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XPeng Reports Third Quarter 2020 Unaudited Financial Results

XPeng Reports Third Quarter 2020 Unaudited Financial Results

GUANGZHOU, China–(BUSINESS WIRE)–
XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Operational Highlights

  • Deliveries of vehicles reached 8,578, representing an increase of 265.8% from 2,345 in the third quarter of 2019 and an increase of 165.7% from 3,228 in the second quarter of 2020.
  • Deliveries of the P71reached 6,210, compared with 325 in the second quarter of 2020.
  • Among the total P7s delivered for the quarter, 98% can support XPILOT 2.5 or XPILOT 3.0.
  • As ofSeptember 30, 2020,XPeng’s physical sales and service network consisted of atotal of 116 stores and 50 service centers, covering 58 cities.
  • As of September 30, 2020, Xpeng-branded super charging stations expanded to 135, covering 50 cities.

1 XPeng started mass delivery of the P7 in late June 2020.

Third Quarter 2020 Financial Highlights

  • Total revenues were RMB1,990.1 million (US$293.1 million) for the third quarter of 2020, representing an increase of 342.5% from RMB449.7 million for the same period of 2019 and an increase of 236.9% from RMB590.8 million for the second quarter of 2020.
  • Revenues from vehicle sales were RMB1,898.0 million (US$279.6 million) for the third quarter of 2020, representing an increase of 376.0% from RMB398.8 million for the same period of 2019, and an increase of 250.8% from RMB541.1 million for the second quarter of 2020.
  • Gross margin was 4.6% for the third quarter of 2020, compared with negative 10.1% for the same period of 2019 and negative 2.7% for the second quarter of 2020.
  • Vehicle margin, which is gross profit or gross loss of vehicle sales as a percentage of revenues from vehicle sales, was 3.2% for the third quarter of 2020, compared to negative 10.8% for the same period of 2019 and negative 5.6% for the second quarter of 2020.
  • Net loss was RMB1,148.8 million (US$169.2 million) for the third quarter of 2020, compared with RMB776.3 million for the same period of 2019 and RMB146.0 million for the second quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, non-GAAP net loss was RMB864.9 million (US$127.4 million) in the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.
  • Net loss attributable to ordinary shareholders of XPeng Inc. was RMB2,025.8 million (US$298.4 million) for the third quarter of 2020, compared with RMB982.6 million for the same period of 2019 and RMB1,141.5 million in the second quarter of 2020. Fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value were non-cash events and will no longer recur after the listing of the Company on the New York Stock Exchange on August 27, 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. was RMB864.9 million (US$127.4 million) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.
  • Basic and diluted net loss per American depositary share (ADS)were both RMB5.07 (US$0.75) for the third quarter of 2020. Non-GAAP basic and diluted net loss per ADSwere both RMB2.16 (US$0.32) for the third quarter of 2020. Each ADS represents two Class A ordinary shares.
  • Cash and cash equivalents, restricted cash and short-term investments were RMB19,998.4 million (US$2,945.4 million) as of September 30, 2020.

“In our first quarter as a public company we achieved strong operating and financial results, highlighted by the rapid growth in deliveries of our P7 Smart EV,” said Mr. He Xiaopeng, Chairman and CEO of XPeng.

“Our commitment to innovation through end-to-end in-house R&D and data-driven capabilities is the cornerstone of our business. This will not only keep XPeng at the forefront of the technologies of Smart EV but also position us well in capturing the significant growth potential in the Smart EV industry. Looking ahead, XPeng will continue to capitalize on its core strengths in technology, while heightening sales and marketing efforts, further enhancing manufacturing capability, and developing our global strategy,” Mr. He concluded.

Following its official launch in April this year, P7 deliveries helped to more than triple the total Smart EV delivery number in the third quarter, fueling a 342.5% increase in total revenues, on a year-over-year basis.

“The robust results we achieved in the third quarter, from delivery numbers, production ramp-up, and advancement in R&D, to expansion plans for the new factory and overseas business, reflect the strong market appeal of our products, the resonance of our strategy, and our ability to adeptly execute our operational plan,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Achieving our first positive gross profit also underscores our growth and our ability to realize economies of scale.”

Closing Initial Public Offering (“IPO”)

The Company closed its initial public offering of 114,693,333 American depositary shares (“ADSs”), each representing two Class A ordinary shares, on August 31, 2020. At a price to the public of US$15.00 per ADS, the total offering size was over US$1.72 billion. The number of ADSs issued at closing included the exercise in full of the underwriters’ option to purchase 14,959,999 additional ADSs to cover over-allotments.

Recent Developments

Deliveries in October 2020

Total Smart EV deliveries reached 3,040 units in October 2020, representing a 229.0% increase year-over-year. The deliveries consisted of 2,104 P7s, XPeng’s smart sports sedan, and 936 G3s, XPeng’s compact smart SUV. As of October 31, 2020, a cumulative total of 8,639 P7s were delivered.

New Smart EV Manufacturing Base

On September 28, 2020, the Company announced the cooperation agreement (“Cooperation Agreement”) with Guangzhou GET Investment Holdings Co., Ltd, a wholly owned investment company of Guangzhou Economic and Technological Development Zone (“GETDZ”), for developing and building a new Smart EV manufacturing base (“Smart EV Manufacturing Base”) for XPeng in Guangzhou. Pursuant to the cooperation agreement, Guangzhou GET Investment will invest RMB4 billion to support the development and construction of the Smart EV Manufacturing Base in the GETDZ.

The Smart EV Manufacturing Base is expected to commence production by December 2022 and will provide a comprehensive range of facilities for R&D, manufacturing, vehicle testing, sales and other smart mobility functions.

The Cooperation Agreement marks another milestone in XPeng’s strategy to expand its manufacturing capabilities, and bolsters the Company’s leadership position in the Smart EV market. In addition to its wholly owned plant in Zhaoqing, Guangdong province, which has an annual production capacity of 100,000 units, XPeng’s new Smart EV Manufacturing Base in Guangzhou will significantly expand the Company’s production capacity and accelerate XPeng’s momentum to achieve its goals in innovation, technological advancement and growth.

XPeng 2020 Tech Day

On October 24, 2020, XPeng held its second annual Tech Day where it showcased its differentiated end-to-end R&D capabilities, featuring an array of cutting-edge autonomous driving and in-car smart technologies. These innovative features include Navigation Guided Pilot (NGP) for highways and memory auto parking for carparks, both are features of XPILOT 3.0, our upcoming advanced autonomous driving system. In conjunction with this event, XPeng also launched another OTA upgrade to its Xmart OS operating system, which features a prominent in-car voice system that is able to engage in continuous driver-vehicle dialogues.

Third Quarter 2020 Unaudited Financial Results

Total revenues were RMB1,990.1 million (US$293.1 million) for the third quarter of 2020, representing an increase of 342.5% from RMB449.7 million for the same period of 2019 and an increase of 236.9% from RMB590.8 million for the second quarter of 2020.

Revenues from vehicle sales were RMB1,898.0 million (US$279.6 million) for the third quarter of 2020, representing an increase of 376.0% from RMB398.8 million for the same period of 2019 and an increase of 250.8% from RMB541.1 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to the acceleration in deliveries of the P7 since we began its mass delivery in late June this year.

Revenues from services and others were RMB92.1 million (US$13.6 million) for the third quarter of 2020, representing an increase of 80.8% from RMB50.9 million for the same period of 2019 and an increase of 85.4% from RMB49.7 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly attributed to the increased revenue recognized from the after-sales services which was associated with the increase in the accumulated number of vehicles we delivered.

Cost of sales was RMB1,898.6 million (US$279.6 million) for the third quarter of 2020, representing an increase of 283.5% from RMB495.0 million for the same period of 2019, and an increase of 212.8% from RMB607.0 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to the increase in the number of vehicles delivered as described above.

