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Cenovus and Husky to hold special shareholder meetings on proposed Plan of Arrangement

Shareholders asked to vote in favour of board-approved agreement to combine businesses

CALGARY, Alberta, Nov. 16, 2020 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) announce they have filed a joint management information circular dated November 9, 2020 and related meeting and proxy materials, which will be mailed to Cenovus common shareholders and to Husky common shareholders, preferred shareholders and optionholders in connection with the proposed plan of arrangement to create a resilient integrated energy leader.

Cenovus and Husky agreed to combine their respective businesses and entered into an arrangement agreement dated October 24, 2020. The boards of directors of Cenovus and Husky have unanimously approved the arrangement agreement and determined that it is in the best interests of their respective companies.

Cenovus and Husky Special Meetings

Special meetings for Cenovus common shareholders and for Husky common shareholders, preferred shareholders and optionholders will be held in order to consider and vote on resolutions in connection with the plan of arrangement, as described in the circular. Due to COVID-19, and in alignment with the recommendations of Canadian public health officials, the meetings will be conducted via live webcasts.

The Husky virtual meeting will be held at 9:00 a.m. MT/11:00 a.m. ET on Tuesday, December 15, 2020 and the Cenovus virtual meeting will commence at 1:00 p.m. MT/3:00 p.m. ET on the same day.

How to Vote

All securityholders are encouraged to vote in person (virtually) or by proxy. Details on how to vote and how to participate in the live webcasts are contained in the circular.

The completion of the arrangement is subject to, among other things, (i) the approval of the arrangement by not less than 66⅔% of the votes cast by Husky common shareholders at the Husky virtual meeting, (ii) the approval of the arrangement by not less than 66⅔% of the votes cast by Husky common shareholders and optionholders, voting together as a single class, at the Husky virtual meeting, (iii) the approval of the issuance of Cenovus common shares under the arrangement by a simple majority of the votes cast by Cenovus shareholders at the Cenovus virtual meeting, (iv) the approval of the Court of Queen’s Bench of Alberta, and (v) the receipt of all other necessary regulatory approvals. In addition, Husky will seek the approval of not less than 66⅔% of the votes cast by Husky preferred shareholders, voting together as a single class, at the Husky virtual meeting. If Husky preferred shareholder approval is obtained, each Husky preferred share will be exchanged for one Cenovus preferred share having substantially identical terms as the Husky preferred shares. It is not a condition to completion of the arrangement that Husky preferred shareholder approval be obtained, and, if not obtained, the Husky preferred shares will remain outstanding in a subsidiary of the combined company and listed on the TSX.

About the Transaction

The arrangement is currently anticipated to be completed in the first quarter of 2021, subject to satisfaction of all closing conditions. Upon completion of the transaction, the combined company will continue to operate as Cenovus and remain headquartered in Calgary, Alberta.

The circular has been filed on each company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at sedar.com and on each company’s profile on the Electronic Data Gathering, Analysis and Retrieval System (EDGAR) at sec.gov, and is available on Cenovus’s website at cenovus.com and on Husky’s website at huskyenergy.com.

Advisory


Note Regarding Forward-looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about our current expectations, estimates and projections about the future, based on certain assumptions made by Cenovus and Husky in light of their experience and perception of historical trends. Although Cenovus and Husky believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information as actual results may differ materially from those expressed or implied. Cenovus and Husky undertake no obligation to update or revise any forward-looking information except as required by law.

This forward-looking information is identified by words such as “anticipated”, “opportunity”, “potential”, “will”, or similar expressions and includes suggestions of future outcomes, including statements about: the holding of shareholder meetings; the timing of closing of the transaction; and the future operation and headquarters of the combined company.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and Husky and others that apply to the industry generally. Material factors or assumptions on which the forward-looking information in this news release is based include: successful closing of the transaction, including obtaining necessary shareholder, court and regulatory approvals and satisfaction of all other conditions to closing and within expected timelines.

Additional information about risks, assumptions, uncertainties and other factors that could cause Cenovus’s actual results to differ materially from those expressed or implied by its forward-looking statements is contained under “Risk Management and Risk Factors” in Cenovus’s Annual Management’s Discussion and Analysis (MD&A) or Form 40-F for the year ended December 31, 2019 and in the updates in the “Risk Management and Risk Factors” section of Cenovus’s MD&A for the period ended September 30, 2020.

Husky’s Annual Information Form for the year ended December 31, 2019, Management’s Discussion and Analysis for the three and nine months ended September 30, 2020 and other documents filed with securities regulatory authorities (accessible through the SEDAR website at sedar.com and the EDGAR website at sec.gov) describe some of the risks, material assumptions and other factors that could influence actual results in respect of Husky and are incorporated herein by reference.

About Cenovus

Cenovus Energy Inc. is a Canadian integrated oil and natural gas company. It is committed to maximizing value by sustainably developing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface using a technique called steam-assisted gravity drainage (SAGD). The company also has conventional crude oil, natural gas and natural gas liquids assets in Alberta and British Columbia as well as 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE and are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com.

Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.

About Husky

Husky Energy is a Canadian-based integrated energy company. It is headquartered in Calgary, Alberta, and its common shares are publicly traded on the Toronto Stock Exchange under the symbol HSE. The Company operates in Canada, the United States and the Asia Pacific region with two business segments. The Integrated Corridor includes bitumen from thermal projects in the Lloydminster area of Saskatchewan, along with the Tucker Thermal Project and the Sunrise Energy Project in Alberta, with production integrated into Husky’s downstream operations, which includes upgrading, refining and marketing of refined petroleum products. The Offshore business includes crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia. For more information, visit huskyenergy.com.

Find Husky on Facebook, Twitter, LinkedIn and Instagram.

