Multi-antigen Vaccine Designed to Protect Against Evolving SARS-CoV-2 Variants
ATLANTA, GA, September 11, 2023 – GeoVax Labs, Inc. (Nasdaq: GOVX), a biotechnology company developing immunotherapies and vaccines against cancers and infectious diseases, today announced that it has met the enrollment target for its Phase 2 clinical trial evaluating GEO-CM04S1 as a booster for healthy patients who have previously received the Pfizer or Moderna mRNA vaccine (ClinicalTrials.gov Identifier: NCT04639466).
The study is designed to evaluate the safety profile and immunogenicity of two GEO-CM04S1 dose levels administered as a COVID-19 vaccine booster among healthy individuals previously vaccinated with one of the FDA approved SARS-CoV-2 mRNA vaccines. The immunological responses measured throughout the study will include both the level of neutralizing antibodies against SARS-CoV-2 variants of concern and specific T cell responses.
GEO-CM04S1 is a next-generation COVID-19 vaccine based on GeoVax’s MVA viral vector platform, which supports the presentation of multiple vaccine antigens to the immune system in a single dose. GEO-CM04S1 encodes for both the spike (S) and nucleocapsid (N) antigens of SARS-CoV-2 and is specifically designed to induce both antibody and T cell responses to those parts of the virus less likely to mutate over time. The more broadly functional engagement of the immune system is designed to protect against severe disease caused by continually emerging variants of COVID-19. Vaccines of this format should not require frequent and repeated modification or updating.
“We would like to thank everyone who partnered with us to complete this important clinical trial enrollment milestone, especially the study volunteers and research staff at our clinical sites in the United States,” said David Dodd, GeoVax Chairman and CEO. “We believe the unique properties of GEO-CM04S1 potentially offer a more robust, durable degree of protection than the current authorized COVID-19 vaccines, not only as a booster vaccine to the currently authorized mRNA vaccines, but as a primary vaccine for highly vulnerable immunocompromised patients.”
Additional Ongoing Trials of GEO-CM04S1
In addition to the booster vaccine trial for which patient enrollment was just completed, GEO-CM04S1 is being evaluated in two other Phase 2 clinical trials:
As a primary vaccine in immunocompromised patients (with hematologic cancers receiving cell transplants or CAR-T therapy). ClinicalTrials.gov Identifier: NCT04977024. A recent presentation of unpublished data from the open-label portion of the trial indicates that GEO-CM04S1 is highly immunogenic in these patients, inducing both antibody responses, including neutralizing antibodies, and T cell responses. These data support the progression of the Phase 2 clinical study, which includes a direct comparison to currently approved mRNA vaccines.
As a booster vaccine in immunocompromised patients with chronic lymphocytic leukemia (CLL), a recognized high-risk group for whom current mRNA vaccines and monoclonal antibody (MAb) therapies appear inadequate relative to providing protective immunity. ClinicalTrials.gov Identifier: NCT05672355.
Further underscoring the need for next-generation COVID-19 vaccines such as GEO-CM04S1, GeoVax scientists co-authored an article titled, “MVA-Vectored Universal Beta-Coronavirus Vaccine Design & Development”, published in the June 2023 issue of the online journal Vaccine Insights. The article, accessible here, provides expert insight into the emergence of SARS-CoV-2 (COVID-19), the risk of new “spillover events” from animal hosts, and how this risk can be addressed proactively. Regarding COVID-19 and its continually evolving variants, the authors describe the limitations of first-generation vaccines and the potential for MVA-vectored vaccines such as GEO-CM04S1 to overcome these limitations.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades. For more information, visit our website: www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “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 and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. 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.
Record Full Year 2023 with $1,059 million of Revenue. 16.1% Revenue Growth over FY22 and 57.5% Revenue Growth over FY19
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, today provided financial results for the fourth quarter and the full 2023 Fiscal Year, which ended on July 2, 2023. Fourth quarter 2022 and Fiscal Year 2022 had an extra week of results compared to Fourth quarter 2023 and Fiscal Year 2023.
