Market Newsdesk

CHICAGO, Nov. 12, 2020 /PRNewswire/ — The latest research from Cars.com (NYSE: CARS), a leading digital automotive marketplace and solutions provider, found nearly half of Americans (47%) plan to travel for Thanksgiving this year, which is down 21 percentage points from 2019. Of those not traveling, more than half (59%) said COVID-19 impacted their plans. The majority of Thanksgiving travelers (72%) will travel by car to their destination, with most trips happening close to home.¹

“We’ve been watching consumer travel habits since the onset of the pandemic, and there have been two consistent themes — the pandemic is obviously affecting people’s travel plans, but when people do travel, the majority drive by car because of the safety and freedom cars provide. We are seeing these themes continue for holiday travel this year,” said Jenni Newman, Cars.com editor-in-chief.

2020 Thanksgiving Travel Trends, According to Cars.com:
¹

• COVID-19 continues to affect travel plans. While 47% of Americans still plan to travel for the Thanksgiving holiday, it is down from 68% in 2019. Of the 41% not traveling, 59% stated that COVID-19 had some impact on their decision. Eleven percent have not yet decided if they will travel.
• Major cities are hit the hardest. The majority of travelers (44%) are avoiding large cities, likely because those areas are harder hit by COVID-19.
• The car is the main driver to Thanksgiving dinner. The car continues to dominate pandemic transportation with 72% of travelers planning to drive, and most (66%) intending to stay within 100 miles of home.
• Traffic congestion peaks the weekend before Thanksgiving. While travel is down, expect the highest congestion the weekend before (37%), followed by the day before Thanksgiving (13%) and Thanksgiving Day (19%). As it gets closer to Thanksgiving, the local hours between 9 a.m. and 12 p.m. are expected to be the busiest for travel Nov. 25 and 26.

“While personal vehicles present a safer option for holiday travel, it’s important for drivers and their passengers to stay vigilant and follow Centers for Disease Control and Prevention guidelines and local COVID-19 rules and restrictions,” said Newman.

For more information, visit Cars.com/news/coronavirus/.

¹

Cars.com Holiday Travel Survey Oct. 22-Oct. 25, 2020; 1,008 responses

About CARS
CARS is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share.

In addition to Cars.com, CARS companies include Dealer Inspire, a technology provider building solutions that future-proof dealerships with more efficient operations and connected digital experiences, FUEL, which gives dealers and OEMs the opportunity to harness the untapped power of digital video by leveraging Cars.com’s pure audience of in-market car shoppers, and DealerRater, a leading car dealer review and reputation management platform.

The full suite of CARS properties include Cars.com™, Dealer Inspire®, DealerRater®, FUEL™, Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.

 

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SOURCE Cars.com Inc.

Strong Ending Cash Balance of $13.9M

LAVAL, QC, Nov. 12, 2020 /CNW Telbec/ Crescita Therapeutics Inc. (TSX: CTX) (OTC US: CRRTF) (“Crescita” or the “Company”), a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house research & development (“R&D”) and manufacturing capabilities, today reported its financial results for the third quarter ended September 30, 2020 (“Q3-F2020”).  All amounts presented are in thousands of Canadian dollars (“CAD”) unless otherwise noted.

Financial Highlights
 – Q3-F2020 vs. Q3-F2019

• Revenue was $7,301 compared to $4,906, an increase of $2,395;
• In Q3-F2020, the Company amended its licensing agreement with commercial partner Taro Pharmaceuticals Inc. (“Taro”) for Pliaglis^® in the U.S. and received a total of $5,151(US$3,855). Revenue was recorded as follows:
• $4,483
  (US$3,355) as licensing revenue (See Revenue and Q3-F2020 Corporate Developments);
• $668
  (US$500) as Other Income (See Other Income – Taro Amendment);
• Gross profit was $6,129 representing an increase of $2,686;
• Operating expenses (excluding COGS) were $2,259, compared to $2,965, a decrease of $706;
• Adjusted EBITDA was $4,316 compared to $939, an increase of $3,377;
• Ending cash position was $13,856, an increase of $851 year-over-year and $4,591 versus Q2-F2020.

“We delivered a strong quarter with a record-high cash balance since Q1-F2016, as we continue to focus on finding commercial partners for Pliaglis. Over the last few months, we have advanced licensing opportunities for Pliaglis in the rest of world, most recently signing agreements in Austria, Mexico, and perhaps the most meaningful for our future, China,” commented Serge Verreault, President and Chief Executive Officer of Crescita. “Sales in our Commercial Skincare segment posted a modest increase versus the prior year, reflecting the reopening of the economy in the summer months and showed an encouraging trend as we headed into the second wave of the pandemic. We are cautiously optimistic but cannot discount the impact that any other government-mandated closures may have in the coming months.”

“Our goal remains to secure recurring revenue streams for the future, and we are evaluating ways to best deploy our cash on hand, including strategic investments to grow our Company. On a separate note, I would like to thank our employees for their exceptional work during this difficult time and our clients for their trust and loyalty,” added Mr. Verreault. 

Q3-F2020 Corporate Developments

• Patent Granted for Enhanced Formulation of Pliaglis
  On August 25, 2020, the Company was granted U.S. Patent No. 10,751,305 for Solid-Forming Topical Formulations for Pain Control by the United States Patent and Trademark Office which covers an enhanced formulation of Pliaglis through January 14, 2031.
• Licensing Agreement for Pliaglis in Austria
  On August 12, 2020, the Company entered into a commercialization license agreement with Pelpharma, a privately held Austrian pharmaceutical company specializing in the treatment of various skin and nail diseases, granting them the exclusive rights to sell and distribute Pliaglis in Austria.
• Amendment to Development and Commercialization Agreement with Taro
  On July 28, 2020, the Company announced that it entered into an amendment to the development and commercialization agreement with Taro (the “Taro Amendment”) with regard to Pliaglis in the U.S. The Taro Amendment entitled the Company to receive a one-time payment in the aggregate amount of $5,151(US$3,855).

Subsequent Events

• Licensing Agreement for Pliaglis in China
  On November 5, 2020, the Company announced that it entered into an exclusive agreement with Juyou-Biotechnology Co. Ltd (“Juyou”), a biotechnology company that develops and sells medical and cosmetic skin care products, for the commercialization and development of Pliaglis^® and an enhanced formulation of Pliaglis in mainland China.
• Licensing Agreement for Pliaglis in Mexico
  On October 19, 2020, the Company entered into a commercialization and license agreement with LIV LABORATÓRIOS (“LIV”), a division of MINOS Labs, a privately held Mexican group of pharmaceutical, consulting, and regulatory companies. LIV specializes in dermatology solutions and sells directly to physicians. The agreement grants LIV the exclusive rights to distribute and sell Pliaglis in Mexico.

Q3-F2020 Financial Results
 

Note:

 The Management’s Discussion and Analysis (“MD&A”), Condensed Consolidated Interim Financial Statements and accompanying notes for the three and nine months ended September 30, 2020 can be found at www.crescitatherapeutics.com/investors and have been filed on SEDAR at www.sedar.com.

Summary Financial Results
 

Revenue
The Company generates revenue from its three reportable segments: 1) Commercial Skincare (“Commercial”), which manufactures branded non-prescription skincare products for sale in both the Canadian and international markets; 2) Licensing and Royalties (“Licensing”), which includes revenue from the licensing of intellectual property related to Pliaglis or for the use of its transdermal delivery technologies; and 3) Manufacturing and Services (“Manufacturing”), which includes revenue from contract manufacturing and product development services (“CDMO”) offered to our clients.

For the three months ended September 30, 2020, total revenue was $7,301 compared to $4,906 for the three months ended September 30, 2019, representing a year-over-year increase of $2,395. The increase came primarily from the Licensing segment, representing $2,462, as a result of the Taro Amendment concluded during the quarter of $4,483, and to a lesser extent from the Commercial Skincare segment, representing a slight increase of $77, primarily because of incremental sales of hand sanitizers and personal protective equipment starter kits. These increases were partly offset by the fourth and final cumulative sales milestone of $1,324(US$1,000) in Q3-F2019 under the licensing agreement with Taro, which did not repeat in 2020, as well as lower royalties on global Pliaglis sales of $697 year-over-year, and a decrease of $144 in the Manufacturing segment, mainly due to a reduction in work volumes from our contract manufacturing clients due to pandemic-driven decreases in demand.