Gross margin was 4.6% for the third quarter of 2020, compared to negative 10.1% and negative 2.7% for the third quarter of 2019 and the second quarter of 2020, respectively.

Vehicle margin was 3.2% for the third quarter of 2020, compared to negative 10.8% for the same period of 2019 and negative 5.6% for the second quarter of 2020, primarily due to better product mix, decrease in material costs and improvement of manufacturing efficiency.

Research and development expenseswere RMB635.4 million (US$93.6 million) for the third quarter of 2020, representing an increase of 46.1% from RMB435.0 million for the same period of 2019 and an increase of 98.7% from RMB319.8 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to a significant amount of share-based compensation expenses recognized related to the share-based awards granted to the Company’s employees with a performance condition of an IPO. Excluding the share-based compensation expenses, (i) research and development expenses decreased year-over-year primarily because the Company incurred significant amounts of expenses relating to the development of the P7 in the same period of 2019, and (ii) research and development expenses increased quarter-over-quarter mainly due to the increase in design and development expenses relating to the development of the new model to be launched next year.

Selling, general and administrative expenses were RMB1,203.8 million (US$177.3 million) for the third quarter of 2020, representing an increase of 320.8% from RMB286.0 million for the same period of 2019 and an increase of 152.3% from RMB477.1 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to a significant amount of share-based compensation expenses recognized for the reason mentioned above. Excluding the share-based compensation expenses, the increases mainly resulted from the higher marketing, promotional and advertising expenses to support new vehicle sales.

Loss from operations was RMB1,744.2 million (US$256.9 million) for the third quarter of 2020, compared with RMB761.5 million for the same period of 2019 and RMB779.1 million for the second quarter of 2020.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB822.6 million (US$121.2 million) in the third quarter, compared with RMB761.4 million for the same period of 2019 and RMB779.1 million for the second quarter of 2020.

Net loss was RMB1,148.8 million (US$169.2 million) for the third quarter of 2020, compared with RMB776.3 million for the same period of 2019 and RMB146.0 million for the second quarter of 2020.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB864.9 million (US$127.4 million) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.

Net loss attributable to ordinary shareholders of XPeng Inc. was RMB2,025.8 million (US$298.4 million) for the third quarter of 2020, compared with RMB982.6 million for the same period of 2019 and RMB1,141.5 million in the second quarter of 2020.

Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc., which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value,was RMB864.9 million (US$127.4 million) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.

Basic and diluted net loss per ADSwere both RMB5.07 (US$0.75) for the third quarter of 2020, compared to RMB5.62 for the third quarter of 2019 and RMB6.29 for the second quarter of 2020.

Non-GAAP basic and diluted net loss per ADSwere both RMB2.16 (US$0.32) for the third quarter of 2020, compared to RMB4.30 for the third quarter of 2019 and RMB4.24 for the second quarter of 2020.

Balance Sheets

As of September 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB19,998.4 million (US$2,945.4 million), compared to RMB2,815.6 million as of December 31, 2019. The increase was primarily due to net proceeds received from the Company’s IPO in August 2020 and Series C+ round financing.

Business Outlook

For the fourth quarter of 2020, the Company expects:

  • Deliveries of vehicles to be approximately 10,000 vehicles, representing a year-over-year increase of approximately 210.8%.
  • Total revenues to be approximately RMB2,200 million, representing a year-over-year increase of approximately 243.7%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 12, 2020 (9:00 PM Beijing/Hong Kong time on November 12, 2020).

Dial-in details for the earnings conference call are as follows:

 

 

United States:

 

+1-833-350-1333

 

 

United Kingdom

 

+44-0203-547-8612

 

 

International:

 

+1-236-389-2427

 

 

Hong Kong, China:

 

+852-3012-6671

 

 

Mainland China:

 

400-820-9391

 

 

Conference ID:

 

7269200

Participants should dial-in at least 5 minutes before the scheduled start time to be connected to the call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until November 19, 2020, by dialing the following telephone numbers:

United States:

+1-800-585-8367

International:

+1-416-621-4642

Replay Access Code:

7269200

About XPeng Inc.

XPeng Inc. is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, and San Diego in the U.S. The Company’s Smart EVs are manufactured at plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces, respectively. For more information, please visit https://en.xiaopeng.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and/or accretion on preferred shares to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.7896 to US$1.00, the exchange rate on September 30, 2020 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPeng’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: XPeng’s goal and strategies; XPeng’s expansion plans; XPeng’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPeng’s expectations regarding demand for, and market acceptance of, its products and services; XPeng’s expectations regarding its relationships with customers, contract manufacturer, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPeng’s filings with the SEC. All information provided in this press release is as of the date of this press release, and XPeng does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)

 

 

As of

 

 

December 31, 2019

 

September 30, 2020

 

September 30, 2020

 

 

(audited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

USD

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

1,946,931

 

12,221,210

 

1,799,990

Restricted cash

 

460,812

 

2,008,811

 

295,866

Short-term investments

 

407,844

 

5,768,347

 

849,586

Accounts receivable, net

 

539,199

 

893,567

 

131,608

Current portion of finance lease

receivables, net

 

45,836

 

61,649

 

9,080

Inventory

 

454,116

 

860,919

 

126,800

Amounts due from related parties

 

22,605

 

8,441

 

1,243

Prepayments and other current assets

 

1,083,307

 

1,438,787

 

211,910

Total current assets

 

4,960,650

 

23,261,731

 

3,426,083

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

Property, plant and equipment, net

 

3,229,952

 

3,107,556

 

457,694

Right-of-use assets

 

440,097

 

402,641

 

59,303

Intangible assets, net

 

117,932

 

607,340

 

89,452

Land use rights, net

 

255,257

 

251,265

 

37,007

Finance lease receivables, net

 

109,965

 

104,154

 

15,340

Other non-current assets

 

137,512

 

60,905

 

8,970

Long-term investments

 

–

 

1,000

 

147

Total non-current assets

 

4,290,715

 

4,534,861

 

667,913

Total assets

 

9,251,365

 

27,796,592

 

4,093,996

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)

 

 

As of

 

 

December 31, 2019

 

September 30, 2020

 

September 30, 2020

 

 

(audited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

USD

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Short-term borrowings

 

419,950

 

227,900

 

33,566

Accounts and notes payable

 

953,946

 

3,491,965

 

514,311

Amount due to a related party

 

678

 

8,301

 

1,223

Current portion of lease liabilities

 

90,740

 

100,174

 

14,754

Current portion of deferred revenue

 

16,382

 

72,034

 

10,609

Current portion of long-term

borrowings

 

60,000

 

52,500

 

7,732

Accruals and other liabilities

 

1,755,995

 

1,979,582

 

291,562

Total current liabilities

 

3,297,691

 

5,932,456

 

873,757

Non-current liabilities

 

 

 

 

 

 

Long-term borrowings

 

1,690,000

 

1,667,490

 

245,595

Lease liabilities

 

361,404

 

309,065

 

45,520

Deferred revenue

 

69,116

 

85,157

 

12,542

Other non-current liabilities

 

73,015

 

56,844

 

8,372

Derivative liabilities

 

897,091

 

17,570

 

2,588

Total non-current liabilities

 

3,090,626

 

2,136,126

 

314,617

Total liabilities

 

6,388,317

 

8,068,582

 

1,188,374

 

 

 

 

 

 

 

Mezzanine Equity

 

 

 

 

 

 

Convertible redeemable preferred

shares

 

9,693,478

 

–

 

–

Total mezzanine equity

 

9,693,478

 

–

 

–

 

 

 

 

 

 

 

Shareholder’s equity

 

 

 

 

 

 

Class A Ordinary shares

 

2

 

56

 

8

Class B Ordinary shares

 

19

 

26

 

