Market Newsdesk

SHANGHAI, China, Nov. 12, 2020 (GLOBE NEWSWIRE) — Pinduoduo Inc. (“Pinduoduo” or the “Company”) (NASDAQ: PDD), an innovative and fast growing technology platform and one of the leading Chinese e-commerce players, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third
Q
uarter
20
20
Highlights

• GMV
  ¹ in the twelve-month period ended September 30, 2020 was RMB1,457.6 billion (US$²214.7 billion), an increase of 73% from RMB840.2 billion in the twelve-month period ended September 30, 2019.

• Total revenues in the quarter were RMB14,209.8 million (US$2,092.9 million), an increase of 89% from RMB7,513.9 million in the same quarter of 2019.

• Average monthly active users
  ³ in the quarter were 643.4 million, an increase of 50% from 429.6 million in the same quarter of 2019.

• Active buyers
  ⁴ in the twelve-month period ended September 30, 2020 were 731.3 million, an increase of 36% from 536.3 million in the twelve-month period ended September 30, 2019.

• Annual spending per active buyer
  ⁵ in the twelve-month period ended September 30, 2020 was RMB1,993.1 (US$293.6), an increase of 27% from RMB1,566.7 in the twelve-month period ended September 30, 2019.

“This quarter we continued to invest in user engagement, which resulted in strong growth of MAUs and active buyers,” commented Mr. Lei Chen, Chief Executive Officer of Pinduoduo. “Our strategic priorities are informed by the changes in consumer habits that we observe and anticipate. We continue to innovate in order to meet such needs, especially in the agricultural industry.”

“This quarter we started Duo Duo Maicai to address the structural changes we see in how consumers fulfill their daily grocery needs. Duo Duo Maicai is a natural extension of our existing business and offers consumers a complementary experience to our main app,” added Mr. David Liu, Vice President of Strategy. “It is a long-term business that aligns well with our commitment to digitize China’s agricultural value chain and to be China’s leading agriculture platform. We are committed to continued investments into the agricultural supply chain and ecosystem.”

“Despite industry seasonality, we continued to deliver solid execution through the third quarter and generated positive cash flow from operations,” added Mr. Tony Ma, Vice President of Finance. “As a result, our trailing 12-month GMV grew 73% from a year ago, and our total revenues in the September quarter increased by 89% year-over-year.”

Third
Quarter
2
020
Unaudited
Financial Results

Total revenues were RMB14,209.8 million (US$2,092.9 million), an increase of 89% from RMB7,513.9 million in the same quarter of 2019. The increase was primarily due to an increase in revenues from online marketing services.

• Revenues from online marketing services
  and others were RMB12,877.7 million (US$1,896.7 million), an increase of 92% from RMB6,711.4 million in the same quarter of 2019. The increase was primarily attributable to higher advertising demand from merchants on our platform given continued advancement in our brand and market position.

• Revenues from
  transaction services were RMB1,332.1 million (US$196.2 million), an increase of 66% from RMB802.5 million in the same quarter of 2019, primarily due to the increase in GMV.

Total costs of revenues were RMB3,260.2 million (US$480.2 million), an increase of 78% from RMB1,833.3 million in the same quarter of 2019. The increase was mainly due to higher payment processing fee, higher costs for cloud services, and other expenses directly attributable to online marketing services and other revenues.

Total operating expenses were RMB12,245.4 million (US$1,803.5 million), compared with RMB8,472.6 million in the same quarter of 2019.

• Sales and marketing expenses were RMB10,071.9 million (US$1,483.4 million), an increase of 46% from RMB6,908.8 million in the same quarter of 2019, mainly due to an increase in advertising expenses and promotion and coupon expenses.

• General and administrative expenses were RMB368.6 million (US$54.3 million), a decrease of 16% from RMB436.6 million in the same quarter of 2019. Our G&A expenses in the third quarter of 2019 included certain expenses relating to our initiatives to alleviate rural poverty. We did not incur such expenses this quarter.

• Research and development expenses were RMB1,804.9 million (US$265.8 million), an increase of 60% from RMB1,127.2 million in the same quarter of 2019. The increase was primarily due to an increase in headcount and the recruitment of more experienced R&D personnel, and an increase in R&D-related cloud services expenses.

Operating loss was RMB1,295.7 million (US$190.8 million), compared with RMB2,792.0 million in the same quarter of 2019. Non-GAAP operating loss⁶ was RMB339.8 million (US$50.0 million), compared with RMB2,123.5 million in the same quarter of 2019.