Fourth Quarter Highlights:
Revenue was $239.4 million, down $28.3 million or (10.6)% from $267.7 million in the prior year, in which out-of-period Service Revenue and the 53rd week & related calendar shift totaled $29.7 million. Revenue was up 54.0% versus Fourth quarter Fiscal Year 2019
Total Bowling Center Revenue grew $5.4 million or 2.4% versus prior year and 54.1% versus Fourth quarter Fiscal Year 2019
Normalized Calendar Same Store Revenue decline of (2.6)% versus prior year and growth of 29.3% versus Fourth quarter Fiscal Year 2019
Net income of $146.2 million
Adjusted EBITDA of $64.5 million
Total centers in operation as of July 2, 2023 were 328
Fiscal Year 2023 Highlights:
Revenue was $1,058.8 million, up $147.1 million or 16.1% versus $911.7 million in the prior year, which included revenue from the 53rd week & related calendar shift totaling $20.7 million. Revenue was up 57.5% versus Fiscal Year 2019
Total Bowling Center Revenue grew $165.2 million or 19.4% versus prior year and 57.8% versus Fiscal Year 2019
Normalized Calendar Same Store Revenue growth of 12.8% versus prior year and 31.9% versus Fiscal Year 2019
Net income of $82.0 million
Adjusted EBITDA of $354.3 million
16 new centers added to the portfolio
“We finished Fiscal Year 2023 with 16% growth over Fiscal Year 2022 and 58% over Fiscal Year 2019. The same-store comp against a strong fourth quarter in Fiscal 2022 was down low-single digits in one of our seasonally smallest quarters. While April began with a decline versus the prior year, we saw an improving trend over the course of the quarter in conjunction with innovating our offerings to encourage more retail spend in our centers. We are in the early stages of pioneering new ways to increase wallet share from our vast customer base, and these changes are resonating with our guests,” said Tom Shannon, Founder, Chief Executive Officer and President. “The capital deployment opportunities are significant. Fiscal Year 2024 will be an investment year to drive top and bottom line growth. We remain confident in the upcoming fiscal year in which we have several exciting initiatives underway, including the acquisition of Lucky Strike, a robust M&A pipeline, new build activity in marquee markets, accelerated center conversions, and the continued rollout of initiatives to enhance the customer experience and increase wallet share. Additionally, as we anniversary the second year of our go-public transaction and 27th since our first center acquisition, we are excited to provide Fiscal Year 2024 guidance.”
Remediation of Material Weaknesses
In our Fiscal Year 2022 Form 10-K, material weaknesses were identified in controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, related to certain financial reporting processes. Throughout fiscal year 2023, management implemented measures designed to remediate the identified material weaknesses. Management has determined that the material weaknesses identified in the prior year have been remediated as of July 2, 2023.
Share Repurchase Program
During the quarter, the Company repurchased 6.4 million shares of Class A common stock at an average price of $12.64, bringing the total shares acquired under the program to 11.3 million and the average purchase price to $11.90. Pro forma for additional Class A common stock repurchased subsequent to quarter end, the total Class A and Class B shares outstanding as of August 30, 2023 are 160.2 million. On September 6, 2023, the Board authorized an increase to the share repurchase program to $200 million.
Fiscal Year 2024 Guidance
Today, the Company provided financial guidance for fiscal year 2024. We expect Revenue to be up 10% to 15% excluding the $21 million of Service Revenue, which equates to $1.14 billion to $1.19 billion of Revenue. Adjusted EBITDA margin is expected to be 32% to 34%, which equates to Adjusted EBITDA of $365 million to $405 million. We expect to heavily reinvest in the business in fiscal year 2024, with more than $160 million allocated to acquisitions, $40 million to new builds, and $75 million to conversions.
Investor Webcast Information
Listeners may access an investor webcast hosted by Bowlero. The webcast and results presentation will be accessible at 10:00 AM ET on September 11, 2023 in the Events & Presentations section of the Bowlero Investor Relations website at https://ir.bowlerocorp.com/overview/default.aspx.
About Bowlero Corp.
