Market Newsdesk

OAKLAND, Calif. and TORONTO, Nov. 12, 2020 /PRNewswire/ – Harborside Inc. (“Harborside”, or the “Company”) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, announced today that it will report its results for its third quarter ending September 30, 2020 (“Q3 2020”) on Tuesday, November 17, 2020.

For the latest news, activities, and media coverage, please visit the Harborside corporate website at http://www.investharborside.com or connect with us on LinkedIn, Facebook, and Twitter.

About Harborside:
Harborside Inc. is one of the oldest and most respected cannabis retailers in California, operating three of the major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California’s only cannabis drive-thru window, a dispensary in Oregon and a cultivation/production facility in Salinas, California. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. Co-founded by Steve DeAngelo and dress wedding in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States and today holds cannabis licenses for retail, distribution, cultivation, nursery and manufacturing. Harborside is currently a publicly listed company on the CSE trading under the ticker symbol “HBOR”. Additional information regarding Harborside is available under Harborside’s SEDAR profile at www.sedar.com.

Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, among other things, statements with respect to the Closing of the Acquisition, the timing for Closing of the Acquisition, the purchase of the Subsequent Shares and the Remaining Shares, receipt of necessary regulatory approvals (including the approval of the CSE of the proposed transaction and any new insiders) and the Company’s corporate strategy moving forward.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: implications of the COVID-19 pandemic on the Company’s operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the California cannabis market and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in the State of California; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where the Company operates permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Listing Statement dated May 30, 2019 and in the Company’s management’s discussion and analysis for the period ended June 30, 2020, filed under the Company’s profile on SEDAR at www.sedar.com.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Harborside Inc.

SAN DIEGO, Nov. 12, 2020 /PRNewswire/ — Green energy technology company Nuvve Corporation (“Nuvve”), the global leader in vehicle-to-grid (V2G) technology, and Newborn Acquisition Corp. (“Newborn”) (NASDAQ:NBAC, NBACU, NBACR, NBACW) a publicly traded special purpose acquisition company with approximately $57.5 million of cash in trust, today announced the signing of a definitive merger agreement to take Nuvve public. The companies today also announced the signing of definitive purchase agreements with institutional investors for the investment of approximately $18 million in the combined company through a PIPE and bridge financing. Upon closing of the business combination, the combined company will be named Nuvve Holding Corp. (“Nuvve Holding”) and is expected to remain listed on Nasdaq under the ticker symbol “NVVE”.

Nuvve’s proprietary V2G technology enables it to link multiple electric vehicle (EV) batteries into a virtual power plant (VPP) to provide bi-directional services to the electrical grid in a qualified and secure manner. The VPP can generate revenue by selling excess power to utility companies or utilizing the saved power to reduce building energy peak consumption.

Gregory Poilasne, CEO and Chairman of Nuvve Corporation, stated, “Since our founding in 2010, Nuvve has successfully delivered its patented and proprietary vehicle-to-grid technology and services to fleet customers, grid operators, electric utilities and other stakeholders around the world. We have likewise partnered and integrated with multiple automotive manufacturers and electric utilities worldwide to enable adoption of V2G technology. To date, Nuvve is the only company in the world qualified with several system operators to commercially provide V2G grid flexibility services to electric utilities and system operators from batteries of electric vehicles.”

Nuvve holds a global portfolio of key V2G technology patents covering bi-directional capabilities and grid services with aggregated electric vehicles and has continued to build on its intellectual property portfolio by advancing V2G technology with commercial EV fleet deployments with both light-duty and heavy-duty vehicles.

Nuvve’s most established commercial operation is in Denmark, where it has provided V2G services for more than 4 years with daily bidding on energy markets. Following recent announcements with leading OEMs in the North American electric school bus segment, Nuvve is further developing its offerings by combining its turnkey V2G solutions with finance packages to customers, including equipment financing, V2G services, infrastructure and maintenance operations. Independent industry analysts have projected the global V2G technology market to be worth over $17 billion by 2027.

Mr. Poilasne added, “The rapid adoption of EV is driving the need for vehicle-grid integration, which are your more common one-way electric charging stations. While Nuvve is able to manage this one-way vehicle-grid integration, we believe that the integration of bi-directional vehicle-to-grid capabilities will help to stabilize the grid and reduce the overall cost of EV ownership, which will be critical to long-term EV adoption. The Nuvve system has successfully lowered the cost of electric vehicle ownership, while supporting the integration of renewable energy for a scalable and sustainable green society. We look forward to leveraging this business combination to accelerate the commercialization of Nuvve’s technology.”

The combined company will be led by Nuvve’s experienced management team, headed by Co-Founder and CEO Gregory Poilasne. Mr. Poilasne will remain on the combined company’s Board of Directors along with current Nuvve COO, Ted Smith.

Transaction Overview

Newborn is combining with Nuvve at a transaction value of approximately $102 million, subject to closing adjustments. As consideration for the business combination, 10.17 million shares will be issued or reserved for issuance to existing Nuvve stockholders and option holders, based on a value of $10.00 per share.

In connection with the business combination, Newborn has signed definitive agreements for the sale of approximately $14 million in equity to institutional investors in a PIPE. The PIPE investors will acquire Nuvve Holding shares at $10.00 per share. For each share bought, the PIPE investors will receive 1.9 warrants; each whole warrant is exercisable for ½ of a Nuvve Holding share. The warrants are exercisable at $11.50 per whole share and have terms identical to the warrants that were sold as part of Newborn’s IPO. Nuvve also completed a $4 million bridge financing with an institutional investor in connection with the business combination. The investor in the bridge financing received a senior secured convertible debenture that will convert into equity immediately prior to the closing of the business combination.

Upon the closing of the transactions, assuming no redemptions by Newborn shareholders, the resulting pro forma equity value of the combined company will be approximately $202 million. Pro forma net cash available to Nuvve at closing after estimated fees and expenses is expected to be approximately $70 million, made up of approximately $57.5 million in Newborn’s trust account (assuming no redemptions), net proceeds of $18 million PIPE and bridge financing, and cash on Nuvve’s balance sheet. Assuming no debt outstanding, the combined company’s pro forma enterprise value is expected to be approximately $132 million. Proceeds from the transaction will be used for general working capital, growth purposes and retirement of 0.6 million shares from legacy Nuvve shareholders.   

