Market Newsdesk

RIDGEFIELD PARK, N.J., Nov. 18, 2020 (GLOBE NEWSWIRE) — AlgoSec, a leading provider of business-driven network security management solutions, has today announced that AlgoSec CloudFlow, its cloud-native solution that is designed to deliver complete visibility and management of security control layers across enterprise cloud estates, is now available in AWS Marketplace, a digital catalog with thousands of software listings from independent software vendors (ISVs).

AWS Marketplace makes it easy for organizations to find, test, buy, and deploy software that runs on Amazon Web Services (AWS), giving them a further option to benefit from AlgoSec CloudFlow. CloudFlow provides organizations with instant visibility and in-depth risk analysis and remediation. CloudFlow provides multiple unique capabilities such as cloud security groups clean-up, as well as central policy management, allowing organizations to efficiently manage multiple similar security controls in a single policy. This strengthens enterprises’ cloud security postures and ensures continuous audit-readiness.

With the addition of CloudFlow in AWS Marketplace, customers can benefit from simplified sourcing and contracting, as well as consolidated billing, ultimately resulting in cost savings. The new listing also gives organizations the ability to apply their use of AlgoSec CloudFlow to their AWS Enterprise Discount Program (EDP) spend commitment.

“Getting comprehensive visibility and management of security across cloud environments is one of the biggest security challenges that enterprises are facing today. Organizations need an efficient, automated security management approach to ensure consistent security across their hybrid-cloud estates,” said Eran Shiff, VP Product at AlgoSec. “As a cloud-native solution, CloudFlow extends end-to-end automation of security policy management to multi-cloud estates. This drives agility while ensuring continuous security for next-generation enterprise environments. We’re delighted to give our customers an additional way to procure CloudFlow via AWS Marketplace.”

The addition of AlgoSec CloudFlow in AWS Marketplace is the latest development in the relationship between AlgoSec and AWS. AlgoSec CloudFlow, which is part of the AlgoSec Cloud offering, integrates seamlessly with AlgoSec’s Security Management Solution, providing efficient and easier management of today’s complex, heterogenous networks. Organizations can define and enforce security across their entire network environment, using a cohesive security policy to assess risk and troubleshoot connectivity issues and change management problems.

AlgoSec CloudFlow is now available in AWS Marketplace.

About AlgoSec

The leading provider of business-driven network security management solutions, AlgoSec helps the world’s largest organizations align security with their mission-critical business processes. With AlgoSec, users can discover, map and migrate business application connectivity, proactively analyze risk from the business perspective, tie cyber-attacks to business processes and intelligently automate network security changes with zero touch – across their cloud, SDN and on-premise networks. Over 1,800 enterprises, including 20 of the Fortune 50, have utilized AlgoSec’s solutions to make their organizations more agile, more secure and more compliant – all the time. Since 2005, AlgoSec has shown its commitment to customer satisfaction with the industry’s only money-back guarantee.

All product and company names herein may be trademarks of their registered owners.

Media Contacts:
Tsippi Dach
AlgoSec
[email protected]

Craig Coward
Context Public Relations
[email protected]
+44 (0)1625 511 966

SAN FRANCISCO, Nov. 18, 2020 (GLOBE NEWSWIRE) — Rapid Robotics has announced the first ready-to-work robotic machine operator, giving contract manufacturers an easy, affordable way to automate common machine tasks and compete with offshore facilities.

The Rapid Machine Operator is a revolutionary industrial cobot that needs no programming or systems integration. ‘Out of the box,’ it can operate machines performing simple tasks such as injection molding, pad printing, heat stamping, pick-and-place and dozens of others across manufacturing sectors including medical devices, electronics, CPG, automotive and more.

At only $25,000 per year, Rapid Machine Operators cost 75% less than human operators and 90% less¹ than other robotic solutions. They deliver proven ROI within three to four months from the time of subscription, increasing operating profits an average of $110,000 per year for each unit installed.

Rapid Machine Operators are easy for even non-technical users to manage. Users simply select a machine type from Rapid’s simple touchscreen interface, input variables specific to the project, and Rapid’s pretrained AI takes care of the rest. Users can oversee numerous Rapid Machine Operators at once and quickly configure them for new jobs as needed—perfect for high-mix environments.

The Rapid Machine Operator comes with everything it needs to get to work, including fixtures, grippers, cameras and all other components. Its proprietary built-in computer vision system quickly finds parts and automatically creates optimized motion paths for faster cycle times—all without a single line of code or additional costs. Rapid takes care of the initial same-day setup and provides support at no additional charge.

Rapid Machine Operators receive new capabilities monthly over the air and share intelligence in real-time through the cloud, so the entire fleet becomes more valuable the longer it’s on the job.

“We looked at automating machine operator tasks before, but as a custom injection molder, the costs were prohibitive,” said Tammy Barras, president of Westec Plastics. “Rapid’s solution was the first we’d seen that just worked, at a price that made sense for our business. We were pleased with how responsive the Rapid team is and were quickly able to start seeing value.”

The Rapid Machine Operator couldn’t come at a better time for manufacturers battling a growing nationwide shortage of more than 600,000 machine operators, costing manufacturers and the US economy billions of dollars per year.

“The Rapid Machine Operator is a complete game-changer for contract manufacturers,” said Rapid Robotics CEO Jordan Kretchmer. “It makes them more competitive overnight, so they can win more bids and grow their business beyond anything they’d thought possible.”

About
Rapid Robotics

Rapid Robotics is the creator of the first affordable robotic machine operator designed for simple machine tasks. Available for just $25K a year, and requiring absolutely no programming, systems integration, specialized hardware or robotics skills, the Rapid Machine Operator enables manufacturers to easily deploy a pretrained cobot in hours, moving it between tasks as needed and seeing ROI in months.

