Month: April 2022

Noble Capital Markets Media Sector Review – Q1 2022

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Noble Capital Markets Media Sector Review – Q1 2022


INTERNET AND DIGITAL MEDIA COMMENTARY

High Flying Tech Stocks Get Their Wings Clipped

As we noted last quarter, despite performing well in 2021 overall, stocks in the Internet and Digital Media sectors performed poorly in the fourth quarter of 2021. Unfortunately, that quarter’s performance carried over into the first quarter of 2022. None of Noble’s Internet and Digital Media Indices outperformed the broader market, which we define as the S&P 500. Stocks in the S&P 500 Index decreased by 5% in 1Q 2022, which was better than Noble’s Digital Media Index (-9%), Ad Tech Index (-24%), MarTech Index (-25%), Esports & iGaming Index (-26%) and Social Media Index (-31%).

Noble’s Internet & Digital Media Indices are market cap weighted, so each sector’s performance is often driven by the FAANG stocks (Facebook, Apple, Amazon, Netflix and Google). While none of the FAANG stocks were up in the first quarter, Apple (APPL: -2%), Amazon (AMZN: -2%), and Google (GOOG: -4%) outperformed the S&P 500, while Facebook (FB: -33%), and Netflix (NFLX: -38%) significantly underperformed the broader market.

We attributed the 4Q 2021 underperformance in the Internet and Digital Media sectors to two factors: 1) difficult comparisons due to Covid related comparisons (i.e., companies that benefited from business migrating online in 2020 had tough comps in 4Q 2021 as the economy re-opened), and 2) the Fed pivot to signaling higher rates to tame inflation. Both of these issues remained evident in the first quarter.

The “re-opening” story has wreaked havoc in certain stocks and sectors. For example, investors have long been attracted to the MarTech universe based on the sector’s high growth and recurring revenue business model.

While growth has moderated slightly in recent quarters (revenues increased by 29% on average in 4Q 2021 vs. 32% in 3Q 2021), 21 of the 22 stocks in the sector posted stock price declines in 1Q 2022, and 19 of the 22 posted double digit stock price declines. Three months ago, MarTech stocks were trading at an average revenue multiple of 8.5x and a median revenue multiple of 5.3x. Today, the “mean” and median revenue multiples have fallen to 6.7x and 5.0x. It’s interesting to note that the average multiple has contracted a lot more than the median multiple, indicating that the “high-flying” MarTech stocks have been most impacted.

A good example of this is Shopify (SHOP), which traded 22.2x 2022E revenues at the time of our last quarterly Internet and Digital Media newsletter but now trades at 11.8x 2022E revenue. Shares of Shopify fell by 51% in the first quarter as its forward revenue multiple nearly halved. A provider of e-commerce software, Shopify thrived during the pandemic, as many offline businesses rushed to add online storefronts. But as the economy has reopened, and more consumers return to physical retail stores, Shopify’s growth has slowed considerably.

High-fliers in other Internet and Digital Media sectors appear to have been more impacted by Fed policy than re-opening concerns. In the Ad Tech sector, shares of The Trade Desk (TTD) fell by 24% during the first quarter. Three months ago, TTD shares traded at 24.8x 2022E revenues, but today its shares trade at 20.1x 2022E revenue. In the Social Media sector, the highest multiple stock three months ago was Snap (SNAP), which traded at 16.5x 2022E revenues, but shares of Snap fell by 24% and trade at 9.7x. In the Digital Media sector, three months ago the highest multiple stock was Netflix, which traded at 7.3x 2022E revenues, but shares of Netflix fell by 38% and now trade at 5.3x 2022E revenue.

It was not a great time to own shares in the Internet and Digital Media sectors in the first quarter of 2022, despite the fact that revenue trends continue to be robust and margins continue to improve. In our opinion, what’s changed is investor perception of where to invest in this stage of the economic cycle and the Fed’s impact as it raises rates. While signs of a slowdown don’t appear imminent in the Internet and Digital Media sectors we monitor, investors appear concerned about the impact Fed policy will have on the sector later this year or next. As the Fed continues to tighten monetary policy, investors appear to have rotated out of expensive, growth-oriented tech stocks and into more defensive sectors, as evidenced by the S&P Energy index increasing by +38%, the S&P Utility Index increasing by +7% and the S&P Health Care index declining by just 1%. Each of these sectors outperformed the broader market in 1Q 2022.

1Q 2022 M&A – Weathering the Storm; Will it Hold?

According to S&P Global Market Intelligence, technology industry M&A slowed considerably in the first quarter of 2022 with deal value falling by 36% to $216.7 billion from $338.5 billion in the first quarter of 2021. S&P Global cites heavy M&A activity in January followed by a sharp slowdown in February and March, even though the total number of technology M&A deals increased in 1Q 2022 relative to 1Q 2021. This is rather impressive during a quarter in which inflation reached a 40-year high, a war started in Ukraine, and publicly traded stocks performed poorly.

Noble tracks M&A deals in a narrower subsector of technology sector, and our data showed very different trends than the broader tech M&A. Noble breaks down our universe into 9 categories: Ad Tech; Agency & Analytics; Digital Content; Ecommerce; Information; MarTech; Mobile, and Social Media). We tracked 170 deals in these sectors in the first quarter of 2022, an 5% decrease in deal activity (unlike the broader sector). We also did not see a material slowdown in deal activity, as we tracked 62 deals in January, 51 in February and 57 in March, which is impressive in light of inflation, a war, and stock price declines.

The dollar value of the deals we tracked in 1Q 2022 increased by 225% to $106.8 billion, up from $32.8 billion in 1Q 2021. The huge increase comes almost solely from the $69 billion announced acquisition of Activision Blizzard by Microsoft in January. Excluding this one transaction, deal value increased by a healthy 15% in 1Q 2002.

From a deal volume perspective, the most active sectors we tracked were Digital Content (63 deals), Marketing Tech (47 deals) and Agency & Analytics (31 deals). From a deal value perspective, the most active sectors were Digital Content ($86.9B), Agency & Analytics ($15.9B), Marketing Tech ($1.5B), and Ad Tech ($1.4B).

As has been the norm for the past several quarters, the largest subsector of deal value within the Digital Content sector is the video gaming sector, with $85 billion of announced deals in the first quarter. The quarter got off to a fast start with Take-Two Interactive’s (TTWO) $12 billion announced acquisition of Zynga in early January. That was followed a little more than a week later with Microsoft’s announced acquisition of Activision Blizzard for $69 billion. Sony finished the strong January with its $3.6 billion acquisition of Bungie. Perhaps most notably, Netflix has become an active acquirer in the gaming sector in the last six months. In September of last year, Netflix entered the video gaming market with the acquisition of Night School Studio, and the company followed that up in 1Q 2022 with the acquisiton of Next Games Oy and Boss Fight Entertainment.