Existing Nuvve stockholders have agreed to a one-year lock-up from merger close, subject to a partial release if after the 6 month anniversary of the merger close the VWAP of the Nuvve Holding shares is at or above $12.50 for 20 out of any 30 consecutive trading days. Existing Nuvve stockholders will also be entitled to receive an earnout of 4 million newly issued Nuvve Holding shares if Nuvve’s 2021 revenue exceeds $30 million as reported in its 2021 audited financial statements.

In connection with the business combination, Newborn will reincorporate to Delaware from the Cayman Islands.

The boards of directors of both Newborn and Nuvve have unanimously approved the proposed business combination. The closing is subject to the approval of the stockholders of both Newborn and Nuvve and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. It is currently anticipated that the business combination will close in the first quarter of 2021.

Additional information about the proposed business combination, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Newborn today, November 12^th, 2020, with the Securities and Exchange Commission and available at www.sec.gov. The investor presentation can also be found on Nuvve’s investor website at https://nuvve.com/investors/.

Advisors

Craig-Hallum Capital Group is acting as sole placement agent and M&A advisor on the transactions. Roth Capital Partners is acting as capital markets advisor to Newborn. Graubard Miller is serving as legal counsel for Nuvve. Loeb & Loeb LLP is serving as legal advisor to Newborn.

Conference call information

Nuvve and Newborn will hold a joint investor conference call to discuss the proposed transactions on Thursday, November 12, 2020 at 9:00am ET. To listen to the call via conference call dial 877-270-2148 for domestic callers and 412-902-6510 for international callers.

The investor conference call may also be accessed via a live webcast. To view the webcast, please follow this link. During the call, the presenters will be reviewing an investor presentation, which will be available on Nuvve’s website and filed with the SEC as an exhibit to Newborn’s Current Report on Form 8-K prior to the call, and available on the SEC website at www.sec.gov.  

About Nuvve Corporation

Nuvve Corporation is a San Diego-based green energy technology company whose mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. Its proprietary vehicle-to-grid (V2G) technology – Nuvve’s Grid Integrated Vehicle (GIVe™) platform – is refuelling the next generation of electric vehicle fleets through cutting-edge, bidirectional charging solutions. Since its founding in 2010, Nuvve has been responsible for successful V2G projects on five continents and is deploying commercial services worldwide. For more information please visit www.nuvve.com.

About Newborn Acquisition Corp.

Newborn Acquisition Corp. is a blank check company, holding approximately $57.5 million in its trust account, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

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, 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 between Newborn and Nuvve, Newborn and Nuvve’s ability to consummate the transactions, the benefits of the transactions and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Newborn and Nuvve disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Newborn and Nuvve caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either Newborn or Nuvve. In addition, Newborn cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the agreements related thereto; (ii) the outcome of any legal proceedings that may be instituted against Newborn or Nuvve following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the shareholders of Newborn, or other conditions to closing in the merger agreement; (iv) the risk that the proposed business combination disrupts Nuvve’s current plans and operations as a result of the announcement of the transactions; (v) Nuvve’s ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of Nuvve to grow and manage growth profitably following the business combination; (vi) costs related to the business combination; (vii) risks related to the rollout of Nuvve’s business and the timing of expected business milestones; (viii) Nuvve’s dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (ix) Nuvve’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Nuvve’s accounting staffing levels; (x) Nuvve’s current dependence on sales of charging stations for most of its revenues; (xi) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (xii) potential adverse effects on Nuvve’s revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (xiii) the effects of competition on Nuvve’s future business; (xiv) risks related to Nuvve’s dependence on its intellectual property and the risk that Nuvve’s technology could have undetected defects or errors; (xv) changes in applicable laws or regulations; (xvi) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xvii) risks related to disruption of management time from ongoing business operations due to the proposed business combination; (xvii) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; and (xix) the possibility that Nuvve may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Newborn has filed and will file from time to time with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Newborn’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

Important Information and Where to Find it

In connection with the proposed business combination, Nuvve Holdings, as the successor to Newborn, will file a registration statement on Form S-4 (the “Form S-4”) with the SEC. The Form S-4 will include a preliminary proxy statement/prospectus of Newborn and Nuvve Holdings, which Newborn will file with the SEC as a proxy statement on Schedule 14A, for the solicitation of proxies from Newborn’s shareholders and for the offering of Nuvve Holdings’ securities to the security holders of Newborn and Nuvve in the business combination. Additionally, Newborn and Nuvve Holdings will file other relevant materials with the SEC in connection with the business combination. Copies may be obtained free of charge at the SEC’s web site at www.sec.gov. The definitive proxy statement/prospectus will be mailed to Newborn shareholders as of a record date to be established for voting on the proposed business combination. Investors and security holders of Newborn are urged to read the proxy statement/prospectus and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. 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

Newborn and its directors and officers may be deemed participants in the solicitation of proxies of Newborn’s shareholders in connection with the proposed business combination. Nuvve and its officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Newborn’s executive officers and directors in the solicitation by reading Newborn’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Newborn’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/prospectus relating to the business combination when it becomes available.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.

Nuvve Press Contact:

Marc Trahand, EVP Marketing
[email protected] 
+1 858 250 9740

Nuvve Investor Relations:

Lytham Partners, LLC
602-889-9700
[email protected]

 

SOURCE Newborn Acquisition Corp.; Nuvve Corporation

SINGAPORE, Nov. 12, 2020 /PRNewswire/ — Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN) (“Maxeon” or “the Company”), a global leader in solar innovation, today announced that it will release its third quarter 2020 financial results on November 19, 2020.

The earnings press release and supplemental financial information will be available on the Investor Relations section of Maxeon’s website at: https://www.maxeon.com/investor-relations. The Company will also hold a conference call on November 19, 2020, at 6:00 PM U.S. ET / November 20, 2020, at 7:00 AM Singapore Time, to discuss results and to provide an update on the business. Conference call details are below:

Dial-in:

North America (toll-free): 1-833-301-1154
International: 1-914-987-7395
Conference ID: 6558996

A simultaneous webcast of the conference call will also be available on Maxeon’s website at https://www.maxeon.com/events-and-presentations.

Listeners should dial in or log on approximately 10 minutes in advance. A replay will be available online within 24 hours after the event.