For the nine months ended September 30, 2020, total revenue was $12,849 compared to $18,517 in the comparable nine-month period of 2019, representing a decrease of $5,668. The Commercial Skincare and Manufacturing segments were impacted by $765 and $731, respectively, as a result of lower demand for our products and services due to COVID-19-related shutdowns of personal services businesses such as spas and medispas throughout most of the second quarter of 2020. The Licensing segment posted a decrease of $4,172 year-over-year primarily due to the aggregate amount of $5,459 recognized in the first nine months of 2019 in connection with the Cantabria Agreement, which did not repeat in 2020, lower royalties on global Pliaglis sales of $967, and sales milestones of $2,645(US$2,000), which did not repeat in 2020, partly offset by the $4,483 received from the Taro Amendment.

Gross Profit
For the three months ended September 30, 2020, total gross profit was $6,129, representing a gross margin of 83.9%, compared to $3,443 or a gross margin of 70.2% for the three months ended September 30, 2019. The year-over-year increase in gross profit of $2,686 and improvement in gross margin of 13.7% were primarily due to the increase in high margin Licensing revenue, as explained above, combined with lower costs associated to earning royalties on Pliaglis year-over-year. 

For the nine months ended September 30, 2020, total gross profit was $9,685, representing a gross margin of 75.4%, compared to $14,404 or a gross margin of 77.8% for the comparative nine months of 2019. The decreases in gross profit of $4,719 and in gross margin of 2.4% were mainly due to: the decrease in high margin licensing revenue, the COVID-19 related business and product demand disruptions, as well as the timing and mix of CDMO sales driving the decreases in our Commercial Skincare and  Manufacturing segments, respectively, partly offset by the lower costs associated to earning royalties on Pliaglis year-over-year. 

Operating Expenses (excluding COGS)
For the three and nine months ended September 30, 2020, total operating expenses were $2,259 and $7,402, compared to $2,965 and $8,850, for the three and nine months ended September 30, 2019. The year-over-year decreases $706 and $1,448 were mainly driven by lower selling, general and administrative (“SG&A”) and R&D expenses. Late in Q1-F2020, we initiated cash conservation measures in response to the COVID-19 pandemic which contributed to the year-over-year decreases. The measures included temporary layoffs and salary reductions. In addition, we had the benefit of wage subsidies under the CEWS program of $259 and $557, respectively, for the three and nine months ended September 30, 2020, which were recorded against SG&A-related compensation, as well as savings due to certain unfilled positions.

Impairment of Intangible Assets
For the nine months ended September 30, 2020, the Company recognized an impairment charge of $1,918, mainly to reflect the projected impact of the pandemic-driven decrease in demand for its non-prescription skincare products and contract manufacturing services on its long-term forecasts.

Other Income – Taro Amendment
As part of the Taro Amendment concluded during the quarter, the Company recognized $668(US$500) in connection with the termination of a non-financial clause regarding the supply of Pliaglis to non-U.S. territories.

Income before Income Taxes
For the three months ended September 30, 2020, the Company reported income before income taxes of $4,607, compared to $332 for the three months ended September 30, 2019. The year-over-year increase of $4,275 was mainly attributable to: 1) the incremental total gross margin of $2,686 across our segments, largely due to the amounts received under the Taro Amendment; 2) a reduction in R&D and SG&A expenses of $250 and $460, respectively; 3) Other Income of $668 recognized as part of the Taro Amendment in connection with the termination of certain non-financial clauses; 4) a reduction in net interest expense of $74; and 5) the favourable impact of foreign exchange variances in the amount of $141 year-over-year.

For the nine months ended September 30, 2020, the Company reported income before income taxes of $1,208, compared to $3,897 reported for the nine months ended September 30, 2019. The year-over-year decrease of $2,689 was mainly attributable to: 1) the reduction in gross margin of $4,156 across all segments, excluding the impacts of both the Cantabria Agreement as well as the Taro Amendment; 2) the benefit of the upfront payment and guaranteed minimum royalties under the Cantabria Agreement of $3,772, net of contract termination fees recognized in Q2-F2019 which did not repeat; 3) the impairment charge of $1,918 taken in Q2-F2020; partly offset by 1) the aggregate impact of the Taro Amendment of $5,151; 2) the decrease in SG&A and R&D expenses of $952 and $562, respectively; 3) the reduction in net interest expense of $288; and 4) the favourable impact of net foreign exchange variances in the amount of $270.

Cash and Cash Equivalents
Cash and cash equivalents were $13,856 at September 30, 2020 compared to $13,005 at September 30, 2019 and $9,265 at June 30, 2020, representing increases of $851 and $4,591, respectively, mainly due to the cash received from the Taro Amendment. During the fourth quarter ended December 31, 2019, the Company repaid the outstanding balance of the Knight Loan in the amount of $3,570.

Non-IFRS Financial Measures

The Company reports its financial results in accordance with IFRS. However, we use certain non-IFRS financial measures to assess our Company’s performance. We believe these to be useful to management, investors, and other financial stakeholders in assessing Crescita’s performance from both a financial and operational standpoint. The non-IFRS measures used in this press release do not have any standardized meaning prescribed by IFRS and are therefore not comparable to similar measures presented by other issuers. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. The following are the Company’s non-IFRS measures along with their respective definitions:

1. EBITDA is defined as earnings before interest, income taxes, depreciation, and amortization.
2. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, other expenses or (income), share-based compensation costs, goodwill and intangible assets impairment, and foreign exchange (gains) or losses, as applicable.

Management believes that Adjusted EBITDA is an important measure of operating performance and cash flow and provides useful information to investors as it highlights trends in the underlying business that may not otherwise be apparent when relying solely on IFRS measures. A reconciliation of EBITDA and adjusted EBITDA to their closest IFRS measure can be found below.

 

Caution Concerning Limitations of Summary Financial Results Press Release

This summary earnings press release contains limited information meant to assist the reader in assessing Crescita’s performance, but it is not a suitable source of information for readers who are unfamiliar with Crescita and is not in any way a substitute for the Company’s Consolidated Audited Financial Statements and notes thereto, MD&A and Annual Information Form (“AIF”).

About
 
Crescita Therapeutics
 Inc.
Crescita (TSX: CTX and OTC US: CRRTF) is a growth-oriented, innovation-driven Canadian commercial dermatology company with in-house R&D and manufacturing capabilities. The Company offers a portfolio of non-prescription skincare products and early to commercial stage prescription drug products and owns multiple proprietary drug delivery platforms that support the development of patented formulations that can facilitate the delivery of active ingredients into or through the skin.

Supported by a sales force covering Canada and executing a business to business to consumer marketing approach, Crescita sells its non-prescription skincare products domestically through spas, medispas, and medical aesthetic clinics, as well as internationally, through distributors. Crescita’s portfolio also includes a prescription product called Pliaglis^®, that utilizes the Company’s proprietary phase-changing topical cream Peel technology, a part of the DuraPeel™ family, which are self-occluding, film-forming cream/gel formulations, that provide extended release delivery of the active ingredients to the site of application. Pliaglis is a topical local anesthetic cream that provides safe and effective local dermal analgesia on intact skin prior to superficial dermatological procedures. The product is currently approved in over 25 different countries and sold by commercial partners in the U.S., Italy, Brazil, sold in Canada by the Company, and was most recently licensed to partners in Austria and Mexico and China.

Crescita’s expertise in product formulation and development can be leveraged in combination with its patented transdermal delivery technologies to develop and manufacture creams, liquids, gels, ointments and serums under its CDMO infrastructure. The Company operates out of a 50,000 square-foot facility located in Laval, Québec, which produces the majority of its non-prescription skincare products, such as LDR, Pro-Derm, Dermazulene and Alyria. Formulations manufactured by or for Crescita include cosmetics, natural health products and products with Drug Identification Numbers. For additional information, please visit www.crescitatherapeutics.com.