A look at the largest Gaming M&A transactions of 2021 is provided in the chart below.

Another sector that showed continued M&A strength was the online gaming, or “iGaming” sector. As more states and countries allow for betting online, a land rush has ensued, often times with companies buying foreign assets, where online betting has been around a while, in order to provide the tools to compete in North America, where there remains significant upside opportunity. Some of the most notable transactions of betting software companies are provided below. We have included the Better Collective acquisition of Canada Sports Betting, even though Canada Sports Betting isn’t an online gaming company per se. Rather, we have included it because we have found that iGaming companies are targeting data and information companies which provide information to bettors, which is key to helping them understand their odds ahead of placing bets.

In recent quarters we have written about robust M&A activity in the Digital Publishing and Podcasts sectors. However, activity in these sectors slowed considerably. In Digital Publishing, the New York Times Company announced the acquisition of sports focused content provider The Athletic for $550 million, but that was the only major digital publishing deal where the purchase price was announced publicly. In podcasting, Liberated Syndication, or Libsyn (LSYN) acquired Podcast Ad Reps for $11.9 million, but no other major podcast M&A transactions took place during the quarter.

M&A activity weathered a storm in 1Q 2022. For now, as long as solid revenue growth, improving margins, and strong balance sheets remain the norm, we expect M&A activity to remain solid, although likely not at record levels we saw in 2021 given the backdrop of higher rates and a war on European soil, each of which creates higher levels of uncertainty.

Esports & iGaming

The following is an excerpt from a recent note by Noble’s Media Equity Research Analyst Michael Kupinski

One of the poor performing sectors in the latest quarter was the Esports & Gaming sectors, down 25% in the quarter versus a 5% decline for the S&P 500 Index. Given the recent performance, the sector is down 52% for the trailing 12 months. The performance of the sector is disappointing given that we had expected that it would be a beneficiary of the economy reopening. Our view was that in person esports events would rebound and that igaming would become a favored way for strapped States to increase revenue. While this is still our view, we were surprised that the industry became a victim of the flight to quality. Many of the stocks in the index are developmental companies, investing to gain a foothold in the fast-growing space. As such, many of the companies in the space are not cash flow positive and have needs to raise capital for investment. Consequently, many of these companies are selling non-strategic assets, raising expensive capital, and aggressively cutting expenses.

It has not helped that the fundamentals of some of the companies have not been as strong as expected. In the latest quarter, we have revised downward revenues and adj. EBITDA due to gaming regulations, slower than expected product rollout, and geopolitical issues. One exception is Codere Online (CDRO), which has significant amount of cash to continue its international expansion. While the company has been adversely affected by recent gaming regulation in Spain, we believe that there is an attractive opportunity to expand into many Latin American markets. The company also has longer term plans to enter the US market.

TRADITIONAL MEDIA COMMENTARY

The following is an excerpt from a recent note by Noble’s Media Equity Research Analyst Michael Kupinski

Overview

Is it time to buy? 

Consumer cyclical stocks, such as the media and entertainment sectors, tend not to perform well during periods of rising interest rates. This is a function of the sensitivity of advertising to the general economy. Rising interest rates tend to slow economic activity and potentially portend an economic downturn. The Fed Reserve indicated that it plans a series of rate hikes in 2022, with the first being a 0.25 basis point bump on March 16th. . But media investors do not appear focused on the prospect of an economic downturn. This is largely due to the current favorable advertising environment. Most media companies reported better than expected advertising in the fourth quarter and guided toward favorable first quarter trends. In addition, media companies appear optimistic for the second half of the year with the anticipated influx of political advertising.

For this reason, we believe, the traditional media companies outperformed the S&P 500 Index in the latest quarter, with the TV sector performing the best, (highlighted later in this report). Coincidently, Broadcast Television is one of the biggest beneficiaries of the influx of political advertising, which will largely fall in the third and fourth quarters. In addition, TV broadcasters have diversified revenue streams, most notably retransmission revenue, which is not tied to the vagaries of the economy. Retransmission revenues as a whole account for an average –% of total broadcast revenue. Finally, many broadcasters indicated that sports betting has become a meaningful contributor to the improved advertising environment. With favorable revenue visibility, not surprisingly, TV stocks have outperformed the traditional media stocks, including Broadcast Radio and Publishing.

No doubt that there has been a rotation in the market, with investors moving toward larger, established companies, with more predictable revenue and cash flow, favoring those with solid balance sheets. Developmental companies and industries that are in investment mode have struggled in this environment, like the Esports & iGaming industries. Many of these companies have investment spending desires, but may be locked out as access to the capital markets have become limited. As a result, many developmental companies significantly cut back costs in a survival mode reaction.

Is the pain nearly over? We do not think so. In our view, while the inverted yield curve may have investors and analysts likely to begin modeling the prospect of an economic downturn in the future, we believe that the portfolio repositioning has just begun. Our key takeaway is that investors should be looking for opportunities. The best time to buy media stocks has typically been during an economic downturn or when the markets already factor one in. A process that seems to have begun. As such, we encourage investors to go hunting. We continue to favor companies that are in growth industries, have solid balance sheets, and stock valuations that may already reflect recession type valuations.

Broadcast Television

Broadcast Television: Returning Capital To Shareholders

The Noble Broadcast TV index increased 15% in the first quarter as investors anticipate a strong fundamental year in 2022 with the influx of political advertising and a strong economy. Some broadcasters indicated that political advertising in 2022 could be more than what was spent in the past Presidential election year. We are not as sanguine about that opportunity but believe that political advertising should increase a solid 30%, which is in line with the historic 20-year growth rates over Presidential year and biennial election year cycles. While the key auto category is still not fully recovered, broadcast management indicated that the category should cycle toward growth in 2023, a function of supply chain issues abating and a significant number of new models being introduced. Notably, most companies appeared very optimistic about sports betting advertising, which has emerged to become a leading category. Several large States appear to be poised to approve online sports betting, like Florida and California, which should meaningfully bolster core advertising.

In addition, we believe the reason that the stocks outperformed in the quarter, investors have come to realize that advertising is a smaller portion of total broadcast revenue. For the year 2021, retransmission revenue, a stable a predictable source of revenue, now accounts for a significant 44% of average broadcast revenue. Finally, the broadcast industry has substantially improved balance sheets.  Industry wide, net debt is on average 3.6 times EBITDA, with the mean at a modest 2.7 times. While there are companies higher than the averages, many of those companies have a path toward lowered leverage in 2022 given the anticipate influx of high margin political advertising.