Rapid Robotics’ founding team combines robotics and manufacturing expertise with a SaaS business model to deliver affordable solutions to real-world industry problems. Investors include Greycroft and Bee Partners. The company is based in San Francisco, California.

Media contact

Chris Ulbrich
[email protected]
415 848 9175

______________________

^{¹ Assuming a competitor solution with SI fees is $1M amortized over four years}

Highlights of the Third Quarter of 2020:

• 
  Net revenues after voyage expenses: $15.8 million in Q3 2020 compared to $15.9 million in Q3 2019
  
• 
  Net Income: $3.6 million in Q3 2020, as compared to $0.7 million in Q3 2019
  
• 
  EBITDA
  ¹
  : $12.7 million in Q3 2020, as compared to $9.8 million in Q3 2019
  
• 
  Gain of $5.2 million from refinancing of a loan facility at a discount
  

Highlights of the Nine Months ended September 30, 2020:

• 
  Net revenues after voyage expenses: $28.1 million in 9M 2020 compared to $30.7 million in 9M 2019
  
• 
  Net Loss: $16.0 million in 9M 2020, as compared to a net loss of $14.8 million in 9M 2019
  
• 
  EBITDA: $11.6 million in 9M 2020, as compared to
  $11.9 million in 9M 2019
  

Balance Sheet Highlights:

• Shareholders’ equity of $86.5 million as of September 30, 2020 compared to $29.9 million as of December 31, 2019 
• Third party debt of $160.1 million as of September 30, 2020 reduced from $183.1 million as of December 31, 2019 
• Cash and cash equivalents of $33.8 million as of September 30, 2020 compared to $14.6 million as of December 31, 2019

ATHENS, Greece, Nov. 18, 2020 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced today its financial results for the third quarter and nine months ended September 30, 2020.

For the quarter ended September 30, 2020, the Company generated net revenues after voyage expenses of $15.8 million, compared to $15.9 million in the corresponding quarter of 2019. This compares favorably with the 29% decrease in the average Capesize spot earning s in the third quarter of 2020 versus the same quarter of 2019. Accordingly, the average Time Charter Equivalent (“TCE”)¹ earned by the fleet during the third quarter of 2020 was $16,219 per vessel per day, a decrease of 19% from $20,143 in the third quarter of 2019. Seanergy recorded net income of $3.6 million in the third quarter, compared to net income of $0.7 million in the same quarter of 2019. Basic net income per share for the third quarter of 2020 was $0.08. During the quarter, the Company recognized a $5.2 million gain from the refinancing of a loan facility at a discount through a new loan facility provided by a third-party lender.

For the nine-month period ended September 30, 2020 net revenues after voyage expenses amounted to $28.1 million, an 8.5% decrease compared to $30.7 million in the same period of 2019. The TCE earned during the first nine months of 2020 was $10,267, representing a 14% decrease from $12,004 in the same period of 2019, on the back of the historically low earnings environment of the first half of 2020.

Cash and cash-equivalents, including restricted cash, as of September 30, 2020 stood at $33.8 million, increased from $14.6 million as of December 31, 2019. Shareholders’ equity at the end of the third quarter of 2020 was $86.5 million compared to $29.9 million at the end of 2019. Third party vessel-secured debt was $160.1 million at the end of the third quarter of 2020 as compared to $183.1 million as of December 31, 2019.

__________________
¹ EBITDA and TCE rate are non-GAAP measures. Please see the reconciliation below of EBITDA to net loss and TCE rate to net revenues from vessels, in each case the most directly comparable U.S. GAAP measure.

Stamatis Tsantanis, the Company’s Chairman and Chief Executive Officer, stated:

“We are very pleased to see the third quarter of 2020 turning profitable for Seanergy following one of the worst six-month periods in recent history of our market. The Capesize daily rates improved significantly compared to the historically low first half of the year and that was reflected in the operating performance of our fleet. Our TCE for the third quarter was $16,219, improved by 132% from $6,985 in the first six months of 2020. The main factors behind the recent rate improvement were the increased demand for iron ore in China and the continued recovery in Brazilian exports. Our commercial performance in the fourth quarter tracks the BCI index which has averaged at approximately $20,500 quarter-to-date.

Despite the global short-term uncertainties, we expect this positive trend to continue in the long run, given the increasing demand of commodities combined with the lowest Capesize newbuilding orderbook of the last 15 years. Seanergy is the only pure-play Capesize company publicly listed in the US and is well-positioned to capitalize on positive market fundamentals. Our balanced commercial approach between index-linked time-charters and spot market exposure and our improved balance sheet offer a strong competitive advantage.

The COVID-19 global pandemic has affected the shipping industry and the seafarers onboard our vessels as port restrictions imposed globally have posed challenges on the timing and efficacy of crew changes. Through our meticulous planning we have been able to source solutions for our crew members despite the global travel restrictions. Our focus continues to be to safeguard the well-being of our onshore employees and crew members, avoid disruptions in the day-to-day vessel operations and service our clients efficiently.

In light of volatile market conditions, we took actions during the first nine months of 2020 to preserve our liquidity and strengthen our balance sheet. As a result of these actions, vessel-secured debt has seen an impressive reduction of $23 million since the end of 2019, while our trade credit position has improved by approximately $11.2 million in the same period. Further to the normal amortization of our senior facilities which was met in full, the reduction in our third-party debt was supported by the refinancing of two vessels at a discount, which resulted in a $5.2 million gain. We remain in discussions with our lenders regarding our loan facilities expiring in 2020, and have received positive feedback from our senior lenders to date, as described further in this release.

