Market Newsdesk

STUART, Fla., Nov. 11, 2020 (GLOBE NEWSWIRE) — We are advised by iRemedy that journalists and other readers should disregard the news release, “iRemedy™ Now Supplying Medical Providers With CareStart™ COVID-19 Rapid POC Antigen Test Kits” issued November 10th, 2020 over GlobeNewswire.

ROAD TOWN, British Virgin Islands, Nov. 11, 2020 (GLOBE NEWSWIRE) — Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (the “Company” or “Aura”) today announces, further to its press releases dated August 26, 2020, October 9, 2020, October 29, 2020, and November 9, 2020, the settlement of the previously announced secondary public offering of Brazilian depositary receipts (certificados de depósito de ações, or “BDRs”), issued by Itaú Unibanco S.A., as depositary, each BDR representing one share in the capital of the Company (each share of the Company, a “Share”), by Arias Resource Capital Fund L.P., Arias Resource Capital Fund II (Mexico) L.P. and Arias Resource Capital Fund II L.P. (collectively, the “ARC Funds”) and LF Ruffer Investment Funds – LF Ruffer Gold Fund (“Ruffer”), each as a selling shareholder and offeror (collectively, the “Selling Shareholders”), pursuant to Brazilian Law No. 6,385, dated December 7, 1976, as amended, Brazilian Securities Commission (Comissão de ValoresMobiliários, or the “CVM”) Instruction No. 332, dated April 4, 2000, as amended, CVM Instruction No. 400, dated December 29, 2003 (“CVM Instruction 400”), as amended, the ANBIMA Code of Regulation and Best Practices for Structuring, Coordination and Distribution of Public Offers for Securities and Public Offers for the Acquisition of Securities (Código ANBIMA de Regulação e MelhoresPráticas para Estruturação, Coordenação e Distribuição de OfertasPúblicas de ValoresMobiliários e OfertasPúblicas de Aquisição de ValoresMobiliários) and other applicable legal and regulatory provisions (the “Secondary Offering”), with XP Investimentos Corretora de Câmbio, Titulos e Valores Mobiliários S.A. as underwriter (the “Underwriter”).

The Secondary Offering consisted of 1,800,000 Shares (corresponding to approximately 2.50% of the total outstanding Shares on the date hereof) by the Selling Shareholders, exclusively in the form of BDRs, of which an aggregate of 400,000 BDRs were offered, severally, by the ARC Funds and 1,400,000 BDRs were offered by Ruffer. There was no increase in the number BDRs by way of additional BDRs that could be allocated pursuant to article 14, paragraph 2, of CVM Instruction 400.In the context of the Secondary Offering, the Shares owned by the Selling Shareholders were simultaneously offered in the secondary market in Canada, intermediated by a registered dealer in Canada (the “International Underwriter”), pursuant to an agreement entered into between the International Underwriter and the Underwriter (the “International Offering”). Within the scope of the International Offering, Shares were offered as freely tradeable shares in the secondary market by the Selling Shareholders. No Shares were placed in the secondary market in Canada in the context of the International Offering.

The price per BDR in the Secondary Offering
was set at
R$48.50
(the “Price per BDR”)
. The Price per BDR is not indicative of the trading price of the BDRs that will prevail after the completion of the Secondary Offering
.

The total gross
proceeds
of the
Secondary
Offering
to the Selling Shareholders
we
re
R$
87,300,000.00
, of which an aggregate of R$19,400,000
wa
s in respect of the Shares offered, severally, by the ARC Funds and R$67,900,000
wa
s in respect of the Shares offered by
Ruffer
.
The Company
has
not receive
d
any
proceeds
from the Secondary Offering.

The Secondary Offering and the
conversion of the current sponsored level II BDR program to sponsored level III BDR program
have
respectively
been registered
with
and
approv
ed
by
the CVM. Since November 10, 2020, the BDRs (including the BDRs offered and sold pursuant to the Secondary Offering) have traded in the traditional securities trading segment of B3 S.A. – Brasil, Bolsa, Balcão under the code “AURA33”, among all types of investors.

No BDRs under the Secondary Offering have been offered or sold in Canada or to, or for the account or benefit of, a citizen or resident, or a corporation, partnership or other entity created or organized in or under the laws of Canada.

THIS PRESS RELEASE SHALL NOT CONSTITUTE AN ANNOUNCEMENT OF THE SECONDARY OFFER
ING
.

THIS PRESS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. THE
SECONDARY
OFFERING HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES
SECURITIES ACT
OF 1933
, OR ANY OTHER U.S. FEDERAL AND STATE SECURITIES LAWS, AND THE BDRS MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO U.S. INVESTORS, UNLESS THEY ARE REGISTERED, OR EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION UNDER THE
UNITED STATES SECURITIES ACT OF 1933
.

THIS
PRESS RELEASE
IS
PROVIDED
FOR INFORMATI
ON
PURPOSE
S
ONLY AND SHALL NOT, IN ANY CIRCUMSTANCES, BE CONSTRUED AS AN INVESTMENT RECOMMENDATION. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY NOR SHALL
THERE BE ANY SALE OF THE BDRS IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements”, as defined in applicable Canadian securities laws (collectively, “forward-looking statements”).

Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict or control, could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the most recent Annual Information Form on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.

All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

About Aura 360° Mining

Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We name it 360° Mining.

Aura is a mid-tier gold and copper production company focused on the development and operation of gold and base metal projects in the Americas. The Company’s producing assets include the San Andres gold mine in Honduras, the Ernesto/Pau-a -Pique gold mine in Brazil, the Aranzazu copper-gold-silver mine in Mexico and the Gold Road gold mine in the United States. In addition, the Company has two additional gold projects in Brazil, Almas and Matupá, and one gold project in Colombia, Tolda Fria.

For further information, please contact:

Rodrigo Barbosa
President & CEO
305 239 9332

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of interests in Cardone Equity Fund V, LLC (“Fund V”) and Cardone Equity Fund VI, LLC (“Fund VI”). Investors have until November 20, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

Cardone Capital provides real estate investment opportunities to the so-called “everyday investor” through real estate crowdfunding. According to Cardone Capital’s website, Cardone Capital “finds the deals, negotiates the purchase and financing, and closes the deal,” generating rental payments from creditworthy tenants to pay monthly cash distributions to investors.