A replay of the conference call is also available by phone at the following numbers until November 26, 2020. To access the replay, please reference the following numbers:

North America (toll-free): 1-855-859-2056 / 1-404-537-3406
International: 1-800-585-8367
Conference ID: 6558996

Abo
ut Maxeon Solar Technologies
Maxeon Solar Technologies (NASDAQ: MAXN) is Powering Positive Change™. Headquartered in Singapore, Maxeon designs and sells SunPower® brand solar panels across more than 100 countries and is the leader in solar innovation with access to over 900 patents and two best-in-class solar panel product lines. With operations in Africa, Asia, Oceania, Europe and Mexico, Maxeon products span the global rooftop and solar power plant markets through a network of more than 1,100 trusted partners and distributors. A pioneer in sustainable solar manufacturing, Maxeon leverages a 35-year history in the solar industry and numerous awards for its technology. For more information about how Maxeon is Powering Positive Change™ visit us at www.maxeon.com, on LinkedIn and on Twitter @maxeonsolar.

© 2020 Maxeon Solar Technologies, Ltd. All Rights Reserved. MAXEON is a registered trademark of Maxeon Solar Technologies, Ltd. Visit www.maxeon.com/trademarks for more information.

 

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SOURCE Maxeon Solar Technologies, Ltd.

SAN CARLOS, Calif., Nov. 12, 2020 /PRNewswire/ — Natera, Inc. (NASDAQ: NTRA), a pioneer and global leader in cell-free DNA testing, today announced it will webcast a live presentation at the Canaccord Genuity Virtual MedTech & Diagnostics Forum on Thursday, November 19, 2020, at 1:30 p.m. PT (4:30 p.m. ET).

Mike Brophy, Chief Financial Officer, will discuss Natera’s latest developments and business activities.

Access to the live webcast and subsequent archived presentation will be available at investor.natera.com.

About Natera


Natera
 is a pioneer and global leader in cell-free DNA testing. The mission of the company is to change the management of disease worldwide with a focus on women’s health, oncology, and organ health. Natera operates an ISO 13485-certified and CAP-accredited laboratory certified under the Clinical Laboratory Improvement Amendments (CLIA) in San Carlos, California. It offers proprietary genetic testing services to inform obstetricians, transplant physicians, oncologists, and cancer researchers, including biopharmaceutical companies, and genetic laboratories through its cloud-based software platform. For more information, visit natera.com. Follow Natera on LinkedIn. 

Contacts
Investor Relations: Mike Brophy, CFO, Natera, Inc., 510-826-2350
Media: Paul Greenland, VP of Corporate Marketing, Natera, Inc., [email protected]

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SOURCE Natera, Inc.

LEXINGTON, Mass., Nov. 12, 2020 /PRNewswire/ — Pulmatrix, Inc. (NASDAQ: PULM), a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE™ technology, today reports its Q3 2020 financial results and provides a business update.

“Our efforts this quarter have enabled Pulmatrix to emerge with a focused clinical strategy that leverages our iSPERSE™ formulated candidates to address both respiratory and non-respiratory indications,” said Ted Raad, Chief Executive Officer of Pulmatrix. “We look forward to 2021 as we plan to progress all of our programs. PUR1800 is planned to begin a clinical trial in early 2021, moving us closer to a potential licensing agreement with J&J for development and commercialization in lung cancer. We are also pleased to advance our first non-respiratory program in acute migraine and believe our inhaled iSPERSE™ formulation may be uniquely suited to address the significant unmet need in the growing migraine market. In addition, after a planned Type-C meeting with the FDA in early 2021, we plan to finalize the protocol for a more impactful Pulmazole Phase 2b study in asthma patients with allergic bronchopulmonary aspergillosis that will include a longer study duration and potential Phase 3 enabling efficacy endpoints.”

Key Highlights and Development Updates

• Announced in October the commercial launch of FEND with our partner Sensory Cloud. FEND is an OTC nasal hygiene product that is comprised of proprietary Pulmatrix NasoCalm formulations (PUR003 and PUR006) of sodium chloride and calcium chloride salts licensed from Pulmatrix. It is designed to provide, among other potential benefits, an ability to suppress the exhalation of droplets of airway lining fluid, which can transmit airborne infection. Commercial launch provided immediate, broad availability of FEND, with Pulmatrix to receive escalating royalties from worldwide revenues on product sales.
• Pulmatrix anticipates initiating its Phase 1b study evaluating PUR1800, its iSPERSE enabled narrow spectrum kinase inhibitor (NSKI), in patients with stable COPD in the first half of 2021. This safety and biomarker study, designed to bridge the lactose formulation to the iSPERSE™ formulation, is expected to be a randomized, double-blind, 3-way crossover study with safety and tolerability endpoints, as well as additional endpoints for pulmonary function, pharmacokinetics, pharmacodynamics and target engagement.
• Pulmatrix is advancing PUR3100, its inhaled candidate for acute migraine and is on-track to identify its lead formulation for non-clinical PK studies by the end of 2020. The Company intends to complete a 14-day GLP toxicology study in 2021, and based on clinical and regulatory precedents, intends to initiate Phase 1 and Phase 1b studies in the first quarter of 2022, targeting a registration enabling Phase 3 study in 2023.
• Pulmatrix and Cipla intend to initiate a Phase 2b study designed with a longer treatment duration and key phase 3 enabling efficacy endpoints when the potential risk to both patient safety and to patient enrollment, presented by the ongoing COVID-19 pandemic, is reduced to an acceptable level for patients with this serious respiratory condition.

Corporate Updates

• Appointed Todd Bazemore, a biopharmaceutical executive with significant experience in respiratory diseases, rare diseases, business development, and capital markets, to its Board of Directors, effective October 1, 2020.
• Strengthened balance sheet with a warrant exercise transaction raising gross proceeds of $13.6 million in July which will support ongoing preclinical and clinical programs for Pulmazole, PUR1800, other pipeline assets and general working capital needs.

Third Fiscal Quarter Financial Summary

As of September 30, 2020, Pulmatrix had $34.5 million in cash compared to $23.4 million as of December 31, 2019.

Pulmatrix generated $4.4 million of revenue in the third quarter of 2020, compared to $1.4 million in the third quarter of 2019. The revenue for the second quarter of 2020 was the result of the collaboration and licensing agreements with Cipla and JJEI, respectively.

