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Radius Global Infrastructure Reports Third Quarter 2020 Results

Announces Significant Growth from Core Operations

Revenue Growth of 28% in the Third Quarter

NEW YORK–(BUSINESS WIRE)–
Radius Global Infrastructure, Inc. (NASDAQ:RADI) (“Radius” or the “Company”), one of the largest global owners and acquirors of primarily triple net real property interests and contractual rights underlying wireless communications cell sites and other essential digital infrastructure in 19 countries, today reported results for the third quarter of 2020.

“Our business continues to thrive, despite the broader challenges presented by the global health care crisis. Revenue and gross profit increased to $17.9 million and $17.7 million, respectively, for the third quarter, bringing our Annualized In Place Rents to $68.9 million as of September 30, 2020. Our stable portfolio of cash flow streams provides a compelling balance of yield and growth generated by leases for essential telecom infrastructure, and we are well positioned to continue our global growth with significant cash availability,” commented Bill Berkman, Co-Chairman and Chief Executive Officer.

As this represents the initial quarterly reporting cycle for Radius as a Nasdaq-listed company, we refer you to the GAAP financial disclosure and reconciliations to non-GAAP financial measurement set forth below and in the Company’s Form 10-Q. The Company pays for its acquisitions of real property interests either with a one-time payment at the time of acquisition or, in a limited number of instances, with a combination of upfront payments and future contractually committed payments over a period of time, in each case pursuant to the individual acquisition agreement. In our consolidated statements of cash flows, the one-time and upfront cash payments are reported as Investments in Real Property Interests and related Intangible Assets. The total cash spent and the commitment for future payments in any given period for the acquisition of real property interests adjusted for changes in foreign currency is our Acquisition Capex. Acquisition Capex is a non-GAAP metric, albeit one the Company believes is valuable to readers of the Company’s financial statements. Please refer to the table below for a full reconciliation of Acquisition Capex.

QUARTERLY RESULTS

Revenue increased 28% to $17.9 million for the three months ended September 30, 2020 compared to revenue of $14.0 million for the three months ended September 30, 2019.

Gross Profit increased 26% to $17.7 million in the 2020 three-month period when compared to revenue of $14.0 million in the corresponding 2019 three month period.

YEAR TO DATE RESULTS

Revenue increased 21% to $49.6 million for the nine months ended September 30, 2020 compared to revenue of $40.9 million for the nine months ended September 30, 2019.

Gross Profit increased 20% to $49.2 million in the 2020 nine-month period when compared to revenue of $40.8 million in the corresponding 2019 nine-month period.

Annualized in Place Rents increased to $68.9 million as of September 30, 2020, an increase of 21% over the September 30, 2019 Annualized In Place Rents of $57.0 million.

Investments in Real Property Interests and related intangibles was $77.9 million for the nine months ended September 30, 2020, an increase of 59% over the prior period.

Acquisition Capex deployed by the company was $102.3 million for the nine months ended September 30, 2020 compared to $60.7 million for the nine months ended September 30, 2019, an increase of 69%.

FINANCING TRANSACTIONS

The Company added approximately $157 million of USD equivalents in the quarter through the issuance of 10-year, fixed rate, interest only secured notes under its existing international debt facility. Approximately $75 million of the debt was issued in Euros at a fixed rate of 3%, and 55 million of the debt was issued in GPB at a fixed rate of 3.9%.

Attachment: Financial statement tables and non-GAAP reconciliations

Webcast and Conference Call Information

Management will host a webcast and conference call on Monday, November 16, 2020 at 10:30 A.M. Eastern Standard Time to review financial results, discuss recent events and conduct a question-and-answer session.

The live webcast and presentation slides will be available through the “News & Events” section of the Company’s website, https://www.radiusglobal.com/news-events/events-presentations. Participants are advised to go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-877-407-0789 or 1-201-689-8562, respectively. Upon dialing in, please request to join the Radius Global Infrastructure Third Quarter 2020 Earnings Conference Call.

A replay of the webcast and access to the presentation slides will be available on the Company’s website. A replay of the call and the presentation slides can be accessed until Monday, November 30 by dialing 1-844-512-2921 domestically or 1-412-317-6671 internationally, and entering passcode 13711924.

About the Company

Radius Global Infrastructure, Inc., through its subsidiary AP Wireless (“APW”), is a multinational owner of a growing, diversified portfolio of triple-net ground, rooftop and other critical communications properties leased to wireless carriers and tower companies underlying their mission critical cell site antenna infrastructure. APW’s proven lease origination engine drives highly attractive yields on capital invested. The Company is also expanding into other digital infrastructure segments and has a broad pipeline of proprietary and non-proprietary acquisitions, investments, and build-to-suit opportunities.

AP Wireless, previously a portfolio company of Associated Partners, LP, was acquired on February 10, 2020 by Landscape Acquisition Holdings Limited, a special purpose acquisition company (“SPAC”), then domiciled in the British Virgin Islands and publicly listed on the London Stock Exchange. At the time of the transaction, the Company changed its name to Digital Landscape Group, Inc., and was subsequently relisted on the London Stock Exchange on April 1, 2020. On October 2, 2020, the Company re-domiciled in Delaware and changed its name to Radius Global Infrastructure, Inc., and on October 5, 2020 the Company’s Class A Common Stock commenced trading on the NASDAQ Global Market under the ticker symbol RADI.