The Cardone Capital class action lawsuit alleges that, in addition to certain “test the waters” communications, defendants made materially false and misleading statements regarding: (1) whether investors would obtain a 15% internal rate of return on their investments; (2) the amounts of monthly distributions they would receive; and (3) investors’ debt obligations. The class action lawsuit further alleges that defendants made materially false and misleading statements in the offering documents and omitted to state material facts relating to how the acquisition of properties to be owned by Fund V and Fund VI would be financed and the interest Cardone Capital would charge the funds for loaning “the aggregate principal balance” to acquire those properties. Cardone Capital also represented to investors that it would pay monthly distributions based on cash flows from operations when, in fact, Cardone Capital suspended monthly distributions in April 2020.

If you purchased interests in Cardone Equity Fund V, LLC and Cardone Equity Fund VI, LLC, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of investors that purchased GoHealth, Inc. (NASDAQ: GOCO) Class A common stock pursuant and/or traceable to the registration statement issued in connection with GoHealth’s July 2020 initial public offering (“IPO”). Investors have until November 20, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

GoHealth provides an end-to-end health insurance marketplace that purportedly specializes in matching consumers with Medicare Advantage plans. On June 19, 2020 GoHealth filed with the SEC a registration statement for the IPO on Form S-1, which, after two amendments, was declared effective on July 14, 2020 (the “Registration Statement”). The Registration Statement was used to sell to the investing public 43.5 million shares of GoHealth Class A common stock at $21 per share, for total gross proceeds of $913.5 million.

The complaint, filed on September 21, 2020, alleges that the Registration Statement for the IPO was negligently prepared and, as a result, contained untrue statements of material fact, omitted material facts necessary to make the statements contained therein not misleading, and failed to make necessary disclosures required under the rules and regulations governing its preparation. Specifically, the Registration Statement failed to disclose that at the time of the IPO: (i) the Medicare insurance industry was undergoing a period of elevated churn, which had begun in the first half of 2020; (ii) GoHealth suffered from a higher risk of customer churn as a result of its unique business model and limited carrier base; (iii) GoHealth suffered from degradations in customer persistency and retention as a result of elevated industry churn, vulnerabilities that arose from the Company’s concentrated carrier business model, and GoHealth’s efforts to expand into new geographies, develop new carrier partnerships and worsening product mix; (iv) GoHealth had entered into materially less favorable revenue sharing arrangements with its external sales agents; and (v) these adverse financial and operational trends were internally projected by GoHealth to continue and worsen following the IPO.

If you purchased GoHealth Class A common stock pursuant and/or traceable to the Registration Statement issued in connection with GoHealth’s July 2020 IPO, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About
Bragar
Eagel
& Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com

BURLINGAME, Calif., Nov. 11, 2020 (GLOBE NEWSWIRE) — AeroCentury Corp. (“AeroCentury” or the “Company”) (NYSE American: ACY), an independent aircraft leasing company, today reported a third quarter 2020 net loss of $4.1 million, or ($2.64) per share, compared to a net loss of $8.2 million, or ($5.32) per share, for the third quarter of 2019.

In the first nine months of 2020, the Company reported a net loss of $27.8 million, or $(17.97) per share, compared to a net loss of $9.6 million, or $(6.22) per share, in the first nine months of 2019.

Results for the quarter ended September 30, 2020 included impairment losses totaling $0.3 million, which were recognized as a result of a write-down of the fair value, based on estimated future cash flow, with respect to two regional jet aircraft that were then held for lease and which were subsequently sold in October 2020. Results also included a $0.1 million write-down of an older turboprop aircraft that is held for sale and that the Company anticipates selling during the fourth quarter of 2020.

Third
Quarter
2020
Highlights and Comparative Data

• Net loss was $4.1 million compared to a loss of $13.5 million in the preceding quarter and a loss of $8.2 million a year ago.
• EBITDA¹(1) was $0.9 million compared to ($8.3) million in the preceding quarter and ($5.2) million a year ago.
• Average portfolio utilization was 89% during the third quarter of 2020, compared to 91% in the preceding quarter and 97% in the third quarter of 2019. The year-to-year decrease was due to aircraft that were on lease in the 2019 period, but off lease in the 2020 period.
• Revenues in the third quarter of 2020 and the first nine months of 2020 consisted primarily of operating lease revenue. Operating lease revenue of $3.2 million in the third quarter was 26% less than the $4.4 million in revenue recorded in the second quarter as a result of a decrease in rent revenue for two assets that were sold in October 2020 and for which proceeds received from the lessee were allocated to past due rent as of June 30, 2020 and purchase of the aircraft. The second quarter reflected reduced rent for two aircraft due to concessions granted to one of the Company’s customers as a result of the COVID-19 pandemic, for which rent returned to normal levels in the third quarter. Third quarter operating lease revenue in the current year was 52% lower than the $6.7 million in the third quarter of 2019 primarily due to reduced rent income resulting from the early termination of four aircraft leases with one of the Company’s customers in the third quarter of 2019 and the decreased rent associated with the two aircraft that were sold in October 2020. During the third quarter of 2019, the Company recorded $17.0 million of maintenance reserves revenue related to the lease terminations.
• Total operating expenses decreased by 64% to $7.0 million in the third quarter of 2020 from $19.2 million in the preceding quarter, and decreased 80% from $34.5 million in the third quarter a year ago.
  • During the third quarter of 2020, the Company recognized asset impairments of $0.3 million, which were recognized as a result of a write-down of the fair value, based on estimated future cash flow, with respect to two regional jet aircraft that were held for lease at September 30, 2020 and which were subsequently sold in October 2020. The Company also recorded a $0.1 million write-down of an older turboprop aircraft that is held for sale and that the Company anticipates selling during the fourth quarter of 2020.
  • During the second quarter of 2020, the Company recognized asset impairments of $9.7 million as a result of appraised values on three regional jet aircraft held for sale and estimated sales proceeds for three aircraft, one of which is held for sale.   During the third quarter of 2019, the Company recognized $23.4 million in impairments for four aircraft repossessed from one of the Company’s lessees, based on appraised values for three of the aircraft and expected sales proceeds for the fourth aircraft along with two other assets that were held for sale, based on expected sales proceeds.
  • Depreciation expense decreased by 33% to $1.3 million in the third quarter of 2020 from $2.0 million in the preceding quarter and decreased by 55% from $3.0 million in the third quarter a year ago, due to the reclassification of several aircraft from held for lease to held for sale during the third quarter of 2019 and because the Company did not record depreciation in the third quarter of 2020 for two aircraft that were written down to the net sale value at June 30, 2020.
  • Interest expense decreased by 32% to $3.0 million in the third quarter of 2020 from $4.5 million in the preceding quarter, primarily because the second quarter included a $1.5 million write-off of a portion of the Company’s unamortized debt issuance costs, which resulted from the conversion of the Company’s revolving credit facility to a term loan in May 2020. Interest expense increased 29% from $2.3 million in the third quarter of 2019, primarily as a result of a higher average interest rate, the effect of which was partially offset by a lower average outstanding balance.
  • The Company recorded no bad debt expense during the second or third quarters of 2020. As a result of payment delinquencies by two customers that leased three of the Company’s aircraft subject to finance leases, the Company recorded a bad debt expense of $3.9 million during the third quarter of 2019.  
  • Salaries, employee benefits and professional fees and other expenses decreased 28% to $2.1 million in the third quarter of 2020 from $2.9 million in preceding quarter, primarily due to lower legal fees related to the May 2020 conversion of the Company revolving credit facility to a term loan in May 2020 and litigation related to an activist shareholder, as well as lower consulting expenses related to the May 2020 debt conversion and decreased amortization related to the Company’s office lease right of use. Such expenses increased by 28% from $1.6 million in the third quarter of 2019, primarily due to increased legal expenses and consulting expenses related to the debt conversion and activist shareholder.