Research and development expenses for the third quarter of 2020 and 2019 were $3.9 million and $3.3 million, respectively. Included in the third quarter 2020 costs were pre-clinical toxicology and Chemistry, Manufacturing and Controls costs for the PUR1800 program and clinical study costs incurred for the Phase 2 Pulmazole study.

General and administrative expenses for the third quarter of 2020 and 2019 were $1.8 million. Included in the third quarter 2020 costs were general operating expenses such as employment, lab and office lease, legal, patent and audit fees.

Net loss was $10.6 million for the third quarter of 2020 and $3.6 million for the third quarter of 2019.  The net loss for the third quarter 2020 was primarily due to warrant inducement expense of $9.3 million and manufacturing costs for the upcoming PUR1800 Phase 1b clinical study and the recently terminated Pulmazole Phase 2 study. The net loss for the third quarter of 2019 was due to spend on the Pulmazole Phase 2 study.

About Pulmatrix 

Pulmatrix is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE™ technology. The Company’s proprietary product pipeline is initially focused on advancing treatments for serious lung diseases, including Pulmazole, an inhaled anti-fungal for patients with allergic bronchopulmonary aspergillosis (“ABPA”), and PUR1800, a narrow spectrum kinase inhibitor in lung cancer. Pulmatrix’s product candidates are based on iSPERSE™, its proprietary engineered dry powder delivery platform, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements of historical fact, and may be identified by words such as “anticipates,” “assumes,” “believes,” “can,” “could,” “estimates,” “expects,” “forecasts,” “guides,” “intends,” “is confident that”, “may,” “plans,” “seeks,” “projects,” “targets,” and “would,” and their opposites and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to,  the impact of the novel coronavirus (COVID-19) on the Company’s ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on the Company’s ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; the Company’s ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to the Company’s products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to the Company, is set forth in the Company’s filings with the SEC, including its annual report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2020 as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact 

Timothy McCarthy, CFA
212.915.2564
[email protected]

 

 

 

 

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SOURCE Pulmatrix, Inc.

HONG KONG, Nov. 12, 2020 /PRNewswire/ — Samsonite International S.A. (“Samsonite” or “the Company”, together with its consolidated subsidiaries, “the Group”; SEHK stock code: 1910), the world’s largest travel luggage company, today published its unaudited consolidated financial results for the three and nine month periods ended September 30, 2020.

Overview
Commenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, “Samsonite’s performance continued to see sequential improvement during the third quarter of 2020 as markets around the world gradually emerged from lockdown. Our net sales in September 2020 decreased by 60.4%¹ year-on-year, compared to declines of 63.3%¹ in August and 69.8%¹ in July. This encouraging trend continues into the fourth quarter, with the year-on-year decline in the Group’s net sales improving to approximately 58%¹ during October 2020.”

For the three months ended September 30, 2020, the Group’s net sales improved to US$326.6 million from US$201.1 million in the second quarter. The year-on-year decline in net sales moderated to 64.7%¹ during the third quarter of 2020 compared to 77.9%¹ in the second quarter of 2020, with all regions recording improved net sales.

Mr. Gendreau remarked, “Management has continued to focus on driving cost reduction and cash conservation, including significant reductions in marketing and non-marketing SG&A expenses, a virtual freeze on capital expenditures, and disciplined management of product purchases and working capital. In total, we identified close to US$40 million of additional in-year fixed cost savings during the third quarter of 2020, and we now expect to achieve cash savings of over US$600 million in 2020, up from the approximately US$580 million expected at the end of the first half of 2020. These initiatives, along with our gradually improving sales performance, resulted in the Group’s Adjusted EBITDA² improving from US$(127.8) million for the second quarter of 2020 to US$(50.7) million during the third quarter of 2020, with Asia returning to positive Adjusted EBITDA during the third quarter. Our total cash burn³ decreased to US$(67.7) million for the three months ended September 30, 2020 compared to US$(166.7) million for the second quarter of 2020.”

“Given the ongoing uncertainty around the course of the COVID-19 pandemic, we expect Samsonite’s performance to remain under pressure into early 2021. As such, we remain focused on identifying and implementing further cost reduction and cash conservation initiatives. Samsonite continued to maintain a substantial liquidity position of US$1.5 billion⁴ as of September 30, 2020, and we are confident of our ability to navigate the ongoing challenges from the COVID-19 pandemic. We are monitoring the situation closely, and we will continue to prioritize the health and safety of our employees and their families, as well as our customers and business partners.”

Mr. Gendreau continued, “With increased consumer interest in sanitation and disinfection, we have launched new products that incorporate anti-bacterial technology to enhance protection on product surfaces, and our innovation teams are actively working with vendors on exciting new anti-viral technologies that we hope to be able to incorporate into our products in the future.”

Mr. Gendreau concluded, “We remain focused on executing our long-term strategy to extend our market leadership and drive growth by leveraging Samsonite’s century-plus heritage of innovation and developing new products that meet consumer needs. Following the successful launch of the Proxis™ hard-shell suitcase collection, we are unveiling another exciting new product, Samsonite’s new Konnect-I backpack featuring Jacquard™ by Google that enables control of the wearer’s smartphone with a simple hand gesture on the backpack’s interactive strap. We believe that our continued commitment to innovation, along with steady execution of Samsonite’s ‘Our Responsible Journey’ sustainability strategy, will strengthen the Group’s long-term growth prospects.”

Table 1: Key Financial Highlights for the Three Months Ended September 30, 2020

nm – Not meaningful.

Table 2: Key Financial Highlights for the Nine Months Ended September 30, 2020

nm – Not meaningful.

The Group’s performance for the three months ended September 30, 2020 is discussed in greater detail below.

For the Three Months Ended September 30, 2020

Net Sales
The COVID-19 pandemic and various government measures, including travel restrictions and mandatory lockdowns, resulted in a near-complete halt in travel and tourism as well as the temporary closure of most of the Group’s wholesale and retail points-of-sale during the second quarter of 2020. This resulted in a sharp decline in the Group’s net sales across all regions, brands and distribution channels. After declining by 80.9%¹ in April and 79.1%¹ in May, the Group’s net sales trend began to recover in June, decreasing by 74.1%¹ year-on-year, and has continued to improve each month, with July, August and September recording  year-on-year declines of 69.8%¹,  63.3%¹ and 60.4%¹, respectively. This encouraging trend continues into the fourth quarter of 2020, with the year-on-year decline in the Group’s net sales further improving to approximately 58%¹ during October, though the pace of improvement has slowed due to a recent resurgence in COVID-19 cases in a number of markets in North America and Europe.