Cenovus Contacts
   
Investor Relations Media Relations 
Sherry Wendt, Director, Investor Relations  Brett Harris, Manager, Communications
403-766-7711 403-766-3420
 
Husky Contacts
 
Investor Relations Media Relations
Leo Villegas, Director, Investor Relations  Kim Guttormson, Manager, Communication Services 
403-513-7817 403-298-7088



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KE Holdings Inc. Announces Proposed Follow-on Public Offering of American Depositary Shares

KE Holdings Inc. Announces Proposed Follow-on Public Offering of American Depositary Shares

BEIJING–(BUSINESS WIRE)–
KE Holdings Inc. (“Beike” or the “Company”) (NYSE: BEKE), a leading integrated online and offline platform for housing transactions and services, today announced that it intends to offer and sell 35,400,000 American Depositary Shares (“ADSs”), each representing three Class A ordinary shares of the Company, subject to market and other conditions, in an underwritten public offering. The underwriters will have a 30-day option to purchase up to an aggregate of 5,310,000 additional ADSs from the Company.

The Company expects to use the net proceeds from the proposed offering for broadening its service offerings, expansion into new geographical areas and investment in its infrastructure, for potential strategic opportunities that may strengthen its market leadership and facilitate the development of its main businesses, as well as for working capital and general corporate purposes.

Goldman Sachs (Asia) L.L.C., Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, and China Renaissance Securities (Hong Kong) Limited will act as the joint bookrunners for the proposed ADS offering.

A preliminary prospectus related to the proposed ADS offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov.

This announcement shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About KE Holdings Inc.

KE Holdings Inc. is a leading integrated online and offline platform for housing transactions and services. The Company is a pioneer in building the industry infrastructure and standards in China to reinvent how service providers and housing customers efficiently navigate and consummate housing transactions, ranging from existing and new home sales, home rentals, to home renovation, real estate financial solutions, and other services. The Company owns and operates Lianjia, China’s leading real estate brokerage brand and an integral part of its Beike platform. With more than 19 years of operating experience through Lianjia since its inception in 2001, the Company believes the success and proven track record of Lianjia pave the way for it to build the industry infrastructure and standards and drive the rapid and sustainable growth of Beike.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about KE Holdings Inc.’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in KE Holdings Inc.’s filings with the SEC. All information provided in this press release is as of the date of this press release, and KE Holdings Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

KE Holdings Inc.

Investor Relations

Matthew Zhao

Siting Li

E-mail: [email protected]

The Piacente Group, Inc.

Ross Warner

Tel: +86-10-6508-0677

E-mail: [email protected]

In the United States:

The Piacente Group, Inc.

Brandi Piacente

Tel: +1-212-481-2050

E-mail: [email protected]

KEYWORDS: China Asia Pacific

INDUSTRY KEYWORDS: Technology Entertainment Online Finance Banking Residential Building & Real Estate Commercial Building & Real Estate Professional Services Construction & Property Software Networks Internet REIT Data Management

MEDIA:

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AeroGrow Reports 2nd Quarter Results

  • Revenue Increases 224% to $14.3M
    ; Favorable Sales Trends Continue in Early Q3
  • Income From Operations
    Rises to $1.3M
    –
    Gross Margin Improves 800+ basis points to 41.3%
  • Six month results: Revenue up 245% to $
    30
    .7M;
    Income From Operations
    Rises to
    $4.0M, up
    from a PY
    loss of
    $2.1M;
    Gross Margin Improves 1,000+ basis points to 43.
    2
    %
  • Effective 11/11/20, The Company Enters into a
    Merger Agreement with a Subsidiary of the Scotts Miracle-Gro Company

BOULDER, Colo., Nov. 16, 2020 (GLOBE NEWSWIRE) — AeroGrow International, Inc. (OTCQB: AERO) (“AeroGrow” or “the Company”), the manufacturer and distributor of AeroGardens – the world’s leading family of In-Home Garden Systems™ – announced results for its 2nd quarter ended September 30, 2020.

The Company recorded Net Revenue of $14.3 million, an increase 224% vs. the same period in the prior year.  Income from Operations was $1.3M, up from a loss of $1.1M in the prior year period.  For the first six months of Fiscal Year 2021, Net Revenue was up 245% to $30.7M and Income from Operations rose to $4.0M, up from a loss of $2.1M the prior year.

“Our string of excellent results continued in the second quarter,” said J. Michael Wolfe, AeroGrow’s President & CEO. “Sales across all three of our distribution channels – Amazon, Direct-to-Consumer and Retail – were strong throughout the quarter. This is our fourth consecutive quarter with record sales and profitability, a trend which accelerated due to the COVID-19 pandemic beginning in March. That being said, it appears the significant COVID sales spike that we experienced this spring has moderated – but with the business now routinely operating at a much higher level than it was prior to the pandemic. We believe this spike reflects an increased interest in gardening, at-home meal preparation and access to fresh, safe food sources…and the AeroGarden certainly meets all of these needs.

“Over the past six months we have focused on refining our pricing model and reducing our product costs. This focus helped drive our gross margin up to 43.2%, an increase of over 1,000 bps vs. the same period last year. Our gross margin has also benefited from a larger portion of our sales coming through our Direct-to-Consumer channel (AeroGarden.com), which affords us better margins. In addition, our digital marketing programs continued to help drive our growth with significantly improved efficiencies. These factors drove the significant improvement in our sales and operating profit and demonstrate the leverage in our business as it continues to scale.

“Our general marketing and public relations campaigns for the upcoming holiday selling season launch in earnest beginning later this week. The hallmark of our campaign will be a television spot that you can view here: https://vimeo.com/478249976/71bff315ff. We are also partnering with Olympic Gold Medalist and avid gardener Aly Raisman along with former Iron Chef and restaurateur Cat Cora, who will be supporting our brand digitally to their millions of followers. In addition, the AeroGarden will be featured in Oprah Winfrey’s Holiday Gift Guide, dozens of news articles and podcasts as well as high profile television programs such as Good Morning America and the Kelly Clarkson show.

“A key challenge in the business has been managing our world-wide supply chain to support our triple-digit growth and what appears to be continued strong demand for our products as we approach our peak holiday selling season. While our key vendors have done a good job of delivering for us in a timely fashion, we must acknowledge that there is general infrastructural stress affecting the world’s supply chain (e.g., ocean freight, customs clearance, availability of trucks and trains, FedEx and UPS capacity constraints, etc.) that could impact our inventory levels and which represents a potential risk as we enter the key holiday selling season.

