Just Energy Reports Fiscal Second Quarter 2021 Results

Base EBITDA from continuing operations of $33 million for the fiscal second quarter 2021

Increasing Base EBITDA guidance range to between $145 million and $165 million for fiscal year 2021 

Completed Recapitalization provides strong foundation to drive profitable growth

TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) — Just Energy Group Inc. (“Just Energy” or the “Company”) (TSX:JE; NYSE:JE), a retail energy provider specializing in electricity and natural gas commodities, renewable energy options and carbon offsets, announced its second quarter results for fiscal year 2021.

“The second fiscal quarter was hallmarked by several important milestones including reestablishing the Company as a financially stable, more nimble and competitive retail energy provider” said Just Energy’s President and Chief Executive Officer, Scott Gahn. “We believe the successful closing of our Recapitalization plan, the reconstitution of the Board of Directors and appointment of new leadership were mission critical and position us to better meet our customers’ needs and ultimately deliver value to our stakeholders.”

“Our Q2 sales improved, with our total new RCE additions increasing from forty-six thousand in Q1 to eighty-six thousand for the second quarter of fiscal 2021.  The increase was driven by our focus on building our digital sales capabilities while our direct sales channels continue to be inhibited by the COVID-19 pandemic, resulting in a decline in our net RCE additions for the quarter.  In spite of the challenges, we continue to concentrate on ensuring every action we take is in pursuit of profitable growth and we are confident in our ability to achieve that goal.”

Mr. Gahn concluded, “While the timing and pace of any potential recovery is difficult to predict during the pandemic, which continues to constrain our direct selling activity, we are experiencing increasing momentum in digital sales activity and gaining more confidence in our outlook for fiscal year 2021 financial results. As a result, we are tracking to the upper end of our original Base EBITDA guidance and have increased our guidance for Base EBITDA to a range of $145 million to $165 million for fiscal year 2021.”


Key developments:

  • The Company completed its comprehensive Recapitalization plan on September 28, 2020 to strengthen and de-risk the business, resulting in total liquidity of $138 million as at September 30, 2020.
     
  • Base EBITDA from continuing operations decreased 33% compared to the second quarter of fiscal year 2020 to $32.8 million.  After taking into account a $6 million one-time legal provision in the quarter and a non-recurring $15 million gain in the second quarter of fiscal year 2020, Base EBITDA was up $5 million compared to the second quarter of fiscal year 2020. The second quarter of fiscal year 2021 was impacted by the one-time legal provision and lower Base gross margin but was partially offset by lower bad debt expense.  
     
  • Base gross margin was $138.3 million, a decrease of 11% compared to the second quarter of fiscal 2020, as a result of a decline in the customer base, partially offset by higher consumption loads as a result of COVID-19 and lower weather hedge costs.
     
  • Administrative expenses were $44.0 million.  Excluding the one-time non-recurring $6 million legal provision (see Legal Proceedings in the Company’s Financial Statements and Management Discussion and Analysis), the administrative expenses were 7% lower than the comparable quarter in fiscal year 2020.
     
  • Selling non-commission and marketing expenses fell 37% to $13.0 million compared to the same period of fiscal 2020 driven by suspending door-to-door sales, realizing prior year cost savings and maintaining our focus on cost containment partially offset by additional investment in digital and telesales.
     
  • Delivered unlevered free cash flow of $53 million for the six months ended September 30th, 2020 while paying $30 million of Recapitalization and restructuring costs and paying down certain extended supplier payables.
     
  • Embedded gross margin (“EGM”) decreased 20% to $ 1,520.8 million as compared to September 30, 2019 due to the decline in the customer base but was partially offset by a stronger U.S. dollar.
     
  • Appointed Michael Carter as Chief Financial Officer and Jim Brown as Chief Commercial Officer; promoted Scott Fordham to Chief Operating Officer.  

Financial and operating highlights
For the three months ended September 30.