Forward-Looking Statements
This press release contains “forward-looking information” as defined under Canadian securities laws (collectively, “forward-looking statements”). The words “plans”, “expects”, “does not expect”, “goals”, “seek”, “strategy”, “future”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projected”, “believes” or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “should”, “might”, “likely”, “occur”, “be achieved” “continue” or “temporary”  and similar expressions identify forward-looking statements and include statements regarding the Company’s plans, objectives and responses to the COVID-19 pandemic. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking statements.

Forward-looking statements are not historical facts but instead represent management’s expectations, estimates, projections and assumptions regarding future events or circumstances. Such forward-looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations which are difficult to predict and many of which are beyond the control of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the Company as of the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Material factors and assumptions used to develop the forward-looking statements, and material risk factors that could cause actual results to differ materially from the forward-looking statements, include but are not limited to the risks of, and future impacts related to, COVID-19, including the response of domestic and international governments to the virus; the impact of COVID-19 on the Company’s operations, personnel, supply chain, product sales, royalties, customer demand and financial flexibility;  changes in the business or affairs of Crescita; the ability of Crescita’s licensees to successfully market its products; competitive factors in the industries in which Crescita operates; relationships with customers, suppliers and licensees; changes in legal and regulatory requirements; foreign exchange and interest rates; prevailing economic conditions; and other factors, many of which are beyond the control of Crescita. 

Additional factors that could cause Crescita’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risk factors included in Crescita’s most recent Annual Information Form under the heading “Risks Factors”, and as described from time to time in the reports and disclosure documents filed by Crescita with Canadian securities regulatory authorities and commissions. These and other factors should be considered carefully, and readers should not place undue reliance on Crescita’s forward-looking statements when making decisions, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved.

All forward-looking statements are based only on information currently available to the Company and are made as of the date of this press release. Except as expressly required by applicable Canadian securities law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this press release are qualified by these cautionary statements.

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SOURCE Crescita Therapeutics Inc.

VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ – Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce results from the remaining seven holes of the 40-hole program totaling 4,153 meters at the Copalito silver-gold project (the “Property”), located in Sinaloa State, Mexico. These results are part of the first ever drill program at the Property with previous results from the program announced in July and October 2020.

Highlights from Holes
BDH-20-34 to BDH-20-40 include:

BDH-20-040 in the 5 Senores Vein

• 1,813 gpt silver equivalent (“Eq”) over 0.51 meters consisting of 16.95 gpt gold, 369 gpt silver and 3.74% lead plus zinc within
• 933 gpt silver Eq over 2.25 meters consisting of 6.65 gpt gold, 335 gpt silver and 2.6% lead plus zinc; and
• 311 gpt silver Eq over 9.05 meters consisting of 2.09 gpt gold, 124 gpt silver and 0.795% lead plus zinc.
• This hole is one of the deepest vertical holes drilled to date at an elevation of about 600 meters above sea level.

BDH-20-039 in the 5 Senores Vein

• 213 gpt silver Eq over 3.3 meters consisting of 128.1 gpt silver, 0.66 gpt gold, and 1.17% lead plus zinc and 183.66 gpt silver Eq over 4.0 meters consisting of 109.6 gpt silver, 0.84 gpt gold, and 0.26% lead plus zinc within:
• 93.78 gpt silver Eq over 27.4 meters consisting of 60.4 gpt silver, 0.28 gpt gold and 0.4% lead plus zinc

BD- 20-037 in the 5 Senores Vein

• 1,260.81 gpt silver Eq over 1 meter consisting of 846 gpt silver, 3.11 gpt gold and 6.15% lead plus zinc within:
• 735.3 gpt silver Eq over 2.25 meters consisting of 483.8 gpt silver, 2.18 gpt gold and 2.86% lead plus zinc and 211.48 gpt silver Eq over 10 meters consisting of 128.5 gpt silver, 0.655 gpt gold and 1.13% lead plus zinc.

James McDonald, President and CEO, states “We are very pleased the first ever drill program conducted on Copalito has shown excellent grade potential and continuity of vein structures. This indicates the potential for discovery and delineation of high-grade resources is good.”

Luis Moya, Chief Geologist, comments “After receiving the geochemical analyses of the last 7 of 40 holes it can be concluded the drilling campaign ended successfully. The last holes establish continuity to depth and along strike with high grade potential exhibiting values of up to 16.95 gpt gold and 846 gpt silver.”

Drilling Discussion

The drill program tested 4,153 meters along a classic Mexican epithermal vein system. A follow up drill program will now be designed, the details of which will be released once complete. The follow up program will be guided by detailed structural mapping and possibly geophysics.

The drill program also returned high-grade values from other previously released drill holes targeting such veins as the Pilar Vein with gold values up to 7.05 gpt and 13.55% lead plus zinc (BDH-20-33); the Chiva Vein with silver values up to 936 gpt (BDH-20-09); and the Cobriza Vein with silver values up to 307 gpt. The seven remaining holes, BDH-20-34 to BDH-20-40, focused on the Pillar and 5 Senores veins located within the southeast region of the Property.

Along with previous drill holes, good continuity and grade potential has been shown for at least 600 meters of strike length along the 5 Senores vein. Previously released BDH-20-04 drilled into 5 Senores contained silver equivalent values up to 2,843 gpt. Grade highlights from drilling ranged to 2,830 gpt silver (BDH-20-04) and 16.95 gpt gold (BDH-20-40); see the Company’s news release dated July 22, 2020.

Detailed Drill Results – Holes BDH-20-034 to BDH-20-040

 

a) Plan Map of Hole BDH-20-001 to BDH-20-40 and b) Cross Sections for BDH-20-039/BDH-20-040 and BDH-20-37

.
Click here to view larger versions of the

plan map

 and

cross sections

.

Qualified Persons

The Kootenay technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf of Kootenay by James McDonald, P.Geo, President, CEO & Director for Kootenay, a Qualified Person.

Sampling and QA/QC

All technical information for the Copalito exploration program is obtained and reported under a formal quality assurance and quality control (“QA/QC”) program. Samples are taken from core cut in half with a diamond saw under the direction of qualified geologists and engineers. Samples are then labeled, placed in plastic bags, sealed and with interval and sample numbers recorded. Samples are delivered by the Company to ALS Minerals (“ALS”) in Hermosillo, Sonora. The samples are dried, crushed and pulverized with the pulps being sent airfreight for analysis by ALS in North Vancouver, B.C. Systematic assaying of standards, blanks and duplicates is performed for precision and accuracy. Analysis for silver, zinc, lead and copper and related trace elements was done by ICP four acid digestion, with gold analysis by 30-gram fire assay with an AA finish. All drilling reported is HQ core and has been contracted to Globexplore Drilling from Hermosillo, Mexico.

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

About Kootenay Silver Inc.

Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in the states of Sonora, Sinaloa and Chihuahua, Mexico, respectively.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

The information in this news release has been prepared as at November 11, 2020. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “expected”, “may”, “will” or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Kootenay as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made.  Except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to US Investors:

 This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

This press release uses the terms “Measured”, “Indicated”, and “Inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.

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SOURCE Kootenay Silver Inc.

LONDON, Nov. 12, 2020 /PRNewswire/ — Clarivate Plc (NYSE: CCC), a global leader in providing trusted information and insights to accelerate the pace of innovation, announced today that Jerre Stead, Executive Chairman and Chief Executive Officer, and Richard Hanks, Chief Financial Officer, will present at the RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference on Tuesday, November 17, 2020 at 3:20 PM Eastern Time.

A live webcast of the event will be available on the Investor Relations section of the Clarivate website at http://ir.clarivate.com/Event-Calendar. A replay of the webcast will be available for 30 days after the conclusion of the live event via https://event.on24.com/wcc/r/2829419/B68713F26578AC291009DCAC2D96EB7F.

About Clarivate
Clarivate™ is a global leader in providing solutions to accelerate the lifecycle of innovation. Our bold mission is to help customers solve some of the world’s most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of science and intellectual property. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise. For more information, please visit clarivate.com.

