Market Newsdesk

LOUISVILLE, Ky. and PARIS, Ky., Jan. 27, 2021 (GLOBE NEWSWIRE) — Stock Yards Bancorp, Inc. (“Stock Yards” or the “Company”) (NASDAQ: SYBT), the parent company of Stock Yards Bank & Trust Company, and Kentucky Bancshares, Inc. (OTCQX: KTYB), the parent company of Kentucky Bank, jointly announced on Wednesday, January 27, 2021 the signing of a definitive agreement for Stock Yards Bancorp, Inc. to acquire Kentucky Bancshares, Inc. The combined stock and cash transaction is expected to close during the second quarter of 2021, subject to approval of Kentucky Bancshares shareholders and completion of customary regulatory approval and closing conditions.

Management will host a conference call and webcast today at 4 p.m. (EST) to discuss the proposed merger. Please see the Conference Call/Investor Presentation section for complete details.

Kentucky Bancshares, headquartered in Paris, Kentucky, is the holding company for Kentucky Bank, which operates 19 branches in 11 communities throughout central Kentucky serving the Lexington, Kentucky metropolitan statistical area and each of its contiguous counties. As of December 31, 2020, Kentucky Bancshares reported approximately $1.2 billion in assets, $767 million in loans, $979 million in deposits and $114 million in tangible common equity. Kentucky Bancshares also maintains a Wealth Management and Trust Department with total assets under management of $258 million at December 31, 2020. The combined franchise will serve customers through 63 branches with total assets of approximately $5.9 billion, $4.3 billion in gross loans, $5.0 billion in deposits and over $4.1 billion in trust assets under management.

Under the terms of the merger agreement, Kentucky Bancshares’ shareholders will have the right to receive 0.64 shares of Stock Yards Bancorp’s common stock and $4.75 in cash for each share of common stock of Kentucky Bancshares with total consideration to consist of approximately 85% stock and 15% cash. Based upon the closing price of Stock Yards Bancorp common stock of $42.24 on January 25, 2021, the implied per share purchase price is $31.78, with an aggregate transaction value of approximately $190 million. First full year earnings (2022) per share accretion is estimated at approximately 12.5% and the tangible book value per share dilution is expected to be earned back in approximately 2.5 years under the crossover method including Current Expected Credit Loss (CECL) “Day 2” accounting treatment.

“We are thrilled to welcome Kentucky Bancshares and its employees to the Stock Yards team,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer of Stock Yards Bancorp. “This transaction expands our presence into the attractive Central Kentucky market and represents a complementary fit, both strategically and culturally, with our business model. The combination of our two organizations provides the opportunity to create efficiencies and enhance the value of the combined company while offering Kentucky Bank customers broader product offerings, increased lending capabilities and an expanded branch delivery system that stretches throughout the Louisville, Indianapolis and Northern Kentucky/Cincinnati metropolitan markets. Also, I am very excited to announce that Louis Prichard, President and Chief Executive Officer of Kentucky Bancshares, will serve as our new Central Kentucky Market President.”

“Stock Yards is an excellent match for us,” said Prichard. “This combination allows us to partner with a strong community bank that is focused on providing outstanding customer service, a deep commitment to the communities they serve and offers an excellent environment for our employees. We are proud of our long history of developing genuine, lasting relationships with our clients while supporting our market area. We look forward to working with the management team at Stock Yards to expand the scope of our products and services to better serve Central Kentucky’s residents and businesses.”

In addition, two directors that previously served on Kentucky Bancshares Board of Directors will be added to the Stock Yards Board – Shannon B. Arvin, President and Chief Executive Officer of Keeneland Association, Inc. and Edwin S. Saunier, President of Saunier North American, Inc.

Keefe Bruyette & Woods, A Stifel Company, served as financial advisor and Frost Brown Todd PLLC acted as legal counsel to Stock Yards Bancorp, Inc. Raymond James served as financial advisor and Stoll Keenon Ogden PLLC acted as legal counsel to Kentucky Bancshares, Inc.

Conference Call / Investor Presentation

Stock Yards Bancorp, Inc. executive management will host a conference call to discuss the strategic and financial implications of the transaction on Wednesday, January 27, 2021 at 4:00 p.m. (EST). The call will also be broadcast live via the internet.

Interested investors may listen to the call live via webcast by visiting www.syb.com and clicking on the Investor Relations tab. Investment professionals are invited to call the toll-free dial-in number: 1-866-652-5200. A telephone replay will be available for two weeks at 1-877-344-7529 using the access code 10151961 and the webcast will be archived on the Company’s website www.syb.com for 90 days. A copy of the investor presentation is also available on the Company’s website www.syb.com.

About Stock Yards Bancorp, Inc.

Louisville, Kentucky-based Stock Yards Bancorp, Inc. with $4.6 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on the NASDAQ Global Select Market under the symbol SYBT. For more information about Stock Yards Bancorp, visit the Company’s website at www.syb.com.

About Kentucky Bancshares, Inc.

Paris, Kentucky-based Kentucky Bancshares, Inc. with $1.2 billion in assets, was incorporated in 1981 as a bank holding company. It is the parent company of Kentucky Bank, which was established in 1851. The Company’s common shares trade on the OTCQX under the symbol KTYB. For more information about Kentucky Bancshares, visit their website at www.kybank.com.

Forward-Looking Statements

Certain statements contained in this communication, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, certain plans, expectations, goals, projections and benefits relating to the proposed merger transaction between Stock Yards and Kentucky Bancshares, which are subject to numerous assumptions, risks and uncertainties. Words or phrases such as “anticipate,” “believe,” “aim,” “can,” “conclude,” “continue,” “could,” “estimate,” “expect,” “foresee,” “goal,” “intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “will likely,” “would,” or the negative of these terms or other comparable terminology, as well as similar expressions, are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Please refer to each of Stock Yards’ and Kentucky Bancshares’ Annual Report on Form 10-K for the year ended December 31, 2019, and, in the case of Stock Yards, its Quarterly Report on Form 10-Q for the three months ended September 30, 2020, as well as their other filings with the SEC for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.

