Market Newsdesk

AGOURA HILLS, Calif. and CANTON, Ga., Nov. 12, 2020 /PRNewswire/ — American Homes 4 Rent (NYSE: AMH) and Etowah Land Partners announced today that AH4R recently acquired 55 acres of undeveloped land at Etowah Shoals Village, a mixed-use, multi-generational development in Canton, Ga. AH4R has commenced land development on the site and will invest approximately $50 million in developing River Ridge, a 198 single-family rental home community that will include a neighborhood amenity center, pool and fitness facility.

River Ridge, which represents Phase I of Etowah Shoals Village, will be located adjacent to River Pointe Parkway and I-575 at Exit 20. Etowah Land Partners recently released Phase II, a 16-acre general commercial tract that will be the gateway to the new AH4R community.  

“Cherokee County is the fastest growing county in metropolitan Atlanta and we have accomplished our goal to provide well-priced housing in a ‘LIVE, WORK, PLAY’ community with the sale to American Homes 4 Rent,” says Jeff Johnson, Managing Partner of Etowah Land Partners. “We anticipate the Phase II commercial corridor to provide mixed-use service, retail and office to serve the new budding community.”  

AH4R currently has an existing portfolio of more than 4,900 homes in the Atlanta market, which includes nine newly constructed communities including Stone Creek, Hoke O’Kelly and Overlook at Parkview. 

“American Home 4 Rent’s new home development program invests in local communities in key markets across the country,” said Jack Corrigan, Chief Investment Officer for AH4R. “We are pleased to bring our innovative River Ridge community to the vibrant Etowah Shoals Village as we expand our presence in the Atlanta area.”

River Ridge will feature three-, four- and five-bedroom homes ranging in size from approximately 1,600 to 2,800 square feet. The neighborhood will provide residents with quick access to local job centers, dining, shopping and entertainment.

Michael Cooper, Managing Principal of Blue River Development, a nationally recognized industry-leading land acquisition team, served as acting broker in the transaction.

“It has been an absolute pleasure working with the Etowah Land Partners throughout the multiple facets involved with bringing a community of this magnitude online,” said Cooper. “ELP held steadfast throughout the turbulence in the markets in 2020. Despite the continuous challenges faced, they have always kept faith in the forefront while trusting our team to find solutions each step of the way. We are thrilled to have AH4R and their AMH Development team as our building partner. They stepped up to the plate with the creative ability to work outside of the box to structure a deal that worked for everyone. ‘Hats off’ to all who contributed to make this happen as this is only the beginning for Etowah Land Partners, with a great team that will continue to make a tremendous impact in the Cherokee County/Canton community.” 

About American Homes 4 Rent

American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and “American Homes 4 Rent” is a nationally recognized brand for rental homes, known for high-quality, good value and tenant satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, developing, renovating, leasing and operating attractive, single-family homes as rental properties. As of September 30, 2020, we owned 53,229 single-family properties in selected submarkets in 22 states.

Additional information about American Homes 4 Rent is available on our website at http://www.ah4r.com.

About Etowah Land Partners

Etowah Land Partners is a real estate development firm developing Etowah Shoals along the Etowah River.  Etowah Shoals Village is a proposed “destination” mixed-use multi-generational village to include 1400 single family and residential units and 32 acres of a neighborhood commercial center.  There is a unique opportunity to create a vibrant community that steps back in time and preserves the rich history of Canton, Georgia as Indian Country during the 1st 100 years of Georgia’s history, and later as a world renowned manufacturing mill for denim. Located just 40 miles north of downtown Atlanta, it has enjoyed explosive population growth with the suburban sprawl.

Contacts:

American Homes 4 Rent
Media Relations
Megan Grabos
Phone: (805) 413-5088
Email: [email protected]

Etowah Land Partners
Angie Williams, Partner
Phone: (678) 644-5589
Email: [email protected]

Forward-Looking Statements:
This press release contains “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and in the Company’s subsequent filings with the SEC.

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SOURCE American Homes 4 Rent

BRAMPTON, ON, Nov. 12, 2020 /CNW/ – Loblaw Companies Limited (TSX: L) (“Loblaw” or the “Company”) announced today its unaudited financial results for the third quarter ended October 3, 2020. The Company’s 2020 Third Quarter Report to Shareholders will be available in the Investors section of the Company’s website at loblaw.ca and will be filed on SEDAR and available at sedar.com.

“Loblaw delivered strong operating performance in the quarter, while investing in providing exceptional value, safety and convenience,” said Galen Weston, Executive Chairman, Loblaw Companies Limited. “We continued to build for the future, expanding our digital network and leveraging our PC Optimum^TM loyalty program to create even more value for Canadian families.”

The COVID-19 pandemic continued to impact the Company’s operations in the quarter, positively impacting sales in the Food Retail business, supported by significant investments to ensure the safety and security of customers and colleagues. Loblaw continued to make investments to enhance the overall value proposition for consumers, maintaining its promotional intensity through the pandemic to retain its share gains in conventional banners and further improve its positioning in discount banners.

Food Retail same-store sales continued at elevated levels, growing by 6.9% in the quarter, with the Company’s Market division delivering strong growth of 9.7% and the Discount division delivering 4.7% growth. Drug Retail same-store sales also experienced growth in the quarter, growing by 6.1%, with pharmacy delivering strong growth of 10.3% and front store sales growing by 2.4%. The Company invested approximately $85 million in COVID-19 related costs in the quarter primarily to ensure the safety and security of customers and colleagues.

The COVID-19 pandemic has accelerated certain longer-term trends, enabling the Company to advance its strategic growth areas of Everyday Digital, Connected Healthcare, and Payments and Rewards. The Company’s investments in its Everyday Digital platforms enable it to offer Canadians a choice of shopping in-store or online with either home delivery or convenient pickup locations. The Company’s e-commerce sales grew by 175% in the third quarter, across the Company’s grocery, pharmacy, and apparel e-commerce platforms. The platform was expanded in the quarter to include front-store items from Shoppers Drug Mart and Pharmaprix pharmacies.