For the three months ended September 30, 2020, the Group’s net sales improved to US$326.6 million from US$201.1 million in the second quarter of 2020. The year-on-year decline in net sales moderated to 64.7%¹ during the third quarter of 2020 compared to 77.9%¹ in the second quarter of 2020, with all regions recording improved net sales performance.

Net Sales Performance by Region




North America


For the three months ended September 30, 2020, the Group’s net sales in North America improved to US$120.8 million (a year-on-year decrease of 64.3%¹), compared to net sales of US$91.6 million (a year-on-year decrease of 74.0%¹) recorded during the second quarter of 2020.

The Group’s net sales in the U.S. and Canada recorded year-on-year decreases of 64.0% and 70.9%¹ during the three months ended September 30, 2020, compared to year-on-year decreases of 73.3% and 88.7%¹ during the second quarter of 2020, respectively.

Asia


For the three months ended September 30, 2020, the Group’s net sales in Asia improved to US$122.9 million (a year-on-year decrease of 63.4%¹) compared to net sales of US$79.9 million (a year-on-year decrease of 75.6%¹) recorded during the second quarter of 2020.

All of the Group’s major markets in the region continued to experience year-on-year net sales declines during the three months ended September 30, 2020, though most have noticeably improved from the lows recorded in the second quarter of 2020: India (-82.6%¹ versus -92.0%¹ in 2Q 2020), China (-47.2%¹ versus -60.7%¹ in 2Q 2020), Japan (-55.0%¹ versus -70.6%¹ in 2Q 2020), South Korea (-64.2%¹ versus -66.5%¹ in 2Q 2020) and Hong Kong[11]           (-65.4%¹ versus -86.1%¹ in 2Q 2020).

The net sales trend in Asia has continued to improve in October 2020, with net sales decreasing by approximately 49%¹ year-on-year. China continued to lead the recovery, with net sales down by approximately 18%¹ year-on-year, while other key Asian markets also showed sustained improvement during October 2020: Japan (approximately -44%¹); India (approximately -53%¹), South Korea (approximately -56%¹) and Hong Kong (approximately -55%¹).

Europe


For the three months ended September 30, 2020, the Group’s net sales in Europe improved to US$74.2 million (a year-on-year decrease of 65.7%¹) compared to net sales of US$27.4 million (a year-on-year decrease of 85.7%¹) recorded during the second quarter of 2020.

Although all of the Group’s major markets in Europe continued to record year-on-year net sales declines during the three months ended September 30, 2020, most have noticeably improved from the lows in the second quarter of 2020: the United Kingdom[12] (-88.0%¹ versus -97.7%¹ in 2Q 2020), Germany (-66.5%¹ versus -84.7%¹ in 2Q 2020), Italy (-58.2%¹ versus -81.7%¹ in 2Q 2020), Spain (-75.8%¹ versus -91.6%¹ in 2Q 2020), France (-60.6%¹ versus -92.1%¹ in 2Q 2020), and Russia (-50.3%¹ versus -87.6%¹ in 2Q 2020).

Latin America


For the three months ended September 30, 2020, the Group’s net sales in Latin America improved to US$8.5 million (a year-on-year decrease of 74.2%¹) compared to net sales of US$1.7 million (a year-on-year decrease of 94.3%¹) recorded during the second quarter of 2020. The net sales trend in Latin America has continued to improve in October, which saw net sales decreasing by approximately 57%¹ year-on-year. 

The Group’s net sales in Mexico and Chile recorded year-on-year decreases of 80.4%¹ and 73.0%¹ during the three months ended September 30, 2020, compared to year-on-year decreases of 95.1%¹ and 93.7%¹ during the second quarter of 2020, respectively.

Table 3: Net Sales by Region

Net Sales


 Performance by Brand


and Product Category

The brands within the Group’s portfolio that are less travel focused, such as Gregory and Speck, have continued to perform better during the third quarter of 2020. In addition, net sales performance of the Group’s core travel brands also improved noticeably from the lows in the second quarter of 2020: Samsonite (-67.6%¹ versus -79.4%¹ in 2Q 2020),  Tumi (-62.1%¹ versus -80.6%¹ in 2Q 2020) and American Tourister (-72.5%¹ versus -81.8%¹ in 2Q 2020).

Overall, the travel product category recorded a year-on-year net sales decline of 74.6%¹ compared to a 50.4%¹ net sales decline for the non-travel product category¹⁴ for the three months ended September 30, 2020.  Nevertheless, both product categories have seen net sales noticeably improve compared to the second quarter of 2020, which saw travel and non-travel net sales down by 83.9%¹ and 68.3%¹ year-on-year, respectively. 

Table 4: Net Sales by Brand

Table 5: Net Sales by Product Category

Performance by Distribution Channel

The Group’s direct-to-consumer (“DTC”) e-commerce channel continued to perform better relative to its other channels, with third quarter 2020 net sales decreasing by 51.3%¹ to US$43.8 million (representing 13.4% of net sales) from US$89.6 million (representing 9.7% of net sales) for the same period in 2019.

During the three months ended September 30, 2020, net sales in the DTC retail channel decreased by 69.0%¹ year-on-year largely due to a 70.9% year-on-year decrease in constant currency same store retail net sales¹⁶ because of temporary and permanent store closures resulting from the COVID-19 pandemic. For the three months ended September 30, 2020, the Group recorded constant currency same store net sales decreases of 83.6%, 56.6%, 64.1% and 73.9% in North America, Asia, Europe and Latin America, respectively. During the third quarter of 2020, the Group permanently closed 75 company-operated stores. This was partially offset by the addition of 29 stores, primarily in Asia (including the agreed takeover of 20 stores in India from a third party distributor as previously announced, along with two new stores each in China and Japan), plus a number of previously committed store openings that were delayed by the COVID-19 pandemic. This resulted in a net reduction of 46 company-operated stores during the third quarter of 2020, compared to 7 net new stores opened during the same period in 2019. The total number of company-operated retail stores was 1,199 as of September 30, 2020, compared to 1,294 as of December 31, 2019 and 1,285 as of September 30, 2019.