Bowlero Corp. is the worldwide leader in bowling entertainment. With 328 bowling centers across North America, Bowlero Corp. serves nearly 30 million guests each year through a family of brands that includes Bowlero and AMF. Bowlero Corp. is also home to the Professional Bowlers Association, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
Forward Looking Statements
Some of the statements contained in this press release are 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, that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “confident,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: our ability to design and execute our business strategy; changes in consumer preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our centers; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our ability to successfully defend litigation brought against us; our ability to adequately obtain, maintain, protect and enforce our intellectual property and proprietary rights and claims of intellectual property and proprietary right infringement, misappropriation or other violation by competitors and third parties; failure to hire and retain qualified employees and personnel; the cost and availability of commodities and other products we need to operate our business; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers’ technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health emergencies and pandemics, such as COVID-19 pandemic, or natural catastrophes and accidents; changes in the regulatory atmosphere and related private sector initiatives; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other factors described under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company on September 11, 2023, as well as other filings that the Company will make, or has made, with the SEC, such as Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
Non-GAAP Financial Measures
To provide investors with information in addition to our results as determined under Generally Accepted Accounting Principles (“GAAP”), we disclose Total Bowling Center Revenue, Normalized Calendar Same Store Revenue and Adjusted EBITDA as “non-GAAP measures”, which management believes provide useful information to investors because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for revenue, net income, or any other operating performance or liquidity measure calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies.
Total Bowling Center Revenue represents Total Revenue less Non-Center Related Revenue, Revenue from Closed Centers (as defined below), Service Revenue, and Revenue from the 53rd Week and associated Calendar Shift, if applicable. Normalized Calendar Same Store Revenue represents Total Revenue less Non-Center Related Revenue, Revenue from Closed Centers, Service Revenue, Revenue from the 53rd Week and associated Calendar Shift, if applicable, and Acquired Revenue. Adjusted EBITDA represents Net Income (Loss) before Interest, Income Taxes, Depreciation and Amortization, Share-based Compensation, EBITDA from Closed Centers, Foreign Currency Exchange Loss (Gain), Asset Disposition Loss (Gain), Transactional and other advisory costs, changes in the value of earnouts and warrants and settlement costs, and other.
The Company considers Total Bowling Center Revenue as an important financial measure because it provides a financial measure of revenue directly associated with bowling center operations. The Company also considers Normalized Calendar Same Store Revenue as an important financial measure because it provides comparable revenue for centers open for the entire duration of both the current and comparable measurement periods, and removes the impact of the 53rd week and associated calendar shift that are non-recurring in nature.
The Company considers Adjusted EBITDA as an important financial measure because it provides a financial measure of the quality of the Company’s earnings. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure. Adjusted EBITDA is used by management in addition to and in conjunction with the results presented in accordance with GAAP. We have presented Adjusted EBITDA solely as a supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that Adjusted EBITDA:
do not reflect every expenditure, future requirements for capital expenditures or contractual commitments;
do not reflect changes in our working capital needs;
do not reflect the interest expense, or the amounts necessary to service interest or principal payments, on our outstanding debt;
do not reflect income tax (benefit) expense, and because the payment of taxes is part of our operations, tax expense is a necessary element of our costs and ability to operate;
do not reflect non-cash equity compensation, which will remain a key element of our overall equity based compensation package; and
do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations.
GAAP Financial Information
Bowlero Corp.
