thereby increasing average assets for the period significantly above normalized levels.

Balance Sheet Highlights

Total assets increased by $31.32 million or 2.13% during the third quarter of 2020 to $1.50 billion, mainly due to increases in residential loans held for sale and PPP loans, offset partially by a decline in cash as the Company utilized on balance sheet liquidity and the PPPLF to fund PPP loans. Total assets increased $994.05 million or 195.89% from the third quarter of 2019, mainly due to the addition of $879.51 PPP loans, net of origination fees, during the second and third quarters of 2020, as well as increases in residential loans held for sale, conventional loans, and SBA loans. Further balance sheet details for the third quarter of 2020 are as follows:

• Gross loans, excluding loans held for sale and PPP loans, increased by $30.13 million or 8.44% during the third quarter of 2020 to $387.24 million due to an increase in conventional community bank loans, as well as the resumption in mid-July of SBA 7(a) lending. Traditional SBA production was largely halted during the second quarter of 2020 as a result of the COVID-19 Pandemic and related focus on PPP loans.
• PPP loans, net of deferred origination fees, increased by $69.37 million or 8.56% in the third quarter of 2020 to $879.51 million.
• Deposits decreased by $66.10 million or 11.47% during the third quarter of 2020 to $510.14 million, with the majority of the decrease coming from a decline in time deposits of $77.04 million, offset by a net increase in other types of deposits, mainly money market accounts.
• Deposits increased $97.77 million, or 23.71% over the third quarter of 2019, with time deposits declining by $82.78 million year over year, offset by increases in transaction accounts and money market and savings accounts.

Asset Quality

Over the past five years, the Company’s loan losses have been incurred primarily in its SBA unguaranteed loan portfolio, particularly loans originated under the SBA 7(a) Small Loan Program. The Small Loan Program represents loans of $350,000 or less and carry an SBA guaranty of 75% to 85% of the loan, depending on the original principal balance. The default rate on loans originated in the SBA 7(a) Small Loan Program is significantly higher than the Bank’s other SBA 7(a) loans, conventional commercial loans, or residential mortgage loans.

Net charge-offs for the third quarter 2020 were $967 thousand, a decrease of $593 thousand from $1.56 million for the second quarter 2020. Net charge-offs as a percentage of average loans, excluding PPP loans, were 0.26% for the third quarter 2020, a decrease from 0.45% in the second quarter. Non-performing assets to total assets were 0.25% as of September 30, 2020, a slight increase from 0.23% as of June 30, 2020, and a significant decrease from 0.91% as of September 30, 2019. Since the majority of the Company’s loan portfolio consists of SBA loans, most of which received principal and interest payments under Section 1112 of the CARES Act, asset quality trends may appear more favorable than they otherwise would without the CARES Act support.

As of September 30, 2020, a total of 37 loans with principal balances totaling $3.09 million were under payment deferral. Of these, 31 are SBA loans totaling $1.99 million in outstanding unguaranteed balance. We expect the level of SBA loans on deferral to increase with the expiration of the Section 1112 payment support afforded under the CARES Act.

Although the Company’s asset quality trends indicate minimal stress on the portfolio, management believes it is prudent to be proactive in increasing the allowance for loan losses using qualitative measures. The ratio of the allowance for loan losses to total loans, excluding SBA guaranteed loans, residential loans held for sale, and loans whereby the Fair Value Option was elected, was 6.86% as of September 30, 2020, an increase from 4.98% as of June 30, 2020.

Capital Strength

The Bank’s Tier 1 leverage ratio increased to 10.85% as of September 30, 2020. The Tier 1 leverage ratio temporarily dropped to 6.77% at June 30, 2020 due to excess short-term cash held to ensure funding for PPP loans, as well as a timing difference between the funding of PPP loans as their pledge to the PPPLF. The CET 1 and Tier 1 capital ratio to risk-weighted assets increased to 15.33% as of September 30, 2020 from 15.14% as of June 30, 2020, and the total capital to risk-weighted assets ratio increased to 16.75% as of September 30, 2020 from 16.55% as of June 30, 2020.

In addition, the Company raised approximately $3.8 million of 8% Series B Cumulative Convertible Preferred Stock in the third quarter, of which $2.5 million was downstreamed to the Bank subsidiary to provide additional capital strength.