Overall, net sales in the DTC channel, which includes company-operated retail stores and DTC e-commerce, decreased by 64.4%¹ to US$121.9 million (representing 37.3% of net sales) for the three months ended September 30, 2020 from US$341.7 million (representing 37.1% of net sales) for the third quarter of 2019.

Net sales in the wholesale channel decreased by 65.0%¹ to US$204.4 million (representing 62.6% of net sales) during the third quarter of 2020 from US$579.1 million (representing 62.8% of net sales) for the same period in 2019. Wholesale net sales to e-retailers, which decreased by 51.0%¹ year-on-year during the third quarter of 2020, continued to perform better than traditional wholesale customers.

Table 6: Net Sales by Distribution Channel

Gross Profit
The Group’s gross profit and gross profit margin improved to US$146.5 million and 44.9% for the three months ended September 30, 2020, compared to US$67.3 million and 33.5% during the second quarter of 2020.

On a year-on-year basis, the Group’s third quarter 2020 gross profit, as reported, decreased by US$367.0 million, or 71.5%, from US$513.5 million for the same period in 2019, while the Group’s third quarter 2020 gross profit margin, as reported, decreased to 44.9% from 55.7% for the same period in the previous year. The decrease was due to the negative impacts from the COVID-19 pandemic, including the decrease in net sales year-on-year, increased inventory reserves, the impact of fixed sourcing and manufacturing expenses on a lower net sales base, the inclusion of restructuring charges and non-cash impairment charges related to the sourcing and production of the Group’s products of US$3.7 million and US$1.3 million, respectively, as well as a shift in sales mix. Excluding the impact of increased inventory reserves, the impact of fixed sourcing and manufacturing expenses on a lower net sales base, restructuring charges and non-cash impairment charges, the Group’s gross profit margin, as adjusted, for the three months ended September 30, 2020 and 2019 would have been 54.9% and 58.0%, respectively. 

Operating Profit (Loss)
The Group implemented and continues to identify and act on cost reduction initiatives across all regions and all areas of its business, including significant cuts in marketing, temporary and permanent headcount reductions, salary reductions and furloughs, temporary and permanent store closures, as well as cuts in discretionary expense items, to mitigate the impact of the COVID-19 pandemic and right-size the business for the future. For the three months ended September 30, 2020, the Group reduced its marketing spending by US$34.8 million, or 76.6%, to US$10.6 million and its non-marketing SG&A expenses¹⁷ by US$149.5 million, or 41.6%, to US$209.9 million compared to same period in 2019.

The Group reported an operating loss of US$80.5 million for the three months ended September 30, 2020, compared to operating profit of US$104.9 million for the same period in the previous year. For the three months ended September 30, 2020, the Group incurred an operating loss of US$65.8 million when excluding the non-cash 3Q 2020 Impairment Charges⁵ and 3Q 2020 Restructuring Charges⁵, compared to an operating profit of US$108.3 million for the same period in the previous year when excluding the 3Q 2019 Impairment Charges⁵ and the costs to implement profit improvement initiatives⁵.

Net Finance Costs and Income Tax Expense (Benefit)
Net finance costs increased by US$3.9 million, or 14.9%, to US$30.2 million for the three months ended September 30, 2020 from US$26.3 million for the same period in 2019, primarily due to an increase in interest expense on loans and borrowings of US$13.0 million, partially offset by a decrease in redeemable non-controlling interest put option expenses of US$6.1 million and a decrease in net foreign exchange losses of US$2.2 million year-on-year.

The Group recorded income tax expense of US$6.8 million for the three months ended September 30, 2020 compared to income tax expense of US$21.2 million for the same period in 2019.

Profit (Loss) Attributable to Equity Holders
For the three months ended September 30, 2020, the Group recorded an adjusted loss attributable to the equity holders of US$98.7 million when excluding the non-cash 3Q 2020 Impairment Charges⁵ and the 3Q 2020 Restructuring Charges⁵, both of which are net of the related tax impact, compared to an adjusted profit attributable to the equity holders of US$56.1 million for the same period in the previous year when excluding the non-cash 3Q 2019 Impairment Charges⁵ and the costs to implement profit improvement initiatives⁵, both of which are net of the related tax impact. The Group reported a loss attributable to the equity holders of US$110.7 million for the three months ended September 30, 2020, compared to profit attributable to the equity holders of US$53.0 million for the same period in the previous year.

Adjusted EBITDA and Adjusted Net Income (Loss) 
The year-on-year decline in net sales from the COVID-19 pandemic had a significant impact on the Group’s profitability. Management took swift and decisive actions to cut costs, including permanent headcount reductions and store closures, as well as temporary actions consisting primarily of furloughs, temporary headcount reductions, eliminated bonuses, salary reductions, temporary rent reductions and other cutbacks, such as travel and entertainment and professional services. These actions are expected to result in cost savings in excess of US$300 million in 2020, and to have a positive annualized Adjusted EBITDA impact approaching US$200 million during 2021. The benefits from these initiatives, along with the gradually improving sales performance, resulted in the Group’s Adjusted EBITDA improving to US$(50.7) million during the third quarter of 2020 from US$(127.8) million for the second quarter of 2020. On a year-on-year basis, the Group’s Adjusted EBITDA decreased by US$184.7 million during the three months ended September 30, 2020 from US$133.9 million for the same period in 2019.

The Group recorded an Adjusted Net Loss of US$98.7 million for the three months ended September 30, 2020, a noticeable improvement compared to the Adjusted Net Loss of US$134.5 million recorded in the second quarter of 2020. In comparison, the Group recorded an Adjusted Net Income of US$62.0 million for the three months ended September 30, 2019. The Group continues to take meaningful actions to implement cost savings initiatives in an effort to improve profitability.

Balance Sheet and Cash Flows
The Group also implemented comprehensive measures to conserve cash, including a virtual freeze on capital expenditures, stringent management of product purchases and working capital, and the temporary suspension of the annual cash distribution to shareholders. The Group continued to focus on managing its working capital, particularly inventory, during the third quarter of 2020, resulting in a further reduction in the Group’s inventories to US$527.3 million as of September 30, 2020, compared to US$575.5 million at the end of the first half of 2020 and US$587.3 million at the end of 2019. Net working capital as of September 30, 2020, at US$460.3 million, was US$30.1 million lower that at the end of the first half of 2020, and US$22.4 million lower than at year-end 2019.