“Last month we introduced a new Farm model and an all new Sprout into our AeroGarden product line. We are also nearing the launch of “Bloom by Botanicare,” our large-plant growing device that we believe is the most advanced in the world. Bloom monitors and dynamically adjusts key environmental factors for each stage of a plant’s development – maximizing the speed of growth, yields, flavor and consistency of thousands of potential plant varieties. While the launch of our Bloom product has experienced several slight delays, we now have numerous units in the field and the feedback is exceptional. We expect the initial launch of the Bloom web site and preliminary marketing efforts to begin in the coming weeks.

“I am extremely pleased with our results for the first six months of this fiscal year. Moreover, we believe we are well prepared to deliver a successful holiday selling season and to continue building on our recent success.”

On November 11, 2020 the Company entered into an Agreement and Plan of Merger with SMG Growing Media, a subsidiary of The Scotts Miracle-Gro Company. The closing of the Merger is subject to, among other conditions, the approval of the Merger Agreement by a majority of the outstanding shares of Common Stock and various customary conditions, including, but not limited to, the obtainment of necessary regulatory approvals.

The Merger Agreement provides that each share of common stock of the Company (other than Excluded Shares and Dissenting Shares), will be automatically converted into the right to receive $3.00 in cash. The Merger Agreement contains certain termination rights, including the right of the Company to terminate the Merger Agreement to accept a Superior Proposal. In addition, subject to certain exceptions and limitations set forth in the Merger Agreement, either party may terminate the Agreement if the Merger is not consummated by March 31, 2021. Details of the Merger Agreement are available on the Company’s Form 8-K filed with the Securities And Exchange Commission on November 12, 2020.

Forward-Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements by J. Michael Wolfe and/or the Company, statements regarding growth of the AeroGarden product line, ability to raise capital, optimism related to the business, expanding sales, market acceptance of developments and enhancements to our product line, improved margins and profitability, and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company’s business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors including continued market acceptance of the Company’s products or the need to raise additional capital. In addition, actual results could vary materially based on changes or slower growth in the indoor garden market; the potential inability to realize expected benefits and synergies; domestic and international business and economic conditions; changes in customer demand or ordering patterns; changes in the competitive environment including pricing pressures or technological changes; technological advances; shortages of manufacturing capacity; future production variables impacting excess inventory and other risk factors listed from time to time in the Company’s Securities and Exchange Commission (SEC) filings, including in “Item 1A Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Additional detailed information concerning a number of the important factors that could cause actual results to differ materially from the forward-looking information contained in this release is readily available in the Company’s publicly filed quarterly, annual and other reports. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

 
 
AEROGROW INTERNATIONAL, INC.

CONDENSED BALANCE SHEETS
 
    September 30,

2020 		    March 31,

2020 		 
(in thousands, except share and per share data)   (Unaudited)     (Derived from
Audited Statements)		  
ASSETS                
Current assets                
Cash   $ 3,815     $ 9,046  
Restricted cash     15       15  
Accounts receivable, net of allowance for doubtful accounts of $694 and $376                
at September 30, 2020 and March 31, 2020, respectively     6,217       3,422  
Other receivables     391       257  
Inventory, net     12,849       4,788  
Prepaid expenses and other     3,773       1,392  
Total current assets     27,060       18,920  
Property and equipment and intangible assets, net of accumulated depreciation of $5,789 and                 
$5,467 at September 30, 2020 and March 31, 2020, respectively     2,142       1,229  
Operating lease right-of-use     1,158       1,229  
Deposits     754       669  
Total assets   $ 31,114     $ 22,047  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current liabilities                
Accounts payable   $ 5,583     $ 2,332  
Accounts payable related party     1,075       2,396  
Accrued expenses     3,842       2,308  
Finance lease liability     7       29  
Notes payable related party     2,000       –  
Debt associated with sale of intellectual property     14       17  
Operating lease liability-current portion     141       58  
Total current liabilities     12,662       7,140  
Long term liabilities                
Notes payable related party     900       900  
Operating lease liability     1,129       1,201  
Other liability     –       297  
Total liabilities     14,691       9,538  
Commitments and contingencies                
Stockholders’ equity                
Preferred stock, $.001 par value, 20,000,000 shares authorized, 0 issued and outstanding                 
at September 30, 2020 and 2019, respectively     –       –  
Common stock, $.001 par value, 750,000,000 shares authorized, 34,328,036                 
shares issued and outstanding at September 30, 2020 and March 31, 2020     34       34  
Additional paid-in capital     140,817       140,817  
Accumulated deficit     (124,428 )     (128,342 )
Total stockholders’ equity     16,423       12,509  
Total liabilities and stockholders’ equity   $ 31,114     $ 22,047  
                 

AEROGROW INTERNATIONAL, INC.

CONDENSED STATEMENTS OF OPERATIONS
 
    Three Months ended

September 30, 		    Six Months ended

September 30, 		 
(in thousands, except per share data)   2020     2019     2020     2019  
Net revenue   $ 14,310     $ 4,423     $ 30,721     $ 8,898  
Cost of revenue     8,403       2,958       17,457       5,977  
Gross profit     5,907       1,465       13,264       2,921  
                                 
Operating expenses                                
Research and development     294       276       595       487  
Sales and marketing     2,888       1,369       5,703       2,772  
General and administrative     1,406       893       2,980       1,787  
Total operating expenses     4,588       2,538       9,278       5,046  
                                 
Income (loss) from operations     1,319       (1,073 )     3,986       (2,125 )
                                 
Other (expense), net                                
Interest expense – related party     (24 )     (52 )     (47 )     (54 )
Other (expense), net     (29 )     (1 )     (25 )     (5 )
Total other (expense), net     (53 )     (53 )     (72 )     (59 )
                                 
Net income (loss)   $ 1,266     $ (1,126 )   $ 3,914     $ (2,184 )
Net income (loss) per share, basic and diluted   $ 0.04     $ (0.03 )   $ 0.11     $ (0.06 )
                                 
Weighted average number of common                                 
shares outstanding, basic and diluted     34,328       34,328       34,328       34,328  
                                 

About AeroGrow International, Inc.