4

Class C Ordinary shares

–

 

12

 

2

Additional paid in capital

–

 

30,427,485

 

4,481,484

Accumulated other comprehensive

loss

(5,948)

 

(164,567)

 

(24,238)

Accumulated deficit

(6,824,503)

 

(10,535,002)

 

(1,551,638)

Total shareholders’ equity

 

(6,830,430)

 

19,728,010

 

2,905,622

Noncontrolling interests

 

-　

 

–

 

–

Total shareholders’ equity

 

(6,830,430)

 

19,728,010

 

2,905,622

Total liabilities, mezzanine equity

and shareholders’ equity

 

9,251,365

 

27,796,592

 

4,093,996

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

 

 

Three Months Ended

 

 

September 30, 2019

 

June 30, 2020

 

September 30, 2020

 

September 30, 2020

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

-Vehicle sales

 

398,775

 

541,118

 

1,898,041

 

279,551

 

-Services and others

 

50,942

 

49,663

 

92,078

 

13,562

 

Total revenues

 

449,717

 

590,781

 

1,990,119

 

293,113

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

 

 

 

 

 

 

-Vehicle sales

 

(441,728)

 

(571,400)

 

(1,836,756)

 

(270,525)

 

-Services and others

 

(53,293)

 

(35,624)

 

(61,822)

 

(9,105)

 

Total cost of sales

 

(495,021)

 

(607,024)

 

(1,898,578)

 

(279,630)

 

 

 

 

 

 

 

 

 

 

 

Gross loss

 

(45,304)

 

(16,243)

 

91,541

 

13,483

 

Operating expenses

 

 

 

 

 

 

 

 

 

Research and development

 

(435,002)

 

(319,796)

 

(635,373)

 

(93,580)

 

Selling, general and administrative

expenses

 

(286,049)

 

(477,149)

 

(1,203,792)

 

(177,299)

 

Total operating expenses

 

(721,051)

 

(796,945)

 

(1,839,165)

 

(270,879)

 

Other income

 

4,808

 

34,096

 

3,440

 

507

 

Loss from operations

 

(761,547)

 

(779,092)

 

(1,744,184)

 

(256,889)

 

Interest income

 

22,575

 

10,295

 

23,216

 

3,419

 

Interest expense

 

(10,468)

 

(7,676)

 

(3,926)

 

(578)

 

Fair value (loss)/gain on derivative

liabilities

 

(25,364)

 

623,410

 

620,209

 

91,347

 

Other non-operating (loss)/income, net

 

(1,472)

 

7,021

 

(44,070)

 

(6,491)

 

Loss before income taxes

 

(776,276)

 

(146,042)

 

(1,148,755)

 

(169,192)

 

Income tax expenses

 

–

 

–

 

(6)

 

(1)

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

(776,276)

 

(146,042)

 

(1,148,761)

 

(169,193)

 

Accretion on Preferred Shares to redemption value

 

(206,328)

 

(995,444)

 

(877,007)

 

(129,169)

 

Net loss attributable to ordinary shareholders of XPeng Inc.

 

(982,604)

 

(1,141,486)

 

(2,025,768)

 

(298,362)

 

Net loss

 

(776,276)

 

(146,042)

 

(1,148,761)

 

(169,193)

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of nil tax

 

30,621

 

(3,423)

 

(143,220)

 

(21,094)

 

Total other comprehensive loss

 

30,621

 

(3,423)

 

(143,220)

 

(21,094)

 

Total comprehensive loss

 

(745,655)

　

(149,465)

　

(1,291,981)

 

(190,287)

 

 

 

 

 

 

 

 

 

 

 

Accretion on Preferred Shares to redemption value

 

(206,328)

　

(995,444)

　

(877,007)

 

(129,169)

 

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.

 

(951,983)

　

(1,144,909)

　

(2,168,988)

 

(319,456)

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

 

 

Three Months Ended

 

 

September 30, 2019

 

June 30, 2020

 

September 30, 2020

 

September 30, 2020

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

RMB

 

USD

Weighted average number of ordinary shares used in computing net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

349,414,050

 

362,747,375

 

799,364,696

 

799,364,696

 

 

 

 

 

 

 

 

 

Net loss per share attributable to ordinary shareholders

 

 

 

 

 

 

 

 

Basic and diluted

 

(2.81)

 

(3.15)

 

(2.53)

 

(0.37)

 

 

 

 

 

 

 

 

 

Weighted average number of ADS used in computing net loss per ADS

 

 

 

 

 

 

 

 

Basic and diluted

 

174,707,025

 

181,373,688

 

399,682,348

 

399,682,348

 

 

 

 

 

 

 

 

 

Net loss per ADS attributable to ordinary shareholders

 

 

 

 

 

 

 

 

Basic and diluted

 

(5.62)

 

(6.29)

 

(5.07)

 

(0.75)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share and per share data)

 

 

Three Months Ended

 

 

September 30, 2019

 

June 30, 2020

 

September 30, 2020

 

September 30, 2020

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

RMB

 

USD

Loss from operations

 

(761,547)

 

(779,092)

 

(1,744,184)

 

(256,889)

Share-based compensation expenses

 

130

 

–

 

921,610

 

135,738

Non-GAAP loss from operations

 

(761,417)

 

(779,092)

 

(822,574)

 

(121,151)

Net loss

 

(776,276)

 

(146,042)

 

(1,148,761)

 

(169,193)

Fair value change on derivative

liabilities

 

25,364

 

(623,410)

 

(637,779)

 

(93,935)

Share-based compensation expenses

 

130

 

–

 

921,610

 

135,738

Non-GAAP net (loss)/Gain

 

(750,782)

 

(769,452)

 

(864,930)

 

(127,390)

 

 

 

 

 

 

 

 

 

Net loss attributable to ordinary shareholders

 

(982,604)

 

(1,141,486)

 

(2,025,768)

 

(298,362)

Fair value change on derivative

liabilities

 

25,364

 

(623,410)

 

(637,779)

 

(93,935)

Share-based compensation

expenses

 

130

 

–

 

921,610

 

135,738

Accretion on Preferred Shares to redemption value

 

206,328

 

995,444

 

877,007

 

129,169

Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.

 

(750,782)

 

(769,452)

 

(864,930)

 

(127,390)

 
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

349,414,050

 

362,747,375

 

799,364,696

 

799,364,696

 
Non-GAAP net loss per ordinary share

 

 

 

 

 

 

 

 

Basic and diluted

 

(2.15)

 

(2.12)

 

(1.08)

 

(0.16)

 
Weighted average number of ADS used in calculating Non-GAAP net loss per ADS
Basic and diluted

174,707,025

181,373,688

399,682,348

399,682,348

Non-GAAP net loss per ADS
Basic and diluted

(4.30)

(4.24)

(2.16)

(0.32)

 

For Investor Enquiries

IR Department

XPeng Inc.

E-mail: [email protected]

Jenny Cai

The Piacente Group

Tel: +1-212-481-2050 or +86-10-6508-0677

E-mail: [email protected]

For Media Enquiries

Marie Cheung

XPeng Inc.

Tel: +852 9750 5170 / +86 1550 7577 546

E-mail: [email protected]

KEYWORDS: China Asia Pacific

INDUSTRY KEYWORDS: General Automotive Aftermarket Automotive Alternative Vehicles/Fuels

MEDIA:

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TELUS launches fresh new TELUS Agriculture business to digitally transform the global food system

Global-leading innovators across the world have been brought together under one business to optimize food production and contribute to a better yield of food supply to meet the ever-growing requirements of our hungry planet

TELUS Agriculture acquires AFS Technologies, a global leader in sales and distribution solutions to the consumer goods market; and Agrian, a unified management platform for precision, agronomy, sustainability, analytics, and compliance

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — Today, TELUS announced the launch of TELUS Agriculture, a new business unit dedicated to providing innovative solutions to support the agriculture industry with connected technology. TELUS Agriculture optimizes the food value chain by leveraging data in new ways to increase efficiency, production, and yields, delivering better food outcomes for businesses and the end consumer. Connecting each piece of the agriculture value chain empowers farmers and ranchers, the agri-business industry, and agri-food, consumer goods and retail companies to leverage advanced data systems and artificial intelligence to streamline operations, improve food traceability, and provide consumers with fresher and healthier food. TELUS Agriculture currently supports more than 100 million acres of agricultural land, backed by a team of more than 1,200 experts across Canada, the USA, Mexico, Brazil, the United Kingdom, Slovakia, Armenia, Germany, China, and Australia.