The Group spent US$1.3 million¹⁸ on capital expenditures (including software purchases) during the third quarter of 2020, US$13.8 million less compared to US$15.1 million¹⁸ during the same period in the previous year, and a further reduction from the US$2.3 million spent during the second quarter of 2020. The Group has put a virtual freeze on all non-essential capital projects to significantly reduce capital expenditures for the remainder of 2020.

The Group used US$0.8 million of cash in operating activities during the three months ended September 30, 2020 compared to US$115.9 million of cash used in operating activities during the second quarter of 2020 and US$119.0 million of cash generated from operating activities for the three months ended September 30, 2019.

As of September 30, 2020, the Group had cash and cash equivalents of US$1,510.9 million and outstanding financial debt of US$3,227.3 million (excluding deferred financing costs of US$42.3 million), putting the Group in a net debt position of US$1,716.4 million compared to US$1,305.3 million as of December 31, 2019. Including US$28.3 million of revolver availability, the Group had liquidity of US$1,539.2 million as of September 30, 2020, well in excess of the US$500 million minimum liquidity required under the amended financial covenants of the Company’s credit agreement¹⁹.

2020 Third Quarter Results – Earnings Call for Analysts and Investors:  
Date: Thursday, November 12, 2020
Time: 09:00 New York / 14:00 London / 22:00 Hong Kong
Webcast Link: http://webcast.live.wisdomir.com/samsonite_20q3/index_en.php
Dial-in Details: http://www4.samsonite.com/_investordocs/20201102111654_E_Samsonite_3Q2020%20Results%20Date%20&%20Conference%20Call%20(2020-11-02).pdf

About Samsonite
Samsonite International S.A. (“Samsonite” or the “Company”, together with its consolidated subsidiaries, “the Group”), is the world’s best-known and largest lifestyle bag and travel luggage company, with a heritage dating back 110 years. The Group is principally engaged in the design, manufacture, sourcing and distribution of luggage, business and computer bags, outdoor and casual bags, travel accessories and slim protective cases for personal electronic devices throughout the world, primarily under the Samsonite^®, Tumi^®, American Tourister^®, Speck^®, Gregory^®, High Sierra^®, Kamiliant^®, eBags^®, Xtrem^®, Lipault^® and Hartmann^® brand names as well as other owned and licensed brand names. The Company’s ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”).

 

Non-IFRS Measures


The Company has presented certain non-IFRS measures in this press release because each of these measures provides additional information that management believes is useful in gaining a more complete understanding of the Group’s operational performance and of the trends impacting its business to securities analysts, investors and other interested parties. These non-IFRS financial measures, as calculated herein, may not be comparable to similarly named measures used by other companies, and should not be considered comparable to IFRS measures. Refer to the relevant announcement/report published by the Company for the corresponding period for reconciliations of the Group’s non-IFRS financial information. Non-IFRS measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the Group’s financial results as reported under IFRS.

Forward-Looking Statements


This press release contains forward-looking statements. Forward-looking statements reflect the Group’s current views with respect to future events and performance. These statements may discuss, among other things, the Group’s net sales, operating profit (loss), Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA margin, cash flow, liquidity and capital resources, impairments, growth, strategies, plans, achievements, distributions, organizational structure, future store openings or closings, market opportunities and general market and industry conditions. The Group generally identifies forward-looking statements by words such as “expect”, “seek”, “believe”, “plan”, “intend”, “estimate”, “project”, “anticipate”, “may”, “will”, “would” and “could” or similar words or statements. Forward-looking statements are based on beliefs and assumptions made by management using currently available information. These statements are only predictions and are not guarantees of future performance, actions or events. Forward-looking statements are subject to risks and uncertainties. These risks, uncertainties and other factors also include the potential effects of the COVID-19 pandemic on the Company’s future financial and operational results, which could vary significantly depending on the duration and severity of the COVID-19 pandemic worldwide and the pace and extent of recovery following the COVID-19 pandemic.

If one or more of these risks or uncertainties materialize, or if management’s underlying beliefs and assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Among the factors that could cause actual results to differ materially are: the effect of worldwide economic conditions; the length and severity of the COVID-19 pandemic; lower levels of consumer spending resulting from COVID-19; a general economic downturn or generally reduced consumer spending, including as a result of COVID-19; the pace and extent of recovery following COVID-19; significant changes in consumer spending patterns or preferences; interruptions or delays in the supply of key components; the performance of our products within the prevailing retail environment; financial difficulties encountered by customers and related bankruptcy and collection issues; and risks related to the success of our restructuring programs. Given the inherent uncertainty about the future impacts of COVID-19, it is not possible for the Company to reliably predict the extent to which its business, results of operations, financial condition or liquidity will ultimately be impacted. (A further discussion about the impact of the COVID-19 pandemic in 2020 is disclosed in the Management Discussion and Analysis – Impact of COVID-19 section
of the Company’s third quarter 2020 financial and business review)
. 

Forward-looking statements speak only as of the date on which they are made. The Company’s shareholders, potential investors and other interested parties should not place undue reliance on these forward-looking statements. Subject to the requirements of applicable laws, rules and regulations, the Group does not have any and undertakes no obligation to update or otherwise revise the forward-looking statements in this
press release
, whether as a result of new information, future events or developments or otherwise. In this
press release
, statements of or references to the Group’s intentions are made as of the date of this
press release
. Any such intentions may change in light of future developments. All forward-looking statements contained in this
press release
 are qualified by reference to the cautionary statements set out above.

Rounding


Certain amounts presented in this
press release
 have been rounded up or down. There may therefore be discrepancies between the actual totals of the individual amounts in the tables and the totals shown, between the amounts in the tables and the amounts given in the corresponding analyses in the text of this
press release
 and between amounts in this
press release
 and other publicly available documents. All subtotals, totals, percentages and other key figures were calculated using the underlying data in whole US Dollars.

