All-American Chain’s Famous Burgers and Shakes Now Available in United Arab Emirates’ Capital City
LOS ANGELES, April 27, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. announces the opening of Johnny Rockets in the United Arab Emirates. Situated in the country’s bustling capital city, Abu Dhabi, the new restaurant marks the first brick-and-mortar opening for franchise partner, Kitopi, who has a master franchise agreement with the global restaurant franchising company to open 136 brick-and-mortar locations in addition to 70 ghost kitchens throughout the Middle East.
To date, FAT Brands’ concepts Fatburger, Johnny Rockets, Elevation Burger and Buffalo’s Express have opened in 15 of Kitopi’s existing ghost kitchens in the region. In the coming weeks, the franchise partner will also be opening another brick-and-mortar Johnny Rockets location in Dubai.
“Since announcing our partnership with Kitopi in 2021, we have been impressed with their ability to successfully open and operate our brands,” said Jake Berchtold, COO of FAT Brands’ Fast Casual Division. “Now, as they begin to open brick-and-mortar locations, we are thrilled to continue this growth journey with them. The Middle East is ripe with expansion opportunities, and we look forward to bringing burgers, shakes, fries, and fun to Abu Dhabi with Johnny Rockets.”
The first Johnny Rockets restaurant opened June 6, 1986, on the iconic Melrose Avenue in Los Angeles. Since that time, the chain’s timeless all-American brand has connected with customers across the U.S. and in 25 other countries around the globe. Guests visiting the all-new location can enjoy a classic Johnny Rockets’ meal, a juicy, cooked-to-order burger paired with crispy fries and a decadent, hand-spun shake.
The Abu Dhabi Johnny Rockets is located at 108 Al Murihiban Street, Khalifa City, Abu Dhabi, UAE and is open Monday through Friday, 11 a.m. to 11 p.m., and Saturday and Sunday, 11 a.m. to 12 a.m.
For more information or to find a Johnny Rockets near you, please visit www.johnnyrockets.com.
About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Johnny Rockets Founded in 1986 on Melrose Avenue in Los Angeles, Johnny Rockets is an iconic, world-renowned, hamburger restaurant franchise that offers high-quality, innovative menu items including Certified Angus Beef® cooked-to-order hamburgers, veggie burgers, chicken sandwiches, crispy fries, and rich, delicious hand-spun shakes and malts. With over 325 locations in over 25 countries around the globe, this dynamic, lifestyle, the brand offers friendly service in an upbeat atmosphere of relaxed, casual fun. For more information, visit www.johnnyrockets.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings. Forward-looking statements reflect expectations of FAT Brands Inc. (“we”, “our” or the “Company”) concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies, including but not limited to uncertainties surrounding the severity, duration and effects of the COVID-19 pandemic. These factors are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Abstract selected as featured poster to be reviewed by expert panel in the Head and Neck Cancer discussion session
FLORHAM PARK, N.J., April 27, 2023 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing a growing pipeline of targeted immunotherapies for cancer and infectious disease, announced the presentation of updated data from the VERSATILE-002 study at the 2023 ASCO® Annual Meeting being held June 2-6 in Chicago. The abstract was also selected as one of the featured posters to be reviewed by an expert panel in the Head and Neck Cancer discussion session.
VERSATILE-002 is a Phase 2, open-label, multicenter study of the efficacy and safety of PDS0101 administered in combination with Merck’s (known as MSD outside the US and Canada) anti-PD-1 therapy, KEYTRUDA® (pembrolizumab), in adults with human papilloma virus (HPV)16 positive, unresectable recurrent or metastatic head and neck squamous cell carcinoma (HNSCC). VERSATILE-002 is investigating two patient populations of HPV16-positive head and neck cancer patients whose cancer has returned or spread. The first group, which is the focus of the ASCO poster presentation, has not been previously treated with an immune checkpoint inhibitor (ICI), also known as the ICI naïve cohort, and is PD-L1 positive, and the second group of patients has failed treatments including ICI therapy (ICI refractory).
“We are pleased to present updated data from the VERSATILE-002 clinical trial,” stated Lauren V. Wood, M.D., PDS Biotech’s Chief Medical Officer and a co-author of the study. “The incidence of HPV-positive head and neck cancers is growing rapidly, and there is currently a lack of effective targeted therapies to address this population. The ASCO meeting provides an opportunity to share promising early data with the clinical and scientific community that shows how PDS0101 combined with KEYTRUDA® can potentially address this unmet medical need.”
