Month: October 2021

Ocugen (OCGN) – Ocugen Files IND For Phase 3 Covaxin Trial

Posted on by Admin

Thursday, October 28, 2021

Ocugen (OCGN)
Ocugen Files IND For Phase 3 Covaxin Trial

Ocugen Inc is a clinical stage biopharmaceutical company. It is focused on discovering, developing and commercializing a pipeline of innovative therapies that address rare and underserved eye diseases. Ocugen offers a diversified ophthalmology portfolio that includes novel gene therapies, biologics, and small molecules and targets a broad range of high-need retinal and ocular surface diseases.

Robert LeBoyer, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    IND Submitted To Begin Unvaccinated Patient and Booster Study Ocugen has submitted an IND to begin a Phase 3 study testing Covaxin (BBV152) as a vaccine for COVID-19.  The study will enroll unvaccinated patients and those vaccinated at least six months prior to determine if immune responses in US patients are comparable with those seen in the Phase 3 conducted in India. If successful, we expect the data to be submitted for marketing approval.

    Study Design Patients will be randomized to receive two doses of either Covaxin or placebo 28 days apart.  The primary endpoint will compare blood-based samples taken from the US study with samples from patients in the Phase 3 Bharat biotech trial. The secondary endpoints test the vaccine’s immunogenic profile, safety, and tolerability. The company hopes to complete the study during …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Opportunities and Challenges With Yield Farming

Posted on by Admin

What Is Yield Farming and Why All the Hype?

 

Yield farming is the emerging trend in the crypto world that has grabbed the attention of many cryptocurrency enthusiasts. It looks very promising and is now considered one of the most popular ways of generating rewards with cryptocurrency holdings.

The crypto space is not only about Bitcoin. New multiple strategies and techniques have appeared within the decentralized finance (DeFi) infrastructure aimed at providing users with more opportunities to generate larger incomes. Currently, one of the hottest crypto trends is yield farming, which seems to have taken DeFi by storm.

Yield farming is about lending your funds to others with the help of ingenious computer programs called smart contracts. As a result, you earn fees in the form of cryptocurrency in exchange for your services. Sounds simple enough, right? But let’s not rush — there are a lot of pitfalls and complexities that you might encounter during the process. That’s why it’s important to ensure you have enough background knowledge before you get started.

 

 

What is Yield Farming?

Yield farming has rapidly forced its way into the decentralized finance (DeFi) world. It’s viewed as an effective strategy that investors turn to when they want to increase their investment returns. 

Yield farming provides the opportunity for crypto holders to lock up their holdings in return for rewards in the form of additional cryptocurrency.

 

How Does Yield Farming Work?

Yield farming requires liquidity providers and liquidity pools. To become a liquidity provider, all you have to do is to add your funds to a liquidity pool (smart contract), which is responsible for powering a marketplace where users carry out several procedures with their tokens, including borrowing, lending, and exchanging. Once you’ve locked up your funds in the pool, you’ll get fees that have been generated from the underlying DeFi platform or reward tokens. In addition, some protocols can even provide payouts in the form of multiple cryptocurrencies, allowing users to diversify their assets and lock those cryptocurrencies into other protocols to maximize yields.

 

Keep This In Mind 

Before getting into yield farming, make sure that you’re fully aware of the following basics:

 

  • Liquidity providers deposit their funds into a liquidity pool.
  • Deposited funds are stablecoins related to the USD such as DAI, USDC, USDT, etc.
  • Your returns depend on how much you invest and what rules the protocol is based on.
  • You’re able to create complex chains of investment once you decide to reinvest your reward tokens into other liquidity pools, which in turn offer various reward tokens.
  • You should be aware that simply investing in ETH itself, for instance, isn’t considered to be yield farming. Lending out ETH on a decentralized non-custodial money market protocol and receiving rewards afterward — that’s yield farming.

 

Why All the Hype? 

The key advantage of yield farming is it offers an opportunity to provide investors a good profit. Currently, yield farming can potentially return more attractive interest rates than traditional banks. 

However, keep in mind there are some potential risks too.

During 2020 we witnessed a big increase in the popularity of yield farming. Large sums of revenue were generated via the Ethereum network; many yield farming platforms and DeFi projects are currently running on the Ethereum platform. In addition, yield farming grants benefits to various protocols, most of which are just emerging.  

Yield farming is becoming widely popular due to its ability to help a broad variety of projects gain initial liquidity and benefit lenders and borrowers. Yield farming also contributes vastly to greater efficiency when it comes to taking out loans.

 

What are the Advantages
and Disadvantages of Yield Farming?

Profit is one of the most obvious advantages of yield farming. Yield farmers who are among the first to implement a new project may be rewarded with tokens that rapidly appreciate. Huge gains are possible if they sell tokens at the right time. Those profits can be re-invested in other DeFi projects to increase yield even more.

Yield farmers must typically invest a substantial amount of money upfront to make any significant profits — even hundreds of thousands of dollars may be at stake. Yield farmers face a major liquidation risk if the price drops unexpectedly, as it did with HotdogSwap, due to the highly volatile nature of cryptocurrencies, particularly DeFi tokens.

Also, the most effective yield farming techniques are complex. As a result, those who don’t completely comprehend all of the underlying protocols are at greater risk.

Yield farmers have put their money on the project teams and the smart contract code that underpins them. Many developers and entrepreneurs are entering the DeFi space because of the opportunity for profit. They start projects from the ground up or even copy the code of their predecessors. Even if the project team is trustworthy, the code often remains untried, making it prone to bugs and vulnerable to attackers.

 

The Opportunities and Challenges with Yield Farming

The majority of the DeFi applications use the Ethereum blockchain, presenting some significant challenges for yield farmers. The Ethereum network is suffering scalability issues ahead of the 2.0 update. As yield farming becomes more common, the Ethereum network becomes clogged, resulting in long confirmation times and rising transaction fees.

Due to this situation, some have surmised that DeFi could end up self-cannibalizing. Ethereum’s problems, on the other hand, seem to be more likely to support other networks in the long run. The Binance Smart Chain, for example, has emerged as a viable alternative for yield farmers who flocked to the network to take advantage of new DeFi DApps like BurgerSwap.

Additionally, Ethereum’s existing DeFi operators are attempting to solve the problem with their second-layer solutions for the network. As a result, assuming that Ethereum’s issues do not prove fatal to DeFi, yield farming will continue to exist for some time to come.

 

The Five Yield Farming Protocols

To maximize the returns on their staked funds, yield farmers will frequently use a variety of DeFi platforms. These platforms include a variety of incentivized lending and liquidity pool borrowing options. Here are seven of the most popular yield farming techniques.

 

Compound

It is a money market for lending and borrowing funds, where users can gain algorithmically modified compound interest as well as the COMP governance token.

 

MakerDAO

It is a decentralized credit pioneer that allows users to borrow DAI, a USD-pegged stablecoin, by securing crypto as collateral. A “stability tax” is chargeable in place of interest.

 

Aave 

 It is a decentralized lending and borrowing protocol that allows users to borrow assets and receive compound interest for lending using the AAVE (previously LEND) token. Aave is popular for promoting flash loans and credit delegation. Borrowers can receive loans without putting up any collateral with this protocol.

 

Uniswap  

Is a well-known decentralized exchange (DEX) and automated market maker (AMM) that allows users to swap almost any ERC20 token pair without the use of a third party. Liquidity providers must stake 50/50 on both sides of the liquidity pool to gain a share fee and the UNI governance token.

 

Yearn.Finance 

It is a decentralized aggregation automation protocol. It enables yield farmers to use different lending protocols such as Aave and Compound to get the best yield. Yearn. finance uses rebasing to optimize the benefit of the most efficient yield farming services.

Curve, Harvest, Ren, and SushiSwap are some other notable yield farming protocols.

 

Yield Farming vs. Other Strategies 

Those who’ve just entered the cryptocurrency world may not be able to differentiate yield farming from other concepts such as liquidity mining, crypto mining, and staking. Even though they all have something in common and may look the same, in reality, they differ from one another and follow entirely different complex algorithms. We’re here to ensure that you won’t mix these concepts in the future and will be able to tell them apart.  

We hope in this article we’ve provided a fundamental understanding of Yield Farming. We will address Yield farming vs other strategies in an upcoming article, stay tuned.

 

About the Author:

Peter Spoleti is CEO of  Vertex Markets. Vertex uses AI to make B2B introductions providing a business
networking site free from guesswork as to where the most valuable business
interactions are found.

Contact Vertex Markets here.

 

Suggested Reading:



Blockchain Smart Contract Applications



Decentralized Apps Using Blockchain to Change the Internet





Robo-Attorneys Could Put Some Law Work at Risk



Can Wall Street Giants Put Crypto on the Menu?

 

Stay up to date. Follow us:

 

Seanergy Maritime (SHIP) – Attractive Financing Locked in

Posted on by Admin

Wednesday, October 27, 2021

Seanergy Maritime (SHIP)
Attractive Financing Locked in

Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the M/V Dukeship, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Worldship financing secured. A commitment on a five year term loan for ~$16.9 million has been secured with closing expected in November. Annual amortization is ~$2.2 million with a balloon of $6.1 million at maturity. Pricing of Libor plus 305 basis points is attractive and might drop if emission reduction targets are hit.