With the favorable fundamental tailwind and reasonable debt levels, many companies are returning capital to shareholders in the form of dividends and share repurchase programs. Entravision announced a $20 million share repurchase program and Nexstar increased its quarterly cash dividend by 29%. We believe that more companies are likely to announce similar moves as debt leverage comes down.

Notably, with the favorable Q1 stock performance up 15%, the Noble Broadcast TV index over the trailing 12 months increased a modest 1%. This modest gain was below historic 25-year averages for the stocks in the year prior to an election year. On average, TV stock gained 22% in the year prior to an election year. We wonder if investors are nervous about the geopolitical events, rising inflation and rising interest rates. Notably, the stock valuations appear compelling. As the accompanying Broadcast TV Company Comparable table illustrates, the average TV stock trades at 6.5 times EV to 2022 EBITDA and 7.5 times 2023 EBITDA, at the low end of historic averages in the range of 6 to 12 times. In our view, the Broadcast TV stocks appear to trade at recessionary type valuations. As such, we believe that investors should go hunting for bargains in TV.

Broadcast Radio

A Transformed Industry

Broadcast Radio stocks failed to hold onto the previous quarter gains and fell in line with the general market in the first quarter 2022, down slightly over 4%. For the trailing 12 months, Radio stocks were flat versus a 15% gain for the general market, as measured by the S&P 500 Index. The relatively poor performance of the Radio group, in our view, does not do the group justice.

There has been a favorable transformation happening in the industry, one that is shifting away from traditional Radio and toward faster growth revenue streams, such as Digital, and, even into the Metaverse. In addition, many companies are aggressively paring down debt, another aspect we believe is missed by investors. Furthermore, there is a favorable fundamental tailwind, bolstered by strong revenue growth in developing ad categories including crypto currency and sports betting. There are also improving trends in the important auto category. In addition, the industry is expected to benefit from the influx of political advertising, largely in the fourth quarter. Political advertising typically accounts for roughly 3% of total full year Radio revenue.

Regarding the transformation…

Many of the Radio broadcasters have invested in growing businesses outside of Radio and into fast growing digital, podcasts, esports, and gaming. For some of the more aggressive diversified Radio companies, like Salem Media and Townsquare Media, digital now accounts for 29% and 50% of total company revenues, respectively. Beasley Broadcasting, with digital roughly 13% of total revenues, is ramping up its digital investments, which is expected to reflect an acceleration in revenue and improved margins. Companies like iHeart Media have even announced venturing into the Metaverse to bring virtual spaces and enhanced fan experiences. Importantly, digital revenue streams have been especially resilient during the Covid pandemic and we would expect a similar experience should the economy weaken.

Debt is coming down…

Companies like Cumulus Media, Salem Media and Beasley Broadcasting, which have had some of the highest debt leverage in the industry, have shored up balance sheets through asset sales and aggressive debt reduction. In the case of Cumulus, management highlighted that debt levels are approaching a range that it will likely pursue some form of a return of capital to shareholders. This prospect seemed to be dismissed by investors, the CMLS shares are down 30% from highs reached in November 2021.

As shown in the accompanying radio comp sheet, Radio stocks trade at compelling multiples below 7 times EV to EBITDA. Notably, some of these companies have significant digital media operations, and, as such, the stock valuations are all the more compelling. For instance, as illustrated earlier in the Digital Media section of this report, the Marketing Technology stocks trade an average 4.2 times Enterprise Value to Revenues. Applying this metric to Townsquare’s digital businesses would place a stock valuation at $35 per share. That would be just for its digital businesses! We believe that investors have not yet realized the transformation of some of these companies, or the substantial upside as these companies garner more attractive valuations based on its fast-growing businesses lines.

Publishing

The Noble Publishing Index was down a modest 3% in the first quarter, slightly outperforming the general market’s 5% decline. For the latest 12 months, the Noble Publishing Index decline 11%, underperforming the general market’s 14% advance. The biggest news in the Publishing sector was that Lee Enterprises successfully thwarted the Alden Group’s efforts to gain seats on the company’s board and take control of the company. Notably, near current levels, LEE shares trade slightly above the $24 takeover offer by the Alden Group. We believe that the recent weakness in the shares, down from recent highs in January of $43, is a reflection of investors exiting the takeover story.

While deal oriented investors appear to be putting pressure on the LEE shares, we encourage investors to take a look at this company. The company is aggressively investing into its digital future and is near the transition toward revenue growth. We believe that the company’s favorable revenue and cash flow growth outlook into 2024 is compelling as highlighted in the accompanying Newspaper Industry Comp sheet.

DOWNLOAD THE FULL REPORT (PDF)

View the PDF version for segment analysis, M&A activity, and more…

Noble Capital Markets Media Newsletter Q1 2022

This newsletter was prepared and provided by Noble Capital Markets, Inc. For any questions and/or requests regarding this news letter, please contact >Chris Ensley

DISCLAIMER

All statements or opinions contained herein that include the words “ we”,“ or “ are solely the responsibility of NOBLE Capital Markets, Inc and do not necessarily reflect statements or opinions expressed by any person or party affiliated with companies mentioned in this report Any opinions expressed herein are subject to change without notice All information provided herein is based on public and non public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on their own appraisal of the implications and risks of such decision This publication is intended for information purposes only and shall not constitute an offer to buy/ sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice Past performance is not indicative of future results.

Please refer to the above PDF for a complete list of disclaimers pertaining to this newsletter

Odyssey Wellness Scheduled to Present at NobleCon18 Investor Conference

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Odyssey Elixir CEO Scott Frohman provides a preview of their upcoming presentation at NobleCon18

NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events

Free Registration Available – More Info


More info on Odyssey Elixir


NobleCon18 Presenting Companies

About Odyssey

Based in Fort Lauderdale, Florida, Odyssey Wellness LLC is an emerging, fast-growing RTD functional beverage company. Their innovative and exotic flavor-forward, functional mushroom elixirs are rich in active compounds found in the fruiting body of a mushrooms such as Shitake, Lion’s Mane, Reishi, Turkey Tail, Maitake, Chaga, and Cordyceps. These mushrooms have been revered throughout history as having medicinal qualities.


GlobalX CFO Ryan Goepel provides a preview of their upcoming presentation at NobleCon18

NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events

Free Registration Available – More Info


News and Advanced Market Data on JETMF


NobleCon18 Presenting Companies

About GlobalX

GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft. GlobalX flies as an ACMI and charter airline serving the US, Caribbean, and Latin American markets. For more information, please visit www.globalxair.com .