Abstract Number: 6012
Abstract Title: Safety and Efficacy of Immune Checkpoint Inhibitor (ICI) Naïve Cohort from Study of PDS0101 and Pembrolizumab in HPV16-Positive Head and Neck Squamous Cell Carcinoma (HNSCC)
Presenting Author: Katharine Price, M.D., Co-chair, Head and Neck Disease Group, Mayo Clinic Comprehensive Cancer Center
Session Title: Head and Neck Cancer
Poster Presentation: Monday, June 5, 2023, 1:15 PM-4:15 PM CDT
Head and Neck Cancer Poster Discussion Session: Monday, June 5, 2023, 4:30 PM-6:00 PM CDT
About PDS0101 PDS0101, PDS Biotech’s lead candidate, is a novel investigational human papillomavirus (HPV)-targeted immunotherapy that stimulates a potent targeted T cell attack against HPV-positive cancers. PDS0101 is given by subcutaneous injection in combination with other immunotherapies and cancer treatments. Phase 1 monotherapy data demonstrate that PDS0101 generates strong HPV-specific immune responses. Interim Phase 2 data suggest that the combination of PDS0101 with other treatments potentially demonstrates significant disease control by shrinking advanced and metastatic tumors, delaying disease progression and/or prolonging survival. The combination of PDS0101 with other treatments does not appear to compound the toxicity of other agents.
About VERSATILE-002 VERSATILE-002 is a single-arm Phase 2 trial evaluating the safety and efficacy of PDS0101, an HPV16-targeted investigational T cell-activating immunotherapy that leverages PDS Biotech’s proprietary Versamune® technology, in combination with Merck’s anti-PD-1 therapy, KEYTRUDA® (pembrolizumab). The combination is being evaluated in immune checkpoint inhibitor (ICI)-naïve and ICI-refractory patients with recurrent/metastatic HPV16-positive head and neck squamous cell carcinoma (HNSCC) and was granted Fast Track designation by the Food and Drug Administration in June 2022. Preliminary efficacy and safety data were presented at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting for ICI-naïve patients. Preliminary data from the first 19 patients demonstrated that 77% of the patients with available imaging (17 of 19) had either disease stabilization or tumor shrinkage. Additionally, the overall survival rate of these patients at 9-months was 87%.
KEYTRUDA® is a registered trademark of Merck Sharp and Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.
About PDS Biotechnology PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies based on our proprietary Versamune®, Versamune® plus PDS0301, and Infectimune™ T cell-activating platforms. We believe our targeted immunotherapies have the potential to overcome the limitations of current immunotherapy approaches through the activation of the right type, quantity and potency of T cells. To date, our lead Versamune® clinical candidate, PDS0101, has demonstrated the ability to shrink tumors and stabilize disease in combination with approved and investigational therapeutics in patients with a broad range of HPV16-associated cancers in multiple Phase 2 clinical trials and will be advancing into a Phase 3 clinical trial in combination with KEYTRUDA® for the treatment of recurrent/metastatic HPV16-positive head and neck cancer in 2023. Our Infectimune™ based vaccines have also demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also powerful T cell responses, including long-lasting memory T cell responses in pre-clinical studies to date. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.
Forward Looking Statements This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for PDS0101, PDS0203 and other Versamune® and Infectimune™ based product candidates; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101, PDS0203 and other Versamune® and Infectimune™ based product candidates and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund its disclosed clinical trials, which assumes no material changes to the Company’s currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; to aid in the development of the Versamune® platform; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual, quarterly and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Versamune® is a registered trademark and Infectimune™ is a trademark of PDS Biotechnology.
Vancouver, British Columbia–(Newsfile Corp. – April 27, 2023) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to announce the completion of the first phase of deep drilling at the Company’s Douay and Joutel Gold Projects (“Douay” and “Joutel”, respectively) located in Quebec, Canada, which are held by a 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Mines Limited. The JV completed more than 13,100 metres (“m”) of drilling across Douay and Joutel prior to winter break-up.
Deep Drilling Program Summary and Observations:
In the Telbel mine area at Joutel, the JV drilled a total of 7,343 m in three (3) master drill holes and four (4) successful wedge drill holes.
All Telbel drill holes intersected broad zones of semi-massive to massive sulfide mineralization.
Drill hole TB-22-003 and its associated wedges intersected three mineralized zones and bottomed in mineralization, with sphalerite observed in drill core and elevated zinc values observed via pXRF analysis at site (see Figure 1 and Plate 1).
At Douay, the JV drilled a total of 5,792 m in five (5) drill holes testing beneath the Douay West, Porphyry, Central and 531 Zones, as well as one (1) shallow NW Zone step-out hole (see Figure 2).
The most compelling visual core observations at Douay were in the final hole (DO-23-326X), collared near the Central Zone and extending beneath the Porphyry Zone at depth), with significant alteration, deformation, and mineralization (abundant fine-grained pyrite) from approximately 850 m to 1,400 m down-hole (see Figure 3 and Plates 2 & 3).