    Stock price weakness might trigger buy backs.  Pro forma 4Q2021 cash estimate is $58 million and Dukeship will be unencumbered so financial flexibility is good. While the Dukeship acquisition might have pushed out buy backs since retiring convert debt is the near-term priority, buy backs below the conversion price of $1.20/share would also be attractive …



This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Elon Musk Weighs in on Unrealized Capital Gains Tax Idea

Posted on by Admin 


	Image Source: Mobilus in Mobil (Flickr)

Will the Definition of Income be Changed to Collect More Income Taxes?

 

Can one be expected to pay income tax on capital gains when there has not been a realized gain?  Senator Ron Wyden of Oregon is the top-ranking member of the Senate’s tax committee; today (October 27), he proposed to tax unrealized capital gains. This places a legislative heavyweight behind getting this dramatic change implemented. Back in February, and again this week, the Secretary of the Treasury, Janet Yellen, proposed this idea. Open opposition to this idea comes from some notable businesspeople, including Elon Musk, who wonders if it is a slippery slope that will eventually impact everyone. Others question how can one properly appraise non-market-oriented investments each year?

 

Background

In the U.S., capital-gains tax works this way; one purchases a capital asset such as a stock or real estate, the purchase price then becomes the “cost basis.” After it’s sold, the change in value between this cost basis and the sale price is the realized capital gain.  In cases where the asset was held for a year or more, its gain is taxed at a 15 to 20 percent rate (depending on the taxpayer’s income). An additional 3.8 percent surtax is added for taxpayers making over $250,000.  In effect, the U.S. has a capital-gains tax imposition of between 15 percent and 23.8 percent when an asset is sold at a profit after one year. The rate is higher if it’s sold within a year. Under a year, it is taxed at the owner’s ordinary income tax rate.

If the value of a capital asset increases, but that gain was not realized by a sale, there is no tax event. For assets that are inherited and never sold by the original purchaser, they are valued at the current market at the time of inheritance. Although there is an inheritance tax on large estates, many assets are reset at the current market or replacement value, thus reducing the beneficiary’s cost basis and reducing the magnitude of any potential tax from the pre-inheritance valuation.

 

Current Proposals

The Secretary of the Treasury who is also a former Chair of the US Federal Reserve Bank, Janet Yellen,  proposed a tax on capital gains. She wants investors to pay a tax on the increase in the value of stock every year, even if it is not sold. In an appearance on CNN this week she said, “It would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals, and right now escape taxation.” Details of where the lines would be drawn and who the tax would impact were not clear. She was, however, discussing what she refers to as the wealthiest of individuals.

In a Senate Finance Committee news release, Senator Ron Wyden (Oregon) presented what he calls The Billionaires
Income Tax. The release has the tag line:

“Billionaires Income Tax would
ensure billionaires pay tax every year, like working Americans”

Key points of the proposal are, tradable assets like stocks would be marked-to-market every year. Billionaires would pay tax on any gain and take deductions for losses on these assets each year for tax purposes. Those affected would be able to carry losses forward and, in certain circumstances, carry back losses for three years. 

Non-tradable assets like real estate or business interests would not be taxed annually. When someone of high net worth sells non-tradable assets, they would pay capital gains tax, plus an interest charge. The interest charge, or “deferral recapture amount,” is the amount of interest that would be due on the tax owed if the asset had been marked to market each year and the tax had been deferred until sale. The interest rate is the applicable federal short-term rate plus one point. The AFR is currently 0.22 percent, so the interest rate applied would be 1.22 percent.

The proposal contains rules to transition to the changed income tax. For example, the first time those impacted have their tradable assets marked-to-market, they may elect to pay the newly incurred tax over five years. They may also elect to treat up to $1 billion of tradable stock in a single corporation as a non-tradable asset. This will ensure that the proposal does not affect the ability of an individual who founds a successful company to maintain their controlling interest because they’d be forced to sell a portion to pay taxes.

 

Source: U.S. Senate Committee on Finance Bulletin, October 27, 2021

 

Opposition

Those opposed argue that a declining market could potentially reduce taxes collected. Others wonder how non-tradeable assets can appropriately be marked-to-market, and question if an entire industry of appraisers will be born in order to serve accountants and the IRS needs.

The richest man in the world, U.S. Citizen and immigrant businessman Elon Musk would surely be included and taxed differently. He showed his opposition when he tweeted his thoughts in response to a tweet directed at him along with the second richest man, Jeff Bezos.

 

 

 

Musk seems to believe that although it’s called the “Billionaires Income Tax” those without as many zeros after their net worth may also be impacted if the idea of taxing unrealized gains becomes accepted.

There is also concern over how this could impact stock prices. Taxing a non-cash asset leaves the challenge of where the cash will come from. It also reduces the incentive to hold stocks for very long periods of time. The combination of these two, if the proposal becomes a reality, could weigh on the stocks with the greatest gains.

Why Now?

There are a number of expensive proposals coming out of the nation’s capital. These include the Social Spending Bill, converting our energy grid to something less dependent on fossil fuels, infrastructure spending, and funding for stimulus and other projects. 

The question is paying for these enormously expensive projects. The richest 400 families in the country have become thought of as a source for various reasons; chief among them is the average voter is indifferent to taxes that don’t directly impact them.

Take-Away

In an attempt to find a means to pay for expensive projects, there are proposals coming from Washington to increase taxes. One proposal that is being brought to the forefront, separate from a “wealth tax,” is the idea of collecting taxes based on the change in the market value of assets rather than realized capital gains. If implemented, this would have implications far beyond the few hundred families directly impacted. The financial markets and real estate may feel some weight.  The reasons are that money would have to come from the liquidation of something to pay the required taxes, also the attractiveness of long holding times is lowered, and alternative investments, perhaps offshore, may become more tax efficient.

Suggested Reading:



Is Biden Tightening the Reins on Large Companies?

Federal Marijuana Laws are Half-In/Half-Out Says Justice Clarence Thomas





Paying for Infrastructure Spending

The Era of Flying Cars May Have Just Dawned

Sources:

https://www.finance.senate.gov/chairmans-news/wyden-unveils-billionaires-income-tax

https://www.finance.senate.gov/imo/media/doc/Billionaires%20Income%20Tax%20-%20One%20Pager.pdf

https://www.whitehouse.gov/omb/briefing-room/2021/09/23/new-omb-cea-report-billionaires-pay-an-average-federal-individual-income-tax-rate-of-just-8-2/

https://www.politico.com/newsletters/weekly-tax/2021/10/25/will-wydens-new-wealth-tax-survive-the-courts-798431

https://www.nytimes.com/2021/10/26/us/politics/democrats-billionaires-tax.html

https://www.businessinsider.in/international/news/heres-how-janet-yellens-proposed-tax-on-unrealised-capital-gains-may-work/articleshow/87249423.cms

 

Stay up to date. Follow us:

 

Release – Ocugen, Inc. Announces Submission of Investigational New Drug Application with U.S. FDA to Initiate a Phase 3 Clinical Trial Evaluating COVID-19 Vaccine Candidate COVAXIN BBV152

Posted on by Admin


Ocugen, Inc. Announces Submission of Investigational New Drug Application with U.S. FDA to Initiate a Phase 3 Clinical Trial Evaluating COVID-19 Vaccine Candidate COVAXIN™ (BBV152)

 

The Phase 3 study is designed to bridge data collected from the vaccine efficacy trial conducted in India to the U.S. population

MALVERN, Pa., Oct. 27, 2021 (GLOBE NEWSWIRE) — Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics and vaccines, announced that it has submitted an Investigational New Drug application (IND) with the U.S. Food and Drug Administration (FDA) to evaluate the COVID-19 vaccine candidate, BBV152, known as COVAXIN™ outside the United States.  

COVAXIN™ is a whole-virion inactivated COVID-19 investigational vaccine candidate that uses the same vero cell manufacturing platform that has been used in the production of polio vaccines for decades.

The Phase 3 trial proposed in the IND is designed to establish whether the immune response experienced by participants in a completed Phase 3 efficacy trial in India is similar to that observed in a demographically representative, healthy adult population in the U.S. who either have not been vaccinated for COVID-19 or who already received two doses of an mRNA vaccine at least six months earlier.

“We are very excited to take this next step in the development of COVAXIN™, which we hope will bring us closer to introducing a different type of COVID-19 vaccine to the American public,” said Dr. Shankar Musunuri, Chairman of the Board, Chief Executive Officer, and Co-Founder of Ocugen. “We are hopeful that the study conducted under the IND, if allowed to proceed, will help demonstrate that the data from India will be applicable to the U.S. population.”

If the study is allowed to proceed, Ocugen’s Phase 3 immuno-bridging study, OCU-002, will seek to enroll several hundred healthy adults in the U.S. Subjects will be randomized to receive either two doses of COVAXIN™ or placebo, 28 days apart. The primary endpoint will compare blood-based samples taken from U.S. participants who received COVAXIN™ with samples of the participants in the Phase 3 efficacy trial conducted in India. The secondary endpoint involves testing the vaccine’s immunogenic profile. The study will also evaluate safety and tolerability in the U.S. population. Ocugen hopes to complete the study during H1 2022.