¹ Results stated on a constant currency basis, a non-International Financial Reporting Standards (“IFRS”) measure, are calculated by applying the average exchange rate of the comparable period in the previous year to current period local currency results.
² Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), a non-IFRS measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges. The Group believes these measures provide additional information that is useful in gaining a more complete understanding of its operational performance and of the underlying trends of its business.
³ Total cash burn is calculated as the total increase (decrease) in cash and cash equivalents per the consolidated statements of cash flows less total cash flow attributable to (i) total loans and borrowings and (ii) deferred financing costs.
⁴ As of September 30, 2020, the Group had total liquidity of US$1,539.2 million, comprising cash and cash equivalents of US$1,510.9 million and US$28.3 million available to be borrowed on the Group’s amended revolving credit facility.
⁵ Results for the three months ended September 30, 2020 included US$5.6 million of total non-cash impairment charges (including US$1.3 million of non-cash impairment charges in cost of sales) recorded during the third quarter of 2020 primarily related to lease right-of-use assets at certain retail locations (the “3Q 2020 Impairment Charges”). Results also included total restructuring charges of US$9.0 million (including US$3.7 million of restructuring charges in cost of sales) recorded during the three months ended September 30, 2020 (the “3Q 2020 Restructuring Charges”). Results for the three months ended September 30, 2019 included US$2.5 million of total non-cash impairment charges recorded during the third quarter of 2019 related to lease right-of-use assets and property, plant and equipment at certain retail locations (the “3Q 2019 Impairment Charges”), as well as costs related to profit improvement initiatives totaling US$0.8 million.
⁶ Operating profit (loss) excluding total non-cash impairment charges, total restructuring charges and costs related to profit improvement initiatives is a non-IFRS measure and as calculated herein may not be comparable to similarly named measures used by other companies, and should not be considered comparable to operating profit (loss) for the period in the Group’s consolidated income statements.
⁷ Adjusted Net Income (Loss), a non-IFRS measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges, along with their respective tax effects, that impact the Group’s reported profit (loss) for the period, which the Group believes helps to give securities analysts, investors and other interested parties a better understanding of the Group’s underlying financial performance.
⁸ Adjusted EBITDA margin, a non-IFRS measure, is calculated by dividing Adjusted EBITDA by net sales.
⁹ Adjusted basic and diluted earnings (loss) per share, both non-IFRS measures, are calculated by dividing Adjusted Net Income (Loss) by the weighted average number of shares used in the basic and diluted earnings (loss) per share calculations, respectively.
¹⁰ Results for the nine months ended September 30, 2020 included US$882.7 million of total non-cash impairment charges recorded during the first nine months of 2020  (including US$1.3 million of non-cash impairment charges in cost of sales), comprised of US$732.0 million related to goodwill and tradename intangible assets and US$150.7 million primarily related to lease right-of-use assets and property, plant and equipment at certain retail locations. Results also included total restructuring charges of US$37.8 million (including US$3.7 million of restructuring charges in cost of sales), recorded during the nine months ended September 30, 2020. Results for the nine months ended September 30, 2019 included US$32.2 million of total non-cash impairment charges recorded during the first nine months of 2019 related to lease right-of-use assets and property, plant and equipment at certain retail locations, as well as costs related to profit improvement initiatives totaling US$10.6 million.
¹¹ Net sales reported for Hong Kong include net sales made domestically, net sales made in Macau as well as net sales to distributors in certain other Asian markets where the Group does not have a direct presence.
¹² Net sales reported for the United Kingdom include net sales made in Ireland.
¹³ The geographic location of the Group’s net sales generally reflects the country/territory from which its products were sold and does not necessarily indicate the country/territory in which its end consumers were actually located.
¹⁴ The non-travel category includes business, casual, accessories and other products.
¹⁵ Other includes certain other brands owned by the Group, such as Kamiliant, eBags, Xtrem, Lipault, Hartmann, Saxoline and Secret, as well as third party brands sold through the Rolling Luggage and Chic Accent retail stores.
¹⁶ The Group’s same store analysis includes existing company-operated retail stores that have been open for at least 12 months before the end of the relevant financial period.
¹⁷ Non-marketing SG&A expenses comprise distribution expenses and general and administrative expenses.
¹⁸ The Group spent US$0.4 million and US$0.9 million on capital expenditures and software purchases, respectively, during the three months ended September 30, 2020. In comparison, the Group spent US$11.0 million and US$4.1 million on capital expenditures and software purchases, respectively, during the third quarter of 2019.
¹⁹ On March 16, 2020, the Company and certain of its direct and indirect wholly-owned subsidiaries entered into an amendment to the Group’s credit agreement, which provided for an amended US$800.0 million senior secured term loan A facility and an amended revolving credit facility that was increased by US$200.0 million to US$850.0 million. On March 20, 2020, the Company borrowed US$810.3 million under its amended revolving credit facility to enhance the Company’s cash position.

On April 29, 2020, the Group entered into an amendment to its credit agreement which suspends the requirement to comply with its net leverage ratio and interest coverage ratio covenants from the beginning of the second quarter of 2020 through the end of the second quarter of 2021 and provides more flexibility in the calculation of such covenants beginning with the third quarter of 2021 through the end of the first quarter of 2022.

On May 7, 2020, the Group closed on an additional term loan B facility with an aggregate principal amount of US$600.0 million.

 

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SOURCE Samsonite

Conference call to be conducted on November 19, 2020 at 11:00 am ET

QUEBEC CITY, Nov. 12, 2020 /CNW Telbec/ – OpSens Inc. (“OpSens” or the “Company”) (TSX: OPS) (OTCQX: OPSSF), a medical device cardiology-focused company commercializing a  second generation fiber optic pressure guidewire to diagnose and treat coronary disease, has scheduled a year-end update conference call on Thursday, November 19, 2020, at 11:00 am ET.

Interested parties can access the conference call by dialing (877) 270-2148 or (412) 902-6510 or can listen via a live Internet webcast, which is available in the Investors section of the Company’s website or at https://www.webcaster4.com/Webcast/Page/2512/38573.

A teleconference replay of the call will be available for three days at (877) 344-7529 or at (412) 317-0088, confirmation #10149692. A webcast replay will be available in the Investors section of the Company’s website or via https://www.webcaster4.com/Webcast/Page/2512/38573.

About OpSens Inc. (www.OpSens.com or www.OpSensmedical.com)

OpSens focuses mainly on coronary physiology products in interventional cardiology. OpSens offers an advanced optical-based pressure guidewire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fiber optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesions access. The OptoWire has been used in the diagnosis and treatment of over 100,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan, and Canada.

OpSens is also involved in industrial activities in developing, manufacturing, and installing innovative fiber optic sensing solutions for critical applications.

SOURCE OPSENS Inc.