Headquartered in Boulder, Colorado, AeroGrow International, Inc. is the leader in the rapidly growing indoor gardening category. AeroGardens allow anyone to grow farmer’s market fresh herbs, salad greens, tomatoes, chili peppers, flowers and more, indoors, year-round, so simply and easily that no green thumb is required. With an AeroGarden…you can grow anything! In April 2013, AeroGrow entered into a strategic partnership with Scotts Miracle-Gro to continue to expand the indoor gardening market. For more information, visit http://www.aerogrow.com.



Investor Relations: 
Grey Gibbs
Senior Vice President of Finance and Accounting
[email protected]
303-444-7755

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Jamf Announces Launch of Proposed Follow-on Offering of Common Stock by Selling Shareholders

MINNEAPOLIS, Nov. 16, 2020 (GLOBE NEWSWIRE) — Jamf Holding Corp. (“Jamf”) (NASDAQ: JAMF), the standard in Apple Enterprise Management, today announced the commencement of a public follow-on offering of its common stock by certain of its selling shareholders. The selling shareholders are offering 10,000,000 shares of Jamf common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”). Certain of the selling shareholders also intend to grant the underwriters the right to purchase up to an additional 1,500,000 shares on the same terms and conditions. Jamf will not receive any proceeds from the sale of shares by the selling shareholders, and will not issue any shares of its common stock in the offering.

Goldman Sachs & Co. LLC, J.P. Morgan, BofA Securities and Barclays are acting as lead book-running managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526, or by e-mail at [email protected]; or J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204, or by emailing [email protected]; or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by e-mail at [email protected]; or Barclays, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-888-603-5847, or email: [email protected].

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the impact on our operations and financial condition from the effects of the current COVID-19 pandemic; the potential impact of customer dissatisfaction with Apple or other negative events affecting Apple services and devices, and failure of enterprises to adopt Apple products; the potentially adverse impact of changes in features and functionality by Apple on our engineering focus or product development efforts; changes in our continued relationship with Apple; the fact that we are not party to any exclusive agreements or arrangements with Apple; our reliance, in part, on channel partners for the sale and distribution of our products; risks associated with cyber-security events; the impact of reputational harm if users perceive our products as the cause of device failure; our ability to successfully develop new products or materially enhance current products through our research and development efforts; our ability to continue to attract new customers; our ability to retain our current customers; our ability to sell additional functionality to our current customers; our ability to meet service-level commitments under our subscription agreements; our ability to correctly estimate market opportunity and forecast market growth; risks associated with failing to continue our recent growth rates; our dependence on one of our products for a substantial portion of our revenue; our ability to scale our business and manage our expenses; our ability to change our pricing models, if necessary to compete successfully; the impact of delays or outages of our cloud services from any disruptions, capacity limitations or interferences of third-party data centers that host our cloud services, including AWS; our ability to maintain, enhance and protect our brand; our ability to maintain our corporate culture; the ability of Jamf Nation to thrive and grow as we expand our business; the potential impact of inaccurate, incomplete or misleading content that is posted on Jamf Nation; our ability to offer high-quality support; risks and uncertainties associated with potential acquisitions and divestitures, including, but not limited to, disruptions to ongoing operations; diversions of management from day-to-day responsibilities; adverse impacts on our financial condition; failure of an acquired business to further our strategy; uncertainty of synergies; personnel issues; resulting lawsuits and issues unidentified in diligence processes; our ability to predict and respond to rapidly evolving technological trends and our customers’ changing needs; our ability to compete with existing and new companies; the impact of adverse general and industry-specific economic and market conditions; the impact of reductions in IT spending; the impact of real or perceived errors, failures or bugs in our products; the impact of interruptions or performance problems associated with our technology or infrastructure; our ability to attract and retain highly qualified personnel; risks associated with competitive challenges faced by our customers; the impact of statutory and regulatory determinations on our offerings to governmental entities; risks associated with stringent and changing privacy laws, regulations and standards, and information security policies and contractual obligations related to data privacy and security; the impact of any catastrophic events; and, risks associated with our financial results or difficulty in predicting our financial results due to our revenue recognition. Given these factors, as well as other variables that may affect Jamf’s operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related teleconference call relate only to events as of the date hereof. Jamf undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

About Jamf

Jamf, the standard in Apple Enterprise Management, extends the legendary Apple experience people love to businesses, schools and government organizations through its software and the world’s largest online community of IT admins focused exclusively on Apple, Jamf Nation.

Investor Contact:

Jennifer Gaumond
[email protected]

Media Contact:

Rachel Nauen
[email protected]



Posted on

EnLink Midstream to Participate in Investor Conferences

PR Newswire

 

DALLAS, Nov. 16, 2020 /PRNewswire/ — EnLink Midstream, LLC (NYSE: ENLC) (EnLink) announced today that members of its senior management team are scheduled to meet with investors at the following upcoming virtual conferences:

  • RBC Capital Markets Midstream and Energy Infrastructure Conference on Wednesday, November 18, 2020
  • Wells Fargo Midstream and Utility Symposium on Tuesday, December 8, and Wednesday, December 9, 2020

EnLink’s latest presentation, the quarterly report for the third quarter of 2020, is currently available for download on the Investors’ page of www.EnLink.com.

About the EnLink Midstream Companies
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink’s best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, and NGL capabilities. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink’s strong financial foundation and commitment to execution excellence drive competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.

Investor Relations: 
Kate Walsh, Vice President of Investor Relations and Tax, 214-721-9696, [email protected]
Media Relations: Jill McMillan, Vice President of Strategic Relations & Public Affairs, 214-721-9271, [email protected]

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SOURCE EnLink Midstream, LLC

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KORU Medical Systems Announces Stock Repurchase Program

KORU Medical Systems Announces Stock Repurchase Program

CHESTER, N.Y.–(BUSINESS WIRE)–Repro Med Systems, Inc. dba KORU Medical Systems (NASDAQ: KRMD) (“KORU Medical” or the “Company”) today announced that its Board of Directors has authorized a stock repurchase program under which the Company may purchase up to $10 million of its outstanding common stock through December 31, 2021.