• Book value per share was $(2.35) as of September 30, 2020, compared to $0.22 at June 30, 2020 and $19.48 a year ago.

Aircraft and Engine Portfolio

AeroCentury’s portfolio currently consists of eleven aircraft, spread over five different aircraft types. Nine of the aircraft, comprised of seven regional jets and two turboprops, are held for lease. Two additional turboprops are held under sales-type leases. The Company also has three turboprop aircraft, two of which are being sold in parts, and three regional jet aircraft that are held for sale. The current customer base comprises six customers operating in four countries.

About AeroCentury: AeroCentury is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines. The Company’s aircraft and engines are leased to regional airlines and commercial users worldwide.

This press release contains forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward-looking statements. Forward-looking statements in this press release include statements regarding the anticipated sale of an aircraft in the fourth quarter of 2020. The Company’s beliefs, expectations, forecasts, objectives and strategies for the future are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, including the Company’s failure to meet closing conditions set forth in purchase agreement for the aircraft, further disruptions to the airline industry due to the COVID pandemic, and other unforeseen events or general economic conditions. The forward-looking statements in this press release and the Company’s future results of operations are subject to additional risks and uncertainties set forth under the heading “Factors that May Affect Future Results and Liquidity” in documents filed by the Company with the Securities and Exchange Commission, including the Company’s quarterly reports on Form 10-Q and the Company’s latest annual report on Form 10-K, and are based on information available to the Company on the date hereof. The Company does not intend, and assumes no obligation, to update any forward-looking statements made in this press release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Condensed Consolidated Statements of Income

(in thousands, except share and per share data) (Unaudited)

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2020			20 20			2019			2020			2019
Operating lease revenue	$	3,249		$	4,379		$	6,706		$	12,396		$	20,820
Maintenance reserves revenue		221			–			16,968			221			16,968
Finance lease revenue		–			–			269			56			765
Net gain on disposal of assets		20			13			44			9			322
Loss on sales-type finance leases		–			–			–			–			(171	)
Other (loss)/income		–			–			–			(23	)		12
		3,490			4,392			23,987			12,659			38,716
Interest		3,020			4,460			2,348			13,493			7,745
Professional fees and other		1,588			2,398			1,100			5,049			3,125
Depreciation		1,342			2,002			2,970			5,515			9,141
Salaries and employee benefits		499			518			529			1,534			1,749
Impairment		439			9,727			23,355			16,820			24,923
Maintenance costs		78			88			256			246			373
Bad debt expense		–			–			3,918			1,170			3,918
		6,966			19,193			34,476			43,827			50,974
Loss before income tax provision/(benefit)		(3,476	)		(14,801	)		(10,489	)		(31,168	)		(12,258	)
Income tax provision/(benefit)		605			(1,283	)		(2,258	)		(3,391	)		(2,641	)
Net loss	$	(4,081	)	$	(13,518	)	$	(8,231	)	$	(27,777	)	$	(9,617	)
Loss per share:
Basic	$	(2.64	)	$	(8.74	)	$	(5.32	)	$	(17.97	)	$	(6.22	)
Diluted	$	(2.64	)	$	(8.74	)	$	(5.32	)	$	(17.97	)	$	(6.22	)
Shares used in per share computations:
Basic		1,545,884			1,545,884			1,545,884			1,545,884			1,545,884
Diluted		1,545,884			1,545,884			1,545,884			1,545,884			1,545,884

Condensed Consolidated Balance Sheets

(in thousands) (Unaudited)

ASSETS
	September 30,			December 31,
		2020			2019
Cash and cash equivalents	$	4,864		$	2,350
Restricted cash		50			1,077
Accounts receivable		123			1,140
Finance leases receivable, net of allowance for     doubtful accounts		2,880			8,802
Aircraft, net of accumulated depreciation		96,052			108,369
Assets held for sale		15,332			26,036
Property, equipment and furnishings, net of     accumulated depreciation		15			63
Office lease right of use, net of accumulated     amortization		159			948
Deferred tax asset		1,185			518
Prepaid expenses and other assets		361			293
Total assets	$	121,021		$	149,596
LIABILITIES AND STOCKHOLDERS’ (DEFICIT)/EQUITY
Liabilities:
Accounts payable and accrued expenses	$	1,082		$	736
Accrued payroll		172			164
Notes payable and accrued interest, net of unamortized debt issuance costs		111,575			111,638
Derivative liability		875			1,825
Derivative termination liability		3,075			–
Lease liability		171			337
Maintenance reserves		1,805			4,413
Accrued maintenance costs		122			446
Security deposits		4,160			1,034
Unearned revenues		1,578			3,039
Deferred income taxes		–			2,530
Income taxes payable		36			175
Total liabilities		124,651			126,337
Stockholders’ (deficit)/equity:
Preferred stock, $0.001 par value		–			–
Common stock, $0.001 par value		2			2
Paid-in capital		16,783			16,783
(Accumulated deficit)/retained earnings		(16,895	)		10,882
Accumulated other comprehensive loss		(483	)		(1,371	)
Treasury stock		(3,037	)		(3,037	)
Total stockholders’ (deficit)/equity		(3,630	)		23,259
Total liabilities and stockholders’ (deficit)/equity	$	121,021		$	149,596

Use of Non-GAAP Financial Measures

To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this press release includes the non-GAAP financial measure of EBITDA. The Company defines EBITDA as net (loss)/income, plus depreciation expense, plus interest expense and plus/(minus) income tax provision/(benefit). The table below provides a reconciliation of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with GAAP. This non-GAAP financial measure should not be considered as an alternative to GAAP measures such as net (loss)/income or any other measure of financial performance calculated and presented in accordance with GAAP. Rather, the Company presents this measure as supplemental information because it believes it provides meaningful additional information about the Company’s performance for the following reasons: (1) this measure allows for greater transparency with respect to key metrics used by management, as management uses this measure to assess the Company’s operating performance and for financial and operational decision-making; (2) this measure excludes the impact of items management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) this measure may be used by institutional investors and the analyst community to help analyze the Company’s business. The Company’s non-GAAP financial measures may not be comparable to similarly-titled measures of other companies because they may not calculate such measures in the same manner as the Company does.

