Market Newsdesk

November 12, 2020 9:18 am

Upwork To Present at the Needham Virtual Internet Services Conference

Event to be Audio Webcast on the Upwork Investor Relations Website

SANTA CLARA, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketplace that connects businesses with independent talent, as measured by gross services volume (“GSV”), today announced that President and CEO, Hayden Brown, and Chief Financial Officer, Jeff McCombs, will participate in a fireside chat at the Needham Virtual Internet Services Conference. The event will take place on Monday, November 16, 2020 at 8:30a.m. PT/11:30a.m. ET.

An audiocast of the event will be available in the Events and Presentations section of Upwork’s Investor Relations website at investors.upwork.com. An audio webcast archive will be available following each event for approximately 90 days at investors.upwork.com. Please contact the respective financial institution hosting the conference for additional details. During the course of this event, Upwork may disclose material developments affecting its business and/or financial performance.

About Upwork

Upwork is the world’s largest work marketplace that connects businesses with independent talent, as measured by gross services volume (“GSV”). We serve everyone from one-person startups to 30% of the Fortune 100 with a powerful, trust-driven platform that enables companies and freelancers to work together in new ways that unlock their potential. Our talent community earned over $2 billion on Upwork in 2019 across more than 8,000 skills, including website & app development, creative & design, customer support, finance & accounting, consulting, and operations. Learn more at www.upwork.com and join us on LinkedIn, Twitter, and Facebook.

Upwork is a registered trademark of Upwork Inc. All other product and brand names may be trademarks or registered trademarks of their respective owners.

Denise Garcia
Investor Relations
[email protected]

November 12, 2020 9:17 am

Surna Reports Q3 2020 Results and Recent Sales Contracts

Announces $4.4 million in New Sales Contracts in Q3, among highest in Company history

Boulder, Colorado, Nov. 12, 2020 (GLOBE NEWSWIRE) — Surna Inc. (OTCQB: SRNA) announced today operating and financial results for the three and nine months ended September 30, 2020.

Financial Highlights

	●	As of September 30, 2020, our cash was $2,072,000, compared to cash of $922,000 as of December 31, 2019. Our working capital deficit was $1,793,000 as of September 30, 2020, compared to a working capital deficit of $1,437,00 as of December 31, 2019. Our continued focus on disciplined cash management has helped us weather the financial uncertainties of the current pandemic.

	●	Our Q3 2020 gross profit margin was 32.3% compared to 28.6% for Q3 2019, an increase of 3.6 percentage points.

	●	Our Q3 2020 revenue was $1,635,000, which represents a 70% decrease compared to Q3 2019 revenue of $5,524,000.

	●	For Q3 2020, our operating loss and net loss was $283,000 and $270,000, respectively. This compares to a Q3 2019 operating income and net income of $277,000 and $222,000, respectively.

	●	Our Q3 2020 adjusted net loss was $186,000, compared to a Q3 2019 adjusted net income of $365,000.

Previous Downsizing of Operations

As we noted in our 2019 Annual Report on Form 10-K, filed in March of this year, recent events in the national and global economies have had an adverse impact on our operations and financial condition, including constraints on capital availability for us and our customers and prospects who have commenced, or are contemplating, new and expanded cannabis cultivation facilities. Most recently, the response to this coronavirus pandemic by federal, state and local governments in the U.S. has resulted in significant market and business disruptions across many industries and affecting businesses of all sizes. This pandemic has also further tightened capital access for most businesses. The full extent to which COVID-19 will impact our business and financial results will depend on future developments, which are uncertain and cannot be predicted at this time.

Recent Sales Contracts and Stability of Operations

During the third quarter of 2020, we entered into new sales contracts totaling approximately $4.4 million, including our largest-ever single contract for $2.8 million, most of which we expect to be realized as revenue in 2020. This level of contract booking is among the highest for the Company in the last several years. To meet this new demand, we have restored our hourly workforce to full-time status and recalled those previously on furlough.

Despite this good news, the general economic conditions, government mandates about permitted work and working environments, and working capital constraints, all of which effect both our customers and us and our downsizing may have an adverse effect on our ability to effectively market our services, generate new customer orders, and contract implementation. If our customers or prospects are unable to continue operations or obtain project financing and we are unable to increase revenues or otherwise generate cash flows from operations, we will not be able to successfully execute on our various strategies and initiatives to grow our business. If these actions do not meet our expectations, or additional near-term capital is not available, we may not be able to continue our operations.

Product Development Initiatives

We have a sales and marketing program that generates many prospective customer relationships. However, our limited range of higher cost products, mostly chilled water systems, reduces the number of customer prospects who can afford to buy from us. In 2018 we started an aggressive effort to broaden our product and service offerings to provide a wider range of HVAC technical solutions (see chart in our Form 10-Q filed November 12, 2020). In 2018 we began to offer stamped mechanical plan sets and our first 4-pipe chilled water systems. In 2019 we broadened our engineering services to include full MEP (Mechanical, Electrical, and Plumbing) design services. We also began to offer our SentryIQ^™ Controls System. And in 2020 we added new products to include: split system DX (direct expansion) with integrated dehumidification, packaged DX systems with modulating hot gas reheat, heat recovery chiller/boiler for 4-pipe systems, and we recently added our StrataAir™ racking airflow solution to address customer needs for multi-level cultivation facilities. These various systems provide solutions to answer a broader range of technical and cost constraints and we will continue to develop and offer new solutions to our customers’ problems, so that a broader group of growers can take advantage of our engineering expertise and capabilities. We believe these new products and services will increase our addressable market and increase sales, further leveraging our investment in sales and marketing.