Release – Comtech Telecommunications Corp. to Supply SES With O3b mPOWER Gateway and User Terminals

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Comtech Telecommunications Corp. to Supply SES With O3b mPOWER Gateway and User Terminals

Research, News, and Market Data on Comtech Telecommunications

Investments in Comtech’s New UK Technology
Center Support Growth of Failsafe
Communications

MELVILLE, N.Y.
–(BUSINESS WIRE)–Apr. 12, 2022– 
April 12, 2022— 
Comtech Telecommunications Corp. (NASDAQ: CMTL), a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies, announced today, that it is supplying gateway and user terminal antenna systems to SES for its second-generation O3b mPOWER Medium Earth Orbit (“MEO”) satellite constellation. These antenna solutions are part of Comtech’s 
Failsafe Communications
 product suite and were designed and will be manufactured at Comtech’s new technology center in 
Basingstoke, United Kingdom.

Comtech’s 5.5m mPOWER Gateway Terminal (Photo: Business Wire)

“We are pleased that SES has partnered with 
Comtech for our X/Y antenna products for critical telemetry, tracking and control facilities as well as customer data gateways and user terminals. These antenna systems, which were manufactured at our new technology center in the 
United Kingdom
, provide unique technical and commercial advantages in support of non-geostationary constellations over traditional antenna products,” said  Michael Porcelain , President and Chief Executive Officer of 
Comtech Telecommunications Corp.

“These next-generation gateway antennas are especially important for customers who want to land data at their own site whilst being able to tap into the differentiated O3b mPOWER connectivity services. For our government customers, this is especially attractive since we have a compelling offering with our low-latency, high-throughput services delivered in a secure environment as if they were using their own dedicated satellite network. This is made possible, in part, due to these gateways that are now more resilient, lighter and easier to install,” said  Stewart Sanders , Executive Vice President of Technology and O3b mPOWER manager at SES.

Comtech’s antenna systems that can be used with the O3b mPOWER satellite constellation range in size from the 5.5-meter gateway intended for telemetry, tracking and control (TT&C) to 2.4-meter antennas for enterprise and government use. Compared with existing O3b gateways, Comtech’s dual-drive X/Y antennas offer huge advantages over traditional Azimuth/Elevation systems, to include precision tracking, multi-orbit support and easier installations. Comtech’s carbon fiber reflector is a light weight, rigid structure, and stable over extreme temperature ranges, which is critical for Ka-band surface accuracy. The lighter-weight reflector design utilizes smaller drive motors, experiences less component stress for longer life and lower power consumption during the constant trace/retrace operation needed for non-geostationary satellite tracking, resulting in overall lower capital and operational costs.

O3b mPOWER is the successor to SES’s first-generation O3b MEO constellation. The software-driven communications system is capable of delivering connectivity services from tens of megabits to multiple gigabits per second. It is scheduled for launch in the coming months and expected to be operational by end of calendar year 2022.

Comtech’s new 56,000 square foot facility in 
Basingstoke, United Kingdom is a modern technology center that is intended to support customer requirements for 
Failsafe Communications
 – critical communications infrastructure that people, business, and governments know they can rely on, no matter where they are – on land, at sea, or in the air – and no matter what’s going on outside – from armed conflict to natural disaster. The facility provides customers access to Comtech’s scalable manufacturing, improved QA, and improved material and integration workflow. Comtech’s antenna suite includes satellite tracking antennas ranging in size from sub-1-meter to 13-meters, as well as RF feeds, radomes and carbon fiber reflectors, for LEO, MEO and GEO applications at all frequency bands.

About Comtech

Comtech Telecommunications Corp. is a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies to commercial and government customers around the world. Headquartered in 
Melville, New York and with a passion for customer success, 
Comtech designs, produces and markets advanced and secure wireless solutions. For more information, please visit www.comtechtel.com (and preview its new website at www.comtech.com).

About
SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially-proven, low-latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 8,200 channels and has an unparalleled reach of 361 million households, delivering managed media services for both linear and non-linear content. The company is listed on 
Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s 
Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such 
Securities and Exchange Commission filings.

PCMTL

Investor Relations Robert Samuels 631-962-7102
robert.samuels@comtech.com

Source: 
Comtech Telecommunications Corp.


Release – Allegiant Initiates Plan-of-Operations at Castle Area to Further Expand Permitted Area at Eastside

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Allegiant Initiates Plan-of-Operations at Castle Area to Further Expand Permitted Area at Eastside

Research, News, and Market Data on Allegiant Gold

Reno, Nevada /April 12, 2022 – Allegiant Gold Ltd. (“Allegiant”
or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce the commencement of a Plan-of-Operations at the Castle Area within their Flagship Eastside Project near Tonopah, Nevada expanding the potential permitted area to approximately 1,648 acres. 

The Castle Area is comprised of 130 claims encompassing an area of approximately 2,600 acres, and includes four deposits: Berg, Blackrock, Boss and Castle.  The Castle Area denotes the southernmost part of Allegiant’s Eastside Project and is contiguous to the other claims at Eastside.  In late 2020 and early 2021, Allegiant drilled 49 reverse circulation (“RC”) holes at the Castle Area for a total of 5,850 metres with the following highlights:

  • 47 holes encountered mineralization within 45m from surface;
  • Significant intercepts included:
    • 5m of 1.85 g/t Au from Hole ES-196
    • 14m of 1.08 g/t Au from Hole ES-202
    • 4.5m of 2.32 g/t Au from Hole ES-211
    • 3.6m of 2.00 g/t Au from Hole ES-216
    • 1.5m of 3.86 g/t Au from Hole ES-222

The Castle Area hosts an inferred resource of 314,000
gold ounces at 0.48 g/t within a pit-constrained model using a cut-off grade of 0.15 g/t gold, US$1,750/ounce gold price and a US$21.88 silver price.*

Peter Gianulis, CEO of
Allegiant Gold, commented: “The commencement of a Plan-of-Operations is an important next step in the development of the Castle Area at Eastside allowing us to dramatically increase drilling and technical work.  We have applied to expand the permitted area from 5 acres to over 1648 acres.  Our goal at the Castle Area in the next stage of exploration will be to expand the existing resource, upgrade a portion from Inferred to Measured and Indicated, as well as conduct more advanced metallurgical work in anticipation of an eventual preliminary economic assessment.”

*Eastside Resource Estimate
The updated resource estimate (“Updated Resource Estimate and NI 43-101 Technical Report, Eastside and Castle Gold-Silver Project Technical Report, Esmeralda County, Nevada”) was conducted by Mine Development Associates (“MDA”) of Reno, Nevada with an effective date of July 30, 2021.  Contained pit-constrained Inferred Resources (cut-off grade of 0.15 g/t) of 1,090,00 Au ounces at 61,730,000 tonnes at 0.55 g/t Au and 8,700,000 Ag ounces at 4.4 g/t Ag at the Original Pit Zone and 314,000 Au ounces at 19,986,000 tonnes at 0.49 g/t Au at the Castle Area. In accordance with NI 43-101 the MDA Technical Report dated July 30, 2021 is filed on SEDAR.  This report builds on and supersedes the NI 43-101 reports of Ristorcelli (December 2016), Ristorcelli (July 2017) and Ristorcelli (January 2020) titled “Resource
Estimate and Technical Report, Eastside Gold-Silver Project, Esmeralda County,
Nevada” prepared for Allegiant with an Effective Date of July 25, 2017. 