The Phase 3 study conducted in India by Ocugen’s business partner, Bharat Biotech, involved 25,798 participants receiving two doses of COVAXIN™ or placebo, 28 days apart. The primary endpoint was preventing symptomatic COVID-19 occurring at least 14 days after the second dose. Results of the trial found 93.4% efficacy against severe COVID-19 disease, 77.8% efficacy against symptomatic COVID-19 and 63.6% efficacy against asymptomatic disease. A sub-analysis of the Phase 3 study examined the presence of infections by variants of the original coronavirus strain. Overall, 90% of infections showed the presence of a variant, with 59% of those being the Delta variant. The sub-analysis revealed COVAXIN™-treated patients experienced 65.2% efficacy against the Delta variant. Adverse events reported in the trial included pain, erythema, induration, swelling, headache, pyrexia, fatigue, chills, myalgia, arthralgia, nausea and vomiting. 12.4% of subjects experienced an adverse event in both the COVAXIN™ and placebo arm. Additionally, 0.3% of subjects in the COVAXIN™ arm experienced a serious adverse event compared to 0.47% of patients in the placebo arm.

About COVAXIN™ (BBV152)
COVAXIN™ (BBV152) is an investigational vaccine candidate product in the U.S. It was developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR) – National Institute of Virology (NIV). COVAXIN™ is a highly purified and inactivated vaccine that is manufactured using a vero cell manufacturing platform.

With more than 100 million doses having been manufactured, COVAXIN™ is currently being administered under emergency use authorizations in 17 countries, and applications for emergency use authorization are pending in more than 60 other countries. The trade name COVAXIN™ has not been evaluated by the FDA.   

About Ocugen, Inc. 
Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug – “one to many” and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. We are co-developing Bharat Biotech’s COVAXIN™ vaccine candidate for COVID-19 in the U.S. and Canadian markets. For more information, please visit www.ocugen.com.

About Bharat Biotech 
Bharat Biotech has established an excellent track record of innovation with more than 145 global patents, a wide product portfolio of more than 16 vaccines, 4 bio-therapeutics, registrations in more than 123 countries, and the World Health Organization (WHO) Pre-qualifications. Located in Genome Valley in Hyderabad, India, a hub for the global biotech industry, Bharat Biotech has built a world-class vaccine & bio-therapeutics, research & product development, Bio-Safety Level 3 manufacturing, and vaccine supply and distribution. 

Having delivered more than 4 billion doses of vaccines worldwide, Bharat Biotech continues to lead innovation and has developed vaccines for influenza H1N1, Rotavirus, Japanese Encephalitis, Rabies, Chikungunya, Zika, and the world’s first tetanus-toxoid conjugated vaccine for Typhoid. Bharat’s commitment to global social innovation programs and public-private partnerships resulted in introducing path-breaking WHO pre-qualified vaccines BIOPOLIO®, ROTAVAC®, and Typbar TCV® combatting polio, rotavirus, typhoid infections, respectively. The acquisition of the rabies vaccine facility, Chiron Behring, from GlaxoSmithKline (GSK) has positioned Bharat Biotech as the world’s largest rabies vaccine manufacturer. To learn more about Bharat Biotech, visit www.bharatbiotech.com. 

Cautionary Note on Forward-Looking Statements  
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such forward-looking statements include information about qualitative assessments of available data, potential benefits, expectations for clinical trials, and anticipated timing of clinical trial readouts and regulatory submissions, including with respect to our hope that the Phase 3 trial included in our Investigational New Drug application (IND) to the U.S. Food and Drug Administration (FDA) for COVAXIN™, if allowed to proceed, will be completed during the first half of 2022, or that the results of any such trial may demonstrate that existing data from Bharat Biotech’s clinical trials in India for COVAXIN™ will be applicable to the U.S. population. This information involves risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as risks associated with preliminary and interim data, including the possibility of unfavorable new clinical trial data and further analyses of existing clinical trial data; the risk that the results of in-vitro studies will not be duplicated in human clinical trials; the risk that clinical trial data are subject to differing interpretations and assessments, including during the peer review/publication process, in the scientific community generally, and by regulatory authorities; whether and when data from Bharat Biotech’s clinical trials will be published in scientific journal publications and, if so, when and with what modifications; whether the FDA will accept our IND submission without any changes, or if we are required to submit additional information to the FDA in support of our IND submission, the extent and significance of any such changes; whether we will be able to provide the FDA with sufficient additional information regarding the design of and results from preclinical and clinical studies of COVAXIN™, which have been conducted by Bharat Biotech in India in order for those trials to support a biologics license application (BLA); the size, scope, timing and outcome of any additional trials or studies that we may be required to conduct to support a BLA, including our planned Phase 3 clinical trial for which we have submitted an IND to the FDA; any additional chemistry, manufacturing and controls information that we may be required to submit at the time of our BLA filing; whether developments with respect to the COVID-19 pandemic will affect the regulatory pathway available for vaccines in the United States, Canada or other jurisdictions; market demand for COVAXIN™ in the United States or Canada; decisions by the FDA or Health Canada impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of COVAXIN™ in the United States or Canada, including development of products or therapies by other companies. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events or otherwise, after the date of this press release. 

Ocugen Contact: 
Ken Inchausti
Head, Investor Relations & Communications
ken.inchausti@ocugen.com

Please submit investor-related inquiries to: IR@ocugen.com

Release – Digerati Technologies Reports 142 Revenue Growth to $3.787 Million for Fourth Quarter FY2021

Posted on by Admin


Digerati Technologies Reports 142% Revenue Growth to $3.787 Million for Fourth Quarter FY2021

 

– Non-GAAP Operating EBITDA of $0.910 Million –
– Gross Profit of $2.360 Million –
– Strong Gross Margin Improvement to 62.3% –

SAN ANTONIO, Texas, Oct. 27, 2021 (GLOBE NEWSWIRE) — Digerati Technologies, Inc. (OTCQB: DTGI) (“Digerati” or the “Company”), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, announced today financial results for the three and twelve months ended July 31, 2021, the Company’s fourth quarter and annual year end for its Fiscal Year 2021.

Key Financial Highlights for the Fourth Quarter Fiscal Year 2021 (Ended July 31, 2021)

  • Revenue increased by 142% to $3.787 million compared to $1.567 million for Q4 FY2020.
  • Gross profit increased 170% to $2.360 million compared to $0.875 million for Q4 FY2020.
  • Gross margin increased to 62.3% compared to 55.8% for Q4 FY2020.
  • Non-GAAP Adjusted EBITDA income improved to $0.525 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $0.062 million for Q4 FY2020.
  • Non-GAAP operating EBITDA (OPCO EBITDA) improved to income of $0.910 million, excluding corporate expenses, compared to a non-GAAP operating EBITDA of $0.342 million for Q4 FY2020.

Arthur L. Smith, CEO of Digerati, commented, “We enjoyed a very productive and successful fiscal year 2021, highlighted by the closing of our acquisitions of Nexogy and ActivePBX. We accomplished key objectives related to these acquisitions during FY2021 and now have a strong and significant platform in Florida and Texas that serves as a foundation for continued growth. We will remain focused on targeting annual organic growth of 10% that is complemented by accretive acquisitions as we seek to increase our profitability and enhance shareholder value. With an acquisition financing partner, Post Road Group, that shares our vision for strategic acquisitive growth, we will seek to capitalize on the opportunities in a very fragmented market that has created a healthy pipeline of prospective acquisitions.”

Antonio Estrada, CFO of Digerati, stated, “We exited our fiscal year end July 31, 2021 in a much-improved financial position with annual run-rates of $15.148 million in revenue, $2.100 million in Non-GAAP Adjusted EBITDA and $3.640 million in Non-GAAP operating EBITDA. Our team has successfully integrated the acquisitions of Nexogy and ActivePBX and we are now seeing the financial reward. We proved that our operating and financial teams could execute on our acquisition strategy and look forward to replicating this success with additional targeted accretive acquisitions in the future.”

Fiscal Year Ended July 31, 2021 Accomplishments:

  • Closed acquisition of Nexogy. Over the years, the Nexogy team has developed a channel sales program that has proven to be effective and resulted in Nexogy’s recognition as one of the fastest growing technology companies in South Florida and nomination by the Miami Minority Chamber of Commerce as “High Tech Company of the Year 2016”.

  • Closed acquisition of ActivePBX. Over the years, ActivePBX has placed a strong emphasis on integrating its cloud communication platform with Customer Relationship Management (“CRM”) systems and most recently achieved the ‘Built for NetSuite’ status with its proven ActiveCRM CTI (Computer Telephony Integration) solution. This integration, built for Oracle NetSuite’s SuiteCloud Platform, allows organizations to pass CRM data seamlessly, easily, and conveniently between ActivePBX’s cloud system and Oracle NetSuite.

  • As a combined business, Nexogy, ActivePBX, and Digerati’s operating subsidiary, T3 Communications, Inc., serves over 2,600 business customers and approximately 28,000 users. The business model of the combined entities is supported by strong and predictable recurring revenue with high gross margins under contracts with business customers in various industries including banking, healthcare, financial services, legal, insurance, hotels, real estate, staffing, municipalities, food services, and education.

