Market Newsdesk

November 13, 2020 4:33 pm

ZW Data Action Technologies Reports Third Quarter and First Nine Months 2020 Unaudited Financial Results

BEIJING, Nov. 13, 2020 (GLOBE NEWSWIRE) — ZW Data Action Technologies Inc. (Nasdaq: CNET) (the “Company”), an integrated online advertising, precision marketing, data analytics and other value-added services provider serving enterprise clients, today announced its unaudited financial results for the three and nine months ended September 30, 2020.

Third
Q
uarter
of
20
20
Financial
Highlights

	For the Three Months Ended September 30,
($ millions, except per share data)	2020	2019	% Change
Revenues	$12.30	$15.51	-20.7%
Gross profit (loss)	($0.64)	$0.89	-171.9%
Gross margin	-5.2%	5.8%	-11pp*
Loss from operations	($1.40)	($0.28)	-410.5%
Operating loss margin	-11.4%	-1.8%	-9.6pp
Net loss attributable to CNET	($1.33)	($0.39)	-243.6%
Loss per share	($0.06)	($0.02)	-200.0%
*pp: percent points

Revenues decreased by 20.7% to $12.30 million for the third quarter of 2020, primarily due to the decrease in revenues from our Internet advertising and distribution of the right to use search engine marketing service business categories, as a result of the slow recovery after the COVID-19 outbreak.
Gross loss was $0.64 million with a gross loss margin of 5.2% for the third quarter of 2020.
Loss from operations was $1.40 million for the third quarter of 2020, compared to $0.28 million for the same period of last year, primarily attributable to the decrease in gross profit, which was partially offset by the decrease in operating expenses.
Net loss attributable to CNET was $1.33 million, or loss per share of $0.06, for the third quarter of 2020, compared to net loss of $0.39 million, or loss per share of $0.02, for the same period of last year.

“Despite continued decrease on a year-over-year basis, our third quarter revenues increased 18% sequentially and almost tripled from the trough level in the first quarter, highlighting the continuing post-pandemic recovery trend. Looking ahead, with restoring growth and profitability remaining a challenge for us in the near-term, we are actively pursuing new initiatives, opportunities, and strategic alternatives to right the ship,” said Mr. Handong Cheng, Chairman and Chief Executive Officer of ZW Data Action Technologies.

Third
Q
uarter
20
20
Financial Results

Revenues

	For the Three Months Ended September 30,
	2020	2019	% Change
– Internet advertising and related data service	2,429	3,949	-38.5%
– Distribution of the right to use search engine marketing service	8,706	11,554	-24.6%
– Data and technical services	300	5	NM
Internet advertising and related services	11,435	15,508	-26.3%
Ecommerce O2O advertisement and marketing services	269	0	NM
Technical solution services	600	0	NM
Total revenues	12,304	15,508	-20.7 %

For the third quarter of 2020, revenues decreased by $3.20 million, or 20.7%, to $12.30 million from $15.51 million for the same period of last year. The decrease in revenues was primarily attributable to the decrease in revenues from the Internet advertising and distribution of the right to use search engine marketing service business categories, as a result of slow business recovery after the COVID-19 outbreak during the first quarter of 2020.

Cost of revenues

	For the Three Months Ended September 30,
	2020	2019	% Change
– Internet advertising and related data service	1,998	3,669	-45.5%
– Distribution of the right to use search engine marketing service	9,731	10,947	-11.1%
– Data and technical services	265	0	NM
Internet advertising and related services	11,994	14,616	-17.9%
Ecommerce O2O advertisement and marketing services	375	0	NM
Technical solution services	576	0	NM
Total cost of revenues	12,945	14,616	-11.4 %

Total cost of revenues decreased by $1.67 million, or 11.4%, to $12.95 million for the third quarter of 2020 from $14.62 million for the same period of last year. The decrease in cost of revenues was primary attributable to the decrease in costs associated with the distribution of the right to use search engine marketing service we purchased from key search engines and cost related to providing Internet advertising services on our ad portals, which was in line with the decrease in the related revenues as discussed above.

Gross profit
(loss)
and gross
profit (loss)
margin

Gross loss was $0.64 million for the third quarter of 2020, compared to gross profit of $0.89 million for the same period of last year, which was primarily due to gross loss incurred from our main revenue stream, the distribution of the right to use search engine marketing service business category, as a result of the slow recovery of economy after the COVID-19 outbreak during the first quarter of 2020, which was partially offset by the increase in gross profit generated from Internet advertising business. Gross loss margin was 5.2% for third quarter of 2020, compared to gross profit margin of 5.8% for the same period of last year.