(thousands of dollars, except where indicated and per share amounts)


 
                 
        % increase


     
  Fiscal 2021   (decrease)


  Fiscal 2020
Sales $ 649,602     (15
)%
      768,440  
Cost of goods sold   428,891     (49
)%
      843,788  
Gross margin   220,711     NMF3       (75,348 )
Realized gain (loss) of derivative instruments and other   (82,438 )   (136)3       230,732  
Base gross margin1   138,273     (11
)%
      155,384  
Administrative expenses2   43,957     6
%
      41,466  
Selling commission expenses   34,894     4
%
      33,499  
Selling non-commission and marketing expense   13,017     (37
)%
      20,780  
Bad Debt Expense   11,662     (61
%)
      29,570  
Restructuring costs   7,118     NMF3        
Finance costs   29,744     5
%
      28,451  
Profit (loss) from continuing operations   (50,156 )   NMF3       89,349  
Loss from discontinued operations   (1,210 )   (88
)%
      (9,809 )
Profit (loss) for the period4   (51,366 )   NMF3       79,540  
Earnings (loss) per share from continuing operations available to shareholders – basic   (4.37 )           9.05  
Earnings (loss) per share from continuing operations available to shareholders – diluted   (4.37 )           8.97  
Base EBITDA from continuing operations1   32,774     (33
)%
      49,069  
Embedded gross margin1   1,520,800     (20
)%
      1,892,000  
Total RCEs   3,086,000     (12
)%
      3,500,000  
Total gross customer (RCE) additions   86,000     (49
)%
      168,000  
Total net customer (RCE) additions   (97,000 )   49
%
      (65,000 )

1 See “Non-IFRS financial measures” on page 6 of the MD&A.
2 Includes $0.3 million and $3.6 million of Strategic Review costs for the second quarter of fiscal 2021 and 2020, respectively.
3 Not a meaningful figure.
4 Profit (loss) includes the impact of unrealized gains (losses), which represents the mark to market of future commodity supply acquired to cover future customer demand as well as weather hedge contracts entered into as part of the Company’s risk management practice. The supply has been sold to customers at fixed prices, minimizing any realizable impact of mark to market gains and losses.






Balance sheet, unlevered cash flow and liquidity

  • The Company has $138 million of total liquidity available as at September 30, 2020.  The liquidity is made up of cash and cash equivalents of $78 million and available capacity of $60 million under its senior secured credit facility.
     
  • Total debt decreased to $500 million as at September 30, 2020 from $782 million as at March 31, 2020 as a result of the completion of the Recapitalization transaction.
     
  • Unlevered free cash flow of $53 million for the six months ended September 30, 2020 compared to $102 million for the six months ended September 30, 2019 driven by $30 million of Recapitalization and restructuring costs and paying down of certain extended supplier payables.

       


Total customer count

  As at
Sept. 30, 2020
As at
March 31, 2020
Sept. 30 vs.
March 31
variance
As at
Sept 30, 2019
Sept. 2020 vs.
Sept. 2019
Consumer 906,000 988,000 (8 )% 1,078,960 (16 )%
Commercial 108,000 119,000 (9 )% 118,172 (9 )%
Total customer count 1,014,000 1,107,000 (8 )% 1,197,132 (15 )%

  • Total customer count, excluding discontinued operations, declined 15% to 1,014,000 compared to September 30, 2019 and 8% compared to March 31, 2020, due to the Company’s focus on adding longer tenure more profitable customers and impacts of COVID-19.

 Annual Gross Margin Per RCE

      Q2 Fiscal   Number of     Q2 Fiscal   Number of
    2021   RCEs   2020   RCEs
                     
Consumer customers added or renewed   $ 355   32,000   $ 314   161,000
Commercial customers added or renewed1     89   33,000     87   110,000
1 Annual Gross margin per RCE excludes margins from Interactive Energy Group and large Commercial and Industrial customers.
  • Consumer gross margin per RCE increased 13% versus the prior comparable period driven by a stronger U.S. dollar and the Company’s increase in focus on profitable customer growth. Commercial customer gross margin per RCE increased 2% due to the stronger U.S. dollar and the adding and renewing of a larger proportion of lower usage, higher margin Commercial customers.