MAP 1: CASTLE AREA PERMIT AREA

QUALIFIED PERSON
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release. 



ABOUT ALLEGIANT
Allegiant owns 100% of 10 highly-prospective gold projects in the United States, seven of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.



ON BEHALF OF THE BOARD
Peter Gianulis
CEO

 

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364


ir@allegiantgold.com



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

Certain statements and information contained in
this press release constitute “forward-looking statements” within the
meaning of applicable U.S. securities laws and “forward-looking information”
within the meaning of applicable Canadian securities laws, which are referred
to collectively as “forward-looking statements”. The United States
Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for
certain forward-looking statements. Allegiant Gold Ltd.’s (“Allegiant”) exploration plans for its gold
exploration properties, the drill program at Allegiant’s Eastside project, the
preparation and publication of an updated resource estimate in respect of the
Original Zone at the Eastside project, Allegiant’s future exploration and
development plans, including anticipated costs and timing thereof; Allegiant’s
plans for growth through exploration activities, acquisitions or otherwise; and
expectations regarding future maintenance and capital expenditures, and working
capital requirements.  Forward-looking statements are statements and
information regarding possible events, conditions or results of operations that
are based upon assumptions about future economic conditions and courses of
action. All statements and information other than statements of historical fact
may be forward-looking statements. In some cases, forward-looking statements
can be identified by the use of words such as “seek”, “expect”, “anticipate”,
“budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”,
“predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and
similar words or phrases (including negative variations) suggesting future
outcomes or statements regarding an outlook.  Such forward-looking
statements are based on a number of material factors and assumptions and
involve known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements, or industry results, to
differ materially from those anticipated in such forward-looking information.
You are cautioned not to place undue reliance on forward-looking statements
contained in this press release. Some of the known risks and other factors
which could cause actual results to differ materially from those expressed in
the forward-looking statements are described in the sections entitled “Risk
Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed
with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile
at www.sedar.com. 
Actual results and future events could differ materially from those anticipated
in such statements. Allegiant undertakes no obligation to update or revise any
forward-looking statements included in this press release if these beliefs,
estimates and opinions or other circumstances should change, except as
otherwise required by applicable law.

Cannabis Industry Stimulating Economy to the Tune of $100 Billion

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Image credit: RODNAE Productions


The Full Value of Marijuana on the U.S. Economy

 

Now that the Marijuana Opportunity Reinvestment and Expungement (MORE) Act has passed the House, the debate about the benefits of legalization will rage in the Senate before it votes. There’s no doubt the conversation will include reduced crime, reduced criminal justice costs, public health, and increased tax revenue while stimulating the economy. But, will their measure of economic stimulation and benefit be accurate?

Cannabis as an Economic Stimulant

As the economy has come into sharp focus as of late and impacts most Senator’s constituents, this may be the decider that changes the minds of those on the fence. Economic benefits may trump all others, allowing the bill to get the needed 60 votes, making the Oval Office the last hurdle toward legalization on a national level.

The economic benefit often focused on by state governments is that which is most easily measured, tax revenues. But as those in Washington know, a few extra jobs and a few extra dollars go a long way to stimulate economic growth. In this category, the cannabis industry has a lot to offer the country. Money changing hands for goods and services include the easy to recognize sales and the ancillary benefits of commerce beyond the doors of a dispensary.

Cannabis Industry’s Forecasted Benefit on U.S. Economy 2021-26


Data Source: MJBizfactbook

Marijuana Industry’s Impact (Beyond Sales)

Using data compiled by MJBizDaily, the total U.S. economic impact of marijuana sales that don’t include direct sales themselves, in 2022 is expected to rise 20% to reach $99 billion this year. And under the best estimates exceed $155 billion in 2026.

To measure and forecast the industry’s economic impact, the data team at MJBizDaily analyzed similar industries, consulted with economists, and then calculated and applied a standard multiplier of 2.8 on projected recreational and medical marijuana retail sales. The nature of a new and unique industry adds a greater element of unknown compared to forecasting other industries, but the methodology was well thought out and the measurements and factors created are as accurate as possible.

Beyond straight retail sales, which are also projected on the chart above, the industry includes farming, manufacturing, marketing, and hospitality. Marijuana production starts with agriculture at the farm. Economists use a multiplier of 1.9 on agricultural components. This equates to $11 billion for the U.S. economy, just in this category. To put it in a way that more visually shows the benefit, for every $10 consumers or patients spend at marijuana retail locations, an additional $18 will be injected into the economy.

That higher economic benefit comes from the day-to-day needs increased and then satisfied by workers in the cannabis industry, and then the further impact that includes spending on life’s necessities such as housing, transportation, entertainment, and more. Not very different than the massive impact that the stimulus checks had during the pandemic, money multiplies across the economy as it is spent and then put in someone else’s hands for their use.

Take-Away

Cannabis, as with other industries, has an impact on many other sectors that make its overall economic impact far greater than simply measuring the sales of cannabis. While the Senate and the President will consider many factors in deciding whether the MORE Act should become law, the overall positive economic impact should not be understated.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



Marijuana Hits the House This Spring

Cannabis Bill Proposed by Republican House Member Softer on Marijuana Taxes





The Future of Cannabis Crosses Many Industries

Cannabis Customers Served by the Ice Cream Truck Delivery Model

 

Sources

https://thehill.com/news/house/3256370-house-approves-bill-legalizing-marijuana/

https://thehill.com/news/senate/3262866-democrats-face-tough-climb-on-winning-senate-approval-of-legal-marijuana/

https://www.cato.org/policy-analysis/effect-state-marijuana-legalizations-2021-update#history-state-level-marijuana-legalizations

https://mjbizdaily.com/wp-content/uploads/2022/04/2022-economic-impact-1.webp

https://mjbizdaily.com/marijuana-industry-will-add-nearly-100-billion-to-us-economy-in-2022/

 

Stay up to date. Follow us:

 

Release – Sierra Metals to Release Q1-2022 Consolidated Financial Results on Wednesday May 11th, 2022

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Sierra Metals to Release Q1-2022 Consolidated Financial Results on Wednesday May 11th, 2022

Research, News, and Market Data on Sierra Metals

Shareholder Conference Call and
Webcast will be held on Thursday May 12th, 2022

TORONTO–(BUSINESS WIRE)– 
Sierra Metals Inc. (TSX: SMT) (NYSE American: SMTS) (BVL: SMT) (“Sierra Metals” or the “Company”) will release Q1-2022 financial results on Wednesday May 11th, 2022 after Market Close. Senior Management will also host a webcast and conference call on Thursday May 12th, 2022 at 11:00am EST. Details of the Conference Call and Webcast are as follows:

Via Webcast:

A live audio webcast of the meeting will be available on the Company’s website:

https://event.on24.com/wcc/r/3724262/ABA56A91A50DA5A991E18125DC207388

The webcast along with presentation slides will be archived for 180 days on www.sierrametals.com.