For further information see https://www.radiusglobal.com.

FORWARD-LOOKING STATEMENTS AND DISCLAIMERS

This press release, including the attachments, contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate, ” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects, and expectations concerning our business, operating results, financial condition, and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The Company has filed with the Securities and Exchange Commission (“SEC”), and the SEC has declared effective, a registration statement on Form S-4 (including a prospectus) in connection with the Company’s listing of its Class A Common Stock on NASDAQ and its domestication to Delaware. In connection with the NASDAQ listing and the domestication, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company, the NASDAQ listing and the domestication. These documents are available for free by visiting EDGAR on the SEC website at www.sec.gov.

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except share and per share amounts)
		Successor									Predecessor
		Three months ended September 30, 2020				Period from February 10, 2020 to September 30, 2020					Period from January 1, 2020 to February 9, 2020				Three months ended September 30, 2019				Nine months ended September 30, 2019
Revenue		$	17,861			$	42,797				$	6,836			$	14,002			$	40,939
Cost of service			200				375					34				14				88
Gross profit			17,661				42,422					6,802				13,988				40,851
Operating expenses:
Selling, general and administrative			14,231				42,915					4,344				7,764				23,562
Share-based compensation			4,072				79,173					—				—				—
Management incentive plan			—				—					—				—				765
Amortization and depreciation			11,683				30,512					2,584				5,064				14,273
Impairment – decommission of cell sites			1,462				2,059					530				122				1,327
Total operating expenses			31,448				154,659					7,458				12,950				39,927
Operating income (loss)			(13,787	)			(112,237	)				(656	)			1,038				924
Other income (expense):
Realized and unrealized (loss) gain on foreign currency debt			(18,138	)			(17,408	)				11,500				11,668				13,508
Interest expense, net			(7,499	)			(16,821	)				(3,623	)			(8,248	)			(23,820	)
Other income (expense), net			987				1,362					(277	)			(2,031	)			(2,436	)
Gain on extinguishment of debt			—				1,264					—				—				—
Total other income (expense), net			(24,650	)			(31,603	)				7,600				1,389				(12,748	)
Income (loss) before income tax expense			(38,437	)			(143,840	)				6,944				2,427				(11,824	)
Income tax expense			3,455				4,884					767				1,284				2,233
Net income (loss)			(41,892	)			(148,724	)			$	6,177			$	1,143			$	(14,057	)
Net loss attributable to noncontrolling interest			(3,373	)			(6,347	)
Net loss attributable to Radius Global Infrastructure, Inc. ordinary shareholders		$	(38,519	)		$	(142,377	)
Loss per ordinary share:
Basic and diluted		$	(0.66	)		$	(2.44	)
Weighted average ordinary shares outstanding:
Basic and diluted			58,425,000				58,425,000

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except share and per share amounts)
		Successor					Predecessor
		September 30, 2020					December 31, 2019
Assets
Current assets:
Cash and cash equivalents		$	169,135				$	62,892
Restricted cash			1,727					1,140
Trade receivables, net			4,935					7,578
Prepaid expenses and other current assets			11,994					9,199
Total current assets			187,791					80,809
Real property interests, net:
Right-of-use assets – finance leases, net			201,197					80,498
Cell site leasehold interests, net			760,381					346,662
Real property interests, net			961,578					427,160
Intangible assets, net			5,134					2,848
Property and equipment, net			613					1,095
Goodwill			89,164					—
Deferred tax asset			—					991
Restricted cash, long-term			153,065					14,014
Other long-term assets			5,735					5,892
Total assets		$	1,403,080				$	532,809
Liabilities and Stockholders’ Equity/Members’ Deficit
Current liabilities:
Accounts payable and accrued expenses		$	30,282				$	22,786
Rent received in advance			17,008					13,856
Finance lease liabilities, current			8,032					5,749
Cell site leasehold interest liabilities, current			5,521					8,379
Current portion of long-term debt, net of deferred financing costs			—					48,884
Total current liabilities			60,843					99,654
Finance lease liabilities			22,142					10,451
Cell site leasehold interest liabilities			10,269					8,462
Long-term debt, net of debt discount and deferred financing costs			695,308					524,047
Deferred tax liability			58,121					—
Other long-term liabilities			7,267					5,531
Total liabilities			853,950					648,145
Commitments and contingencies
Stockholders’ equity/Members’ deficit:
Series A Founder Preferred Shares (Successor), no par value; 1,600,000 shares authorized; 1,600,000 shares issued and outstanding as of September 30, 2020			—					—
Series B Founder Preferred Shares (Successor), no par value; 1,386,033 shares authorized; 1,386,033 shares issued and outstanding as of September 30, 2020			—					—
Ordinary Shares (Successor), no par value; 1,590,000,000 shares authorized; 58,425,000 shares issued and outstanding as of September 30, 2020			—					—
Class B Shares (Successor), no par value; 200,000,000 shares authorized; 11,414,030 shares issued and outstanding as of September 30, 2020			—					—
Class A units (Predecessor)			—					33,672
Common units (Predecessor)			—					85,347
Additional paid-in capital (Successor)			669,707					—
Members’ accumulated deficit (Predecessor)			—					(208,883	)
Members’ accumulated other comprehensive loss (Predecessor)			—					(25,472	)
Accumulated other comprehensive loss (Successor)			(4,900	)				—
Accumulated deficit (Successor)			(173,523	)				—
Total stockholders’ equity attributable to Radius Global Infrastructure, Inc./members’ deficit			491,284					(115,336	)
Noncontrolling interest			57,846					—
Total liabilities and stockholders’ equity/members’ deficit		$	1,403,080				$	532,809