The success of our product development initiative can be seen below, which documents the number of commercial-scale projects (over $100,000 sales) that have included one or more of our new products:

Year	Percent Using New Products
2018	35%
2019	76%
2020	(through Q3): 100%

Tony McDonald, CEO, commented: “The third quarter of this year has seen a dramatic turnaround in Surna’s new project bookings from the first half of the year. Our view has been that cultivation construction projects were delayed and not abandoned as a result of uncertainty around the economic impact of the pandemic. And while we did experience one large and several smaller project cancellations in the second and third quarters, we have been optimistic that project orders would rebound, especially given the continued growth of retail product sales. Fortunately, we saw just that in the third quarter.”

About Surna Inc.

Surna Inc. (www.surna.com) designs, engineers and sells cultivation technologies for controlled environment agriculture including: (i) liquid-based process cooling systems and other climate control systems, (ii) air handling equipment and systems, (iii) a full-service engineering package for designing and engineering commercial scale thermodynamic systems specific to cannabis cultivation facilities, and (iv) automation and control devices, systems and technologies used for environmental, lighting and climate control. Our customers include commercial, state- and provincial-regulated cannabis growers in the U.S. and Canada as well as other international locations, including those growers building new facilities and those expanding or retrofitting existing facilities. Currently, our revenue stream is derived primarily from supplying our products, services and technologies to commercial indoor and hybrid sealed greenhouse facilities ranging from several thousand to more than 100,000 square feet.

Headquartered in Boulder, Colorado, we leverage our experience in this space to bring value-added climate control solutions to our customers that help improve their overall crop quality and yield, optimize energy and water efficiency, and satisfy the evolving state and local codes, permitting and regulatory requirements. Although our customers do, we neither produce nor sell cannabis.

Forward Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to Surna’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

Non-GAAP Financial Measures

To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

Statement about Cannabis Markets

The use, possession, cultivation, and distribution of marijuana is prohibited by U.S. federal law for medical and recreational purposes. Although certain states have legalized medical and recreational cannabis, companies and individuals involved in the sector are still at risk of being prosecuted by federal authorities. Further, the landscape in the cannabis industry changes rapidly. This means that at any time the city, county, or state where cannabis is permitted can change the current laws and/or the federal government can supersede those laws and take prosecutorial action. Given the uncertain legal nature of the cannabis industry, it is imperative that investors understand that investments in the cannabis industry should be considered very high risk. A change in the current laws or enforcement policy can negatively affect the status and operation of our business, require additional fees, stricter operational guidelines and unanticipated shut-downs.

	Surna Marketing
	Jamie English
	Managing Director of Marketing
	[email protected]
	(303) 993-5271

Surna Inc.

Consolidated Balance Sheets

	September 30,			December 31,
	2020			2019
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	2,072,312		$	922,177
Accounts receivable (net of allowance for doubtful accounts of $164,823 and $151,673, respectively)		97,257			138,357
Inventory, net		521,650			1,231,243
Prepaid expenses and other		757,498			269,491
Total Current Assets		3,448,717			2,561,268
Noncurrent Assets
Property and equipment, net		176,823			257,923
Goodwill		631,064			631,064
Intangible assets, net		7,371			11,930
Deposits		–			51,000
Operating lease right-of-use asset		392,263			534,133
Total Noncurrent Assets		1,207,521			1,486,050

TOTAL ASSETS	$	4,656,238		$	4,047,318

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	1,397,770		$	1,832,959
Deferred revenue		3,489,302			1,444,472
Accrued equity compensation		101,472			503,466
Current portion of operating lease liability		253,392			217,843
Total Current Liabilities		5,241,936			3,998,740

NONCURRENT LIABILITIES
Note payable and accrued interest		556,444			–
Other liabilities		41,396			–
Operating lease liability, net of current portion		238,139			404,209
Total Noncurrent Liabilities		835,979			404,209

TOTAL LIABILITIES		6,077,915			4,402,949

Commitments and Contingencies (Note 7)		–			–

SHAREHOLDERS’ EQUITY (DEFICIT)
Preferred stock, $0.00001 par value; 150,000,000 shares authorized; 42,030,331 shares issued and outstanding		420			420
Common stock, $0.00001 par value; 350,000,000 shares authorized; 236,526,638 and 228,216,638 shares issued and outstanding, respectively		2,366			2,283
Additional paid in capital		26,082,733			25,326,593
Accumulated deficit		(27,507,196	)		(25,684,927	)
Total Shareholders’ Equity (Deficit)		(1,421,677	)		(355,631	)

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)	$	4,656,238		$	4,047,318

Surna Inc.

Consolidated Statements of Operations

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
Revenue, net	$	1,634,669		$	5,524,105		$	5,127,018		$	11,505,728

Cost of revenue		1,108,758			3,943,758			3,869,758			7,987,516

Gross profit		525,911			1,580,347			1,257,260			3,518,212

Operating expenses:
Advertising and marketing expenses		89,695			123,566			333,669			415,479
Product development costs		84,433			98,145			304,229			326,659
Selling, general and administrative expenses		634,447			1,081,294			2,453,976			3,284,485
Total operating expenses		808,575			1,303,005			3,091,874			4,026,623

Operating income (loss)		(282,664	)		277,342			(1,834,614	)		(508,411	)

Other (expense) income:
Other (expense) income, net		13,621			(55,319	)		29,018			(30,146	)
Interest expense		(1,396	)		–			(16,673	)		–
Total other (expense) income		12,225			(55,319	)		12,345			(30,146	)

Income (loss) before provision for income taxes		(270,439	)		222,023			(1,822,269	)		(538,557	)

Income taxes		–			–			–			–

Net income (loss)	$	(270,439	)	$	222,023		$	(1,822,269	)	$	(538,557	)

Income (loss) per common share – basic and dilutive	$	(0.00	)	$	0.00		$	(0.01	)	$	(0.00	)

Weighted average number of common shares outstanding, basic		236,526,638			227,918,377			234,711,893			227,475,335

Weighted average number of common shares outstanding, dilutive		236,526,638			237,028,377			234,711,893			227,475,335

Surna Inc.