“We believe that this repurchase program demonstrates confidence in our long-term outlook, the underlying value of KORU Medical stock, and our commitment to maximizing value for our shareholders,” said Don Pettigrew, Chief Executive Officer. “Our strong balance sheet enables us to support this repurchase plan, while continuing to invest in our operations and explore investments that generate long-term growth.”

Chairman of the Board John Fletcher commented, “We are committed to enhancing shareholder value. This authorization reflects the Board’s continued confidence in the Company’s long-term growth prospects, the value of KORU Medical’s Freedom Integrated Infusion System, and the significant expansion opportunities that exist both within and adjacent to our core business.”

The shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing and amount of shares repurchased under the program will be determined by the Company in its discretion and will depend on a number of factors, including price, general business and market conditions, and applicable legal requirements. The repurchase plan will be funded using cash on hand.

About KORU Medical Systems

KORU Medical Systems develops, manufactures, and commercializes innovative and easy-to-use specialty infusion solutions that improve quality of life for patients around the world. The FREEDOM Syringe Infusion System currently includes the FREEDOM60® and FreedomEdge® Syringe Infusion Drivers, Precision Flow Rate Tubing™ and HIgH-Flo Subcutaneous Safety Needle Sets™. These devices are used for infusions administered in the home and alternate care settings. For more information, please visit www.korumedical.com.

Forward-looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements can be identified by words such as “may,” “believe” and “enables.” Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, uncertainties associated with COVID-19, future operating results, availability of investment opportunities, market fluctuations, and those risks and uncertainties included under the captions “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which are on file with the SEC and are available on our website at www.korumedical.com/investors and on the SEC website at www.sec.gov. All information provided in this release and in the attachments is as of November 13, 2020. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

The Equity Group Inc.

Devin Sullivan

Senior Vice President

212-836-9608

[email protected]

Kalle Ahl, CFA

Vice President

212-836-9614

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: General Health Health Other Health Medical Devices

MEDIA:

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Vireo Health Announces Forced Redemption of Warrants Issued in Conjunction with March 2020 Private Placement

— Successful financing helped drive improvements in operating performance —

— Management expects redemptions to result in CAD $13.1 million of cash proceeds —

PR Newswire

MINNEAPOLIS, Nov. 16, 2020 /PRNewswire/ — Vireo Health International, Inc. (“Vireo” or the “Company”) (CNSX: VREO, OTCQX: VREOF), the science-focused, multi-state cannabis company with active operations in exclusively medical-only markets and licenses in seven states and the Commonwealth of Puerto Rico, today announced that it has exercised its right to force the redemption of all subordinate voting share purchase warrants (the “Warrants”) issued to participants in the Company’s previously-announced private placement offering, which closed on March 10, 2020 (the “Offering”).

Each Warrant issued in conjunction with the Offering entitles the holder to purchase one subordinate voting share in the capital of Vireo for a period of three years from the date of issuance at an exercise price of CAD $0.96 per share, subject to adjustment in certain events. Vireo retained the right to require the redemption of these Warrants if the Company’s five-day volume-weighted-average-price (“VWAP”) on the Canadian Securities Exchange (CSE) exceeded CAD $1.44. This milestone was achieved during the trading period from November 3, 2020 through November 9, 2020. Management expects these redemptions to result in the issuance of 13,651,574 additional subordinate voting shares and cash proceeds of approximately CAD $13.1 million prior to the close of the current November. 

Chairman and Chief Executive Officer, Kyle Kingsley, M.D., commented, “The private placement offering we completed earlier this year was priced modestly to balance the near-term requirements of our business with the long-term interests of shareholders. We invested that capital prudently to position Vireo to begin generating positive cash flow. We remain pleased with the trajectory of our operating performance since March and expect to utilize a portion of the proceeds from these redemptions to fund additional investments consistent with our strategy of increasing scale and margins in our core markets.”

About Vireo Health International, Inc.

Vireo Health International, Inc. (“Vireo” or the “Company”) is a physician-led cannabis company focused on bringing the best of technology, science, and engineering to the cannabis industry. Vireo manufactures proprietary, branded cannabis products in environmentally-friendly, state-of-the-art greenhouses and other facilities and distributes its products through its growing network of Green GoodsTM retail dispensaries and through hundreds of third-party dispensaries in seven states. Vireo’s team of more than 425 employees, led by scientists, engineers, and cultivation experts, is focused on efficiency and the creation of best-in-class products, while driving scientific innovation within the cannabis industry and developing meaningful intellectual property. Today, Vireo is licensed to grow and/or process cannabis in eight markets. The Company is operational in seven of those eight markets – including the core markets of Arizona, Maryland, Minnesota, New Mexico, and New York. The Company holds 32 total retail dispensary licenses, of which 13 are currently open for business and seven more are in development. For more information about Vireo Health, please visit www.vireohealth.com.

Caution Regarding Forward-Looking Statements

This press release contains statements that Vireo believes are, or may be considered to be, “forward-looking statements” as defined in applicable securities laws. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on current beliefs, expectations or assumptions regarding the future of the business, future plans and strategies, operational results and other future conditions of the Company. All statements other than statements of historical fact included in this release regarding the prospects our prospects, plans, financial position or business strategy, including statements expressing the expectation that Vireo will enter into the “Credit Facility,” or the date any transaction is expected to close and/or fund, may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “plans,” “expects” or “does not expect,” “is expected,” “look forward to,” “budget,” “scheduled,” “estimates,” “forecasts,” “will continue,” “intends,” “the intent of,” “have the potential,” “anticipates,” “does not anticipate,” “believes,” “should,” “should not,” or variations of such words and phrases that indicate that certain actions, events or results “may,” “could,” “would,” “might,” or “will,” “be taken,” “occur,” or “be achieved,” or the negative of these terms or variations of them or similar terms. Furthermore, forward-looking statements may be included in various filings that we make with the SEC or on SEDAR, or may be contained in press releases or oral statements made by or with the approval of one of Vireo’s authorized executive officers. Although Vireo believes that the expectations reflected in these forward-looking statements are reasonable, the Company cannot provide assurances these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. The reader should not place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. Risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, Vireo undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements. The reader is advised, however, to consult any additional disclosures Vireo makes in its reports filed on SEDAR or to the SEC, or in future press releases. All subsequent written and oral forward-looking statements attributable to Vireo or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this cautionary statement.