Total RCE Summary

  July 1,     Failed to Sept. 30, % increase Sept. 30, %

 
2020 Additions Attrition renew 2020 (decrease) 2019 decrease
Consumer                
Gas 299,000 1,000 (10,000 ) (5,000 ) 285,000 (5 )% 357,000 (20 )%
Electricity 846,000 33,000 (38,000 ) (21,000 ) 820,000 (3 )% 915,000 (10 )%
Total Consumer RCEs 1,145,000 34,000 (48,000 ) (26,000 ) 1,105,000 (3 )% 1,272,000 (13 )%
Commercial                
Gas 396,000 30,000 (11,000 ) (8,000 ) 407,000 3 % 437,000 (7 )%
Electricity 1,642,000 22,000 (51,000 ) (39,000 ) 1,574,000 (4 )% 1,791,000 (12 )%
Total Commercial RCEs 2,038,000 52,000 (62,000 ) (47,000 ) 1,981,000 (3 )% 2,228,000 (11 )%
Total RCEs 3,183,000 86,000 (110,000 ) (73,000 ) 3,086,000 (3 )% 3,500,000 (12 )%



Consumer

  • Consumer RCE additions amounted to 34,000 for the second fiscal quarter of fiscal 2021, an 89% increase over the first fiscal quarter driven by an increased focus on digital sales and partially restarting sales activity through our retail and other direct sales channels.  The 34,000 was a 52% decrease from the year ago quarter, primarily driven by the selling constraints posed by COVID-19 and the Company’s greater emphasis on profitable growth through attracting and retaining strong-fit customers.
  • The Company experienced a 4 percentage point decrease in the Consumer attrition rate to 4% for the three months ended September 30, 2020 reflecting the improvements in customer survival attributable to the Company’s greater emphasis on attracting and retaining strong-fit customers.  The Consumer attrition rate for the trailing 12 months ended September 30, 2020 increased two percentage points to 25%.
  • The Company experienced an 11 percentage point increase in Consumer renewal rates to 82% for the three months ended September 30, 2020 compared to 71% for the three months ended September 30, 2019, driven by improved retention offerings.  The Consumer renewal rate for the trailing 12 months ended September 30, 2020 also increased 11 percentage points to 80%.

Commercial

  • Commercial RCE additions were 52,000 for the second fiscal quarter, an 86% increase over the first fiscal quarter as the impacts of the pandemic eased.  The 52,000 was a 69% decrease from the comparable period for fiscal year 2020 due to the selling constraints posed by COVID-19 and competitive pressures on pricing in the U.S. market.
  • The Commercial attrition rate for the trailing 12 months ended September 30, 2020 increased two percentage points to 10%. 
  • The Commercial renewal rate for the three months ended September 30, 2020 increased from 48% to 55%.  The trailing 12-month Commercial renewal rate ending September 30, 2020 decreased by 4 percentage points to 49% driven by a competitive market for Commercial renewals with competitors pricing aggressively and Just Energy’s focus on retaining longer-term, profitable customers rather than pursuing low margin sales.


Outlook

The completion of the Recapitalization positions Just Energy to continue executing on its core objectives. Moving forward, we remain focused on our core North American retail energy operations and driving towards profitable growth to create value for our stakeholders.

To drive profitable growth, Just Energy is committed to continue controlling costs, building off the success achieved during fiscal year 2020. Further, the Company remains committed to improving the quality of its customer base by utilizing data to better understand its customers, pursuing operational excellence, improving its customer experience and through dedication to financial discipline.

Despite the uncertainty associated with COVID-19 and the impact it has on sales, the Company is narrowing and increasing its previous guidance range of between $130 million and $160 million of Base EBITDA to a new expected range of $145 million to $165 million for fiscal year 2021. This guidance includes the impact of a one-time $6 million legal provision. The Company also expects to be at the upper end of its original unlevered free cash flow guidance and is narrowing the guidance to between $80 million and $100 million in fiscal year 2021, subject to management’s decision to further reduce extended supplier payables.


