Market Newsdesk

NEW YORK, Nov. 17, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Garrett Motion Inc.  (“Garrett” or the “Company”) (NYSE: GTX; OCTMKTS: GTXMQ).   The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-09279, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Garrett securities between October 1, 2018 and September 18, 2020, inclusive (the “Class Period”).  Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Garrett securities during the class period, you have until November 24, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Garrett designs, manufactures, and sells turbocharger, electric-boosting, and connected vehicle technologies for original equipment manufacturers and the aftermarket.  In October 2018, the Company formed as a spin-off of the Transportation Systems business of Honeywell International Inc. (“Honeywell”).

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.  Specifically, Defendants failed to disclose to investors that: (i) because of Garrett’s agreement to indemnify and reimburse Honeywell for certain asbestos-related liability, the Company was saddled with an unsustainable level of debt; (ii) as a result, Garrett had a highly leveraged capital structure that posed significant challenges to its overall strategic and financial flexibility; (iii) as a result of the foregoing, Garrett’s ability to gain or hold market share was impaired; (iv) as a result of the foregoing, the Company was reasonably likely to seek bankruptcy protection; and (v) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 26, 2020, before the market opened, the Company disclosed that its “leveraged capital structure poses significant challenges to its overall strategic and financial flexibility and may impair its ability to gain or hold market share in the highly competitive automotive supply market, thereby putting Garrett at a meaningful disadvantage relative to its peers.”  Garrett further stated that its “high leverage is exacerbated by significant claims asserted by Honeywell against certain Garrett subsidiaries under the disputed subordinated asbestos indemnity and the tax matters agreement.”

On this news, Garrett’s stock price fell $3.04 per share, or over 44%, to close at $3.84 per share on August 26, 2020, thereby damaging investors.

On Sunday, September 20, 2020, Garrett announced that it had filed for Chapter 11 bankruptcy.

On Monday, September 21, 2020, the New York Stock Exchange (“NYSE”) announced that it would commence proceedings to delist Garrett’s stock from the NYSE after the Company’s disclosure that it had filed for bankruptcy.

On this news, Garrett’s stock began trading over-the-counter and closed at $1.76 per share on September 22, 2020, and over 12% decline from the closing price on September 18, 2020.

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

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

BELLINGHAM, Wash., Nov. 17, 2020 (GLOBE NEWSWIRE) — eXp World Holdings (Nasdaq: EXPI), the holding company for eXp Realty, one of the fastest-growing residential and commercial real estate companies in the world, today announced it has expanded its collaborative, cloud-based real estate brokerage model into India, under the eXp India banner. The addition of residential and commercial brokerage operations in India represents the fifth international expansion for the company, which is headquartered in the United States. In addition to its robust U.S. presence, eXp Realty also operates in Canada, the United Kingdom, Australia, and South Africa, with more than 38,000 agents across the globe.

eXp Realty offers a unique financial model for residential and commercial real estate agents, going beyond attractive commissions to provide its agents with revenue share and equity ownership opportunities. The partnership model also offers proprietary marketing resources, including the company’s cloud-based virtual environment and customized technology platform that enhances virtual prospecting, sales, training and communications for agents.

“We are excited to bring our innovative and proven model to India. Given its pool of over 1 million agents, India is one of the most dynamic real estate markets in the world and is perfectly poised to benefit from our agent-centric model,” said Michael Valdes, President of eXp Global. “In advance of our official launch, we have already received a phenomenal response after formally establishing operations and our preliminary marketing efforts. In addition to increased revenue opportunities the model brings to agents in India, our focus will be to provide access to our cloud-based brokerage and virtual technology to help deliver valuable marketing resources and position our agents for the future of real estate.”

“India has never seen a model like this before, which I believe will change the traditional landscape of the industry,” said Shashank Vashishtha, Designated Managing Broker in India. “eXp India will be a game-changer for both consumers and agents.”  

Similar to the U.S. model, eXp Realty and the global division anticipates a similar trajectory for India’s real estate industry to utilize a model that not only offers generous commissions, but incentivizes agents to attract other agents through eXp’s multi-layered compensation model.

“Our decision to expand into the growing India market is a direct result of the robust growth we’ve experienced in the U.S. and other high-value international locations,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “Over the last five years, we’ve grown our revenue at a compounded annual growth rate of over 100%, and recently, reported record financial results and profitability in the third quarter of 2020. We expect to continue this momentum by extending our incentivizing model to markets capable of the success we’ve had domestically, and believe India aptly illustrates that opportunity.”

The company’s presence in India will encompass a national footprint, including all major cities and states. India represents one of five countries eXp Global has identified for expansion by the end of 2020. South Africa launched in October 2020 and the remaining countries include France, Mexico and Portugal.