Furthermore, within the third quarter of 2020, we have taken delivery of our eleventh Capesize vessel, a 2005 built Japanese unit, which we agreed to acquire in the second quarter of the year at what we believe to be a historical low price. Despite the challenges faced globally in shipping, the delivery was concluded successfully during a rising market.

Concluding, despite the challenging operating environment imposed by the evolving pandemic, we have managed to strongly position Seanergy in a prominent position for what we believe will be a strong market rebound in the post COVID-19 era. Our strategic targets of sustainable growth and capital structure improvement, as means to achieve improved returns for our shareholders, continue to be in the foreground of all our initiatives.”

Company Fleet:
Vessel Name			Vessel Size Class	Capacity (DWT)	Year Built	Yard	Scrubber Fitted	Employment Type	Minimum T/C duration
Partnership			Capesize	179,213	2012	Hyundai	Yes	T/C Index Linked (1)	3 years
Championship (2)			Capesize	179,238	2011	Sungdong	Yes	T/C Index Linked (3)	5 years
Lordship			Capesize	178,838	2010	Hyundai	Yes	T/C Index Linked (4)	3 years
Premiership			Capesize	170,024	2010	Sungdong	Yes	T/C Index Linked (5)	3 years
Squireship			Capesize	170,018	2010	Sungdong	Yes	T/C Index Linked (6)	3 years
Knightship (7)			Capesize	178,978	2010	Hyundai	Yes	T/C Index Linked (8)	3 years
Gloriuship			Capesize	171,314	2004	Hyundai	No	T/C Index Linked (9)	10 months
Fellowship			Capesize	179,701	2010	Daewoo	No	Voyage/Spot
Geniuship			Capesize	170,058	2010	Sungdong	No	Voyage/Spot
Leadership			Capesize	171,199	2001	Koyo – Imabari	No	Voyage/Spot
Goodship			Capesize	177,536	2005	Mitsui Engineering	No	Voyage/Spot
Total				1,926,117	12 years
(1)		Chartered by a major European utility and energy company and delivered to the charterer on September 11, 2019 for a period of minimum 33 to maximum 37 months with an optional period of about 11 to maximum 13 months. The daily charter hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate for a period of between 3 and 12 months, based on the prevailing Capesize Forward Freight Agreement Rate (“FFA”) for the selected period.
(2)		Sold to and leased back on a bareboat basis from a major commodity trading company on November 7, 2018 for a five-year period. We have a purchase obligation at the end of the five-year period and we further have the option to repurchase the vessel at any time.
(3)		Chartered by Cargill from November 7, 2018 for a period of 60 months, with an additional period of 24 to 27 months at charterer’s option. The daily charter hire is based on the BCI plus a gross daily scrubber premium of $1,740. In addition, the Company has the option to convert to a fixed rate for a period of between 3 and 12 months, based on the prevailing Capesize FFA for the selected period.
(4)		Chartered by a major European utility and energy company and delivered on August 4, 2019 for a period of minimum 33 to maximum 37 months with an optional period of about 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $3,735 until May 2021. In addition, the Company has the option to convert to a fixed rate for a period of between 3 and 12 months, based on the prevailing Capesize FFA for the selected period. The Company has exercised such option for the 2-month period of September – October 2020 converting the floating rate to a fixed daily gross rate of $22,000.
(5)		Chartered by Glencore and was delivered to the charterer on November 29, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.
(6)		Chartered by Glencore and was delivered to the charterer on December 19, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.
(7)		Sold to and leased back on a bareboat basis from a major Chinese leasing institution on June 28, 2018 for an eight-year period. We have a purchase obligation at the end of the eight-year period and we further have the option to repurchase the vessel at any time following the second anniversary of the delivery under the bareboat charter.
(8)		Chartered by Glencore and delivered to the charterer on May 15, 2020 for a period of about 36 to about 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI.
(9)		Chartered by a dry bulk charter operator and was delivered to the charterer on April 23, 2020 for a period of minimum 10 to maximum 14 months. The daily charter hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate for a period of between 3 and 12 months, based on the prevailing Capesize FFA for the selected period.

Fleet Data:
(U.S. Dollars in thousands)
			Q3 2020		Q3 2019		9M 2020		9M 2019
Ownership days (1)			975		920		2,795		2,730
Operating days (2)			973		790		2,737		2,558
Fleet utilization (3)			99.8%		85.9%		97.9%		93.7%
TCE rate (4)			$16,219		$20,143		$10,267		$12,004
Daily Vessel Operating Expenses (5)			$5,984		$5,247		$5,573		$5,032
(1)		Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.
(2)		Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including dry-dockings, special and intermediate surveys, lay-up days and unforeseen circumstances. Operating days include the days that our vessels are in ballast voyages without having finalized agreements for their next employment.
(3)		Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period.
(4)		TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of the Company’s vessels and in evaluating their financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate.

(In thousands of U.S. Dollars, except operating days and TCE rate)
			Q3 2020	Q3 2019		9M 2020		9M 2019
Net revenues from vessels			19,651		23,959		42,032		58,730
Less: Voyage expenses			3,870		8,046		13,930		28,023
Net operating revenues			15,781		15,913		28,102		30,707
Operating days			973		790		2,737		2,558
TCE rate			$16,219	$20,143		$10,267		$12,004
(5)		Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses.