Category: Investor Conference

Source: Clarivate Plc

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SOURCE Clarivate Plc

HOUSTON, Nov. 12, 2020 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) welcomes Michael Fucci to its Board of Directors.

Fucci joins Flotek’s board following nearly 40 years as a senior leader and practitioner at Deloitte, where his strategic vision, operational expertise, and human capital thought-leadership helped build the firm into a premier professional services firm. From 2015 until 2019, Fucci served as Executive Chairman of Deloitte U.S. LLP, and subsequently assumed the role of Chairman Emeritus. During this time, he also served on the Global Board of Directors of Deloitte, where he was a member of the Global Governance and Compensation & Evaluation committees. Prior to his role as Chairman, Fucci served as Chief Operating Officer of Deloitte Consulting, and led the Human Capital Practice to transformative growth.

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer of Flotek stated: “Flotek is incredibly fortunate to attract and welcome Mike Fucci to our board. Mike is a recognized leader in driving strategies related to diversity and inclusion, business transformation and succession management that deliver greater value for shareholders for the world’s leading businesses. Flotek’s goal of achieving high-margin growth and value for all of our stakeholders starts with our people and our culture, and I look forward to Mike contributing to Flotek’s continued transformation.”

Fucci said, “I am honored to join the board of Flotek. I am looking forward to working with John Gibson and this incredibly innovative team to contribute to the growth of this important business.”

Fucci began his career in Deloitte’s New York Actuarial, Benefits, and Compensation practice, specializing in health care merger integration. In his time with the firm, he built Deloitte’s Human Capital Practice into the industry’s gold standard and a major profit center for the firm. His innovative thinking on issues around leadership development, diversity and inclusion, and HR transformation made Deloitte the largest human capital practice in the world today. His expertise around aligning compensation with shareholder interests has been critical to realizing the human capital needs of some of the world’s most recognizable companies. Fucci’s past recognitions include being named Consulting magazine’s 2008 “Top 25 Consultants” list for his work with clients and leadership excellence. He is a frequent author and speaker on issues related to increasing women and diversity on boards and the advancement of under-represented minorities. He attended Montclair State University in New Jersey, where he earned a Bachelor of Science in mathematics.

About Flotek
Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that serves customers across industrial, commercial and consumer markets. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality sanitizers and disinfectants for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release.  Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management.  Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.  Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents.  Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

 

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SOURCE Flotek Industries, Inc.

DALLAS, Nov. 12, 2020 /PRNewswire/ — Thryv Holdings, Inc. (NASDAQ: THRY), the provider of Thryv^® software, the end-to-end client experience platform for small businesses, today announced financial results for third quarter and provided forward-looking guidance for the remainder of 2020.

Key highlights:

• Total revenue was $240.3 million for the quarter, a decrease of 25% from the third quarter of 2019
• Revenue from the SaaS business was $31.8 million for the quarter, an increase of 2% from the third quarter of 2019
• Marketing Services revenue was $208.5 million for the quarter, a decrease of 28% from the third quarter of 2019
• Net loss was $0.1 million, or $0.00 per share, basic and diluted, for the quarter, compared to net loss of $0.3 million, or ($0.01) per share, basic and diluted, in the third quarter of 2019
• Loss before income taxes was $24.4 million for the quarter, compared to income before income taxes of $1.1 million in the third quarter of 2019
• Adjusted EBITDA was $69.3 million for the quarter, representing a 28.8% Adjusted EBITDA margin; compared to $98.3 million, or a 30.8% Adjusted EBITDA margin, in the third quarter of 2019
• Net Leverage of 1.4x for the quarter, as defined by the Thryv, Inc. Credit Agreement

“This was a milestone quarter for Thryv as we re-entered the market as a public entity and saw our SaaS business return to growth,” said Thryv CEO Joe Walsh. “While the COVID-19 pandemic continued to hurt local businesses across America, the Thryv software platform helped small and medium-sized businesses survive by enabling them to do business virtually.” 

“We continue to see a more engaged set of clients and higher usage of our software and expect that positive trend to continue into 2021. The direct listing on the Nasdaq underscored our belief in the long-term growth prospects of this business and the strategic steps we are taking to drive consistent value to shareholders.”

Thryv serves approximately 350,000 small-to medium-sized businesses (“SMB”) clients through two segments: SaaS and Marketing Services.  Our SaaS offerings include Thryv, our flagship SMB end-to-end customer experience platform, and Thryv Leads, an automated lead generation service that integrates with our Thryv platform.  Our Marketing Services segment provides both print and digital solutions, including our owned and operated Print Yellow Pages (“PYP”), which carry the “The Real Yellow Pages” tagline, our proprietary Internet Yellow Pages (“IYP”), known by the Yellowpages.com, Superpages.com, and Dexknows.com URLs and other digital media solutions.

Outlook

“For fiscal year 2020, we expect SaaS revenue of $128 million,” said Thryv CFO Paul Rouse.  “This represents flat year-over-year growth when compared to fiscal year 2019.  This implies SaaS revenue of $33 million for the fourth quarter, representing an anticipated year-over year increase in the low single digits.  We believe SaaS will end 2020 with a solid run-rate and we are confident that momentum will continue into 2021.”  

In addition, for fiscal year 2020, we expect Marketing Services revenue in the range of $955 million to $965 million.  This implies Marketing Services revenue in the range of $190 million to $200 million for the fourth quarter.” 

For fiscal year 2020, Thryv expects Adjusted EBITDA in the range of $358 million to $363 million, which we calculate to an Adjusted EBITDA margin of 33% for fiscal year 2020 and implies fourth quarter Adjusted EBITDA in the range of $58 million to $63 million.

Non-GAAP Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures. We present non-GAAP measures including: Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please refer to the supplemental information presented in the tables for reconciliations of the non-GAAP financial measures used in this press release to the most comparable GAAP financial measures.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry.

The Company is unable to reconcile the forward-looking non-GAAP measures, Adjusted EBITDA and Adjusted EBITDA margin, discussed during today’s third quarter 2020 earnings call because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP measures to the most directly comparable GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the significance of the unavailable information; however, the GAAP measures could be materially different than the non-GAAP measures.

 

 

 

 

 

 

 

The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (in thousands):

Earnings Conference Call Information
Thryv will host a conference call on Thursday, November 12, 2020 at 8:30 a.m. (Eastern Time) to discuss the Company’s third quarter 2020 results. The conference call will be available via the Internet at www.thryv.com. There will be several slides accompanying the webcast. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary software. The recorded webcast will also be available on the Company’s website.

If you are unable to participate in the conference call, a replay will be available. To access the replay, please dial (888) 869-1189 or (706) 643-5902 and enter “1446957”.

About Thryv, Inc.

Thryv, Inc. owns the easy-to-use Thryv® end-to-end customer experience software built for small business that helps over 40,000 SaaS clients with the daily demands of running a business. With Thryv, they can get the job, manage the job and get credit. Thryv’s award-winning platform provides modernized business functions, allowing small-to-medium-sized businesses (SMB) to reach more customers, stay organized, get paid faster and generate reviews. These include building a digital customer database, automated marketing through email and text, updating business listings across the internet, scheduling online appointments, sending notifications and reminders, managing ratings and reviews, generating estimates and invoices and processing payments.

Thryv supports SMBs with Hub by Thryv™, a software console that enables businesses with multiple locations, such as franchises, to manage and oversee their operations using the Thryv software.

Thryv also provides consumer services through our search, display and social media management products—and connects local businesses via The Real Yellow Pages® from the over 30 million monthly visitors of DexKnows.com®, Superpages.com® and Yellowpages.com search portals; and local print directories. For more information about the company, visit thryv.com.

Thryv delivers business services to more than 360,000 SMBs across America that enable them to compete and win in today’s economy.

Learn more about Thryv on LinkedIn and Medium.