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) owns eXp Realty and Virbela.

eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 38,000 agents in the United States, Canada, the United Kingdom, Australia and South Africa. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.

Virbela is an immersive technology platform for business, events and education. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit the company’s website at virbela.com.

For more information, please visit the company’s website at https://expworldholdings.com.

Safe Harbor Statement

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Media Relations Contact:

eXp World Holdings, Inc.
[email protected]

India Media Relations Contact:

Deepali Gusain
[email protected]

Investor Relations Contact:

Greg Falesnik
MZ Group – MZ North America
[email protected]

VANCOUVER, British Columbia, Nov. 17, 2020 (GLOBE NEWSWIRE) — Tanzanian Gold Corp. (TSX: TNX); (NYSE American: TRX) (“Tanzanian Gold” or the “Company”) is pleased to provide an update on the 5tph (tons per hour) test plant. As previously reported the plant reached commercial production of gold on June 17, 2020. Since then the plant has operated continuously 7 days a week with two 12-hour shifts per day and has produced a total of 427.9 oz of gold. Here are some of the key performance metrics in the period June 30, 2020 to October 30,2020:

• 250,810 tons of waste and topsoil removed and stockpiled
• 21,900 tons of ore mined
• 10,040 tons ore crushed – wet
• 9,078 tons ore milled – dry
• 137 total days operated
• plant availability has ranged from 73.1% to 94.6 %
• the average recovery has been quiet steady at 82%

The 5tph oxide test plant has been a substantial success on several levels. First, operation of the plant to date proves the viability of the Buckreef Gold Project (“Buckreef”) to produce gold and therefore provides a considerable de-risking of the mine building efforts at Buckreef. A number of important tests have been conducted providing data for the operation and confirming the flowsheet for expansion of the processing plant to the rate of 40tph (15,000 oz. to 20,000 oz. of gold production per year). The main tests to date are:

• Retention times & associated cyanide and lime consumption
• Grind-leach tests & grind media consumption
• Impact of aeration/oxidation
• Optimizing elution
• Effect of preg-robbing, these tests are still in progress

Additionally, the plant has been used to train and develop a crew that will be ready to operate the larger 40tph plant when it comes online. Start-up and operation of the test plant has provided months of experience in: (i) understanding the oxide deposit; (ii) areas of mining and earth moving; (iii) stockpile management; (iv) grade blending control; (v) equipment and materials procurement; (vi) local content regulations; (vii) security; and more. The Company has initiated construction of a large tailings facility to accommodate the targeted expansion of the oxide plant.

As work advances rapidly with the oxide operation, Tanzanian Gold continues to advance the sulphide mine Final Feasibility Study, which is targeted to produce 150,000 oz. to 175,000 oz. of gold production per year. The Company has begun the process of pit modeling, one of the foremost components of the Final Feasibility Study. SGS is proceeding with the metallurgical studies to refine the flowsheet for the sulphide plant.

Finally, Tanzanian Gold continues to focus on the value creating exploration opportunities at Buckreef, with a variety of planned drilling programs. The programs include: (i) drilling at ultra-deep levels; (ii) drilling new oxide targets; (iii) infill drilling to upgrade ounces currently in the Inferred category; and (iv) a step-out drilling program in the Northeast Extension.

Mr. James E. Sinclair, Executive Chairman of Tanzanian Gold, commented “The exceptional performance of the test plant has laid a firm technical foundation and has helped to de-risk our plans to a build a much larger plant”, Mr. Sinclair went on to comment “ We have every expectation that we will be producing in the range of 15,000 to 20,000 oz. of gold production per year with the new plant and after start up we could be in a position to consider an expansion of this plant.”

Mr. James E. Sinclair went on to note that “critically, we have now become a gold producer. The financing arrangements we have previously announced will help to ensure the rapid expansion of production such that we can expect to reach our goal of becoming cash flow positive.”

About Tanzanian Gold Corporation 

Tanzanian Gold Corporation is building a significant gold project at the Buckreef site in Tanzania that is based on an expanded resource base and the treatment of its mineable reserves in two stand alone plants. An ongoing drill program has, to date, more than doubled the size of Measured and Indicated Resources to 2.036 million ounces. NI 43-101 compliant exploration mining targets have the potential to add up to another 2 million ounces. The Company commenced production from oxides in June 2020 at a new oxide plant and is now anticipating government approval for an expanded oxide plant to the level of 40tph.