Earnings Call

The Company will host a conference call and live webcast with Scott Gahn, Just Energy’s Chief Executive Officer, and Michael Carter, Chief Financial Officer, to review the fiscal second quarter results beginning at 10:00 a.m. Eastern Time on Thursday, November 12th, 2020.

Those who wish to participate in the conference call may do so by dialing 1-877-501-3160 in the U.S. and Canada. International callers may join the call by dialing 1-786-815-8442. The Conference ID number is 8259158.  The call will also be webcast live over the internet at the following link: 


https://edge.media-server.com/mmc/p/89da749s
 

A webcasted replay for the call will also be archived on the Just Energy investor relations website a few hours after the event.


About Just Energy Group Inc.

Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers. Currently operating in the United States and Canada, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, Filter Group Inc., Hudson Energy, Interactive Energy Group, Tara Energy, and TerraPass. Visit https://investors.justenergy.com/ to learn more.


FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are based on current expectations that involve several risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks with respect to the recapitalization transaction resulting in a financially stronger Company; the impact of the evolving COVID-19 pandemic on the Company’s business, operations and sales; reliance on suppliers; uncertainties relating to the ultimate spread, severity and duration of COVID-19 and related adverse effects on the economies and financial markets of countries in which the Company operates; the ability of the Company to successfully implement its business continuity plans with respect to the COVID-19 pandemic; the Company’s ability to access sufficient capital to provide liquidity to manage its cash flow requirements; general economic, business and market conditions; the ability of management to execute its business plan; levels of customer natural gas and electricity consumption; extreme weather conditions; rates of customer additions and renewals; customer credit risk; rates of customer attrition; fluctuations in natural gas and electricity prices; interest and exchange rates; actions taken by governmental authorities including energy marketing regulation; increases in taxes and changes in government regulations and incentive programs; changes in regulatory regimes; results of litigation and decisions by regulatory authorities; competition; dependence on certain suppliers. Additional information on these and other factors that could affect Just Energy’s operations or financial results are included in Just Energy’s annual information form and other reports on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at www.sedar.com on the U.S. Securities and Exchange Commission’s website at www.sec.gov or through Just Energy’s website at investors.justenergy.com/.


NON-IFRS MEASURES

The financial measures such as “EBITDA”, “
Base EBITDA, “Base gross margin”, “Free cash flow” “Unlevered free cash flow” and “Embedded gross margin”
do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash flow from operating activities and other measures of financial performance as determined in accordance with IFRS, but the Company believes that these measures are useful in providing relative operational profitability of the Company’s business. Please refer to “Key Terms” in the Just Energy Q2 Fiscal 2021’s Management’s Discussion and Analysis for the Company’s definition of “EBITDA” and other non-IFRS measures.

Neither the Toronto Stock Exchange nor the New York Stock Exchange has approved nor disapproved of the information contained herein.

FOR FURTHER INFORMATION PLEASE CONTACT:

                       
Michael Carter
Chief Financial Officer
Just Energy
[email protected] 

or

Investors

Michael Cummings
Alpha IR
Phone: (617) 982-0475
[email protected]

Media

Boyd Erman
Longview Communications
Phone: 416-523-5885
[email protected]

Source: Just Energy Group Inc.