	For the Three Months Ended (in thousands)
	September 30,			June 30,			September 30,
		2020			20 20			2019
Reconciliation of Net loss to EBITDA:
Net loss	$	(4,081	)	$	(13,518	)	$	(8,231	)
Depreciation		1,342			2,002			2,970
Interest		3,020			4,460			2,348
Income tax provision/(benefit)		605			(1,283	)		(2,258	)
EBITDA:		886			(8,339	)		(5,171	)

 

⁽¹⁾ EBITDA is a non-GAAP measure. See below for its method of calculation and reconciliation to its most directly comparable GAAP measure, as well as other information about the use of non-GAAP measures generally, at the end of this press release.

Harold M. Lyons
Chief Financial Officer
(650) 340-1888 

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Bayerische Motoren Werke AG (“BMW”) (Other OTC: BMWYY, BAMXF), Zosano Pharma Corporation (NASDAQ: ZSAN), Celsion Corporation (NASDAQ: CLSN), and Citigroup, Inc. (NYSE: C). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Bayerische Motoren Werke AG (“BMW”) (Other OTC: BMWYY, BAMXF)

Class Period: November 3, 2015 to September 24, 2020

Lead Plaintiff Deadline: December 28, 2020

On December 23, 2019, the Wall Street Journal reported that the SEC was probing BMW’s sales practices.

On this news, BMWYY ADRs fell $1.33 per ADR, or nearly 6.87%, to close at $18.02 per ADR on December 23, 2019. The same day, BAMXF ADRs fell $1.25, or 1.5%, to close at $80.60.

On September 24, 2020, the SEC announced a settlement agreement with BMW regarding the investigation. According to the SEC’s order, from January 2015 to March 2017, BMW US “used its demonstrator and service loaner programs to boost reported retail sales volume and meet internal targets, resulting in demonstrator and loaner vehicles accounting for over one quarter of BMW [US]’s reported retail sales in this period.” Additionally, the order found that BMW US, from 2015 to 2019, maintained a reserve of unreported retail vehicles sales – referred to internally as the “bank” – that it used to meet internal monthly sales targets regardless of when the actual sale occurred. The order also found that BMW improperly designated vehicles as demonstrators or loaners so they would be counted as sold when in actuality they were not. Without admitting to or denying the order’s findings, BMW agreed to a settlement to pay $18 million and cease and desist from future violations.

On this news, BMWYY ADRs fell $0.51 per ADR, or approximately 2.2%, to close at $23.07 per ADR on September 25, 2020. The same day, BAMXF ADRs fell $2.54, or about 3.5%, to close at $68.91.

The complaint, filed on October 27, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) BMW kept a “bank” of retail vehicle sales that it used to meet internal monthly sales targets regardless of when the sales actually occurred; (2) BMW artificially manipulated sales figures by having dealers register cars as sold when the cars were still in inventory; (3) as a result, BMW’s key operating metrics were inaccurate and misleading; and (4) as a result, defendants’ statements about BMW’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

For more information on the BMW class action go to: https://bespc.com/cases/BMW

Zosano Pharma Corporation (NASDAQ: ZSAN)

Class Period: February 13, 2017 to September 30, 2020

Lead Plaintiff Deadline: December 28, 2020

Zosano is a clinical stage pharmaceutical company. Its lead product candidate is Qtrypta (M207), a formulation of zolmitriptan coated onto the Company’s microneedle patch. Its pivotal efficacy trial, called ZOTRIP, began in July 2016. In December 2019, Zosano submitted its New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) seeking regulatory approval for Qtrypta.

On September 30, 2020, Zosano disclosed receipt of a discipline review letter (“DRL”) from the FDA regarding its NDA for Qtrypta and stated that approval was not likely. According to the Company’s press release, the FDA “raised questions regarding unexpected high plasma concentrations of zolmitriptan observed in five study subjects from two pharmacokinetic studies and how the data from these subjects affect the overall clinical pharmacology section of the application.” The FDA also “raised questions regarding differences in zolmitriptan exposures observed between subjects receiving different lots of Qtrypta in the company’s clinical trials.”

On this news, the Company’s share price fell $0.92, or 57%, to close at $0.70 per share on October 1, 2020.

On October 21, 2020, Zosano disclosed receipt of a Complete Response Letter (“CRL”) from the FDA. As a result of the previously identified deficiencies, the FDA recommended that Zosano conduct a repeat bioequivalence study between three of the lots used during development.

On this news, the Company’s share price fell $0.17, or 27%, to close at $0.04440 per share on October 21, 2020.

The complaint, filed on October 29, 2020, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company’s clinical results reflected differences in zolmitriptan exposures observed between subjects receiving different lots; (2) that pharmacokinetic studies submitted in connection with the Company’s NDA included patients exhibiting unexpected high plasma concentrations of zolmitriptan; (3) that, as a result of the foregoing differences among patient results, the FDA was reasonably likely to require further studies to support regulatory approval of Qtrypta; (4) that, as a result, regulatory approval of Qtrypta was reasonably likely to be delayed; and (5) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times.

For more information on the Zosano class action go to: https://bespc.com/cases/ZSAN

Celsion Corporation (NASDAQ: CLSN)

Class Period: November 2, 2015 to July 10, 2020

Lead Plaintiff Deadline: December 28, 2020

Celsion is an integrated development clinical stage oncology drug company that focuses on the development and commercialization of directed chemotherapies, DNA-mediated immunotherapy, and RNA-based therapies for the treatment of cancer.

Celsion’s lead product candidate is ThermoDox, a heat-activated liposomal encapsulation of doxorubicin that is in Phase III clinical development for treating primary liver cancer.

In February 2014, Celsion announced that the U.S. Food and Drug Administration (“FDA”) had reviewed and provided clearance for the Company’s planned pivotal, double-blind, placebo-controlled Phase III trial of ThermoDox in combination with radio frequency ablation (“RFA”) in primary liver cancer, also known as hepatocellular carcinoma (“HCC”), called the “OPTIMA Study.” The trial design was purportedly based on a comprehensive analysis of data from the Company’s Phase III HEAT Study, which purportedly demonstrated that treatment with ThermoDox resulted in a 55% improvement in overall survival (“OS”) in a substantial number of HCC patients that received an optimized RFA treatment. 