 Tanzanian Gold is advancing on three value-creation tracks:

Respectfully Submitted,

James E. Sinclair
Executive Chairman

For further information, please contact Michael Martin, Investor Relations, via email at [email protected], direct line 860-248-0999, or visit the Company website at www.tangoldcorp.com

Please follow us on social media for more updates.

www.Twitter.com/TanzanianGold

www.Linkedin.com/company/Tanzanian-gold-corporation/

www.facebook.com/tanzaniangold

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This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time-to-time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities.

Certain information presented in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our SEC filings, including our annual report on Form 20-F for more information concerning these risks, uncertainties, and other factors. Such forward-looking statements include, but are not limited to, that the Company will be able to build shareholder value, that the Company will be successful in its expansion at the Buckreef project, that it will be able to build a mine, and that the Company will be able to achieve positive cash flow.

Washington, DC, Nov. 17, 2020 (GLOBE NEWSWIRE) — American Forests today unveiled its Tree Equity Score, which will help cities in the United States address a problem that exacerbates social inequities and climate change impacts nationwide—often far fewer trees in socioeconomically disadvantaged neighborhoods.

Tree Equity Score provides an indicator of whether a neighborhood has Tree Equity, defined as the right number of trees so all people experience the health, economic and other benefits that trees provide. Calculated neighborhood scores are based on such factors as existing tree cover, population density, income, employment, race, ethnicity, age and urban heat island effect (as measured by surface temperatures).

City government employees, community activists, urban foresters and others will be encouraged to use the scores to make the case for planting, protecting and maintaining trees in the neighborhoods that need them the most, as well as securing the funding needed to do so.

“Trees are more than just scenery for our cities,” said American Forests President and CEO Jad Daley. “They are critical infrastructure to protect people in our rapidly warming climate and are as essential for public safety as are street lights. It is our moral imperative to create Tree Equity in cities so everyone has these benefits. Tree Equity Score is a catalyst because it provides a data-driven and consistent way to see where action is most needed, and to measure progress toward Tree Equity in those neighborhoods.”

Tree Equity Score will eventually cover 486 U.S. Census-defined urbanized areas in the country, home to 70% of the U.S. population. This includes cities and towns that have at least 50,000 people.

The initial Tree Equity Scores released today cover multiple cities and towns in Maricopa County, AZ (home to Phoenix), the San Francisco Bay area of California and Rhode Island. These initial scores, found at www.TreeEquityScore.org, consistently show a need to plant, protect and take care of more trees in socioeconomically disadvantaged neighborhoods. The need is mainly due to a legacy of disinvestment in communities of color and low-income neighborhoods, such as federal redlining.

The Rhode Island Tree Equity Score was launched with a new companion tool, the Tree Equity Score Analyzer, which will enable community leaders and other stakeholders across the state to parse their community’s score layer-by-layer and to see how it relates to specific parcels of land. This will be useful in planning tree planting projects, scoping out different scenarios for the projects and identifying tree planting opportunities.

“Addressing Tree Equity gaps is an opportunity to improve people’s health and wellbeing, reduce energy costs and fight climate change,” said Sacha Spector, program director for the environment at the Doris Duke Charitable Foundation. “The new Tree Equity Score Analyzer tool puts communities in the driver’s seat by helping them target the gaps and create ground-up plans that put the right trees in the places that make sense for them.”

American Forests received an award from the Microsoft Community Environmental Sustainability initiative in 2019 to assist in the creation of the Tree Equity Score project for Maricopa County.

“The new Tree Equity Score will help communities identify and take action in neighborhoods that need trees the most, so everyone can benefit from the natural ability of trees to cool neighborhoods and purify our air,” says Holly Spangler Beale, program manager, datacenter community environmental sustainability at Microsoft.

American Forests has also partnered with the U.S. Forest Service Northern Institute of Applied Climate Science to develop a new urban forestry handbook, the Climate & Health Action Guide, which will help government officials and others optimize their urban forestry programs so they can improve their scores. The document includes guidance on choosing trees to plant that can withstand the changing climate, which is essential to assure lasting impact.

Addressing climate change-induced health problems, such as cardiovascular and lower respiratory tract illnesses, is a major reason American Forests was originally driven to work with its partners to create Tree Equity Score. By trapping air pollutants, trees help keep the air clean, which reduces the risk of such illnesses.

Trees also help minimize the chance of heat-related illnesses and death. They help protect people from heat (which is more intense now, due to climate change) by lowering temperatures and counteracting the urban heat island effect. This is significant, given that a 10-fold increase in heat-related deaths is expected in the eastern U.S. by 2050. Trees can help reduce surrounding air temperatures by as much as 9° F. And because cool air settles near the ground, air temperatures directly under trees can be 20 to 45°F cooler than air temperatures in nearby unshaded areas.