Forward-Looking Statements
Some statements included in this release constitute forward-looking statements. Statements that include the words “may”, “will”, “could”, “should”, “would”, “believe”, “anticipate”, “forecast”, “estimate”, “expect”, “preliminary”, “intend”, “plan”, “project”, “outlook” and similar statements of a future or forward-looking nature identify forward-looking statements. You should not place undue reliance on these statements, as they are not guarantees of future performance. Forward-looking statements provide current expectations with respect to our financial performance and future events with respect to our business and industry in general. Forward-looking statements are based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following: risks related to the COVID-19 pandemic, the Company’s ability to maintain adequate liquidity to fund operations; the Company’s future operating and financial performance; limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our credit facilities; our ability to retain existing business and obtain and retain new business; general economic or business conditions affecting the markets we serve; declining use of print yellow page directories by consumers; our ability to collect trade receivables from clients to whom we extend credit; credit risk associated with our reliance on small and medium sized businesses as clients; our ability to attract and retain key managers; increased competition in our markets; our ability to obtain future financing due to changes in the lending markets or our financial position; our ability to maintain agreements with major Internet search and local media companies; reduced advertising spending and increased contract cancellations by our clients, which causes reduced revenue; and our ability to anticipate or respond effectively to changes in technology and consumer preferences. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements speak only as of the date hereof and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contact:

Paige Blankenship

Thryv, Inc.
972.453.3012
[email protected]

Investor Contact:
Cameron Lessard 
Thryv, Inc.     
214.773.7022 
[email protected]

KJ Christopher
Thryv, Inc.
972.453.7068
[email protected]

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SOURCE Thryv Holdings, Inc.

WHIPPANY, N.J., Nov. 12, 2020 /PRNewswire/ — Suburban Propane Partners, L.P. (NYSE: SPH), a nationwide distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity, today announced earnings for its full year and fourth quarter ended September 26, 2020.

Fiscal Year 2020 Results
Net income for fiscal 2020 was $60.8 million, or $0.98 per Common Unit, compared to $68.6 million, or $1.11 per Common Unit, in fiscal 2019.

Net income and EBITDA (as defined and reconciled below) for fiscal 2020 included a $1.1 million pension settlement charge and a $0.1 million loss on debt extinguishment.  Excluding the effects of the foregoing items and unrealized non-cash mark-to-market adjustments on derivative instruments in both years, Adjusted EBITDA (as defined and reconciled below) amounted to $253.7 million for fiscal 2020, compared to $275.0 million in the prior year.

In announcing these results, President and Chief Executive Officer Michael A. Stivala said, “In the face of one of the most challenging operating environments, resulting from near record warm temperatures in the heart of the heating season followed by the unprecedented health and economic crisis from COVID-19, fiscal 2020 was a very successful year for Suburban Propane.  Despite the headwinds, we made significant strides in advancing our strategic growth and our Three Pillars corporate initiatives. Specifically, in furtherance of our Commitment to Excellence pillar, we took decisive action to adapt our business model and modify our operating protocols in order to help protect the health and safety of our employees, while ensuring seamless delivery of our essential services to the customers and communities we serve.  Through our SuburbanCares pillar, we partnered with a number of major regional food service brands to provide support to frontline health care workers in multiple locations throughout our operating territory.”

Mr. Stivala continued, “In our Go Green pillar, we made advancements in our efforts to advocate for the clean burning attributes of propane, while also making strategic investments in new technologies that can contribute to lowering greenhouse gas emissions.  In line with our strategic growth initiatives, in September 2020 we acquired a 39% equity interest in Oberon Fuels, a development-stage producer of a low-carbon transportation fuel which, when blended with propane can significantly reduce its carbon intensity.  To further support our efforts to invest in innovative solutions to pave the way to zero-carbon emissions, we also entered into a large supply agreement to acquire renewable propane, produced entirely from renewal sources, such as waste fats and oils, to help meet customer demand for renewable energy solutions.”

Concluding his remarks, Mr. Stivala said, “We are extremely proud of our accomplishments in the face of unprecedented challenges.  We remained focused on navigating the business through the crisis, ended fiscal year 2020 with the strongest second half performance in our history and invested excess cash flows in a balanced way to reduce debt and fund strategic growth.  We continue to position the business for long-term sustainable growth.”

Retail propane gallons sold in fiscal 2020 of 402.9 million gallons decreased 5.6% compared to the prior year, primarily due to warmer than normal weather conditions during the most critical months for heat-related demand.  While average temperatures (as measured by heating degree days) across all of the Partnership’s service territories for fiscal 2020 were 10% warmer than normal and 4% warmer than the prior year, average temperatures during the peak demand months of December through February were 14% warmer than normal — on par with the warmest temperatures on record.

Revenues for fiscal 2020 of $1,107.9 million decreased 12.6% compared to the prior year, primarily due to lower retail selling prices associated with lower wholesale costs, coupled with lower propane volumes sold.

Cost of products sold for fiscal 2020 of $383.0 million decreased 26.6% compared to the prior year, primarily due to lower wholesale costs and lower volumes sold.  Average propane prices (basis Mont Belvieu, Texas) decreased 27.9% compared to the prior year.  Cost of products sold for fiscal 2020 included a $0.4 million unrealized non-cash loss attributable to the mark-to-market adjustment for derivative instruments used in risk management activities, compared to an $8.0 million unrealized non-cash loss in fiscal 2019.  These unrealized items are excluded from Adjusted EBITDA for both periods in the table below.

Combined operating and general and administrative expenses of $467.9 million for fiscal 2020 decreased 1.3% compared to the prior year, primarily due to lower volume-related variable operating costs and lower variable compensation, partially offset by an increase in accruals for self-insured liabilities and other legal matters.   

During fiscal 2020, the Partnership utilized cash flows from operating activities to repay $18.9 million of debt, and to fund two acquisitions of well-run propane operations for an aggregate purchase price of $23.4 million, along with purchasing a 39% equity interest in Oberon Fuels, supporting the Partnership’s “Go Green“ initiatives.  As a result of the debt repayment, outstanding borrowings under the revolving credit facility were reduced to $94.6 million at the end of fiscal 2020, and the Consolidated Leverage Ratio as of September 26, 2020 was 4.64x.   

Fourth Quarter 2020 Results
Consistent with the seasonal nature of the propane business, the Partnership typically reports a net loss for its fiscal fourth quarter.  Net loss for the fourth quarter of fiscal 2020 was $41.2 million, or $0.66 per Common Unit, a 19.3% improvement compared to the fourth quarter of fiscal 2019.  Excluding the effects of a $0.2 million pension settlement charge in the fourth quarter of fiscal 2020 and unrealized non-cash mark-to-market adjustments on derivative instruments used in risk management activities in both fiscal fourth quarters, Adjusted EBITDA for the fourth quarter of fiscal 2020 increased to $5.5 million, reflecting an improvement of $6.8 million compared to a loss of $1.3 million in the fourth quarter of fiscal 2019. Retail propane gallons sold of 61.2 million gallons in the fourth quarter of fiscal 2020 decreased 3.8% compared to the prior year fourth quarter.  

As previously announced on October 22, 2020, the Partnership’s Board of Supervisors declared a quarterly distribution of $0.30 per Common Unit for the three months ended September 26, 2020.  On an annualized basis, this distribution rate equates to $1.20 per Common Unit. The distribution was paid on November 10, 2020 to Common Unitholders of record as of November 3, 2020.

About Suburban Propane Partners, L.P.

Suburban Propane Partners, L.P. is a publicly-traded master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban has been in the customer service business since 1928.  The Partnership serves the energy needs of approximately 1.0 million residential, commercial, industrial and agricultural customers through approximately 700 locations in 41 states.