Net
loss
a
ttributable to ordinary shareholders was RMB784.7 million (US$115.6 million), compared with RMB2,335.0 million in the same quarter of 2019. Non-GAAP net gain attributable to ordinary shareholders⁶ was RMB466.4 million (US$68.7 million), compared with non-GAAP net loss of RMB1,660.4 million in the same quarter of 2019.

Basic and d
iluted net
loss
per ADS were RMB0.66 (US$0.10), compared with RMB2.00 in the same quarter of 2019. Non-GAAP basic net gain per ADS were RMB0.39 (US$0.06), compared with RMB1.44 loss in the same quarter of 2019. Non-GAAP diluted net gain per ADS were RMB0.33 (US$0.05), compared with RMB1.44 loss in the same quarter of 2019.

Net cash
provided by
operating activities was RMB8,321.8 million (US$1,225.7 million), compared with RMB2,618.2 million in the same quarter of 2019, primarily due to an increase in online marketing services revenues.

Cash
,
cash equivalents
and short-term investments were RMB45.6 billion (US$6.7 billion) as of September 30, 2020, compared with RMB41.1 billion as of December 31, 2019.

Conference Call

The Company will host a conference call to discuss the earnings at 7:30 AM U.S. Eastern Time on Thursday, November 12, 2020 (8:30 PM Beijing/Hong Kong Time on Thursday, November 12, 2020).

Please pre-register to join this conference using the registration link below. Please dial in using the participant dial-in numbers, direct event passcode, PIN and unique registrant ID which would be provided to you upon registering.

Pre-register at: http://apac.directeventreg.com/registration/event/9476278

A telephone replay of the call will be available after the conclusion of the conference call until 7:59 AM Eastern Time on November 20, 2020.

Dial-in numbers for the replay are as follows:

International:	+61-2-8199-0299
U.S.:	+1-646-254-3697
Passcode:	9476278

A live and archived webcast of the conference call will be available at http://investor.pinduoduo.com/

_______________
¹   “GMV” refers to the total value of all orders for products and services placed on the Pinduoduo mobile platform, regardless of whether the products and services are actually sold, delivered or returned. Buyers on the platform are not charged for shipping fees in addition to the listed price of merchandise. Hence, merchants may embed the shipping fees in the listed price. If embedded, then the shipping fees are included in GMV. As a prudential matter aimed at eliminating any influence on Pinduoduo’s GMV of irregular transactions, the Company excludes from its calculation of GMV transactions in certain product categories over certain amounts and transactions by buyers in certain product categories over a certain amount per day.
²   This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.7896 to US$1.00, the noon buying rate in effect on September 30, 2020 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
³   “Monthly active users” refers to the number of user accounts that visited the Pinduoduo mobile app during a given month, which does not include those that accessed the platform through social networks and access points.
⁴   “Active buyers” in a given period refers to the number of user accounts that placed one or more orders (i) on the Pinduoduo mobile app, and (ii) through social networks and access points in that period, regardless of whether the products and services are actually sold, delivered or returned.
⁵   “Annual spending per active buyer” in a given period refers to the quotient of total GMV in that period divided by the number of active buyers in the same period.
⁶   The Company’s non-GAAP financial measures exclude share-based compensation expenses, interest expenses related to the convertible bonds’ amortization to face value and fair value change of long-term investments. See “Reconciliation of Non-GAAP Measures to The Most Directly Comparable GAAP Measures” set forth at the end of this press release.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating loss and non-GAAP net loss attributable to ordinary shareholders, as supplemental measures to review and assess operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measures exclude share-based compensation expenses, interest expenses related to the convertible bonds’ amortization to face value and fair value change of long-term investments.

The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, interest expenses related to the convertible bonds’ amortization to face value and fair value change of long-term investments, which are non-cash items. The Company also believes that the non-GAAP financial measures could provide further information about the Company’s results of operations, and enhance the overall understanding of the Company’s past performance and future prospects.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expenses that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to The Most Directly Comparable GAAP Measures” set forth at the end of this press release.

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under 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,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as Pinduoduo’s strategic and operational plans, contain forward-looking statements. Pinduoduo may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Pinduoduo’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Pinduoduo’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to Pinduoduo’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Pinduoduo’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Pinduoduo undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About Pinduoduo Inc.