In September, the Company made two important announcements in its strategic growth areas of Payments and Rewards and Connected Health. The Company launched the PC Money^TM Account, a simple no-fee way to do everyday banking, turning the act of paying bills and shopping into a way to receive PC Optimum rewards. As it continues to build out its Connected Health strategy, the Company also announced an investment in Maple Corporation and the launch of a PC Health app. Together, these two initiatives form part of the Company’s next generation digital health platform that will provide Canadians with a new, personalized healthcare experience by leveraging the power of Loblaw’s existing national healthcare network, extensive professional care services and world-class loyalty program to deliver a personalized healthcare solution for Canadians.

2020 THIRD QUARTER HIGHLIGHTS

Unless otherwise indicated, the following highlights include the impacts of the consolidation of franchises and COVID-19.

• Revenue was $15,671 million. When compared to the third quarter of 2019, this represented an increase of $1,016 million, or 6.9%.
• Retail segment sales were $15,464 million. When compared to the third quarter of 2019, this represented an increase of $1,044 million, or 7.2%.
• Food retail (Loblaw) same-stores sales growth was 6.9%.
• Drug retail (Shoppers Drug Mart) same-store sales growth was 6.1%, with pharmacy same-store sales growth of 10.3% and front store same-store sales growth of 2.4%.
• The Company’s e-commerce initiative continued to contribute to Everyday Digital sales which have grown 175% on a quarter-to-date basis.
• The Company incurred approximately $85 million in COVID-19 related costs to ensure the safety and security of customers and colleagues.
• Operating income was $718 million. When compared to the third quarter of 2019, this represented an increase of $28 million, or 4.1%.
• Adjusted EBITDA⁽²⁾ was $1,524 million. When compared to the third quarter of 2019, this represented an increase of $32 million, or 2.1%.
• Adjusted EBITDA margin⁽²⁾ was 9.7%. When compared to the third quarter of 2019, this represented a decrease of 50 bps.
• Net earnings available to common shareholders of the Company were $342 million. When compared to the third quarter of 2019, this represented an increase of $11 million, or 3.3%. Diluted net earnings per common share were $0.96. When compared to the third quarter of 2019, this represented an increase of $0.06, or 6.7%.
• Adjusted net earnings available to common shareholders of the Company⁽²⁾ were $464 million. When compared to the third quarter of 2019, this represented an increase of $6 million, or 1.3%.
• Adjusted diluted net earnings per common share⁽²⁾ were $1.30. When compared to the third quarter of 2019, this represented an increase of $0.05, or 4.0%.
• In the third quarter of 2020, the Company repurchased 5.0 million common shares at a cost of $350 million.
• In October 2020, the Company extended the maturity on its existing $1 billion revolving credit facility to October 2023.
• The Company invested $396 million in capital expenditures and generated $121 million of free cash flow⁽²⁾.
• The Company recorded approximately $12 million of restructuring and other related charges, primarily related to Process and Efficiency initiatives.
• Quarterly common share dividend to be increased by 6.3% from $0.315 per common share to $0.335 per common share.

CONSOLIDATED RESULTS OF OPERATIONS

Unless otherwise indicated, all financial information includes the impacts of the consolidation of franchises and COVID-19.

 

REPORTABLE OPERATING SEGMENTS

The Company has two reportable operating segments (with all material operations carried out in Canada):

• The Retail segment consists primarily of corporate and franchise-owned retail food and Associate-owned drug stores. The Retail segment also includes in-store pharmacies and other health and beauty products, apparel and other general merchandise and supports the PC Optimum Program; and
• The Financial Services segment provides credit card and everyday banking services, the PC Optimum Program, insurance brokerage services, and telecommunication services.

 

 

RETAIL SEGMENT

Unless otherwise indicated, the following financial information includes the impacts of the consolidation of franchises and COVID-19.

• Retail segment sales were $15,464 million. When compared to the third quarter of 2019, this represented an increase of $1,044 million, or 7.2%. After excluding the consolidation of franchises, Retail segment sales increased by $939 million or 6.7%.
• Food retail (Loblaw) sales were $11,215 million and Food retail same-store sales growth was 6.9% (2019 – 0.1%). Food same-store sales growth was positively impacted by COVID-19.
• The Company’s Food retail average article price was higher by 5.3% (2019 – 2.2%), which reflects the year over year growth in Food retail revenue over the average number of articles sold in the Company’s stores in the quarter. The increase in average article price was due to sales mix.
• Food retail basket size increased and traffic decreased in the quarter.
• Drug retail (Shoppers Drug Mart) sales were $4,249 million, and Drug retail same-store sales growth was 6.1% (2019 – 4.1%), with pharmacy same-store sales growth of 10.3% (2019 – 5.3%) and front store same-store sales growth of 2.4% (2019 – 3.1%). Drug same-store sales was positively impacted by COVID-19.
• On a same-store basis, the number of prescriptions dispensed increased by 5.0% (2019 – 2.9%) and the average prescription value increased by 4.9% (2019 – 1.6%).
• Operating income in the third quarter of 2020 was $674 million. When compared to the third quarter of 2019, this represented an increase of $19 million, or 2.9%.
• Adjusted gross profit⁽²⁾ in the third quarter of 2020 was $4,534 million. When compared to the third quarter of 2019, this represented an increase of $272 million, or 6.4%. Excluding the consolidation of franchises, adjusted gross profit⁽²⁾ increased by $153 million. Adjusted gross profit percentage⁽²⁾ of 29.3% decreased by 30 basis points compared to the third quarter of 2019. Adjusted gross profit percentage⁽²⁾, excluding the consolidation of franchises, was 26.7%. This represented a decrease of 60 basis points compared to the third quarter of 2019. Food margins were negatively impacted as a result of COVID-19 related changes in sales mix, and pricing investments. Drug retail margins were negatively impacted as a result of COVID-19 related changes in prescription refill limits from 30 days back to 90 days.
• Adjusted EBITDA⁽²⁾ in the third quarter of 2020 was $1,474 million. When compared to the third quarter of 2019, this represented an increase of $22 million, or 1.5%. The increase included the year-over-year favourable impact of the consolidation of franchises of $8 million. Excluding the consolidation of franchises, the increase was driven by an increase in adjusted gross profit⁽²⁾ of $153 million, partially offset by an increase in SG&A of $139 million. SG&A as a percentage of sales, excluding the consolidation of franchises, was 17.2%, a decrease of 10 basis points compared to the third quarter of 2019. The favourable decrease of 10 basis points was primarily related to sales leverage and process and efficiency gains which was partially offset by COVID-19 related costs and incremental e-commerce labour costs as a result of increased on-line sales.
• Depreciation and amortization in the third quarter of 2020 was $789 million, an increase of $18 million compared to the third quarter of 2019, primarily driven by the consolidation of franchises and an increase in IT assets. Included in depreciation and amortization is the amortization of intangibles assets related to the acquisition of Shoppers Drug Mart Corporation of $155 million (2019 – $157 million).
• The Company recorded approximately $12 million of restructuring and other related charges, primarily related to Process and Efficiency initiatives. Included in the restructuring charges are $6 million of charges related to the closure of the two distribution centres in Laval and Ottawa, that were previously announced in the first quarter of 2020. The Company is investing to build a modern and efficient expansion to its Cornwall distribution centre to serve its food and drug retail businesses in Ontario and Quebec. The distribution centres in Laval and Ottawa will be transferring their volumes to Cornwall and the Company expects to incur additional restructuring costs through to 2022 related to these closures.
• As at the end of the first quarter of 2020, the Company consolidated all of its remaining franchisees. Consolidation of franchises in the third quarter of 2020 resulted in a year-over-year increase in revenue of $105 million, an increase in adjusted EBITDA⁽²⁾ of $8 million, an increase in depreciation and amortization of $9 million and a decrease in net earnings attributable to non-controlling interests of $4 million.