Operating expenses

Sales and marketing expenses decreased by $0.05 million, or 47.7%, to $0.06 million for the third quarter of 2020 from $0.11 million for the same period of last year. The decrease in sales and marketing expenses was mainly attributable to the decrease in performance based salary and bonus expenses, due to the decrease in revenues.

General and administrative expenses decreased by $0.23 million, or 27.5%, to $0.59 million for the third quarter of 2020 from $0.82 million for the same period of last year. The decrease in general and administrative expenses was mainly attributable to the decrease in general departmental expenses, as a result of cost reduction plan executed by management after the COVID-19 outbreak.

Research and development expenses decreased by $0.13 million, or 52.7%, to $0.11 million for the third quarter of 2020 from $0.24 million for the same period of last year. Research and development expenses accounted for 0.9% of total revenues for the third quarter of 2020, compared to 1.5% for the same period of last year.

Operating
loss

Loss from operations was $1.40 million for the third quarter of 2020, compared to $0.28 million for the same period of last year. Operating loss margin was 11.4% for the third quarter of 2020, compared to 1.8% for the same period of last year.

O
ther income
(expense)
, net

Total other expenses decreased to $0.08 million for the third quarter of 2020, compared to $0.13 million for the same period of last year, which was primarily related to change in fair value of warrant liabilities.

Net lossattributable to CNET and loss per share

Net loss attributable to CNET was $1.33 million, or loss per share of $0.06, for the third quarter of 2020. This compared to net loss attributable to CNET of $0.39 million, or loss per share of $0.02, for the same period of last year.

First
N
ine
M
onths
2020 Financial Results

	For the Nine Months Ended September 30,
($ millions, except per share data)	2020	2019	% Change
Revenues	$27.10	$39.53	-31.4%
Gross profit	$0.56	$1.70	-67.3%
Gross margin	2.1%	4.3%	-2.2 pp*
Loss from operations	($4.70)	($2.24)	-110.3%
Operating loss margin	-17.3%	-5.7%	-11.7 pp
Net loss attributable to CNET	($4.61)	($1.91)	-142.0%
Loss per share	($0.22)	($0.12)	-83.3%
*pp: percent points

Revenues

	For the Nine Months Ended September 30,
	2020	2019	% Change
– Internet advertising and related data service	5,679	9,384	-39.5	%
– Distribution of the right to use search engine marketing service	18,004	30,134	-40.3	%
– Data and technical services	900	10	NM
Internet advertising and related services	24,583	39,528	-37.8	%
Ecommerce O2O advertisement and marketing services	1,276	0	NM
Technical solution services	1,245	0	NM
Total revenues	27,104	39,528	-31.4	%

For the first nine months of 2020, revenues decreased by $12.42 million, or 31.4%, to $27.10 million from $39.53 million for the same period of last year. The decrease in revenues was primarily attributable to the decrease in revenues from our Internet advertising and distribution of the right to use search engine marketing service business categories, as a result of the COVID-19 outbreak during the first fiscal quarter and the slow recovery in the second and third quarters of 2020.

Cost of revenues

	For the Nine Months Ended September 30,
	2020	2019	% Change
– Internet advertising and related data service	4,904	8,887	-44.8	%
– Distribution of the right to use search engine marketing service	19,147	28,936	-33.8	%
– Data and technical services	796	5	NM
Internet advertising and related services	24,847	37,828	-34.3	%
Ecommerce O2O advertisement and marketing services	1,125	0	NM
Technical solution services	576	0	NM
Total cost of revenues	26,548	37,828	-29.8	%

For the first nine months of 2020, cost of revenues decreased by $11.28 million, or 29.8%, to $26.55 million from $37.83 million for the same period of last year, which was primarily due to the decrease in costs associated with the distribution of the right to use search engine marketing service we purchased from key search engines and cost related to providing Internet advertising services on our ad portals, which was in line with the decrease in the related revenues.

Gross profit and gross margin

Gross profit decreased by $1.14 million, or 67.3%, to $0.56 million for the first nine months of 2020 from $1.70 million for the same period of last year, as a result of the gross loss of our distribution of the right to use search engine marketing service and partially offset by and the increase in gross profit generated from our Internet advertising service, Ecommerce O2O advertising and marketing services and technical solution services during the first nine months of 2020.

Overall gross margin was 2.1% for first nine months of 2020, compared to 4.3% for the same period of last year.