“The launch of TELUS Agriculture reflects TELUS’ unwavering commitment to our social purpose to leverage our world-leading technology to create remarkable human and social outcomes as, together, we help to protect and improve the global food system,” said Darren Entwistle, President and CEO of TELUS. “By means of our technology innovation, artificial intelligence and human compassion, we will help farmers and ranchers produce food for the world’s ever-expanding population more efficiently, safely and in a more environmentally friendly manner. Our efforts to optimize food production will contribute to a better yield of food supply to meet the ever-growing requirements of our hungry planet. From farm to fork, by digitizing the entire value chain and linking these technologies together for the first time, we will facilitate a secure exchange of information to allow farmers and ranchers, agri-business organizations, the agri-food industry and the consumer to make smarter decisions. Importantly, we are striving to provide innovative solutions to advance the agriculture sector on a worldwide basis, whilst positioning Canada as a preferred global supplier of safe, sustainable food. TELUS Agriculture is the latest addition to our unique portfolio of compelling growth assets, which includes TELUS International and TELUS Health and will leverage our team’s expertise in technology and digital transformation. TELUS Agriculture will make a significant contribution to this fast-growing portfolio, driving strong financial and operating performance as well as material shareholder value creation. Moreover, our Agriculture strategy also represents another significant investment in the communities where we live, work and serve, supporting TELUS’ world leadership in social capitalism.”

Over the course of the last year, TELUS has completed several key acquisitions, assembling a suite of assets that is unmatched in the agriculture industry. Together under TELUS Agriculture, our team now has the expertise, experience, and relationships to connect every participant in the agriculture value chain, from seed manufacturers and farmers through to grocery stores and restaurants.

“TELUS Agriculture is tackling agriculture and agri-food’s complex data management challenges by linking systems together in new ways. Connecting the value chain and building solutions that make it convenient and valuable to shift to digital will help our customers drive industry-wide profitability while delivering better, healthier products to the consumer,” said Francois Gratton, EVP and Group President TELUS and Chair TELUS Health and TELUS Agriculture.

“The agriculture industry has long waited for a solution that not only optimizes the food supply chain, but provides benefit to each contributor along the way, and we are confident that TELUS Agriculture can provide these solutions. While we are humbled to be in a position to make such an impact, we are more driven than ever to deliver on that promise for the industry at-large,” said Thad Armbruster, CEO, TKXS.

In addition, today, TELUS Agriculture is proud to announce our most recent cornerstone acquisitions, global sales and distribution solutions powerhouse AFS Technologies and SaaS farm management platform Agrian. Tampa, Florida-based AFS Technologies is a global leader in delivering value to the consumer goods industry with purpose-built integrated business planning, trade promotion management, and supply-chain management technology that drives efficiency, improves agility, and increases profitability. Fresno, California-based Agrian combines the industry’s deepest label resource with a holistic platform that manages precision agriculture, agronomy, sustainability, analytics, and compliance with striking ease and effectiveness. With the addition of AFS and Agrian, TELUS Agriculture is now a global leader with customers in more than 50 countries.

“2020 has been a year of uncertainty for most, and that holds especially true for the consumer goods and agri-food industry. The global pandemic has not only drastically impacted the supply chain, but highlighted the urgency to tackle existing challenges,” said Richard Nicholas CEO, AFS. “With TELUS Agriculture, we are helping companies achieve improved continuity of supply, protect their brand, and drive efficiency and profitability, all while delivering better, healthier products in a sustainable way to the consumer.”

By bringing together innovative, market-leading companies at each stage of the value chain, TELUS Agriculture has built incredible scale and scope in the industry to be uniquely positioned to transform collaboration across the global agriculture industry as an independent player. This includes a billion acres of historical acre data and 170 million acres of real-time data across the most diverse crop markets in the world that can be leveraged to build industry leading AI and machine learning-based insights. At launch, the companies acquired include:

Acquisitions


  • AFS Technologies
     – Florida, USA – Comprised of AFS, Exceedra and Ignition, a global leader in supply chain management, and sales and distribution

  • AGIntegrated
     – Pennsylvania, USA – Seamless API integration

  • Agrian
     – California, USA – Unified management platform for precision, agronomy, sustainability, analytics, and compliance

  • Decisive Farming
     – Alberta, Canada – Precision agronomy and farm management expertise

  • Farm At Hand
     – British Columbia, Canada – Simplified farm management software

  • Muddy Boots
     – Ross-on-Wye, United Kingdom – Farm-to-food traceability and supply chain management

  • TKXS
     – North Carolina, USA – Custom data and program management

  • Feedlot Health Management Solutions
    * – Alberta, Canada – Critical insights and data-based knowledge

Partnerships


  • Hummingbird
     – London, United Kingdom – Advanced imagery analytics

For full details about TELUS Agriculture, please visit telus.com/agriculture.

*TELUS has entered into an agreement to acquire Feedlot Health Management Solutions. Transaction closing is subject to satisfaction of certain conditions precedent.

About TELUS

TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications and information technology company with $15.3 billion in annual revenue and 15.7 million customer connections spanning wireless, data, IP, voice, television, entertainment, video and security. We leverage our global-leading technology to enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. TELUS Health is Canada’s largest healthcare IT provider, and TELUS International delivers the most innovative business process solutions to some of the world’s most established brands.

Driven by our passionate social purpose to connect all Canadians for good, our deeply meaningful and enduring philosophy to give where we live has inspired our team members and retirees to contribute more than $700 million and 1.3 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most giving company in the world.

For more information about TELUS, please visit telus.com, follow us @TELUSNews on Twitter and @Darren_Entwistle on Instagram.

Media Contact

Doug Self
[email protected]
+1-403-616-8741

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Verisk Maplecroft releases world’s first subnational human rights risk indices

New data maps risk exposure of assets, suppliers and investments across 3600 regions, 10 issues

London, UK, Nov. 12, 2020 (GLOBE NEWSWIRE) — After two years in development, global risk data and forecasting company Verisk Maplecroft has released the world’s only Subnational Human Rights Dataset to enable multinational organizations and financial institutions to undertake risk assessments of their global operations, supply chains and investments in more granular detail than has been possible to date. 

The Dataset, which encompasses risk scores for 3,600 states and administrative regions in 198 countries, can be used by companies and asset managers to accurately map their exposure to 10 key human rights issues:

  • Arbitrary Arrest and Detention
  • Child Labour
  • Extrajudicial or Unlawful Killings
  • Forced Labour
  • Freedom of Assembly
  • Kidnappings
  • Migrant Workers
  • Occupational Health and Safety
  • Security Forces and Human Rights
  • Torture and Other Ill-treatment

“This data is unique, as there is nothing else in the marketplace that can match its comprehension of a wide degree of human rights issues on such a large scale,” says Matt Moshiri, President of Verisk Maplecroft. “In a time where greater emphasis is being placed on the social element of ESG (environmental, social and governance) risks by investors and consumers alike, it will provide the more refined intelligence companies need to take the assessment of human rights to a new level.”