RADIUS GLOBAL INFRASTRUCTURE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands, except share and per share amounts)
		Successor					Predecessor
		Period from February 10, 2020 to September 30, 2020					Period from January 1, 2020 to February 9, 2020				Nine months ended September 30, 2019
Cash flows from operating activities:
Net income (loss)		$	(148,724	)			$	6,177			$	(14,057	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization and depreciation			30,512					2,584				14,273
Amortization of finance lease and cell site leasehold interest liabilities discount			1,157					213				1,557
Impairment – decommission of cell sites			2,059					530				1,327
Realized and unrealized gain on foreign currency debt			17,408					(11,500	)			(13,508	)
Amortization of debt discount and deferred financing costs			80					280				1,985
Provision for bad debt expense			238					26				565
Share-based compensation			79,173					—				—
Deferred income taxes			2,123					339				—
Gain on extinguishment of debt			(1,264	)				—				—
Change in assets and liabilities:
Trade receivables, net			2,463					(682	)			(892	)
Prepaid expenses and other assets			(740	)				935				(682	)
Accounts payable, accrued expenses and other long-term liabilities			(16,199	)				(4,605	)			1,442
Rent received in advance			922					2,251				773
Net cash used in operating activities			(30,792	)				(3,452	)			(7,217	)
Cash flows from investing activities:
Cash paid in APW Acquisition, net of cash acquired			(277,065	)				—				—
Investments in real property interests and related intangible assets			(72,823	)				(5,064	)			(49,256	)
Advances on note receivable			(2,500	)				(17,500	)			—
Payments received on note receivable			20,000					—				—
Purchases of property and equipment			(296	)				(40	)			(163	)
Net cash used in investing activities			(332,685	)				(22,604	)			(49,419	)
Cash flows from financing activities:
Borrowings under the Facility Agreement			160,475					—				18,600
Repayments of the Loan Agreement			(48,025	)				(250	)			(500	)
Debt issuance costs			(3,692	)				—				(610	)
Repayments of finance lease and cell site leasehold interest liabilities			(9,003	)				(3,149	)			(10,485	)
Net cash provided by (used in) financing activities			99,755					(3,399	)			7,005
Net change in cash and cash equivalents and restricted cash			(263,721	)				(29,455	)			(49,631	)
Effect of change in foreign currency exchange rates on cash and restricted cash			(980	)				(232	)			1,159
Cash and cash equivalents and restricted cash at beginning of period			588,628					78,046				101,414
Cash and cash equivalents and restricted cash at end of period		$	323,927				$	48,359			$	52,942
Supplemental disclosure of cash and non-cash transactions:
Cash paid for interest		$	15,039				$	4,684			$	19,117
Cash paid for income taxes		$	2,222				$	1,112			$	895

Non-GAAP Financial Measures

We identify certain additional financial measures not defined by GAAP that provide supplemental information we believe is useful to analysts and investors to evaluate our financial performance and ongoing results of operations, when considered alongside other GAAP measures such as net income, operating income, gross profit and net cash provided by operating activities. These non-GAAP measures exclude the financial impact of items management does not consider in assessing our ongoing operating performance, and thereby facilitate review of our operating performance on a period-to-period basis.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA is defined as net income (loss) before net interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and further adjusting for management incentive plan expense, non-cash impairment—decommission of cell sites expense, realized and unrealized gains and losses on foreign currency debt, unrealized foreign exchange gains/losses associated with intercompany account balances denominated in a currency other than the functional currency, nonrecurring expenses incurred in connection with the Domestication, and severance costs included in selling, general and administrative expenses. Management believes the presentation of EBITDA and Adjusted EBITDA provides valuable additional information for users of the financial statements in assessing our financial condition and results of operations. Each of EBITDA and Adjusted EBITDA has important limitations as analytical tools because they exclude some, but not all, items that affect net income, therefore the calculation of these financial measures may be different from the calculations used by other companies and comparability may therefore be limited. You should not consider EBITDA, Adjusted EBITDA or any of our other non-GAAP financial measures as an alternative or substitute for our results.