Operating expenses

Sales and marketing expenses decreased by $0.17 million, or 36.4%, to $0.29 million for the first nine months of 2020 from $0.46 million for the same period of last year. The changes in sales and marketing expenses was mainly attributable to the following reasons: (1) staff salary and benefit expenses and general departmental expenses decreased by $0.29 million, due to office shutdown during the first fiscal quarter of 2020, resulted from the COVID-19 outbreak during the period and related epidemic control measures imposed by the local governments where we operate, and slow recovery of business performance after the outbreak in the following quarters; and (2) the increase in share-based compensation expenses of $0.12 million, related to restricted shares granted and issued to our sales staff during the first fiscal quarter of 2020.

General and administrative expenses increased by $1.65 million, or 57.2%, to $4.52 million for the first nine months of 2020 from $2.88 million for the same period of last year. The increases in general and administrative expenses was mainly attributable to the following reasons: (1) the increase in share-based compensation expenses of $1.49 million, due to restricted shares granted and issued in the first fiscal quarter of 2020; and (2) the increase in allowance for doubtful accounts of $0.31 million.

Research and development expenses decreased by $0.16 million, or 26.0%, to $0.44 million for the first nine months of 2020 from $0.60 million for the same period of last year. Research and development expenses accounted for 1.6% of total revenues for the first nine months of 2020, compared to 1.5% for the same period of last year.

Operating
loss

Loss from operations increased by $2.47 million, or 110.3%, to $4.70 million for the first nine months of 2020 from $2.24 million for the same period of last year. Operating loss margin was 17.3% for the first nine months of 2020, compared to 5.7% for the same period of last year.

Other income (expense), net

Total other income was $nil for the first nine months of 2020, compared to $0.31 million for the same period of last year, which was primarily related to change in fair value of warrant liabilities.

Net lossattributable to CNET and loss per share

As a result of the foregoing, net loss attributable to CNET was $4.61 million, or loss per share of $0.22, for the first nine months of 2020. This compared to net loss attributable to CNET of $1.91 million, or loss per share of $0.12, for the same period of last year.

Financial Condition

As of September 30, 2020, the Company had cash and cash equivalents of $0.50 million, compared to $1.60 million as of December 31, 2019. Accounts receivable, net was $2.28 million as of September 30, 2020, compared to $3.26 million as of December 31, 2019. Working capital was $2.35 million as of September 30, 2020, compared to $4.92 million as of December 31, 2019.

Net cash provided by operating activities was $0.60 million for the first nine months of 2020, compared to net cash used in operating activities of $4.06 million for the same period of last year. Net cash used in investing activities was $1.27 million for the first nine months of 2020, compared to $0.80 million for the same period of last year. Net cash used in financing activities was $0.43 million for the first nine months of 2020, compared to net cash provided by financing activities of $1.96 million for the same period of last year.

Recent Developments

Effective October 14, 2020, the Company changed its corporate name change from “ChinaNet Online Holdings, Inc.” to “ZW Data Action Technologies Inc.”

On August 7, 2020, the Company appointed Mr. Charles Chiu to the position of the Company’s Chief Operating Officer and Mr. Mark Li, the current Chief Financial Officer of the Company, to serve as Secretary of the Company. On the same date, Mr. George Chu resigned from the roles of Chief Operating Officer and Secretary of the Company due to personal reasons. Mr. Chu continued to serve as a director of the Board of Directors of the Company.

About
ZW Data Action Technologies Inc.

Established in 2003 and headquartered in Beijing, China, ZW Data Action Technologies Inc. (the “Company”) offers online advertising, precision marketing, data analytics and other value-added services for enterprise clients. Leveraging its fully integrated services platform, proprietary database, and cutting-edge algorithms, ZW Data Action Technologies delivers customized, result-driven business solutions for small and medium-sized enterprise clients in China. The Company also develops blockchain and artificial intelligence enabled web/mobile applications and software solutions for general public, enterprise clients, and government agencies. More information about the Company can be found at: http://www.zdat.com/.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of
ZW Data Action Technologies Inc.
, which can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including business uncertainties relating to government regulation of our industry, market demand, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based
on
ZW Data Action Technologies
current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting
ZW Data Action Technologies
will be those anticipated by
ZW Data Action Technologies
. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements.
ZW Data Action Technologies
undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

For more information, please contact:

Sherry Zheng
Weitian Group LLC
Email: [email protected]
Phone: +1 718-213-7386



ZW DATA ACTION TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEET S (In thousands, except for number of shares and per share data)

	September 30, 20 20		December 31, 201 9
	(US $)		(US $)
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	500	$	1,603
Accounts receivable, net of allowance for doubtful accounts of $3,996 and
$3,148, respectively		2,282		3,260
Prepayment and deposit to suppliers		6,301		6,980
Due from related parties, net		58		81
Other current assets, net		961		11
Total current assets		10,102		11,935