FINANCIAL SERVICES SEGMENT

• Revenue was $278 million. When compared to the third quarter of 2019, this represented a decrease of $31 million. The decrease was primarily driven by lower interest, interchange income and credit card related fees due to lower customer spending, partially offset by higher sales attributable to The Mobile Shop^TM.
• Earnings before income taxes were $21 million. When compared to the third quarter of 2019, this represented an increase in earnings of $6 million. The increase was primarily driven by lower credit losses and expected credit losses, and lower customer acquisition costs, partially offset by lower revenue, as described above.
• In the third quarter, the Company launched the PC Money Account. New customers enrolled in the PC Money Account to date have exceeded the Company’s expectations.

COVID-19 UPDATE

General 

The COVID-19 pandemic had a significant impact on our colleagues, customers, suppliers and other stakeholders in the third quarter. As disclosed previously, starting in March, the Company reacted quickly to changing circumstances by ramping up investments in various areas.

In the four weeks following the end of the third quarter, the Company observed continued sales volatility and changes in sales mix as the pandemic impacted consumer behaviour. Food retail same-store sales trends and COVID-19 related costs were in line with third quarter results, however, Drug retail same-store sales have decelerated when compared to the third quarter.

In light of the uncertainty surrounding the duration and severity of the pandemic, it is not possible to reliably estimate the length and severity of COVID-19 related impacts on the financial results and operations of the Company. As announced on April 9, 2020, the Company has withdrawn its 2020 Outlook that is contained in its Management’s Discussion and Analysis (“MD&A”) for the year ended December 28, 2019.

Liquidity

The Company’s liquidity position is supported by a strong balance sheet and the ability to generate significant cash flow from its operations. In September 2020, DBRS Morningstar upgraded Loblaw’s credit rating from BBB to BBB (high). Subsequent to the end of the third quarter of 2020, the Company extended the maturity of its existing $1 billion credit facility to October 7, 2023. As at the end of the third quarter, the Company’s consolidated cash and short-term investments balance was $1.8 billion. The aggregate available liquidity is approximately $3.8 billion including undrawn amounts under committed credit facilities. President’s Choice Bank continues to maintain a level of liquidity well in excess of required regulatory minimums.

Risk Factor

For more information on the risks presented to the Company by the COVID-19 pandemic, please see Section 9, “Enterprise Risks and Risk Management” of the Company’s MD&A for the quarter ended October 3, 2020.

DECLARATION OF DIVIDENDS

Subsequent to the end of the third quarter of 2020, the Board of Directors declared a quarterly dividend on Common Shares and Second Preferred Shares, Series B.

NON-GAAP FINANCIAL MEASURES

The Company uses non-GAAP financial measures as it believes these measures provide useful information to both management and investors with regard to accurately assessing the Company’s financial performance and financial condition.

Management uses these and other non-GAAP financial measures to exclude the impact of certain expenses and income that must be recognized under GAAP when analyzing underlying consolidated and segment operating performance, as the excluded items are not necessarily reflective of the Company’s underlying operating performance and make comparisons of underlying financial performance between periods difficult. The Company excludes additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.

These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with GAAP.

For reconciliation to, and description of, the Company’s non-GAAP financial measures and financial metrics, please refer to Section 11 “Non-GAAP Financial Measures” of the Company’s 2020 Third Quarter Report to Shareholders.

FORWARD-LOOKING STATEMENTS

This News Release contains forward-looking statements about the Company’s objectives, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects, opportunities and legal and regulatory matters. Specific forward-looking statements in this News Release include, but are not limited to, statements with respect to the Company’s anticipated future results, events and plans, strategic initiatives and restructuring, regulatory changes including further healthcare reform, future liquidity, planned capital investments, and the status and impact of Information Technology systems implementations. These specific forward-looking statements are contained throughout this News Release including, without limitation, in the “Consolidated Results of Operations” Other Business Matters section and “COVID-19 Update” section of this News Release. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may”, “should” and similar expressions, as they relate to the Company and its management.

Forward-looking statements reflect the Company’s estimates, beliefs and assumptions, which are based on management’s perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. The Company’s expectation of operating and financial performance in 2020 is based on certain assumptions including assumptions about the COVID-19 pandemic, healthcare reform impacts, anticipated cost savings and operating efficiencies and anticipated benefits from strategic initiatives. The Company’s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events, including the COVID-19 pandemic and as such, are subject to change. The Company can give no assurance that such estimates, beliefs and assumptions will prove to be correct.