On July 13, 2020, Celsion announced that “it ha[d] received a recommendation from the independent [DMC] to consider stopping the global Phase III OPTIMA Study of ThermoDox® in combination with [RFA] for the treatment of [HCC], or primary liver cancer.” According to the Company, “[t]he recommendation was made following the second pre-planned interim safety and efficacy analysis by the DMC on July 9, 2020,” which “found that the pre-specified boundary for stopping the trial for futility of 0.900 was crossed with an actual value of 0.903.”

On this news, Celsion’s stock price fell $2.29 per share, or 63.97%, to close at $1.29 per share on July 13, 2020.

The complaint, filed on October 29, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) defendants had significantly overstated the efficacy of ThermoDox; (ii) the foregoing significantly diminished the approval and commercialization prospects for ThermoDox; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Celsion class action go to: https://bespc.com/cases/CLSN

Citigroup, Inc. (NYSE: C)

Class Period: February 25, 2017 to October 12, 2020

Lead Plaintiff Deadline: December 29, 2020

The Class Period begins on February 25, 2017, following the Company’s submission of its 2016 Annual Report to the SEC. In that filing, and throughout the Class Period, Citi assured investors that there were no significant deficiencies or material weaknesses in the Company’s internal controls. When faced with periodic regulatory penalties for noncompliance, the Company continued to assure investors that the specific deficiencies at issue were being remediated promptly and that internal controls and regulatory compliance were a top priority at Citi. In particular, Citi assured investors that it satisfied all regulatory requirements and maintained adequate internal controls, data governance, compliance risk management, and enterprise risk management.

In reality, during the Class Period and unbeknownst to investors, Citi’s internal controls and risk management capabilities suffered from “serious” and “longstanding” inadequacies that exposed the Company to massive regulatory penalties and will cost significantly more than $1 billion to remediate. Specific control failures about which Citi executives were warned remained unresolved for years and the Company’s culture of non-compliance was so widespread that Citi’s CEO, Defendant Michael Corbat, exhorted employees in an internal memo that regulatory compliance required more than “checking boxes.”

The truth began to emerge on September 14, 2020, when reports surfaced that regulators were preparing to reprimand Citi for failing to improve its risk-management systems.

That disclosure caused the price of Citi’s stock to decline $2.85 per share, from $51.00 to $48.15, erasing $5.91 billion in shareholder value.

After the market closed on September 14, 2020, an internal memo sent to Citi employees revealed for the first time the Company’s disregard for adequate internal controls and regulatory compliance.

As a result, the price of Citi’s stock declined an additional $3.34 per share, from $48.15 to $44.81, erasing $6.93 billion in shareholder value.

Then, on October 13, 2020, Citi reported earnings for the third quarter of 2020, and disclosed that the Company’s expenses increased during the third quarter by 5%, to $11 billion, due to an increase in costs including a $400 million fine, investments in infrastructure, and other remediation costs related to control deficiencies.

These disclosures caused Citi’s stock price to decline by $2.20 per share, from $45.88 to $43.68, erasing $4.57 billion in shareholder value.

For more information on the Citigroup class action go to: https://bespc.com/cases/C

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com

TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) — Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2020. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted.

Gran Colombia also announced today that its Board of Directors has approved an increase in its dividend and the Company is changing the payment frequency from quarterly to monthly. The first monthly dividend of CA$0.015 per common share will be paid on December 15, 2020 to shareholders of record as of the close of business on November 30, 2020.

Serafino Iacono, Executive Chairman of Gran Colombia, commenting on the Company’s latest results, said, “Our third quarter results were impressive. The higher spot gold prices helped fuel new highs in quarterly revenue, adjusted EBITDA, adjusted net income, operating cash flow and Free Cash Flow. After the first nine months of 2020, adjusted EBITDA, operating cash flow and Free Cash Flow are already equal to or better than our full year totals in 2019. In light of these results and our confidence in our high-grade Segovia Operations, we are also pleased to announce a significant increase in our dividend rate, from CA1.5 cents per share on a quarterly basis to CA1.5 cents per share on a monthly basis. That represents almost a 3% dividend yield and places us in the top quartile of dividend-paying gold stocks. Moreover, we are only one of two gold companies that are paying a dividend on a monthly basis. With the strength in our balance sheet and Free Cash Flow, we welcome this opportunity to enhance our shareholders return on their investment in our Company.”

Third Quarter and First Nine Months


2020 Highlights

• Gran Colombia has announced that it is tripling itsdividend to the equivalent of CA$0.18 per share per annum and changing the payment frequency to monthly. The first monthly dividend of CA$0.015 per common share will be paid on December 15, 2020 to shareholders of record as of the close of business on November 30, 2020.
• The Company continued to support the local communities surrounding the Segovia Operations and Marmato Project during the third quarter of 2020, providing groceries to families who have been economically affected by the COVID-19 crisis in addition to donations of medical equipment, supplies and sanitation kits to the local hospitals and masks to the communities.
• Gran Colombia’s consolidated gold production in the third quarter of 2020 was 58,454 ounces, up 4% from the third quarter last year. The third quarter 2020 production reflects a 21% improvement over the second quarter of 2020 which had been adversely impacted by the COVID-19 national quarantine invoked in Colombia in late March. With a total of 162,929 ounces of gold produced in the first nine months of 2020, down from 174,754 ounces in the first nine months last year, and another 19,391 ounces in October, the Company is on track to meet its 2020 annual production guidance of a range between 218,000 and 226,000 ounces of gold.
• 
  Revenue
  reached a new quarterly record of $113.1 million in the third quarter of 2020, up 36% from the third quarter last year, as the 30% year-over-year improvement in spot gold prices increased the Company’s realized gold price to an average of $1,875 per ounce sold. For the first nine months of 2020, revenue of $291.2 million was up 22% over the first nine months last year.
• 
  Total cash costs
  
  
  
  ⁽¹⁾
  
  per ounce averaged $796 per ounce in the third quarter of 2020 compared with $684 per ounce in the third quarter last year. Higher spot gold prices increased production taxes by approximately $25 per ounce in the third quarter of 2020 compared with the same period last year. Other factors increasing total cash costs in the third quarter of 2020 included an increase in contractor and artisanal mining rates which had last been adjusted in 2017, an increased level of operating development costs at Marmato associated with the preparation of Levels 21 and 22 (the Transition Zone) for expansion of mining activities and additional costs being incurred to maintain the COVID-19 protocols required to protect the health and safety of workers. For the first nine months of 2020, total cash costs averaged $725 per ounce compared with $653 per ounce in the first nine months last year.
• 
  All-in sustaining costs
  