Long-term investments		64		35
Operating lease right-of-use assets		4		12
Property and equipment, net		74		78
Intangible assets, net		1,288		1,899
Blockchain platform applications development costs		4,189		3,879
Long-term prepayments		474		–
Deferred tax assets, net		815		713
Total Assets	$	17,010	$	18,551

Liabilities and Equity
Current liabilities:
Short-term bank loan	$	–	$	430
Accounts payable		552		408
Advance from customers		2,822		2,006
Accrued payroll and other accruals		442		491
Taxes payable		3,290		3,214
Lease payment liability related to short-term leases		222		136
Other current liabilities		325		221
Warrant liabilities		103		107
Total current liabilities		7,756		7,013

Long-term liabilities :
Long-term borrowing from a director		129			125
Total Liabilities		7,885			7,138

Commitments and contingencies

Equity:
ZW Data Action Technologies Inc.’s stockholders’ equity
Common stock (US$0.001 par value; authorized 50,000,000 shares; issued and
outstanding 21,741,926 shares and 19,629,403 shares at September 30, 2020 and December 31, 2019, respectively)		22			20
Additional paid-in capital		45,569			43,111
Statutory reserves		2,607			2,607
Accumulated deficit		(40,384	)		(35,773	)
Accumulated other comprehensive income		1,371			1,505
Total ZW Data Action Technologies Inc.’s stockholders’ equity		9,185			11,470

Noncontrolling interests		(60	)		(57	)
Total equity		9,125			1 1,413

Total Liabilities and Equity	$	17,010		$	18,551

ZW DATA ACTION TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except for number of shares and per share data)

	Nine Months Ended September 30,						Three Months Ended September 30,
		20 20			201 9			20 20			20 19
	(US $)			(US $)			(US $)			(US $)
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenues
From unrelated parties	$	27,086		$	39,025		$	12,300		$	15,113
From a related party		18			503			4			395
Total revenues		27,104			39,528			12,304			15,508
Cost of revenues		26,548			37,828			12,945			14,616
Gross profit/(loss)		556			1,700			(641	)		892

Operating expenses
Sales and marketing expenses		293			461			58			111
General and administrative expenses		4,520			2,875			592			817
Research and development expenses		443			599			113			239
Total operating expenses		5,256			3,935			763			1,167

Loss from operations		( 4,700	)		(2,235	)		( 1,404	)		( 275	)

Other income (expenses)
Interest expense, net		–			(33	)		1			(10	)
Other expenses		(4	)		(6	)		(21	)		(2	)
Change in fair value of warrant liabilities		4			351			(64	)		(120	)
Total other income		–			312			(84	)		(132	)

Loss before income tax benefit and noncontrolling interests		( 4,700	)		( 1,923	)		( 1,488	)		( 407	)
Income tax benefit		87			10			155			16
Net loss		( 4,613	)		( 1,913	)		( 1,333	)		(391	)
Net loss attributable to noncontrolling interests		2			8			–			3
Net loss attributable to ZW Data Action Technologies Inc.	$	( 4,611	)	$	( 1,905	)	$	( 1,333	)	$	( 388	)

Net loss	$	(4,613	)	$	(1,913	)	$	(1,333	)	$	(391	)
Foreign currency translation (loss)/gain		(135	)		97			(203	)		73
Comprehensive loss	$	( 4,748	)	$	( 1,816	)	$	( 1,536	)	$	( 318	)
Comprehensive loss attributable to noncontrolling interests		3			6			2			1
Comprehensive loss attributable to ZW Data Action Technologies Inc.	$	(4,745	)	$	(1,810	)	$	(1,534	)	$	(317	)

Loss per share
Loss per common share
Basic and diluted	$	(0.22	)	$	(0.12	)	$	(0.06	)	$	(0.02	)

Weighted average number of common shares outstanding:
Basic and diluted		21,271,301			16,447,233			21,720,259			16,517,440