(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)

	Q3 2020		Q3 2019		9M 2020		9M 2019
Vessel operating expenses		6,399		4,827		16,141		13,842
Less: Pre-delivery expenses		565		–		565		104
Vessel operating expenses before pre-delivery expenses		5,834		4,827		15,576		13,738
Ownership days		9 75		9 2 0		2 , 795		2 , 73 0
Daily Vessel Operating Expenses	$5,984		$5,247		$5,573		$5,032

Net Income / (Loss) to EBITDA Reconciliation:


(In thousands of U.S. Dollars)

	Q3 2020		Q3 2019		9M 2020		9M 2019
Net income / (loss)	3, 592		74 7		(1 6 , 037	)	(14,796	)
Add: Net interest and finance cost	5,296		6,097		16,540		18,009
Add: Depreciation and amortization	3,835		2,990		11,143		8,662
Add: Taxes	–		(27	)	–		32
EBITDA	12,723		9,807		11, 6 46		11,907
Less: Gain on debt refinancing	(5,150	)	–		(5,150	)	–
Adjusted EBITDA	7, 573		9,807		6, 496		11,907

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, interest income, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude the non-recurring gain on debt refinancing, which the Company believes is not indicative of the ongoing performance of its core operations.

EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation:

(In thousands of U.S. Dollars)

	Q3 20 20		Q3 201 9		9M 20 20		9M 2019
Interest and finance costs, net	(5,296	)	(6,097	)	(16,540	)	(18,009	)
Add: Amortization of deferred finance charges	189		270		538		874
Add: Amortization of convertible note beneficial conversion feature	1,457		907		3,873		2,693
Add: Amortization of other deferred charges	129		1,457		430		2,452
Add: Cash interest waived – related party	–		–		–		1,164
Cash interest and finance costs	(3,521	)	(3,463	)	(11,699	)	(10,826	)

Third Quarter and Recent Developments:

Capesize Vessel Delivery

In August 2020, the Company took delivery of the M/V Goodship, a 2005, Japanese built Capesize vessel, acquired in May 2020 from an unaffiliated third party for a gross purchase price of $11.4 million. The acquisition was funded with cash on hand, as sourced through its equity capital raising activities in 2020.

Refinancing with Material Gain

In July 2020, the Company completed a refinancing transaction of a loan facility secured by the M/V Gloriuship and M/V Geniuship, that was originally entered into in September 2015, at a discount. As a result of this refinancing the Company recognized a $5.2 million gain.

The new loan of $22.5 million was provided by certain nominees of EnTrust Global as lenders for the purpose of partly refinancing the settlement amount of $23.5 million under the loan facility originally entered into in September 2015. The new facility was fully drawn on July 16, 2020.

Underwritten Public Offering and Update on Number of Shares Issued and Outstanding

On August 20, 2020, Seanergy completed an underwritten public offering of units consisting of (i) one common share (or one pre-funded warrant in lieu of one common share) and (ii) one Class E warrant to purchase one common share. The gross proceeds of the offering, including the subsequent partial exercise of the overallotment option granted to the underwriters, were approximately $26.8 million, resulting in net proceeds of approximately $24.9 million, after deducting underwriting discounts and commissions and offering expenses payable by Seanergy.

All pre-funded warrants issued in the offering have been fully exercised and therefore there are no pre-funded warrants outstanding as of the date of this release.

As of November 17, 2020, the Company has 68,314,985 shares of common stock issued and outstanding.

Update on Bank Debt and Related-Party Financings

In recent months, the Company has engaged in productive discussions with UniCredit Bank AG (“UniCredit”) and Amsterdam Trade Bank N.V. (“ATB”) to extend the maturity of the UniCredit facility, which currently expires in December 2020, and to relax certain financial covenants and reduce principal installments. On September 29, 2020, Seanergy received approvals from UniCredit and ATB concerning such terms.

The Company has also been engaged in extensive parallel discussions with Jelco Delta Holding Corp. (“Jelco”), a related-party entity, to agree on a comprehensive restructuring of its various subordinated or unsecured debt instruments, including the settlement of accrued and unpaid interest for the first nine months of the year. In the context of these discussions, Jelco had waived the Company’s obligations, including payment obligations upon maturity of two loan facilities with original maturity dates of June 30, 2020 and September 27, 2020, and interest payment obligations totaling approximately $16.0 million, for a period which expired on November 13, 2020. 

Although discussions are ongoing, the Company has not been able to reach a mutual agreement with Jelco to date. Upon the expiration of the waiver period on November 13, 2020, the aforementioned obligations became due and payable. This related party debt event has triggered cross-default provisions in the Company’s remaining credit facilities and sale and leaseback agreements. However, the Company is in active dialogue with its senior lenders and does not expect that they will pursue any remedies while discussions are ongoing and as the Company continues making installment payments on all its senior loan facilities timely and in full. In contrast with the Company’s senior loans, which are secured by its vessels, the Jelco facilities do not represent senior secured obligations of the Company and have limited remedy rights. The Company intends to continue engaging with its senior lenders and with Jelco seeking a solution acceptable to all parties which will be to the best interest of the Company and its shareholders.

Update on Stock Purchases by the CEO

As of today, the Company’s Chairman and Chief Executive Officer, Mr. Stamatis Tsantanis, has purchased 300,000 of Seanergy’s common shares in accordance with the previously announced plan for open-market purchases by Mr. Tsantanis. Further purchases will be announced in subsequent updates.

Annual General Meeting of Shareholders

The 2020 Annual Meeting of Shareholders was held on November 16, 2020. At the meeting, the following proposals were approved and adopted:

1. the election of Ms. Christina Anagnostara, as a Class B Director to serve until the 2023 Annual Meeting of Shareholders; and
2. the ratification of the appointment of Ernst & Young (Hellas) Certified Auditors-Accountants S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2020.

Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Balance Sheets (In thousands of U.S. Dollars)
		September 30, 2020			December 31, 2019*
ASSETS
Cash and restricted cash		33,820			14,554
Vessels, net		259,964			253,781
Other assets		13,851			14,216
TOTAL ASSETS		307,635			282,551
LIABILITIES AND STOCKHOLDERS’ EQUITY
Bank debt and other financial liabilities		160,120			183,066
Convertible notes		18,547			14,608
Due to related parties		23,334			24,237
Other liabilities		19,179			30,782
Stockholders’ equity		86,455			29,858
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		307,635			282,551
* Derived from the audited consolidated financial statements as of the period as of that date

Seanergy Maritime Holdings Corp. Unaudited Condensed Consolidated Statements of Operations  (In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)
		Three months ended September 30,				Nine months ended September 30,
		2020		2019		2020			2019
Revenues:
Vessel revenues		20,352		24,806		43,500			60,765
Commissions		(701	)	(847	)	(1,468	)		(2,035	)
Vessel revenue, net		19,651		23,959		42,032			58,730
Expenses:
Voyage expenses		(3,870	)	(8,046	)	(13,930	)		(28,023	)
Vessel operating expenses		(6,399	)	(4,827	)	(16,141	)		(13,842	)
Management fees		(270	)	(248	)	(773	)		(742	)
General and administrative expenses		(1,537	)	(1,017	)	(4,682	)		(4,191	)
Depreciation and amortization		(3,835	)	(2,990	)	(11,143	)		(8,662	)
Operating income / (loss)		3,740		6,831		(4,637	)		3,270
Other expenses:
Interest and finance costs		(5,296	)	(6,097	)	(16,540	)		(18,009	)
Gain on debt refinancing		5,150		–		5,150			–
Other, net		(2	)	13		(10	)		(57	)
Total other expenses, net:		(148	)	(6,084	)	(11,400	)		(18,066	)
Net income / (loss)		3,592		747		(16,037	)		(14,796	)
Net income / (loss) per common share, basic		0.08		0.49		( 0 . 57	)		(20.64	)
Weighted average number of common shares outstanding, basic		46,144,608		1,526,720		28,118,984			716,844
Net income / (loss) per common share, diluted		0.04		0.49		( 0 . 57	)		(20.64	)
Weighted average number of common shares outstanding, diluted		89,041,036		1,526,720		28,118,984			716,844

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a fleet of 11 Capesize vessels with an average age of about 12 years and aggregate cargo carrying capacity of approximately 1,926,117 dwt.  The Company is incorporated in the Marshall Islands and has executive offices in Athens, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s ability to continue as a going concern; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the SEC,  its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: [email protected]

NEWTON, Mass., Nov. 18, 2020 (GLOBE NEWSWIRE) — Paytronix Systems, Inc., the most advanced digital guest experience platform, today announced that long-time customer Red’s Savoy Pizza has deployed the Paytronix Order & Delivery platform to facilitate its growing off-premise business across 16 locations in the upper Midwest. The rollout includes an update to Red’s Savoy Pizza Thank You Rewards mobile app that enables customers to order directly from their mobile device.

As a long-time takeout pizza business, Red’s Savoy Pizza was well positioned to add curbside pickup to its delivery services in response to the Covid-19 pandemic. Consolidating both its rewards program and its various takeout channels on the Paytronix platform helps the brand to maintain one view of its guests no matter how they chose to purchase and enjoy their pizza. It also delivers a contactless shopping experience that helps guests feel safer.

“In 2020, our online tickets are way up in quantity as well as order value,” said Reed Daniels, president and CEO, Red’s Savoy Pizza. “Paytronix Order & Delivery enables us to meet our guests’ expectations for a contactless shopping experience where they do not have to worry about cleanliness and germs.”

Employing the latest cloud technology, Paytronix Order & Delivery enables rapid processing of digital orders. It has an easy-to-use guest ordering interface, digital ordering management tools, more than a dozen POS integrations, and the best loyalty integration on the market today. In addition, Paytronix has partnered with premier third-party aggregators to help enhance the online ordering experience.  

“These days, guests want multiple options for off-premise ordering and dining,” said Andrew Robbins, CEO of Paytronix. “They want to order online and on their phones. They also want a contactless experience when they pick up their order, either at the store, in their cars, or at their own front door. Paytronix Order & Delivery helps Red’s Savoy Pizza meet its customers wherever they are most comfortable.”

Restaurant and convenience store brands can learn more about Paytronix Order & Delivery and schedule a personalized demo here https://www.paytronix.com/platform/order.

About
Paytronix
Systems, Inc.

Based in Newton, Massachusetts, Paytronix is a provider of SaaS customer experience management (CXM) solutions for restaurants and convenience stores. Through its innovative software design and integrations with more than 30 widely used point-of-sale systems, Paytronix empowers more than 400 brands across 30,000 locations, giving them the flexibility to deliver unique, revenue-enhancing guest experiences. Through one-to-one engagement with more than 285 million guests via Order & Delivery, Loyalty, CRM, and Stored Value, Paytronix generates Big Data consumer insights that motivate increased visits and spend. For more information, visit www.paytronix.com.

Media Contact:


Chuck Tanowitz
Paytronix Systems, Inc.
[email protected] 
617-871-2319

NEW YORK, Nov. 18, 2020 (GLOBE NEWSWIRE) —

Who:		Nasdaq CEO Adena Friedman
What:		J.P. Morgan Ultimate Services Investor Conference 2020
When:		Thursday, November 19, 2020
		3:25 PM ET

Ms. Friedman’s presentation will be webcast at Nasdaq’s Investor Relations Website: ir.nasdaq.com/events.cfm

A
bout
Nasdaq
:

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

Media Relations Contacts:

Allan Schoenberg
(212) 231-5534
[email protected]

Will Briganti
(646) 964-8169
[email protected]

Investor Relations Contact:

Ed Ditmire, CFA
(212) 401-8737
[email protected]

-NDAQF-

 

SAN FRANCISCO, Nov. 18, 2020 (GLOBE NEWSWIRE) — Enterprise Connect, the leading conference and exhibition for enterprise communications and collaboration, has announced new formats and dates for its 2021 event series, which is continuing to evolve due to changes caused by the COVID-19 pandemic. The series will feature a spring virtual-only event, a fall hybrid in-person/virtual event, and a series of half-day virtual summits on implementing Microsoft Teams.