Via phone:

For those who prefer to listen by phone, dial-in instructions are below. To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.

US/CAN dial-in number (Toll Free): 1 844 200 6205
United States (Local): 1 646 904 5544
Canada dial-in number (Local): 1 226 828 7575
All other locations (International): +1 929 526 1599

Access code: 
020167

Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:

Continue to Follow, Like and
Watch our progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals

Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: 
info@sierrametals.com

Luis Marchese
CEO

Sierra Metals Inc.
Tel: +1 (416) 366-7777

Source: Sierra Metals Inc.

Release – Ocugen, Inc. Provides Update on its Phase 2/3 Study of COVAXIN (BBV152)

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Ocugen, Inc. Provides Update on its Phase 2/3 Study of COVAXIN™ (BBV152)

Research, News, and Market Data on Ocugen

MALVERN, Pa., April 12, 2022 (GLOBE NEWSWIRE) — Ocugen, Inc. (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene therapies, biologicals and vaccines, announced that the Company was informed by the U.S. Food and Drug Administration (FDA) that the agency placed its Phase 2/3 immuno-bridging and broadening study for COVAXIN™ (BBV152), OCU-002, on clinical hold.  This is a result of the Company’s decision to voluntarily implement a temporary pause in dosing participants of OCU-002 while it evaluates statements made by the World Health Organization following their inspection of Bharat Biotech International Limited’s (BBIL) manufacturing facility. We will work with the FDA to address any questions.

About
Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene therapies, biologicals and vaccines that improve health and offer hope for people and global communities. We are making an impact through courageous innovation, taking science in new directions in service of patients. Our breakthrough modifier gene therapy platform has the potential to treat multiple diseases with one drug and we are advancing research in other therapeutic areas to offer new options for people with unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.

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. Such forward-looking statements
within this press release include, without limitation, our intent to work
closely with the FDA with respect to resolving the clinical hold on our immune
bridging trial for COVAXIN™. 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 statements are subject to
numerous important factors, risks and uncertainties that may cause actual
events or results to differ materially from our current expectations, such as
market and other conditions. These and other risks and uncertainties are more
fully described in our periodic filings with the Securities and Exchange
Commission (the “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 – Cocrystal Pharma Reports Favorable Preliminary Data from Phase 1 Initial Cohorts with CC-42344, a Novel, Broad-Spectrum Influenza A antiviral

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Cocrystal Pharma Reports Favorable Preliminary Data from Phase 1 Initial Cohorts with CC-42344, a Novel, Broad-Spectrum Influenza A antiviral

Research, News, and Market Data on Cocrystal Pharma

CC-42344 administered
orally as a single 100 mg or 200 mg dose in healthy adults showed a
favorable safety and pharmacokinetic profile

BOTHELL, Wash., April
12, 2022 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) reported preliminary results of a Phase 1 study with CC-42344, demonstrating a favorable safety and pharmacokinetic profile. CC-42344 is a broad-spectrum oral antiviral for the treatment of pandemic and seasonal influenza A with a novel mechanism of action.

The ongoing Phase 1 clinical trial plans to enroll 56 healthy adults. Results from the first two single-ascending dose 100 mg and 200 mg cohorts showed a favorable pharmacokinetic profile of CC-42344. To date, CC-42344, has demonstrated excellent oral bioavailability, dose-dependent plasma exposures, and a half-life supportive of oral daily dosing. The Phase 1 study is designed to evaluate CC-42344 administered in single-ascending and multiple-ascending doses. Cocrystal expects to report full results from the study in 2022.

“Today’s update reinforces Cocrystal’s progress in developing best-in-class antiviral medicines. Influenza is one of the most serious worldwide public health threats. Important concerns remain about the emergence of pandemic strains and resistance to available drugs. We are encouraged by the safety and pharmacokinetic profile observed to date with single oral doses of CC-42344 and look forward to initiating the next portion of the trial,” said Sam Lee, Ph.D., Cocrystal’s President and co-interim CEO. “Based on a novel mechanism of action and high barrier to resistance, we believe CC-42344 could provide a potentially best-in-class oral candidate for the treatment of pandemic and seasonal influenza infection.”

About CC-42344
CC-42344 is an oral PB2 inhibitor that blocks an essential step of viral replication and was discovered using Cocrystal’s proprietary structure-based drug discovery platform technology. It is specifically designed to be effective against all significant pandemic and seasonal influenza A strains and to have a high barrier to resistance due to the way the virus’ replication machinery is targeted. CC-42344 targets the influenza polymerase, an essential replication enzyme with several highly essential regions common to multiple influenza strains, including pandemic strains. In vitro testing showed CC-42344’s excellent antiviral activity against influenza A strains, including pandemic and seasonal strains, as well as against strains resistant to Tamiflu® and Xofluza™, while also demonstrating favorable pharmacokinetic and safety profiles.

About Cocrystal
Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

Cautionary Note
Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our plans to enroll 56 new subjects for the Company’s influenza A Phase 1 study, expectations of reporting full results of the study later in 2022, and the potential of CC-42344 to be a best-in-class candidate for the treatment of seasonal and pandemic influenza. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the risks and uncertainties arising from any future impact of the COVID-19 pandemic and the Russian invasion of Ukraine on the Australian and global economy and on our Company, including supply chain disruptions and our continued ability to proceed with our programs, including our influenza A program, the ability of the contract research organization to recruit patients into clinical trials, the results of future preclinical and clinical studies, and general risks arising from clinical trials. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Contact:
LHA Investor Relations
Jody Cain
310-691-7100

jcain@lhai.com

Media Contact:
JQA Partners
Jules Abraham
917-885-7378

Jabraham@jqapartners.com

Source: Cocrystal Pharma, Inc.

Release – electroCore Provides Business Update and Select First Quarter 2022 Financial Guidance

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electroCore Provides Business Update and Select First Quarter 2022 Financial Guidance

News and Market Data on electroCore

April 12, 2022 at 8:00 AM EDT

  • Record revenue
    from product sales will be approximately $1.9M;
    approximately 60% growth over first quarter 2021
  • March 31, 2022,
    cash balance of approximately $29.9M

ROCKAWAY, N.J.
, 
April 12, 2022 (GLOBE NEWSWIRE) — 
electroCore, Inc.
 (the “Company”) (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today provided an operating and business update as well as select unaudited preliminary financial guidance for the first quarter of 2022.