ZW DATA ACTION TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Nine Months Ended September 30,
	2020				2019
	(US $)				(US $)
	(Unaudited)				(Unaudited)
Cash flows from operating activities
Net loss	$	(4,613	)		$	(1,913	)
Adjustments to reconcile net loss to net cash provided by /( used in) operating activities
Depreciation and amortization		622				66
Amortization of operating lease right-of-use assets		7		–		88
Share-based compensation expenses		2,066				307
Provision for allowances for doubtful accounts		751				445
Deferred taxes		(87	)			(10	)
Change in fair value of warrant liabilities		(4	)			(351	)
Changes in operating assets and liabilities
Accounts receivable		254				(289	)
Prepayment and deposit to suppliers		1,077				(5,191	)
Due from related parties		24				226
Other current assets		(5	)			11
Long-term prepayments		(375	)			–
Accounts payable		137				(1,946	)
Advance from customers		754				4,151
Advance from a customer, related		–				9
Accrued payroll and other accruals		(55	)			(242	)
Lease payment liability related to short-term leases		81				180
Other current liabilities		(38	)			291
Taxes payable		8				123
Prepaid lease payment		(9	)			(10	)
Net cash provided by /( used in) operating activities		5 9 5				(4,055	)

Cash flows from investing activities
Investment to investee entities		(27	)			(36	)
Short-term loan to an unrelated party		(944	)			–
Payment for blockchain platform applications development costs		(302	)			–
Prepayment for software system development		–				(760	)
Net cash used in investing activities		(1,273	)			(796	)

Cash flows from financing activities
Proceeds from issuance of common stock (net of cash offering cost of US$8)		–				2,393
Proceeds from short-term bank loan		–				438
Repayment of short-term bank loan		(429	)			(875	)
Net cash ( used in)/provided by financing activities		(429	)			1,956

Effect of exchange rate fluctuation		4				(10	)

Net decrease in cash and cash equivalents		(1, 10 3	)			(2,905	)

Cash and cash equivalents at beginning of the period		1,603				3,742
Cash and cash equivalents at end of the period	$	500			$	837

Supplemental disclosure of cash flow information

Income taxes paid	$	–			$	–
Interest expense paid	$	2			$	36

November 13, 2020 4:33 pm

New Senior Provides Update for NAREIT REITworld 2020 Investor Conference

New Senior Provides Update for NAREIT REITworld 2020 Investor Conference

NEW YORK–(BUSINESS WIRE)–
New Senior Investment Group Inc. (“New Senior” or the “Company”) (NYSE: SNR) announced today that management will participate in the NAREIT REITworld 2020 Investor Conference. The conference is scheduled for November 17 – 19, 2020. New Senior is also providing the below updates:

New Senior’s operators finalized October ending occupancy after the Company reported its third quarter 2020 earnings results. Occupancy for October 2020 ended the month at 83.1%, down 20bps month-over-month, outperforming the preliminary estimate of down 40bps provided in conjunction with third quarter 2020 earnings on October 30, 2020. The outperformance was driven by strong move-in volume over the last several days of the month, which exceeded expectations.

In addition, NAREIT recently named its 2021 Leadership Team, effective November 1, 2020. New Senior’s CEO & President Susan Givens has been elected as a member of the 2021 Executive Board.

ABOUT NEW SENIOR

New Senior Investment Group Inc. (NYSE: SNR) is a publicly-traded real estate investment trust with a diversified portfolio of senior housing properties located across the United States. New Senior is one of the largest owners of senior housing properties, with 103 properties across 36 states. More information about New Senior can be found at www.newseniorinv.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201113005682/en/

Jane Ryu, (646) 822-3700

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Construction & Property Residential Building & Real Estate

MEDIA:

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November 13, 2020 4:33 pm

USA Compression Partners, LP to Participate in 2020 RBC Capital Markets Midstream and Energy Infrastructure Virtual Conference

USA Compression Partners, LP to Participate in 2020 RBC Capital Markets Midstream and Energy Infrastructure Virtual Conference

AUSTIN, Texas–(BUSINESS WIRE)–
USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its senior management will participate in the 2020 RBC Capital Markets Midstream and Energy Infrastructure Virtual Conference. Senior management expects to participate in a series of virtual meetings with members of the investment community on November 18 and 19, and presentation materials used during these meetings will be posted to USA Compression’s website prior to the investor meetings. Please visit the Investor Relations section of the website at usacompression.com under “Presentations.”

About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201113005676/en/

USA Compression Partners, LP

Matthew Liuzzi, CFO

(512) 369-1624

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Energy Utilities Oil/Gas

MEDIA:

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November 13, 2020 4:33 pm

Western Asset Corporate Loan Fund Inc. Announces Results of Special Meeting of Stockholders: Proposal to Liquidate and Dissolve the Fund Is Approved

Western Asset Corporate Loan Fund Inc. Announces Results of Special Meeting of Stockholders: Proposal to Liquidate and Dissolve the Fund Is Approved

NEW YORK–(BUSINESS WIRE)–
Western Asset Corporate Loan Fund Inc. (the “Fund”) (NYSE: TLI) announced today the results of the votes cast at the special meeting of stockholders held on November 13, 2020.