Tree Equity also can help slow climate change itself. Urban forests across America already capture more than 120 million tons of carbon dioxide equivalent annually, and reduce residential energy use for heating and cooling by an average of 7.2% nationally.

A new American Forests study, conducted with Dr. David Nowak of the U.S. Forest Service, suggests planting 25 million urban trees annually in the U.S. will enhance the climate mitigation benefits of urban trees by adding an additional 353 million tons of carbon storage. Per year, this will reduce carbon emissions from energy production by 10.3 million tons, saving $7.4 billion in building energy costs. To ensure such benefits are experienced by those who need them the most, Tree Equity Score could be used to help make the case for planting trees in neighborhoods where people struggle to pay their energy bills or experience higher rates of unemployment.

ABOUT AMERICAN FORESTS: American Forests is the first national non-profit conservation organization created in the U.S. Since its founding in 1875, the organization has been the pathfinders for the forest conservation movement. Its mission is to create healthy and resilient forests, from cities to wilderness, that deliver essential benefits for climate, people, water and wildlife. The organization advances its mission through forestry, innovation, place-based partnerships to plant and restore forests, and movement building.

NEW YORK, Nov. 16, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Interface, Inc. (“Interface” or the “Company”) (NASDAQ: TILE) and certain of its officers. The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-05518, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Interface securities between March 2, 2018 and September 28, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Interface securities during the Class Period, you have until January 11, 2021, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Interface is a modular flooring company that designs, produces, and sells modular carpet products primarily in the Americas, Europe, and the Asia-Pacific.  The Company was founded in 1973 and is headquartered in Atlanta, Georgia.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Interface had inadequate disclosure controls and procedures and internal control over financial reporting; (ii) consequently, Interface, inter alia, reported artificially inflated income and earnings per share (“EPS”) in 2015 and 2016; (iii) Interface and certain of its employees were under investigation by the Securities and Exchange Commission (“SEC”) with respect to the foregoing issues since at least as early as November 2017, had impeded the SEC’s investigation, and downplayed the true scope of the Company’s wrongdoing and liability with respect to the SEC investigation; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On April 24, 2019, Defendants filed a current report on Form 8-K with the SEC, disclosing, inter alia, that Interface “received a letter in November 2017 from the [SEC] requesting that the Company voluntarily provide information and documents in connection with an investigation into the Company’s historical quarterly [EPS] calculations and rounding practices during the period 2014-2017”; that “[t]he Company subsequently received subpoenas from the SEC in February 2018, July 2018 and April 2019 requesting additional documents and information”; and that “[i]n the fourth quarter of 2018, the Company conducted at the SEC’s request an internal investigation into these and other related issues for seven quarters in 2015, 2016 and 2017.”

On this news, Interface’s stock price fell $1.43 per share, or 8.37%, to close at $15.66 per share on April 25, 2019.

Then, on September 28, 2020, the SEC announced the conclusion of its investigation into Interface’s historical quarterly EPS calculations and rounding practices.  Interface agreed to pay a $5 million fine to resolve the matter and was ordered to cease and desist from violating the federal securities laws.   In the SEC’s enforcement order issued that same day, the SEC also disclosed how, inter alia, “Interface employees caused Interface to produce documents in response to Commission investigative requests that were suggestive of contemporaneous support for journal entries that, in truth, did not exist at the time the entries were recorded,” and had modified certain documents after the SEC’s investigation began.

On this news, Interface’s stock price fell $0.20 per share, or 3.13%, over the following two trading sessions to close at $6.18 per share on September 29, 2020

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

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

CALGARY, Alberta, Nov. 16, 2020 (GLOBE NEWSWIRE) — NXT Energy Solutions Inc. (“NXT” or the “Company”) (TSX:SFD; OTC QB:NSFDF) today announced the Company’s financial and operating results for the quarter ended September 30, 2020. All dollar amounts herein are in Canadian Dollars.

Q
3
Financial and Operating Highlights

Key financial and operational highlights for the third quarter include:

• Repayment was received from Alberta Green Ventures Limited Partnership (“AGV”) in respect of the previously disclosed loan arrangement whereby NXT loaned AGV US$250,000 for the purpose of furthering shared objectives under the Co-operation Agreement (the “Loan Arrangement”);
• Cash and short-term investments at September 30, 2020 were $4.06 million;
• Survey revenues in Q3-20 were nil and 2020 YTD were $0.137 million;
• A net loss of $1.50 million was recorded for Q3-20, including stock based compensation and amortization expense of $0.48 million;
• A net loss of $4.31 million was recorded for YTD 2020, including stock based compensation and amortization expense of $1.40 million;
• Cash flow used in operating activities were $0.83 million of cash during Q3-20 and $2.53 million YTD 2020;
• Net loss per common share for Q3-20 was ($0.02) basic and diluted;
• Net loss per common share for YTD 2020 was ($0.07) basic and diluted;
• General and administrative costs for Q3-20 as compared to Q3-19 decreased by $0.17 million or 20%, mostly due to the Canada Emergency Wage Subsidy (“CEWS”) of $0.12 million and the Scientific Research and Experimental Development Tax Credit (“SR&ED”) of $0.07 million; and
• General and administrative costs for YTD 2020 as compared to YTD 2019 decreased by $0.09 million or 3%, due primarily to the CEWS of $0.23 million and the SR&ED of $0.7 million, one less headcount in the first half of 2020, offset by partially by salary costs being allocated to survey costs in YTD 2019.

Message to Shareholders

George Liszicasz, President, and CEO of NXT, commented, “Although no survey revenues were recorded in Q3, contract opportunities remain in discussion in our core areas of interest in Africa, North and South America, and South-East Asia. We remain highly confident in the approach we have taken to realize near term opportunities with National Oil Companies that have a long term strategic approach to the development of reserves. Given uncertain times, patience is required to reach definitive agreements.

I am pleased to update you on the progress of our new algorithms that assist in the interpretation of SFD^® data in a manner that can be integrated more effectively with conventional seismic data interpretation. Over the last quarter we have prototyped mathematical data transformation routines to enhance the quality and repeatability of SFD^® data. While the methods need final formalization and field testing, NXT expects that the eventual application of these transformations will allow the extraction of additional important information to increase the reliability of interpretation and to increase the overall efficiency of operations. These methods are also expected to provide the first steps towards algorithmic interpretation and to significantly increase the value that SFD^® provides in the hydrocarbon exploration cycle.  

I am also pleased to announce that we extended our MOU with BGP Inc., a subsidiary of China National Petroleum Corporation, for an additional two years to further explore opportunities for NXT and BGP Inc. to work together. NXT’s forward strategy is to secure SFD^® contracts with BGP and its affiliates.”

Summary highlights of NXT’s 2020 third quarter financial statements (with comparative figures to 2019) are noted below. All selected and referenced financial information noted below should be read in conjunction with the Company’s third quarter 2020 unaudited condensed consolidated interim financial statements and the related management’s discussion and analysis (“MD&A”).

                                        
NXT’s 2020 third quarter financial and operating results have been filed in Canada on SEDAR at www.sedar.com, and will soon be available in the USA on EDGAR at www.sec.gov/edgar, as well as on NXT’s website at www.nxtenergy.com.

Details of the conference call to discuss the 2020 third quarter financial and operating results are as follows:

About NXT Energy Solutions Inc.

NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD^® survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method which can be used both onshore and offshore to remotely identify traps and reservoirs with exploration potential. The SFD^® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD^® is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions Inc. provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.

Contact Information

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Forward-Looking Statements   

Certain information provided in this press release may constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “estimate”, “will”, “expect”, “plan”, “schedule”, “intend”, “propose” or similar words suggesting future outcomes or an outlook. Forward-looking information in this press release includes, but is not limited to, information regarding: business negotiations and opportunities; business strategies and objectives; and continued research and development on the interpretation algorithms. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including those related to the novel coronavirus (2019-nCoV/COVID-19), and the potentially negative effects thereof on the Company’s workforce, its supply chain or demand for its products. Additional risk factors facing the Company are described in its most recent Annual Information Form for the year ended December 31, 2019 and the MD&A for the three and nine month periods ended September 30, 2020, which have been filed electronically by means of the System for Electronic Document Analysis and Retrieval (SEDAR) located at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

Non-GAAP Measures

This news release contains disclosure respecting non-GAAP performance measures including net working capital which does not have a standardized meaning prescribed by US GAAP and may not be comparable to similar measures presented by other entities. This measure is included to enhance the overall understanding of NXT’s ability to assess liquidity at a point in time. Readers are urged to review the section entitled “Non-GAAP Measures” in NXT’s MD&A for the three and nine month periods ended September 30, 2020 which is available under NXT’s profile on SEDAR at www.sedar.com, for a further discussion of such non-GAAP measures. The financial information accompanying this news release was prepared in accordance with US GAAP unless otherwise noted. The MD&A and the unaudited condensed consolidated interim financial statements and notes for the three and nine months ended September 30, 2020, are available through the Internet in the Investor Relations section of www.nxtenergy.com or under NXT’s SEDAR profile at www.sedar.com.