Media Inquiries



Investor Inquiries

Albe Zakes

Sam Gibbons


Vice President, Corporate Communications 


Vice President, Investor Relations


[email protected]


[email protected]  

(267) 221-4800

(612) 314-8995

 

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SOURCE Vireo Health International, Inc.

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Whitecap Resources Inc. Confirms Monthly Dividend for November of $0.01425 Per Share

Canada NewsWire

CALGARY, AB, Nov.16, 2020 /CNW/ – Whitecap Resources Inc. (“Whitecap”) (TSX: WCP) confirms that a cash dividend of Cdn. $0.01425 per common share in respect of November operations will be paid on December 15, 2020 to shareholders of record on November 30, 2020.  This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).

About Whitecap
Whitecap Resources Inc. is an oil-weighted growth company that pays a monthly cash dividend to its shareholders.  Our business is focused on profitable production growth combined with sustainable dividends to shareholders. Our objective is to fully fund our capital expenditures and dividend payments within funds flow.  For further information about Whitecap, please visit our website at www.wcap.ca.

SOURCE Whitecap Resources Inc.

Posted on

Supreme Cannabis Announces Financial Results for Q1 2021

PR Newswire

Continued strong revenue growth and operational efficiency

2021 First
 Quarter Highlights:

  • Positive Adjusted EBITDA of $0.3 million
  • 24% net revenue growth quarter-over-quarter
  • 45 active retail SKUs, with presence in all 10 provinces
  • Completed the third shipment of medical cannabis to Israel through its Truverra brand
  • Maintains a strong liquidity position, including a cash balance of $20.4 million

Subsequent to Quarter-End:

  • Entered into a supply agreement with Medical Cannabis by Shoppers Inc., a subsidiary of Shoppers Drug Mart Inc., to offer Truverra-branded medical cannabis products through the Medical Cannabis by Shoppers™ online sales platform accessible to patients across Canada.

TORONTO, Nov. 16, 2020 /PRNewswire/ – The Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company”) (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) today announced its financial and operating results for the three months ended September 30, 2020.

Supreme Cannabis’ Management Discussion & Analysis (“MD&A”) and condensed interim consolidated financial statements (“Financial Statements”) for the three months ended September 30, 2020 (“Q1 2021”), along with all previous public filings of the Company may be found on SEDAR at www.SEDAR.com.  All figures are in Canadian dollars.

Beena Goldenberg, President and CEO of Supreme Cannabis, commented:

“In the first quarter of fiscal 2021, we made solid progress towards our goal of transforming Supreme Cannabis into a premium cannabis CPG company. We continued to execute on our strategy of accelerating revenue and controlling our costs, which led to sequential growth in consolidated net revenue of 24%. Recreational net revenue grew slightly compared to the fourth quarter of 2020, due largely to higher sales volumes offset by lower average selling prices. Despite an initial drop in recreational sales volumes in July due to stockouts as a result of fulfillment and supply chain growth challenges, we built steady month-over-month improvement in August and September as our sales partnership with Humble & Fume Inc. gained traction. This strong momentum led to September 2020 being Supreme Cannabis’ highest month on record for recreational sales. We exercised good cost control across the organization and benefitted from a full quarter of cost savings from the measures taken to right-size the business in the second half of fiscal 2020. This resulted in Supreme Cannabis generating a slightly positive Adjusted EBITDA of $0.3 million.” 

Ms. Goldenberg concluded, “Supreme Cannabis’ performance in the first quarter of fiscal 2021 demonstrates that our strategy is working. While the first quarter of 2021 was a consistent improvement, we understand that more work is needed to become a sustainably profitable business. We will continue to efficiently focus our resources on driving near-term revenue growth in the recreational market. We are well-positioned to increase our market share with compelling brands and high-quality products at several points of value and preference. We have increased our sales and marketing efforts in the recreational segment during the quarter. Our partnership with Humble & Fume Inc. (“humble+fume”) has enabled Supreme Cannabis to secure 2,258 new listings during the quarter. We expect the expanded listings to set us up for further recreational revenue growth.”

Select Financial and Operational Results.


Three months ended


Financial Highlights (in 000’s $)


Sept 30, 2020


June 30, 2020

Gross revenue


13,977

10,855

Net revenue


11,867

9,532

Gross margin, excluding fair value items (1)


(2,153)

(8,246)

Gross margin


(11,340)

(11,544)

Operating expenses


6,547

15,886

Impairment of assets


–

3,414

Net income (loss)


29,768

(33,252)

Net comprehensive income (loss)


29,768

(33,806)

Adjusted EBITDA (2)


266

(4,167)

Cash


20,366

28,419

1.

Gross margin, excluding fair value items, is an Additional Subtotal presented by the Company. The Company defines gross margin, excluding fair value items as the gross margin before recording fair value changes on growth of biological assets and realized fair value changes on inventory sold or impaired. More information on changes in fair value of biological assets can be found in “Changes in fair value of biological assets” in the MD&A.

2.

Adjusted EBITDA is a Non–GAAP measure and does not have a standardized meaning under GAAP. As a result, it may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the “Results of Operations” and “Non–GAAP Measures and Additional Subtotals” in the MD&A.

Revenue

Overall net revenue increased 24% to $11.9 million in Q1 2021 from $9.5 million in Q4 2020.

Recreational net revenue rose to $7.5 million, an increase of 3% quarter-over-quarter as a result of existing and new products continuing to be well received by the recreational cannabis consumer. In particular 7ACRES Craft Collective and cannabis extracts, which include oils, vapes and concentrates contributed a growing portion of the recreational sales in the quarter.  

Wholesale net revenue, which includes the Company’s sales in the international medical cannabis segment, in Q1 2021 was $4.4 million, up 92% quarter-over-quarter, with a 14% increase in average selling price, driven by a higher contribution from domestic flower. Wholesale volumes grew by 69% as the Company continues to forge longer-term relationships in the domestic market. The growth was also driven by a 25% increase in international medical sales with the Company strengthening its relationship with Breath of Life International Ltd., Israel’s largest and leading producer of medical cannabis. The Company plans to add additional medical partners in various international jurisdictions.