Numerous risks and uncertainties could cause the Company’s actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in Section 12 “Enterprise Risks and Risk Management” of the MD&A in the 2019 Annual Report and the Company’s 2019 Annual Information Form (for the year ended December 28, 2019) as well as COVID-19 related risks that have been added to Section 9 “Enterprise Risks and Risk Management” of the Company’s MD&A for the quarter ended October 3, 2020.

Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s expectations only as of the date of this News Release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CORPORATE PROFILE

2019 Annual Report and 2020 Third Quarter Report to Shareholders

The Company’s 2019 Annual Report and 2020 Third Quarter Report to Shareholders are available in the “Investors” section of the Company’s website at loblaw.ca and on sedar.com.

Additional financial information has been filed electronically with various securities regulators in Canada through the System for Electronic Document Analysis and Retrieval (SEDAR) and with the Office of the Superintendent of Financial Institutions (OSFI) as the primary regulator for the Company’s subsidiary, President’s Choice Bank. The Company holds an analyst call shortly following the release of its quarterly results. These calls are archived in the “Investors” section of the Company’s website at loblaw.ca.

Conference Call and Webcast

Loblaw Companies Limited will host a conference call as well as an audio webcast on November 12, 2020 at 10:00 a.m. (ET).

To access via tele-conference, please dial (647) 427-7450 or (888) 231-8191. The playback will be made available approximately two hours after the event at (416) 849-0833 or (855) 859-2056, access code: 9959726. To access via audio webcast, please go to the “Investors” section of loblaw.ca. Pre-registration will be available.

Full details about the conference call and webcast are available on the Loblaw Companies Limited website at loblaw.ca.

 

SOURCE Loblaw Companies Limited

Shares Outstanding:  264,348,038
Trading Symbols:   TSX: GGD
OTCQX: GLGDF

HALIFAX, NS, Nov. 12, 2020 /PRNewswire/ – GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to release additional assay results from the Company’s La Trini deposit on the Los Ricos North project, including 1.3m of 1,048 g/t silver equivalent (“AgEq”) from hole LRGT-20-062.

Hole LRGT-20-062 was drilled at the La Trini deposit and intersected silicified and altered quartz rhyolite units from 85.3m to 103.5m for 18.2m of 124 g/t AgEq and again from 111.3m to 120.5m for 9.3m of 169 g/t AgEq.  The 18.2m of 124 g/t AgEq consisted of 71 g/t silver and 0.71 g/t gold and included high grade core of 2.0m of 550 g/t AgEq.  The second intercept of 9.3m of 169 g/t AgEq consisted of 124 g/t silver and 0.60 g/t gold, and included a high grade core of 1.3m of 1,048 g/t AgEq, which was made up of 734 g/t silver and 4.20 g/t gold.

“We’re pleased with the strong results from the drilling program at La Trini and expect additional results shortly from Salomon-Favor where 3 drill rigs operate continually.  We anticipate these results will build upon the excellent results achieved in our initial drill holes at Salomon-Favor,” said Brad Langille, President and CEO.

Hole LRGT-20-055 intersected 25.9m of 78 g/t AgEq from 73.1 to 99.0m, consisting of 52 g/t silver and 0.34 g/t gold, which included 4.7m of 184 g/t AgEq.  Hole LRGT-20-056 intersected 2.4m of 304 g/t AgEq from 156.6 to 159.0m, which was made up of 124 g/t silver and 0.81 g/t gold.

Currently the Company has 6 drill rigs operating at Los Ricos North, with 2 operating at the La Trini target, 3 drilling at the Salomon-Favor target, and 1 drilling at El Orito.  Detailed intersections are listed in Table 1 and the hole locations are shown in Table 2.

A drill plan map of La Trini showing the latest results is available at https://gogoldresources.com/images/uploads/files/LRN20201112.pdf 

Table 1:  Drill Hole Intersections

1. Not true width
2. AuEq and AqEq converted using a silver to gold ratio of 75:1
3. Holes LRGT-20-058 and LRGT-20-061 are excluded from above, as mineralization was not significant.  Results are available in the drilling summary at gogoldresources.com

Table 2: Drill Hole Locations  

Los Ricos District Exploration Projects
The Company’s two exploration projects at its Los Ricos property are in Jalisco state, Mexico.  The Los Ricos South Project began in March 2019 and includes the ‘Main’ area, which is focused on drilling around a number of historical mines including El Abra, El Troce, San Juan, and Rascadero, as well as the Cerro Colorado, Las Lamas and East Vein targets.  An initial resource on the Los Ricos South project was announced on July 29, 2020 and indicated a Measured & Indicated Mineral Resource of 63.7 million ounces AgEq grading 199 g/t AgEq contained in 10.0 million tonnes, and an Inferred Resource of 19.9 million ounces AgEq grading 190 g/t AgEq contained in 3.3 million tonnes.

The Los Ricos North Project was launched in March 2020 and includes drilling at the Salomon-Favor, La Trini, and El Orito targets.

Procedure, Quality Assurance / Quality Control and Data Verification 
The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full core is sawn with a diamond blade core saw with one half of the core being bagged and tagged for assay. The remaining half portion is returned to the core trays for storage and/or for metallurgical test work. 

The sealed and tagged sample bags are transported to the ActLabs facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 50-gram charge by fire assay (Code 1A2-50) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3-50). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).

Quality assurance and quality control (“QA/QC”) procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.  All results stated in this announcement have passed GoGold’s QA/QC protocols.

Mr. David Duncan, P. Geo. is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information of this release. 

About GoGold Resources
GoGold Resources (TSX: GGD) is a Canadian-based silver and gold producer focused on operating, developing, exploring and acquiring high quality projects in Mexico.  The Company operates the Parral Tailings mine in the state of Chihuahua and has the Los Ricos South and Los Ricos North exploration projects in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low cost, high margin projects. For more information visit gogoldresources.com.