Pinduoduo is an innovative and fast growing technology platform that provides buyers with value-for-money merchandise and fun and interactive shopping experiences. The Pinduoduo mobile platform offers a comprehensive selection of attractively priced merchandise, featuring a dynamic social shopping experience that leverages social networks effectively.

For more information, please visit http://investor.pinduoduo.com/. We also share Pinduoduo news and thought pieces on industry trends at our content hub at https://stories.pinduoduo-global.com/ which may be of interest to investors.

For investor and media inquiries, please contact:

Pinduoduo Inc.

[email protected]

[email protected]

PINDUODUO INC.  CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”))
		As of
		December 31 , 201 9			September 30, 20 20
		RMB			RMB			US$
					(Unaudited)
ASSETS
Current a ssets
Cash and cash equivalents		5,768,186			5,715,676			841,828
Restricted cash		27,577,671			38,813,084			5,716,549
Receivables from online payment platforms		1,050,974			531,009			78,209
Short-term investments		35,288,827			39,859,089			5,870,609
Amounts due from related parties		2,365,528			3,449,126			508,001
Prepayments and other current assets		950,277			1,802,585			265,492
Total current assets		73,001,463			90,170,569			13,280,688
Non-current assets
Property, equipment and software, net		41,273			46,509			6,850
Intangible asset		1,994,292			1,486,959			219,005
Right-of-use assets		517,188			534,076			78,661
Other non-current assets		503,120			7,172,813			1,056,441
Total non-current assets		3,055,873			9,240,357			1,360,957
Total a ssets		76,057,336			99,410,926			14,641,645

PINDUODUO INC.  CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”))
		As of
		December 31 , 201 9			September 30, 20 20
		RMB			RMB			US$
					(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
L IABILITIES
Current l iabilities
Amounts due to related parties		1,502,892			3,298,767			485,856
Customer advances and deferred revenues		605,970			1,042,093			153,484
Payable to merchants		29,926,488			40,299,835			5,935,524
Accrued expenses and other liabilities		4,877,062			6,904,953			1,016,988
Merchant deposits		7,840,912			10,574,559			1,557,464
Short-term borrowings		898,748			2,773,023			408,422
Lease liabilities		115,734			182,318			26,853
Total current liabilities		45,767,806			65,075,548			9,584, 59 1
Non-current liabilities
Convertible bonds		5,206,682			5,504,873			810,780
Lease liabilities		428,593			390,803			57,559
Other non-current liabilities		7,389			36,040			5,308
Total non-current liabilities		5,642,664			5,931,716			873,647
Total l iabilities		51,410,470			71,007,264			10,458, 2 38
SHAREHOLDERS’ EQUITY
Ordinary shares		148			153			23
Additional paid-in capital		41,493,949			51,969,053			7,654,214
Accumulated other comprehensive income		1,448,230			533,303			78,547
Accumulated deficits		(18,295,461	)		(24,098,847	)		(3,549,377	)
Total shareholders’ equity		24,646,866			28,403,662			4,183, 40 7
Total liabilities and shareholders’ equity		76,057,336			99,410,926			14,641,645

        

PINDUODUO INC.  CONDENSED CONSOLIDATED STATEMENTS OF LOSS  (Amounts in thousands of RMB and US$)
		For the three months ended September 30 ,									For the nine months ended September 30 ,
		201 9			20 20						201 9			20 20
		RMB			RMB			US$			RMB			RMB			US$
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenues		7,513,948			14,209,782			2,092,875			19,349,160			32,944,156			4,852,150
Costs of revenues		(1,833,318	)		(3,260,155	)		(480,169	)		(4,301,341	)		(7,752,517	)		(1,141,823	)
Gross profit		5,680,630			10,949,627			1,612,706			15,047,819			25,191,639			3,710,327
Sales and marketing expenses		(6,908,755	)		(10,071,868	)		(1,483,426	)		(17,901,713	)		(26,482,073	)		(3,900,388	)
General and administrative expenses		(436,610	)		(368,611	)		(54,291	)		(951,030	)		(1,101,727	)		(162,267	)
Research and development expenses		(1,127,238	)		(1,804,886	)		(265,831	)		(2,597,983	)		(4,940,392	)		(727,641	)
Total operating expenses		(8,472,603	)		(12,245,365	)		(1,803,548	)		(21,450,726	)		(32,524,192	)		(4,790,296	)
Operating loss		(2,791,973	)		(1,295,738	)		(190,842	)		(6,402,907	)		(7,332,553	)		(1,079,969	)
Interest and investment income, net		414,615			485,413			71,494			1,069,285			1,783,971			262,751
Interest expenses		(6,150	)		(165,638	)		(24,396	)		(6,150	)		(479,190	)		(70,577	)
Foreign exchange gain		33,542			97,861			14,413			76,416			76,191			11,222
Other income, net		23,176			57,936			8,533			55,608			112,553			16,577
L oss before income tax and share of results of equity investee s		(2,326,790	)		(820,16 6	)		(120,798	)		(5,207,748	)		(5,839, 02 8	)		(859,996	)
Share of results of equity investees		(8,218	)		35,458			5,222			(8,218	)		35,642			5,249
Income tax expenses		–			–			–			–			–			–
Net loss		(2,335,008	)		(784,70 8	)		(115,576	)		(5,215,966	)		(5,803,38 6	)		(854,747	)