Forward-Looking Statements


This press release contains certain forward-looking statements relating to future business expectations and financial condition and results of operations of the Partnership, based on management’s current good faith expectations and beliefs concerning future developments.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed or implied in such forward-looking statements, including the following:

• The impact of weather conditions on the demand for propane, fuel oil and other refined fuels, natural gas and electricity;
• The impact of the COVID-19 pandemic and the corresponding government response, including the impact across the Partnership’s businesses on demand and operations, as well as on the operations of the Partnership’s suppliers, customers and other business partners, and the effectiveness of the Partnership’s actions taken in response to these risks;
• Volatility in the unit cost of propane, fuel oil and other refined fuels, natural gas and electricity, the impact of the Partnership’s hedging and risk management activities, and the adverse impact of price increases on volumes sold as a result of customer conservation;
• The ability of the Partnership to compete with other suppliers of propane, fuel oil and other energy sources;
• The impact on the price and supply of propane, fuel oil and other refined fuels from the political, military or economic instability of the oil producing nations, global terrorism and other general economic conditions, including the economic instability resulting from natural disasters such as pandemics, including the COVID-19 pandemic;
• The ability of the Partnership to acquire sufficient volumes of, and the costs to the Partnership of acquiring, transporting and storing, propane, fuel oil and other refined fuels;
• The ability of the Partnership to acquire and maintain reliable transportation for its propane, fuel oil and other refined fuels;
• The ability of the Partnership to retain customers or acquire new customers;
• The impact of customer conservation, energy efficiency and technology advances on the demand for propane, fuel oil and other refined fuels, natural gas and electricity;
• The ability of management to continue to control expenses;
• The impact of changes in applicable statutes and government regulations, or their interpretations, including those relating to the environment and climate change, derivative instruments and other regulatory developments on the Partnership’s business;
• The impact of changes in tax laws that could adversely affect the tax treatment of the Partnership for income tax purposes;
• The impact of legal proceedings on the Partnership’s business;
• The impact of operating hazards that could adversely affect the Partnership’s operating results to the extent not covered by insurance;
• The Partnership’s ability to make strategic acquisitions and successfully integrate them;
• The ability of the Partnership to continue to combat cybersecurity threats to our networks and information technology;
• The impact of current conditions in the global capital and credit markets, and general economic pressures;
• The operating, legal and regulatory risks the Partnership may face; and
• Other risks referenced from time to time in filings with the Securities and Exchange Commission (“SEC”) and those factors listed or incorporated by reference into the Partnership’s Annual Report under “Risk Factors.”

Some of these risks and uncertainties are discussed in more detail in the Partnership’s Annual Report on Form 10-K for its fiscal year ended September 28, 2019 and other periodic reports filed with the SEC.  Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. The Partnership undertakes no obligation to update any forward-looking statement, except as otherwise required by law. 

 

EBITDA and Adjusted EBITDA are not recognized terms under accounting principles generally accepted in the United States of America (“US GAAP”) and should not be considered as an alternative to net income or net cash provided by operating activities determined in accordance with US GAAP.  Because EBITDA and Adjusted EBITDA as determined by us excludes some, but not all, items that affect net income, they may not be comparable to EBITDA and Adjusted EBITDA or similarly titled measures used by other companies.

The following table sets forth our calculations of EBITDA and Adjusted EBITDA:

The unaudited financial information included in this document is intended only as a summary provided for your convenience, and should be read in conjunction with the complete consolidated financial statements of the Partnership (including the Notes thereto, which set forth important information) contained in its Annual Report on Form 10-K to be filed by the Partnership with the United States Securities and Exchange Commission (“SEC”). Such report, once filed, will be available on the public EDGAR electronic filing system maintained by the SEC.

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SOURCE Suburban Propane Partners, L.P.

SUNNYVALE, Calif., Nov. 12, 2020 /PRNewswire/ — Accuray Incorporated (NASDAQ: ARAY) announced today it has appointed Jim Dennison as its senior vice president of global quality and regulatory affairs, effective immediately. Mr. Dennison is an accomplished quality assurance and regulatory affairs executive with a nearly 15 year tenure at GE Healthcare. At Accuray, he will lead overall quality, regulatory and government affairs, along with product compliance, reporting to Joshua H. Levine, president and chief executive officer.

Most recently, Mr. Dennison served as senior executive vice president, quality and regulatory affairs at GE Healthcare, managing more than 40 global design and manufacturing sites across 12 GE Healthcare businesses, including imaging. Under his leadership, the organization standardized a global Quality Management System, ensuring compliance with over 25 global  regulators while simultaneously and continuously improving product quality. Mr. Dennison was also responsible for directing the GE Healthcare regulatory submission process and in the United States, achieved best in industry FDA 510(k) clearance times. He also has held leadership roles with Medtronic, Mallinckrodt Pharmaceutical and Baxter Healthcare, where he developed and implemented quality and regulatory processes designed to better achieve the organizations’ strategic objectives.

“Jim Dennison is a highly respected executive recognized throughout the medical device industry for his expertise. We are thrilled to have someone of his caliber join the Accuray team and lead the advancement of our quality and regulatory affairs function. We are confident in Jim’s ability to build the global teams, operations and infrastructure required to support the strategic R&D investments and market expansion opportunities that will drive the growth of our business,” said Joshua H. Levine, president and chief executive officer of Accuray.

About Accuray
Accuracy is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Sunnyvale, California, with facilities worldwide. To learn more, visit www.accuray.com or follow us on Facebook, LinkedIn, Twitter and YouTube.

Investor Contact:

Joe Diaz

Investor Relations, Lytham Partners
+1 (602) 889-9700
[email protected]

Media Contact:
Beth Kaplan                                                      
Accuray                                                            
+1 (408) 789-4426                                            
[email protected]

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SOURCE Accuray Incorporated

SHANGHAI, Nov. 12, 2020 /PRNewswire/ — GreenTree Hospitality Group Ltd. (NYSE: GHG), a leading hospitality management group in China (“GreenTree” or the “Company”), today announced that it will hold its annual general meeting of shareholders at 2451 Hongqiao Road, Changning District, Shanghai 200335, People’s Republic of China on December 22, 2020 at 9:00 PM U.S. Eastern Time (10:00 AM Beijing/Hong Kong Time on December 23, 2020) for the following purpose:

To approve the re-appointment of Ernst & Young Hua Ming LLP as independent auditor of the Company^[1] for the fiscal year ending December 31, 2020.

Holders of record of ordinary shares of the Company at the close of business on November 22, 2020 are entitled to notice and vote at the annual general meeting or any adjournment or postponement thereof. Holders of the Company’s American depositary shares (“ADSs”) who wish to exercise their voting rights for the underlying Class A ordinary shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas.

The notice of the annual general meeting, which sets forth the resolutions to be submitted to shareholder approval at the annual general meeting, is available on the Investor Relations section of the Company’s website at http://ir.998.com. Shareholders may obtain a copy of the Company’s 2019 annual report, free of charge, from the Investor Relations section of the Company’s website at http://ir.998.com, or by contacting GreenTree Hospitality Group Ltd. at 2451 Hongqiao Road, Changning District, Shanghai 200335, People’s Republic of China, attention: Ms. Selina Yang or Mr. Nicky Zheng, telephone: +86-21-3617-4886 ext. 7015 or ext. 6708, email: [email protected].

About GreenTree Hospitality Group Ltd.

GreenTree Hospitality Group Ltd. (“GreenTree” or the “Company”) (NYSE: GHG) is a leading hospitality management group in China. As of June 30, 2020, GreenTree had a total number of 4,066 hotels. In 2019, HOTELS magazine ranked GreenTree Top 12 Ranking among 325 largest global hotel groups in terms of number of hotels in its annual HOTELS’ 325. GreenTree was also the fourth largest hospitality company in China in 2019 based on the statistics issued by the China Hospitality Association.

GreenTree has built a strong suite of brands, including its flagship “GreenTree Inns” brand as a result of its long-standing dedication to the hospitality industry in China and consistent quality of its services, signature hotel designs, broad geographic coverage and convenient locations. GreenTree has further expanded its brand portfolio into mid-to-up-scale and luxury segments through a series of strategic investments. By offering diverse brands, through its strong membership base, expansive booking network, superior system management with reasonable charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients and partners by providing a brand portfolio that features comfort, style and value.

For more information on GreenTree, please visit http://ir.998.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” “confident,” “future,” or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about or based on GreenTree’s current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: GreenTree’s goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry; fluctuations in general economic and business conditions in China and other regions where we operate; the regulatory environment in which we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events.

For more information, please contact:

Ms. Selina Yang
Phone: +86-21-3617-4886 ext. 7015
E-mail: [email protected]

Mr. Nicky Zheng
Phone: +86-21-3617-4886 ext. 6708
E-mail: [email protected]

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SOURCE GreenTree Hospitality Group Ltd.