Dynamic human rights monitoring captures local-level risks for 198 countries

The indices bring together data science with expert derived judgements and existing methodologies from Verisk Maplecroft’s internationally recognised country-level human rights indices.

‘Events gathering’ of reported violations or issues related to a specific human right is a key component. The benefit of this approach is that Verisk Maplecroft is able to more accurately capture the situation as reported ‘on the ground’ as well as being able to swiftly react to any major event, including conflicts, protests, riots or any other severe human rights infringements. Furthermore, using a dynamic event gathering approach means the indices will be updated quarterly to provide up-to-date metrics for each of the 3,600 regions.

With the human rights situation not only varying between countries, but also between the administrative areas, such a view is particularly beneficial for organizations with global footprints, multinational supply chains or diversified investment portfolios.

Fine-tuning human rights risk assessments

The indices provide an important risk assessment tool for a range of functions, including for the sustainable procurement departments of global brands that may be worried about the use of child labour or forced labour in the creation of their company’s products. These organizations may have 10,000 suppliers from 120 countries, but a budget that only allows for an audit of 10% of them. The Subnational Human Rights Dataset will support them with prioritising which suppliers to audit to have the best chance of addressing these issues from their supply chain.

Asset managers seeking to understand their ESG exposure, especially in relation to corporates and real assets, can also use Verisk Maplecroft’s Subnational Human Rights Dataset, alongside its environmental and governance indices, to monitor risk at the portfolio level.

“While our country-level human rights data remains market leading, the more granular geographic view of the new dataset allows for a fine-tuned approach to risk management,” adds Mr Moshiri. “It will also simplify compliance with emerging supply chain legislation and provide greater assurance to ethical consumers and responsible investors that companies are taking the extra steps necessary to minimize their human rights impact.”

About Verisk Maplecroft

With over 15 years standing at the forefront of data modelling, risk analysis and strategic forecasting, Verisk Maplecroft offers an unparalleled perspective on the complexities of the global risk landscape and the challenges it presents to business and investors.

With a unique holistic approach to risk, combining the world’s most extensive portfolio of global risk indices with expert analysis and specialist advisory capabilities, Verisk Maplecroft helps businesses identify, map and manage the exposure of their operations, supply chains and investments to the full spectrum of risks. From emerging ESG trends, political instability and climate change to resource nationalism, labour rights and security issues, its flexible solutions and tailored services give companies the actionable insight they need to make more effective decisions and succeed in an increasingly volatile world.

Verisk Maplecroft is part of the Verisk family of companies (NASDAQ: VRSK). Verisk is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Around the world, Verisk helps customers protect people, property, and financial assets for more information visit www.verisk.com.


www.maplecroft.com

Press contact:

Jason McGeown
Head of Media Relations
Verisk Maplecroft
Tel: +44 (0)1225 472846
Email: [email protected]

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Wolters Kluwer FRR Named Technology Partner for Regulatory Compliance in Central Banking Awards

Wolters Kluwer FRR Named Technology Partner for Regulatory Compliance in Central Banking Awards

LONDON–(BUSINESS WIRE)–
Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business has won a major award from Central Banking magazine, being named Technology Partner For Regulatory Compliance, in the publication’s annual FinTech and RegTech Awards.

The awards, which celebrate excellence and innovation, were decided by an expert panel of judges, including Central Banking magazine’s editorial team. Central Banking is published by Infopro Digital and is a sister title to Risk magazine. It specializes in public policy and financial markets, with an emphasis on central banks and their relationship with international financial institutions. The magazine was founded in 1990 and has an impressive editorial board which includes Nobel prize winning economists and former governors of central banks in Asia, Europe and the Americas.

“As regulators upgrade their technology, the industry is having to do the same. For a number of years Wolters Kluwer FRR has been providing financial institutions with integrated regulatory compliance and reporting solutions. Its OneSumX for FRR platform allows reporting to central banks and other regulatory bodies,” the judges said. “Wolters Kluwer leads the way on technology for regulatory compliance. The firm harnesses technology to help market players cope with the growing scope and volume of financial regulation.”

OneSumX for FRR, Wolters Kluwer FRR’s best-in-class integrated regulatory compliance and reporting solution suite, establishes a single source of data for finance, risk and regulatory reporting that is enriched with value-added content from in-house experts.

“Wolters Kluwer’s strong reputation and the success of our regulatory reporting and risk offerings have largely been based on ability to accurately connect the regulatory and reporting workflow processes and combine the data elements involved with the highest level of integrity. Our updated Regulatory Engine and launch of our SaaS solution mean our clients have access to a truly integrated offering covering finance, risk and regulatory reporting,” says Claudio Salinardi, General Manager and Executive Vice President of Wolters Kluwer FRR. “Awards like these are based on all important client feedback and, as such, provide independent recognition of our leading capabilities. On behalf of Wolters Kluwer I’d like to sincerely thank the judges for this prestigious accolade. 2020 has, of course, been a momentous year and our team’s commitment to ensuring the highest levels of service for our valued clients remains as focused as ever.”

Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.

Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running and Wolters Kluwer FRR is the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.

Paul Lyon

Director of Global Corporate Communications

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

[email protected]

KEYWORDS: Europe Ireland United Kingdom Netherlands

INDUSTRY KEYWORDS: Professional Services Data Management Technology Legal Software Finance Banking

MEDIA:

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Amcor’s responsible packaging strategy unlocks industry-leading sustainability progress

Amcor’s sustainability report highlights including increased design for recyclability products, greater PCR use and expansions to partnership activity

PR Newswire

ZURICH, Nov. 12, 2020 /PRNewswire/ — Amcor, a global leader in packaging, continues to achieve significant progress in its efforts to enhance sustainability and reduce plastic waste. In this year’s sustainability report, Amcor reveals its delivery against key target areas and re-establishes the central role that sustainability plays in its business.

The report details efforts Amcor has taken across its rigids, flexibles and specialty cartons businesses.

Highlights include:

  • Amcor’s progress in bringing its product offerings in line with its sustainable commitments – as a result, $7.71 bn of Amcor’s revenue is now generated from products that have been designed to be recyclable.
  • Amcor’s increased use of post-consumer recycled resin – which reached over 83,000 tonnes this year. This higher utilization of PCR also reduced over 100,000 tonnes of CO2 emissions – as recycled resin has a lower carbon footprint than virgin material.
  • Continued efforts to run its operations efficiently and in line with the highest environmental standards have seen the company reduce waste disposal from operations by over 3,200 tonnes – a 10% reduction – this year.
  • Amcor’s partnerships activity increased as Amcor joined WWF ReSource: Plastic initiative; a global consortium of companies and organizations collaborating to keep waste out of the environment.

David Clark, Vice President for Sustainability at Amcor said: “At Amcor we believe that winning for the environment means that we are winning as a business. As a market leader, we’re committed to using our innovation capabilities to ensure that all of our products are recyclable or reusable by 2025 – but we know that this is only one stage of the cycle. A sustainable, responsible approach to packaging requires more than just recyclable products, it also needs infrastructure development and customer action. This year’s sustainability report outlines our continued work to achieve more sustainable outcomes and to use our unique position to accelerate more sustainable solutions.”

Amcor’s 2020 Sustainability Report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards: Core option and Sustainability Accounting Standards Board (SASB) Containers & Packaging Sustainability Accounting Standard version 2018-10. This is the ninth year that Amcor has reported in accordance with GRI and the first year it has reported using the SASB Standards.

The report will be released on Thursday 12th November at 08:00 CET time and is accessible alongside previous year’s reports and our Sustainability Review – which lays out Amcor’s sustainability strategy and details our progress against our objectives.