Consolidated Statements of Cash Flows

(Unaudited)

	For the Nine Months Ended September 30,
	2020			2019
Cash Flows From Operating Activities:
Net loss	$	(1,822,269	)	$	(538,557	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and intangible asset amortization expense		90,867			129,723
Share-based compensation		252,757			675,963
Provision for doubtful accounts		13,150			43,130
Provision for excess and obsolete inventory		(5,117	)		(213,556	)
Loss on disposal of assets		4,124			115,359

Changes in operating assets and liabilities:
Accounts receivable		27,950			60,436
Inventory		714,709			213,271
Prepaid expenses and other		(488,007	)		(568,031	)
Operating lease right-of-use asset		62,350			–
Accounts payable and accrued liabilities		(397,181	)		213,044
Deferred revenue		2,044,830			1,633,195
Operating lease liability, net		–			(13,856	)
Accrued equity compensation		101,472			–
Net cash provided by operating activities		599,635			1,750,121

Cash Flows From Investing Activities
Purchases of property and equipment		(3,500	)		(3,043	)
Net cash used in investing activities		(3,500	)		(3,043	)

Cash Flows From Financing Activities
Proceeds from issuance of note payable		554,000			–
Net cash provided by financing activities		554,000			–

Net increase in cash		1,150,135			1,747,078
Cash, beginning of period		922,177			253,387
Cash, end of period	$	2,072,312		$	2,000,465

Non-cash investing and financing activities:
Interest paid	$	–		$	–
Income taxes paid	$	–		$	–

November 12, 2020 9:15 am

Organigram Closes Previously Announced Underwritten Public Offering

Organigram Closes Previously Announced Underwritten Public Offering

MONCTON, New Brunswick–(BUSINESS WIRE)–
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. (the “Company” or “Organigram”), a leading licensed producer of cannabis, announced today the closing of its previously announced underwritten public offering of units of the Company (the “Units”) for total gross proceeds of C$69,143,750 (the “Offering”). The Company sold 37,375,000 Units at a price of C$1.85 per Unit, including 4,875,000 Units sold pursuant to the exercise in full of the underwriters’ over-allotment option.

Each Unit is comprised of one common share of the Company (a “Common Share”) and one half of one common share purchase warrant of the Company (each full common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share of the Company (a “Warrant Share”) for a period of 3 years following the closing date of the Offering at an exercise price of C$2.50 per Warrant Share, subject to adjustment in certain events.

Canaccord Genuity Corp. and Canaccord Genuity LLC acted as the lead underwriters for the Offering, together with a syndicate of underwriters including BMO Nesbitt Burns Inc., Scotia Capital Inc., Eight Capital, Raymond James Ltd., Stifel GMP, Alliance Growth Partners, ATB Capital Markets Inc., Haywood Securities Inc., and Paradigm Capital Inc.

The Company expects to use the net proceeds from the Offering to repay indebtedness, and for working capital and other general corporate purposes.

In connection with the Offering, the Company filed a prospectus supplement dated November 10, 2020 (the “Prospectus Supplement”) to its short form base shelf prospectus dated November 22, 2019 (the “Base Shelf Prospectus”) with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada. In addition, the Prospectus Supplement was filed with the United States Securities and Exchange Commission (the “SEC”) as a supplement to the Company’s registration statement on Form F-10 (SEC File No. 333-234564) (the “Registration Statement”) under the United States/Canada Multi-Jurisdictional Disclosure System which includes the Base Shelf Prospectus. The Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement contain important detailed information about the Company and the Offering.

Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on SEDAR at www.sedar.com and copies of the Prospectus Supplement and the Registration Statement are available on EDGAR on the SEC’s web site at www.sec.gov. Copies of the Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement may also be obtained in Canada from Canaccord Genuity Corp., 161 Bay Street, Suite 3000, Toronto, ON M5J 2S1 and in the United States from Canaccord Genuity LLC, 99 High Street, Suite 1200, Boston, Massachusetts 02110, Attn: Syndicate Department, by telephone at (617) 371-3900, or by email at [email protected].

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Organigram Holdings Inc.

Organigram Holdings Inc. is a NASDAQ Global Select and TSX listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada.

Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed a portfolio of legal adult use recreational cannabis brands including The Edison Cannabis Company, Ankr Organics and Trailblazer. Organigram’s facility is located in Moncton, New Brunswick and the Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).

Forward Looking Statements

This news release contains forward-looking information and forward-looking statements (together, “forward-looking information”) including statements regarding the terms, timing and potential completion of, and use of proceeds from, the Offering. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information including factors and risks as disclosed in the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR (see www.sedar.com) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005672/en/

For Investor Relations enquiries, please contact:

Amy Schwalm

Vice President, Investor Relations

[email protected]

(416) 704-9057

For Media enquiries, please contact:

Marlo Taylor

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Alternative Medicine Health Other Health

MEDIA:

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November 12, 2020 9:15 am

Flux Power’s FY 2021 Q1 Revenue Increased By 135%

Flux Power’s FY 2021 Q1 Revenue Increased By 135%

Investor Conference Call at 4:30 PM ET

VISTA, Calif.–(BUSINESS WIRE)–
Flux Power Holdings, Inc. (Nasdaq: FLUX), a developer of advanced lithium-ion industrial batteries for commercial and industrial equipment, today reported financial results for its first quarter of fiscal year 2021 (Q1’21).

Financial Highlights:

Q1’21 revenue grew 135% to $4.5M compared to Q1’20 revenue of $1.9M
Q1’21 gross margin increased to 19.4% compared to 6.1% in Q1’20

Strategic Highlights:

While our first quarter is typically a seasonal low quarter for many of our customers, our underlying momentum and pacing compared to our revenue levels for Q1’20 is encouraging, especially in view of the COVID environment.
Uplisted to Nasdaq and completed a public offering of $12.4M in August.
Completed a private placement offering for $3.2M.
Continued expansion of relationships with forklift OEMs and new customers.
Continued expansion with Beam Global for stationary power.
Repaid short-term debt by $2.6M during Q1’21.
Subsequent to Q1’21:
- Filed a shelf registration of $50M to support capital raise for business growth over the next three years.
- Converted $2.2M of short-term debt to equity to strengthen the balance sheet and capital structure.
- Secured a working capital revolving line of credit with Silicon Valley Bank.