Forward-looking statements are not historical facts but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of the management’s control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. In addition to factors disclosed in reports filed by Stock Yards and Kentucky Bancshares with the SEC, risks and uncertainties for Stock Yards, Kentucky Bancshares and the combined company include, but are not limited to: the possibility that any of the anticipated benefits of the proposed merger will not be realized or will not be realized within the expected time period; the risk that integration of Kentucky Bancshares’ operations with those of Stock Yards will be materially delayed or will be more costly or difficult than expected; the parties’ inability to meet expectations regarding the timing, completion and accounting and tax treatments of the merger; the inability to complete the merger due to the failure of Kentucky Bancshares’ shareholders to adopt the merger agreement; the failure to satisfy other conditions to completion of the merger, including receipt of required regulatory and other approvals; the failure of the proposed transaction to close for any other reason; diversion of management’s attention from ongoing business operations and opportunities due to the merger; the challenges of integrating and retaining key employees; the effect of the announcement of the merger on Stock Yards’, Kentucky Bancshares’ or the combined company’s respective customer and employee relationships and operating results; the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; dilution caused by Stock Yards’ issuance of additional shares of Stock Yards common stock in connection with the merger; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and the business, results of operations and financial condition of Stock Yards, Kentucky Bancshares and the combined company; and general competitive, economic, political and market conditions and fluctuations. All forward-looking statements included in this communication are made as of the date hereof and are based on information available at that time. Except as required by law, neither Stock Yards nor Kentucky Bancshares assumes any obligation to update any forward-looking statement to reflect events or circumstances that occur after the date the forward-looking statements were made.

Additional Information Regarding the Proposed Transaction

This communication is being made in respect of the proposed merger transaction between Stock Yards and Kentucky Bancshares. Stock Yards will file a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The registration statement will include a proxy statement of Kentucky Bancshares that also constitutes a prospectus of Stock Yards which, when finalized, will be sent to the shareholders of Kentucky Bancshares seeking their approval of the merger-related proposals. This document is not a substitute for the proxy statement/prospectus or registration statement or any other document that Stock Yards or Kentucky Bancshares may file with the SEC. KENTUCKY BANCSHARES’ SHAREHOLDERS ARE ADVISED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE RELATED PROXY STATEMENT/PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT STOCK YARDS, KENTUCKY BANCSHARES AND THE PROPOSED TRANSACTION. When filed, the registration statement, the definitive proxy statement/prospectus and other documents relating to the merger transaction filed by Stock Yards and Kentucky Bancshares can be obtained free of charge from the SEC’s website at www.sec.gov. These documents also can be obtained free of charge by accessing Stock Yards’ website at www.syb.com under the tab “Investors Relations” and then under “SEC Filings.” Alternatively, these documents, when available, can be obtained free of charge from Stock Yards upon written request to Stock Yards, Attention: Chief Financial Officer, 1040 East Main Street, Louisville, Kentucky 40206 or by calling (502) 582-2571, or to Kentucky Bancshares, Attention: Chief Financial Officer, 339 Main Street, Paris, Kentucky 40361 or by calling (859) 987-1795.

Participants in the Solicitation

Stock Yards, Kentucky Bancshares and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Kentucky Bancshares’ shareholders in connection with the proposed transaction. Information about the directors and executive officers of Stock Yards and their ownership of Stock Yards common stock is set forth in the definitive proxy statement for Stock Yards’ 2020 annual meeting of shareholders, as previously filed with the SEC on March 13, 2020, and Stock Yards’ Annual Report on Form 10-K for the year ended December 31, 2019, as previously filed with the SEC on February 28, 2020, as well as other documents filed with the SEC. Information about the directors and executive officers of Kentucky Bancshares and their ownership of Kentucky Bancshares common stock is set forth in the definitive proxy statement for Kentucky Bancshares’s 2020 annual meeting of shareholders, as previously filed with the SEC on May 11, 2020, and Kentucky Bancshares’ Annual Report on Form 10-K for the year ended December 31, 2019, as previously filed with the SEC on March 10, 2020, as well as other documents filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by securities holdings or otherwise, will be included in the proxy statement/prospectus and other relevant documents regarding the proposed transaction to be filed with the SEC when they become available. You may obtain free copies of these documents from Stock Yards or Kentucky Bancshares using the sources indicated above.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This communication is also not a solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise. No offer of securities or solicitation will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Non-GAAP Measures

This communication contains certain non-GAAP financial measures of Stock Yards and Kentucky Bancshares determined by methods other than in accordance with generally accepted accounting principles. We use non-GAAP financial measures to provide meaningful supplemental information regarding our performance. We believe these non-GAAP measures are beneficial in assessing our operating results and related trends, and when planning and forecasting future periods. These non-GAAP disclosures should be considered in addition to, and not as a substitute for or preferable to, financial results determined in accordance with GAAP. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations.

Contact:	T. Clay Stinnett
	Stock Yards Bancorp, Inc.
	Executive Vice President, Treasurer
	and Chief Financial Officer
	(502) 625-0890
Contact:	Gregory J. Dawson
	Kentucky Bancshares, Inc.
	Senior Vice President, Secretary
	and Chief Financial Officer
	(859) 988-1303

 

NEW YORK, Jan. 27, 2021 (GLOBE NEWSWIRE) — Although the initial lockdowns at the start of the COVID-19 pandemic led to a widespread, sudden halt to many commercial real estate transactions, certain pockets of the industry are projected to have a slow, steady comeback in 2021, while others may experience a V-shaped recovery or a continuing lag, according to a survey of U.S.-based commercial real estate debt and equity investment professionals. The research was conducted by FTI Consulting, Inc. (NYSE: FCN) and Real Estate Fund Intelligence (“REFI”) during the third quarter of 2020.

“Our research shows how varied the expectations for the recovery across commercial real estate sectors are,” said Josh Herrenkohl, a Senior Managing Director and Leader of Business Transformation Services within the Real Estate Solutions practice at FTI Consulting. “The areas where investors expect a V-shaped recovery reflect the thinking that in 2021 there will be a vaccine and that everything gets back to normal. But investors also believe that the recovery for some asset classes will take either a slow, steady U-shaped recovery or an L-shaped scenario, with a further drop and no recovery for an extended period (depression).”

Among the FTI Consulting/REFI study’s key findings:

• In the short-term, 77% of respondents said they were attracted to traditional asset classes, with another 39% interested in debt.
• Looking long term, traditional assets classes are the favorite, with 81% of respondents indicating so. However, 39% also said they were attracted to specialty housing such as affordable housing, senior housing and student housing.
• The industrial sector — which has remained relatively stable throughout the pandemic — is expected to recover the quickest, with 75% of respondents predicting a quick, decisive V-shaped recovery for the asset class. Another 13% of respondents expect a U-shaped recovery for the sector.
• For urban multifamily assets, 56% of institutional believe the recovery will be U-shaped, while another 15% expect to see either a V-shaped or W-shaped recovery, which shows a quick recovery, followed by a downturn, and then another quick uptick.
• In suburban multifamily, 41% foresee a V-shaped, quick recovery; 33% foresee a U-shaped recovery; and 22% predict a W-shaped recovery.
• For office, a U-shaped recovery was strongly predicted for both urban (49%) and suburban (48%) assets; only 7% expect to see a V-shaped recovery in urban office, and 21% expect a V-shaped recovery in the suburban office market.