Investor Webinar Thursday November 12 at 8:30AM EST

VANCOUVER, BC, Nov. 11, 2020 /PRNewswire/ – KORE Mining Ltd. (TSXV: KORE) (OTCQX: KOREF) (“KORE” or the “Company“) announces that drill hole FG-20-377 intercepted 31.3 meters of 3.2 g/t gold, including 14.3 meters of 6.4 g/t gold, starting at 369 meters downhole in the Lower Zone of the FG Gold Project (“Project” or “FG Gold“) in the Cariboo Region of British Columbia.  This news release reports assays from drill hole FG-20-377, part of the 15-hole, 5,746 meter summer drill program at FG Gold with assays from 14 additional holes pending. 

Highlights

• Extends Lower Zone discovery 215 meters down-dip with:
• 31.3 meters of 3.2 g/t gold at 369 meters downhole including:
• 14.3 meters of 6.4 g/t gold at 386 meters downhole including
• 1.0 meters of 61.2 g/t gold at 387 meters downhole
• 5.8 meters of 4.2 g/t gold at 394 meters downhole
• Opens underground potential for FG Gold with 3.6 kilometers of mineralized strike
• Assays pending for 14 additional holes over 1,780 meters of lateral strike length
• 10 of 14 holes intersect the newly discovered Lower Zone
• 7 of 14 holes intersect quartz veins containing visible gold
• Remains underexplored along a 20-kilometer trend, providing many opportunities for resource expansion and new discoveries on-strike and downdip

KORE CEO Scott Trebilcock comments, “The large downdip step-out announced today in FG Gold’s Lower Zone, 31.3 meters of 3.2 g/t gold including 14.3 meters of 6.4 g/t gold, demonstrates FG Gold’s underground potential.  The step-out extends the Lower Zone discovery to 300 meters downdip from the historic drilling.  With 3.6 kilometers of shallow mineralized strike, all open at depth, this underground discovery could have a profound impact of the size and grade of the deposit.  KORE has ten more holes intersecting this newly discovered Lower Zone with assays pending in the weeks ahead.”

Investor Webinar

KORE is hosting an investor webinar to discuss the results on Thursday, November 12, 2020 at 8:30AM Eastern Time (5:30AM Pacific Time).  Click HERE to register for the webinar.

The cross-section in Figure 1 show the 215 meters step-out from the June 10, 2020 Lower Zone discovery intercept of 3.9 g/t over 10 meters at 237 meters, bringing the total downdip extent of the Lower Zone to 300 meters. Assays are pending for 14 holes in which 10 intersected the newly discovered Lower Zone, as shown in the long section in Figure 2. The other four holes in the program were drilled below historic drilling along strike from the main zone, bringing the strike length tested by Kore to date since the beginning of 2020 to ~1,800 meters.  All hole locations are shown in Figure 3 in plan map.  Drilling continues with 2,000 additional meters planned at FG Gold and Gold Creek through mid-December.

The district scale of the FG Gold project is shown in Figure 4.  The 20-kilometer district trend traces the mineralized stratigraphy around the regional syncline.  Shallow historic drilling averaged only 93 meters deep, leaving the mineralization open at depth and along almost the entire trend.  Figure 5 is a regional cross-section that shows the host rock potential at depth and connection to a potential porphyritic intrusion.

Exploration Program Details

Fifteen large diameter (HQ) oriented core drill holes for a total of 5,746 meters were completed from June to October 2020 as described in the news release disseminated October 22^nd, 2020.  The drill program was designed to step-out up to 200 meters downdip and continue nearly 2 kilometer along strike. The program is targeting the continuation of known gold-mineralized [orogenic] quartz veins further down-dip and along strike within prospective and un-tested regions of the targeted [phyllite] host rock. 

Assays from hole FG-20-377 are reported in this release with all other hole assays pending.  A plan map of the drill collars and traces is included in Figure 3 including the location of the cross section, Figure 1, and a long section, Figure 2. 

The full table of results are included below. Detailed core logs and photos are available on KORE’s website.

Due to coarse visible gold, metallic screening assays provide a much more representative sample versus conventional fire assays.  Historical drilling and assays had limited and sporadic metallic screen analyses which may have underestimated historical gold grades.  See below for more details on metallic screens.

Detailed Discussion of Results

Structural analysis and re-interpretation of historical drilling carried out prior to initiation of 2020 drilling by KORE highlighted significant potential for expanding high grade gold zones below the extents of historic drilling.  2020 drilling was designed to test the hypothesis that high grade gold zones correlating to plunge lines within both limb and hinge zones, and are extendable both at depth and along strike.  Gold-bearing quartz vein swarms appear to be correlated with high-deformation areas and hinge/limb areas of locally folded strata. The orientation [azimuth] of the drilling was intended to delineate potential continuous ‘mineral-shoots’ within the mineralized zones. 

A continuation of the shallowly drilled upper zone is intersected in hole FG-20-377 with 0.71g/t gold from 130.36 to 143.17 meters. This intersection is ~150 meters down-dip from the nearest intersection. The Lower Zone, discovered in hole FG-20-369, appears to be a corridor of quartz-vein hosted gold mineralization below and sub-parallel to the upper zone. While it does appear to extend to surface, at this stage, grade appears to increase with depth. Summer-Fall program drill holes FG-20-376 to FG-20-386 are drilled across four complete cross sections over a strike of ~650 meters designed to cross both upper and lower zones to allow for correlation both down-dip and along strike of both the upper and lower zones. Holes FG-20-387 to FG-20-390 test for lateral and down-dip mineralization in areas below sparse historic drilling. KORE drilling in 2020 tests over 1780 meters of strike length below the limits of historic drilling.

To date, the results from the 2020 drilling program are very encouraging to KORE. Early results indicate that the Company is finding further, high grade mineralized zones well outside of historic drilling, providing greater confidence in the structural interpretation and geologic model of the FG gold deposit.

Detailed Drill Hole Assays Tables for KORE Holes on Figure 1

Hole FG-20-369 (previously reported)

Hole FG-20-371 (previously reported)

Hole FG-20-377

Hole FG-20-376

Assays are pending on hole FG-20-376 however, zones of increased vein density occur where predicted. It is anticipated that these zones correlate to the nearby mineralized zones from both holes FG-20-369 and FG-20-377. Visible gold is observed at 238.75 meters in one of these vein corridors.

Hole location data is included at the end of this release.

Details of Metallic Screen Assaying

Metallic screen assays are often used in exploration when coarse or visible gold is present in the core as is the case at the FG Gold Project.  Traditionally, fire assays are undertaken on 30-50 grams of pulverised sample. The metallic screen fire assay uses a larger sample (1 kilogram in KORE’s case), with screening (to -106 micron) to separate coarse gold particles from fine material.  After screening, two samples of the fine fraction are analysed using the traditional fire assay method.  The fine fraction is expected to be reasonably homogenous.  The entire coarse fraction is assayed to determine the contribution of the coarse gold.  This method helps reduce the erratic assay results often seen in the higher-grade zones found in “nuggety” gold deposits such as the FG Gold Project.  All assays are performed at accredited independent commercial assay labs. 

Regional Geology

The FG Gold property straddles the boundary between the Omineca and Intermontane tectonics belts of the Canadian Cordillera. The eastward emplacement of the Intermontane Belt onto the Omineca Belt along the Eureka Thrust Fault caused widespread regional metamorphism and structural deformation of both Belts. The regional scale, northwest trending, shallowly plunging, Eureka Syncline is the dominant resulting structure in the project area. Rocks in the core of the Eureka Syncline are comprised of basalt, augite porphyry flows, tuffs and volcanic breccias metamorphosed to a low grade; they are structurally emplaced onto metavolcanic and sedimentary rocks of the Quesnel Terrane. The Quesnel Terrane is recognized for its prevalence of copper, gold and molybdenum mines and showings such as those at Highland Valley, Boss Mountain, QR and Mount Polley.