Gross Margin

In Q1 2021, the gross margin, excluding fair value items, included impairment charges of $8.4 million recorded in production costs. Excluding the impact of impairment charges recorded in production costs, gross margin, excluding fair value items, increased to 53% in Q1 2021 compared to 41% for Q4 2020, mainly due to a realization of cost optimization initiatives the Company initiated in the second half of fiscal 2020.

Adjusted EBITDA

The Company generated a positive Adjusted EBITDA of $0.3 million compared to an Adjusted EBITDA loss of $4.2 million in Q4 2020 due to an increase in revenue and a higher gross margin, excluding fair value items and the impact of impairment charges.

Balance Sheet, Liquidity and Cash Flow from Operations

Supreme Cannabis ended the quarter with a total cash balance of $20.4 million and a working capital surplus of $48.1 million.

During the first quarter of fiscal 2021, the Company significantly strengthened its balance sheet by refinancing its convertible debentures and amending its three year term credit facility consisting of a term loan and a revolving credit facility (the “Credit Facility”). As a result, there are no debt maturities for two years (excluding customary principal amortization payments), and the carrying value of total debt was reduced by approximately $71.0 million on the day of the transaction related to the convertible debt extinguishment. Furthermore, expected cash interest expense was significantly reduced due to the reduction in the principal amount of the convertible debentures and the Credit Facility. The amended Credit Facility defers the financial covenants related to leverage and the fixed charge coverage ratio by 12 months until Q3 2022.

Operating and Capital Expenditures

In Q1 2021, the cost realignment efforts resulted in the Company achieving a $9.3 million or 59% decrease in operating expenses, compared to the three months ended June 30, 2020. Operating expenses for the three months ended September 30, 2020 benefited from a recovery of $1.5 million related to share based payments, primarily driven by a recovery of $2.1 million for the cancellation and forfeiture of 10.9 million stock options. The Company has executed on its cost rationalization activities which have led to significant operating expense cost reductions since the start of its efforts during the third quarter of fiscal 2020. The efforts included reduction in staffing levels across all facilities and shared services, the consolidation and streamlining of the Company’s facilities and production processes and the curtailment of avoidable expenses.  

In addition to reducing its operating expenses, the Company’s capital expenditures in Q1 2021 decreased to $0.4 million, down 61% quarter-over-quarter. With the completion of construction projects at the Company’s Kincardine, Ontario (“Kincardine Facility”) and Langley, British Columbia (“Langley Facility”) facilities, capital expenditures for the remainder of fiscal 2021 are expected to be minimal and will be focused on productivity enhancements justified by near–term cash flow returns.

Brand and Product Developments in Q1 2021.

Supreme Cannabis introduced 10 new SKUs to the market in Q1 2021:

  • 7ACRES Craft Collective 3.5g Whole Flower Pink Kush
  • 7ACRES Craft Collective 3.5g Whole Flower Ice Cream Cake
  • Sugarleaf 0.5g Boost Sativa 510 Vape Cart (first 510 format launched for all brands)
  • Sugarleaf 3×0.5g Pre-roll Jean Guy (New size format)
  • Sugarleaf 3×0.5g Pre-roll Jack Haze (New size format)
  • Sugarleaf 3×0.5g Pre-roll White Widow (New size format)
  • Sugarleaf 3×0.5g Pre-roll Sensi Star (New size format)
  • Sugarleaf 7g Bloom Milled Cannabis
  • Sugarleaf 3.5g Bloom Milled Cannabis
  • Hiway 2g Hiway Hash

Distribution.

Overall, Supreme Cannabis shipped 44% more product in Q1 2020 compared to Q4 2020. The provinces of Quebec, Alberta, Ontario and British Columbia generated the majority of the Company’s sales.

Distribution to the recreational market on a gram equivalent basis was 17% higher in Q1 2020 compared to Q4 2020.

Key to growing Supreme Cannabis’ presence across Canada is the Company’s sales agency agreement with humble+fume. Through this partnership, humble+fume is deploying a team of sales professionals that will drive distribution, brand advocacy and budtender education for all Supreme Cannabis brands at the store level. Since tracking commenced in April 2020 until the end of September 2020, humble+fume has created over 3,500 new listings for Supreme Cannabis products, including 2,258 new listings in the first quarter of 2021. In the first quarter of 2021, 232 new stores started carrying the Company’s products.

In the first quarter of 2021, as many COVID-19 restrictions were lifted and retail stores reopened, humble+fume representatives resumed engaging directly with operators and supporting new retail store openings. This allowed further opportunities for promotions, new product introductions, staff training and adding new retail outlets.

Subsequent to quarter-end, the Company entered into a supply agreement with Medical Cannabis by Shoppers Inc., a subsidiary of Shoppers Drug Mart Inc., to offer Truverra-branded medical cannabis products through the Medical Cannabis by Shoppers™ online sales platform accessible to patients across Canada. Under this agreement, Canadian patients will be able to order Truverra dried flower, pre-rolls and full-spectrum CBD oil. Included in the offering is the Jean Guy strain, which is a tribute to the legendary variety offered by the Montreal Compassion Club.

Operations.

The Company continues to make incremental improvements at its core facilities in Kincardine, Ontario and Langley, British Columbia, to enhance production, processing and operating efficiency.

Kincardine Facility

The Kincardine Facility implemented several changes with solid success.

  • In August, the facility completed its fuel conversion from propane to natural gas, which is expected to deliver $1.5 million in annual savings
  • Bottled flower containers at the facility have been optimized to address shelf presence and reduce the cost of procurement and is expected to deliver savings of over $1.0 million annually
  • The facility also optimized its boiler systems, resulting in significantly more consistent climate control

Subsequent to quarter-end, the Company’s processing license for the Kincardine Facility was amended by Health Canada on October 29 to authorize commercial sale of cannabis products in the cannabis extracts class of cannabis. The Company also received a research license at the Kincardine Facility on November 12.

Langley Facility

The continuous improvement program at the Langley Facility continues to yield positive results. A key focus has been on improving conversion yields through first-pass extraction and distillation and further enhancing quality in these processes.

Outlook.