Stockholders voted to approve the liquidation and dissolution of the Fund pursuant to the Plan of Liquidation and Dissolution adopted by the Board of Directors of the Fund.

It is expected that the effective date of the liquidation will be November 20, 2020 and the transfer agent will close the books of the Fund on that date (the “Liquidation Date”). The proportionate interests of stockholders in the assets of the Fund will be fixed on the basis of their respective holdings at the close of business on the Liquidation Date. The Fund expects its last trading day on the New York Stock Exchange (“NYSE”) to be on or about November 20, 2020. As such, it is expected that prior to the opening of business on November 23, 2020, the Fund will cease trading on the NYSE. The Fund will then liquidate and distribute its remaining net assets on or about November 30, 2020.

The Fund’s scheduled November distribution previously announced on August 19, 2020 will be paid to stockholders on or about November 30, 2020. The November 20, 2020 record date for such distribution remains the same.

Western Asset Corporate Loan Fund Inc. is a non-diversified, closed-end management investment company that is advised by Legg Mason Partners Fund Advisor, LLC (“LMPFA”), an indirect wholly owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”), and is sub-advised by Western Asset Management Company, LLC, an affiliate of LMPFA and an indirect wholly-owned subsidiary of Franklin Resources.

Contact the Fund at 1-888-777-0102 for additional information, or consult the Fund’s web site at www.lmcef.com.

Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund.

Category: Fund Announcement

Source: Franklin Templeton

View source version on businesswire.com: https://www.businesswire.com/news/home/20201113005562/en/

Fund Investor Services, 1-888-777-0102

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

November 13, 2020 4:33 pm

Atrion Corporation Declares Quarterly Cash Dividend

ALLEN, Texas, Nov. 13, 2020 (GLOBE NEWSWIRE) — Atrion Corporation (NASDAQ: ATRI) today announced that its Board of Directors declared a quarterly dividend of $1.75 per share on its outstanding shares of Common Stock. This dividend will be payable on December 15, 2020 to stockholders of record at the close of business on December 1, 2020.

Atrion Corporation develops and manufactures products primarily for medical applications. The Company’s website is www.atrioncorp.com.

Contact:
Jeffery Strickland
Vice President and Chief Financial Officer
(972) 390-9800

November 13, 2020 4:33 pm

Western Asset Variable Rate Strategic Fund Inc. Announces Results of Special Meeting of Stockholders: Proposal to Liquidate and Dissolve the Fund is Approved

Western Asset Variable Rate Strategic Fund Inc. Announces Results of Special Meeting of Stockholders: Proposal to Liquidate and Dissolve the Fund is Approved

NEW YORK–(BUSINESS WIRE)–
Western Asset Variable Rate Strategic Fund Inc. (the “Fund”) (NYSE: GFY) announced today the results of the votes cast at the special meeting of stockholders held on November 13, 2020.

Stockholders voted to approve the liquidation and dissolution of the Fund pursuant to the Plan of Liquidation and Dissolution adopted by the Board of Directors of the Fund.

Western Asset Variable Rate Strategic Fund Inc. is a non-diversified, closed-end management investment company that is advised by Legg Mason Partners Fund Advisor, LLC (“LMPFA”), an indirect wholly owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”), and is sub-advised by Western Asset Management Company, LLC, Western Asset Management Company Limited and Western Asset Management Company Pte. Ltd., affiliates of LMPFA and indirect wholly-owned subsidiaries of Franklin Resources.

Contact the Fund at 1-888-777-0102 for additional information or consult the Fund’s web site at www.lmcef.com.

Data and commentary provided in this press release are for informational purposes only. Franklin Resources and its affiliates do not engage in selling shares of the Fund.

Category: Fund Announcement

View source version on businesswire.com: https://www.businesswire.com/news/home/20201113005558/en/

Fund Investor Services-1-888-777-0102

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

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November 13, 2020 4:28 pm

HUGO BOSS to present at the dbVIC – Deutsche Bank ADR Virtual Investor Conference on 19 November 2020

Company invites individual and institutional investors, as well as advisors, to attend interactive, real-time virtual event

PR Newswire

METZINGEN, Germany, Nov. 13, 2020 /PRNewswire/ — HUGO BOSS (OTCQX: BOSSY) based in Metzingen, and focused on developing and selling high-quality fashion as well as accessories in the womenswear and menswear segments under the BOSS and HUGO brands, today announced that Frank Böhme, Senior Investor Relations Manager will present at the dbVIC – Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference on November 19. This virtual investor conference is aimed exclusively at introducing global companies with ADR programs to investors.