“We are pleased to announce preliminary first quarter results, recording approximately 60% growth over same period last year, and approximately 27% growth over the fourth quarter of 2021,” stated  Dan Goldberger , Chief Executive Officer of electroCore. “Revenue from product sales in the quarter ended 
March 31, 2022, will be approximately 
$1.9 million
. This is the second consecutive quarter where our total revenue growth over the prior year quarter was approximately 60% indicating that our continued investment in our sales channels and marketing initiatives are expanding consumer awareness and building momentum into the remainder of 2022.” 

Government
Channels: During the first quarter of 2022, the Company expects to recognize revenue of approximately 
$1,260,000 pursuant to the 
Department of Veterans Affairs (“VA”) and 
Department of Defense (“DoD”) originating prescriptions, compared to 
$858,000 or 47% growth from the fourth quarter of 2021 and 
$679,000 or 86% growth over the first quarter of 2021. 105 
VA and 
DoD military treatment facilities have purchased gammaCore products through 
March 31, 2022, as compared to 100 through the fourth quarter of 2021 and 79 through the first quarter of 2021.

Commercial: During the first quarter of 2022, the Company expects to recognize revenue of approximately 
$300,000 from our commercial channels, dominated by our cash pay initiatives and representing approximately an 11% increase over Q4 2021 and a 107% increase from Q1 2021.

Outside
of the U.S.: The Company expects to recognize revenue of approximately 
$300,000 outside of the 
U.S. for the first quarter ended 
March 31, 2022
, representing approximately 15% decrease from Q4 2021 and 20% decrease from Q1 2021. Our international business was impacted by COVID in January and February of this year, but the channel started to rebound in 
March 2022
.

Financial
Guidance
Preliminary unaudited financial guidance for the first quarter of 2022:

Revenue: The Company anticipates first quarter 2021 revenue from product sales will be approximately 
$1.9 million. This represents an approximately 27% increase over fourth quarter 2021 revenue of 
$1.5 million and approximately 60% growth over first quarter 2021 revenue of 
$1.2 million
.

Cash
Position: The Company ended the first quarter of 2022 with approximately 
$29.9 million
 of cash, cash equivalents, and marketable securities, compared to 
$34.7 million as of the end of 2021. 

Mr. Goldberger  further commented, “Our business grew robustly in the first quarter, despite the headwinds faced overseas as a result of COVID. With our strong balance sheet and discipline around targeted investment in sales and marketing, we will be able to educate and improve physician and patient awareness, which will ultimately lead to the successful adoption of gammaCore globally.”

The Company intends to provide a detailed operational and financial update during its first quarter of 2022 earnings call in 
May 2022
.

About
electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine company dedicated to improving patient outcomes through its non-invasive vagus nerve stimulation therapy platform, initially focused on the treatment of multiple conditions in neurology. The company’s current indications are the preventive treatment of cluster headache and migraine, the acute treatment of migraine and episodic cluster headache, the acute and preventive treatment of migraines in adolescents, and paroxysmal hemicrania and hemicrania continua in adults.

For more information, visit www.electrocore.com.

About
gammaCore™
gammaCore™ (nVNS) is the first non-invasive, hand-held medical therapy applied at the neck to treat migraine and cluster headache through the utilization of a mild electrical stimulation to the vagus nerve that passes through the skin. Designed as a portable, easy-to-use technology, gammaCore is self-administered by patients, as needed, without the potential side effects associated with commonly prescribed drugs. When placed on a patient’s neck over the vagus nerve, gammaCore stimulates the nerve’s afferent fibers, which may lead to a reduction of pain in patients.

gammaCore (nVNS) is FDA cleared in 
the United States for adjunctive use for the preventive treatment of cluster headache in adult patients, the acute treatment of pain associated with episodic cluster headache in adult patients, and the acute and preventive treatment of migraine in adolescent (ages 12 and older) and adult patients, and paroxysmal hemicrania and hemicrania continua in adult patients. gammaCore is CE-marked in the 
European Union for the acute and/or prophylactic treatment of primary headache (Migraine, Cluster Headache, Trigeminal Autonomic Cephalalgias and Hemicrania Continua) and Medication Overuse Headache in adults.

gammaCore is contraindicated for patients if they:

  • Have an active implantable medical device, such as a pacemaker, hearing aid implant, or any implanted electronic device
  • Have a metallic device, such as a stent, bone plate, or bone screw, implanted at or near the neck
  • Are using another device at the same time (e.g., TENS Unit, muscle stimulator) or any portable electronic device (e.g., mobile phone)

Safety and efficacy of gammaCore have not been evaluated in the following patients:

  • Adolescent patients with congenital cardiac issues
  • Patients diagnosed with narrowing of the arteries (carotid atherosclerosis)
  • Patients who have had surgery to cut the vagus nerve in the neck (cervical vagotomy)
  • Pediatric patients (less than 12 years)
  • Pregnant women
  • Patients with clinically significant hypertension, hypotension, bradycardia, or tachycardia

For more information, please visit gammaCore.com.

Forward-Looking
Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore’s expectations for revenue and cash used in operations during the first quarter 2022, growth through acquisitions, its expectations for future performance, as well as electroCore’s business prospects (including its e-commerce initiative, and gConcierge and gCDirect programs) and clinical and product development plans for 2022 and beyond, its pipeline or potential markets (including cash pay programs) for its technologies, additional indications for gammaCore, the timing, outcome and impact of regulatory, clinical and commercial developments (including human trials for the study of headache, PTH, mTBI, Parkinson’s diseases and sleep deprivation stress and the business, operating or financial impact of such studies), further international expansion, and statements about anticipated distribution arrangements, government and payor funding arrangements (including those relating to 
Canada, 
Western Europe
, 
Qatar, 
Taiwan, and 
China) and other statements that are not historical in nature, particularly those that utilize terminology such as “anticipates,” “will,” “expects,” “believes,” “intends,” other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the 
SEC available at 
www.sec.gov.

Contact: Rich Cockrell CG Capital
404-736-3838
ecor@cg.capital

 

Release – Tonix Pharmaceuticals to Participate in the NobleCon18 Investor Conference

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Tonix Pharmaceuticals to Participate in the NobleCon18 Investor Conference

Research, News, and Market Data on Tonix Pharmaceuticals

CHATHAM, N.J., April 12, 2022 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP), a clinical-stage biopharmaceutical company, announced today that Seth Lederman, President and Chief Executive Officer of Tonix Pharmaceuticals, will present and conduct investor meetings at NobleCon18, Noble Capital Markets’ Eighteenth Annual In-Person Small & Microcap Investor Conference being held April 19-21, 2022, in Hollywood, Florida.