Enterprise Connect 2021 will be held as a hybrid in-person/virtual event, taking place Monday, September 27^th through Wednesday, September 29^th. The physical event will be held at the Gaylord Palms Hotel in Orlando, FL, and be paired with a robust virtual component.

“Offering a hybrid of in-person and virtual attendance will let our customers select the format that works best for them, and will allow us to bring our outstanding, vendor-neutral content to all members of the enterprise communications industry, wherever they are the week of September 27,” said Eric Krapf, General Manager and Program Co-Chair of Enterprise Connect. “We expect to continue offering this hybrid format beyond 2021, and are committed to providing a great conference and expo experience to our audience, both in person and online.”

In addition to September’s Enterprise Connect Orlando, organizers are planning an all-virtual event for Tuesday, March 9^th and Wednesday, March 10^th. This two-day virtual summit, entitled, “Communications & Collaboration 2024,” will provide an in-depth online experience aimed specifically at helping enterprise communications professionals plan their strategic technology vision for the next 3 years. A full agenda and additional information on the event will be announced shortly.

Finally, Enterprise Connect will present a series of half-day virtual summits, “Connecting with Microsoft Teams.” Dates and topic focuses are:

• January 20: Microsoft Teams Direct Routing
• April 14: Using Teams as Your Phone System
• June 9: Driving User Adoption & Getting the Most out of Teams

More information will be available this fall for Enterprise Connect Orlando and the March virtual event including call for speakers, registration and sponsorship opportunities. For more information, visit us online at www.enterpriseconnect.com or follow us on Twitter @enterprisecon.

About Enterprise Connect

For 30 years, Enterprise Connect has been the leading conference and exhibition for enterprise Unified Communications and Collaboration in North America. Enterprise Connect brings corporate IT decision makers together with the industry’s vendors, analysts and consultants to focus on the issues central to enterprise networks and communications. Enterprise Connect owns and produces No Jitter, (nojitter.com), providing daily blogging and analysis of enterprise communications, and it also serves the community with a weekly email newsletter, research surveys and a Webinar Series. For more information, visit enterpriseconnect.com. Enterprise Connect is brought to you by Informa Tech.

About Informa Tech

Informa Tech is a market leading provider of integrated research, media, training and events to the global Technology community. We’re an international business of more than 600 colleagues, operating in more than 20 markets. Our aim is to inspire the Technology community to design, build and run a better digital world through research, media, training and event brands that inform, educate and connect. Over 7,000 professionals subscribe to our research, with 225,000 delegates attending our events and over 18,000 students participating in our training programs each year, and nearly 4 million people visiting our digital communities each month. Learn more about Informa Tech.

Media Contact:

Briana Pontremoli
Informa Tech
[email protected]

SAN FRANCISCO, Nov. 18, 2020 (GLOBE NEWSWIRE) — Algolia, the leading Search and Discovery platform, today launched the industry’s first “State of Search and Discovery” report. The findings reveal best practices for an integrated approach to site search and critical insights into what high quality site search looks like, as well as potential pitfalls behind particular search-related investments.

Conducted by ONR, the survey polled 500 professionals with knowledge of their organization’s site search strategy to help understand the current state of Search and Discovery. More than 75% of respondents worked for organizations with over 1,000 employees and greater than $200 million in annual revenue. With companies relying on search more than ever before, the report discusses factors that go into creating a successful site search experience that drives better business and financial outcomes.

“These findings come at a critical time, as retailers adapt to the new normal and in the short term prepare for holiday season shopping,” said Jason Ten-Pow, president and CEO, ONR. “In the face of both economic and health & safety challenges, as consumers are increasingly turning to digital channels to find the products and answers they are looking for, a website’s search tool is often the first place they go. This survey provides insights for decision makers who are looking to improve their site search capabilities in 2021 and beyond.”

Summary of key survey findings:

High quality search drives financial success when optimized for consumers and business users.

• The survey identified the top three factors that contribute to a quality search experience as:
  • Fast and easy search
  • Highly relevant, customized, and organized search results
  • Effortless optimization for digital teams, merchandisers, and other business users to control site search with minimal reliance on the IT team
• Organizations with high quality site search reported more than 4x the rate of high financial success of search. Ease of optimizing search for non-technical teams is the most strongly correlated factor.
• Consumers of high quality site search are 3.4x more likely to convert, click, subscribe, or take other actions desired by the business.

Organizations realize the value of quality site search — and are increasing their investments.

• In 2019, 59% of organizations increased total spend on site search, with 58% reporting they invested more than $500k across technology tools and headcount.
• In the next 12 months, 79% expect site search investment to increase even more.
• Organizations that spent more than $500k and consider their search as high quality are more than twice as likely to report their investment as a success.

Companies must strategically invest in search, as extra features and more people don’t always transla
te to higher financial returns.

• While respondents reported roughly equal dollar investment for site search tools built in-house and third-party tools, success rates differed. Only 60% of organizations using site search built in-house reported average-to-high financial success, compared to almost 73% of companies that use third-party tools.
• While larger teams are more likely to see higher financial success from site search with 44% of large engineering teams with seven or more people reporting high search success overall, this number dwindles to 27% for site search built in-house.
• While third-party tools see a continued increase in success as they add search functionality, site search tools built in-house don’t see higher financial returns after the first 3-4 features.