“Early indications from the JV’s first phase of deep drilling are encouraging, particularly at Telbel with the upper mineralized zones in TB-22-003, which are well north of the main Mine Horizon, and the fact that both TB-23-001W1 and TB-23-003W2 intersected the down-dip continuity of the sulfide-rich main Mine Horizon,” statedMatthew Hornor, President and CEO of Maple Gold. “Sphalerite is a key indicator of VMS style of mineralization, and we look forward to the gold and multi-element assay results from these holes with the aim of vectoring towards a significant mineralized zone at depth. At Douay, we are also excited by what we’ve observed in the drill core beneath the Porphyry Zone and look forward to the assay results and valuable data that this first phase of deep drilling will generate.”
The Company has completed final core splitting and has sent final sample shipments to the lab. Assay results are expected in Q2 2023 and will be reported once they are vetted and interpreted. The Company has identified additional targets that were previously permitted and approved for drilling at Douay but will wait on the additional assay results and internal 3D model updates before commencing the next phases of drilling at Douay/Joutel, as any successes from the first phase of deep drilling could significantly impact target priorities and corresponding JV capital allocation.
Figure 1: Section view showing master and wedge traces for two (2) of the three (3) drill holes targeting gold mineralization below previous mine workings at Telbel. Note intervals of semi-massive to massive sulfide mineralization highlighted in red (a 3rd Telbel drill hole is located to the southeast and not shown on this section).
Plate 1: Drill core images of TB-23-003W2 with pyrite bands in mixed tuff-sediments (left) and pyrite bands at ~2,100 m down hole that appear to contain sphalerite and anomalous zinc values as per visual observations and pXRF readings.
Figure 2: Plan view showing completed 2023 drill traces at Douay. Note DO-23-332 was drilled to ~1,500 m but appears shorter due to subvertical inclination. Two additional deep drill holes were permitted and approved for drilling and will be considered for drilling later in 2023.
Figure 3: Cross-section showing DO-23-326X extension drill hole containing a broad mineralized interval with significant pyrite mineralization from ~850 m to 1,400 m down hole, overlapping the Casa Berardi North Fault (see Plates 2 and 3).
Plate 2: Drill hole DO-23-326W1 showing sharp contact at ~1,360 m between sheared basalt and feldspar porphyry; both lithologies are strongly altered by hematite, albite, K-feldspar, carbonate, silica and sericite. Note the presence of galena and sphalerite in a flat fracture near the contact.
Plate 3: Drill core from DO-23-326W1 showing abundant pyrite in hematite-albite-carbonate-silica altered feldspar porphyry (top image from 1,366 m, bottom from 1,369 m down hole). Note the presence of dark purple fluorite and pale grey carbonatite in bottom image.
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Québec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold resource at Douay (SLR 2022) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property.
The district-scale property package also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
Forward Looking Statements:
This press release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about exploration work and results from current and future work programs. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
VIRGINIA CITY, NEVADA, April 27, 2023 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the receipt of an additional $7 million toward the sale of the LINICO Battery Recycling Facility (the “Facility”) to American Battery Technology Company, a Nevada corporation (“ABTC”), bringing total cash received to date to $18 million of the $27.6 million purchase price. Comstock has successfully completed the purchase of Facility and is now scheduled to receive the remaining net proceeds of over $8 million dollars over the next three months, with $3 million due in the next two weeks.
“We are thrilled with accomplishing a majority of the critical milestones related to this transaction. The sale of this asset became strategic once we secured our permitted 200-acre battery metal storage facility in Mound House, Nevada, and expanded our metals recycling business into photovoltaics and other electronic devices, in addition to lithium-ion batteries,” stated Mr. Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “We have already received $6 million in net proceeds after the purchase of the building, with another $3 million due next week and over $5 million in additional proceeds to be received in the next few months. We are now very well positioned to well exceed our $30 million asset sale target for this year.”
Overall, ABTC will pay $27.6 million for the 2500 Peru building and related assets, of which $18 million in cash and 10 million restricted shares of ABTC common stock has been received as of April 21, 2023. The Company is entitled to receive an additional $3.0 million in cash on or before May 12, 2023. After the Company’s payment of $12.0 million to AQMS for Facility purchase and $1.5 million in escrow related to environmental liabilities, the Company expects to net over $14.0 million in cash from this transaction.
As previously contemplated in the First Amended and Restated Agreement, the Shares will be registered for resale pursuant to a registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission by ABTC.
About Comstock
Comstock (NYSE: LODE) commercializes innovative technologies that contribute to global decarbonization by efficiently converting under-utilized natural resources, primarily, woody biomass into net zero renewable fuels, end of life metal extraction, and generative AI-enabled advanced materials synthesis and mineral discovery.
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 market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. 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 calls or discussions 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.
TROY, Mich., April 27, 2023 /PRNewswire/ — Kelly, a leading specialty talent solutions provider, will release its first-quarter earnings before the market opens on Thursday, May 11, 2023. In conjunction with its first-quarter earnings release, Kelly will publish a financial presentation on the Investor Relations page of its public website and will host a conference call at 9 a.m. ET.