CAUTIONARY STATEMENT:

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. This release does not constitute an offer to sell or a solicitation of an offer to buy of any of GoGold’s securities in the United States.

This news release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Los Ricos South and North projects, future operating margins, future production and processing, and future plans and objectives of GoGold, including the timing for completing an initial resources estimate at Los Ricos North, constitute forward looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of GoGold and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates, and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold’s expectations include exploration and development risks associated with GoGold’s projects, the failure to establish estimated mineral resources or mineral reserves, volatility of commodity prices, variations of recovery rates, and global economic conditions. For additional information with respect to risk factors applicable to GoGold, reference should be made to GoGold’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold’s Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

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SOURCE GoGold Resources Inc.

SUNNYVALE, Calif., and CHICAGO, Nov. 12, 2020 /PRNewswire/ — Illinois Institute of Technology has received a gift from Trimble (NASDAQ: TRMB) to establish a state-of-the-art Technology Lab for the Department of Civil, Architectural and Environmental Engineering’s (CAEE) Construction Engineering and Management Program. The lab will expand the university’s expertise in civil and environmental infrastructure, building construction field systems and project controls and collaboration.

Trimble’s broad Connected Construction portfolio enables all professionals along the project lifecycle to accelerate project processes—improving productivity, quality, transparency, safety and sustainability, while reducing waste.

The Trimble Technology Lab will provide students enrolled in the Illinois Institute of Technology CAEE’s Construction Engineering and Management Program hands-on experience with a wide breadth of Trimble solutions. Applications of these solutions include conceptual design, estimating, structural engineering and analysis, project management, and office-to-field solutions. Partnering with Trimble allows the Illinois Institute of Technology to integrate cutting-edge technology into its curricula, empowering graduates to rapidly transform how buildings and living environments are designed and constructed.

“Working with Dr. David Arditi, Illinois Tech’s designated Trimble Technology Lab faculty champion, to establish this newest lab provides a thrilling new addition to our network of universities,” said Allyson McDuffie, director of Education & Outreach at Trimble. “This education and outreach program, currently spread across 10 countries, aims to support the next generation of influencers by actively integrating industry-leading Trimble solutions into higher education curricula and research programs, creating a new workforce equipped and empowered to ‘Transform the Way the World Works.'”

“The Illinois Tech-Trimble collaboration makes it possible for the CAEE Department at Illinois Tech, Chicago’s only tech-focused university, to harness the innovative tools and resources developed by Trimble. The aim is to accelerate students’ understanding of how to use innovative equipment and processes in the engineering, construction, and management of building and civil projects,” said Dr. David Arditi, professor of Civil and Architectural Engineering at Illinois Tech. “Trimble software and equipment will enable hands-on learning experiences for undergraduate and graduate students in civil, architectural, and construction engineering. Students in the College of Architecture will also benefit from this relationship by having access to the software and equipment provided.”

The lab will include a broad range of Trimble’s industry-leading solutions such as the Trimble^® XR10 HoloLens with hardhat, Trimble SiteVision™ augmented reality solution, 3D laser scanners, and Trimble total stations. Advanced software solutions include RealWorks^® scanning software, Trimble Business Center, ProjectSight, Tekla^® Structures, Tekla Structural Designer, Tekla Tedds, Trimble Connect™ collaboration platform, and the company’s popular 3D modeling software, SketchUp Pro.

“We are thrilled to bring the Trimble Technology Lab to our campus,” said Brent Stephens, the chair of the CAEE department. “The hands-on experiences enabled by this gift will make an immediate and lasting impact on our students’ education and careers.”

“This incredible relationship with Trimble is to provide hands-on learning that has come to define the Illinois Tech experience,” said Ernie Iseminger, vice president for Advancement at Illinois Tech. “Trimble’s commitment is a powerful example of philanthropy that makes an extraordinary difference in the lives of our students, who then swiftly excel as members of our top-tier talent pool of workforce-ready graduates leading the next generation of engineers.”

About Illinois Institute of Technology

Illinois Institute of Technology, also known as Illinois Tech, is a private, technology-focused research university. Illinois Tech is the only university of its kind in Chicago, and its Chicago location offers students access to the world-class resources of a great global metropolis. It offers undergraduate and graduate degrees in engineering, computing, architecture, business, design, science and human sciences, and law. One of 23 institutions that comprise the Association of Independent Technological Universities, Illinois Tech provides an exceptional education centered on active learning. Illinois Tech uniquely prepares students to succeed in professions that require technological sophistication, an innovative mindset, and an entrepreneurial spirit. Visit: iit.edu 

About Trimble

Trimble is transforming the way the world works by delivering products and services that connect the physical and digital worlds. Core technologies in positioning, modeling, connectivity and data analytics enable customers to improve productivity, quality, safety and sustainability. From purpose-built products to enterprise lifecycle solutions, Trimble software, hardware and services are transforming a broad range of industries such as agriculture, construction, geospatial and transportation. For more information about Trimble (NASDAQ:TRMB), visit: www.trimble.com.

GTRMB

 

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SOURCE Trimble

FORT WORTH, Texas, Nov. 12, 2020 /PRNewswire/ — AZZ Inc. (NYSE:AZZ), today announced strategic and financial initiatives to enhance shareholder value. AZZ is conducting a comprehensive Board-led review of its portfolio and capital allocation and has engaged leading independent financial, legal and tax advisors in support of this review. These actions will allow AZZ to accelerate the strategy to become a focused metal coatings company and more rapidly enhance shareholder value.

Tom Ferguson, President and Chief Executive Officer commented, “Prior to the onset of COVID-19, AZZ had taken substantial steps to sharpen our business focus, as we divested NLI and reduced exposure to the nuclear sector.  COVID-19 resulted in delays in certain corporate initiatives, but we nonetheless divested the AZZ SMS business in Florida as well as other non-core assets.”