“The findings from the ‘State of Search and Discovery’ survey show that while investment in site search does lead to success, it should be done strategically,” said Ashley Stirrup, CMO, Algolia. “An integrated approach where tech and business work together leads to better financial outcomes. In the coming years, organizations must invest in high quality search that not only appeals to their customers, but serves the needs of the internal team who builds, manages, and optimizes site search based on insights into consumer behavior.”

To learn more, get a full copy of the “State of Search and Discovery” survey findings. Register for one of the upcoming webinars, scheduled for Wednesday, Dec. 9 at 11 a.m. PST / 2 p.m. EST and Thursday, Dec. 10 at 10 a.m. GMT / 11 a.m. CET.

Helpful Links

• Blog: https://blog.algolia.com/
• Twitter: https://twitter.com/algolia
• LinkedIn: https://www.linkedin.com/company/algolia/
• Facebook: https://www.facebook.com/algolia/
• Careers: https://www.algolia.com/careers

About
Algolia

Algolia is the Search-as-a-Service platform that enables companies of all sizes to deliver fast and relevant digital experiences that drive real results. With Algolia, consumers are able to find and discover what they want easily across web, mobile and voice. Algolia allows developers and business teams to build and optimize delightful Search and Discovery experiences that increase online engagement, conversion rates and revenue. More than 9,500 companies including Under Armour, Lacoste, Birchbox, Stripe, Slack, Medium, and Zendesk rely on Algolia to manage over 95 billion search queries a month. Algolia is headquartered in San Francisco with offices in Paris, London, Tokyo, New York and Atlanta. To learn more, visit www.algolia.com.

Contact

Shannon Campbell
Offleash for Algolia
[email protected] 

SUGAR LAND, Tx., Nov. 18, 2020 (GLOBE NEWSWIRE) — AdvoLogix®, a leading provider of cloud-based legal matter management solutions for law firms, corporate legal departments and government agencies, today announced new features and improvements to AdvoLogix Matter Management. The addition of the American Bar Association’s UTBMS codes that can be customized in AdvoLogix in myriad ways will increase the ease and accuracy of timekeeping. This feature also adds new flexibility and control in developing and managing budgets for clients, matters, phases of matters and more. Several other improvements are included in the release that are designed to increase productivity and improve integrations.

AdvoLogix now has preloaded American Bar Association UTBMS codes that can be customized to create code sets for specific clients, matters, phases of matters and timekeepers. AdvoLogix clients can assign UTBMS code sets to timekeepers based on the nature of their work and use negotiated hourly rates. This allows timekeepers to only see and use the UTBMS codes they need, which assures compliance with client contracts and reduces disputes over invoices. AdvoLogix clients can control who uses which codes according to their roles, set alerts by activity code for going over budget and manage negotiated rates per activity code.

“The new timekeeping features in AdvoLogix give users unprecedented flexibility when it comes to creating and managing budgets. This translates into greater profitability and increased client satisfaction for law firms and allows legal departments better control over costs,” says Jonathan Reed, CEO of AdvoLogix. Users can now create bottom-up budgets based on UTBMS codes where they can include line item details like fees and expenses and see a roll-up estimate for the projected budget. The features also can be used to create a simpler, top-down budget when specific details are not necessary. AdvoLogix allows users to set budget targets, create phases for budgets, review and approve budgets, create budget templates to save time, report on budgets and much more.

“Importantly, the new timekeeping and budgeting features allow users to measure budgets against actuals, giving them greater insight into profitability and the information they need to address any issues that might impact the budget – before they become a problem for the client or stakeholder,” says Dave Schwab, Chief Product Officer at AdvoLogix. “These new features strengthen our leadership position in the legal matter management space. Built on the powerful Salesforce Lightning platform, AdvoLogix Matter Management offers legal professionals a highly secure and extremely robust matter management platform that they can access at any time and from any location.”

Other improvements include a “community accelerator” feature that allows entities to set up and create workflows around accepting requests for legal services such as a city legal matter, a corporate HR matter, a public health inquiry and more. AdvoLogix’s integration with UniCourt is even stronger, with improved usability and automations. Time entry has been improved, with custom fields and increased flexibility as to how and where users enter time.

About AdvoLogix®
Founded in 2006, AdvoLogix is a leading law practice and legal matter management solution that helps law firms, general counsel and state and local governments automate unique business processes and simplify legal matter management. The AdvoLogix cloud-based enterprise solution centralizes matter management, conforms to unique workflows and practice standards and provides industry-leading security and reliability. AdvoLogix offers comprehensive configuration and integration with thousands of add-on applications to extend the solution to meet specific business needs. For more information, visit www.advologix.com and follow AdvoLogix on Twitter with @AdvoLogix.

Media Contact

Vicki LaBrosse
Edge Legal Marketing
[email protected]
651.552.7753

BOCA RATON, Fla., Nov. 18, 2020 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, announced it will sponsor six events with the Laundry Project, a movement by Current Initiatives, a 501(c)(3) not-for-profit charitable organization that is committed to educating and mobilizing communities to be “Hope Dealers” through the Laundry Project, Hope For Homes Project and Affordable Christmas initiatives.

As part of Jushi’s sponsorship, the Company has funded Laundry Project events to assist lower-income families in meeting a basic need: washing clothes and linens. The Company has committed to sponsoring six separate events over the next six months with the Laundry Project. The first event will be held on Thursday, November 19th at the South Side Laundromat in Scranton, Pennsylvania. In addition to the financial sponsorship, team members from BEYOND / HELLO Scranton and the Company’s subsidiary Pennsylvania Medical Solutions’ cultivation, manufacturing and processing facility in Scranton, along with the Laundry Project team, will be on site to pay for and assist families with laundry services, entertain children and create a caring space at the laundromat during the event. These events will be conducted with all appropriate COVID-19 related safety precautions in place.

Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi
: “In partnership with our friends at the Laundry Project, we hope to turn laundromats into community centers of hope and help families. Clean laundry is not just an on-going financial burden for many families due to low income or being out of work due to the crisis, but is also a contributing factor to health and wellness. As part of our mission, we are committed to bolstering the health and wellness of families in communities we serve like Scranton. As we look for impactful ways to give back, we look forward to continuing to host events like this with the Laundry Project and others in the future.”

“We are eagerly looking forward to expanding our complimentary Laundry Project services to support the residents of Pennsylvania,” said President of Current Initiatives, Jason Sowell.  “We are thankful for partners like Jushi who share the same mission of serving those who are struggling, especially as we continue to navigate the ongoing impact of the COVID-19 global pandemic.”

For more information, visit https://jushico.com/ and www.laundrybycurrent.org.

About Jushi Holdings Inc.


We are a vertically integrated cannabis company led by an industry leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high quality products across all levels of the cannabis ecosystem. For more information please visit www.jushico.com or our social media channels, Instagram, Facebook, Twitter, and LinkedIn.

Forward-Looking Information and Statements

This press 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 conditions but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, involve estimates, projections, plans, goals, forecasts and assumptions that may prove to be inaccurate. As a result, actual results could differ materially from those expressed by such forward-looking statements and such statements should not be relied upon. 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”.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has certain expectations and has made certain assumptions. Key expectations and assumptions made by the Company include, but are not limited to: the continued performance of existing operations in Pennsylvania, Illinois and Nevada, the anticipated opening of additional dispensaries in 2020 and 2021, the expansion and optimization of the grower-processor in Pennsylvania and the facility in Nevada, the opening of new facilities in Ohio and Virginia and two dispensaries in California, which are subject to licensing approval. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of Jushi to successfully achieve business objectives, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and compliance with extensive government regulation, as well as other risks and uncertainties which are more fully described in the Company’s Management, Discussion and Analysis for the six months ended June 30, 2020, and other filings with securities and regulatory authorities which are available at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company 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. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

For further information, please contact:

Investor Relations Contact:

Michael Perlman
Executive Vice President of Investor Relations and Treasury
561-453-1308
[email protected]

Media Contact:

Ellen Mellody
MATTIO Communications
570-209-2947
[email protected]

November 18, 2020

• Pathology laboratories around the globe fully digitize tumor tissue samples to maintain the patient diagnostic experience while providing for staff safety
• Digital transformation modernizes cancer care by enabling telehealth and the use of artificial intelligence (AI) while supporting physicians with integrated oncology informatics

Amsterdam, The Netherlands –

Royal Philips
(NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced leading pathology laboratories across North America, Europe, and Asia have implemented full digitization for their histology samples based on the Philips Digital Pathology scanner and imaging-informatics solutions. Digital images are required to unlock the potential of digital pathology. Remote reviewing of pathological cases is essential to prevent delay in critical patient diagnosis and care, particularly during COVID-19.

During the pandemic, many pathologists, oncologists, and radiologists continued their work from home. This created an unprecedented need for home workstations and secure clinical informatics solutions allowing clinicians to read images remotely and enabling real-time virtual collaboration between their multi-disciplinary care teams. Pre-COVID-19, pathology labs that digitized their workflows across different sites reported improved collaboration and an average productivity gain of 21%.

Examples of leading pathology laboratories that recently transformed towards a digital workflow with Philips IntelliSite Pathology Solution are:  Mackenzie Health (Canada), Pathology Institute Tel Aviv Sourasky MC (Israel), University Medical Center Groningen (Netherlands), St. Olavs Hospital (Norway), Singapore General Hospital SGH (Singapore), Oxford University Hospitals NHS (UK), and NHS Ayrshire & Arran (UK).

“As healthcare becomes more complex and demanding, digitization has become a key enabler for the hospital to provide better care for our patients and to be more efficient. Digital pathology is an example, and our partnership with companies such as Philips with the clinical and technical know-how is important in helping us achieve our goal,” said Prof. Kenneth Kwek, Chief Executive Officer at Singapore General Hospital SGH.

“COVID-19 has become a catalyst for change – a defining moment for all of us to reimagine healthcare the way it should be,” said Kees Wesdorp, Chief Business Leader, Precision Diagnosis at Philips. ”With a focus on the people at the center of cancer care, we work to innovate workflows, remove barriers of fragmented systems, and bring insights directly to care providers to support excellent cancer care.”

Shared decision-making, pathway selection and treatment

Philips’ solutions for oncology and digital pathology can help transform and enhance the multi-disciplinary workflows, including the oncology tumor board and care pathways process. Critical patient data is integrated for both oncologists, radiologists and pathologists, allowing them to collaborate efficiently, even when working remotely. The Philips platform supports streamlined preparation, enhances review and analysis, and empowers the cancer care team to reach clinical treatment decisions based on disease-specific dashboards, diagnostic images, reports, and structured patient data. Visit Philips Digital Pathology for more information on how Philips is enhancing digital pathology workflows. Visit Philips Live at RSNA 2020 to learn  how Philips integrated workflow solutions connect data, technology and people across the diagnostic enterprise, helping to redefine radiology workflow efficiencies.

For further information, please contact:

Kathy O’Reilly
Philips Global Press Office
Tel.: +1 978-221-8919
E-mail : [email protected]
Twitter: @kathyoreilly

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2019 sales of EUR 19.5 billion and employs approximately 81,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Attachments

• Digital pathology at Singapore General Hospital
• Digital-Award-Hoogeveen