The call may be accessed in one of the following ways:
Via the Telephone (877) 692-8955 (toll-free) or (234) 720-6979 (caller-paid) Enter access code 5728672 After the prompt, please enter ”#”
A recording of the conference call will be available after 2:30 p.m. ET on May 11, 2023, at (866) 207-1041 (toll-free) and (402) 970-0847 (caller-paid). The access code is 4789007#. The recording will also be available at kellyservices.com during this period.
About Kelly
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ more than 300,000 people around the world, and we connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2022 was $5.0 billion. Visit kellyservices.com and let us help with what’s next for you.
U.S. FOOD & DRUG ADMINISTRATION (FDA) GRANTS ORPHAN DRUG DESIGNATION TO OCU410ST FOR THE TREATMENT OF ABCA4-ASSOCIATED RETINOPATHIES INCLUDING STARGARDT, RP19 AND CORD3
MALVERN, Pa., April 27, 2023 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines, today announced that the FDA has granted Orphan Drug Designation for its OCU410ST (AAV5-hRORA), an adeno-associated virus serotype 5 capsid protein containing gene construct encoding human retinoic acid receptor-related orphan receptor alpha, for the “treatment of ABCA4-associated retinopathies” including Stargardt, Retinitis Pigmentosa 19 (RP19), and Cone-rod dystrophy 3 (CORD3) diseases.
“There are approximately 44,000 patients in the U.S. living with ABCA4-associated retinal diseases for whom no treatment options exist,” said Dr. Shankar Musunuri, Chairman, CEO and Co-Founder of Ocugen. “This designation acknowledges the potential for OCU410ST to fulfill a significant unmet medical need and represents an important milestone in our effort to develop innovative treatments for inherited retinal diseases.”
Orphan drug designation is granted by the FDA to certain products that show promise in the treatment, prevention, or diagnosis of rare and serious diseases affecting fewer than 200,000 people in the United States.
OCU410ST utilizes an AAV delivery platform for the retinal delivery of the RORA (RAR Related Orphan Receptor A) gene and represents Ocugen’s modifier gene therapy approach, which is based on Nuclear Hormone Receptors (NHRs) that regulate diverse physiological functions such as photoreceptor development and maintenance, metabolism, phototransduction, inflammation and cell survival networks.
The ABCA4 gene produces an ATP-binding cassette (ABC) superfamily transmembrane protein and expressed exclusively in retinal photoreceptors. It is involved in clearance of all-trans-retinal aldehyde, a byproduct of the retinoid cycle, from photoreceptor cells. Mutation in ABCA4 gene results in Stargardt disease, a rare genetically inherited disease that directly affects the retina of the eye, often resulting in the slow progression of vision loss in children. In addition, different ABCA4 alleles have been identified to cause other retinopathies such as CORD3 and RP19.
Ocugen plans to submit an IND in 2Q 2023 to initiate a Phase 1/2 clinical trial.
About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address 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. 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. 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.
NEW YORK, April 27, 2023 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO):
Revenue of $21.6 million, up 17% year-over-year
In constant currencies, revenue was $22.1 million, up 19% year-over-year
Non-GAAP consolidated operating profit of $5.5 million
Earnings per share (EPS) of $0.23
Travelzoo, a global Internet media company that provides exclusive offers and experiences for members, today announced financial results for the first quarter ended March 31, 2023. Consolidated revenue was $21.6 million, up 17% from $18.5 million year-over-year. In constant currencies, revenue was $22.1 million. Travelzoo’s reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members.
The reported net income attributable to Travelzoo from continuing operations was $3.7 million for Q1 2023. At the consolidated level, including minority interests, the reported net income from continuing operations was $3.7 million. EPS from continuing operations was $0.23, compared to $0.19 in the prior-year period.
Non-GAAP operating profit was $5.5 million. The calculation of non-GAAP operating profit excludes amortization of intangibles ($0.4 million), stock option expenses ($0.4 million) and severance-related expenses ($39,000). See section “Non-GAAP Financial Measures” below.
“We will continue our strategy of leveraging Travelzoo’s global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more exclusive offers for Travelzoo members,” said Holger Bartel, Travelzoo’s Global CEO. “With more than 30 million members, 8 million mobile app users, and 4 million social media followers, Travelzoo is loved by travel enthusiasts who are affluent, active, and open to new experiences.”
Cash Position As of March 31, 2023, consolidated cash, cash equivalents and restricted cash were $19.8 million. Net cash provided by operations was $535,000.
Reserve Reported revenues include a reserve of $785,000 related to commissions to be earned from vouchers sold. The reserve is initially booked as contra revenue.
Travelzoo North America North America business segment revenue increased 26% year-over-year to $14.8 million. Operating profit for Q1 2023 was $4.5 million, or 31% of revenue, compared to an operating profit of $1.7 million in the prior-year period.