Jahn
S.
Brodwin, a Senior Managing Director and Co-Leader of the Strategic and Transaction Advisory group within the Real Estate Solutions practice at FTI Consulting, said, “The office market will be a zero-sum game over time: a shift to more remote workers, office occupants demanding more square footage per head, and select suburban offices becoming the spokes to urban hubs for the next two to three years. However, over the long term, I expect the workforce will return to urban centers.”

The survey revealed expectations for a far slower recovery of the retail and hospitality sectors:

• Only 1% of respondents expect a quick revival of high street retail and mall shopping. For shopping malls, 70% predict an L-shaped recovery.
• Fifty-eight percent of respondents foresee a U-shaped recovery, and 16% of respondents expect a V-shaped recovery in neighborhood shopping.
• The hospitality sector is projected to make a slower rebound, with 75% predicting a U- or L-shaped recovery for that asset class.

The 2021 Outlook

In general, U.S.-based institutional investors expect transaction volume will be significantly higher in 2021: 44% of respondents believe 2021 transaction volume will be above average or at record highs if there is a cure or vaccinate by the end of 2020.

The research also revealed that because other kinds of investments will be more turbulent as a result of market volatility, institutional investors may remain keen on long-term commercial real estate investment: 87% of respondents said they thought there will be more or similar amounts of institutional investment in 2021 than in 2020.

With 38% of investors seeing distress in the commercial real estate market in 2020 and 54% expecting to see it in 2021, institutional investors foresee new opportunities in the marketplace.

“Institutional investors have the capital and fortitude to play the long game and weather the storm, which will create opportunity,” Herrenkohl said. “Real estate continues to be a good hedge for many investors looking to manage risk and diversify their portfolios.”

About the FTI Consulting/REFI Study

REFI Global conducted the survey for FTI Consulting over a two-month period in partnership with REFI’s July 2020 Global Investors Virtual Summit among 64 U.S.-based commercial real estate investment professionals, including fund and investment managers, REITs and other institutional investors. These findings and insight from FTI Consulting are the basis of a new white paper, How the COVID-19 Pandemic has Impacted the Commercial Real Estate Landscape in the Short and Long Term.

About the FTI Consulting Real Estate Solutions Industry Practice

FTI Consulting Real Estate Solutions professionals have the industry expertise and experience to help real estate owners, users, investors and lenders better navigate the market’s complexities and manage its inherent risks. As unbiased and independent advisors, FTI Consulting represents leading public and private real estate entities and stakeholders, including REITs, financial institutions, investment banks, opportunity funds, insurance companies, hedge funds, pension advisors and owners/developers, offering real estate consulting services that help align strategy with business goals.

About FTI Consulting

FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 6,200 employees located in 28 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $2.35 billion in revenues during fiscal year 2019. For more information, visit www.fticonsulting.com and connect with us on Twitter (@FTIConsulting), Facebook and LinkedIn.

FTI Consulting, Inc.

555 12^th Street NW
Washington, DC 20004
+1.202.312.9100

Investor Contact:

Mollie Hawkes
+1.617.747.1791
[email protected]

Media Contact:

Nina Dietrich
+1.201.493.8944
[email protected]

 – High Times initial release sold out in hours –

 – This second release will be available in 30 dispensaries throughout Michigan –

TORONTO, Jan. 27, 2021 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) (“RWB” or “Red White & Bloom” or the “Company”) is pleased to announce the second release of the High Times^® exclusive line of cannabis products to the Michigan market are shipping now and will be available for purchase tomorrow, January 28^th 2021 through licensed operators in the state.

After quickly selling out within hours of the initial launch, and significant demand from both consumers and Provisioning Centers (dispensaries), this next limited release will be carried by twice as many handpicked dispensaries and in three new unique strains; Mind Blown, Night Moves & Ratso’s Delight.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b8426cac-d9d5-44ae-a79d-5529ce755aef
https://www.globenewswire.com/NewsRoom/AttachmentNg/a80d4fd5-307b-4e15-873e-a3763d8151be
https://www.globenewswire.com/NewsRoom/AttachmentNg/45f73bed-b4df-4503-a3c0-05f79f4f9de3

“I couldn’t be more excited about our latest High Times^® launch. The fact these products are in such insatiable demand is a testament to the brand and the quality of the products being released to the Michigan market,” stated RWB Chairman & CEO Brad Rogers. “There is much more coming over the course of the next few weeks and this is a very exciting time for all who recognize and respect the fight and fortitude of High Times^® as the only brand and the true “OG” of the cannabis industry.”

“We have a storied history in Michigan through our hosting of over 13 Cannabis Cup events that have been attended by nearly 300,000 thousand people from across the region,” stated Hightimes Holding Corp.’s Chief Executive Officer Peter Horvath, adding “we expect this next release to see even greater demand and have expanded access to additional locations to help provide additional geographic coverage in the state for our many loyal followers.”

Once fully launched, the collection of products will feature over 30 High Times^® SKUs. In addition to the 6 strains of packaged flower already released, the line will bring prerolls, vapes and edibles in a number of varieties. The full line of products will be in market Q1 2021. The Company has exclusive licencing rights to brand dispensaries as well as manufacture and sell cannabis products for the most well-known brand in the industry throughout Michigan.

According to an article in New Cannabis Ventures, cannabis sales increased sharply in Michigan during December, according to the Michigan Marijuana Regulatory Agency with combined AU and Med sales of $101 million for the month. For the full year, combined cannabis sales were $984.6 million, with medical accounting for $474 million and adult-use generating $510.7 million.

In addition to its rights in Michigan, the Company holds the exclusive licencing rights to brand dispensaries as well as manufacture and sell cannabis products in Illinois and Florida, subject to regulatory approval, and rights to use additional Hightimes Holding Corp’s licenses throughout the world for CBD and other non-THC cannabinoids-based products, though not branded as High Times^®.

The Company also reports, that it has issued 354,645 restricted shares units of the Company (“RSUs”) under the Company’s shareholder approved restricted share unit plan (the “RSU Plan”) to two consultants as an incentive for the consultants to drive the growth of the Company. The RSUs will vest upon successful completion of pre-determined milestones (as determined by the board of directors and agreed upon by each consultant) being met and shall entitle the holder to acquire one common share of the Company, underlying each such RSU by delivering a notice of acquisition to the Company in accordance with the RSU Plan. In accordance with the RSU Plan, the RSUs were priced at $1.17 based on the closing price of the common shares on the Canadian Securities Exchange on January 26, 2021.

About Red White & Bloom Brands Inc.