  
  (“AISC”)
  
  
  
  ⁽¹⁾
  
  and All-in costs ⁽¹⁾ were $1,122 per ounce and $1,190 per ounce, respectively, in the third quarter of 2020 compared with $951 per ounce and $991 per ounce, respectively, in the third quarter last year. The year-over year increase in these metrics can largely be attributed to the increase in total cash costs, new spending on G&A and social contributions in Caldas Gold, and an increased level of sustaining and non-sustaining capex for the Marmato Project. For the first nine months of 2020, AISC and All-in costs averaged $1,014 and $1,089 per ounce, respectively, compared with $886 and $911 per ounce, respectively, in the first nine months last year.
• The Company reported record quarterly adjusted EBITDA ⁽¹⁾ of $56.7 million for the third quarter of 2020, up 51% over the third quarter last year. For the first nine months of 2020, adjusted EBITDA totalled $144.7 million, up 36% over the first nine months last year. The Company’s trailing 12-months’ adjusted EBITDA at the end of September 2020 was $185.3 million, up 26% over 2019.
• 
  Net cash provided by operating activities
  in the third quarter of 2020 was $67.7 million compared with $30.6 million in the third quarter last year. For the first nine months of 2020, net cash provided by operating activities was $106.0 million, up from $68.7 million in the first nine months last year. The Company’s trailing 12-months’ net cash provided by operating activities at the end of September 2020 was $140.6 million, up 36% over 2019.
• Record quarterly Free Cash Flow ⁽¹⁾ in the third quarter of 2020 was $53.4 million compared with $19.6 million in the third quarter last year. For the first nine months of 2020, Free Cash Flow amounted to $66.8 million, up $28.2 million over the first nine months last year. The Company’s trailing 12-months’ Free Cash Flow at the end of September 2020 was $88.8 million, up 46% over 2019.
• The Company’s balance sheet remained solid with total cash of $138.2 million at the end of September 2020, including $43.0 million in Caldas Gold, of which $34.7 million represents the net proceeds of Caldas Gold’s Special Warrant financing completed in the third quarter of 2020 that will be used as part of the funding for its Marmato Deep Zone (“MDZ”) project.
• The aggregate principal amount of Gold Notes outstanding is currently $35.5 million. In October, Fitch Ratings upgraded the Company from B to B+ Stable Outlook.
• The Company reported net income of $18.0 million ($0.39 per share) compared with $9.0 million ($0.18 per share) in the third quarter last year. For the first nine months of 2020, the Company reported net income of $23.7 million ($0.53 per share) compared with $17.7 million ($0.36 per share) in the first nine months last year.
• 
  Adjusted net income
  
  
  
  ⁽¹⁾
  
  for the third quarter of 2020 was $29.5 million ($0.47 per share), up from $16.0 million ($0.33 per share) in the third quarter last year. For the first nine months of 2020, adjusted net income improved to $68.2 million ($1.14 per share) compared with $43.0 million ($0.88 per share) in the first nine months last year. The year-over-year improvement in adjusted net income for the third quarter and first nine months of 2020 largely reflects the positive impact of higher gold prices in 2020, partially offset by the COVID-19 impact on gold sales volumes in the second quarter of 2020.
• The Company currently has six diamond drill rigs in operation at its Segovia Operations, with four rigs operating underground carrying out resource definition of the Providencia, Sandra K and El Silencio mines, one rig operating from Level 3 of the Sandra K mine targeting the down-plunge extension of the southern ore-shoot of the El Silencio mine and one rig on surface testing the easternmost end of the Providencia mine. In October 2020, the Company commenced its regional exploration campaign, delayed from earlier this year due to COVID-19 restrictions, with two additional rigs operating from surface in a 3,500m drilling program at the brownfield Vera vein located east of the Sandra K-Cogote vein system expected to be completed by the end of 2020. The regional exploration program, which will continue in 2021, represents a large diamond drilling campaign focused on the most prospective brownfield exploration targets within the 24 known veins at its Segovia Operations which are not currently being mined.
• 53.5%-owned Caldas Gold continues to advance its plan to build Colombia’s next major gold mine. Following the release of its Preliminary Feasibility Study for its Marmato Project in early July, Caldas Gold completed a CA$50 million bought deal private placement of Special Warrants in late July, of which Gran Colombia acquired CA$20 million to maintain its equity ownership above 50%. In late August, Caldas Gold finalized an $83.1 million private placement offering of Subscription Receipts, exchangeable into senior secured gold-linked notes and warrants of Caldas Gold, including $10 million acquired by Gran Colombia. On November 5, 2020, Caldas Gold announced it had entered into a $110 million stream financing agreement with Wheaton Precious Metals International Ltd. The net proceeds from these three financings will be used by Caldas Gold to fund the planned expansion of mining operations into the MDZ. Caldas Gold is also continuing its drilling campaign at Marmato and recently announced it has extended the Main Zone by 300m along strike and it remains open.

Selected Financial Information

	Third Quarter						Nine Months
		2020			2019			2020			2019
Operating data
Gold produced (ounces) (4)		58,454			56,271			162,929			174,754
Gold sold (ounces) (4)		59,633			56,284			168,412			174,697
Average realized gold price ($/oz sold)	$	1,875		$	1,458		$	1,712		$	1,348
Total cash costs ($/oz sold) (1)		796			684			725			653
AISC ($/oz sold) (1)		1,122			951			1,014			886
All-in costs ($/oz sold) (1)		1,190			991			1,089			911
Financial data ($000’s, except per share amounts)
Revenue	$	113,138		$	82,952		$	291,248		$	238,017
Adjusted EBITDA (1)		56,688			37,595			144,688			106,068
Net income		18,027			9,014			23,704			17,685
Per share – basic		0.39			0.18			0.53			0.36
Per share – diluted		0.17			0.18			0.52			0.36
Adjusted net income (1)		29,503			16,034			68,239			43,003
Per share – basic		0.47			0.33			1.14			0.89
Per share – diluted		0.40			0.27			0.96			0.77
Net cash provided by operating activities		67,712			30,606			105,954			68,655
Free cash flow (1)		53,365			19,630			66,821			38,658
								September 30,			December 31,
								2020			2019
Balance sheet ($000’s):
Cash and cash equivalents							$	138,195		$	84,239
Gold Notes, including current portion – principal amount outstanding (2)								38,413			68,750
Convertible Debentures – principal amount outstanding (3)								CA20,000			CA20,000

(1)	Refer to “Non-IFRS Measures” in the Company’s MD&A.
(2)	The Gold Notes are recorded in the Interim Financial Statements at fair value. At September 30, 2020 and December 31, 2019, the carrying amounts of the Gold Notes outstanding were $41.0 and $69.0 million, respectively.
(3)	The Convertible Debentures are recorded in the Interim Financial Statements at fair value. At September 30, 2020 and December 31, 2019, the carrying amount of the Convertible Debentures outstanding was $22.4 million and $21.1 million, respectively.
(4)	Includes 100% of Caldas Gold production and sales.