Learn more about Amcor’s sustainability activities at www.amcor.com/sustainability

About Amcor

Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that uses less materials, is increasingly recyclable and reusable, and is made with more recycled content. Around 47,000 Amcor people generate $12.5 billion in annual sales from operations that span about 230 locations in 40-plus countries. NYSE: AMCR; ASX: AMC

www.amcor.com  I  LinkedIn  I  Facebook  I  Twitter  I  YouTube

 

Cision View original content:http://www.prnewswire.com/news-releases/amcors-responsible-packaging-strategy-unlocks-industry-leading-sustainability-progress-301171672.html

SOURCE Amcor

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BevCanna Partners with Naturo to Launch Beyond Energy All-Natural Hemp Energy Drink

BevCanna Partners with Naturo to Launch Beyond Energy All-Natural Hemp Energy Drink

Partnership with Naturo to bring access to over 3,000 points of distribution as well as significant retail and manufacturing expertise, with all necessary licenses already in place

VANCOUVER, British Columbia–(BUSINESS WIRE)–
Emerging leader in infused innovations BevCanna Enterprises Inc. (“BevCanna” or the “Company”) (CSE:BEV, OTCQB:BVNNF, FSE:7BC), is excited to announce the development of a new Beyond Energy all-natural hemp energy drink. Launched in partnership with experienced beverage company, Naturo Group, the beverage will be sold under BevCanna’s flagship house brand, Anarchist Mountain Beverages™.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201112005424/en/

Beyond Energy natural hemp energy drink (Photo: Business Wire)

Beyond Energy natural hemp energy drink (Photo: Business Wire)

Formulated with natural mineral spring water, Beyond Energy features all-natural vegan friendly ingredients, including natural yuzu and lime flavours, caffeine from natural tea, ginseng, B & D vitamins, and hemp seed extract, which is a functional source of omegas and promotes brain function and overall wellbeing. Additionally, the presence of essential B and D vitamins such as B12 and D3 combats a global vitamin deficiency within consumers today. The innovative fortified hemp seed extract formulation does not require Health Canada cannabis licensing and will allow the beverage to be sold in traditional mass retail points of distribution and through direct to consumer e-commerce channels.

“The launch of the Beyond Energy beverage will not only expand BevCanna’s Anarchist Mountain brand into traditional points of retail and ecommerce, but will also allow BevCanna to sell product into Naturo’s extensive retail distribution network,” said John Campbell, CSO of BevCanna.

Naturo Group offers a full service white-label beverage manufacturing vertical for traditional CPG clients and owns and operates nationally distributed house brands across Canada. Naturo’s house brand beverages are currently sold in more than 3000 Canadian retailers, including 7/11, Loblaws, London Drugs, Metro and Farm Boy, as well as online direct-to-consumers, via Amazon; and is expanding into the U.S. market in 2021. Naturo’s significant and established distribution network will allow BevCanna to scale its retail distribution quickly and to leverage this network for its range of infused beverages.

“Naturo has been exceptionally successful in growing its retail and e-commerce distribution network, along with its robust manufacturing capabilities,” said Marcello Leone, Founder of Naturo Group & CEO of BevCanna “Now that the market for cannabis and hemp-derived beverages is exploding, Naturo is excited to further strengthen it’s relationship with BevCanna to launch these innovative new natural products through Naturo’s robust manufacturing and distribution network, and for continued collaboration with BevCanna.”

Beyond Energy will represent the first beverage to launch under the Anarchist Mountain banner in traditional sales channels. The Anarchist Mountain brand represents iconic West Coast attributes in all aspects of its brand identity and is formulated based on extensive consumer trends research. Inspired by the site of BevCanna’s bottling operations and pristine alkaline spring water source in the BC interior, Anarchist Mountain is a nod to the rich history of cultivation in the iconic region – both a longstanding legacy and notoriety within cannabis, and the 100+ wineries spread throughout the region.

The full Anarchist Mountain brand portfolio will include non-cannabinoid options, including Beyond Energy, which will use hemp seed extract, and which will be sold through traditional retail and ecommerce; as well as cannabis-infused options, which will be sold through licensed dispensaries. As domestic and international markets evolve regulations to allow for a broader distribution of cannabinoid based products, BevCanna will leverage the distribution network established through the non-cannabinoid options to broaden the distribution for cannabinoid infused beverages, consistent with their overall growth strategy of scaling into traditional points of retail to the maximize addressable market and leverage brand equity.

About BevCanna Enterprises Inc.

BevCanna Enterprises Inc. (CSE:BEV, OTCQB:BVNNF, FSE:7BC) develops and manufactures cannabinoid–infused beverages and consumer products for in–house brands and white label clients. With decades of experience creating, branding and distributing iconic brands that have resonated with consumers on a global scale, the team demonstrates an expertise unmatched in the emerging cannabis beverage category. Based in British Columbia, Canada, BevCanna owns the exclusive rights to a pristine spring water aquifer, access to a world–class 40,000–square–foot, HACCP certified manufacturing facility, with a current bottling capacity of up to 210M bottles per annum. BevCanna also recently acquired US natural health and wellness e-commerce platform Pure Therapy. BevCanna’s vision is to be a global leader in infused innovations.

On behalf of the Board of Directors:

John Campbell, Chief Financial Officer and Chief Strategy Officer

Director, BevCanna Enterprises Inc.

Forward-Looking Information

This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including the statements regarding: the partnership with Naturo will bring access to over 3,000 points of distribution as well as significant retail and e-commerce expertise; the beverage will be sold in traditional mass retail points of distribution and through direct to consumer e-commerce channels, expand BevCanna’s Anarchist Mountain brand into traditional points of retail and ecommerce, and will also allow BevCanna to sell product into Naturo’s extensive retail distribution network; Naturo’s significant and established distribution network will allow BevCanna to scale its retail distribution quickly and to leverage this network for its range of infused beverages; the full Anarchist Mountain brand portfolio will include non-cannabinoid options, including Beyond Energy, which will use hemp seed extract and which will be sold through traditional retail and ecommerce; as well as cannabis-infused options, which will be sold through licensed dispensaries; as domestic and international markets evolve regulations to allow for a broader distribution of cannabinoid based products, BevCanna will leverage the distribution network established through the non-cannabinoid options to broaden the distribution for cannabinoid infused beverages, consistent with their overall growth strategy of scaling into traditional points of retail to the maximize addressable market and leverage brand equity; and other statements regarding the business plans of the Company.

Forward-looking statements are based on certain assumptions regarding the issuances of licenses by Health Canada to the Company under the Cannabis Act; future positive legislative, tax and regulatory developments with respect to cannabis; a continued high regulatory barrier entry for cannabis-infused beverages; successful and timely commercialization of the company’s products; successful and timely negotiation of various agreements; and expectations with respect to the future growth of recreational cannabis products. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. The assumptions of the Company, although considered reasonable by it at the time of preparation, may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, the Company not being issued licenses by Health Canada; risks associated with general economic conditions; risks associated with climate and agriculture; changes in consumer preferences; adverse industry events; future legislative, tax and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the inability to implement business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of the Company which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. The Company disclaims 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 law, and the Company does not assume any liability for disclosure relating to any other company mentioned herein.

For media enquiries or interviews, please contact:

Wynn Theriault, Thirty Dash Communications

416-710-3370

[email protected]

For investor inquiries, please contact:

Luca Leone, BevCanna Enterprises Inc.

604-880-6618

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Alternative Medicine Retail Health Fitness & Nutrition Specialty Food/Beverage

MEDIA:

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Beyond Energy natural hemp energy drink (Photo: Business Wire)
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Willis Towers Watson acquires Acclimatise in move that further strengthens climate resilience leadership

Combining Acclimatise with WTW’s Climate and Resilience Hub creates global powerhouse for climate resilience services

LONDON, Nov. 12, 2020 (GLOBE NEWSWIRE) — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, today announced the acquisition of Acclimatise, the market leader in climate change adaptation advisory and analytics services, to meet growing demands from corporates, Governments and financial institutions.