The Company is positioning itself to be one of the top three multi-state cannabis operators active in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major US markets, including Michigan, Illinois, California, Oklahoma, Arizona and Massachusetts with respect to cannabis, and the US and internationally for hemp-based CBD products.

About High Times

For more than 46 years, High Times has been the world’s most well-known cannabis brand – championing the lifestyle and educating the masses on the benefits of this natural flower. From humble beginnings as a counterculture lifestyle publication, High Times has evolved into a rapidly growing network of cannabis dispensaries, the host and creator of industry-leading events like the Cannabis Cup, the producer of globally distributed merchandise, benefactor of international licensing deals and provider of content for millions of fans and supporters across the globe. In the world of Cannabis, High Times is the most trusted arbiter of quality. For more information on High Times visit http://www.hightimes.com.

For more information about Red White & Bloom Brands Inc., please contact:

Tyler Troup, Managing Director

Circadian Group IR
[email protected]

Visit us on the web: www.RedWhiteBloom.com

Follow us on social media:

Twitter: @rwbbrands
Facebook: @redwhitebloombrands
Instagram: @redwhitebloombrands

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

FORWARD LOOKING INFORMATION

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the phase one roll-out of an exclusive line of cannabis products to the Michigan market through existing licensed operators and the product offerings that the Company expects to be available to ship in Q1 2021. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, the potential for conflicts of interest among certain officers or directors, and the volatility of the Company’s common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others, risks related to the Company’s proposed business, such as failure of the business strategy and government regulation; risks related to the Company’s operations, such as additional financing requirements and access to capital, reliance on key and qualified personnel, insurance, competition, intellectual property and reliable supply chains; risks related to the Company and its business generally. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. While the Company may elect to, it does not undertake to update this information at any particular time.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

TULSA, Okla. and VANCOUVER, British Columbia, Jan. 27, 2021 (GLOBE NEWSWIRE) — Further to its news release dated January 22, 2021, announcing its agreement to acquire all the assets of Hydrogen Technologies Inc. (“HTI”), Jericho Oil Corporation (“Jericho” or the “Company”) (TSX-V: JCO; FRA: JLM; OTC PINK: JROOF) is pleased to introduce a re-branded website and Corporate Presentation outlining HTI’s patented and novel high-temperature cleanH2steam Dynamic Combustion Chamber boiler that enables zero emissions hydrogen to generate heat, hot-water, high-temperature steam, and Combined Heat & Power (“CHP”) through a closed-loop process. 

HTI’s new website and Corporate Presentation can be found at: www.hydrogentechnologiesinc.com.

Janet Reiser, President of HTI, states, “We are excited to work with the Jericho Team to bring our best-in-class Hydrogen Technology to the world. Hydrogen, as a zero-emission fuel and feedstock, is witnessing an increasing demand from Governments, NGOs, Investors amid societal pressure for more sustainable energy systems and fuels. With traditional boilers being one of the world’s most significant source of carbon emissions, we believe the timing of this transaction is the first step in commercializing HTI’s zero-emission technology among carbon-intensive industries worldwide.”

As Previously Released by Jericho on January 22, 2021:

As a part of the transaction, Jericho is adding the highly dedicated and robust technical team from HTI including its founder, Ed Stockton and President, Janet Reiser. Adding Ed’s technical capabilities and expertise related to the hydrogen market will allow for a seamless transition in building up the DCC boiler’s commercial success within our low-carbon energy portfolio. Prior to founding HTI in 2005, Ed spent most of his career with Florida Power & Light (now NextEra Energy) focused on low-carbon technologies with direct power plant experience, including equipment startup, maintenance, due diligence, government relations and regulation promulgation. Janet, with over 35 years of experience in energy management and engineering, most recently running the governmental Alaska Energy Authority, will continue to lead HTI’s day-to-day operations and sales efforts.

HTI’s patented zero emissions DCC boiler system aims to decarbonize the nearly $30 billion global commercial and industrial heating industry while providing best-in-class energy efficiencies.

• The traditional water heating, steam generation and CHP market has been powered by fossil fuel for over 100 years, producing harmful Carbon Dioxide (CO2), nitrogen oxides (NOx) and sulfur dioxide (SO2) emissions which are increasingly being phased out or eliminated through government-led emission-based performance standards worldwide
• Globally, 85% of all Industrial Boilers emit harmful greenhouse gas emissions (GHG) with over 35% of the Industrial Boiler install base still powered by coal
• Critically, 37% of all fossil fuels utilized in US Industry today are burned to produce steam, with all the major industrial energy users devoting significant proportions of their fossil fuel consumption to steam production: food processing (57%), pulp and paper (81%), chemicals (42%), petroleum refining (23%) and primary metals (10%)
  • Steam is used in 80% of the electrical generation in the US

HTI’s DCC can be used for a variety of commercial and industrial applications, generating zero emission electricity when combined with a turbine genset in CHP applications. The patented DCC technology:

• Awarded the Solar Impulse Efficient Solutions Label in 2019
• Requires no air permit, with water as the only by-product
• Eliminates all NOx, SOx and CO2 emissions through a closed-loop combustion process
• Produces at a 30% greater efficiency than traditional fossil fuel boilers with a 97% overall boiler thermal efficiency
• Critically, the Total Cost of Production ($ / lb steam) is cost competitive to traditional hydrocarbon boiler systems

There are large commercial and industrial (“C&I”) markets which HTI is specifically targeting with their zero emissions DCC Hydrogen Boiler. According to market research, the C&I market for boilers represents a $30 billion annual market and is estimated to grow between 5 to 7% per year, over the next seven years, with low and zero carbon solutions expected to outpace:

• Commercial markets for heat or hot water as an end-use: Shopping malls, universities and institutions, airports, hotels, stadiums, hospitals, and government buildings
• Industrial markets for steam-generation as an industrial process end-use: refining and petrochemical, pulp and paper, chemical and pharmaceutical, food processing, refrigeration, metals, and mining among others
• For Combined Heat & Power applications: Utility Power Generation, Energy Storage, On-Site Distributed Energy, and Data Centers will be critical markets for a zero-emissions DCC solution.

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Although Jericho believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information and statements which include, but are not limited to:
the effects of and risks associated with the ongoing COVID-19 pandemic,
the impact of general economic conditions, industry conditions and current and future commodity prices including sustained low oil prices, significant and ongoing stock market volatility, currency and interest rates, governmental regulation of the oil and gas industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities inherent in oil and gas exploration, development and production operations; and the other factors described in our public filings available at


www.sedar.com


. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information and forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

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

CONTACT:

Adam Rabiner
Director, Investor Relations
604.343.4534
[email protected]

~ Third Quarter Sales of $284.6 Million ~

~ Improved Performance in December Continued into January with a Comparable Store Sales Increase of 3% ~

~ Year-to-Date Operating Cash Flow of ~$159 Million compared to ~$126 Million in the Same Period Last Year ~

~ Completes Acquisition of 17 Stores in Southern California, Representing Expected Annualized Sales of ~$20 Million ~

ROCHESTER, N.Y., Jan. 27, 2021 (GLOBE NEWSWIRE) — Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced financial results for its third quarter ended December 26, 2020.