“Our revenue during Q1’21 reflects added customers and momentum despite the COVID pandemic,” Flux Power CEO Ron Dutt commented. “We believe continued improvement in our gross margin moves us closer to our goal of becoming cash flow breakeven.”

Q1’21 Financial Results

Revenue: Q1’21 revenue increased by 135% to $4.5M compared to $1.9M in Q1’20, driven by sales of larger LiFT Packs and stationary power applications.

Gross Profit: Q1’21 gross profit improved to $873,000 compared to a gross profit of $117,000 in Q1’20 principally reflecting higher sales volumes and gross margin improvement program.

Selling & Administrative: Expenses increased to $2.9M in Q1’21 from $2.3M in Q1’20, principally reflecting increased staffing to support expanded sales and marketing, sourcing and procurement, demonstration units for marketing, and expanded customer service footprint.

Research & Development: Expenses increased to $1.5M in Q1’21, compared to $1.3M in Q1’20 reflecting our continued rollout of new product models, third party expense for UL Listing certification, and further development of our telemetry products.

Net Loss: Q1’21 net loss increased to $4.0M from a loss of $3.8M in Q1’20, principally reflecting higher operating costs and interest expense.

Fiscal Year 2021 Outlook

The first quarter of the fiscal year is a seasonally lower revenue quarter, reflecting customers not purchasing or installing new equipment over the historically slower summer months of July and August. However, Flux Power continued its underlying business momentum with triple-digit year over year growth.

The current growth trajectory is anticipated to continue based on an expanded line-up of product offerings, continued demand for lithium-ion solutions, and potential new customer opportunities. Flux Power also expects to further enhance gross margins across its product lines by implementing a series of clearly defined initiatives to advance technology, design, production and purchasing efficiencies, as well as benefiting from growing economies of scale.

CEO Ron Dutt added, “While the timing of sales continues to be a challenge to predict each quarter, we are confident in a positive outlook for fiscal year 2021 based on customer dialogues across all product lines.”

As a point of reference, according to the October 2020 report from the Material Handling Equipment Distributors Association (MHEDA), the outlook for new U.S. equipment orders is down 9.6% for calendar year 2020 and up by 10.0% for calendar year 2021.

Conference Call

Management will hold a conference call today starting at 4:30 PM ET. Investors and analysts interested in joining the call are invited to dial (833) 428-8374 or (270) 240-0543. The conference ID is 7063928. A recording of the conference call will be uploaded to the Flux Power website once it is available.

About Flux Power Holdings, Inc. (www.fluxpower.com)

Flux Power designs, develops, manufactures, and sells advanced rechargeable lithium-ion energy storage solutions for lift trucks and other industrial equipment including airport ground support equipment (GSE), and energy storage for solar applications. Flux Power’s LiFT Packs, including the proprietary battery management system (BMS), provide customers with a better performing, more environmentally friendly, and lower total cost alternative, in many instances, to traditional lead acid and propane-based solutions.

Cautionary Statement Regarding Forward-Looking Statements

This release contains projections and other “forward-looking statements” relating to Flux Power’s business, that are often identified by the use of “believes,” “expects” or similar expressions. Forward-looking statements involve a number of estimates, assumptions, risks and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include the development and success of new products, projected sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar.These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

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Blog: Flux Power Blog

News Flux Power News

Twitter: @FLUXpwr

LinkedIn: Flux Power


FLUX POWER HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2020 (Unaudited)			June 30, 2020

ASSETS

Current assets:
Cash	$	6,150,000		$	726,000
Accounts receivable		3,162,000			3,069,000
Inventories		6,049,000			5,256,000
Other current assets		488,000			787,000
Total current assets		15,849,000			9,838,000
Right of use asset		3,337,000			3,435,000
Other assets		132,000			174,000
Property, plant and equipment, net		688,000			528,000

Total assets	$	20,006,000		$	13,975,000

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current liabilities:
Accounts payable and accrued expenses	$	5,492,000		$	6,098,000
Deferred revenue		48,000			4,000
Customer deposits		920,000			1,563,000
Due to Factor		–			469,000
Related party loan payable		4,396,000			7,347,000
Financing lease payable		18,000			28,000
Office lease payable, current portion		345,000			288,000

Total current liabilities		11,219,000			15,797,000

Long term liabilities:
Paycheck Protection Program loan payable		1,297,000			1,297,000
Office lease payable, less current portion		3,197,000			3,301,000

Total liabilities		15,713,000			20,395,000

Stockholders’ equity (deficit):

Preferred stock		–			–
Common stock		11,000			7,000
Additional paid-in capital		61,678,000			46,985,000
Accumulated deficit		(57,396,000	)		(53,412,000	)

Total stockholders’ equity (deficit)		4,293,000			(6,420,000	)

Total liabilities and stockholders’ equity (deficit)	$	20,006,000		$	13,975,000


FLUX POWER HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended September 30,
	2020			2019
Net revenue	$	4,499,000		$	1,919,000
Cost of sales		3,626,000			1,802,000

Gross profit		873,000			117,000

Operating expenses:
Selling and administrative expenses		2,920,000			2,262,000
Research and development		1,507,000			1,341,000
Total operating expenses		4,427,000			3,603,000

Operating loss		(3,554,000	)		(3,486,000	)

Interest expense		(430,000	)		(328,000	)

Net loss	$	(3,984,000	)	$	(3,814,000	)