 

PSHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Biogen Inc. – BIIB

PR Newswire

NEW YORK, Nov. 11, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Biogen Inc. (“Biogen” or the “Company”) (NASDAQ: BIIB).  Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Biogen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 


[Click here for information about joining the class action]
 

On November 6, 2020, Biogen issued a press release announcing that the Company’s proposed Alzheimer’s therapy had failed to win support from the U.S. Food and Drug Administration’s Peripheral and Central Nervous System Drugs Advisory Committee.  Specifically, the press release disclosed that the Advisory Committee “voted 1 yes, 8 no and 2 uncertain on the question, ‘Does Study 302 (EMERGE), viewed independently and without regard for Study 301 (ENGAGE), provide strong evidence that supports the effectiveness of aducanumab for the treatment of Alzheimer’s disease?’.  The Advisory Committee also voted 0 yes, 7 no and 4 uncertain on the question, ‘Does Study 103 (PRIME) provide supportive evidence of the effectiveness of aducanumab for the treatment of Alzheimer’s disease?’, and 5 yes, 0 no and 6 uncertain on the question, ‘Has the Applicant presented strong evidence of a pharmacodynamic effect of aducanumab on Alzheimer’s disease pathophysiology?’.  Finally, the Advisory Committee voted 0 yes, 10 no and 1 uncertain on the question, ‘In light of the understanding provided by the exploratory analyses of Study 301 and Study 302, along with the results of Study 103 and evidence of a pharmacodynamic effect on Alzheimer’s disease pathophysiology, it is reasonable to consider Study 302 as primary evidence of the effectiveness of aducanumab for the treatment of Alzheimer’s disease?'”  Following the announcement, trading in Biogen stock was halted on November 6, 2020.  When trading resumed on November 9, 2020, Biogen’s stock price fell $92.64 per share, or 28.17%, to close at $236.26 per share on November 9, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Supernus Pharmaceuticals, Inc. – SUPN

PR Newswire

NEW YORK, Nov. 11, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Supernus Pharmaceuticals, Inc. (“Supernus or the “Company”) (NASDAQ: SUPN).  Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Supernus and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 


[Click here for information about joining the class action]
 

On November 9, 2020, post-market, Supernus disclosed receipt of a complete response letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) regarding its new drug application (“NDA”) for SPN-812 for the treatment of ADHD in pediatric patients aged 6-17 years old.  Specifically, the FDA’s CRL “indicate[d] that the review cycle for the application is complete and that the application is not ready for approval in its present form,” and that “[t]he primary issue cited in the SPN-812 CRL relates to the Company’s in-house laboratory that conducts analytical testing, which recently moved to a new location.” 

On this news, Supernus’s stock price fell $3.88 per share, or 15.53%, to close at $21.08 per share on November 10, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Lizhi Inc. – LIZI

PR Newswire

NEW YORK, Nov. 11, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Lizhi Inc. (“Lizhi” or the “Company”) (NASDAQ: LIZI).  Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Lizhi and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 


[Click here for information about joining the class action]
 

On or around January 17, 2020, Lizhi conducted its initial public offering (“IPO”), issuing 4.1 million American depositary shares (“ADSs”) priced at $11.00 per ADS.  On November 9, 2020, post-market, Lizhi disclosed its financial results for the third quarter of 2020, which included revenue of $53.24 million, $0.77 million lower than consensus estimates. 

On this news, Lizhi’s stock price fell $0.25 per share, or 10.5%, to close at $2.13 per share on November 10, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

Cision View original content:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-lizhi-inc—lizi-301171450.html

SOURCE Pomerantz LLP

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Yalla Group Limited – YALA

PR Newswire

NEW YORK, Nov. 11, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Yalla Group Limited (“Yalla or the “Company”) (NYSE: YALA).  Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Yalla and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 


[Click here for information about joining the class action]
 

On or around September 30, 2020, Yalla conducted its initial public offering (“IPO”), issuing 18.6 million American depositary shares (“ADSs”) priced at $7.50 per ADS.  Then, on November 9, 2020, post-market, Yalla issued a press release announcing its unaudited financial results for the third quarter of 2020.  Among other results, Yalla reported GAAP EPS of –$0.43, and costs and expenses of “$US64.7 million . . . compared with US$8.6 million in the same period last year.”  Yalla stated that “[t]he increase was primarily due to the recognition of share-based compensation of US$46.5 million upon our listing on the New York Stock Exchange on September 30, 2020.  We granted a substantial amount of share options before the IPO but did not recognize any share-based compensation in prior periods because the exercisability of the options granted was conditional upon the completion of our IPO.  Upon our listing on the NYSE, we immediately recognized a substantial amount of share-based compensation expenses associated with all outstanding options that were vested as of September 30, 2020.” 