Thir


d Quarter 2020 Results Webcast

As a reminder, Gran Colombia will host a conference call and webcast on Thursday, November 12, 2020 at 10:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

	Live Event link:	https://edge.media-server.com/mmc/p/c5ejtedn
	Canada Toll / International:	1 (514) 841-2157
	North America Toll Free:	1 (866) 215-5508
	Colombia Toll Free:	01 800 9 156 924
	Conference ID:	49986279

A replay of the webcast will be available at www.grancolombiagold.com from Thursday, November 12, 2020 until Thursday, December 17, 2020.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia owns approximately 53.5% of Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF), a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline includes its Zancudo Project in Colombia together with an approximately 18% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu Project) and an approximately 26% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSXV: WA) (Nunavut – Meadowbank Project).

Additional information on Gran Colombia can be found on its website at


www.grancolombiagold.com


and by reviewing its profile on SEDAR at


www.sedar.com


.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements
with respect to
respect to the continuation of operations during the COVID-19 situation, production guidance, dividend payments
and anticipated business plans or strategies
. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information
Form dated as of March 30, 2020
which is
available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:

Mike Davies
Chief Financial Officer
(416) 360-4653
[email protected]

MONTREAL, Nov. 11, 2020 (GLOBE NEWSWIRE) — mdf commerce inc. (TSX:MDF), a SaaS leader in digital commerce technologies, reported Q2 2021 financial results for the period ending September 30^th, 2020. All dollars are expressed in Canadian currency.

“We are pleased to see the acceleration of revenue growth this quarter”, said Luc Filiatreault, CEO of mdf commerce. “This validates our ongoing investments to exploit the significant market opportunities available to us globally.”

Second Quarter Fiscal 2021 Financial Results

Total revenue for the quarter was $20.8M, a 14.0% increase over $18.2M reported for Q2, 2020.

Three consolidated platforms of business contributed to revenue for the quarter:

• Strategic Sourcing Platform generated $8.0M of revenue for the quarter, a 5.4% increase over $7.6 M reported for the previous year quarter and 3.9% growth sequentially from Q1, 2021. The recurring portion of Strategic Sourcing revenue grew by 6.4% to $7.5 M over $7.0M reported for the previous year quarter.
• Unified Commerce Platform, which includes supply chain management, generated $9.1M of revenue, a 54% increase over $5.9M reported for the previous year quarter. The recurring portion of revenue grew by 37% to $5.3 M, up from $3.9 M reported in the previous year.
• Marketplaces Platform contributed $3.7M of revenue, a 23% decrease from $4.7M reported for the previous quarter. The marketplaces are comprised of platforms where the Company is focused on maximizing cash contribution. As a percentage of total, marketplace revenue declined from 26.0% to 17.7% in Q2, 2020. As revenue scales in Strategic Sourcing and Unified Commerce, sunsetting Marketplace revenue will continue to become less impactful on future performance.

Monthly recurring revenue (MRR⁴) represented 76% of total revenue, which was stable in comparison to Q1, 2021. For the Strategic Sourcing Platform, recurring revenue represented 93% of its revenue, while Unified Commerce generated 58% recurring revenue as a percentage of its revenue.

Total gross margin was reported at 67%, in comparison to 74% reported for Q2, 2020. The decline in gross margin is associated with product mix, as it mainly relates to the implementation of our solutions to new clients from Unified Commerce, where gross margin was 59% for the quarter.

Total Adjusted EBITDA¹ reported for the quarter was $2.3 million, down 38% in comparison to $3.7 million reported for Q2, 2020. Total adjusted EBITDA margin for the quarter was 11.4%. Adjusted EBITDA in Q2, 2021 includes a net amount (net of a tax credit reduction of $0.2 million) of $1.2 million of wage subsidy as part of the federal government’s assistance program introduced on March 27, 2020 in the context of COVID-19. Total adjusted EBITDA declined year-over-year primarily due to increased investments in sale, marketing, product development and R&D to support the 5-Year Transformation Plan.   The company plans to achieve SaaS growth by exploiting significant global market opportunities in digital commerce.

Operating loss for the quarter was $0.1 million, in comparison to $2.0 million operating profit reported for Q2, 2020. The decline in operating profits, similar to adjusted EBITDA, was impacted by increased investments in growth in order to fulfill the 5-year Transformation Plan. On a per share basis, total net loss for the quarter was reported at $0.04 per share compared to net income per share of $0.12 reported in the previous year quarter.

Year-to-date total revenue was $41.3 million, a 7.4% increase over $38.4 million reported for the corresponding period of fiscal 2020. For the first half of fiscal 2021, total adjusted EBITDA was $4.1 million, compared to $7.9 million for the first half of fiscal 2020. This decrease was due to divestitures in Q1 fiscal 2020.

Total deferred revenue, which management uses as a proxy for Software-as-a-Service bookings, was $18.1 million in Q2 2021, up 32% over $13.8 million reported for Q2, 2020.

During the quarter, approximately 6,000 suppliers were added to the Strategic Sourcing Platform, along with 66 new active procuring entities. Approximately 161 SME, and 2 enterprise-level mandates were added to the Unified Commerce Platform.

“Deferred revenue growth of 32% this quarter is a good lead indicator that recurring revenue trajectories should remain positive going forward” said Luc Filiatreault. “We are actively investing and reallocating resources in support of our long-term strategic plan and are quickly repositioning the Company in order to capitalize on the vast global market opportunities in the SaaS commerce technology category.”

As at the end of Q2, fiscal year 2021, the company had liquidity of $14.3 M. Subsequent to the end of the quarter, mdf commerce refinanced and expanded access to debt, and also raised $44.6 M of net additional equity via a bought deal syndicate led by Stifel GMP. As a result, liquidity has expanded to approximately $88 M.

“Our investments in sales, marketing and product development are beginning to drive the performance that we planned for in our 5-year Transformation Plan.” added Paul Bourque, CFO of mdf commerce. “After our debt re-financing and our equity raise, we are satisfied with current levels of liquidity”.