  • Closed a $20 million senior secured credit facility with Post Road Group. The Facility enables continued expansion of Digerati’s U.S. operations through organic growth efforts and targeted acquisitions. Post Road Group shares in Digerati’s strategic vision of combining organic growth with accretive acquisitions in building a formidable UCaaS provider for the small and medium-sized business market. With investing expertise in the Technology, Media, and Telecommunications (“TMT”) industries and a culture that aligns with that of the Company, Post Road Group is an ideal financial partner for Digerati during this key phase of its evolution. The initial funding of $14 million from the $20 million multi-draw facility was used to close the Company’s acquisitions of Nexogy, Inc. (Nexogy.com) and ActivePBX (ActivePBX.com), and refinance existing debt. Future draws may be used to fund additional acquisitions within the Company’s robust M&A pipeline of UCaaS providers that meet key financial, technical, and operational criteria, and have excelled at customer service and satisfaction when serving regional businesses. The Facility will support a more streamlined approach to the Company’s acquisition process, accelerating its consolidation strategy in the highly-fragmented UCaaS marketplace.

  • Entered a strategic partnership with Sandler Partners to expand access to America’s fastest-growing master agent and distributor of connectivity and cloud services. Nexogy’s UCaaS and CCaaS (Unified Communications as a Service and Contact Center as a Service) platform will allow Sandler to provide its partners with additional fully integrated solutions. Sandler’s more than 8,000 partners, 200 telecom, cloud, and data providers, and extensive network of expert agents will now be able to distribute Nexogy’s fully integrated suite of cloud communication services.

  • As a result of its acquisition of ActivePBX, the Company achieved the “Built for NetSuite” status for its operating subsidiary, T3 Communications, Inc. The SuiteApp, built for Oracle NetSuite’s SuiteCloud Platform, allows organizations to seamlessly, easily, and conveniently pass CRM data between the company’s cloud PBX and Oracle NetSuite, thus increasing productivity, reducing data entry time, and improving information accuracy across multiple agent touchpoints.

  • Improved balance sheet.

  • Reduced potential equity dilution.

Three Months ended July 31, 2021 Compared to Three Months ended July 31, 2020

Revenue for the three months ended July 31, 2021 was $3.787 million, an increase of $2.220 million or 142% compared to $1.567 million for the three months ended July 31, 2020. The increase in revenue between periods is primarily attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX during the period.

The total number of customers increased from 731 for the three months ended July 31, 2020 to 2,655 customers for the three months ended July 31, 2021.

Gross profit for the three months ended July 31, 2021 was $2.360 million, resulting in a gross margin of 62.3%, compared to $0.875 million and 55.8% for the three months ended July 31, 2020. The increase in gross margin is primarily due to the addition of high-margin revenue associated with Nexogy’s and ActivePBX’s UCaaS product line.  

Selling, General and Administrative expenses (excluding legal and professional fees) for the three months ended July 31, 2021 increased by $1.301 million, or 174%, to $2.050 million compared to $0.749 million for the three months ended July 31, 2020. The increase in SG&A is attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX.

Operating loss for the three months ended July 31, 2021, was $0.420 million, an increase of $0.150 million or 56%, compared to $0.270 million for the three months ended July 31, 2020.

Adjusted EBITDA income for the three months ended July 31, 2021, was $0.525 million, an improvement of $0.463 million, compared to an adjusted EBITDA income of $0.062 million for the three months ended July 31, 2020. In accordance with SEC Regulation G, the non-GAAP measurement of Adjusted EBITDA has been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Loss to Adjusted EBITDA” in the financial table included in this press release.

Of note were the following non-cash expenses associated with the three months ended July 31, 2021: Company recognition of stock-based compensation and warrant expense of $0.066 million and depreciation and amortization expense of $0.545 million. Gain on derivative instruments was $0.925 million for the three months ended July 31, 2021.

Non-GAAP operating EBITDA (OPCO EBITDA) for the three months ended July 31, 2021 improved to income of $0.910 million, excluding corporate expenses, compared to a non-GAAP operating income of $0.342 million for the three months ended July 31, 2020.

Net loss for the three months ended July 31, 2021, was $1.219 million, an increase of $0.895 million, as compared to a net loss of $0.324 million, for the three months ended July 31, 2020. The resulting EPS for the three months ended July 31, 2021 was a loss of ($0.01), as compared to a loss of ($0.00) for the three months ended July 31, 2020.

At July 31, 2021, Digerati had $1.489 million of cash.

Twelve Months ended July 31, 2021 Compared to Twelve Months ended July 31, 2020

Revenue for the twelve months ended July 31, 2021 was $12.416 million, an increase of $6.137 million or 98% compared to $6.279 million for the twelve months ended July 31, 2020. The increase in revenue between periods is primarily attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX during the period.

The total number of customers increased from 731 for the three months ended July 31, 2020 to 2,655 customers for the twelve months ended July 31, 2021.

Gross profit for the twelve months ended July 31, 2021 was $7.281 million, resulting in a gross margin of 58.6%, compared to $3.244 million and 51.7% for the twelve months ended July 31, 2020. The increase in gross margin is primarily due to the addition of high-margin revenue associated with Nexogy’s and ActivePBX’s UCaaS product line.  

Selling, General and Administrative expenses (excluding legal and professional fees) for the twelve months ended July 31, 2021 increased by $2.913 million, or 71%, to $7.019 million compared to $4.106 million for the twelve months ended July 31, 2020. The increase in SG&A is attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX.

Operating loss for the twelve months ended July 31, 2021, was $2.398 million, an increase of $0.286 million or 14%, compared to $2.112 million for the twelve months ended July 31, 2020.

Adjusted EBITDA income for the twelve months ended July 31, 2021, was $1.155 million, an improvement of $1.162 million, compared to an adjusted EBITDA loss of $0.007 million for the twelve months ended July 31, 2020. In accordance with SEC Regulation G, the non-GAAP measurement of Adjusted EBITDA has been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Loss to Adjusted EBITDA” in the financial table included in this press release.

Of note were the following non-cash expenses associated with the twelve months ended July 31, 2021: Company recognition of stock-based compensation and warrant expense of $0.972 million and depreciation and amortization expense of $1.749 million. Loss on derivative instruments was $9.935 million for the twelve months ended July 31, 2021.

Non-GAAP operating EBITDA (OPCO EBITDA) for the twelve months ended July 31, 2021 improved to income of $2.221 million, excluding corporate expenses, compared to a non-GAAP operating income of $0.883 million for the twelve months ended July 31, 2020.

Net loss for the twelve months ended July 31, 2021, was $16.703 million, an increase of $13.307 million, as compared to a net loss of $3.396 million, for the twelve months ended July 31, 2020. The increase in net loss is due primarily to the additional loss on derivative instruments of $10.198 million, a non-cash expense. The resulting EPS for the twelve months ended July 31, 2021 was a loss of ($0.13), as compared to a loss of ($0.06) for the twelve months ended July 31, 2020.

Use of Non-GAAP Financial Measurements

The Company believes that EBITDA (earnings before interest, taxes, depreciation and amortization) is useful to investors because it is commonly used in the cloud communications industry to evaluate companies on the basis of operating performance and leverage. Adjusted EBITDA provides an adjusted view of EBITDA that takes into account certain significant non-recurring transactions, if any, such as impairment losses and expenses associated with pending acquisitions, which vary significantly between periods and are not recurring in nature, as well as certain recurring non-cash charges such as changes in fair value of the Company’s derivative liabilities and stock-based compensation. The Company also believes that Adjusted EBITDA provides investors with a measure of the Company’s operational and financial progress that corresponds with the measurements used by management as a basis for allocating resources and making other operating decisions. Although the Company uses Adjusted EBITDA as one of several financial measures to assess its operating performance, its use is limited as it excludes certain significant operating expenses. Non-GAAP operating EBITDA (OPCO EBITDA) is useful to investors because it reflects EBITDA for the core operation of the business excluding corporate expenses, non-cash expenses and transactional expenses. EBITDA, Adjusted EBITDA, and Non-GAAP operating EBITDA are not intended to represent cash flows for the periods presented, nor have they been presented as an alternative to operating income or as an indicator of operating performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In accordance with SEC Regulation G, the non-GAAP measurements in this press release have been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Loss to Adjusted EBITDA” in the financial table included in this press release.

About Digerati Technologies, Inc.

Digerati Technologies, Inc. (OTCQB: DTGI) is a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the business market. Through its operating subsidiaries T3 Communications (T3com.com) and Nexogy (Nexogy.com), the Company is meeting the global needs of businesses seeking simple, flexible, reliable, and cost-effective communication and network solutions including cloud PBX, cloud telephony, cloud WAN, cloud call center, cloud mobile, and the delivery of digital oxygen on its broadband network. The Company has developed a robust integration platform to fuel mergers and acquisitions in a highly fragmented market as it delivers business solutions on its carrier-grade network and Only in the Cloud™.  For more information, please visit www.digerati-inc.com or follow DTGI on LinkedIn, Twitter and Facebook.

Forward-Looking Statements

The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements such as annual run-rates of $15.148 million in revenue, $2.100 million in Non-GAAP Adjusted EBITDA and $3.640 million in Non-GAAP operating EBITDA and our ability to secure synergistic, strategic, and accretive acquisitions, are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, our inability to source suitable acquisition targets, failure to execute growth strategies, lack of product development and related market acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission.

Facebook: Digerati Technologies, Inc.
Twitter: @DIGERATI_IR
LinkedIn: Digerati Technologies, Inc.