On this news, Yalla’s ADS price fell $2.01 per ADS, or 17.43%, to close at $9.52 per ADS on November 10, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP

UPDATE – Highwing Raises $4 Million Seed Round led by BrokerTech Ventures and Baldwin Risk Partners

Funds Engineering Team and Product Expansion Creating the First Open Data Platform for Commercial Insurance

DENVER, Nov. 11, 2020 (GLOBE NEWSWIRE) — Highwing, an insurance technology company born out of IMA Financial Group to help commercial insurance brokers and carriers accelerate workflows through its open data platform, today announced that it has closed a $4M fundraising round from several leading investor groups.

This investment round was led by a middle market subsidiary of BRP Group, Inc. (NASDAQ:BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, and BrokerTech Ventures, the industry’s first broker-led convening platform for innovation, ideation, investment, and communication. Several other investment groups also participated including BrokerTech Ventures member firms Holmes Murphy, The ABD Team, Conner Strong & Buckelew and Heffernan Insurance Brokers. They join SkyKnight Capital, Revolution’s Rise of the Rest Seed Fund, SpringTime Ventures, Cameron VenturesAmWINS Group, and Service Provider Capital in supporting Highwing to build the future of commercial insurance.

Highwing’s CEO Erik Mitisek said, “Our vision is to create an open data ecosystem that gives brokers the ability to rapidly deliver the holistic risk management solutions that today’s mid-market customers want. We’re humbled by the big vote of confidence we’ve gotten from leading industry investors.”

Highwing, which counts three of the top five global insurance carriers as clients, will use the seed funding to scale its engineering team and further expand its product suite by adding a placement engine that enables users to engage, organize, and submit insurance applications and collaborate with partners, through a single application. Brokers and carriers can dramatically reduce the effort and time required to place competitive policies, from new opportunity- to submission-to-quote-to-bind.

Commercial insurance is a growing industry that is expected to reach $900 billion by 2021 but has been so far held back by the use of manual methods. According to a 2019 CFO study conducted by Highwing, 63% of CFOs said they use manual processes (spreadsheets and PDFs) via email to procure commercial insurance, despite 98% saying that they would operate more efficiently and 83% saying departments are more cost effective when using dedicated technology solutions. As a result, Highwing was created to empower commercial insurance brokers and carriers to improve growth and customer success through modernization.

About
Highwing


Highwing
provides open data solutions that help mid-market commercial insurance brokers and carriers move faster and go further for their clients. Highwing’s platform enables direct connectivity between brokers and carriers, powering efficient workflows, data-driven insights, and profitable growth.

Media I
nquiries:
CSG
John Stavinga
[email protected]

Business Development Inquiries:
Jason Lundberg
Head of Business
Highwing Email: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9528d7cb-b3c9-438c-beac-980d151127d2

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Praxis Precision Medicines, Inc. – PRAX

PR Newswire

NEW YORK, Nov. 11, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Praxis Precision Medicines, Inc. (“Praxis” or the “Company”) (NASDAQ: PRAX).  Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Praxis certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 


[Click here for information about joining the class action]

On November 9, 2020, post-market, Praxis announced receipt of “a response from the U.S. Food and Drug Administration (“FDA”) on the Investigational New Drug (“IND”) submission for PRAX-114 for the treatment of major depressive disorder (‘MDD’).”  Specifically, Praxis advised investors that “[a]t the end of the 30-day IND review period, the FDA notified the Company that the IND has been placed on full clinical hold.  The FDA has not provided any reason for the clinical hold.” 