Travelzoo Europe Europe business segment revenue remained consistent year-over-year at $5.9 million. At constant currencies, Europe business segment revenue increased 6% year-over-year. Operating profit for Q1 2023 was $457,000, or 8% of revenue, compared to an operating profit of $178,000 in the prior-year period.
Jack’s Flight Club Jack’s Flight Club business segment revenue increased 15% year-over-year to $948,000. Jack’s Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. The number of premium subscribers increased 27% year-over-year. Revenue from increases in subscribers is reported with a lag because we recognize revenue from subscriptions monthly pro rata over the subscription period (quarterly, semi-annually, annually). Non-GAAP operating profit for Q1 2023 was $123,000, compared to a non-GAAP operating profit of $249,000 in the prior-year period. After consolidation with Travelzoo, Jack’s Flight Club’s net income was $20,000, with $12,000 attributable to Travelzoo as a result of recording $168,000 of amortization of intangible assets related to the acquisition.
New Initiatives New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $8,000. Operating loss for Q1 2023 was $217,000.
In June 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Japan for the exclusive use of Travelzoo’s brand, business model, and members in Japan. In August of 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Australia for the exclusive use of Travelzoo’s brand, business models, and members in Australia, New Zealand, and Singapore. Under these arrangements, Travelzoo’s existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue is booked with a lag of one quarter. Travelzoo recorded $8,000 in licensing revenue from the licensee in Australia, New Zealand, and Singapore in Q1 2023. Licensing revenue is expected to increase going forward.
Members and Subscribers As of March 31, 2023, we had 30.5 million members worldwide. In North America, the unduplicated number of Travelzoo members was 16.3 million as of March 31, 2023, down 2% from March 31, 2022. In Europe, the unduplicated number of Travelzoo members was 9.1 million as of March 31, 2023, consistent with March 31, 2022. Jack’s Flight Club had 2.0 million subscribers as of March 31, 2023, up 14% from March 31, 2022.
Discontinued Operations As announced in a press release on March 10, 2020, Travelzoo decided to exit its Asia Pacific business and operate it as a licensing business going forward. Consequently, the Asia Pacific business has been classified as discontinued operations since March 31, 2020. Prior periods have been reclassified to conform with the current presentation. Certain reclassifications have been made for current and prior periods between the continued operations and the discontinued operations in accordance with U.S. GAAP.
Income Taxes A provision of $1.4 million for income taxes was recorded for Q1 2023, compared to an income tax expense of $968,000 in the prior-year period. The provision for Q1 2023 does not reflect the expected utilization of NOLs by Travelzoo in the U.S.
Non-GAAP Financial Measures Management calculates non-GAAP operating income when evaluating the financial performance of the business. Travelzoo’s calculation of non-GAAP operating income, also called “non-GAAP operating profit” in this press release and today’s earnings conference call, excludes the following items: amortization of intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America (“GAAP”). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.
Looking Ahead For Q2 2023, we currently expect growth in revenue and growth in operating profit to continue year-over-year. During the pandemic, we have been able to lower our fixed costs. We believe we can keep our fixed costs relatively low in the foreseeable future.
Conference Call Travelzoo will host a conference call to discuss first quarter 2023 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to
download the management presentation (PDF format) to be discussed in the conference call
access the webcast.
About Travelzoo Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Travelzoo and Jack’s Flight Club are registered trademarks of Travelzoo.
TravelzooCondensed Consolidated Statements of Operations(Unaudited)(In thousands, except per share amounts)
Three months ended
March 31
2023
2022
Revenues
$ 21,601
$ 18,453
Cost of revenues
2,691
2,832
Gross profit
18,910
15,621
Operating expenses:
Sales and marketing
9,296
8,581
Product development
490
453
General and administrative
4,413
4,668
Total operating expenses
14,199
13,702
Operating income
4,711
1,919
Other income, net
350
1,423
Income from continuing operations before income taxes
5,061
3,342
Income tax expense
1,378
968
Income from continuing operations
3,683
2,374
Loss from discontinued operations, net of tax
(2)
(11)
Net income
3,681
2,363
Net income attributable to non-controlling interest
8
4
Net income attributable to Travelzoo
$ 3,673
$ 2,359
Net income attributable to Travelzoo—continuing operations
$ 3,675
$ 2,370
Net loss attributable to Travelzoo—discontinued operations
$ (2)
$ (11)
Income per share—basic
Continuing operations
$ 0.23
$ 0.20
Discontinued operations
$ —
$ —
Net income per share—basic
$ 0.23
$ 0.20
Income per share—diluted
Continuing operations
$ 0.23
$ 0.19
Discontinued operations
$ —
$ —
Net income per share—diluted
$ 0.23
$ 0.19
Shares used in per share calculation from continuing operations—basic
15,697
12,056
Shares used in per share calculation from discontinued operations—basic
15,697
12,056
Shares used in per share calculation from continuing operations—diluted
15,779
12,544
Shares used in per share calculation from discontinued operations—diluted
NEW YORK, April 27, 2023 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO):
Revenue of $21.6 million, up 17% year-over-year
In constant currencies, revenue was $22.1 million, up 19% year-over-year
Non-GAAP consolidated operating profit of $5.5 million
Earnings per share (EPS) of $0.23
Travelzoo, a global Internet media company that provides exclusive offers and experiences for members, today announced financial results for the first quarter ended March 31, 2023. Consolidated revenue was $21.6 million, up 17% from $18.5 million year-over-year. In constant currencies, revenue was $22.1 million. Travelzoo’s reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members.