Third Quarter Results

Sales for the third quarter of the fiscal year ending March 27, 2021 (“fiscal 2021”) decreased 13.6% to $284.6 million, as compared to $329.3 million for the third quarter of the fiscal year ended March 28, 2020 (“fiscal 2020”). The total sales decrease for the third quarter of $44.7 million was driven by a comparable store sales decline of 13.0% for the period and a decrease in sales of $7.2 million from closed stores, partially offset by an increase in sales from new stores of $2.2 million, including sales from recent acquisitions of $1.5 million. Comparable store sales were down approximately 8% for tires, 16% for alignments, 17% for front end/shocks, 19% for maintenance services and 21% for brakes compared to the prior year period.

Gross margin decreased 400 basis points to 33.8% in the third quarter of fiscal 2021 from 37.8% in the prior year period. The decrease partially resulted from lower comparable store sales in the third quarter of fiscal 2021, which resulted in higher fixed distribution and occupancy costs as a percentage of sales compared to the prior year period. Variable gross margin benefitted from improved tire margins, driven by the completed rollout of the Company’s tire category management and pricing tool. This was more than offset by a higher sales mix of tires compared to the prior year period, which resulted in higher material costs as a percentage of sales. Variable gross margin was also negatively impacted by higher technician labor costs as a percentage of sales compared to the prior year period, particularly in the first two months of the quarter. The Company’s efforts to optimize store staffing and increase teammate productivity led to lower technician labor costs as a percentage of sales in December compared to the prior year period. Total operating expenses decreased $12.3 million to $80.5 million, or 28.3% of sales, as compared to $92.8 million, or 28.2% of sales in the prior year period. The year-over-year dollar decrease primarily resulted from targeted cost reductions and lower expenses from 29 fewer stores compared to the prior year period. The slight increase in operating expenses as a percentage of sales in the third quarter of fiscal 2021 compared to the previous year period was driven by a decrease in comparable store sales.

Operating income for the third quarter of fiscal 2021 was $15.7 million, or 5.5% of sales, as compared to $31.6 million, or 9.6% of sales in the prior year period. Interest expense was $6.8 million for the third quarter of fiscal 2021, as compared to $7.0 million for the third quarter of fiscal 2020.

Net income for the third quarter of fiscal 2021 was $6.7 million, as compared to $18.9 million in the same period of the prior year. Diluted earnings per share for the third quarter of fiscal 2021 was $.20, compared to $.56 in the third quarter of fiscal 2020. Adjusted diluted earnings per share, a non-GAAP measure, for the third quarter of fiscal 2021 was $.22, which excluded $.02 per share related to Monro.Forward initiatives and $0.01 per share of benefit related to a reserve for potential litigation that was no longer necessary. This compares to adjusted diluted earnings per share of $.60 in the third quarter of fiscal 2020, which excluded $.03 per share of costs related to Monro.Forward initiatives and $0.01 per share of acquisition due diligence and integration costs. Please refer to the “Non-GAAP Financial Measures” section below for a discussion of this non-GAAP measure.

Net income for the third quarter of fiscal 2021 reflects an effective tax rate of 25.2%, as compared to 24.1% in the prior year period.

During the third quarter of fiscal 2021, the Company opened 19 company-operated stores, while temporarily closing one store as a result of storm damage and permanently closing one franchise location. Additionally, four company-operated stores remain temporarily closed as a result of damage sustained during Hurricane Laura in Louisiana and Tropical Storm Isaias in the Northeast. Monro ended the quarter with 1,260 company-operated stores and 96 franchised locations.  

“Our results for the third quarter were impacted by general market conditions and lower labor productivity levels, particularly in the first two months of the quarter. After proactively decreasing staffing at the outset of the COVID-19 pandemic, we quickly ramped up staffing in our stores over the past two quarters as demand returned. As a result, we added approximately 700 new teammates since July that required time to fully ramp. Improving market conditions, as well as the successful onboarding and training of our new teammates led to improved top-line performance in December, which posted the best comparable store sales since the beginning of the pandemic. This has continued into January with a comparable store sales increase of 3%,” said Robert Mellor, Chairman of the Board of Directors and Interim Chief Executive Officer.

Mellor continued, “We remain financially strong and well positioned to execute against all of our growth initiatives and made significant progress during the third quarter. Importantly, we substantially completed the transformation of 104 stores and our rebranded and reimaged stores continue to outperform our chain average. Additionally, we completed the rollout of our store staffing and scheduling optimization tool and tire category management and pricing system, both of which are instrumental in driving profitable growth. Our initiatives are working and we look forward with confidence in our business.”

First Nine Months Results

For the current nine-month period, sales decreased 15.5% to $820.2 million from $970.5 million in the prior year period. Comparable store sales decreased 16.8% compared to a decrease of 0.1% in the prior year period. Gross margin for the nine-month period was 35.1% of sales, compared to 38.6% in the prior year period. Operating income was 6.3% of sales, compared to 10.4% in the prior year period. Net income for the first nine months of fiscal 2021 was $22.5 million, or $.67 per diluted share, as compared to $61.8 million, or $1.82 per diluted share in the comparable period of fiscal 2020. Adjusted diluted earnings per share, a non-GAAP measure, in the first nine months of fiscal 2021 was $.77, which excluded $.06 per share related to store closing costs, $.04 per share related to Monro.Forward initiatives and management transition costs and $0.01 per share of benefit related to a reserve for potential litigation that was no longer necessary. This compares to adjusted diluted earnings per share of $1.91 in the first nine months of fiscal 2020, which excluded $.06 per share of costs related to Monro.Forward initiatives and $.03 per share of costs related to acquisition due diligence and integration. Please refer to the “Non-GAAP Financial Measures” section below for a discussion of this non-GAAP measure.

Strong Financial Position

During the first nine months of fiscal 2021, the Company generated approximately $159 million in operating cash flow compared to $126 million for the same period last year. Monro’s strong cash flow allows the Company to support its business operations and Monro.Forward initiatives as well as invest in attractive acquisition opportunities intended to drive long-term growth, while paying down debt and returning cash to shareholders through its dividend program.

As of January 23, 2021, the Company had cash and cash equivalents of approximately $25 million and availability on its revolving credit facility of approximately $376 million.