Investors

The Eversull Group
Jack Eversull
jack@theeversullgroup.com
(972) 571-1624

ClearThink
Brian Loper
bloper@clearthink.capital
(347) 413-4234


DIGERATI TECHNOLOGIES, INC. AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF OPERATIONS  
(In thousands, except per share amounts, unaudited)  
           
    Three months ended July 31,   For the Years ended July 31,  
    2021   2020   2021   2020  
OPERATING REVENUES:                  
Cloud software and service revenue   $ 3,787     $ 1,567     $ 12,416     $ 6,279    
                   
Total operating revenues     3,787       1,567       12,416       6,279    
                   
OPERATING EXPENSES:                  
Cost of services (exclusive of depreciation and amortization)     1,427       692       5,135       3,035    
Selling, general and administrative expense     2,050       749       7,019       4,106    
Legal and professional fees     177       234       894       642    
Bad debt     8       14       17       (5 )  
Depreciation and amortization expense     545       148       1,749       613    
Total operating expenses     4,207       1,837       14,814       8,391    
                   
OPERATING LOSS     (420 )     (270 )     (2,398 )     (2,112 )  
                   
OTHER INCOME (EXPENSE):                  
Gain (loss) on derivative instruments     925       194       (9,935 )     263    
Gain (loss) on settlement of debt     213       (5 )     560       129    
Income tax benefit (expense)     (61 )     11       (183 )     33    
Other income (expense)     (294 )     116       (294 )     116    
Interest expense     (1,686 )     (340 )     (4,765 )     (1,853 )  
Total other income (expense)     (903 )     (24 )     (14,617 )     (1,312 )  
                   
NET LOSS INCLUDING NONCONTROLLING INTEREST     (1,323 )     (294 )     (17,015 )     (3,424 )  
                   
Less: Net loss attributable to the noncontrolling interests     109       (11 )     332       47    
                   
NET LOSS ATTRIBUTABLE TO DIGERATI’S SHAREHOLDERS     (1,214 )     (305 )     (16,683 )     (3,377 )  
                   
Deemed dividend on Series A Convertible preferred stock     (5 )     (19 )     (20 )     (19 )  
                   
NET LOSS ATTRIBUTABLE TO DIGERATI’S COMMON SHAREHOLDERS   $ (1,219 )   $ (324 )   $ (16,703 )   $ (3,396 )  
                   
LOSS PER COMMON SHARE – BASIC   $ (0.01 )   $ (0.00 )   $ (0.13 )   $ (0.06 )  
                   
LOSS PER COMMON SHARE – DILUTED   $ (0.01 )   $ (0.00 )   $ (0.13 )   $ (0.06 )  
                   
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – BASIC     137,950,308       90,792,574       129,411,947       53,883,966    
                   
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – DILUTED     137,950,308       90,792,574       129,411,947       53,883,966    
                   
See notes to consolidated unaudited financial statements  
                   
                   
Reconciliation of Net Income (Loss) to Adjusted EBITDA – OPCO, Net of Non-cash expenses & Transactional Costs  
                   
NET LOSS ATTRIBUTABLE TO DIGERATI’S SHAREHOLDERS, as reported   $ (1,214 )   $ (305 )   $ (16,683 )   $ (3,377 )  
                   
EXCLUDING NON-CASH ITEMS TRANSACTIONAL COSTS & CORP EXP              
ADJUSTMENTS:                  
Stock compensation & warrant expense     66       (5 )     972       1,127    
Corp Expenses net of stock compensation & Transactional cost     384       280       1,066       890    
Legal and professional fees – transactional costs     326       175       815       370    
Depreciation and amortization expense     545       148       1,749       613    
Loss on derivative instruments     (925 )     (194 )     9,935       (263 )  
Bad Debt     8       14       17       (5 )  
OTHER ADJUSTMENTS                  
Other income (expense)     294       (116 )     294       (116 )  
Interest expense     1,686       340       4,765       1,853    
Income tax     61       (11 )     183       (33 )  
Less: Net loss attributable to the noncontrolling interest     (109 )     11       (332 )     (47 )  
Gain (loss) on settlement of debt     (213 )     5       (560 )     (129 )  
                   
ADJUSTED EBITDA – OPCO   $ 910     $ 342     $ 2,221     $ 883    
ADD-BACKS Expenses                  
Corp Expenses net of stock compensation & Transactional cost     384       280       1,066       890    
                   
ADJUSTED EBITDA – Income (Loss)   $ 525     $ 62     $ 1,155     $ (7 )  
                   

 

Release – Voyager Digital Becomes the Official Cryptocurrency Brokerage Partner of the Dallas Mavericks

Posted on by Admin

 


Voyager Digital Becomes the Official Cryptocurrency Brokerage Partner of the Dallas Mavericks

 

 

Voyager is the first international partner of the Dallas Mavericks, joining forces to make crypto more accessible for all

NEW YORK, Oct. 27, 2021 /PRNewswire/ – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, has entered into a five-year exclusive, integrated partnership with the Dallas Mavericks, becoming the team’s first cryptocurrency brokerage and international partner. A press conference will be hosted in Dallas today at 4:00 p.m. Central Time to discuss the partnership. To watch, please visit: https://www.mavs.com/voyager/.

Voyager and the Dallas Mavericks will work to make cryptocurrency more accessible through educational and community programs, global activations, and fan engagement promotions. The partnership also includes naming rights to the Mavs Gaming Hub, the official gaming and event venue for the Mavs NBA 2K League team, and will be announced at a later date.

This partnership makes Voyager the first international partner of the Dallas Mavericks, enabling both parties to reach a wider, global audience to raise brand awareness and drive cryptocurrency adoption around the world. In 2019, the NBA granted teams the ability to provide international sponsorship rights, outside the United States and Canada.

“The Mavs are proud to welcome Voyager to the Dallas Mavericks family,” said Mavs governor Mark Cuban. “Crypto assets and applications are changing how business and personal finance are done. We believe our partnership with Voyager will allow Mavs and NBA fans to learn more about Voyager and how they can earn more from Voyagers’ platform than from traditional financial applications.”

“We could not be more excited to partner with the Dallas Mavericks to make crypto more accessible for all,” said Steve Ehrlich, CEO and Co-founder of Voyager. “This partnership gives us the opportunity to educate people all over the world on ways to use crypto in their everyday lives. We want to help people learn alternate ways to grow their wealth to achieve true financial freedom and build intergenerational wealth through crypto. We found a great partner to do this with in the Mavs and their owner, Mark Cuban, who is already deeply involved in the space.”

About Voyager Digital Ltd.
Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) is a fast-growing, publicly traded cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost efficiency to the marketplace. Voyager offers a secure way to trade over 60 different crypto assets using its easy-to-use mobile application, and earn rewards up to 12 percent annually on more than 30 cryptocurrencies. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

About The Dallas Mavericks
The Dallas Mavericks are a first-class global sports and entertainment organization providing memorable experiences for fans worldwide. The Mavs compete in the National Basketball Association as a member of the Western Conference and play at American Airlines Center under the direction of Coach Jason Kidd, General Manager Nico Harrison, CEO Cynt Marshall and Governor Mark Cuban. Since the inaugural season in 1980- 81, the Mavs have won four division titles, two conference championships and one NBA championship in 2011. In addition to on-court success, the Mavs are committed to making a difference in North Texas through community programs and the Mavs Foundation. For more information on Dallas Mavericks players, staff, stats and tickets, visit mavs.com.

The TSX has not approved or disapproved of the information contained herein.

Press Contacts

Voyager Digital Ltd.
Michael Legg
Chief Communications Officer
(212) 547-8807
mlegg@investvoyager.com

Voyager Public Relations Team
pr@investvoyager.com

Dallas Mavericks
Erin Finegold White
SVP, Corporate Communications
(214) 415-9183
Erin.Finegold@dallasmavs.com

SOURCE Voyager Digital (Canada) Ltd.

Voyager Digital Becomes the Official Cryptocurrency Brokerage Partner of the Dallas Mavericks

Posted on by Admin

 


Voyager Digital Becomes the Official Cryptocurrency Brokerage Partner of the Dallas Mavericks

 

 

Voyager is the first international partner of the Dallas Mavericks, joining forces to make crypto more accessible for all

NEW YORK, Oct. 27, 2021 /PRNewswire/ – Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, has entered into a five-year exclusive, integrated partnership with the Dallas Mavericks, becoming the team’s first cryptocurrency brokerage and international partner. A press conference will be hosted in Dallas today at 4:00 p.m. Central Time to discuss the partnership. To watch, please visit: https://www.mavs.com/voyager/.

Voyager and the Dallas Mavericks will work to make cryptocurrency more accessible through educational and community programs, global activations, and fan engagement promotions. The partnership also includes naming rights to the Mavs Gaming Hub, the official gaming and event venue for the Mavs NBA 2K League team, and will be announced at a later date.

This partnership makes Voyager the first international partner of the Dallas Mavericks, enabling both parties to reach a wider, global audience to raise brand awareness and drive cryptocurrency adoption around the world. In 2019, the NBA granted teams the ability to provide international sponsorship rights, outside the United States and Canada.

“The Mavs are proud to welcome Voyager to the Dallas Mavericks family,” said Mavs governor Mark Cuban. “Crypto assets and applications are changing how business and personal finance are done. We believe our partnership with Voyager will allow Mavs and NBA fans to learn more about Voyager and how they can earn more from Voyagers’ platform than from traditional financial applications.”