About the Company

First Home Bancorp, Inc. is the parent company of First Home Bank, a Florida state-chartered banking institution and Federal Reserve member. The Company is headquartered in St. Petersburg, Florida with 6 full-service banking centers in the Tampa Bay area as of September 30, 2020. In addition to traditional community banking services, the Company specializes in providing lending services to small businesses nationwide guaranteed by the Small Business Administration (“SBA”). The Company also derives a significant portion of its earnings and loan production from a nationwide residential mortgage lending division with 28 residential loan production offices across the country.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “is confident that” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements involve risk and uncertainty and a variety of factors could cause our actual results and experience to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. First Home Bancorp, Inc. does not have a policy of updating or revising forward-looking statements except as otherwise required by law, and silence by management over time should not be construed to mean that actual events are occurring as estimated in such forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005373/en/

Anthony N. Leo

Chief Executive Officer

727.399.5678

Jeffrey M. Hunt

Chief Strategy Officer

727.399.5687

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo

BELLUS Health Reports Third Quarter 2020 Financial Results and Business Highlights

– Following a recent FDA meeting, the Phase 2bSOOTHE trial in refractory chronic cough patients remains on track to initiate in Q4 2020 –

– The Phase 2 BLUEPRINT trial in chronic pruritus associated with atopic dermatitis remains on track to initiate in Q4 2020 –

– Recently completed $40M offering of shares provides extended cash runway to end of 2022 –

LAVAL, Quebec–(BUSINESS WIRE)–
BELLUS Health Inc. (Nasdaq:BLU; TSX:BLU) (“BELLUS Health” or the “Company”), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of chronic cough and other hypersensitization-related disorders, today reported its financial and operating results for the third quarter ended September 30, 2020.

“We are pleased with the progress we have made over the last few months, completing key steps required to advance our development plans for BLU-5937,” said Roberto Bellini, President and Chief Executive Officer of BELLUS Health. “Back in September, we announced the trial design of our Phase 2b SOOTHE trial for the treatment of refractory chronic cough, refining our clinical strategy for BLU-5937 based on learnings from the Phase 2 RELIEF trial. Following a meeting with the FDA this month, we remain on track to initiate the SOOTHE trial in the fourth quarter of 2020. In addition, we continue to believe that BLU-5937’s mechanism may have broad applicability as a potential treatment for many additional hypersensitization-related conditions, and are looking forward to initiating the Phase 2 BLUEPRINT trial in patients with chronic pruritus associated with atopic dermatitis also in the fourth quarter of 2020.”

Mr. Bellini added, “Following our recent offering of our common shares in October, we believe that BELLUS Health is well-positioned financially to deliver on our important upcoming milestones.”

PROGRAM AND CORPORATE HIGHLIGHTS

Completed a US$40.3 million offering.

• In October 2020, BELLUS Health completed an offering of its common shares, resulting in gross proceeds to the Company of US$40.3 million.
• The Company’s cash, cash equivalent and short-term investments as of September 30, 2020, together with the net proceeds of the October offering (after deducting underwriting discounts and commissions and estimated offering expenses), amounted to US$107 million.

Expects to initiate the Phase 2b SOOTHE clinical trial of BLU-5937 enriched for higher cough count patients in the fourth quarter of 2020.

• Following a Type C meeting with the U.S. Food and Drug Administration (“FDA”) on November 6^th, the Company is proceeding with its planned Phase SOOTHE 2b trial in patients with refractory chronic cough (“RCC”). The trial design was announced in September 2020.
• Topline results from the SOOTHE trial are expected in the second half of 2021.

Announced topline results from the Phase 2 RELIEF clinical trial of BLU-5937 in patients with RCC in July 2020.

On track to initiate the Phase 2 BLUEPRINT clinical trial of BLU-5937 in patients with chronic pruritus associated with atopic dermatitis (“AD”) in the fourth quarter of 2020.

• Topline results from BLUEPRINT, a Phase 2 proof-of-concept clinical trial evaluating the efficacy and safety of BLU-5937 in chronic pruritus associated with AD, are expected in 2021.