Willis Towers Watson’s Climate and Resilience Hub (CRH) has expanded its scope to help clients address the challenges of climate and related Environmental, Social and Governance (ESG) issues across physical, transition and legal liability risks. Combining the capabilities of Acclimatise and the CRH will enhance the company’s leadership in physical climate risk and integrate this with a growing range of wider client services on climate and resilience.

Acclimatise, based in the UK with teams in France, the U.S. and India, brings a wealth of complementary experience in climate adaptation to Willis Towers Watson having completed over four hundred and fifty climate adaptation consulting projects since it was founded in 2004. The company has developed a unique platform to assimilate and apply climate model and earth observation data to support risk analytics and on-line applications. This has delivered a market leading position among financial services, natural resources, development institutions and Governments across developed and emerging markets to support national planning and climate finance.

Welcoming the deal, Rowan Douglas, Head of Willis Towers Watson’s Climate and Resilience Hub, said, “By combining Acclimatise’s market leading climate modelling and adaptation capabilities with Willis Towers Watsons’s deep experience in natural catastrophe modelling, risk management, re/insurance and investment markets we have a unique range of expertise to help clients manage climate exposures, seize adaptation opportunities and build more resilient societies and economies.”

“We have long admired Acclimatise and what John Firth and Dr. Richenda Connell have built as visionary leaders since 2004. Our earlier collaboration via the Willis Research Network illustrated a shared market ambition, culture and complementary experience and relationships. This feels like a very natural step for both teams. We are all excited about meeting the resilience challenges for corporates, Governments and financial institutions in the years ahead.”

John Haley, CEO at Willis Towers Watson, said “This acquisition is very much in line with our goal to help clients navigate an increasingly complex world and to achieve climate resilience through the provision of market-leading solutions. Acclimatise’s capabilities and proven success in the area of climate risk, provide significant opportunity for us going forward. I am excited about what this means for Willis Towers Watson.

In addition, combining the skillsets and capabilities of both companies will further strengthen our company’s efforts in addressing climate resilience for wider society, for example our work with the Coalition for Climate Resilient Investment (CCRI).”

John Firth, CEO and Co-Founder of Acclimatise, said, “Climate change risk is fast becoming a central part of government, corporate and financial decision making and planning. Meeting growing client demand will require increasingly sophisticated approaches to climate risk assessment and management. This is why I’m hugely excited by the potential that Willis Towers Watson’s acquisition of Acclimatise brings. I am very proud of Acclimatise’s achievements and our staff over its sixteen-year history – from kitchen table to a market leader – and am confident that combining with the Climate and Resilience Hub is the right move to ensure we can amplify the impact of our work.”

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

About the Climate and Resilience Hub

The Climate and Resilience Hub (CRH) is the focal point for our climate expertise and capabilities, pooling knowledge from across our people, risk and capital businesses and from our collaborations to deliver climate and resilience solutions in response to a range of regulatory, investor, consumer, employee and operating pressures. Under the Climate Quantified™ brand we deliver analytics, advice and transactions to enable corporate, finance and public sector institutions to embrace the climate decade ahead.

Media contact

Andrew Collis +44 (0) 7932 725267

Miles Russell +44 (0) 7903 262118

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NeoDynamics enters a scientific partnership to evaluate its technology platform in osteoarthritis

PR Newswire

STOCKHOLM, Nov. 12, 2020 /PRNewswire/ — NeoDynamics AB (publ), (Spotlight Stockholm: NEOD), today announced that the Company joins in a research collaboration with the William Hunter Revisited research consortium to evaluate NeoNavia pulse biopsy system for joint tissue sampling in a new potential indication, osteoarthritis.

The William Hunter Revisited research consortium consists of six universities and academic hospitals and is collaborating with industry to identify biomarkers and test new diagnostic devices for monitoring disease progression and repair as well as developing regenerative therapies for osteoarthritis.

“We look forward to collaborating with NeoDynamics and leveraging their expertise and technology to improve biopsy technique and tissue sampling in patients with osteoarthritis”, says Dr. Pieter Emans, Orthopedic Surgeon at Maastricht UMC.

“The collaboration with the consortium is a great opportunity for NeoDynamics, it gives us access to a network of leading clinicians and researchers in the field of osteoarthritis. Naturally we are interested to evaluate our technology platform beyond the breast cancer area”, says Kai-Uwe Schässburger, Ph.D. Director Clinical Development & Medical Affairs of NeoDynamics. “This will further validate our pulse biopsy system NeoNavia and explore the potential use in Osteoarthritis”.

Osteoarthritis is the most common form of arthritis, affecting more than 100 million patients around the world. It occurs when the protective cartilage that cushions the end of the bones gradually deteriorates and is the 4th leading cause of mobility-associated disability. Osteoarthritis is a degenerative disease that worsens over time often resulting in chronic pain. Societal costs are immense and reaching 15 Billion per year in the Netherlands alone. There is a significant need to developing innovative tools for tissue sampling, and analysis of disease progression to optimize individual treatment options.

The information was submitted for publication through the agency of the contact person set out below, at 08:55 CET on November 12, 2020

For additional information please contact: 

Anna Eriksrud, CEO NeoDynamics AB (publ). Phone +46 708 444 966 e-mail: [email protected]

Jörgen Vrenning, CFO/IR NeoDynamics AB (publ). Phone +46 708 519 648 e-mail: [email protected]

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/neodynamics/r/neodynamics-enters-a-scientific-partnership-to-evaluate-its-technology-platform-in-osteoarthritis,c3235576

 

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SOURCE NeoDynamics

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Epson Debuts First 8.5-Inch Desktop Dye-Sublimation Printer for Home or Small Businesses to Create and Sell Products Easily and Affordably

New Compact SureColor F170 Dye-Sublimation Printer Offers Turnkey Solution to Create Personalized Mugs, Face Masks, Mobile Phone Covers, T-Shirts, and More

PR Newswire

LOS ALAMITOS, Calif., Nov. 12, 2020 /PRNewswire/ –Epson today announced the first 8.5-inch wide desktop dye-sublimation printer – the SureColor® F170 – enabling creative individuals and small businesses to easily get started in the personalized promotional goods market. Designed to deliver fast, reliable dye-sublimation printing right out of the box, the new printer is ideal for home or small businesses and start-ups looking to expand their product offering into the gifting and promo goods sector. The new printer delivers an affordable and intuitive solution for creating personalized awards, mugs, mousepads, face masks, mobile phone covers, t-shirts, hats, and more.

“Americans are starting new businesses and shifting their product offerings at the fastest rate in more than a decade,” said Tim Check, senior product manager, Professional Imaging, Epson America, Inc. “As creative entrepreneurs and small businesses transition to meet new opportunities in a reshaped economy, there is an increased demand for entry-level dye-sublimation technology that allows customers to easily and confidently create and sell products. Whether you’re just getting started on Etsy or Shopify, or growing into new offerings, the SureColor F170 provides creative individuals and businesses everything needed to expand into the popular promotional goods market with a seamless solution built and fully supported by Epson.”

The purpose-built dye-sublimation printer delivers professional-quality prints using powerful PrecisionCore® technology. A truly turnkey solution, the SureColor F170 arrives with genuine Epson dye-sublimation ink technology, a 150-sheet auto-feed tray and macOS™ and Windows™ print software. The SureColor F170 offers fast turnaround times for product production and low running costs to home and small businesses and requires no specialist knowledge to set up, operate or maintain. In addition, the remarkably compact, space-saving design allows for maximized workshop space at home or in a small studio.

The SureColor F170 uses high-performance ink technology with OEKO-TEX® ECO PASSPORT certified inks which when applied to fabric and appropriately fixed, garments have been determined safe for use by adults, children and babies.1 The high capacity 140 mL bottles have auto-stop technology that allows for easy refilling without a mess. The SureColor F170 works with Epson DS Transfer Multi Use Paper, which is matched with print settings and ink to produce high-quality output out of the box. The instant dry paper avoids print smudges and roller marks and produces excellent photo quality on both rigid materials and fabrics.