PINDUODUO INC.  CONDENSED CONSOLIDATED STATEMENTS OF LOSS  (Amounts in thousands of RMB and US$, except for per share data)
		For the three months ended September 30 ,									For the nine months ended September 30 ,
		201 9			20 20						201 9			20 20
		RMB			RMB			US$			RMB			RMB			US$
		(Unaudited)			(Unaudited)			(Unaudited)			( Una udited)			(Unaudited)			(Unaudited)
Net loss		(2,335,008	)		(784, 70 8	)		(115,576	)		(5,215,966	)		(5,803,38 6	)		(854,747	)
Net loss attributable to ordinary shareholders		(2,335,008	)		(784, 70 8	)		(115,576	)		(5,215,966	)		(5,803,38 6	)		(854,747	)
Loss per ordinary share:
-Basic		(0.50	)		(0.16	)		(0.02	)		(1.13	)		(1.22	)		(0.18	)
-Diluted		(0.50	)		(0.16	)		(0.02	)		(1.13	)		(1.22	)		(0.18	)
Loss per ADS (4 ordinary shares equals 1 ADS ):
-Basic		(2.00	)		(0.66	)		(0.10	)		(4.52	)		(4.90	)		(0.72	)
-Diluted		(2.00	)		(0.66	)		(0.10	)		(4.52	)		(4.90	)		(0.72	)
Weighted average number of outstanding ordinary shares ( in thousands) :
-Basic		4,649,429			4,786,276			4,786,276			4,619,623			4,739,382			4,739,382
-Diluted		4,649,429			4,786,276			4,786,276			4,619,623			4,739,382			4,739,382

PINDUODUO INC. NOTES TO FINANCIAL INFORMATION (Amounts in thousands of RMB and US$)
		For the three months ended September 30 ,									For the nine months ended September 30 ,
		2019			2020						2019			2020
		RMB			RMB			US$			RMB			RMB			US$
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenues
Online marketing services and others		6,711,455			12,877,658			1,896,674			17,126,942			29,424,626			4,333,779
Transaction services		802,493			1,332,124			196,201			2,222,218			3,519,530			518,371
Total Revenues		7,513,948			14,209,782			2,092,875			19,349,160			32,944,156			4,852,150

        

PINDUODUO INC. NOTES TO FINANCIAL INFORMATION (Amounts in thousands of RMB and US$)
		For the three months ended September 30 ,									For the nine months ended September 30 ,
		2019			2020						2019			2020
		RMB			RMB			US$			RMB			RMB			US$
		(Unaudited)			(Unaudited)			(Unaudited)			( Una udited)			(Unaudited)			(Unaudited)
Share-based compensation costs included in:
Costs of revenues		8,567			4,424			652			16,579			22,368			3,294
Sales and marketing expenses		219,008			335,331			49,389			623,508			816,672			120,283
General and administrative expenses		206,066			236,011			34,761			562,118			714,515			105,237
Research and development expenses		234,786			380,163			55,991			556,829			1,126,258			165,880
Total		668,427			955,929			140,79 3			1,759,034			2,679,813			394,694