“Our review of the Infrastructure Solutions businesses and associated assets and the exploration of other capital allocation opportunities to maximize shareholder value – with the assistance of independent advisors – is the next important step in this process. Moreover, given that share repurchase is currently an attractive use of capital, we have repurchased over 500,000 shares over the past five months and have authorized a new stock repurchase program of $100 million that we intend to complete by the end of fiscal year 2022. In addition, as part of this review, we will continue to evolve our Board to advance our strategy and have engaged a leading independent search firm to further our Board refreshment process. We believe these initiatives will enhance shareholder value as we continue to drive profitable growth in metal coatings.”

AZZ has made available a new Investor Presentation which can be found on the Company’s Investor Relations page at http://www.azz.com/investor-relations and looks forward to providing AZZ shareholders with additional updates on its progress.

Safe Harbor Statement

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, including the statements regarding our strategic and financial initiatives. You can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our products and services, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the metal coatings markets.  In addition, within each of the markets we serve, our customers and our operations could potentially be adversely impacted by the ongoing COVID-19 pandemic.  We could also experience fluctuations in prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; supply-chain vendor delays; customer requested delays of our products or services; delays in additional acquisition opportunities; currency exchange rates; adequacy of financing; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the products we inventory or sell or the services that we provide; economic volatility or changes in the political stability in the United States and other foreign markets in which we operate; acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions.  AZZ has provided additional information regarding risks associated with the business in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 29, 2020 and other filings with the Securities and Exchange Commission (“SEC”), available for viewing on AZZ’s website at


www.azz.com


 and on the SEC’s website at


www.sec.gov


.  You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Contact:    

David Nark, Senior Vice President of Marketing, Communications and Investor Relations
AZZ Inc.
(817) 810-0095
www.azz.com

Investor Contact:

Joe Dorame, Managing Partner
Lytham Partners
(602) 889-9700
www.lythampartners.com

 

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SOURCE AZZ Inc.

SAN JOSE, Calif., Nov. 12, 2020 /PRNewswire/ — Viavi Solutions Inc. (VIAVI) (NASDAQ: VIAV) today announced that Three Ireland has successfully deployed the VIAVI NITRO Mobile solution to enable visibility into network and service performance. In particular, the Subscriber Summary feature gives real-time insight into the customer experience.

As a leading mobile operator in Ireland, Three has 35% market share, currently carrying 68% of the country’s mobile data, and has over two million customers. Three also has launched 5G countrywide in Ireland. In addition to improving network performance, Three is focused on delivering high levels of customer service, including:

• Enhanced 3G, 4G and 5G customer experience management
• Efficient and optimal use of network resources
• Network performance: gains in performance, fewer dropped calls and better throughput.

VIAVI developed the NITRO Mobile solution to simplify the complexities providers like Three Ireland face as they bring 5G into hybrid network operating models. NITRO Mobile connects software-based assurance, agents and applications. The result is easily accessible intelligence about subscriber experience and behavior and detailed insights on network performance.

“VIAVI NITRO Mobile enables us to harness key insights for enhanced performance, facilitating the best possible customer experience,” said Eoin Keane, Director of Network and Service Management, Three Ireland. “With the ability to identify and resolve service affecting issues quickly and seamlessly while making gains in 3G, 4G and 5G performance, Three Ireland continues to improve the overall mobile experience for our customers.”

“Three Ireland is at the forefront of technology innovations that enable peak performance and service quality across their entire mobile network,” said Philippe Valois, Vice President, Global Assurance Sales, VIAVI. “As leading service providers including Three deploy 5G alongside legacy 2G, 3G and 4G technologies, they require automated and scalable solutions like NITRO Mobile to manage increasingly complex network architectures.”

About VIAVI
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for communications service providers, enterprises, network equipment manufacturers, government and avionics. We help these customers harness the power of instruments, automation, intelligence and virtualization to Command the network. VIAVI is also a leader in light management solutions for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, and defense applications. Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn, Twitter, YouTube and Facebook.

About THREE IRELAND
Three is one of Ireland’s leading mobile operators with over 2.4 million customers (as of October 2020). Three operates 2G, 3G, 4G and 5G networks, and has invested nearly €2 billion in Ireland to date. Based in Dublin and Limerick, Three provides a full suite of network services. For more information, please visit: www.three.ie

Media Inquiries:

 

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SOURCE VIAVI Solutions

NEW YORK, Nov. 12, 2020 /PRNewswire/ — DarioHealth Corp. (Nasdaq: DRIO), a pioneer in the global digital therapeutics market, today reported financial results for the third quarter 2020 and provided a corporate and commercial update.

 

 

“During the third quarter we achieved 14.2% sequential growth in our revenues, but more importantly, we made significant strides in penetrating the multiple verticals within the Business-to-Business-to-Consumer (B2B2C) channel with our digital therapeutics solutions,” stated Erez Raphael, Chief Executive Officer of Dario. “Most notably, our recently announced partnership agreements with Vitality Group and HMC Healthworks provide access of our solutions to end users through their employers or benefits providers. We believe that our industry consumer engagement metrics and open architecture that allows for seamless integration with legacy systems are key differentiating factors relative to our competition that have resonated with customers and prospects alike.

“The execution of our multi-year, strategic plan has led to advanced late-stage contracting discussions with health plans, self-insured employers and providers. We are encouraged by the fact that we are pursuing multiple large opportunities, and we anticipate many of these agreements will close and launch in the near term. Furthermore, as our sales pipeline has grown during the third quarter, we believe that our ongoing investments in our U.S. commercial infrastructure have positioned Dario for a transformational year in 2021.”

“We ended the third quarter with $37 million in cash on the balance sheet after completing a successful $28.6 million financing in July,” Zvi Ben-David, Dario’s Chief Financial Officer added. “This is the largest cash position in the Company’s history. Our liquidity is sufficient to invest in research and development, expand our portfolio of chronic diseases and build the necessary sales and marketing infrastructure to drive further penetration of the B2B2C channel. We believe that we are funded to achieve our goals in the coming quarters.” 