Details of the Tonix Pharmaceuticals Presentation

Event

NobleCon18, Noble Capital Markets’ Eighteenth Annual In-Person Small & Microcap Investor Conference

Date

Thursday, April 21

Time

9:30 a.m. ET

Location

Hard Rock Hotel & Casino, Hollywood, Florida

Track

Seminole Ballroom C

A webcast of the Company’s presentation will be available under the IR Events tab of the Tonix website at www.tonixpharma.com starting April 22.   

About Tonix
Pharmaceuticals Holding Corp.

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, an antiviral to treat COVID-19, and a potential treatment for Long COVID. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-3500
5 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-COVID condition. Tonix expects to initiate a Phase 2 study in Long COVID in the first half of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study expected to start in the first half of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the first half of 2022.

1TNX-1500 is an
investigational new biologic at the pre-IND stage of development and has not
been approved for any indication.

2TNX-2900 is an
investigational new drug at the pre-IND stage of development and has not been
approved for any indication.

3TNX-801 is a
live horsepox virus vaccine for percutaneous administration in development to
protect against smallpox and monkeypox. TNX-801 is an investigational new
biologic and has not been approved for any indication.

4TNX-1840 and
TNX-1850 are live horsepox virus vaccines for percutaneous administration, in
development to protect against COVID-19. TNX-1840 and TNX-1850 are designed to
express the SARS-CoV-2 spike protein from the omicron and BA.2 variants,
respectively. TNX-1840 and TNX-1850 are investigational new biologics at the
pre-IND stage of development and have not been approved for any
indication. 

5TNX-3500 is an
investigational new drug at the pre-IND stage of development and has not been
approved for any indication.

6TNX-102 SL is
an investigational new drug and has not been approved for any indication.

7TNX-1300 is an
investigational new biologic and has not been approved for any indication.

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward
Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2022, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Contacts

Jessica Morris (corporate)
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(862) 799-8599

Olipriya Das, Ph.D. (media)
Russo Partners
Olipriya.Das@russopartnersllc.com
(646) 942-5588

Peter Vozzo (investors)
ICR Westwicke
peter.vozzo@westwicke.com
(443) 213-0505

 

Source: Tonix Pharmaceuticals Holding Corp.

Release – Comstock Announces LiNiCo’s New President

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Comstock Announces LiNiCo’s New President

Research, News, and Market Data on Comstock Mining

VIRGINIA CITY, NEVADA, APRIL 12, 2022 – Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the appointment of Leonardo Riera, as president of LINICO Corporation, its electrification products subsidiary, located in the Tahoe Reno Industrial Center, Nevada.  

Mr. Riera is an experienced chief executive, with global experience in the renewable energy, manufacturing, mergers and acquisition, capital markets and financial services industries. Mr. Riera spent a decade as the Executive Director and Country Head for Bankers Trust Company in Venezuela, overseeing all of their investment banking and broker-dealer operations. Mr. Riera was the founder and chief executive office of an engineering-centric, clean waste-to-energy company with projects in three countries. Mr. Riera was also the Asset Director for a multi-billion-dollar Emerging Markets fund, where he oversaw capital deployment in over fifteen emerging international markets. Mr. Riera started his career as a consultant for McKinsey & Co., working with clients such as Citicorp Investment Bank – Brazil, and subsequently proceeded to head their regional Mergers & Acquisitions unit.
 

Mr. Riera is a graduate of Andres Bello Catholic University, Caracas, Venezuela (B.S. in Economics) and of the University of Pennsylvania’s Wharton School of Business (M.B.A in Finance and International Management). Mr. Riera is fluent in English and Spanish and a frequent global speaker to leaders on renewable energies and their positive environmental and social impacts.
 

“Leo is a seasoned executive with multiple, rapid revenue start up and industry consolidation experience, who quickly moved to Reno and immediately established himself within the LiNiCo team, where he is fully dedicated and already implementing LiNiCo’s strategic plan. His knowledge of supply chains, markets, renewable energy, finance and the capital markets will accelerate LiNiCo’s growth.  We have been working together daily for the past two weeks and thrilled to have Leo on board and fully committed to LiNiCo’s and its success,” stated Mr. Corrado De Gasperis, Executive Chairman and CEO. 
 

The Company’s 2022 AGM has been scheduled for Thursday, May 26, 2022, at 9:00 a.m. PDT in Reno, Nevada, at the Atlantis Hotel. The meeting will feature Comstock’s renewable businesses and highlight the Company’s expanded senior management teams, including Mr. Riera, and the Company’s directors.

About Comstock 
Comstock (NYSE: LODE) innovates technologies that enable systemic decarbonization and circularity by efficiently converting under-utilized waste and renewable natural resources into fuels and electrification products that contribute to balancing global uses and emissions of carbon. Comstock plans to achieve extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, commercializing complimentary process solutions and related services, and licensing selected technologies to strategic partners.
 

To learn more, please visit www.comstock.inc.
 

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; and future prices and sales of, and demand for, our products and services. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
 

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Endeavour Silver (EXK)(EDR:CA) – First Quarter Production Exceeds Expectations

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Tuesday, April 12, 2022

Endeavour Silver (EXK)(EDR:CA)
First Quarter Production Exceeds Expectations

As of April 24, 2020, Noble Capital Markets research on Endeavour Silver is published under ticker symbols (EXK and EDR:CA). The price target is in USD and based on ticker symbol EXK. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. The company is organized into four operating mining segments, Guanacevi, Bolanitos, El Cubo, and El Compas, which are located in Mexico as well as Exploration and Corporate segments. Its Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

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

    First quarter production ahead of our estimates. Compared to the prior year period, first quarter silver production increased 25% to 1,314,955 ounces, while gold production declined 22% to 8,695 ounces. We had forecast silver and gold production of 1,143,597 ounces and 8,399 ounces, respectively. The company sold 1,717,768 ounces of silver and 8,381 ounces of gold. Payable silver and gold ounces produced amounted to 1,303,540 and 8,549 ounces, respectively. Both Guanacevi and Bolanitos outperformed our forecast due to higher silver grades at both mines and higher gold grades at Guanacevi. Compared to the fourth quarter of 2021, silver and gold production declined 9% and 8%, respectively. At quarter end, Endeavour held 608,788 ounces of silver and 1,911 ounces of gold in bullion inventory and 59,594 ounces of silver and 1,931 ounces of gold in concentrate inventory.

    Updating estimates.  Our 2022 first quarter and full year EPS estimates have been increased to $0.05 and $0.15, respectively, compared to our previous estimates of $0.04 and $0.14. First quarter and full year 2022 EBITDA estimates have been raised to…

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.