FINANCIAL RESULTS

Cash Position: As of September 30, 2020, the Company had available cash, cash equivalents and short-term investments totaling US$70.0 million, compared to US$90.0 million at December 31, 2019. The Company’s cash position as of September 30, 2020, together with the net proceeds of the October offering (after deducting underwriting discounts and commissions and estimated offering expenses), amounted to US$107 million.

Net Loss: For the third quarter ended September 30, 2020, net loss amounted to US$5.7 million (US$0.09 per share), compared to US$6.5 million (US$0.14 per share) for the same period in 2019.

Research and Development Expenses: Research and development expenses, net of research tax credits, amounted to US$5.8 million for the third quarter ended September 30, 2020, compared to US$5.6 million for the same period in 2019. The Company expects these expenses to continue to increase in subsequent quarters as it pursues the development of BLU-5937, for which it plans to initiate in the fourth quarter of 2020 two clinical trials, SOOTHE, a Phase 2b trial in RCC, and BLUEPRINT, a Phase 2 trial in chronic pruritus associated with AD.

General and Administrative Expenses: General and administrative expenses amounted to US$0.5 million for the third quarter ended September 30, 2020, compared to US$1.7 million for the same period in 2019. The decrease is mainly due to a stock-based compensation net recovery related to the Company’s liability classified deferred share unit plan due to BELLUS Health’s stock price decrease in July 2020.

Net Finance Income: Net finance income amounted to US$0.5 million for the third quarter ended September 30, 2020, compared to US$0.7 million for the same period in 2019. The decrease is mainly attributable to a lower foreign exchange gain that arose from the translation of the Company’s net monetary assets denominated in Canadian dollars during the quarter.

The Company’s full unaudited condensed consolidated interim financial statements and accompanying management’s discussion and analysis for the three and nine-month periods ended September 30, 2020 will be available shortly on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.

About BLU-5937

BLU-5937, a highly selective P2X3 antagonist – (>1500 fold) – is in development for chronic cough, chronic pruritus and other hypersensitization-related disorders.

The P2X3 receptor in the cough reflex pathway, which is implicated in chronic cough, is a rational target for treating chronic cough, and it has been evaluated in multiple clinical trials with different P2X3 antagonists. The Company believes that its highly selective P2X3 antagonist has the potential to reduce coughing in patients with chronic cough while limiting impact on taste function.

In addition to chronic cough and chronic pruritus, BLU-5937 may also have broad applicability across other afferent hypersensitization-related disorders, enabling the Company to consider developing a pipeline of therapies using its P2X3 platform. BELLUS Health is exploring how P2X3 activation can contribute to irritation and pain, and whether inhibition of P2X3 receptors can help treat these afferent hypersensitization-related disorders.

About BELLUS Health (www.bellushealth.com)

BELLUS Health is a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of chronic cough and other hypersensitization-related disorders. The Company’s product candidate, BLU-5937, is being developed for the treatment of chronic cough and chronic pruritus.

Chronic cough, the lead indication for BLU-5937, is a cough lasting more than eight weeks and is associated with significant adverse physical, social and psychosocial effects on health and quality of life. It is estimated that approximately 26 million adults in the United States suffer from chronic cough with approximately 3 million having refractory chronic cough lasting for more than a year and approximately 6 million having refractory chronic cough lasting more than 8 weeks and under one year. There is no specific therapy approved for refractory chronic cough and current treatment options are limited.

Chronic pruritus, commonly known as chronic itch, is an irritating sensation that leads to scratching, and persists for longer than six weeks, which can be debilitating and has a significant impact on quality-of-life. It is a hallmark of many dermatologic disorders, including AD. It is estimated that chronic pruritus associated with AD affects more than 16.9 million adults in the United States.