The Company remains confident in its ability to grow near-term revenue and reach sustainable profitability based on its accelerated transformation into a premium Cannabis CPG company, its streamlined and right-sized operating structure, and its enhanced offering of new high-quality brands.  

  • The Company has a robust and growing product line that addresses consumers’ needs at a variety of price points and form factors.
  • The Company has efficient and effective coast-to-coast sales coverage with the humble+fume sales partnership.
  • The Company has substantially completed the right-sizing of its operating structure with the right teams in place to deliver against objectives efficiently.
  • Supreme Cannabis remains focused on cost containment and is fully-funded to execute on all planned initiatives.

First-quarter 2021 earnings conference call and webcast.

The Company will host a conference call to discuss its first-quarter fiscal 2021 results at 8:00 AM Eastern on Tuesday, November 17, 2020. Interested parties can join the call by dialling 416-764-8659 or 1-888-664-6392. The conference ID number is 67218125. The call can also be accessed through the following webcast link: http://bit.ly/FIREQ12021.

A recording of the conference call will be available for replay two hours after the call’s completion. To access the recording, please dial 416-764-8677 or 1-888-390-0541 and the replay code 218125. The recording will be available until Thursday, December 17, 2020.

About Supreme Cannabis.

The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world’s most premium producers of recreational, wholesale and medical cannabis products.

Supreme Cannabis’ portfolio of brands caters to diverse consumer and patient experiences, with brands and products that address recreational, wellness, medical and new consumer preferences. The Company’s recreational brand portfolio includes 7ACRES, Blissco, 7ACRES Craft Collective, Sugarleaf and Hiway. Supreme Cannabis addresses national and international medical cannabis opportunities through its premium Truverra brand.

Supreme Cannabis’ brands are backed by a focused suite of world-class operating assets that serve key functions in the value chain, including scaled cultivation, value-add processing, automated packaging and product testing and R&D. Follow the Company on Instagram, Twitter, Facebook, LinkedIn and YouTube.

We simply grow better.

Forward-Looking Information.

Certain statements made in this press release may constitute “forward-looking information”, “future oriented financial information” or “financial outlooks” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events or results including, but not limited to: focussing on efficiency throughout the Company; progressing  towards becoming a premium cannabis CPG company; expected capital expenditures for the remainder of fiscal 2021; plans to add additional medical partners in international jurisdictions; the expectation that the natural gas conversion at the Kincardine Facility will deliver approximately $1.5 million in annual savings; the expectation that the optimization of the bottled flower containers at the Kincardine Facility will deliver over $1.0 million in annual savings; the Company’s ability to grow near-term revenue and reach sustainable profitability; the Company’s focus on cost containment and ability to execute on all planned initiatives; and other statements that are not historical facts. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. To the extent any forward-looking information in this press release constitutes “future oriented financial information” or “financial outlooks”, within the meaning of applicable securities laws, the purpose of such information being provided is to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking information as discussed in the “Risk Factors” section of the Company’s Annual Information Form dated September 24, 2020 (“AIF”). A copy of the AIF and the Company’s other publicly filed documents can be accessed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.

Non-GAAP Measures and Additional Subtotals. 

This news release contains certain financial performance measures that are not recognized or defined under IFRS (“Non-GAAP Measures”) including, but not limited to, “Adjusted EBITDA”. As a result, this data may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of these measures to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, please refer to the “Results of Operations” section in the MD&A. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company.

The Company defines Adjusted EBITDA as net income (loss) excluding amortization of property plant and equipment & intangible assets, share based payments, restructuring charges, impairment of inventory in production costs, fair value changes on growth of biological assets, realized fair value changes on inventory sold or impaired, net finance expenses, gain on settlement of convertible debentures, loss on modification of debt, gain on settlement of contract, gain or loss on disposal of property plant and equipment, unrealized and realized gains or losses on investments and income taxes.

The Company presents additional subtotals in its Financial Statements prepared in accordance with IFRS. The additional subtotals include, but not limited to, gross margin, excluding fair value items in its statements of comprehensive loss (“Additional Subtotals”). The Company defines gross margin, excluding fair value items as the gross margin before recording fair value changes on growth of biological assets and realized fair value changes on inventory sold or impaired. More information on changes in fair value of biological assets can be found in “Changes in fair value of biological assets” section of the MD&A.

Non-GAAP Measures and Additional Subtotals should be considered together with other financial information prepared in accordance with IFRS to enable investors to evaluate the Company’s operating results, underlying performance and prospects in a manner similar to Supreme Cannabis’ management. Accordingly, these Non-GAAP Measures and Additional Subtotals are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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SOURCE The Supreme Cannabis Company, Inc.

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Wix to Present at the 2020 RBC Global Technology, Internet, Media and Telecommunications Conference

PR Newswire

NEW YORK, Nov. 16, 2020 /PRNewswire/ — Wix.com Ltd. (Nasdaq: WIX), today announced that Lior Shemesh, CFO, and Joe Pollaro, GM of the US, will present at the 2020 RBC Global Technology, Internet, Media and Telecommunications Virtual Conference on Tuesday, November 17, 2020 at 9:20 a.m. ET.

The event will be available via live audio webcast and archived replay on Wix’s investor relations website: https://investors.wix.com.

About Wix.com Ltd.
Wix is leading the way with a cloud-based website development platform for over 189 million registered users worldwide today. The Wix website builder was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, artists, and individuals to take their businesses, brands and workflow online. The Wix Editor, Wix ADI, Editor X, a highly curated App Market, Ascend by Wix and Corvid by Wix enable users to build and manage a fully integrated and dynamic digital presence. Wix’s headquarters are in Tel Aviv with offices in Austin, Be’er Sheva, Berlin, Cedar Rapids, Denver, Dnipro, Dublin, Kiev, Los Angeles, Miami, New York, San Francisco, São Paulo, Tokyo and Vilnius. 

Visit us: on our blog, Facebook, Twitter, Instagram, LinkedIn and Pinterest 
Download: Wix App is available for free on Google Play and in the App Store.

For more about Wix please visit our Press Room

Investor Relations:

Maggie O’Donnell


[email protected]
 
914-267-7390

Media Relations:


[email protected]

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SOURCE Wix.com Ltd.