Net loss per share – basic and diluted	$	(0.42	)	$	(0.75	)

Weighted average number of common shares outstanding – basic and diluted		9,536,441			5,103,342

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005358/en/

Media & Investor Relations:

Justin Forbes

877-505-3589

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Alternative Energy Manufacturing Other Manufacturing Energy Other Energy

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November 12, 2020 9:14 am

Global Education Group Survey Reveals Importance of Continuing Medical Education

Continuing Medical Education (CME) was the number-one cause for respondents to make changes to their medical practice and ranked as the most effective method for improving patient care

TAMPA, Fla., Nov. 12, 2020 (GLOBE NEWSWIRE) — Global Education Group, a division of Ultimate Medical Academy, has released results for the 2020 Continuing Medical Education Survey. The 18-question survey’s results provide illuminating data to support the importance of Continuing Medical Education (CME) and highlight respondent’s desire to return to in-person training opportunities once Covid-19 social distancing restrictions are lifted.

Continuing Medical Education (CME) was the number-one cause for respondents to make changes to their own medical practice, with 95 percent incorporating the information and practices learned in CME programming into their daily activities. Respondents also ranked CME as the most effective method for improving their patient care, above colleagues, journal articles and medical science liaison visits.

“We know that providing information on new research and treatment options is critical to the continued success of healthcare practitioners,” said Global Education Group’s Vice President of Education Andrea Funk. “However, we were very interested to see the powerful impact that CME has on the choices providers make in their own practice and the importance to the way they approach patient care.”

While some state health boards require licensed healthcare practitioners to complete ongoing CME, others do not, and it is up to these practitioners to pursue CME on their own. However, even though there is not a nation-wide mandate for ongoing educational engagements, more than half of survey respondents indicated they regularly participate in live (58.0%) or on-demand (62.6%) webcasts/webinars, and many also regularly participate in live multi-day conferences (42.6%) and local or regional meetings (47.6%), when available.

The 2020 survey was distributed in June and July to more than 1,700 healthcare practitioners across the United States to get a sense of the importance of CME to practitioners nationwide, as well as provide insights to CME during a global health crisis.

“This year’s survey presented a unique opportunity to examine the impacts of Covid-19 and social distancing on educational formats and time available for courses,” said Global Education Group’s Vice President of Education Strategy John McCormick. “While past data has indicated the efficacy of in-person instruction, the survey results show practitioners are eager to get back in the classroom and have an in-person learning experience.”

As the pandemic has healthcare providers working differently, most respondents (73.4%) noted that they could only spend a maximum of two hours per day on their CME efforts. As educators continue to create opportunities for learning, it will be important to consider the desires and constraints expressed by health providers.

To learn more about Global Education Group, a division of Ultimate Medical Academy, visit www.globaleducationgorup.com or click here to request a copy of the 2020 Continuing Medical Education Survey.

***

About Ultimate Medical Academy: The need for skilled healthcare workers in the United States is critical and continues to grow. Ultimate Medical Academy (UMA) is an accredited, nonprofit educational institution that helps to meet that need by equipping and empowering students to do vital work at the heart of healthcare. In addition to offering diploma and degree programs, UMA works closely with healthcare companies to connect students directly to job opportunities.

Founded in 1994 and based in Tampa, Florida, UMA offers hands-on learning at its main campus in Clearwater, Florida as well as content-rich, interactive programs through its online campus. The institution supports students through every step of their journey with access to academic support, interview and resume coaching, job search assistance, technical support and more.

UMA has more than 63,000 alumni and 14,000 students nationwide. The institution also provides certified continuing medical education (CME) through ongoing training and professional development opportunities to more than 30,000 physicians, nurses and other medical professionals throughout the U.S. annually.

UMA is institutionally accredited by the Accrediting Bureau of Health Education Schools (ABHES, www.ABHES.org) and is also accredited by the Accreditation Council for Continuing Medical Education (ACCME). The continuing medical education programs are individually accredited and are not included within the institution’s grant of accreditation from ABHES. Learn more by visiting www.ultimatemedical.edu.

About Global Education Group: Since 2003, Global Education Group has harnessed the power of partnership to provide effective and impactful continuing medical education (CME) programming to nurses, nurse practitioners, pharmacists, psychologists, dieticians and dentists. Global’s mission is to design, implement, manage, and measure the healthcare effect of continuing education initiatives that promote clinical competence and performance improvement. Global Education Group takes its continuing education leadership role seriously and believes that a consistent focus on quality CME options ultimately will improve the quality of care for patients.

Global is a founding member of the North American Association of Medical Education and Communications Companies (NAMECC) and The CME Coalition, a Washington, D.C. based CME advocacy group. Global is Accredited with Commendation by the Accreditation Council for Continuing Medical Education (ACCME; www.accme.org) to provide CME for physicians. The ACCME decision places Global among a distinguished group of providers that demonstrate excellence across the twenty-two CME accreditation criteria and qualifies Global for a six-year accreditation term. Global also holds six additional accreditations to certify education for the entire spectrum of healthcare professionals, including nurses, nurse practitioners, pharmacists, psychologists, dentists, and dieticians. Learn more by visiting https://globaleducationgroup.com/.

Crystal L. Lauderdale
Ultimate Medical Academy
[email protected]

November 12, 2020 9:14 am

Vital Farms Announces Pricing of Secondary Public Offering of Common Stock at Closing Market Price

Vital Farms Will Not Receive Any Proceeds from Offering

AUSTIN, Texas, Nov. 12, 2020 (GLOBE NEWSWIRE) — Vital Farms, Inc. (Nasdaq: VITL “Vital Farms”), a Certified B Corporation that offers a range of ethically produced pasture-raised foods nationwide, today announced the pricing of an underwritten public offering of 5,000,000 shares of common stock at a price of $30.25 per share. The closing price of the Company’s common stock on November 11, 2020 was $30.25 per share. The shares are being offered by certain stockholders of Vital Farms (the “Selling Stockholders”). The Selling Stockholders have also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock at the public offering price, less underwriting discounts and commissions.