Q3 2020 Operations Update and Recent Highlights

Opening B2B2C Channels: Commercial Development & Strategic Collaborations

• In October 2020, we announced inclusion in Vitality’s new Gateway Flex offering, allowing Dario’s digital therapeutics platform to be marketed to Vitality’s vast employer base that provides benefits solutions to 20 million people.
• In September 2020, we announced a partnership agreement with HMC Healthworks that extends DarioHealth’s reach into HMC’s vast multi-employer client base through which HMC is currently managing more than one million members.
• In July 2020, we entered the U.K. RPM market through an agreement with Williams Medical, making Dario’s RPM platform available to healthcare professionals throughout the U.K. and Ireland.

Clinical Evidence Development

• In August 2020, we presented a poster at the Virtual Association of Diabetes Care and Education Specialists 2020 Annual Conference. The poster, entitled, “Impact of Digital Management on Clinical Outcome in Patients with Chronic Conditions: Diabetes and Hypertension,” details results from an observational study of 345 participants with hypertensive blood pressure at baseline who utilized the Dario digital therapeutics platform. The study found that Dario’s digital therapeutics platform helped drive improved blood pressure at three months and glycemic control at six months compared to baseline.

Corporate Developments

• In September 2020, we appointed Eric Milledge as Chairman of Dario’s newly created Scientific Advisory Board (SAB). The SAB will work alongside the company’s research and development team and external partners to develop and implement the Dario’s strategic roadmap for its technology platform.
• In July 2020, we appointed Dennis Matheis, President of Optima Health, a health plan with more than 850,000 members, to our Board of Directors, further supporting Dario’s ongoing transition to B2B2C.
• In July 2020, we announced that we successfully raised gross proceeds of $28.6 million through a private placement of common shares and pre-funded warrants.

Third Quarter 2020 Results Summary

Financial Results for the Three Months Ended September 30, 2020:

Revenues for the third quarter ended September 30, 2020 were $2.04 million, a 14.2% sequential increase from second quarter ended June 30, 2020, and a 9.3% increase from $1.87 million in revenues in the third quarter ended September 30, 2019.

Revenues generated during the third quarter ended September 30, 2020 were derived mainly from the sales of our products and from the offering of our membership plans to our customers in the U.S.

At the end of the third quarter ended September 30, 2020, we accumulated deferred income of $1.28 million that we expect to recognize during the next four fiscal quarters.

Gross profit in the third quarter ended September 30, 2020 was $549,000, a decrease of $324,000, or 37%, compared to gross profit of $873,000 in the third quarter ended September 30, 2019. This decrease is mainly a result of a decrease in the average selling prices of our products in the third quarter ended September 30, 2020.

Total operating expenses for the third quarter ended September 30, 2020 were $7.15 million, an increase of $3.48 million, or 94.7%, compared with $3.7 million for the third quarter ended September 30, 2019. The increase in operating expenses was mainly due to the increase in marketing expenses and an increase in equity-based compensation to directors, employees and service providers.

Operating loss for the third quarter ended September 30, 2020 was $6.6 million, an increase of $3.8 million, or 136%, compared to a $2.8 million operating loss in the third quarter ended September 30, 2019. This increase was mainly due to the decrease in our gross profit and an increase in our operating expenses.

Net loss was $6.55 million, or $0.71 per common share, in the third quarter ended September 30, 2020, compared to a net loss of $2.8 million, or $1.11 per common share, in the third quarter ended September 30, 2019.

The company had cash and cash equivalents totaling $37 million at September 30, 2020.

Non-GAAP billings for the three months ended September 30, 2020 were $2.06 million, a 15.5% increase from $1.78 million reported in the three months ended September 30, 2019.

Non-GAAP adjusted net loss for the three months ended September 30, 2020 was $4.74 million, a 122% increase from a $2.14 million non-GAAP adjusted net loss for the three months ended September 30, 2019.

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Financial Results for the Nine Months Ended September 30, 2020:

Revenue for the nine months ended September 30, 2020 was $5.5 million, a 4.6% decrease from $5.76 million for the nine months ended September 30, 2019. This decrease is mainly a result of a decrease in our direct to consumer revenues in the first six months of 2020 compared to the first six months of 2019. During the nine months ended September 30, 2020, we recorded an additional $62,000 as deferred revenues from revenues generated from our membership offering to our customers in the U.S.

Gross profit of $1.96 million was recorded for the nine months ended September 30, 2020, an increase of 11.8%, or $207,000, compared to gross profit of $1.76 million for the nine months ended September 30, 2019. This increase is mainly a result of an increase in revenues generated from our membership offering and a corresponding decrease in product sales.

Total operating expenses for the nine months ended September 30, 2020 were $22.8 million, an increase of $7.5 million, or 49.2%, compared with $15.3 million for the nine months ended September 30, 2019. The increase in operating expenses was mainly due to the increase in marketing expenses and an increase in equity-based compensation to directors, employees and service providers.

Operating loss for the nine months ended September 30, 2020 increased by $7.3 million to $20.8 million, compared to a $13.5 million operating loss for the nine months ended September 30, 2019. This increase is mainly a result from an increase in our equity-based compensation.

Net loss was $20.45 million for the nine months ended September 30, 2020 compared to a net loss of $13.56 million for the nine months ended September 30, 2019. The reason for the was mainly due to an increase in operating expenses.

Non-GAAP billings for the nine months ended September 30, 2020 were $5.56 million, a 12.3% decrease from $6.34 million in the nine months ended September 30, 2019.

Non-GAAP adjusted net loss for the nine months ended September 30, 2020 was $11.7 million, a 2.2% increase from a $11.5 million non-GAAP adjusted net loss for the nine months ended September 30, 2019.

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Conference Call Details: Thursday, November 12, 9:00am EDT

Dial-in Number: 844-369-8770

International Dial-in: 862-298-0840

Conference ID:  DarioHealth Third Quarter 2020 Earnings Call and Webcast

Webcast: https://www.webcaster4.com/Webcast/Page/2224/38235

Participants are asked to dial-in approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately two hours after completion through November 26, 2020. To listen to the replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and use replay passcode 38235. The webcast replay will be available through February 12, 2021.

About DarioHealth Corp.