On this news, Praxis’s stock price fell $7.79 per share, or 21.78%, to close at $27.98 per share on November 10, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP

Sylogist Adopts Fixed Number Stock Option Plan, Grants Options

Canada NewsWire

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

CALGARY, AB, Nov. 11, 2020 /CNW/ – The Board of Directors of Sylogist Ltd. (TSXV: SYZ) (“Sylogist” or the “Company”) announces that, concurrently with the appointment of its new CEO, it has adopted, and sought and received approval of the TSX-Venture Exchange for, a new 10% fixed number stock option plan for the benefit of the Company’s directors, officers, employees and consultants (the “Stock Option Plan”). The Stock Option Plan replaces the Company’s previous 10% rolling stock option plan.

Under the Stock Option Plan, the Company may grant options to acquire up to an aggregate of 2,374,094 common shares of the Company, representing 10% of the current issued and outstanding common shares of the Company, subject to the terms and conditions prescribed by the TSX Venture Exchange and applicable securities laws.  Prior to the adoption of the Stock Option Plan, 978,333 stock options were outstanding under the previous 10% rolling stock option plan, which options will now be governed by the terms of the new Stock Option Plan.

The Board further announces the grant of 835,000 stock options priced at the market close on November 10, 2020, to the incoming President and CEO, the independent directors of the Board, the CFO and Vice President of Operations of the Company, as follows:

  • The incoming President and CEO has been granted 500,000 stock options. These options will vest over 3 years of a 5 year term and, in the case of 250,000 of those options, have an additional vesting requirement that the market value of the Company’s common shares trade at or above $15.00 for 30 consecutive trading days. The 3 independent directors comprising the Nominating Committee of the Board have been granted a total of 100,000 stock options, vesting over 3 years of a 5 year term with the same additional share price vesting requirement;
  • The CFO and Vice President of Operations have been granted a total of 50,000 stock options, which vest over 3 years of 5 year terms; and
  • The 4 independent directors of the Board have been granted a total of 135,000 stock options in consideration of their new roles, which vest from 1 to 4 years from grant, over 2 to 5 year terms.


About Sylogist

Sylogist is a software company that, through strategic acquisitions, investments and operations management, provides comprehensive, mission-critical ERP and CRM solutions, including fund accounting, case management, grant management and payroll, to public service organizations.  Sylogist’s public service customers include all levels of government, nonprofit organizations, non-governmental organizations, educational institutions as well as public compliance driven and funded companies. Our Company delivers highly scalable, multi-language, multi-currency software solutions, which serve the needs of an international clientele.

Full financial statements together with Management’s Discussion and Analysis are available on SEDAR at www.sedar.com.

The Company’s stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.


– Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release –

SOURCE Sylogist Ltd.

Standard Chartered Selects AWS to Power Its Strategic Banking Systems and Workloads

Standard Chartered Selects AWS to Power Its Strategic Banking Systems and Workloads

Leading financial institution forms strategic relationship with AWS to drive innovation and deliver new digital banking services with enhanced security and reliability

SEATTLE–(BUSINESS WIRE)–
Today, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), and Standard Chartered Bank plc (LON: STAN), a leading international banking group, announced a five year, strategic global agreement, which deepens the existing relationship between the two companies, and includes the bank running its strategic banking systems and customer facing applications on AWS. Standard Chartered Bank is collaborating with AWS to drive its digital transformation and deliver new personalized banking services in the bank’s 60 markets worldwide. Using AWS’s reliable infrastructure and cloud services across its entire business will enable the bank to be more responsive to customer needs and create new applications. Standard Chartered will adopt AWS to improve resiliency, security, and privacy, while meeting compliance requirements across the bank’s global footprint.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201111005151/en/

Adopting a cloud-first approach, Standard Chartered will use the breadth and depth of AWS services, including database, containers, compute, networking, storage, and security, to reinvent the digital banking experience, accelerating the design and deployment of new applications and digital services for its individual and corporate clients. Standard Chartered is using Amazon Elastic Kubernetes Service (Amazon EKS) to run significant applications and quickly introduce new services with the utmost security, reliability, and scalability. For example, the bank launched its nexus banking-as-a service solution and Mox, its new virtual bank in Hong Kong, on AWS and continues to leverage AWS services to add new functionality to both. The bank’s award-winning global payments system, SC Pay, and core banking system, eBBS, are cloud-native services that use Amazon Aurora, a cloud-native relational database, to store details of banking and e-commerce transactions, including micropayments, resulting in faster and more secure transfer of funds with reduced cost per transaction. Standard Chartered’s Financial Market business, which includes risk management, financing, and investment services, uses AWS to run algorithms that assess market risk and leverages Amazon Elastic Compute Cloud (Amazon EC2) to enable the bank to flexibly scale up those workloads during peak demand.