DATE:	November 19, 2020
TIME:	10:30 – 11:00 AM ET
LINK:	https://bit.ly/3jNDfgr

This will be a live, interactive online event where investors are invited to ask the company questions in real-time – both in the presentation hall as well as the organization’s “virtual trade booth.” If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

Participation is free of charge.

About HUGO BOSS

As a global fashion and lifestyle company in the premium segment, HUGO BOSS, with its approximately 14,600 employees, is one of the leaders in offering high-quality women’s and men’s apparel. The collections of its two brands BOSS and HUGO seek to offer customers a comprehensive selection of modern tailoring, elegant evening wear, casualwear, shoes and accessories. In addition, license income is generated from products such as fragrances, eyewear, watches and children’s fashion. Sustainably increasing brand desirability is at the forefront of all Group activities and is the focus of the Group’s strategic framework. In 2019, the company based in Metzingen (Germany) generated sales of EUR 2.9 billion.

About Virtual Investor Conferences^SMVirtual Investor Conferences is the leading proprietary investor conference series that provides an interactive forum for publicly-traded companies to meet and present directly with investors.

A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group’s suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.

View original content:http://www.prnewswire.com/news-releases/hugo-boss-to-present-at-the-dbvic—deutsche-bank-adr-virtual-investor-conference-on-19-november-2020-301172984.html

SOURCE dbVIC – Deutsche Bank Depositary Receipts Virtual Investor Conference

November 13, 2020 4:28 pm

Tandy Leather Factory Reports Certain 3rd Quarter Operating Results and Related Information

FORT WORTH, Texas, Nov. 13, 2020 (GLOBE NEWSWIRE) — Tandy Leather Factory, Inc. (Pink: TLFA) today reported certain financial result information for its third fiscal quarter, ended September 30, 2020. Sales are still preliminary but were approximately $15.8 million, a decrease of 3.1% compared to prior year’s $16.3 million. As of September 30, 2020, the Company had $0.4 million of debt and $10.1 million of cash and cash equivalents.

Commenting on these preliminary results, Janet Carr, Chief Executive Officer, said, “We were pleased with our third quarter sales performance following the shutdown of our entire store fleet from COVID-19 in Q2. In the third quarter, we were able to reopen substantially all of our remaining store fleet after the permanent closure of 8 stores. Strong web sales continued in Q3, even as stores have reopened. Total sales growth improved through the quarter with positive year-over-year growth in September and continuing through October. While the future remains hard to predict in the current economic climate and with COVID-19 case rates rising again, we have confidence in the overall trajectory of the business.”

The Company continues to undergo a financial accounting restatement of the information presented in its Form 10-K for fiscal year 2018, and as a result is still completing its financial statement audits for fiscal year 2019 and the first three quarters of fiscal 2020. This includes the Company’s Quarterly Report on Form 10-Q for the third quarter, which the Company expects to file together with its restated and other outstanding filings. Until then, the Company is not in a position to provide detailed financial information beyond its sales and cash balance. The Company also confirmed that Nasdaq’s decision to de-list the Company’s common stock from the Nasdaq Global Market was upheld upon appeal; the Company intends to apply to re-list its common stock on Nasdaq following the filing of all of its outstanding reports with the SEC.

Ms. Carr added, “We are looking forward to the completion of the audit of our restated financials, our re-listing on the Nasdaq, and a return to a regular, fulsome discussion of our financial results with investors. During this period, and despite the distraction and economic environment, we have made significant progress on our consumer-facing initiatives, implemented new, comprehensive systems improvements, launched a new web platform and centralized ecommerce fulfillment capability and substantially increased digital marketing, and made other investments in building the foundation for our long-term growth.”

Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 105 North American stores located in 40 US states and 6 Canadian provinces, and one store located in Spain. Its common stock trades over-the-counter “pink sheets” with the symbol “TLFA”. To be included on Tandy Leather Factory’s email distribution list, go to: http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.