“We could not be more excited to partner with the Dallas Mavericks to make crypto more accessible for all,” said Steve Ehrlich, CEO and Co-founder of Voyager. “This partnership gives us the opportunity to educate people all over the world on ways to use crypto in their everyday lives. We want to help people learn alternate ways to grow their wealth to achieve true financial freedom and build intergenerational wealth through crypto. We found a great partner to do this with in the Mavs and their owner, Mark Cuban, who is already deeply involved in the space.”

About Voyager Digital Ltd.
Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) is a fast-growing, publicly traded cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost efficiency to the marketplace. Voyager offers a secure way to trade over 60 different crypto assets using its easy-to-use mobile application, and earn rewards up to 12 percent annually on more than 30 cryptocurrencies. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

About The Dallas Mavericks
The Dallas Mavericks are a first-class global sports and entertainment organization providing memorable experiences for fans worldwide. The Mavs compete in the National Basketball Association as a member of the Western Conference and play at American Airlines Center under the direction of Coach Jason Kidd, General Manager Nico Harrison, CEO Cynt Marshall and Governor Mark Cuban. Since the inaugural season in 1980- 81, the Mavs have won four division titles, two conference championships and one NBA championship in 2011. In addition to on-court success, the Mavs are committed to making a difference in North Texas through community programs and the Mavs Foundation. For more information on Dallas Mavericks players, staff, stats and tickets, visit mavs.com.

The TSX has not approved or disapproved of the information contained herein.

Press Contacts

Voyager Digital Ltd.
Michael Legg
Chief Communications Officer
(212) 547-8807
mlegg@investvoyager.com

Voyager Public Relations Team
pr@investvoyager.com

Dallas Mavericks
Erin Finegold White
SVP, Corporate Communications
(214) 415-9183
Erin.Finegold@dallasmavs.com

SOURCE Voyager Digital (Canada) Ltd.

QuickChek – October 27, 2021

Posted on by Admin



Voyager Digital Becomes the Official Cryptocurrency Brokerage Partner of the Dallas Mavericks

Voyager Digital announced it has entered into a five-year exclusive, integrated partnership with the Dallas Mavericks

Research, News & Market Data on Voyager Digital

Watch recent presentation from Voyager Digital



Digerati Technologies Reports 142% Revenue Growth to $3.787 Million for Fourth Quarter FY2021

Digerati Technologies announced financial results for the three and twelve months ended July 31, 2021, the Company’s fourth quarter and annual year end for its Fiscal Year 2021

See today’s Digerati research report from Michael Kupinski, Director of Research at Noble Capital Markets

Research, News & Market Data on Digerati

Watch recent presentation from Digerati



Harte Hanks Hires Elliott Peterson As Chief Technology Officer

Harte Hanks announced that it has named well-respected technology executive Elliott Peterson as the company’s new Chief Technology Officer

Research, News & Market Data on Harte Hanks



Capstone Green Energy (NASDAQ:CGRN) Extends Channel Partnership With Baker Hughes (BKR) Expanding Territories

Capstone Green Energy and Baker Hughes announced a common goal of producing commercially viable turbine systems capable of up to 100% hydrogen operation

Research, News & Market Data on Capstone Green Energy

Watch recent presentation from Capstone Green Energy



Ocugen, Inc. Announces Submission of Investigational New Drug Application with U.S. FDA to Initiate a Phase 3 Clinical Trial Evaluating COVID-19 Vaccine Candidate COVAXIN™ (BBV152)

Ocugen announced that it has submitted an Investigational New Drug application with the US FDA to evaluate the COVID-19 vaccine candidate, BBV152, known as COVAXIN™ outside the United States

Research, News & Market Data on Ocugen

Watch recent presentation from Ocugen

 

Stay up to date. Follow us:

 

Digerati Technologies Reports 142% Revenue Growth to $3.787 Million for Fourth Quarter FY2021

Posted on by Admin


Digerati Technologies Reports 142% Revenue Growth to $3.787 Million for Fourth Quarter FY2021

 

– Non-GAAP Operating EBITDA of $0.910 Million –
– Gross Profit of $2.360 Million –
– Strong Gross Margin Improvement to 62.3% –

SAN ANTONIO, Texas, Oct. 27, 2021 (GLOBE NEWSWIRE) — Digerati Technologies, Inc. (OTCQB: DTGI) (“Digerati” or the “Company”), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, announced today financial results for the three and twelve months ended July 31, 2021, the Company’s fourth quarter and annual year end for its Fiscal Year 2021.

Key Financial Highlights for the Fourth Quarter Fiscal Year 2021 (Ended July 31, 2021)

  • Revenue increased by 142% to $3.787 million compared to $1.567 million for Q4 FY2020.
  • Gross profit increased 170% to $2.360 million compared to $0.875 million for Q4 FY2020.
  • Gross margin increased to 62.3% compared to 55.8% for Q4 FY2020.
  • Non-GAAP Adjusted EBITDA income improved to $0.525 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $0.062 million for Q4 FY2020.
  • Non-GAAP operating EBITDA (OPCO EBITDA) improved to income of $0.910 million, excluding corporate expenses, compared to a non-GAAP operating EBITDA of $0.342 million for Q4 FY2020.

Arthur L. Smith, CEO of Digerati, commented, “We enjoyed a very productive and successful fiscal year 2021, highlighted by the closing of our acquisitions of Nexogy and ActivePBX. We accomplished key objectives related to these acquisitions during FY2021 and now have a strong and significant platform in Florida and Texas that serves as a foundation for continued growth. We will remain focused on targeting annual organic growth of 10% that is complemented by accretive acquisitions as we seek to increase our profitability and enhance shareholder value. With an acquisition financing partner, Post Road Group, that shares our vision for strategic acquisitive growth, we will seek to capitalize on the opportunities in a very fragmented market that has created a healthy pipeline of prospective acquisitions.”

Antonio Estrada, CFO of Digerati, stated, “We exited our fiscal year end July 31, 2021 in a much-improved financial position with annual run-rates of $15.148 million in revenue, $2.100 million in Non-GAAP Adjusted EBITDA and $3.640 million in Non-GAAP operating EBITDA. Our team has successfully integrated the acquisitions of Nexogy and ActivePBX and we are now seeing the financial reward. We proved that our operating and financial teams could execute on our acquisition strategy and look forward to replicating this success with additional targeted accretive acquisitions in the future.”

Fiscal Year Ended July 31, 2021 Accomplishments:

  • Closed acquisition of Nexogy. Over the years, the Nexogy team has developed a channel sales program that has proven to be effective and resulted in Nexogy’s recognition as one of the fastest growing technology companies in South Florida and nomination by the Miami Minority Chamber of Commerce as “High Tech Company of the Year 2016”.

  • Closed acquisition of ActivePBX. Over the years, ActivePBX has placed a strong emphasis on integrating its cloud communication platform with Customer Relationship Management (“CRM”) systems and most recently achieved the ‘Built for NetSuite’ status with its proven ActiveCRM CTI (Computer Telephony Integration) solution. This integration, built for Oracle NetSuite’s SuiteCloud Platform, allows organizations to pass CRM data seamlessly, easily, and conveniently between ActivePBX’s cloud system and Oracle NetSuite.

  • As a combined business, Nexogy, ActivePBX, and Digerati’s operating subsidiary, T3 Communications, Inc., serves over 2,600 business customers and approximately 28,000 users. The business model of the combined entities is supported by strong and predictable recurring revenue with high gross margins under contracts with business customers in various industries including banking, healthcare, financial services, legal, insurance, hotels, real estate, staffing, municipalities, food services, and education.

  • Closed a $20 million senior secured credit facility with Post Road Group. The Facility enables continued expansion of Digerati’s U.S. operations through organic growth efforts and targeted acquisitions. Post Road Group shares in Digerati’s strategic vision of combining organic growth with accretive acquisitions in building a formidable UCaaS provider for the small and medium-sized business market. With investing expertise in the Technology, Media, and Telecommunications (“TMT”) industries and a culture that aligns with that of the Company, Post Road Group is an ideal financial partner for Digerati during this key phase of its evolution. The initial funding of $14 million from the $20 million multi-draw facility was used to close the Company’s acquisitions of Nexogy, Inc. (Nexogy.com) and ActivePBX (ActivePBX.com), and refinance existing debt. Future draws may be used to fund additional acquisitions within the Company’s robust M&A pipeline of UCaaS providers that meet key financial, technical, and operational criteria, and have excelled at customer service and satisfaction when serving regional businesses. The Facility will support a more streamlined approach to the Company’s acquisition process, accelerating its consolidation strategy in the highly-fragmented UCaaS marketplace.

  • Entered a strategic partnership with Sandler Partners to expand access to America’s fastest-growing master agent and distributor of connectivity and cloud services. Nexogy’s UCaaS and CCaaS (Unified Communications as a Service and Contact Center as a Service) platform will allow Sandler to provide its partners with additional fully integrated solutions. Sandler’s more than 8,000 partners, 200 telecom, cloud, and data providers, and extensive network of expert agents will now be able to distribute Nexogy’s fully integrated suite of cloud communication services.