Forward-Looking Statements

Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute “forward-looking statements” within the meaning of Canadian securities legislation and regulations, the U.S. Private Securities Litigation Reform Act of 1995, as amended, and other applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown, many of which are beyond BELLUS Health’s control. Such statements include, but are not limited to, the potential of BLU-5937 to successfully treat chronic cough, chronic pruritus and other hypersensitization-related disorders, BELLUS Health’s expectations related to its preclinical studies and clinical trials, including the design and timing of its Phase 2b clinical trial of BLU-5937 in refractory chronic cough and its Phase 2 clinical trial of BLU-5937 in chronic pruritus associated with AD, including the timing and outcome of interactions with regulatory agencies, the potential activity and tolerability profile, selectivity, potency and other characteristics of BLU-5937, including as compared to other competitor candidates, the commercial potential of BLU-5937, including with respect to patient population, pricing and labeling, BELLUS Health’s financial position, and the potential applicability of BLU-5937 and BELLUS Health’s P2X3 platform to treat other disorders. Risk factors that may affect BELLUS Health’s future results include but are not limited to: the benefits and impact on label of its enrichment strategy, estimates and projections regarding the size and opportunity of the addressable refractory chronic cough market for BLU-5937, the ability to expand and develop its project pipeline, the ability to obtain adequate financing, the ability of BELLUS Health to maintain its rights to intellectual property and obtain adequate protection of future products through such intellectual property, the impact of general economic conditions, general conditions in the pharmaceutical industry, the impact of the COVID-19 pandemic on BELLUS Health’s operations, plans and prospects, including to the initiation and completion of clinical trials in a timely manner or at all, changes in the regulatory environment in the jurisdictions in which BELLUS Health does business, stock market volatility, fluctuations in costs, changes to the competitive environment due to consolidation, achievement of forecasted burn rate, potential payments/outcomes in relation to indemnity agreements and contingent value rights , achievement of forecasted preclinical study and clinical trial milestones, reliance on third parties to conduct preclinical studies and clinical trials for BLU-5937 and that actual results may vary once the final and quality-controlled verification of data and analyses has been completed. In addition, the length of BELLUS Health’s product candidate’s development process and its market size and commercial value are dependent upon a number of factors. Moreover, BELLUS Health’s growth and future prospects are mainly dependent on the successful development, patient tolerability, regulatory approval, commercialization and market acceptance of its product candidate BLU-5937 and other products. Consequently, actual future results and events may differ materially from the anticipated results and events expressed in the forward-looking statements. BELLUS Health believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and BELLUS Health is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable legislation or regulation. Please see BELLUS Health’s public filings with the Canadian securities regulatory authorities, including, but not limited to, its Annual Information Form, and the United States Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 40-F, for further risk factors that might affect BELLUS Health and its business.

SUMMARY OF FINANCIAL RESULTS

	Three months ended September 30, 2020			Three months ended September 30, 2019
	(in thousands of dollars, except per share data)
Revenues	US$	3		US$	7
Research and development expenses, net		(5,796)			(5,600)
General and administrative expenses		(456)			(1,666)
Net finance income		540			739
Net loss for the period	US$	(5,709)		US$	(6,520)
Basic and diluted loss per share	US$	(0.09)		US$	(0.14)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005341/en/

Danny Matthews

Director, Investor Relations and Communications

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Health Managed Care Clinical Trials Research Science Pharmaceutical Biotechnology

MEDIA:

Logo

BIONIK Laboratories Announces Fiscal 2021 Q2 Financial Results

TORONTO & BOSTON–(BUSINESS WIRE)–BIONIK Laboratories Corp.(OTCQB: BNKL), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today announced financial results for its second quarter of fiscal year 2021, ending September 30, 2020.

Financial highlights for the second quarter of fiscal 2021 and recent weeks include:

● Reported sales have increased by 3.8%, compared to the prior-year quarter.

● Gross margins for the quarter were $222,334 or 76% on the sale of InMotion robots, Connect and Pulse, compared to $198,484 or 70% in the prior-year quarter.

● An existing robotic device customer purchased and subscribed to InMotion Connect™ and deployed the service in 22 of its hospitals across 13 states.

● During the COVID-19 pandemic, the Company continued to ship InMotion robots to customers in the U.S.

Corporate highlights for the second quarter of fiscal 2021 and recent weeks include:

● Following its launch on June 25, 2020, the Company deployed InMotion Connect™, a cloud-based data analytics solution, which combines real-time robot data with deep expertise of BIONIK’s clinical specialists to partner with each clinic, promoting robot utilization, supporting clinician engagement, and enhancing patient care by providing contextual and relevant data to reach hospital clinicians and management teams when it matters the most. The Company continues to customize the solution by developing new functionalities including smart actions to improve the decision process.

● In October 2020, the Company placed an InMotion Connect™ solution at another strategic account, for evaluation and possible sales across that account’s hospital network.