SUMMARY OF CONSOLIDATED RESULTS
	Three months ended				Six months ended
	September 30th				September 30th
	2020		2019		2020		2019
In thousands of Canadian dollars, except per share amounts	$		$		$		$
Revenues	20,752		18,211		41,286		38,439
Adjusted EBITDA	2,335		3,740		4,136		7,884
Operating (loss) profit	(93	)	2,008		(791	)	4,522
Profit (loss)	(643	)	1,834		(1,880	)	2,885
Adjusted profit (loss)	(643	)	1,660		(1,880	)	2,968
Adjusted earnings (loss) per share (basic and diluted)	(0.04	)	0.11		(0.11	)	0.20
Earnings (loss) per share (basic and diluted)	(0.04	)	0.12		(0.11	)	0.19
Basic and diluted weighted average number of shares outstanding (in thousands)	17,961		14,849		17,182		14,849

¹ Adjusted EBITDA is a non-IFRS financial measure; see the Reconciliation of adjusted EBITDA and profit as well as the “About mdf commerce inc.” sections.
² Adjusted profit (loss) and adjusted basic and diluted profit (loss) per share are non-IFRS financial measures; see the Reconciliation of adjusted profit and profit as well as the “About mdf commerce inc.” sections.
³ Unless otherwise indicated, all amounts are in Canadian dollars. 
⁴ MMRs are a non-IFRS financial measure and are composed of subscription and support revenues that are recurring in nature. Therefore, they exclude one-time fees and professional fees and other types of non-recurring revenues.

RECONCILIATION OF ADJUSTED EBITDA AND PROFIT (LOSS)
	Three months ended				Six months ended
	September 30th				September 30th
	2020		2019		2020		2019
In thousands of Canadian dollars.	$		$		$		$
Profit (loss)	(643	)	1,834		(1,880	)	2,885
Income tax expense (recovery)	(34	)	389		(289	)	877
Depreciation of property, plant and equipment and	1,019		734		1,941		1,413
amortization of intangible assets
Amortization of acquired intangible assets	910		601		1,916		1,202
Amortization of right-of-use assets	419		397		883		747
Amortization of deferred financing costs	10		10		20		19
Foreign exchange loss (gain)	310		(280	)	740		84
Loss (gain) on disposal of a subsidiary	–		(174	)	–		83
Stock-based compensation expense	80		–		187		–
Interest on lease liability	98		93		197		184
Interest on long-term debt	166		136		421		390
Adjusted EBITDA	2,335		3,740		4,136		7,884

RECONCILIATION OF PROFIT (LOSS) AND ADJUSTED PROFIT (LOSS)
	Three months ended				Six months ended
	September 30th				September 30th
	2020		2019		2020		2019
In thousands of Canadian dollars	$		$		$		$
Profit (loss)	(643	)	1,834		(1,880	)	2,885
Loss (gain) on disposal of a subsidiary	–		(174	)	–		83
Adjusted profit (loss)	(643	)	1,660		(1,880	)	2,968
Earnings (loss) per share (basic and diluted)	(0.04	)	0.12		(0.11	)	0.19
Adjusted earnings (loss) per share (basic and diluted)	(0.04	)	0.11		(0.11	)	0.20

About
mdf
commerce inc.

mdf
commerce inc. (TSX:MDF), formerly known as Mediagrif Interactive Technologies Inc., enables the flow of commerce by providing a broad set of SaaS solutions that optimize and accelerate commercial interactions between buyers and sellers. Our platforms and services empower businesses around the world, allowing them to generate billions of dollars in transactions on an annual basis. Our strategic sourcing, unified commerce and emarketplace platforms are supported by a strong and dedicated team of more than 600 employees based in Canada, the United States, Denmark, Ukraine and China. For more information, please visit us at mdfcommerce.com, follow us on LinkedIn or call at 1-877-677-9088.

In addition to providing IFRS earnings calculations,
the
Company uses non-IFRS financial performance measures to assess operating performance, including but not limited to monthly recurring revenue, adjusted earnings, adjusted earnings per share and earnings before interest, tax, depreciation and amortization, foreign exchange gain (loss) and other income (expense) (“Adjusted EBITDA”).

Operating profit and adjusted EBITDA are not intended to be measures that should be regarded as an alternative to other financial operating performance measures prepared in accordance with IFRS. Those measures do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
Operating expenses,
adjusted EBITDA and net profit are provided to assist investors in determining the Corporation’s ability to generate profitability from its operations and to evaluate its financial performance.

This press release contains certain forward-looking statements with respect to the Corporation. These
forward-looking
statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those expected by these forward-looking statements. We consider the assumptions on which these forward-looking statements are based to be reasonable but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect since they are subject to the risks and uncertainties that affect us. We disclaim any intention or obligation to update or revise any forward-looking statements, whether
as a result
of
new information, future events or otherwise, except as required by applicable securities legislation. Unless otherwise indicated, all amounts are in Canadian dollars.

Audited consolidated financial statements, accompanying notes and MD&A are available on www.m
dfcommerce
.com and have been filed with SEDAR at

www.sedar.com

.

See Key Performance Indicators and Non-IFRS Performance Measures in Management’s Discussion and Analysis of the Sept 30, 2021 Financial Statements
.

For further
information:

mdf
commerce inc.

Luc Filiatreault, President & CEO
Toll free: 1-877-677-9088, ext. 2004
Email: [email protected]

mdf
commerce inc.

Paul Bourque, Chief Financial Officer
Toll free: 1-877-677-9088, ext. 2135
Email: [email protected]

mdf
commerce inc.

André Leblanc, Vice President, Marketing and Public Affairs
Toll Free: 1 877 677-9088, ext. 8220
Email: [email protected]  

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Evolus, Inc. (NASDAQ: EOLS) between February 1, 2019 and July 6, 2020, inclusive (the “Class Period”), of the important December 15, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Evolus investors under the federal securities laws.

To join the Evolus class action, go to http://www.rosenlegal.com/cases-register-1954.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the real source of botulinum toxin bacterial strain as well as the manufacturing processes used to develop Jeuveau™ originated with and were misappropriated from Medytox; (2) sufficient evidentiary support existed for the allegations that Evolus misappropriated certain trade secrets relating to the botulin toxin strain and the manufacturing processes for the development of Jeuveau™; (3) as a result, Evolus faced a real threat of regulatory and/or court action, prohibiting the import, marketing, and sale of Jeuveau™; (4) which in turn seriously threatened Evolus’ ability to commercialize Jeuveau™ in the United States and generate revenue; and (5) any revenues generated from the sale of Jeuveau™ were based on Evolus’ unlawful activities, including the misappropriation of trade secrets and secret manufacturing processes belonging to Allergan and Medytox. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 15, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1954.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com