Property Geology

The FG Gold property is centrally located over the Eureka Syncline, strategically encompassing two limbs and the hinge zone of a gold-bearing meta-sedimentary rock unit of the Quesnel Terrane. The gold-bearing rock, a ‘knotted’ phyllite, is the host rock for gold mineralization over the 3 kilometers strike length of the Resource Area (see Figure 4). Surface mapping and geophysical inversion of airborne electromagnetic (EM) data suggests the knotted phyllite has a strike length of over 20 kilometers with potentially thickened regions occurring in the Eureka Syncline hinge zone (Kusk Zone Target) (see Figure 4).

Gold mineralization occurs in and is associated with development of quartz – Fe carbonate – muscovite – pyrite vein stockwork. The stockwork is best developed in the knotted phyllite unit. Stockwork zones locally concentrate in zones greater than 10 meters wide and are dominantly stratabound. Fe-carbonate alteration and carbonate porphyroblasts development within the knotted phyllite unit is observed to extend well outside immediate areas of veining.

About the FG Gold Project

The FG Gold project consists of 35 claims, totaling 13,008 hectares, in the eastern Cariboo region of central British Columbia, approximately 100 kilometers east of Williams Lake. The project is at low elevation and accessible by forestry roads.  FG Gold hosts an orogenic gold deposit on the northeast limb of the Eureka syncline.  The southwest limb and hinge zone are underexplored.  The Project also hosts copper-gold porphyry mineralization at the Nova Zone, discovered by KORE in 2018.  Figure 4 highlights the 20 kilometers trend of host rock expression at surface.

The 20 kilometer trend is defined by gold in soils and geophysics that traces the mineralized rock group around the regional syncline.  The Project has only been shallowly drilled where the mineralized rock group comes to surface. Past drilling averages only 93 meters deep into a steeply plunging sedimentary host rock.  Mineralization is open at depth and along almost the entire trend.  Figure 5 is a regional cross-section that shows the host rock potential at depth and potential connection to the Project’s porphyritic intrusion.

FG Gold is part of KORE’s 1,000 square kilometer South Cariboo Gold District which hosts 110 kilometers of the Eureka thrust structural trend (“Trend“) that drives gold mineralization in the District.  The Trend is highly prospective for orogenic gold deposits, some of largest in the world, and includes KORE’s Gold Creek Project.  The Cariboo region is accessible with local power, well developed road network and skilled local labour from multiple current and past operating mines.

The previous drilling targeted stratigraphic controls on mineralization and did not penetrate into the bulk of the host-rock structure. Drilling was largely done with reverse circulation (“RC”) drilling and narrow core to generate shallow bulk-disseminated gold intercept models.  Within the current resource there appears to be mineralized corridors or chutes that are open at depth in the host rock. 

The current resource at the FG Gold project is as follows:

More information on the FG Gold Project and resource is available in the “NI 43-101 Technical Report, Frasergold Exploration Project, Cariboo Mining Division, BC” dated July 20, 2015 by K.V. Campbell of ERSi Earth Resource Surveys Inc. and G.H. Giroux of Giroux Consultants Ltd. technical report filed under Kore’s Profile on SEDAR at www.sedar.com and on KORE’s website at www.koremining.com.

About KORE

KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia.  KORE is supported by strategic investors Eric Sprott; and insiders, together with the management and Board, own approximately 64% of the basic shares outstanding. 

On behalf of KORE Mining Ltd

“Scott Trebilcock”
Chief Executive Officer
(888) 407-5450

QA/QC and Qualified Person

Once the drill core was received from the drill site, individual samples were determined, logged for geological attributes, sawn in half, labelled, and bagged for assay submittal. The remaining drill core was then stored at a secure site in Horsefly, BC. The Company inserted quality control samples at regular intervals within the sample stream which included blanks, preparation duplicates, and standard reference materials with all sample shipments intended to monitor laboratory performance. Sample shipment was conducted under a chain of custody procedure.

Drill core samples were submitted to Bureau Veritas’ analytical facility in Vancouver, British Columbia for preparation and analysis. Sample preparation included drying and weighing the samples, crushing the entire sample, and pulverizing 250 grams. Analysis for gold was by method FA450: 50g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.005 ppm and upper limit of 10 ppm. Gold assays greater than 10ppm are automatically analysed by method FA550: 50g fire assay fusion with a gravimetric fusion. Metallic screen techniques were employed to assay gold mineralized zones thought to contain coarse gold. Approximately 1000 grams of coarse reject material are pulverized and screened. Two splits of the fine fraction are assayed, as well as all material that does not pass through the screen (the coarse fraction). The final gold assay reported is a weighted average of the coarse and fine fractions.

Bureau Veritas is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. Parameters for Bureau Veritas’ internal and Kore’s external blind quality control samples were acceptable for the analyses returned.

Technical information with respect to the Project contained in this news release has been reviewed and approved by Michael J. Tucker, P.Geo, who is KORE’s VP Exploration and is a qualified person under National Instrument 43-101 responsible for the technical matters of this news release.

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

Cautionary Statement Regarding Forward-Looking Information


This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements.  Such
forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. 

Such factors include, among others: risks related to exploration and development activities at the Company’s projects, and factors relating to whether or not mineralization extraction will be commercially viable;
risks related to mining operations and the hazards and risks normally encountered in the exploration, development and production of minerals, such as unusual and unexpected geological formations, rock falls, seismic activity, flooding and other conditions involved in the extraction and removal of materials; uncertainties regarding regulatory matters, including obtaining permits and complying with laws and regulations governing exploration, development, production, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, site safety and other matters, and the potential for existing laws and regulations to be amended or more stringently implemented by the relevant authorities; uncertainties regarding estimating mineral resources, which estimates may require revision (either up or down) based on actual production experience; risks relating to fluctuating metals prices and the ability to operate the Company’s projects at a profit in the event of declining metals prices and the need to reassess feasibility of a particular project that estimated resources will be recovered or that they will be recovered at the rates estimated; risks related to title to the Company’s properties, including the risk that the Company’s title may be challenged or impugned by third parties; the ability of the Company to access necessary resources, including mining equipment and crews, on a timely basis and at reasonable cost; competition within the mining industry for the discovery and acquisition of properties from other mining companies, many of which have greater financial, technical and other resources than the Company, for, among other things, the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel; access to suitable infrastructure, such as roads, energy and water supplies in the vicinity of the Company’s properties; and risks related to the stage of the Company’s development, including
risks relating to limited financial resources, limited availability of additional financing and potential dilution to existing shareholders; reliance on its management and key personnel; inability to obtain adequate or any insurance;  exposure to litigation or similar claims; currently unprofitable operations; risks regarding the ability of the Company and its management to manage growth; and potential conflicts of interest. 

In addition to the above summary, additional risks and uncertainties are described in the “Risks” section of the Company’s management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the Company’s issuer profile on www.sedar.com.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. 

There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further exploration will allow improving the classification of the Indicated or Inferred mineral resource.  Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Cautionary Note Regarding Mineral Resource Estimates: 

Information regarding mineral resource estimates has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States Securities and Exchange Commission (“SEC”) Industry Guide 7. In October 2018, the SEC approved final rules requiring comprehensive and detailed disclosure requirements for issuers with material mining operations. The provisions in Industry Guide 7 and Item 102 of Regulation S-K, have been replaced with a new subpart 1300 of Regulation S-K under the United States Securities Act and will become mandatory for SEC registrants after January 1, 2021. The changes adopted are intended to align the SEC’s disclosure requirements more closely with global standards as embodied by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), including Canada’s NI 43-101 and CIM Definition Standards. Under the new SEC rules, SEC registrants will be permitted to disclose “mineral resources” even though they reflect a lower level of certainty than mineral reserves. Additionally, under the New Rules, mineral resources must be classified as “measured”, “indicated”, or “inferred”, terms which are defined in and required to be disclosed by NI 43-101 for Canadian issuers and are not recognized under SEC Industry Guide 7.  An “Inferred Mineral Resource” has a lower level of confidence than that applying to an “Indicated Mineral Resource” and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of “Inferred Mineral Resources” could be upgraded to “Indicated Mineral Resources” with continued exploration. Accordingly, the mineral resource estimates and related information may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal laws and the rules and regulations thereunder, including SEC Industry Guide 7.

Drill Hole Locations

Location, azimuth, dip and lengths for drill holes in this news release are listed in the following table:

 

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SOURCE Kore Mining