Acquisition Update

The Company completed the previously announced acquisition of 17 stores in Southern California, further expanding the Company’s geographic footprint in the West Coast region. These locations are expected to add approximately $20 million in annualized sales.

Company Outlook

Due to the ongoing uncertainty caused by COVID-19, it remains difficult to accurately predict the full impact of the pandemic on overall demand and Monro’s operations for the remainder of the year. Therefore, the Company is not providing fiscal 2021 guidance.

Earnings Conference Call and Webcast

The Company will host a conference call and audio webcast on Wednesday, January 27, 2021 at 8:30 a.m. Eastern Time. The conference call may be accessed by dialing 1-877-425-9470 and using the required passcode 13715011. A replay will be available approximately two hours after the recording through Wednesday, February 10, 2021 and can be accessed by dialing 1-844-512-2921 and using the required pass code of 13715011. The live conference call and replay can also be accessed via audio webcast at the Investors section of the Company’s website, located at corporate.monro.com. An archive will be available at this website through February 10, 2021.

About Monro, Inc.

Headquartered in Rochester, New York, Monro is a chain of 1,260 company-operated stores, 96 franchised locations, seven wholesale locations and three retread facilities providing automotive undercar repair and tire sales and services. The Company operates in 32 states, serving the MidAtlantic and New England regions and portions of the Great Lakes, Midwest, Southeast and Western United States. The predecessor to the Company was founded by Charles J. August in 1957 as a Midas Muffler franchise. In 1966, Monro began to diversify into a full line of undercar repair services. The Company has experienced significant growth in recent years through acquisitions and, to a lesser extent, the opening of newly constructed stores. The Company went public in 1991 and trades on The Nasdaq Stock Market under the symbol MNRO.

Cautionary Note Regarding Forward-Looking Statements

The statements contained in this press release that are not historical facts may contain statements of future expectations and other forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words and phrases as “expected,” “estimate,” “guidance,” “outlook,” “potential,” “anticipate,” “assume,” “project,” “believe,” “could,” “may,” “will,” “intend,” “plan” and other similar words or phrases. Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed. These factors include, but are not necessarily limited to, product demand, dependence on and competition within the primary markets in which the Company’s stores are located, the need for and costs associated with store renovations and other capital expenditures, the duration and scope of the COVID-19 pandemic and its impact on our customers, executive officers and employees, the effect of economic conditions, seasonality, changes in the U.S. trade environment, including the impact of tariffs on products imported from China, the impact of competitive services and pricing, product development, parts supply restraints or difficulties, the impact of weather trends and natural disasters, industry regulation, risks relating to leverage and debt service (including sensitivity to fluctuations in interest rates), continued availability of capital resources and financing, risks relating to protection of customer and employee personal data, risks relating to litigation, risks relating to integration of acquired businesses and other factors set forth elsewhere herein and in the Company’s Securities and Exchange Commission filings, including the Company’s annual report on Form 10-K for the fiscal year ended March 28, 2020 and subsequent quarterly reports on Form 10-Q. Except as required by law, the Company does not undertake and specifically disclaims any obligation to update any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Financial Measures

In addition to reporting diluted earnings per share (“EPS”), which is a generally accepted accounting principles (“GAAP”) measure, this press release includes adjusted diluted EPS, which is a non-GAAP financial measure. The Company has included a reconciliation from adjusted diluted EPS to its most directly comparable GAAP measure, diluted EPS. Management views this non-GAAP financial measure as a way to better assess comparability between periods because management believes the non-GAAP financial measure shows the Company’s core business operations while excluding certain non-recurring items and items related to our Monro.Forward or acquisition initiatives.

This non-GAAP financial measure is not intended to represent, and should not be considered more meaningful than, or as an alternative to, its most directly comparable GAAP measure. This non-GAAP financial measure may be different from similarly titled non-GAAP financial measures used by other companies.

MONRO, INC.

Financial Highlights
(Unaudited)
(Dollars and share counts in thousands)

			Quarter Ended Fiscal December
				2020				2019		% Change
Sales			$	284,591			$	329,281		(13.6			)%
Cost of sales, including distribution and occupancy costs				188,453				204,929		(8.0			)%
Gross profit				96,138				124,352		(22.7			)%
Operating, selling, general and administrative expenses				80,450				92,781		(13.3			)%
Operating income				15,688				31,571		(50.3			)%
Interest expense, net				6,819				6,983		(2.3			)%
Other income, net				(65	)			(274	)	(76.2			)%
Income before provision for income taxes				8,934				24,862		(64.1			)%
Provision for income taxes				2,251				5,982		(62.4			)%
Net income			$	6,683			$	18,880		(64.6			)%
Diluted earnings per share:			$	.20			$	.56		(64.3			)%
Weighted average number of diluted shares outstanding				33,827				33,973
Number of stores open (at end of quarter)				1,260				1,289

MONRO, INC.

Financial Highlights
(Unaudited)
(Dollars and share counts in thousands)

			Nine Months Ended Fiscal December
				2020				2019			% Change
Sales			$	820,237			$	970,458			(15.5	)%
Cost of sales, including distribution and occupancy costs				532,119				595,886			(10.7	)%
Gross profit				288,118				374,572			(23.1	)%
Operating, selling, general and administrative expenses				236,603				273,273			(13.4	)%
Operating income				51,515				101,299			(49.1	)%
Interest expense, net				21,526				21,100			2.0	%
Other income, net				(132	)			(655	)		(79.7	)%
Income before provision for income taxes				30,121				80,854			(62.7	)%
Provision for income taxes				7,605				19,054			(60.1	)%
Net income			$	22,516			$	61,800			(63.6	)%
Diluted earnings per share			$	.67			$	1.82			(63.2	)%
Weighted average number of diluted shares outstanding				33,840				33,971

MONRO, INC.

Financial Highlights
(Unaudited)
(Dollars in thousands)

									December 26,		March 28,
									2020		2020
Assets
Cash								$	24,959		$	345,476
Inventories									165,141			187,441
Other current assets									77,255			63,103
				Total current assets					267,355			596,020
Property, plant and equipment, net									334,293			328,637
Finance lease and financing obligation assets, net									279,304			196,575
Operating lease assets, net									207,508			199,729
Other non-current assets									742,217			728,496
				Total assets				$	1,830,677		$	2,049,457
Liabilities and Shareholders’ Equity
Current liabilities								$	310,546		$	254,936
Long-term debt									190,000			566,400
Long-term finance leases and financing obligations									372,553			298,373
Long-term operating lease liabilities									181,938			170,954
Other long-term liabilities									39,597			24,354
				Total liabilities					1,094,634			1,315,017
Total shareholders’ equity									736,043			734,440
				Total liabilities and shareholders’ equity				$	1,830,677		$	2,049,457

MONRO, INC.