“Our continued work with AWS demonstrates our commitment to putting innovation and security at the heart of Standard Chartered’s digital transformation strategy,” said Dr. Michael Gorriz, Group Chief Information Officer of Standard Chartered. “A cloud-first strategy allows us to be more agile and client-focused so our customers have better experiences and faster access to innovative new products. At the same time, we are improving our operational efficiency and resilience by using the best-in-class security, privacy, and compliance delivered through cloud infrastructure. We are pleased to collaborate with AWS as a long-term strategic cloud provider and take advantage of their broad portfolio of cloud services and proven expertise to bring secure cloud solutions to the financial services industry.”

“Adopting a cloud-first approach makes our vision for next generation financial services like virtual banking, next-generation payments, open banking, and banking as a service a reality,” said Bhupendra Warathe, Chief Technology Officer, Cloud Transformation, Standard Chartered. “A significant number of Standard Chartered’s flagship applications, like our core banking system, eBBS, global payment system, SC Pay, as well as our new digital banking services, Mox and nexus, are already cloud-native. We look forward to our continued partnership with AWS to deliver new products and solutions to our clients across the 60 markets we serve.”

“Standard Chartered Bank has been a trusted financial institution for the last 160 years and we are pleased that they have selected AWS as a strategic cloud provider to drive their digital transformation, while operating more efficiently and securely in the cloud,” said Frank Fallon, Vice President, Financial Services at Amazon Web Services, Inc. “With this agreement, Standard Chartered is relying upon the most secure, reliable, and flexible cloud computing environment in the world. AWS’s unparalleled experience in powering global financial institutions will enable Standard Chartered to transition to the cloud with confidence and innovate faster than ever before.”

About Amazon Web Services

For 14 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform. AWS offers over 175 fully featured services for compute, storage, databases, networking, analytics, robotics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 77 Availability Zones (AZs) within 24 geographic regions, with announced plans for 15 more Availability Zones and five more AWS Regions in India, Indonesia, Japan, Spain, and Switzerland. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfilment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about and follow @AmazonNews.

About Standard Chartered Bank

Standard Chartered is a leading international banking group, with a presence in 60 of the world’s most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.

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DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Nano-X Imaging Ltd. and Encourages Investors to Contact the Firm

NEW YORK, Nov. 11, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Nano-X Imaging Ltd. (NASDAQ: NNOX) securities between August 21, 2020 and September 15, 2020 (the “Class Period”). Investors have until November 16, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

On September 15, 2020, Citron Research (“Citron”) published the report entitled, “Nano-X Imaging (NNOX) A Complete Farce on the Market – Theranos 2.0” (the “Citron Report”). The Citron Report summarized Nano-X as “this $3 billion company is nothing more than a science project with a simple rendering, minimal R&D, fake customers, no FDA approval, and fraudulent claims that are beyond the realm of possibility.”

On this news, Nano-X’s stock price fell $12.41 per share, or more than 25%, over the next two trading days to close at $36.80 per share on September 16, 2020.

The complaint, filed on September 16, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Nano-X’s commercial agreements and its customers were fabricated; (2) Nano-X’s statements regarding its “novel” Nanox System were misleading as the Company never provided data comparing its images with images from competitors’ machines; (3) Nano-X’s submission to the U.S. Food and Drug Administration admitted the Nanox System was not original; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you purchased Nano-X securities during the Class Period and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

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

Contact Information:

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