PINDUODUO INC.   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands of RMB and US$)
		For the three months ended September 30 ,									For the nine months ended September 30 ,
		201 9			20 20						201 9			20 20
		RMB			RMB			US$			RMB			RMB			US$
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net cash provided by operating activities		2,618,232			8,321,792			1,225,667			5,222,963			13,250,058			1,951,521
Net cash used in investing activities		(16,175,856	)		(455,054	)		(67,022	)		(16,857,806	)		(11,735,064	)		(1,728,387	)
Net cash provided by financing activities		6,967,004			–			–			14,960,832			9,624,213			1,417,493
Effect of exchange rate changes on cash, cash equivalents and restricted cash		292,531			(15,868	)		(2,337	)		500,402			43,696			6,436
(Decrease)/increase in cash, cash equivalents and restricted cash		(6,298,089	)		7,850,870			1,156,308			3,826,391			11,182,903			1,647,063
Cash, cash equivalents and restricted cash at beginning of period		40,664,166			36,677,890			5,402, 0 69			30,539,686			33,345,857			4,911,314
Cash, cash equivalents and restricted cash at end of period		34,366,077			44,528,760			6,558,37 7			34,366,077			44,528,760			6,558,377

PINDUODUO INC. RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES (Amounts in thousands of RMB and US$, except for per share data)
		For the three months ended September 30 ,									For the nine months ended September 30 ,
		201 9			20 20						201 9			20 20
		RMB			RMB			US$			RMB			RMB			US$
		(Unaudited)			(Una udited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Operating loss		(2,791,973	)		(1,295,738	)		(190,842	)		(6,402,907	)		(7,332,553	)		(1,079,969	)
Add: Share-based compensation		668,427			955,929			140,793			1,759,034			2,679,813			394,694
Non-GAAP operating loss		(2,123,546	)		(339,809	)		(50,049	)		(4,643,873	)		(4,652,740	)		(685,275	)
Net loss attributable to ordinary shareholders		(2,335,008	)		(784,708	)		(115,575	)		(5,215,966	)		(5,803,386	)		(854,747	)
Add: Share-based compensation		668,427			955,929			140,793			1,759,034			2,679,813			394,694
Add: Interest expense related to convertible bonds’ amortization to face value		6,150			147,081			21,663			6,150			433,838			63,897
Add/Less: Loss/(gain) from fair value change of long-term investments		–			148,093			21,812			–			(90,755	)		(13,367	)
Non-GAAP net (loss)/gain attributable to ordinary shareholders		(1,660,431	)		466,395			68,693			(3,450,782	)		(2,780,490	)		(409,523	)
Weighted-average number of outstanding ordinary shares – basic (in thousands)		4,649,429			4,786,276			4,786,276			4,619,623			4,739,382			4,739,382
Weighted-average number of outstanding ordinary shares – diluted (in thousands)		4,649,429			5,576,093			5,576,093			4,619,623			4,739,382			4,739,382
Basic loss per ordinary share		(0.50	)		(0.16	)		(0.02	)		(1.13	)		(1.22	)		(0.18	)
Add: Non-GAAP adjustments to (loss)/gain per ordinary share		0.14			0.26			0.03			0.38			0.63			0.09
Non-GAAP basic (loss)/gain per ordinary share		(0.36	)		0.10			0.01			(0.75	)		(0.59	)		(0.09	)
Non-GAAP basic (loss)/gain per ADS		(1.44	)		0.39			0.06			(3.00	)		(2.35	)		(0.35	)
Diluted loss per ordinary share		(0.50	)		(0.16	)		(0.02	)		(1.13	)		(1.22	)		(0.18	)
Add: Non-GAAP adjustments to (loss)/gain per ordinary share		0.14			0.24			0.03			0.38			0.63			0.09
Non-GAAP diluted (loss)/gain per ordinary share		(0.36	)		0.08			0.01			(0.75	)		(0.59	)		(0.09	)
Non-GAAP diluted (loss)/gain per ADS		(1.44	)		0.33			0.05			(3.00	)		(2.35	)		(0.35	)

CALGARY, Alberta, Nov. 12, 2020 (GLOBE NEWSWIRE) — Spindle, Stairs & Railings, a Calgary Alberta based company which has been providing Railings and Staircases to their clients for 22 years, has pivoted to providing Plexi Glass Barrier Systems for the hospitality industry.

Media Snippet NOV10, 2020: Variety of Unique Plexiglass Barriers

As a business owner, Kevin Halliday recognized that the COVID-19 pandemic had created unique challenges for most businesses, in particular Restaurants and Bars. While local and Provincial guidelines and bylaws allowed for these establishments to remain open, the requirements were ever-changing and could be difficult to navigate. Spindle, Stairs & Railings took on the challenge and to continually review and keep up to date on the everchanging requirements set out by AHS and local authorities. They created a unique line of Custom and Standard Plexi Glass Barrier Products to help overcome the challenges faced by these businesses.