Reconciliation of Adjusted Diluted Earnings Per Share (EPS)
(Unaudited)

	Quarter Ended Fiscal
	December
	2020			2019
Diluted EPS	$0.20			$0.56
Store closing costs		–			–
Monro.Forward initiative costs		0.02			0.03
Acquisition due diligence and integration costs		–			0.01
Management transition costs		–			–
Potential litigation reserve reversal		(0.01	)		–
Adjusted Diluted EPS	$0.22			$0.60

Note: The calculation of the impact of non-GAAP adjustments on diluted earnings per share is performed on each line independently. The table may not add down by +/- $0.01 due to rounding.

Supplemental Reconciliation of Adjusted Net Income
(Unaudited)
(Dollars in Thousands)

	Quarter Ended Fiscal
	December
		2020			2019
Net Income	$6,683			$18,880
Store closing costs		(14	)		–
Monro.Forward initiative costs		1,056			1,378
Acquisition due diligence and integration costs		122			435
Management transition costs		128			–
Potential litigation reserve reversal		(250	)		–
Provision for income taxes		(234	)		(435	)
Adjusted Net Income	$7,491			$20,258

MONRO, INC.

Reconciliation of Adjusted Diluted Earnings Per Share (EPS)
(Unaudited)

	Nine Months Ended Fiscal
	December
		2020			2019
Diluted EPS	$0.67			$1.82
Store impairment charge		–			–
Store closing costs		0.06			–
Monro.Forward initiative costs		0.03			0.06
Acquisition due diligence and integration costs		–			0.03
Management transition costs		0.01			–
Potential litigation reserve reversal		(0.01	)		–
Adjusted Diluted EPS	$0.77			$1.91

Note: The calculation of the impact of non-GAAP adjustments on diluted earnings per share is performed on each line independently. The table may not add down by +/- $0.01 due to rounding.

Supplemental Reconciliation of Adjusted Net Income
(Unaudited)
(Dollars in Thousands)

	Nine Months Ended Fiscal
	December
		2020			2019
Net Income	$22,516			$61,800
Store impairment charge		99			–
Store closing costs		2.496			–
Monro.Forward initiative costs		1,510			2,685
Acquisition due diligence and integration costs		161			1,204
Management transition costs		385			–
Potential litigation reserve reversal		(250	)		–
Provision for income taxes		(1,022	)		(953	)
Adjusted Net Income	$25,895			$64,736

       

CONTACT:	Kim Rudd
	Executive Assistant
	(585) 784-3324
	Investors and Media: Melanie Dambre / Jamie Baird
	FTI Consulting
	(212) 850-5600

Charleston, SC, Jan. 27, 2021 (GLOBE NEWSWIRE) — Accounting technology firm Ceterus announces the upcoming release of their new 1099 Manager, an innovative, self-service W9 and 1099 feature within the Ceterus Edge platform.

After 13 years assisting thousands of small businesses with hundreds of thousands of 1099s, the team at Ceterus realized that form collection should no longer be an annual burden for business owners and their CPAs. In 2020, Ceterus dedicated six months and their best accounting, product, and engineering talent to transform the 1099 process from a yearly bottleneck to an intuitive and streamlined process.

“1099s are usually a painful process that an owner who works with small businesses and contractors has come to expect,” says Bethany Beneventano, Manager of Customer Success at Ceterus. “The 1099 Manager in Edge Web is an incredible feature that streamlines the process and centralizes vendor data for business owners and their CPA firms.”

This first-of-its-kind feature facilitates communication, documentation, approval, and filing of Form 1099 and W9s between accountants and their small business clients. By enabling form collection throughout the year (not just in January!), centralizing a list of all vendors who require 1099 submissions within one dashboard, and providing notifications and status updates for vendors and team members, this forthcoming solution allows business owners and their CPA firms to maximize efficiency, minimize the risk of errors, and avoid penalties for this historically cumbersome process.

The feature has been utilized internally at Ceterus and went live in beta in mid-December for one of Ceterus’ largest CPA firm partners. This beta process will cover over 1,000 businesses and more than ten thousand 2020 1099s filed in 2021.

“As an accounting provider ourselves, we understand how critical this functionality is. Now that the feature is proven, we are very excited to extend it to CPA firms who utilize our automation and reporting platform,” says Ceterus CEO Levi Morehouse. “Our straightforward approach allows CPAs to lessen the annual burden of 1099 processing during an already hectic time of year, enabling them to focus on what matters — driving high-value engagement with their clients.”

Let 2020 be the last year of 1099s you and your firm ever do the old way. If you are a CPA firm ready to improve the W9 and 1099 process ahead of next season, please contact Jonathan Martin for more information on how to leverage the Ceterus 1099 Manager. 

About Ceterus: Ceterus is an automated accounting and benchmarked reporting solution built to empower franchisees, small business entrepreneurs, and industry-focused CPA firms. Founded in 2008 and headquartered in Charleston, SC, Ceterus takes an innovative approach to accounting using technology backed by professionals to provide time-saving and insightful solutions. For more information, visit http://www.ceterus.com.

Jonathan Martin
Ceterus
828.777.8399
[email protected]

NEW YORK, Jan. 27, 2021 (GLOBE NEWSWIRE) — Cowen Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today announced that Frank Dunlevy has returned to the firm’s investment bank, Cowen and Company, LLC as Vice Chair of Investment Banking. Mr. Dunlevy will be initially based in New York and Washington D.C., and will also spend time in the firm’s San Francisco and Dallas offices. He will be focused on helping drive value for Cowen’s clients across its global platform.

“We are excited to have Frank back on the Cowen team, after two and half years of public service. A veteran banker with a long history at Cowen, Frank embodies our values, our commitment to teamwork and our dedication to being a solution provider for our clients,” said Larry Wieseneck, Co-President, Cowen and Company. “With decades of successful advisory experience, Frank contributes a unique network of corporate, private equity and VC relationships, as well as deep strategic expertise which will provide an invaluable edge for our team and our clients.”

Mr. Dunlevy added, “I am thrilled to return to Cowen, a world-class team and organization with a truly differentiated position and value proposition for our clients. I look forward to partnering with my colleagues across our global platform, including in capital markets and investment banking, to further grow the franchise and deliver innovative financing solutions and advice for our clients.”