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share amounts)
(Unaudited)
July 2, 2023
July 3, 2022
Assets
Current assets:
Cash and cash equivalents
$
195,633
$
132,236
Accounts and notes receivable, net of allowance for doubtful accounts of $551 and $504, respectively
3,092
5,227
Inventories, net
11,470
10,310
Prepaid expenses and other current assets
18,395
12,732
Assets held-for-sale
2,069
8,789
Total current assets
230,659
169,294
Property and equipment, net
697,850
534,721
Internal use software, net
17,914
11,423
Property and equipment under capital leases, net
—
262,703
Operating lease right of use assets, net
449,085
—
Finance lease right of use assets, net
515,339
—
Intangible assets, net
90,986
92,593
Goodwill
753,538
742,669
Deferred income tax asset
73,807
—
Other assets
12,096
41,022
Total assets
$
2,841,274
$
1,854,425
Liabilities, Temporary Equity and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses
$
121,226
$
101,071
Current maturities of long-term debt
9,338
4,966
Current obligations of operating lease liabilities
23,866
—
Other current liabilities
14,281
13,123
Total current liabilities
168,711
119,160
Long-term debt, net
1,138,687
865,090
Long-term obligations under capital leases
—
397,603
Long-term obligations of operating lease liabilities
431,295
—
Long-term obligations of financing lease liabilities
652,450
—
Earnout liability
112,041
210,952
Other long-term liabilities
34,380
54,418
Deferred income tax liabilities
4,160
14,882
Total liabilities
2,541,724
1,662,105
Commitments and Contingencies
Temporary Equity
Series A preferred stock
$
144,329
$
206,002
Stockholders’ Equity (Deficit)
Class A common stock
11
11
Class B common stock
6
6
Additional paid-in capital
506,112
335,015
Treasury stock, at cost
(135,401
)
(34,557
)
Accumulated deficit
(219,659
)
(312,851
)
Accumulated other comprehensive income (loss)
4,152
(1,306
)
Total stockholders’ equity (deficit)
155,221
(13,682
)
Total liabilities, temporary equity and stockholders’ equity (deficit)
$
2,841,274
$
1,854,425
Bowlero Corp.
Condensed Consolidated Statements of Operations
(Amounts in thousands)
(Unaudited)
Three Months Ended
Twelve Months Ended
July 2,2023
July 3,2022
July 2,2023
July 3,2022
Revenues
$
239,420
$
267,717
$
1,058,790
$
911,705
Costs of revenues
182,172
185,229
716,384
609,971
Gross profit
57,248
82,488
342,406
301,734
Operating (income) expenses:
Selling, general and administrative expenses
35,082
35,689
137,919
180,702
Asset impairment
1,028
1,548
1,601
1,548
Gain on sale of assets
(70
)
(2,354
)
(2,240
)
(4,109
)
Other operating expense
1,701
1,260
4,326
6,968
Total operating expense
37,741
36,143
141,606
185,109
Operating profit
19,507
46,345
200,800
116,625
Other expenses (income):
Interest expense, net
30,785
25,359
110,851
94,460
Change in fair value of earnout liability
(73,406
)
2,564
85,352
25,800
Change in fair value of warrant liability
—
6,092
—
26,840
Other expense
1,436
(12
)
6,792
149
Total other (income) expense
(41,185
)
34,003
202,995
147,249
Income (loss) before income tax benefit
60,692
12,342
(2,195
)
(30,624
)
Income tax (benefit) Expense
(85,528
)
5,399
(84,243
)
(690
)
Net income (loss)
146,220
6,943
82,048
(29,934
)
Bowlero Corp.