The following are reconciliations of EBITDA and Adjusted EBITDA to net income (loss), the most comparable GAAP measure:

		Successor					Predecessor
(in thousands)		Period from February 10 – September 30, 2020					Period from January 1 – February 9, 2020				Nine Months Ended September 30, 2019
(unaudited)
Net income (loss)		$	(148,724	)			$	6,177			$	(14,057	)
Amortization and depreciation			30,512					2,584				14,273
Interest expense, net			16,821					3,623				23,820
Income tax expense			4,884					767				2,233
EBITDA			(96,507	)				13,151				26,269
Impairment—decommission of cell sites			2,059					530				1,327
Realized/unrealized loss (gain) on foreign currency debt			17,408					(11,500	)			(13,508	)
Share-based compensation expense			79,173					—				—
Management incentive plan expense			—					—				765
Non-cash foreign currency adjustments			750					523				2,062
Nonrecurring domestication and public company registration expenses			7,848					—				—
Adjusted EBITDA		$	10,731				$	2,704			$	16,915

Acquisition Capex

Acquisition Capex is a non-GAAP financial measure. The Company’s payments for its acquisitions of real property interests consist of either a one-time payment upon the acquisition or up-front payments with contractually committed payments made over a period of time, pursuant to each cell site leasehold interest agreement. In all cases, the Company contractually acquires all rights associated with the underlying revenue-producing assets upon entering into the agreement to purchase the real property interest and records the related assets in the period of acquisition. Acquisition Capex therefore represents the total cash spent and committed to be spent for the Company’s acquisitions of revenue-producing assets during the period measured. Management believes the presentation of Acquisition Capex provides valuable additional information for users of the financial statements in assessing our financial performance and growth, as it is a comprehensive measure of our investments in the revenue-producing assets that we acquire in a given period. Acquisition Capex has important limitations as an analytical tool, because it excludes certain fixed and variable costs related to our selling and marketing activities included in selling, general and administrative expenses in the consolidated statements of operations, including corporate overhead expenses. Further, this financial measure may be different from calculations used by other companies and comparability may therefore be limited. You should not consider Acquisition Capex or any of the other non-GAAP measures we utilize as an alternative or substitute for our results.

The following is a reconciliation of Acquisition Capex to the amounts included as an investing cash flow in our consolidated statements of cash flows for investments in real property interests and related intangible assets, the most comparable GAAP measure, which generally represents up-front payments made in connection the acquisition of these assets during the period. The primary adjustment to the comparable GAAP measure is “committed contractual payments for investments in real property interests and intangible assets”, which represents the total amount of future payments that we were contractually committed to make in connection with our acquisitions of real property interests and intangible assets that occurred during the period. Additionally, foreign exchange translation adjustments impact the determination of Acquisition Capex.

		Successor					Predecessor
(in thousands)		Period from February 10 – September 30, 2020					Period from January 1 – February 9, 2020				Nine Months Ended September 30, 2019
(unaudited)
Investments in real property interests and related intangible assets		$	72,823				$	5,064			$	49,256
Committed contractual payments for investments in real property interests and intangible assets			21,950					1,533				14,098
Foreign exchange translation impacts and other			1,220					(262	)			(2,699	)
Acquisition Capex		$	95,993				$	6,335			$	60,655

Annualized In-Place Rents

Annualized in-place rents is a non-GAAP measure that measures performance based on annualized contractual revenue from the rents expected to be collected on leases owned and acquired (“in place”) as of the measurement date. Annualized in-place rents is calculated using the implied monthly revenue from all revenue producing leases that are in place as of the measurement date multiplied by twelve. Implied monthly revenue for each lease is calculated based on the most recent rental payment made under such lease. Management believes the presentation of annualized in-place rents provides valuable additional information for users of the financial statements in assessing our financial performance and growth. In particular, management believes the presentation of annualized in-place rents provides a measurement at the applicable point of time as opposed to revenue, which is recorded in the applicable period on revenue-producing assets in place as they are acquired. Annualized in-place rents has important limitations as an analytical tool because it is calculated at a particular moment in time, the measurement date, but implies an annualized amount of contractual revenue. As a result, following the measurement date, among other things, the underlying leases used in calculating the annualized in-place rents financial measure may be terminated, new leases may be acquired, or the contractual rents payable under such leases may not be collected. In these respects, among others, annualized in-place rents differs from “revenue”, which is the closest comparable GAAP measure and which represents all revenues (contractual or otherwise) earned over the applicable period. Revenue is recorded as earned over the period in which the lessee is given control over the use of the wireless communication sites and recorded over the term of the lease. You should not consider annualized in-place rents or any of the other non-GAAP measures we utilize as an alternative or substitute for our results. The following is a comparison of annualized in-place rents to revenue, the most comparable GAAP measure:

(in thousands)		2020				2019
Revenue for year ended December 31						$	55,706
Annualized in-place rents as of December 31						$	62,095
Annualized in-place rents as of September 30		$	68,858			$	57,016

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005321/en/

Investor Relations:

ICR Inc.