“Concern for the overall Safety of Staff, Patrons and the General Public and understanding the importance of keeping the economy moving was my main motivator,” says Halliday. “We wanted to maximize the floor space and seating, while keeping within all guidelines and ensuring a Safe, Comfortable Experience for the restaurant and bar patrons.”

SNUGs are the new trend in local pubs. Going back to the old style of providing a cozy, private atmosphere for these customers, combined with the modern open atmosphere fit perfectly with the requirement to use Plexi Glass.

For information on products and services visit – www.greatstairs.com/product/plexiglass

Contact:

Kevin Halliday, (403) 294-0555

SAN JOSE, Nov. 12, 2020 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, today announced Chris Kozup has been appointed Chief Marketing Officer. Kozup is responsible for global marketing strategy and execution. With more than 20 years in the industry, Kozup brings extensive enterprise technology marketing expertise to help Zscaler realize its next phase of growth. Kozup will report directly to Jay Chaudhry, Zscaler’s Chairman and Chief Executive Officer.

“Zscaler is at the forefront of helping customers achieve their digital transformation goals through an industry leading, cloud-native approach to securing users, applications and data. Chris’s successful track record as a marketing executive and his customer-centric mindset make him the ideal leader to help further accelerate Zscaler’s growth,” said Chaudhry. “I am excited to welcome Chris to the team and to partner with him to extend our customer reach and engagement.”

Kozup was most recently Chief Marketing Officer at Aruba, a Hewlett Packard Enterprise Company, where he was responsible for the strategy and execution of global marketing, implementing scalable and sustainable marketing programs for awareness, digital demand generation, sales enablement, channel marketing, and influencer communities. He also led marketing teams at industry-leading high-tech companies such as Nutanix and Cisco. Earlier in his career, Chris was an industry analyst at the META Group responsible for advising enterprise organizations on IT best practices.

“It has been inspiring to watch Zscaler help thousands of organizations ensure the safety and productivity of their workforce while accelerating their digital transformation efforts over the past year,” said Kozup. “Zscaler’s vision has been to build the world’s most scalable cloud security platform to secure a mobile and remote workforce, and I am thrilled to be joining the team that has helped so many companies achieve these goals.”

About Zscaler

Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

^{Zscaler™, Zscaler Zero Trust Exchange™, Zscaler Internet Access™, and Zscaler Private Access™, ZIA™, and ZPA™ and Zscaler B2B™ are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.}

Media Contact:

Natalia Wodecki
[email protected]

Investor Relations Contact:

Bill Choi, CFA
[email protected]

Leverkusen, Germany, Nov. 12, 2020 (GLOBE NEWSWIRE) — Biofrontera AG (NASDAQ: BFRA; Frankfurt Stock Exchange: B8F) (the “Company”), an international biopharmaceutical company, has issued a 1.00% qualified subordinated mandatory convertible bond 2020/2021 (ISIN: DE000A3E4548 / WKN: A3E454) in August 2020. Within the scope of the issuance, 2,638,150 qualified subordinated mandatory convertible bearer bonds (“Bonds”) with a nominal value of EUR 3.00 each were issued. The term of the Bonds began on August 20, 2020 and will end on December 20, 2021. Pursuant to Section 8 (2) of the Bond terms and conditions, however, the Company is entitled to a mandatory conversion at any time without limitation in time after the price of the Company’s share has exceeded EUR 4.50 (“Mandatory Conversion Trigger Price”). The Mandatory Conversion Trigger Price was exceeded after the commencement of the term of the Bonds.

The Management Board with the approval of the Supervisory Board decided today to exercise the right to mandatory conversion pursuant to Section 8 (2) of the Bond terms and conditions. The notice of mandatory conversion will be published shortly in the Federal Gazette.

Biofrontera AG, Hemmelrather Weg 201, 51377 Leverkusen

ISIN: DE0006046113
WKN: 604611

Contact: Biofrontera AG
Tel.: +49 (0214) 87 63 2 0, Fax.: +49 (0214) 87 63 290
E-mail: [email protected]

Forward Looking Statements:

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the public offering and the intended use of proceeds from the offering. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate” and “intend,” among others. Such forward-looking statements are based on the currently held beliefs and assumptions of the management of Biofrontera AG, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company, or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are set forth in the Registration Statement on Form F-1 filed with the SEC, including in the section “Risk Factors,” and in future reports filed with the SEC. Given these risks, uncertainties and other factors, prospective investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statement.