The offering is expected to close on November 16, 2020, subject to the satisfaction of customary closing conditions. Vital Farms will not receive any proceeds from the sale of shares by the Selling Stockholders.

Goldman Sachs & Co. LLC, Morgan Stanley, Credit Suisse Securities (USA) LLC and Jefferies are acting as joint lead bookrunning managers for the offering. BMO Capital Markets Corp. and Stifel, Nicolaus & Company, Incorporated are acting as bookrunning managers for the offering.

The offering is being made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526 or by email at [email protected]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014 or by email at [email protected]; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by telephone at (800) 221-1037 or by email at [email protected]; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at 877-821-7388 or by email at [email protected].

A registration statement on Form S-1 relating to these securities has been declared effective by the Securities and Exchange Commission. A copy of the registration statement may be accessed through the Securities and Exchange Commission’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Vital Farms

Vital Farms, a Certified B Corporation, offers a range of ethically produced pasture-raised foods nationwide. Started on a single farm in Austin, Texas, in 2007, Vital Farms is the leading U.S. brand of pasture-raised eggs and butter by retail dollar sales. Vital Farms’ ethics are exemplified by its focus on the humane treatment of farm animals and sustainable farming practices. In addition, as a Delaware Public Benefit Corporation, Vital Farms also prioritizes the long-term benefits of each of its stakeholders, including farmers and suppliers, customers and consumers, communities and the environment, and crew members and stockholders. Vital Farms’ pasture-raised products, including shell eggs, butter, hard-boiled eggs, ghee, egg bites and liquid whole eggs, are sold in more than 16,000 stores nationwide.

Forward Looking Statements

This press release contains “forward-looking” statements, as that term is defined under the federal securities laws. These forward-looking statements are based on Vital Farms’ current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Vital Farms’ actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to: (1) the effects of the current COVID-19 pandemic, or of other global outbreaks of pandemics or contagious diseases or fear of such outbreaks, including on our supply chain, the demand for our products, and on overall economic conditions and consumer confidence and spending levels; (2) our expectations regarding our revenue, expenses and other operating results; (3) our ability to acquire new customers and successfully retain existing customers; (4) our ability to attract and retain our suppliers, distributors and co-manufacturers; (5) our ability to sustain or increase our profitability; (6) our ability to procure sufficient high quality eggs, butter and other raw materials; (7) real or perceived quality with our products or other issues that adversely affect our brand and reputation; (8) changes in the tastes and preferences of our consumers; (9) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and foodservice customers, as well as the health of the foodservice industry generally; (10) real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (11) the ability of our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations; (12) future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (13) the costs and success of our marketing efforts, and our ability to promote our brand; (14) our reliance on key personnel and our ability to identify, recruit and retain skilled personnel; (15) our ability to effectively manage our growth; (16) our focus on a specific public benefit purpose and producing a positive effect for society may negatively influence our financial performance; (17) our ability to compete effectively with existing competitors and new market entrants; (18) the impact of adverse economic conditions; (19) the sufficiency of our cash to meet our liquidity needs and service our indebtedness; (20) seasonality; and (21) the growth rates of the markets in which we compete.

These risks and uncertainties are more fully described in our filings with the SEC, including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our quarterly report on Form 10-Q for the fiscal quarter ended September 27, 2020 and our registration statement on Form S-1 relating to this offering, and in other filings and reports that we may file from time to time with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements except as required by law.

CONTACT:

Media:

Nisha Devarajan
[email protected]

Investors:

Ashley DeSimone
[email protected]

November 12, 2020 9:13 am

InMed Announces Pricing of US$8M Public Offering and Listing on the Nasdaq Capital Market Under the Symbol “INM”

PR Newswire

VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ – InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (NASDAQ: INM) (TSX: IN), a clinical-stage pharmaceutical company developing medications targeting diseases with high unmet medical need and leading the clinical development of cannabinol (“CBN”), today announced that it has priced a public offering of an aggregate of 1,780,000 common shares, together with accompanying warrants to purchase up to an aggregate of 1,780,000 common shares, at a public offering price of US$4.50 per share and accompanying warrant. Each common share will be sold in the offering with one warrant to purchase one common share. The warrants have an exercise price of US$5.11 per share, are immediately exercisable upon issuance, and expire six years following the date of issuance. The underwriters have also been granted an option to purchase an additional 267,000 common shares and additional warrants to purchase up to an aggregate of 267,000 common shares for a period of 45 days.

InMed’s common shares commence trading on the Nasdaq Capital Market (Nasdaq) effective today under the symbol “INM”.

The offering is expected to close on November 16, 2020, subject to customary closing conditions.

Roth Capital Partners is acting as sole book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as co-manager.

InMed anticipates its gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, to be approximately US$8 million, excluding any exercise of the underwriters’ option to purchase additional securities.

InMed intends to use the net proceeds from the offering, together with its existing cash resources, for general corporate purposes, which may include funding preclinical and clinical development of its cannabinoid drug candidates INM-755 (dermatology) and INM-088 (ocular diseases), advancing its IntegraSyn^TM manufacturing platform, and for working capital purposes.

The securities described above are being offered by InMed pursuant to a registration statement on Form S-1 (File No. 333-239319) previously filed with and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on November 12, 2020. The offering is being made only by means of a prospectus forming part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC. Electronic copies of the preliminary prospectus and, when available, electronic copies of the final prospectus relating to the offering may be obtained for free by visiting the SEC’s website at www.sec.gov or from Roth Capital Partners, 888 San Clemente, Newport Beach, CA 92660, Attn: Prospectus Department, telephone: 800-678-9147.

No securities are being offered or sold, directly or indirectly, in Canada or to any resident of Canada.