Mr. Dunlevy brings with him nearly 50 years of investment banking expertise. He returns to Cowen after serving as Chief Banking Officer and Senior Adviser at the State Department and prior to that, as Counselor to the CEO and Vice President of the Funds Group at The Overseas Private Investment Corporation (OPIC). At OPIC he helped to oversee the transition to the new U.S. International Development Finance Corporation and launched its first-ever equity program. Before leaving to serve in the public sector, Mr. Dunlevy held senior positions at Cowen over 14 years, including Vice Chair of Investment Banking. Earlier in his career, he was a founder of Thomas Weisel Partners, and was a senior banker at Montgomery Securities and The First Boston Corporation. Mr. Dunlevy holds a B.A. from Southern Methodist University.

About Cowen Inc.

Cowen Inc. (“Cowen” or the “Company”) is a diversified financial services firm that operates through two business segments: a broker dealer and an investment management division.  The Company’s broker dealer division offers investment banking services, equity and credit research, sales and trading, prime brokerage, global clearing and commission management services.  Cowen’s investment management segment offers actively managed alternative investment products.  Cowen Inc. focuses on delivering value-added capabilities to our clients in order to help them outperform.  Founded in 1918, the firm is headquartered in New York and has offices worldwide. Learn more at Cowen.com.

© 2021, COWEN INC., ALL RIGHTS RESERVED. COWEN AND COMPANY, LLC: MEMBER FINRA, NYSE AND SIPC 

Media Contact:

Gagnier Communications
Dan Gagnier
646-569-5897
[email protected]

BOSTON and CHARLOTTE, N.C., Jan. 27, 2021 (GLOBE NEWSWIRE) — The Charlotte Hornets have named DraftKings Inc. (Nasdaq: DKNG) as the exclusive Official Daily Fantasy Sports Partner of the franchise. The multi-year agreement will greatly increase DraftKings’ presence in North Carolina. Along with access to Hornets trademarks and logos, the deal provides that DraftKings-branded LED signage will be featured courtside and on the basket stanchion at Spectrum Center, in addition to logo displays on top of the backboards. The two companies will also collaborate on unique social promotions and content that further align the collective brands.

“Charlotte Hornets basketball games are must-watch TV for the NBA, and we look forward to providing Hornets fans with a best-in-class gaming experience,” said Ezra Kucharz, chief business officer at DraftKings. “We look forward to deepening our business relationship with the Hornets organization through this new agreement and showcasing DraftKings in North Carolina.”

As part of the collaboration, the Hornets and DraftKings plan to develop a free-to-play, Hornets-themed predictive game that will integrate within the team’s mobile app. Additionally, the partnership includes VIP experiential events at games including press conference access, courtside shootarounds, coach and staff meet and greets and more.

“We’re excited to enter this partnership with DraftKings and bring its daily fantasy sports products to our great Hornets fans,” said Hornets Sports & Entertainment President & Vice Chairman Fred Whitfield. “Collaborating with DraftKings will allow us to offer our fans engaging new experiences from the leader in this emerging area.”

Fans can access DraftKings Sportsbook and Daily Fantasy Sports apps anywhere by visiting DraftKings.com or by downloading the DraftKings app via iOS and Android. Fans can also download the Hornets App for either platform.

ABOUT HORNETS SPORTS & ENTERTAINMENT

Hornets Sports & Entertainment owns the Charlotte Hornets, Greensboro Swarm and Hornets Venom GT, and operates Charlotte’s Spectrum Center.  The Charlotte Hornets are a member of the NBA’s Southeast Division.  Owned by NBA Legend Michael Jordan, the Hornets organization strives to deliver a relentless attack on the court, an unmatched experience in the stands and a positive impact throughout the community.  The name of the city’s original NBA team from 1988-2002, the Hornets moniker returned to Charlotte in May 2014, uniting the rich history of NBA basketball in the Carolinas.  The Greensboro Swarm are the NBA G League affiliate of the Charlotte Hornets and play at the Fieldhouse at the Greensboro Coliseum Complex.  Hornets Venom GT is the organization’s esports team affiliate that joined the NBA 2K League in 2020.  Spectrum Center is the premier destination for sports and entertainment in the Carolinas, hosting over 150 sporting events, concerts and family shows annually.  For more information, please visit hornets.com, gsoswarm.com, HornetsVenomGT.com or spectrumcentercharlotte.com.

About DraftKings

DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50+ operators in 17 countries. DraftKings’ Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in Colorado, Illinois, Indiana, Iowa, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia and West Virginia. DraftKings’ daily fantasy sports product is available in 8 countries internationally with 15 distinct sports categories. DraftKings is the official daily fantasy partner of the NFL, MLB, NASCAR and the PGA TOUR as well as an authorized gaming operator of the NBA and MLB and an official betting operator of the PGA TOUR.

Media Contacts

[email protected]

@
DraftKingsNews

Charlotte Hornets Contact

Josh Rosen, Senior Director of Corporate Communications, [email protected] 

FORWARD-LOOKING STATEMENTS

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see DraftKings’ Securities and Exchange Commission filings. DraftKings does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

PETAH TIKVA, Israel, Jan. 27, 2021 (GLOBE NEWSWIRE) — PolyPid Ltd. (Nasdaq: PYPD), a Phase 3 clinical-stage biopharmaceutical company focused on developing targeted, locally administered and prolonged-release therapeutics using its proprietary PLEX technology, today announced that it will report its fourth quarter and full year 2020 financial results and operational highlights before the open of the U.S. financial markets on Wednesday, February 10, 2021. The Company will host a conference call and webcast at 8:30 AM Eastern Time to discuss the results and provide an update on business operations.

Conference Call Dial-In & Webcast Information:

	Date:	Wednesday, February 10, 2021
	Time:	8:30 AM Eastern Time
	United States:	+1 877 870 9135
	Israel:	+972 1809 213-985
	International:	+44 (0) 2071 928338
	Conference ID:	1468387
	Webcast:	https://edge.media-server.com/mmc/p/cx5so6fj

About PolyPid

PolyPid Ltd. (Nasdaq: PYPD) is a late-stage biopharma company aiming to improve surgical outcomes through locally administered, controlled, extended-release therapeutics. PolyPid’s proprietary PLEX (Polymer-Lipid Encapsulation matriX) technology pairs with medications, enables precise delivery of drugs at effective release rates, over durations ranging from several days to months. PolyPid’s lead product candidate D-PLEX100 is in Phase 3 clinical trials for the prevention of sternal and abdominal surgical site infections (SSIs).

For additional company information, please visit http://www.polypid.com and follow us on Twitter and LinkedIn.

Forward-looking Statements

This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. PolyPid is not responsible for the contents of third-party websites.

Contacts: 
PolyPid, Ltd. 
Dikla Czaczkes Akselbrad
EVP & CFO
Tel: +972-747195700

Investors:
Bob Yedid
LifeSci Advisors
646-597-6989
[email protected]