Management Commentary

Commenting on the quarter, Dr. Eric Dusseux, BIONIK’s Chief Executive Officer, said, “Following the launch of InMotion Connect™, we are seeing good traction in targeting the critical needs around improving technology adoption and utilization at each rehabilitation clinic we serve. Through this new platform, we can ensure that the state-of-the-art rehabilitation methods are effectively in use across the hospital networks. We sold and deployed, during the second quarter of fiscal year 2021, InMotion Connect™ solutions within 22 hospitals across 13 states in the U.S. and look forward to our customers’ continued and long-term use of the many solutions InMotion Connect™ offers. We have already seen the impact at many of our client sites, showing the benefit and ROI to our customers, the clinicians, the hospital management and the headquarter teams. Feedback received to-date suggests that these teams are seeing improved performance and most importantly, are now more confident in the process to increase their internal objectives and are moving to share transparently the metrics for these newly increased targets within their organization. Our R&D team is focused on continuing its work to improve the InMotion Connect™ solution, expanding the functionalities and including smart actions to better support the decision making and management process at our client’s sites. With the COVID-19 pandemic, we are continuing to operate under a modified plan to reduce costs and otherwise address the effects on our business caused by COVID-19.”

BIONIK continues to expect to achieve the following milestones during fiscal year 2021:

● Continue to expand sales channels in North America and abroad.

● Further develop InMotion Connect™ solutions to serve clinical rehabilitation providers.

● Work with our commercial outsourced manufacturing partner to enhance effectiveness in order to support the expected increase in product demand and introduction of new products.

● Increase sales of data solutions, service contracts and warranties.

Financial Results:

Sales for quarter ended September 30, 2020 were $292,381, compared with $281,691 for the quarter ended September 30, 2019. The increase reflects the sale of one InMotion robot sold during the COVID-19 pandemic quarter ended September 30, 2020 compared to two InMotion robots in the prior-year quarter, and 22 InMotion Connect™ solutions, including hardware and subscriptions, following the InMotion Connect™ launch at the end of June 2020. In addition, deferred revenue, comprised of training to be provided and extended warranties, decreased to $526,250 at September 30, 2020 from $616,063 at March 31, 2020. The Company believes that extended warranties and training are important to growing parts of its business.

Gross margin for the quarter ended September 30, 2020 was $222,334, or 76%, on the sale of InMotion robots, Connect and Pulse, compared to $198,484, or 70%, for the quarter ended September 30, 2019.

The Company reported a comprehensive loss for the quarter ended September 30, 2020 of $(1,627,622), or a loss per share of $(0.32), compared with a comprehensive loss of $(3,382,684), or a loss per share of $(0.87), for the quarter ended September 30, 2019. The decrease in the loss is due to a reduction of employees by 30% between March 31, 2020 and September 30, 2020 primarily due to completion of engineering projects connected with the development of InMotion Connect™. BIONIK had cash and cash equivalents of $1,350,627 as of September 30, 2020, compared to $2,269,747 as of March 31, 2020. The Company’s working capital deficit at September 30, 2020 was $2,306,282 compared to a working capital surplus of $626,923 as of March 31, 2020. The working capital deficit at September 30, 2019 is due to convertible loans received by the Company during the six months being recorded as current liabilities rather than in equity when the loans are converted.

About BIONIK Laboratories Corp.

BIONIK Laboratories is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and two products in varying stages of development.

For more information, please visit www.BIONIKlabs.com and connect with us on Twitter, LinkedIn, and Facebook.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “possible,” “believe,” “intend,” “seek,” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of robotic rehabilitation products and other Company products, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, pipeline of potential sales, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the market and projected market for our existing and planned products and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions, and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the inability to meet listing standards to uplist to a national stock exchange, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the impact on the Company’s business as a result of the Covid-19 pandemic, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company’s raw materials, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. The Company does not undertake to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005302/en/

Media contact:

Matthew Bretzius

FischTank PR

[email protected]

KEYWORDS: United States North America Canada Massachusetts

INDUSTRY KEYWORDS: Data Management Health Technology Mobile/Wireless Software General Health Internet

MEDIA:

Drilling Update


The Company has made significant progress on its Phase 2 8,500 metre drill program (See news release: “GFG Begins 8,500 Metre Drill Program Focused on High-Grade Gold Targets at the Pen Gold Project, West of Timmins, ON”). Since August 30, the Company has completed 15 holes (5,200 metres) at several targets including Nib, HGM, North Sewell, Boundary and Broadway prospects. The Company anticipates completing the 8,500 metre drill program by the end of December and will resume drilling early in the first quarter of 2021 with an additional 4-5,000 metre program.