Evelyn Infurna/Nikki Sacks

[email protected]

1-484-278-2667

Media:

Sard Verbinnen & Co

Jim Barron/Jared Levy

[email protected]

212-687-8080

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Telecommunications Satellite

MEDIA:

Posted on November 16, 2020 8:33 am

JTC Group Announces Inclusion in Financial Times Stock Exchange (FTSE) 250 Index

JTC Group Announces Inclusion in Financial Times Stock Exchange (FTSE) 250 Index

Leading Fund Administration & Private Client Company Achieves FTSE 250 Milestone Less than 2 Years after Initial Public Offering

SAN JOSE, Calif.–(BUSINESS WIRE)–NES Financial | JTC (LON: JTC) announced today that it has joined the FTSE 250 Index, which is a capitalization-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange (LSE).

JTC’s move to the FTSE 250 is a result of the business’ strong performance where it has grown revenues and net income every year for over 32 years. Headquartered in Jersey, UK, JTC listed on the Main Market of the London Stock Exchange in March 2018.

“The company’s inclusion into the FTSE 250 is an important milestone in our company’s growth and evolution and I would like to thank our clients and investors for their continued support,” said Nigel Le Quesne, CEO of JTC. “At JTC, every single employee is a direct owner of the business and is committed to our clients’ success. We believe that it is our ‘Stronger Together’ culture that differentiates our performance over the long term. On behalf of the Board and management team, I would like to thank our colleagues globally for the hard work and commitment that has made this possible.”

This past April, JTC acquired NES Financial, the industry-leading specialty financial administration company in the US with purpose built solutions for US impact funds, including Opportunity Zones, the immigrant investor EB-5 program, and private equity fund administration – as well as 1031 tax-deferred exchange services for private equity, commercial real estate, and corporate clients.

“The FTSE 250 Index in the U.K. is similar to the Fortune 500 Index in the United States,” said Michael Halloran, Group Head of Technology Strategy and CEO of JTC USA. “NES Financial is proud to be part of the JTC family and are pleased to see our technology-driven purpose built solutions contributing to making JTC one of the best performing stocks on the LSE in the last two quarters.”

With a 32-year track record of earnings and EBITDA growth, JTC’s latest interim results were published on Sept. 15. The company reported period on period revenue growth of 15.2% and an EBITDA margin of 31.0%. The Group has developed a highly successful growth strategy that combines strong organic growth of the core business (10.1% for H1 2020) with highly disciplined inorganic growth in a sector that is consolidating at a global level.

About JTC PLC

JTC PLC is an award-winning provider of fund, corporate and private client services to institutional and private clients. Founded in 1987, JTC PLC has more than 900 people working across its global office network and is trusted to administer more than $130 billion of client assets. The principle of true shared ownership for all employees is fundamental to their culture and aligns them completely with the best interests of their clients and other stakeholders.

JTC PLC fund services administer a wide variety of listed and unlisted funds across a diverse range of asset classes, including real estate, private equity, renewables, hedge, debt and other alternatives. The firm’s corporate services provide company secretarial and administration services to a broad range of clients, including SMEs, public companies, multinationals and sovereign wealth funds. JTC PLC’s private wealth services include the formation and administration of vehicles such as trusts, companies and partnerships on behalf of predominantly HNWIs and UHNWIs and their families and dedicated private and family offices.

About NES Financial

NES Financial, a JTC Company, is a multi-jurisdictional provider of fund, corporate and private client services. The company administers more than $130 billion in assets and employs more than 900 people worldwide. A leader in specialty financial administration, NES Financial serves markets characterized by high administrative complexity, elevated transaction security needs and challenging compliance requirements.

As the North American division of JTC, NES Financial is the leading provider of third-party administrative solutions to US impact investment sectors, including Opportunity Zones and the EB-5 Program, as well as to US private equity fund managers and 1031 exchange participants. The company’s technology-driven solutions streamline new best practices in these markets by simplifying specialized financial transactions, reducing back-office overhead, curtailing fraud and abuse, and offering security, transparency and regulatory compliance during each step of an investment’s life cycle.

For more information, visit nesfinancial.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005317/en/

Laura Kelly

(408) 367-0826

[email protected]

nesfinancial.com

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Finance Consulting Professional Services Technology Software

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Titomic Appoints Mr. Norbert Schulze as Interim CEO

• Experienced global defence, manufacturing, and automotive industries executive
• Jeff Lang appointed Titomic Executive Director and Chief Technology Officer
• Strengthening Titomic’s strategic vision for global commercialisation of Titomic Kinetic Fusion^®.

MELBOURNE, Australia–(BUSINESS WIRE)–
Titomic Limited (ASX:TTT) (“Titomic”), today announces Norbert Schulze, an industrial veteran with over 40 years’ experience in global defence, manufacturing and automotive industries, has been appointed as interim Chief Executive Officer (CEO). He succeeds Titomic’s founder Jeff Lang, who assumes the role of Executive Director and Chief Technology Officer (CTO) maintaining his role as a Director of the Board. The Board has initiated a search for a permanent CEO.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201116005323/en/

Mr. Schulze owns a consulting company advising global defence companies on strategy and growth opportunities and previously served as Senior Executive of Rheinmetall and RENK Group in Europe and Africa which included overseeing sales to Australia.