The reported net income attributable to Travelzoo from continuing operations was $3.7 million for Q1 2023. At the consolidated level, including minority interests, the reported net income from continuing operations was $3.7 million. EPS from continuing operations was $0.23, compared to $0.19 in the prior-year period.
Non-GAAP operating profit was $5.5 million. The calculation of non-GAAP operating profit excludes amortization of intangibles ($0.4 million), stock option expenses ($0.4 million) and severance-related expenses ($39,000). See section “Non-GAAP Financial Measures” below.
“We will continue our strategy of leveraging Travelzoo’s global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more exclusive offers for Travelzoo members,” said Holger Bartel, Travelzoo’s Global CEO. “With more than 30 million members, 8 million mobile app users, and 4 million social media followers, Travelzoo is loved by travel enthusiasts who are affluent, active, and open to new experiences.”
Cash Position As of March 31, 2023, consolidated cash, cash equivalents and restricted cash were $19.8 million. Net cash provided by operations was $535,000.
Reserve Reported revenues include a reserve of $785,000 related to commissions to be earned from vouchers sold. The reserve is initially booked as contra revenue.
Travelzoo North America North America business segment revenue increased 26% year-over-year to $14.8 million. Operating profit for Q1 2023 was $4.5 million, or 31% of revenue, compared to an operating profit of $1.7 million in the prior-year period.
Travelzoo Europe Europe business segment revenue remained consistent year-over-year at $5.9 million. At constant currencies, Europe business segment revenue increased 6% year-over-year. Operating profit for Q1 2023 was $457,000, or 8% of revenue, compared to an operating profit of $178,000 in the prior-year period.
Jack’s Flight Club Jack’s Flight Club business segment revenue increased 15% year-over-year to $948,000. Jack’s Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. The number of premium subscribers increased 27% year-over-year. Revenue from increases in subscribers is reported with a lag because we recognize revenue from subscriptions monthly pro rata over the subscription period (quarterly, semi-annually, annually). Non-GAAP operating profit for Q1 2023 was $123,000, compared to a non-GAAP operating profit of $249,000 in the prior-year period. After consolidation with Travelzoo, Jack’s Flight Club’s net income was $20,000, with $12,000 attributable to Travelzoo as a result of recording $168,000 of amortization of intangible assets related to the acquisition.
New Initiatives New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $8,000. Operating loss for Q1 2023 was $217,000.
In June 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Japan for the exclusive use of Travelzoo’s brand, business model, and members in Japan. In August of 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Australia for the exclusive use of Travelzoo’s brand, business models, and members in Australia, New Zealand, and Singapore. Under these arrangements, Travelzoo’s existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue is booked with a lag of one quarter. Travelzoo recorded $8,000 in licensing revenue from the licensee in Australia, New Zealand, and Singapore in Q1 2023. Licensing revenue is expected to increase going forward.
Members and Subscribers As of March 31, 2023, we had 30.5 million members worldwide. In North America, the unduplicated number of Travelzoo members was 16.3 million as of March 31, 2023, down 2% from March 31, 2022. In Europe, the unduplicated number of Travelzoo members was 9.1 million as of March 31, 2023, consistent with March 31, 2022. Jack’s Flight Club had 2.0 million subscribers as of March 31, 2023, up 14% from March 31, 2022.
Discontinued Operations As announced in a press release on March 10, 2020, Travelzoo decided to exit its Asia Pacific business and operate it as a licensing business going forward. Consequently, the Asia Pacific business has been classified as discontinued operations since March 31, 2020. Prior periods have been reclassified to conform with the current presentation. Certain reclassifications have been made for current and prior periods between the continued operations and the discontinued operations in accordance with U.S. GAAP.
Income Taxes A provision of $1.4 million for income taxes was recorded for Q1 2023, compared to an income tax expense of $968,000 in the prior-year period. The provision for Q1 2023 does not reflect the expected utilization of NOLs by Travelzoo in the U.S.
Non-GAAP Financial Measures Management calculates non-GAAP operating income when evaluating the financial performance of the business. Travelzoo’s calculation of non-GAAP operating income, also called “non-GAAP operating profit” in this press release and today’s earnings conference call, excludes the following items: amortization of intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America (“GAAP”). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.