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

About InMed: InMed Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of cannabinoid-based medications, initially focused on the therapeutic benefits of cannabinol (“CBN”) in diseases with high unmet medical need. The Company is dedicated to delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based medicines. For more information, visit www.inmedpharma.com.

Cautionary Note Regarding Forward-Looking Information:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes, but is not limited to, statements about: developing a pipeline of cannabinoid-based medications, initially focused on the therapeutic benefits of CBN in diseases with high unmet medical need; delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based medicines; and the intended use of the net proceeds from the offering.

With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: the ability of INM-755 to meet its specified goals; the ability to obtain adequate supplies and test subjects; the continued availability of development collaborators; continued and timely positive preclinical and clinical efficacy data; the speed of regulatory approvals; the effectiveness of patent protection; demand for InMed’s products; and continued economic and market stability. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause InMed’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the outbreak and impact of COVID-19 may worsen, or at all; INM-755 may not produce the desired effects; InMed’s supply chain may become disrupted; InMed’s development collaborators may become unavailable; InMed may not be able to advance its other product candidates on a timely basis, or at all; regulatory filings may not be filed or approved on a timely basis, or at all; clinical trials may not proceed as anticipated; economic or market conditions may worsen; InMed’s may not be able to successfully access the capital required to fully develop its programs; and InMed may not be able to provide new therapeutic alternatives that benefit patients via cannabinoid-based medicines. A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed’s most recent Annual Information Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

NEITHER THE TORONTOSTOCK EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

View original content to download multimedia:http://www.prnewswire.com/news-releases/inmed-announces-pricing-of-us8m-public-offering-and-listing-on-the-nasdaq-capital-market-under-the-symbol-inm-301172001.html

SOURCE InMed Pharmaceuticals Inc.

November 12, 2020 9:13 am

CI Financial Reports Assets Under Management for October 2020, Total Assets Reach Record $202 Billion

CI Financial Reports Assets Under Management for October 2020, Total Assets Reach Record $202 Billion

TORONTO–(BUSINESS WIRE)–CI Financial Corp. (“CI”) (TSX: CIX) today reported preliminary assets under management at October 31, 2020 of $125.4 billion and wealth management assets of $77.0 billion, for total assets of $202.4 billion. These results represent all-time month-end highs for wealth management assets and total assets for CI.

CI’s assets under management declined by 2.3% in the month of October and 3.5% year over year. CI’s average core assets under management for the quarter-to-date were $123.9 billion, a slight decrease from $124.6 billion for the third quarter of 2020. Core assets under management are those managed by CI’s Canadian and Australian subsidiaries.

CI’s Canadian wealth management assets were $61.5 billion, representing an increase of $10.3 billion or 20.1% during October. The change largely reflects CI’s acquisition of a majority interest in Aligned Capital Partners Inc. of Burlington, Ontario. Year over year, Canadian wealth management assets were up $12.8 billion or 26.3%. Canadian wealth management assets also include the assets of Assante Wealth Management (Canada) Limited, CI Private Counsel LP, CI Direct Investing (WealthBar Financial Services Inc.) and Virtual Brokers.

U.S. wealth management assets increased by 4.0% to $15.5 billion in October. The increase is partially attributable to the acquisition of Thousand Oaks Financial Holding LLC of Thousand Oaks, California, by CI subsidiary OCM Capital Partners LLC, parent company of One Capital Management, LLC of Westlake Village, California. CI’s U.S. wealth management business also includes its interests in Balasa Dinverno Foltz LLC, The Cabana Group, LLC, Congress Wealth Management, LLC and Surevest LLC. Year-over-year comparisons are not available given that CI has acquired its U.S. wealth management businesses in 2020.

As a result, CI’s total wealth management assets reached a record $77.0 billion at October 31, 2020, representing an increase of $28.3 billion or 58.1% over the 12-month period.

Further information about CI’s assets and financial position can be found below in the tables of statistics. These are the only statistics authorized by CI, and CI takes no responsibility for reporting by any external sources.

CI FINANCIAL CORP. October 31, 2020 PRELIMINARY MONTH-END STATISTICS
ENDING ASSETS	Oct. 31/20 (billions)	Sept. 30/20 (billions)	% Change	Oct. 31/19 (billions)	% Change
Core (Canadian and Australian) assets under management*	$120.3	$123.6	-2.7%	$130.0	-7.5%
U.S. assets under management	$5.1	$4.7	8.5%	$-	n/a
Total assets under management	$125.4	$128.3	-2.3%	$130.0	-3.5%
Canadian wealth management	$61.5	$51.2	20.1%	$48.7	26.3%
U.S. wealth management	$15.5	$14.9	4.0%	$-	n/a
Total wealth management	$77.0	$66.1	16.5%	$48.7	58.1%
TOTAL	$202.4	$194.4	4.1%	$178.7	13.3%

MONTHLY CORE AVERAGE

ASSETS UNDER MANAGEMENT

Oct. 31/20

(billions)

Sept. 30/20

(billions)

Change

Monthly average

$123.9

$124.4

-0.4%

FISCAL QUARTER CORE AVERAGE

ASSETS UNDER MANAGEMENT

Oct. 31/20

(billions)

Sept. 30/20

(billions)

Change

Fiscal quarter average

$123.9

$124.6

-0.6%

FISCAL YEAR CORE AVERAGE

ASSETS UNDER MANAGEMENT

Fiscal 2020

(billions)

Fiscal 2019

(billions)

Change

Fiscal year average

$123.5

$129.8

-4.9%

EQUITY

(millions)

Total outstanding shares (TSX)

210.5

QTD weighted avg. shares

209.6

FINANCIAL POSITION

(millions)

Long-term debt

$1,575

Total gross debt

$1,969

December maturity

$394

Cash

$136

*Includes $28.5 billion of assets managed by CI and held by clients of advisors with Assante and CIPC as at October 31, 2020 ($28.9 billion at September 31, 2020 and $28.1 billion at October 31, 2019).