Titomic Chairman Dr Andreas Schwer, commented:

“Norbert’s an industry veteran with a proven track record working in complex environments and bringing new technologies to clients within global defence and manufacturing industries. His appointment is part of the new Board’s efforts to strengthen the execution of Titomic’s strategic vision and transformation into a global additive manufacturing company and create value for shareholders.

“On behalf of the Board, I would like to thank Jeff for his contribution as Managing Director and we’re delighted that he will continue as Executive Director of the Board and CTO”.

Interim CEO Norbert Schulze said:

“It’s an honour to accept this position on an interim basis. As a team, Titomic’s employees have worked hard to position Titomic as a leading global additive manufacturing company. Our mission won’t change and I’m committed to driving the transformation, creating value for our shareholders and clients, and fulfilling my role as interim CEO of this outstanding Company.”

Titomic’s Executive Director & CTO Jeff Lang added:

“I welcome the chance to work alongside Norbert to execute the new Board’s vision for commercialisation for all stakeholders. As a Senior Executive, Board member and major shareholder, I’m committed to succeed in my new role and believe in our strategy to position Titomic as a global leader in the additive manufacturing industry. While we have made significant progress in the last few years, we must continue to develop our operations and innovation across the Company.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005323/en/

Peter Vaughan

Phone: +61 3 9558 8822

Email: [email protected]

KEYWORDS: Australia/Oceania Australia

INDUSTRY KEYWORDS: Other Defense Other Energy Contracts Mining/Minerals Energy Technology Natural Resources Defense Steel Satellite Other Technology Aerospace Manufacturing

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Titomic Appoints Interim CEO – Mr. Norbert Schulze (Photo: Business Wire)

ePlus Publishes Study Highlighting Prevalence of Data Center, Cloud, and Security Challenges in the Wake of COVID-19

HERNDON, Va.–(BUSINESS WIRE)–
ePlus inc. (NASDAQ NGS: PLUS – news) today announced that data center capacity constraints, increased cloud spend, and security concerns lead the list of organizational challenges resulting from the COVID-19 pandemic, according to a recently released study conducted by ePlus.

The report, titled Navigating Disruption, is a Special Report compiled by ePlus to quantify the technology impact of COVID-19 and provide guidance around how IT organizations can be agile and prepared for the future. The report is based on a survey of 135 technology professionals from customer organizations across multiple industries and was designed to provide insight into the most significant technology challenges companies are facing as a result of the changes brought on by the pandemic.

According to the report, organizations struggle with data center capacity for several reasons. Nearly one-third (30%) of capacity issues were caused by the expanded requirements for new services, such as virtual desktop infrastructure (VDI). Another sixteen percent (16%) of struggles were tied to supply chain problems and the inability to acquire new infrastructure.

The survey revealed the strain on data center capacity and the need for new services had a direct impact on cloud spending. Within the first 90 days of the pandemic, a quarter (25%) of the organizations experienced an increase in cloud spending. And almost one in ten (9.9%) saw their cloud spend jump by more than 20%.

Security is also a concern for many. Only thirty-nine percent (39%) of organizations are “very confident” in their security controls, according to the report, with 57% saying they are only “somewhat confident.”

“While organizations expeditiously adjust to the pandemic, an unexpected disruption of this magnitude presents new challenges to implement technology solutions that are effective, affordable and sustainable,” said Darren Raiguel, COO and president of ePlus Technology. “The survey results clearly show that many organizations are still feeling a strain on resources, operations, and budgets. They’ll need to remain nimble and identify cost-effective solutions to meet future challenges in key areas such as cloud, security and collaboration. ePlus is ready and able to assist.”

The report not only shows the most significant technology challenges organizations are facing because of the disruption caused by the pandemic, but it also outlines the importance of flexible infrastructure and adaptive security.

“The pandemic highlighted the importance of an agile infrastructure to minimize disruption to the operations of most organizations,” continued Raiguel. “Companies need flexible technology, the ability to pivot quickly to sudden market transitions and adaptive security controls capable of sensing and responding to threats continuously and proactively. We may not know what or when the next big disruption will be, but companies can take steps now to implement technology solutions to be better prepared.”

To access the survey results, learn how ePlus can help you navigate the next, and receive a copy of the report, please visit: www.eplus.com/next.

About ePlus inc.

ePlus is a leading consultative technology solutions provider that helps customers imagine, implement, and achieve more from their technology. With the highest certifications from top technology partners and lifecycle services expertise across key areas including security, cloud, data center, collaboration, networking and emerging technologies, ePlus transforms IT from a cost center to a business enabler. Founded in 1990, ePlus has more than 1,400 associates serving a diverse set of customers in the U.S., Europe, and Asia-Pac. The Company is headquartered at 13595 Dulles Technology Drive, Herndon, VA, 20171. For more information, visit www.eplus.com, call 888-482-1122, or email [email protected]. Connect with ePlus on Facebook, LinkedIn, Twitter and Instagram. ePlus, Where Technology Means More^®.

ePlus®, Where Technology Means More®, and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries. The names of other companies, products, and services mentioned herein may be the trademarks of their respective owners.