The Company has experienced significant delays in receiving assay results due to lab processing times. However, the Company does anticipate receiving initial assay results for the Phase II drill program during the coming weeks and will provide updates as they become available.

The Project is located approximately 40 kilometres west of the prolific Timmins Gold District in Ontario. The contiguous land package, one of the largest in the region, consists of approximately 475 square kilometres and is situated between Newmont’s Borden Gold Mine and Pan American Silver’s Timmins West Mine. The Project covers an approximately 50-kilometre-long section of Archean greenstone that contains the interpreted western extension of the Porcupine-Destor Fault Zone within the same geological setting that hosts most of the gold deposits found in the Timmins Gold Camp.

Figure 1: Plan Map of Priority Drill Targets at the Pen Gold Project 

Figure 2: Plan Map of Priority Targets in the West Block of the Pen Gold Project

About GFG Resources Inc.

GFG Resources is a North American precious metals exploration company focused on district scale gold projects in tier one mining jurisdictions, Ontario and Wyoming. In Ontario, the Company owns 100% of the Pen and Dore gold projects, two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Pen and the Dore gold projects have similar geological settings that host most of the gold deposits found in the Timmins Gold Camp which have produced over 70 million ounces of gold. The Company also owns 100% of the Rattlesnake Hills Gold Project, a district scale gold exploration project located approximately 100 kilometres southwest of Casper, Wyoming, U.S.  The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold.

For further information, please contact:

Brian Skanderbeg, President & CEO
Phone: (306) 931-0930
or
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
Email: [email protected]
Website: www.gfgresources.com

Stay Connected with Us

Twitter: @GFGResources
LinkedIn: https://www.linkedin.com/company/gfgresources/
Facebook: https://www.facebook.com/GFGResourcesInc/

Qualified Persons

Brian Skanderbeg, P.Geo. and M.Sc., President and CEO, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Mr. Skanderbeg has reviewed the sampling and QA/QC procedures and results thereof as verification of the sampling data disclosed above and has approved the information contained in this news release.

Sampling and Quality Control


Surface rock and drill core samples are being analyzed for gold by Activation Laboratories Ltd. in Timmins, Ontario using a 50-gram aliquot, Pb collection fire assay and an Atomic Absorption Spectrometry finish (Package 1A2-50). Samples assaying above 5 ppm Au are re-run using a gravimetric finish (Package 1A3-50). Selected samples will also be submitted for multi-element analysis using a four-acid digestion and an ICP-MS finish (Package MA250) at Bureau Veritas Laboratories in Vancouver, British Columbia.  Quality control and assurance measures include the monitoring of results for inserted certified reference materials coarse blanks and preparation duplicates.

Sampling protocols, quality control and assurance measures and geochemical results related to historic till, rock grab, and drill core samples quoted in this news release have not been verified by the Qualified Person and therefore must be regarded as estimates. Any historic mineral resources quoted in this release and accompanying maps are not compliant with National Instrument 43-101-and are only considered to be an indication of overall prospectivity of the region.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”).  Forward-looking statements include, but are not limited to, the future price of gold, success of exploration activities and metallurgical test work, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.  Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. 

All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour, and that the political environment within Canada and the United States will continue to support the development of mining projects in Canada and the United States.  In addition, the similarity or proximity of other gold deposits to the Rattlesnake Hill Gold Project, the Pen Gold Project and the Dore Gold Project is not necessary indicative of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Pen Gold Project and the Dore Gold Project.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:  actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties.  These risks and uncertainties are not, and should not be construed as being, exhaustive. 

Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  In addition, forward-looking statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment.  Accordingly, readers should not place undue reliance on forward-looking statements. 

Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward-looking statements, except as required by applicable laws.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/bac1315b-6465-4de1-961f-9fe6bb1248f0

https://www.globenewswire.com/NewsRoom/AttachmentNg/400bee79-fd33-427b-a520-caf0526df1f5