The SureColor F170 delivers high image quality in one of the most compact, reliable dye-sublimation printers on the market. Additional features include:

  • Astounding print quality – PrecisionCore printhead offers Precision Droplet Control for outstanding clarity
  • Genuine Epson dye-sublimation ink technology – Delivers extraordinary color saturation and high color contrast
  • Versatile media support – Includes a 150-sheet auto-feed tray for added efficiency
  • Replace ink less often – High-capacity ink bottles with auto-stop for easy, mess-free filling
  • Tackle a variety of print jobs – Epson DS Transfer Multi Use Paper produces amazing images on both soft and rigid materials
  • Reliable performance – Backed by Epson world-class service and support
  • Easy printing right out of the box – Comes equipped with streamlined print software optimized for dye-sublimation
  • Flexible connectivity – Easily connect to the printer via USB, Ethernet or integrated wireless

Support and Availability
The Epson SureColor F170 will be available for $399 estimated MSRP through authorized Epson Professional Imaging resellers. The printer comes with a one-year, 15,000 page limited warranty. The printer is designed to work exclusively with Epson ink. For additional information, visit www.proimaging.epson.com.

About Epson
Epson is a global technology leader dedicated to becoming indispensable to society by connecting people, things and information with its original efficient, compact and precision technologies. The company is focused on driving innovations and exceeding customer expectations in inkjet, visual communications, wearables and robotics. Epson is proud of its contributions to realizing a sustainable society and its ongoing efforts to realizing the United Nations’ Sustainable Development Goals.

Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of more than JPY 1 trillion. global.epson.com/

Epson America, Inc., based in Los Alamitos, Calif., is Epson’s regional headquarters for the U.S., Canada, and Latin America. To learn more about Epson, please visit: epson.com. You may also connect with Epson America on Facebook (facebook.com/Epson), Twitter (twitter.com/EpsonAmerica), YouTube (youtube.com/epsonamerica), and Instagram (instagram.com/EpsonAmerica).

* Epson strongly recommends the use of genuine ink to ensure optimal print quality and performance.

1 When applied to fabric and appropriately fixed Epson DS ink has passed the standards set by OEKO-TEX® ECO PASSPORT. For further details on these standards please visit www.oeko-tex.com/ecopass.

EPSON, PrecisionCore and SureColor are registered trademarks and EPSON Exceed Your Vision is a registered logomark of Seiko Epson Corporation. All other product and brand names are trademarks and/or registered trademarks of their respective companies. Epson disclaims any and all rights in these marks. Copyright 2020 Epson America, Inc.

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SOURCE Epson America, Inc.

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Cardior Pharmaceuticals Announces Positive Phase Ib Results of its Lead Compound CDR132L in Heart Failure

  • First-in-class compound showed excellent tolerability and safety
  • Unique mode of action in chronic heart failure confirmed by data on cardiac function and biomarkers
  • Phase II studies in subacute and chronic heart failure
    planned

Hanover, Germany, November 12, 2020 – Cardior Pharmaceuticals GmbH, a clinical-stage biotech company focused on the development of non-coding RNA (ncRNA) based therapeutics for patients with cardiovascular diseases, announced today positive results of a Phase Ib study with its lead compound CDR132L. The compound is an antisense oligonucleotide inhibiting the non-coding microRNA-132 (miR132) that directly regulates adverse cardiac remodeling. This first-in-human study was performed in cooperation with Richmond Pharmacology Ltd., London, UK (clinicaltrials.gov: NCT04045405). Results were published in the European Heart Journal (doi:10.1093/eurheartj/ehaa898).

In the trial, CDR132L met all endpoints and showed excellent tolerability and safety. The randomized, double-blind, placebo-controlled, dose-escalating study was designed to assess safety, pharmacokinetic (PK) and pharmacodynamic (PD) properties of CDR132L in patients with stable heart failure (HF) of ischemic origin (NYHA 1-3). The study design combined dose escalation with repeat dosing (day 1 and 28) at 4 dose levels. 28 patients received CDR132L or placebo (5:2 randomized in 4 cohorts) via short-term intravenous infusions as add-on therapy to standard of care.

Primary endpoint was safety and tolerability of CDR132L as assessed during the 120-day study period. The characterization of CDR132L’s PK profile in heart failure patients served as secondary endpoint. In addition, the effect of CDR132L on the target miR132 and on certain HF-relevant PD parameters was analyzed in an exploratory manner.

The infusion was very well tolerated by all patients with no injection-related signs. No safety signals or unexpected adverse events were observed for CDR132L. PK data showed strong dose-dependent linearity and specific target engagement could be confirmed. Exploratory analysis of multiple pharmacodynamic parameters, including measurement of NT-proBNP blood levels, showed beneficial effects on top of standard of care and will be used for planning Phase II proof-of-concept studies.

“CDR132L did not show any signs of toxicity regardless of dose level. As expected, the pharmacokinetic characteristics were found to be dose-dependently linear,” said Dr. Thomas Thum, Professor at Hannover Medical School and CSO of Cardior. “In addition, the target engagement data confirmed the mode of action of CDR132L. We also observed positive changes of various markers which in our preclinical models were strong signs of efficacy. In sum, the analysis of relevant surrogate pharmacodynamic parameters showed promising beneficial results in these patients, even after only two administrations of CDR132L.”

He added that the observed pharmacodynamic effects of CDR132L are planned to be further investigated in upcoming Phase II studies.

“We are very pleased with the outcome of our clinical study, the first-ever trial of an oligonucleotide-based drug in heart failure patients,” said Claudia Ulbrich, CEO of Cardior. “These encouraging results are an excellent basis for starting Phase II studies in subacute and chronic heart failure patients. The outcome of this trial also underlines the potential of RNA-based therapies as a causal approach to treat complex diseases.”

###

About CDR132L

CDR132L is an antisense oligonucleotide developed by Cardior Pharmaceuticals inhibiting the microRNA-132 (miR132), a non-coding microRNA that regulates cardiac hypertrophy and remodeling in cardiomyocytes by targeting well-defined pathways.

miR132 is a regulatory master switch to control cardiac function and a promising, causal therapeutic target in heart failure therapy. Expression of miR132 is increased in various pathological cardiac conditions in both animals and humans, and previous preclinical studies have shown that miR-132 is essential for driving the pathological growth of cardiomyocytes.

About Cardior

Cardior Pharmaceuticals is a privately held German biopharmaceutical company pioneering the development of curative and preventive heart failure therapeutics based on non-coding RNAs (ncRNAs). Cardior’s therapeutic approach is using distinctive ncRNA signatures driving the molecular reprogramming that causes maladaptive remodeling and heart failure. Drug candidates developed by Cardior represent first-in-class ncRNA therapeutics and diagnostics for patients with myocardial infarction and various forms of heart failure. Founded in 2016 based on the work of cardiologist Prof. Dr. Dr. Thomas Thum of Hannover Medical School, the Company has raised EUR 15 Mio. from international investors LSP, BioMedPartners, Boehringer Ingelheim Venture Fund (BIVF), Bristol-Myers Squibb (BMS) and High-Tech Gründerfonds (HTGF).

Contact Cardior

Dr. Claudia Ulbrich / Barbara Gaertner-Rupprecht
Cardior Pharmaceuticals GmbH
Feodor-Lynen-Str. 15
30625 Hanover
Germany
Tel: +49 511 33 85 99 30

Media Inquiries

akampion
Dr. Ludger Wess / Ines-Regina Buth
Managing Partners
[email protected]
Tel. +49 40 88 16 59 64
Tel. +49 30 23 63 27 68