Statements in this press release that are not historical facts may be deemed to be “forward-looking statements.” Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, risks related to COVID-19, including but not limited to its possible effects on the availability of and demand for our products and services, our ability to efficiently and flexibly manage our business amid uncertainties related to COVID-19, and its impact on the economy, possible adverse effects resulting from financial market disruption and fluctuations in foreign currency rates, and general slowdown of the U.S. economy such as our current and potential customers delaying or reducing technology purchases or put downward pressure on prices, increasing credit risk associated with our customers and vendors, reduction of vendor incentive programs, and restrictions on our access to capital necessary to fund our operations; our ability to consummate and integrate acquisitions; the possibility of goodwill impairment charges in the future; significant adverse changes in, reductions in, or losses of relationships with major customers or vendors; the demand for and acceptance of, our products and services; our ability to adapt our services to meet changes in market developments; our ability to implement comprehensive plans to achieve customer account coverage for the integration of sales forces, cost containment, asset rationalization, systems integration and other key strategies; our ability to reserve adequately for credit losses; our ability to secure our electronic and other confidential information or that of our customers or partners; future growth rates in our core businesses; our ability to protect our intellectual property; the impact of competition in our markets; the possibility of defects in our products or catalog content data; our ability to adapt to changes in the IT industry and/or rapid change in product standards; our ability to realize our investment in leased equipment; our ability to hire and retain sufficient qualified personnel; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission. All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005239/en/

Kleyton Parkhurst, SVP

ePlus inc.

[email protected]

703-984-8150

KEYWORDS: Virginia United States North America

INDUSTRY KEYWORDS: Security Online Retail Retail Data Management Technology

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Wells Fargo Quantitative Prime Services Offers HPR Trading Platform to Clients

NEW YORK–(BUSINESS WIRE)–
Wells Fargo Corporate & Investment Banking, a division of Wells Fargo & Company (NYSE: WFC), announced today that its Quantitative Prime Services division has partnered with HPR, a leading financial technology player in electronic trading, to provide an elite next-generation trading platform for clients.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201116005186/en/

Through its collaborative partnership with HPR, Wells Fargo will provide custom trading solutions to its clients that are engineered on HPR products. In addition to launching its HPR engineered trading platform, Wells Fargo plans to offer clients access to additional HPR products, more details of which will be shared at a later date.

“HPR’s scale service architecture provides the flexibility to access solutions across the latency spectrum,” said Anthony D. Amicangioli, HPR Founder and CEO. “Wells Fargo understands the future of electronic trading and we are excited to partner with them to provide highly differentiated services on our unified Platform-as-a-Service (PaaS) architecture.”

Wells Fargo’s Quantitative Prime Services and Quantitative Execution Desk provides an all-inclusive relationship management model and in-house quantitative expertise to provide customized execution and financing facilities across all fund sizes and quantitative strategies. Wells Fargo combines creditworthiness and balance sheet strength with leading-edge technologies to engineer custom solutions for firms across the quantitative spectrum.

“Through our collaborative partnership with HPR, our clients will have the opportunity to deploy market-aware network hardware, advanced data delivery systems, latency management solutions and trade surveillance platforms,” said John Leone, Managing Director, Head of Quantitative Strategy at Wells Fargo Corporate and Investment Banking. “HPR is the gold standard in risk gateways and at-trade risk management, and we’re pleased that HPR will soon launch an additional suite of products which will raise all components of the trading stack.”

About HPR

HPR provides a Platform-as-a-Service that powers the industry’s leading brokers, clearing firms, market makers and quantitative hedge funds. The firm’s visionary Unimus™ platform is built on a highly unified scale architecture which strips away complexity and is central to HPR’s success. The Unimus™ platform’s solutions include: Omnibot™, Riskbot^® and Softbot^® for ultra-low latency Direct Market Access and pre-trade risk management; CRM-X, an intuitive and powerful user interface for managing global, system-wide risk controls; and Databot™, an ultra-low latency, highly customizable market data delivery system. For more information, visit www.hyannisportresearch.com

About Wells Fargo Corporate & Investment Banking

Wells Fargo Corporate & Investment Banking delivers a comprehensive suite of capital markets, banking, and financial products and services. A trusted partner to our clients, we provide corporate and transactional banking, commercial real estate lending and servicing, investment banking, equity and fixed income solutions including sales, trading, and research capabilities to corporate, commercial real estate, government, and institutional clients across the globe. Our office locations span the Americas, Europe, and Asia-Pacific.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

Cautionary Statement about Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, available on its website at www.sec.gov.

News Release Category: WF-PR

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005186/en/

For business-related inquiries

Robert Newhouse

[email protected]

Media

Lylah Holmes

[email protected]

Mark Dowd (for HPR)

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

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John Leone, Head of Quantitative Strategy at Wells Fargo Corporate and Investment Banking (Photo: Wells Fargo)

Eventbrite to Participate in the RBC Capital Markets Technology, Internet, Media and Telecom Virtual Conference

SAN FRANCISCO–(BUSINESS WIRE)–
Eventbrite, Inc. (NYSE: EB), a global self-service ticketing and experience technology platform, today announced that Julia Hartz, Co-Founder & Chief Executive Officer, and Lanny Baker, Chief Financial Officer, are scheduled to participate in a virtual fireside chat at the RBC Capital Markets Technology, Internet, Media and Telecom Virtual Conference on Wednesday, November 18, 2020 at 4:40 p.m. Eastern time.