About CI Financial

CI Financial Corp. (TSX: CIX) is an independent company offering global asset management and wealth management advisory services. CI’s primary asset management businesses are CI Global Asset Management (CI Investments Inc.) and GSFM Pty Ltd., and it operates in wealth management through Assante Wealth Management (Canada) Ltd., CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct Investing (WealthBar Financial Services Inc.), CI Investment Services Inc., Balasa Dinverno Foltz LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, One Capital Management, LLC and Surevest LLC. Further information is available at www.cifinancial.com.

All financial amounts in Canadian dollars unless otherwise stated.

This press release contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to CI Financial Corp. (“CI”) and its products and services, including its business operations, strategy and financial performance and condition. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “should”, “could” or “would”. These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management’s control. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the investment fund industry will remain stable and that interest rates will remain relatively stable. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure materials filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005668/en/

Investor Relations

Jason Weyeneth, CFA

Vice-President, Investor Relations & Strategy

(416) 681-8779

[email protected]

Media

Murray Oxby

Vice-President, Communications

(416) 681-3254

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Consulting Professional Services Finance

MEDIA:

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November 12, 2020 9:12 am

IIROC Trading Halt – IN

Canada NewsWire

TORONTO, Nov. 12, 2020 /CNW/ – The following issues have been halted by IIROC:

Company: InMed Pharmaceuticals Inc.

TSX Symbol: IN

All Issues: Yes

Reason: Pending News

Halt Time (ET): 9:04 AM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

November 12, 2020 9:11 am

FIVE CORPORATIONS ARE SELECTED AND RECOGNIZED BY NMSDC FOR THEIR PURSUIT OF EXCELLENCE IN ADVANCING MINORITY BUSINESS INCLUSION INTO THEIR SUPPLY CHAINS

New York City, New York, Nov. 12, 2020 (GLOBE NEWSWIRE) — National Minority Supplier Development Council (NMSDC) President and CEO, Adrienne Trimble, is exuberant about the tremendous success of the organization’s annual national conference this week, through a 100% virtual platform. “While we were not together face-to-face,” she notes, “All attendees had access to the same – and perhaps even more – high-caliber speakers, learning sessions, and networking opportunities they’ve come to expect from NMSDC. Just through a different platform.” NMSDC’s 2020 National Conference + Business Opportunity Exchange was held 100% online from October 26-29, 2020.

NMSDC’s commitment to advance minority business economic inclusion is reflected in the event’s “In This Together” theme and reinforced by sessions featuring speakers with expert insight about how to pivot during today’s extraordinarily challenging conditions. The NMSDC Annual Conference + Business Opportunity Exchange is the nation’s largest forum for minority supplier development, with a 48-year history of attracting thousands of corporate executives, minority business owners, and government officials each year.

Trimble stated, “Now more than ever, our Corporate Partners and MBEs need us to push forward and find new ways to get around every obstacle. NMSDC, our 23 affiliate Regional Councils throughout the United States, five international partners and the Business Consortium Fund (BCF) represent an oasis of support for MBEs through our mission to certify, develop, connect, and advocate for their economic sustainability.”

NMSDC embraced new technologies that enabled the organization to continue accomplishing their objectives without sacrificing quality, service, or health. The 100% virtual Conference platform showcased those changes – from vibrant sessions and informative workshops to an awards celebration and lively entertainment. By introducing a virtual version of their Business Opportunity Exchange component of the conference – corporations and MBEs again made meaningful connections and continued to build their professional networks.

CORPORATION OF THE YEAR

Each year, at their National annual Conference, NMSDC presents its prestigious “Corporation of the Year” Award(s) to recognize a select number of national corporate members and their exemplary achievements in minority supplier inclusion. This award is regarded as the most significant honor to a major corporation for the utilization of ethnic minority-owned (Asian, Black, Hispanic, and Native American) suppliers. In winning the award, a corporation demonstrates exceptional strength in all areas critical to solid minority supplier development and inclusion in their supply chain process: Policies; procurement, particularly growth in dollars and percent, MBE development, innovation, leadership and engagement; and impact/influence. These corporations represent the leaders in minority business inclusion in America, which is even more critical given today’s environment.

“The time for simply talking about these problems has passed. Change must come and come quickly. More than any other time in history, we are now called upon as business leaders to not only lend a hand to our MBEs, but to take definitive action and stand up against the systemic racial barriers plaguing our society. We commend those companies who are taking these much need steps now.” The companies below are leading these efforts and are out in front.

The 2020 Corporation of the Year Award and Recognition was given to:

Class I: Gross Annual Revenue Less Than $10 Billion – Winner:Kelly®

Class II: Gross Annual Revenue Between $11 Billion and $50 Billion – Winner:Merck & Co, Inc.

Class III: Gross Annual Revenue Between $51 Billion and $100 Billion – Winner: The Walt Disney Company

Class IV: Gross Annual Revenue Between $101 Billion and $150 Billion – Winner: FCA (Fiat Chrysler)

Class V: Gross Annual Revenue Greater Than $150 Billion – Winner: Toyota Motor North America, Inc.

Congratulations to those corporations making significant progress in advancing minority business development and growth.

About NMSDC | nmsdc.org

Chartered in 1972, The National Minority Supplier Development Council (NMSDC) was stood up as a result of the civil rights movement in the late 1960s and continues to be the leading minority business development organization in the United States. NMSDC supports the economic sustainability of more than 12,000 certified minority business enterprises (MBEs) and advances minority business development by facilitating procurement opportunities between its certified MBEs and its network of Corporate Members. The NMSDC network includes a National Office in New York, 23 affiliate regional councils, five international partner organizations and the Business Consortium Fund (BCF) as its funding arm.

Tammy Wilkins
National Minority Supplier Development Council, Inc.
212-944-2430
[email protected]