Looking Ahead For Q2 2023, we currently expect growth in revenue and growth in operating profit to continue year-over-year. During the pandemic, we have been able to lower our fixed costs. We believe we can keep our fixed costs relatively low in the foreseeable future.
Conference Call Travelzoo will host a conference call to discuss first quarter 2023 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to
download the management presentation (PDF format) to be discussed in the conference call
access the webcast.
About Travelzoo Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Travelzoo and Jack’s Flight Club are registered trademarks of Travelzoo.
TravelzooCondensed Consolidated Statements of Operations(Unaudited)(In thousands, except per share amounts)
Three months ended
March 31
2023
2022
Revenues
$ 21,601
$ 18,453
Cost of revenues
2,691
2,832
Gross profit
18,910
15,621
Operating expenses:
Sales and marketing
9,296
8,581
Product development
490
453
General and administrative
4,413
4,668
Total operating expenses
14,199
13,702
Operating income
4,711
1,919
Other income, net
350
1,423
Income from continuing operations before income taxes
5,061
3,342
Income tax expense
1,378
968
Income from continuing operations
3,683
2,374
Loss from discontinued operations, net of tax
(2)
(11)
Net income
3,681
2,363
Net income attributable to non-controlling interest
8
4
Net income attributable to Travelzoo
$ 3,673
$ 2,359
Net income attributable to Travelzoo—continuing operations
$ 3,675
$ 2,370
Net loss attributable to Travelzoo—discontinued operations
$ (2)
$ (11)
Income per share—basic
Continuing operations
$ 0.23
$ 0.20
Discontinued operations
$ —
$ —
Net income per share—basic
$ 0.23
$ 0.20
Income per share—diluted
Continuing operations
$ 0.23
$ 0.19
Discontinued operations
$ —
$ —
Net income per share—diluted
$ 0.23
$ 0.19
Shares used in per share calculation from continuing operations—basic
15,697
12,056
Shares used in per share calculation from discontinued operations—basic
15,697
12,056
Shares used in per share calculation from continuing operations—diluted
15,779
12,544
Shares used in per share calculation from discontinued operations—diluted
CULVER CITY, Calif., April 26, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced that Jim Tsai, Chief Executive Officer, and Heidy Chow, Chief Financial Officer, will be participating in the Inaugural EF Hutton Global Conference on May 11, 2023, at the Plaza Hotel in New York City. Management will host one-on-one and group meetings.
The Inaugural EF Hutton Global Conference is a two-day, invitation-only event featuring key executives from approximately 150 public and private companies to convey their unique stories to a diverse audience that includes institutional investors, high-net worth individuals, corporate clients and members of the press.
To schedule a meeting with management, please contact your EF Hutton representative.
About EF Hutton EF Hutton, division of Benchmark Investments, LLC, is a global, full-service investment bank headquartered in New York, New York. EF Hutton is a division of Benchmark Investments, LLC, a subsidiary of Kingswood US, LLC, an indirect subsidiary of Kingswood Holdings Limited (AIM: KWG). The synergies and direct access to Kingswood Holdings Limited provide EF Hutton with a unique global presence and broad platform outreach to ensure success for its clients.
About Snail, Inc. Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
CEO/P Mehran Ehsan made a presentation at the Planet Microcap Showcase on April 26. The short, ten-minute presentation largely restated the company’s case that there is a disconnect between its asset value and its stock price. Mr. Ehsan once again pointed to a reserve study of its properties that values its properties at $428 million using a 10% discount rate versus the stock’s current enterprise value of $9 million. If one were to value the company based on just proved reserves, the value would still be $128 million. In fact, the value from only wells currently producing is $12 million, still above the current market capitalization.
Management believes the disconnect stems from its listing on the OTCQB exchange which limits manager investments in the company. The company has dropped plans to list on the New York Stock Exchange and now plans to list on the NASDAQ exchange. We believe such a move is prudent and that it will help reduce the valuation disconnect. This is especially important given Permex’s need for capital to drill out additional wells. Along those lines, management indicated that it plans to convert a vertical well drill last fall to a horizontal well. The drilling will use $1.1 million of the $1.67 million in cash on hand and take a few months to complete.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.
Placing Her Stamp. Vera Bradley CEO Jackie Ardrey announced additional corporate organizational changes as well as targeting $12 million of incremental cost reductions, the majority of which should fall to the bottom line. We view the announcement as Ms. Ardrey putting her stamp on the Company from a management perspective, while right-sizing the expense structure of the Company.