  • As a result of its acquisition of ActivePBX, the Company achieved the “Built for NetSuite” status for its operating subsidiary, T3 Communications, Inc. The SuiteApp, built for Oracle NetSuite’s SuiteCloud Platform, allows organizations to seamlessly, easily, and conveniently pass CRM data between the company’s cloud PBX and Oracle NetSuite, thus increasing productivity, reducing data entry time, and improving information accuracy across multiple agent touchpoints.

  • Improved balance sheet.

  • Reduced potential equity dilution.

Three Months ended July 31, 2021 Compared to Three Months ended July 31, 2020

Revenue for the three months ended July 31, 2021 was $3.787 million, an increase of $2.220 million or 142% compared to $1.567 million for the three months ended July 31, 2020. The increase in revenue between periods is primarily attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX during the period.

The total number of customers increased from 731 for the three months ended July 31, 2020 to 2,655 customers for the three months ended July 31, 2021.

Gross profit for the three months ended July 31, 2021 was $2.360 million, resulting in a gross margin of 62.3%, compared to $0.875 million and 55.8% for the three months ended July 31, 2020. The increase in gross margin is primarily due to the addition of high-margin revenue associated with Nexogy’s and ActivePBX’s UCaaS product line.  

Selling, General and Administrative expenses (excluding legal and professional fees) for the three months ended July 31, 2021 increased by $1.301 million, or 174%, to $2.050 million compared to $0.749 million for the three months ended July 31, 2020. The increase in SG&A is attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX.

Operating loss for the three months ended July 31, 2021, was $0.420 million, an increase of $0.150 million or 56%, compared to $0.270 million for the three months ended July 31, 2020.

Adjusted EBITDA income for the three months ended July 31, 2021, was $0.525 million, an improvement of $0.463 million, compared to an adjusted EBITDA income of $0.062 million for the three months ended July 31, 2020. In accordance with SEC Regulation G, the non-GAAP measurement of Adjusted EBITDA has been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Loss to Adjusted EBITDA” in the financial table included in this press release.

Of note were the following non-cash expenses associated with the three months ended July 31, 2021: Company recognition of stock-based compensation and warrant expense of $0.066 million and depreciation and amortization expense of $0.545 million. Gain on derivative instruments was $0.925 million for the three months ended July 31, 2021.

Non-GAAP operating EBITDA (OPCO EBITDA) for the three months ended July 31, 2021 improved to income of $0.910 million, excluding corporate expenses, compared to a non-GAAP operating income of $0.342 million for the three months ended July 31, 2020.

Net loss for the three months ended July 31, 2021, was $1.219 million, an increase of $0.895 million, as compared to a net loss of $0.324 million, for the three months ended July 31, 2020. The resulting EPS for the three months ended July 31, 2021 was a loss of ($0.01), as compared to a loss of ($0.00) for the three months ended July 31, 2020.

At July 31, 2021, Digerati had $1.489 million of cash.

Twelve Months ended July 31, 2021 Compared to Twelve Months ended July 31, 2020

Revenue for the twelve months ended July 31, 2021 was $12.416 million, an increase of $6.137 million or 98% compared to $6.279 million for the twelve months ended July 31, 2020. The increase in revenue between periods is primarily attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX during the period.

The total number of customers increased from 731 for the three months ended July 31, 2020 to 2,655 customers for the twelve months ended July 31, 2021.

Gross profit for the twelve months ended July 31, 2021 was $7.281 million, resulting in a gross margin of 58.6%, compared to $3.244 million and 51.7% for the twelve months ended July 31, 2020. The increase in gross margin is primarily due to the addition of high-margin revenue associated with Nexogy’s and ActivePBX’s UCaaS product line.  

Selling, General and Administrative expenses (excluding legal and professional fees) for the twelve months ended July 31, 2021 increased by $2.913 million, or 71%, to $7.019 million compared to $4.106 million for the twelve months ended July 31, 2020. The increase in SG&A is attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX.

Operating loss for the twelve months ended July 31, 2021, was $2.398 million, an increase of $0.286 million or 14%, compared to $2.112 million for the twelve months ended July 31, 2020.

Adjusted EBITDA income for the twelve months ended July 31, 2021, was $1.155 million, an improvement of $1.162 million, compared to an adjusted EBITDA loss of $0.007 million for the twelve months ended July 31, 2020. In accordance with SEC Regulation G, the non-GAAP measurement of Adjusted EBITDA has been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Loss to Adjusted EBITDA” in the financial table included in this press release.

Of note were the following non-cash expenses associated with the twelve months ended July 31, 2021: Company recognition of stock-based compensation and warrant expense of $0.972 million and depreciation and amortization expense of $1.749 million. Loss on derivative instruments was $9.935 million for the twelve months ended July 31, 2021.

Non-GAAP operating EBITDA (OPCO EBITDA) for the twelve months ended July 31, 2021 improved to income of $2.221 million, excluding corporate expenses, compared to a non-GAAP operating income of $0.883 million for the twelve months ended July 31, 2020.

Net loss for the twelve months ended July 31, 2021, was $16.703 million, an increase of $13.307 million, as compared to a net loss of $3.396 million, for the twelve months ended July 31, 2020. The increase in net loss is due primarily to the additional loss on derivative instruments of $10.198 million, a non-cash expense. The resulting EPS for the twelve months ended July 31, 2021 was a loss of ($0.13), as compared to a loss of ($0.06) for the twelve months ended July 31, 2020.

Use of Non-GAAP Financial Measurements

The Company believes that EBITDA (earnings before interest, taxes, depreciation and amortization) is useful to investors because it is commonly used in the cloud communications industry to evaluate companies on the basis of operating performance and leverage. Adjusted EBITDA provides an adjusted view of EBITDA that takes into account certain significant non-recurring transactions, if any, such as impairment losses and expenses associated with pending acquisitions, which vary significantly between periods and are not recurring in nature, as well as certain recurring non-cash charges such as changes in fair value of the Company’s derivative liabilities and stock-based compensation. The Company also believes that Adjusted EBITDA provides investors with a measure of the Company’s operational and financial progress that corresponds with the measurements used by management as a basis for allocating resources and making other operating decisions. Although the Company uses Adjusted EBITDA as one of several financial measures to assess its operating performance, its use is limited as it excludes certain significant operating expenses. Non-GAAP operating EBITDA (OPCO EBITDA) is useful to investors because it reflects EBITDA for the core operation of the business excluding corporate expenses, non-cash expenses and transactional expenses. EBITDA, Adjusted EBITDA, and Non-GAAP operating EBITDA are not intended to represent cash flows for the periods presented, nor have they been presented as an alternative to operating income or as an indicator of operating performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In accordance with SEC Regulation G, the non-GAAP measurements in this press release have been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Loss to Adjusted EBITDA” in the financial table included in this press release.

About Digerati Technologies, Inc.

Digerati Technologies, Inc. (OTCQB: DTGI) is a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the business market. Through its operating subsidiaries T3 Communications (T3com.com) and Nexogy (Nexogy.com), the Company is meeting the global needs of businesses seeking simple, flexible, reliable, and cost-effective communication and network solutions including cloud PBX, cloud telephony, cloud WAN, cloud call center, cloud mobile, and the delivery of digital oxygen on its broadband network. The Company has developed a robust integration platform to fuel mergers and acquisitions in a highly fragmented market as it delivers business solutions on its carrier-grade network and Only in the Cloud™.  For more information, please visit www.digerati-inc.com or follow DTGI on LinkedIn, Twitter and Facebook.

Forward-Looking Statements

The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements such as annual run-rates of $15.148 million in revenue, $2.100 million in Non-GAAP Adjusted EBITDA and $3.640 million in Non-GAAP operating EBITDA and our ability to secure synergistic, strategic, and accretive acquisitions, are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, our inability to source suitable acquisition targets, failure to execute growth strategies, lack of product development and related market acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission.

Facebook: Digerati Technologies, Inc.
Twitter: @DIGERATI_IR
LinkedIn: Digerati Technologies, Inc.

Investors

The Eversull Group
Jack Eversull
jack@theeversullgroup.com
(972) 571-1624

ClearThink
Brian Loper
bloper@clearthink.capital
(347) 413-4234


DIGERATI TECHNOLOGIES, INC. AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF OPERATIONS  
(In thousands, except per share amounts, unaudited)  
           
    Three months ended July 31,   For the Years ended July 31,  
    2021   2020   2021   2020  
OPERATING REVENUES:                  
Cloud software and service revenue   $ 3,787     $ 1,567     $ 12,416     $ 6,279    
                   
Total operating revenues     3,787       1,567       12,416       6,279    
                   
OPERATING EXPENSES:                  
Cost of services (exclusive of depreciation and amortization)     1,427       692       5,135       3,035    
Selling, general and administrative expense     2,050       749       7,019       4,106    
Legal and professional fees     177       234       894       642    
Bad debt     8       14       17       (5 )  
Depreciation and amortization expense     545       148       1,749       613    
Total operating expenses     4,207       1,837       14,814       8,391    
                   
OPERATING LOSS     (420 )     (270 )     (2,398 )     (2,112 )  
                   
OTHER INCOME (EXPENSE):                  
Gain (loss) on derivative instruments     925       194       (9,935 )     263    
Gain (loss) on settlement of debt     213       (5 )     560       129    
Income tax benefit (expense)     (61 )     11       (183 )     33    
Other income (expense)     (294 )     116       (294 )     116    
Interest expense     (1,686 )     (340 )     (4,765 )     (1,853 )  
Total other income (expense)     (903 )     (24 )     (14,617 )     (1,312 )  
                   