A live webcast and replay of the fireside chat will be available on the company’s investor relations website at https://investor.eventbrite.com.

About Eventbrite

Eventbrite is a global self-service ticketing and experience technology platform that serves a community of nearly one million event creators in over 180 countries. Since inception, Eventbrite has been at the center of the experience economy, transforming the way people organize and attend events. The company was founded by Julia Hartz, Kevin Hartz and Renaud Visage, with a vision to build a self-service platform that would make it possible for anyone to create and sell tickets to live experiences. The Eventbrite platform provides an intuitive, secure, and reliable service that enables creators to plan and execute their live and online events, whether it’s an annual culinary festival attracting thousands of foodies, a professional webinar, a weekly yoga workshop or a youth dance class. With over 300 million tickets distributed to more than 4 million experiences in 2019, Eventbrite is where people all over the world discover new things to do or new ways to do more of what they love. Learn more at www.eventbrite.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005683/en/

Eventbrite Investor Relations

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Professional Services Communications Other Professional Services Technology Telecommunications Internet Public Relations/Investor Relations

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Posted on November 16, 2020 8:33 am

Myomo Introduces MyoGames™

Myomo Introduces MyoGames™

Video Games Played via MyoPro for Training, Rehabilitation and Fun

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Myomo, Inc. (NYSE American: MYO) (“Myomo” or the “Company”), a wearable medical robotics company offering increased functionality for individuals suffering from neurological disorders and upper-limb paralysis, announced today the availability of MyoGames by Lusio, a video game platform designed to augment training and rehabilitation for MyoPro users, while being fun. MyoGames enables users to play video games by actively engaging their paralyzed or weakened arm or hand with the MyoPro. The first game, basketball, is available immediately with other titles to follow.

MyoGames was developed in collaboration with Lusio Technology Pty Ltd, a game developer focused on the rehabilitation market and based in New South Wales, Australia.

Jon Naft, Myomo’s Vice President and General Manager International, said, “The games complement our existing therapeutic protocol. This increase in training is expected to help a new MyoPro recipient to be more proficient with activities of daily living. MyoGames is intended to give users of all ages something new and captivating to pursue with their device as they master it. In addition, the repetitive motion required for a game like basketball is the foundation of neurological rehabilitation and may accelerate neuro recovery.”

Shiven Ruparel, Myomo’s Director of Product Management explained, “The vision for MyoGames is to be a gaming platform with a library of games available that all lead to the same two goals – accelerate the rehabilitation of users and improve their ability to perform everyday functional tasks. The first game, basketball, will be distributed as part of the MyoPro package at no additional cost and subsequent games will be available on a monthly subscription basis. In addition to being a new revenue stream, MyoGames is intended to make practice with a MyoPro more engaging, which is expected to increase a patient’s probability of achieving a better outcome. Better outcomes are expected to add to our clinical data for medical and insurance reimbursement purposes, which may lead to increased patient access for the MyoPro. It’s a win-win.”

MyoGames is designed to complement the MyoCare program introduced in July. MyoCare offers new MyoPro users a personal coach and a series of training videos to help them maximize the benefits of their device.

About Myomo

Myomo, Inc. is a wearable medical robotics company that offers improved arm and hand function for those suffering from neurological disorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. It is currently the only marketed device that, sensing a patient’s own EMG signals through non-invasive sensors on the arm, can restore an individual’s ability to perform activities of daily living, including feeding themselves, carrying objects and doing household tasks. Many are able to return to work, live independently and reduce their cost of care. Myomo is headquartered in Cambridge, Massachusetts, with sales and clinical professionals across the U.S and representatives internationally. For more information, please visit www.myomo.com.

Forward Looking Statements

This press release contains forward-looking statements regarding the Company’s future business expectations, including the expectations related to availability of video games operated via MyoPro and the intended benefits of MyoGames to MyoPro users, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors.

These factors include, among other things:

• our sales and commercialization efforts;
• our ability to achieve reimbursement from third-party payers for our products;
• our dependence upon external sources for the financing of our operations, to the extent that we do not achieve or maintain cash flow breakeven;
• our ability to effectively execute our business plan and scale up our operations;
• our expectations as to our development programs; and
• general market, economic, environmental and social factors, including the ongoing COVID-19 pandemic, that may affect the evaluation, fitting, delivery and sale of our products to patients.

More information about these and other factors that potentially could affect our financial results is included in Myomo’s filings with the Securities and Exchange Commission, including those contained in the risk factors section of the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and other filings with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Although the forward-looking statements in this release of financial information are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material and adverse. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116005018/en/

For Myomo:

[email protected]

Investor Relations:

Kim Sutton Golodetz

LHA Investor Relations

[email protected]

212-838-3777

Public Relations:

Kate McCann

Matter Communications

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Entertainment Health Medical Devices Physical Therapy Other Health Managed Care Electronic Games

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