New CFO. Michael Schwindle will join Vera Bradley as CFO on May 8th. Mr. Schwindle has previously worked with CEO Ardrey. Mr. Schwindle is a 30-year retail industry veteran, including 15 years as a CFO in such firms as accessory and jewelry retailer Claire’s, Fleet Farm, Payless ShoeSource, Harry & David, and Musician’s Friend. Mr. Schwindle began his career at Deloitte & Touche LLP.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Beasley Broadcast Group, Inc. owns and operates 61 stations (47 FM and 14 AM) in 15 large- and mid-size markets in the United States. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text messaging, digital and web applications and email. The Overwatch League’s Houston Outlaws esports team is a wholly owned subsidiary. The Company also owns BeasleyXP, a national esports content hub, and AXLR-R8, a Rocket League Championship Series team, in its esports portfolio. For more information, please visit www.bbgi.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q1 results. The company reported revenue of $57.8 million and adj. EBITDA of $2.8 million, beating our upwardly revised estimates by 1.8% and 6.3%, respectively. The better than expected results were driven by strong digital revenue of $10 million, an increase of 27% from the prior year period, and $4.3 million in sports betting advertising.
Robust digital growth. From Q1 2019 to Q1 2023, the company grew digital revenue at a CAGR of 30% and now Digital represents 17% of total company revenue. Given the anticipated strong digital revenue growth, management appears to be on target for Digital to be 20% to 30% of total revenue for full year 2023, and 40% in 2024.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Takeaways from the National Association of Broadcasters’ NAB Show
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Demystifying What it Means to be an Accredited Investor
Have you looked into determing if you qualify as an accredited investor? Individuals and entities that are deemed “accredited” may be permitted to participate in certain types of investment offerings that would not otherwise be available to those that don’t meet the criteria. It allows access to a broader range of offerings, many of which are considered to allow for greater potential returns in exchange for higher potential downside.
What is an Accredited Investor?
An accredited investor includes those that meet certain financial criteria set by the Securities and Exchange Commission (SEC) in order to participate in certain types of private securities offerings. Accredited investors are deemed to have the financial sophistication and ability to bear the risks associated with these investments.
The SEC defines an accredited investor as someone who has a net worth of at least $1 million (excluding the value of their primary residence) or who has earned at least $200,000 in annual income ($300,000 for married couples) for the last two years and has a reasonable expectation of earning the same income in the current year. Entities such as trusts, partnerships, corporations, and certain types of retirement accounts can also be accredited investors if they meet certain financial criteria.
Why Learn if You’re Accredited
So why is it worth knowing if you qualify as an accredited investor? For one, it opens up a wider range of investment opportunities to allocate your capital to. This can include private securities offerings, private equity funds, venture capital funds, and direct investment in hedge funds. These types of investments are considered riskier than publicly offered registered securities but may offer higher potential returns.
Another benefit of being an accredited investor is that it allows you to invest in crowdfunding opportunities that are only available to accredited investors. Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the internet. While crowdfunding is open to anyone, there are certain types of crowdfunding that are only available to accredited investors. These offerings, called Regulation D (Reg D) offerings, allow companies to raise capital without having to register with the SEC.
Reg D offerings can take several forms, including Rule 506(b) and Rule 506(c) offerings. Rule 506(b) offerings allow up to 35 non-accredited investors to participate in the offering, while Rule 506(c) offerings are only available to accredited investors. Companies raising capital through a Rule 506(c) offering are required to verify the accredited investor status of participants through documentation such as tax returns or financial statements.
Important to Think About
It seems obvious, but worth noting that just because you are an accredited investor does not necessarily mean that investment opportunities that become available to you will work out well. It’s crucial to do your due diligence and thoroughly research any investment opportunity before committing funds. While those that meet the definition of accredited and may have attained a higher degree of financial sophistication increase their opportunities, investing always involves a varying degree of risk.
Is it worth becoming an accredited investor to open the door to exploring private securities offerings? While this decision ultimately depends on your individual financial goals and circumstances, it’s worth considering the potential downsides of becoming an accredited investor solely for this reason.
For one, becoming an accredited investor often requires a significant amount of wealth, which may not be feasible for everyone. Additionally, investing in private securities offerings often requires a higher degree of financial sophistication and access to professional investment advice. It’s important to consider whether or not you have the resources to properly evaluate investment opportunities and make informed decisions.
Furthermore, private securities offerings are often less liquid or illiquid, meaning that it can be challenging to sell your investment if you need to access your funds quickly. This lack of liquidity can be a significant disadvantage for investors who may need to access their funds in the short term.
Take Away
Being an accredited investor allows individuals and entities to participate in certain types of private securities offerings that are typically not available to non-accredited investors. This can provide access to higher potential returns but also comes with a higher degree of risk. It’s important to thoroughly research any investment opportunity before committing your funds and to consider the potential downsides of becoming an accredited investor solely for the purpose of investing in private securities offerings.
Did you Know?
From time to time, Noble Capital Markets, Inc. may post Investment opportunities (“Offerings”) on its site that may only be purchased by accredited investors, as defined by Rule 501 of Regulation D under the Securities Act of 1933 (“Regulation D”). To learn more about your qualifications and potentially these offerings, click here to explore further.