DarioHealth Corp. (Nasdaq: DRIO) is a leading, global digital therapeutics company revolutionizing the way people with chronic conditions manage their health. By delivering evidence-based interventions that are driven by data, high-quality software and coaching, we empower individuals to make healthy adjustments to their daily lifestyle choices to improve their overall health. Our cross-functional team operates at the intersection of life sciences, behavioral science and software technology to deliver highly engaging therapeutic interventions. Dario is one of the highest-rated diabetes solutions in the market, and its user-centric MyDario™ mobile app is loved by tens of thousands of consumers around the globe. DarioHealth is rapidly moving into new chronic conditions and geographic markets, using a performance-based approach to improve the health of users managing chronic disease. To learn more about DarioHealth and its digital health solutions. For more information, visit https://www.dariohealth.com/.

Cautionary Note Regarding Forward-Looking Statements

This news release and the statements of representatives and partners of DarioHealth Corp. (the “Company”) related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” are intended to identify forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses its belief that its consumer engagement metrics and open architecture are key differentiating factors relative to its competition that have resonated with customers and prospects alike, the growth of its sales pipeline, the belief that its ongoing investments in its U.S. commercial infrastructure have positioned Dario for a transformational year in 2021, that its liquidity is sufficient to invest in research and development, expand its portfolio of chronic diseases and build the necessary sales and marketing infrastructure to drive further penetration of the B2B2C channel and the belief that it is funded to achieve its goals in the coming quarters. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company’s results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company’s actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results (including, without limitation, the timing for and results of the Company’s commercial and regulatory plans for Dario™ as described herein) may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period and adjustment to the deferred revenue balance due to adoption of the new revenue recognition standard less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Operating expenses (non-GAAP). Our presentation of non-GAAP operating expenses excludes stock-based compensation expenses. Due to varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash operating expenses, we believe that providing non-GAAP financial measures that exclude non-cash expense provides us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time.

Net loss (non-GAAP). Our presentation of adjusted net loss excludes the effect of certain items that are non-GAAP financial measures. Adjusted net loss represents net loss determined under GAAP without regard to stock-based compensation expenses and depreciation of fixed assets. We believe these measures provide useful information to management and investors for analysis of our operating results.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DarioHealth Corporate Contact: 
Claudia Levi 
Content & Communications Manager
[email protected] 
+1-347-767-4220

Media Inquiries:

Investor Relations Contact:
Chuck Padala
[email protected]
+1-646-627-8390

Logo – http://mma.prnewswire.com/media/544126/DarioHealth_Logo.jpg

 

 

 

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SOURCE DarioHealth Corp.

AUBURN HILLS, Mich., Nov. 12, 2020 /PRNewswire/ — On November 11, 2020, the board of directors of BorgWarner Inc. (NYSE: BWA) declared a quarterly cash dividend of $0.17 per share of common stock.  The dividend is payable on December 15, 2020 to shareholders of record on December 1, 2020.

BorgWarner Inc. (NYSE: BWA) is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. Building on its original equipment expertise, BorgWarner also brings market leading product and service solutions to the global aftermarket. With manufacturing and technical facilities in 99 locations in 24 countries, the company employs approximately 48,000 worldwide. For more information, please visit borgwarner.com.

 

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SOURCE BorgWarner

SHANGHAI, Nov. 12, 2020 /PRNewswire/– Zhongchao Inc. (NASDAQ: ZCMD) (“Zhongchao” or the “Company”), a healthcare services company offering patient management, online healthcare information, professional training and educational services, today announced that the Company and Takeda Pharmaceutical Company Limited (“Takeda”) agreed to expand their current scope of cooperation which now covers five of Takeda’s subsidiaries in China including the new addition of Baishen Biotechnology (Shanghai) Co., Ltd. Pursuant to the amended service agreement by and between Zhongchao and Takeda, Zhongchao shall continue to serve as Takeda’s vendor and partner in China, providing a broad range of services in medical editing, document collation, and medical training and education to Takeda. 

Weiguang Yang, Chairman and Chief Executive Officer of Zhongchao, commented, “With over 50,000 employees and over $30 billion in revenues (for the fiscal year ended March 31, 2020), Takeda is a global biopharmaceutical leader and a Fortune Global 500 company. We are proud that we have been a vendor and partner in China for various medical training and education and brand building programs sponsored by Takeda since 2018. Takeda has established itself as a values-based, R&D-driven biopharma with strong presence in the Chinese market and recently announced that it plans to bring at least fifteen new drugs or indications into the Chinese market over the next 5 years – widely regarded as one of the most aggressive expansion plans in China by major pharmaceutical companies. With the renewal of the contract by Takeda with broadened scope of cooperation, we believe this represents a significant opportunity for us to further grow our business in years to come.”

About Takeda Pharmaceutical Company Limited

Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK)(“Takeda”) is a global, values-based, R&D-driven biopharmaceutical leader headquartered in Japan, committed to bringing Better Health and a Brighter Future to patients by translating science into highly-innovative medicines. Takeda focuses its R&D efforts on four therapeutic areas: Oncology, Rare Diseases, Neuroscience, and Gastroenterology (GI). Takeda also makes targeted R&D investments in Plasma-Derived Therapies and Vaccines. Takeda is focusing on developing highly innovative medicines that contribute to making a difference in people’s lives by advancing the frontier of new treatment options and leveraging our enhanced collaborative R&D engine and capabilities to create a robust, modality-diverse pipeline. Takeda is committed to improving quality of life for patients and to working with its partners in health care in approximately 80 countries. More information can be found at https://www.takeda.com.

About Zhongchao Inc.

Incorporated in 2012 with headquarter offices in Shanghai and Beijing, China, Zhongchao Inc. is an online provider of healthcare information, professional training and educational services to healthcare professionals under its “MDMOOC” platform (www.mdmooc.org) and to the public under its “Sunshine Health Forums” platform (www.ygjkclass.com) in China. The Company also offers patient management services under its “Zhongxun” platform (www.zhongxun.online). More information about the Company can be found at its investor relations website at http://izcmd.com.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the professional training and educational services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward
–
looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

At the Company:
Pei Xu, CFO
Email: [email protected]
Phone: +86 21-3220-5987

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

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SOURCE Zhongchao Inc.