Contact: Steve Swank, Tandy Leather Factory, Inc. (817) 872-3200 or [email protected]

This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations
; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

November 13, 2020 4:24 pm

JPMorgan Chase Declares Preferred Stock Dividends

JPMorgan Chase Declares Preferred Stock Dividends

NEW YORK–(BUSINESS WIRE)–
JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) has declared dividends on the outstanding shares of the Firm’s Series V preferred stock. Information can be found on the Firm’s Investor Relations website at jpmorganchase.com/press-releases.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201113005694/en/

Investor Contact:

Jason Scott

212-270-2479

Media Contact:

Joseph Evangelisti

212-270-7438

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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November 13, 2020 4:23 pm

voxeljet Receives Follow-Up Order for its New High-Speed 3D Printer VJET X for a Premium German Car Maker: This Order Reaffirms the Company’s Message, That its New 3D Printers Are Making High-Volume Industrial Production Possible and Cost Efficient

voxeljet Receives Follow-Up Order for its New High-Speed 3D Printer VJET X for a Premium German Car Maker: This Order Reaffirms the Company’s Message, That its New 3D Printers Are Making High-Volume Industrial Production Possible and Cost Efficient

News highlights

Three additional VJET X high-speed 3D printers were ordered recently: 1 VJET X unit in August 2020 and 2 VJET X units in September 2020

The follow-up order comes as part of a frame contract concluded in 2018 between voxeljet, its partners and a leading German car maker. The first two VJET X units were ordered mid-2018. This follow-up order brings the current total to 5 VJET X units for this OEM

The follow-up order reaffirms voxeljet’s message that its new 3D printers are making additive, serial production possible and cost efficient

VJET X 3D printers are 10x faster than previous models, which results in a layering speed close to 5 seconds and are integrated into fully automated postprocessing solutions

The 3D printers use an environmentally friendly inorganic binder system for zero emissions during core printing, storage and when using the sand cores in the casting process

FRIEDBERG, Germany–(BUSINESS WIRE)–
voxeljet AG (NASDAQ: VJET) (the “Company”, or “voxeljet”), a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, today announced that it received the follow-up order for three additional units of its new high-speed 3D printer VJET X over the last two months. VJET X 3D printers are made for industrial production: they are 10x faster than previous models and integrated into fully automated postprocessing solutions. The follow-up order comes as part of a frame contract concluded in 2018 between voxeljet, its partners and a leading German car maker.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201113005466/en/

VJET X 3D Printer (Photo: Business Wire)

This follow-up order is a significant milestone in VJETs mission to bring 3D printing into high-volume, industrial production and reaffirms the Company’s message that its new 3D printers are making high volume industial production possible and cost efficient.

Dr. Ingo Ederer, founder and CEO of voxeljet commented: “With this order we reached a significant milestone in our mission to bring 3D printing into high-volume industrial production. This is extremely exciting, as it not only highlights the significance of our technology, but also the confidence this leading German car maker has in the new solution and the players behind it. Together with our partners, we can today offer a solution for the mass production of complex sand cores for light metal parts at, what we believe to be, a fraction of the costs as compared to other players in the additive manufacturing industry. With the new environmental-friendly binder system, there are zero emissions during the casting of the sand cores. The casted, complex light-metal parts can have superior characteristics, such as less weight and new features, and can ultimately help to reduce CO2 emissions substantially.”

About voxeljet

voxeljet’ s (NASDAQ: VJET) roots reach back to the year 1995 with the first successful dosing of UV-resins. In the context of a “hidden” project, initial 3D-printing tests are performed at the Technical University Munich. Our company was founded on May 5, 1999 as a spin-off from TUM in Munich with a clear vision in mind: to establish a new manufacturing standard by developing new generative processes for the series-production of complex components using 3D printing. In the beginning, operations are launched with four employees at the TUM. Today, we are a globally acting, leading provider of high-speed, large-format 3D printers and on-demand 3D printed parts to industrial and commercial customers. Components manufactured with the help of our technology are flying in space, make mobility more efficient and the production of new engineering solutions possible. For more information, visit www.voxeljet.com.

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements concerning our business, operations and financial performance. Any statements that are not of historical facts may be deemed to be forward-looking statements. You can identify these forward-looking statements by words such as ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other similar expressions that convey uncertainty of future events or outcomes. Forward-looking statements include statements regarding our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations concerning, among other things, our results of operations, financial condition, business outlook, the potential application of new technology and new materials and their impact on future business, the industry in which we operate and the trends that may affect the industry or us. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance. All of our forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are in some cases beyond our control and that may cause our actual results to differ materially from our expectations, including those risks identified under the caption “Risk Factors” in the Company’s Annual Report on Form 20-F and in other reports the Company files with the U.S. Securities and Exchange Commission. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201113005466/en/

Investors and Media

Johannes Pesch

Director Investor Relations and Business Development

[email protected]

Office: +49 821 7483172

Mobile: +49 176 45398316

KEYWORDS: Germany Europe

INDUSTRY KEYWORDS: Electronic Design Automation Engineering Automotive Manufacturing Technology Manufacturing Hardware

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VJET X 3D Printer (Photo: Business Wire)