NET LOSS INCLUDING NONCONTROLLING INTEREST     (1,323 )     (294 )     (17,015 )     (3,424 )  
                   
Less: Net loss attributable to the noncontrolling interests     109       (11 )     332       47    
                   
NET LOSS ATTRIBUTABLE TO DIGERATI’S SHAREHOLDERS     (1,214 )     (305 )     (16,683 )     (3,377 )  
                   
Deemed dividend on Series A Convertible preferred stock     (5 )     (19 )     (20 )     (19 )  
                   
NET LOSS ATTRIBUTABLE TO DIGERATI’S COMMON SHAREHOLDERS   $ (1,219 )   $ (324 )   $ (16,703 )   $ (3,396 )  
                   
LOSS PER COMMON SHARE – BASIC   $ (0.01 )   $ (0.00 )   $ (0.13 )   $ (0.06 )  
                   
LOSS PER COMMON SHARE – DILUTED   $ (0.01 )   $ (0.00 )   $ (0.13 )   $ (0.06 )  
                   
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – BASIC     137,950,308       90,792,574       129,411,947       53,883,966    
                   
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – DILUTED     137,950,308       90,792,574       129,411,947       53,883,966    
                   
See notes to consolidated unaudited financial statements  
                   
                   
Reconciliation of Net Income (Loss) to Adjusted EBITDA – OPCO, Net of Non-cash expenses & Transactional Costs  
                   
NET LOSS ATTRIBUTABLE TO DIGERATI’S SHAREHOLDERS, as reported   $ (1,214 )   $ (305 )   $ (16,683 )   $ (3,377 )  
                   
EXCLUDING NON-CASH ITEMS TRANSACTIONAL COSTS & CORP EXP              
ADJUSTMENTS:                  
Stock compensation & warrant expense     66       (5 )     972       1,127    
Corp Expenses net of stock compensation & Transactional cost     384       280       1,066       890    
Legal and professional fees – transactional costs     326       175       815       370    
Depreciation and amortization expense     545       148       1,749       613    
Loss on derivative instruments     (925 )     (194 )     9,935       (263 )  
Bad Debt     8       14       17       (5 )  
OTHER ADJUSTMENTS                  
Other income (expense)     294       (116 )     294       (116 )  
Interest expense     1,686       340       4,765       1,853    
Income tax     61       (11 )     183       (33 )  
Less: Net loss attributable to the noncontrolling interest     (109 )     11       (332 )     (47 )  
Gain (loss) on settlement of debt     (213 )     5       (560 )     (129 )  
                   
ADJUSTED EBITDA – OPCO   $ 910     $ 342     $ 2,221     $ 883    
ADD-BACKS Expenses                  
Corp Expenses net of stock compensation & Transactional cost     384       280       1,066       890    
                   
ADJUSTED EBITDA – Income (Loss)   $ 525     $ 62     $ 1,155     $ (7 )  
                   

 

Stem Holdings (STMH)(STEM:CA) – Entering Colorado Market

Posted on by Admin

Wednesday, October 27, 2021

Stem Holdings (STMH)(STEM:CA)
Entering Colorado Market

Stem Holdings Inc is engaged in the purchasing, improving, and leasing of properties and finance assets which are operated by third parties and are used for the cultivation and retail sale of marijuana. Its properties includes 42nd Street, and Mulino Farm which are used for agriculture. The company generates its revenue in the form of rental income from tenants.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Colorado Expansion. Driven by Stem (formerly Stem Holdings, Inc.) has entered into a letter of intent to acquire Colorado Harvest Company, (CHC) one of Denver’s oldest, vertically integrated operators. Price and terms of the deal are still in negotiation. In 2021, CHC is expected to generate revenue of $13 million and gross profit of $5.07 million.

    Colorado Harvest Company.  Founded in 2009, CHC serves customers an extensive selection of the finest quality edibles, concentrates, and naturally grown cannabis flower. CHC operates two dispensaries in Denver and one in Aurora. In addition, CHC has two delivery permits and operates two cultivation facilities which produce over 200 pounds of naturally grown cannabis per month …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Release – Harte Hanks Hires Elliott Peterson As Chief Technology Officer

Posted on by Admin


Harte Hanks Hires Elliott Peterson As Chief Technology Officer

 

Former Advantage Solutions Executive Joins Leadership Team

AUSTIN, Texas, 
Oct. 26, 2021 /PRNewswire/ — 

Harte Hanks
, a leading global customer experience company, announced today that it has named well-respected technology executive  Elliott Peterson as the company’s new Chief Technology Officer.

Peterson joins 
Harte Hanks from Advantage Solutions where he recently served as the interim CIO and Sr. VP of Global Information Technology. He will report directly to  Brian Linscott, CEO, 
Harte Hanks.  

In his new role, Peterson will be responsible for overseeing the company’s global technology operations which include eleven offices in five countries and over 2,000 employees. Peterson will work closely with the company’s leadership team to ensure its technology provides best-in-class solutions in the company’s core business areas of Marketing Services, Customer Care, and Fulfillment and Logistics for its broad portfolio of clients.

“Elliott is an incredibly accomplished technology and business leader who has worked with a wide variety of leading corporations and industries,” says  Brian Linscott, 
Harte Hanks. “He brings a wealth of experience and knowledge along with a proven track record as a highly innovative leader in digital transformation and business change. He will be a tremendous asset to our team as we continue to focus on profitable growth while expanding our client service capabilities.”

Peterson’s background also includes senior technology executive leadership roles with a diversity of companies in industries ranging from aerospace to retail, entertainment, and transportation including HireRight, 
Westfield LLC, Beats by Dre, PaperlinX, Transit Air Cargo, and NASA among others. 

”
Harte Hanks has an incredible track record of delivering the best in technology solutions and results for its clients,” says Peterson. “I am thrilled to be joining the organization during this exciting and rapidly accelerating time for the customer experience industry. I’m looking forward to working with them to ensure they have the most effective technology resources and systems in the marketplace.”

About Harte Hanks


Harte Hanks
 (OTCMKTS: HRTH) is a global customer experience company whose mission is to work with clients to provide them with strategy, analytics and insights combined with seamless program execution to better understand, attract, and engage their customers.

Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, 
Harte Hanks has a proven track record of driving results for some of the world’s premier brands including 
Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, 
Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in 
Austin, Texas, 
Harte Hanks has over 2,000 employees in offices across the 
Americas, 
Europe and 
Asia Pacific.

For more information visit hartehanks.com

For media inquiries contact:  Patrick Taylor, 59Media, patricktaylor0103@gmail.com

SOURCE 
Harte Hanks, Inc.

Harte Hanks Hires Elliott Peterson As Chief Technology Officer

Posted on by Admin


Harte Hanks Hires Elliott Peterson As Chief Technology Officer

 

Former Advantage Solutions Executive Joins Leadership Team

AUSTIN, Texas, 
Oct. 26, 2021 /PRNewswire/ — 

Harte Hanks
, a leading global customer experience company, announced today that it has named well-respected technology executive  Elliott Peterson as the company’s new Chief Technology Officer.

Peterson joins 
Harte Hanks from Advantage Solutions where he recently served as the interim CIO and Sr. VP of Global Information Technology. He will report directly to  Brian Linscott, CEO, 
Harte Hanks.  

In his new role, Peterson will be responsible for overseeing the company’s global technology operations which include eleven offices in five countries and over 2,000 employees. Peterson will work closely with the company’s leadership team to ensure its technology provides best-in-class solutions in the company’s core business areas of Marketing Services, Customer Care, and Fulfillment and Logistics for its broad portfolio of clients.

“Elliott is an incredibly accomplished technology and business leader who has worked with a wide variety of leading corporations and industries,” says  Brian Linscott, 
Harte Hanks. “He brings a wealth of experience and knowledge along with a proven track record as a highly innovative leader in digital transformation and business change. He will be a tremendous asset to our team as we continue to focus on profitable growth while expanding our client service capabilities.”

Peterson’s background also includes senior technology executive leadership roles with a diversity of companies in industries ranging from aerospace to retail, entertainment, and transportation including HireRight, 
Westfield LLC, Beats by Dre, PaperlinX, Transit Air Cargo, and NASA among others. 

”
Harte Hanks has an incredible track record of delivering the best in technology solutions and results for its clients,” says Peterson. “I am thrilled to be joining the organization during this exciting and rapidly accelerating time for the customer experience industry. I’m looking forward to working with them to ensure they have the most effective technology resources and systems in the marketplace.”

About Harte Hanks


Harte Hanks
 (OTCMKTS: HRTH) is a global customer experience company whose mission is to work with clients to provide them with strategy, analytics and insights combined with seamless program execution to better understand, attract, and engage their customers.

Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, 
Harte Hanks has a proven track record of driving results for some of the world’s premier brands including 
Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, 
Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in 
Austin, Texas, 
Harte Hanks has over 2,000 employees in offices across the 
Americas, 
Europe and 
Asia Pacific.

For more information visit hartehanks.com

For media inquiries contact:  Patrick Taylor, 59Media, patricktaylor0103@gmail.com

SOURCE 
Harte Hanks, Inc.