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
Three Months Ended
Twelve Months Ended
July 2,2023
July 3,2022
July 2,2023
July 3,2022
Net cash provided by operating activities
$
8,985
$
34,809
$
217,787
$
177,670
Net cash used in investing activities
(65,269
)
(41,601
)
(253,218
)
(220,345
)
Net cash provided by (used in) financing activities
90,993
(33,888
)
98,957
(12,136
)
Effect of exchange rate changes on cash
(120
)
(61
)
(129
)
(46
)
Net increase (decrease) in cash, cash equivalents and restricted cash
34,589
(40,741
)
63,397
(54,857
)
Cash, cash equivalents and restricted cash at beginning of period
161,044
172,977
132,236
187,093
Cash, cash equivalents and restricted cash at end of period
$
195,633
$
132,236
$
195,633
$
132,236
GAAP to non-GAAP Reconciliations
Same Store Reconciliation – FY23 vs. FY19
Same Store Reconciliation – FY23 vs. FY22
(in thousands)
4Q FY19
4Q FY23
FY19
FY23
4Q FY22
4Q FY23
FY22
FY23
Total Revenue – Reported
$
155,494
$
239,420
$
672,175
$
1,058,790
$
267,717
$
239,420
$
911,705
$
1,058,790
less: Non-Center Related
(including Closed Centers)
(6,344
)
(5,545
)
(28,387
)
(21,613
)
(7,868
)
(5,545
)
(25,287
)
(21,613
)
less: Service Revenue
—
(4,088
)
—
(21,019
)
(14,796
)
(4,088
)
(14,796
)
(21,019
)
less: 53rd Week / Calendar Shift
—
—
—
—
(20,663
)
—
(20,663
)
—
Total Bowling Center Revenue
$
149,150
$
229,787
$
643,788
$
1,016,158
$
224,390
$
229,787
$
850,959
$
1,016,158
less: Acquired Revenue
(1,382
)
(38,729
)
(17,419
)
(189,715
)
(168
)
(11,406
)
(47,168
)
(109,737
)
Normalized Calendar Same Store Revenue
$
147,768
$
191,058
$
626,369
$
826,443
$
224,222
$
218,381
$
803,791
$
906,421
% Year-over-Year Change
Total Revenue – Reported
54.0
%
57.5
%
(10.6
)%
16.1
%
Total Bowling Center Revenue
54.1
%
57.8
%
2.4
%
19.4
%
Normalized Calendar Same Store Revenue
29.3
%
31.9
%
(2.6
)%
12.8
%
Adjusted EBITDA Reconciliation
Three Months Ended
Twelve Months Ended
(in thousands)
July 2, 2023
July 3, 2022
July 2, 2023
July 3, 2022
Consolidated
Revenue
$239,420
$267,717
$1,058,790
$911,705
Net income (loss) – GAAP
$146,220
$6,943
$82,048
$(29,934)
Net income (loss) margin
61.1%
2.6%
7.7%
(3.3)%
Adjustments:
Interest expense
32,095
25,359
112,160
94,460
Income tax (benefit) expense
(85,528)
5,399
(84,243)
(690)
Depreciation, amortization and impairment charges
31,693
30,018
117,281
108,505
Share-based compensation
3,851
3,860
15,742
50,236
Closed center EBITDA (1)
1,692
51
3,319
1,480
Foreign currency exchange (gain) loss
(128)
(26)
(53)
5
Asset disposition gain
(70)
(2,355)
(2,240)
(4,109)
Transactional and other advisory costs (2)
6,804
2,762
23,635
43,512
Changes in the value of earnouts and warrants (3)
(73,406)
8,644
85,352
52,789
Other, net (4)
1,270
1,737
1,343
121
Adjusted EBITDA
$64,493
$82,392
$354,344
$316,375
Adjusted EBITDA Margin
26.9%
30.8%
33.5%
34.7%
(1)
The closed center adjustment is to remove EBITDA for closed centers. Closed centers are those centers that are closed for a variety of reasons, including permanent closure, newly acquired or built centers prior to opening, centers closed for renovation or rebranding and conversion. If a center is not open on the last day of the reporting period, it will be considered closed for that reporting period. If the center is closed on the first day of the reporting period for permanent closure, the center will be considered closed for that reporting period.
(2)
The adjustment for transaction costs and other advisory costs is to remove charges incurred in connection with any transaction, including mergers, acquisitions, refinancing, amendment or modification to indebtedness, dispositions and costs in connection with an initial public offering, in each case, regardless of whether consummated.
(3)
The adjustment for changes in the value of earnouts and warrants is to remove of the impact of the revaluation of the earnouts and warrants. As a result of the Business Combination, the Company recorded liabilities for earnouts and warrants. Changes in the fair value of the earnout and warrant liabilities are recognized in the statement of operations. Decreases in the liability will have a favorable impact on the statement of operations and increases in the liability will have an unfavorable impact. The adjustment also includes realized costs associated with the settlement of warrants during past reporting periods.
(4)
Other includes the following related to transactions that do not represent ongoing or frequently recurring activities as part of the Company’s operations: (i) non-routine expenses, net of recoveries for matters outside the normal course of business and (ii) other individually de minimis expenses. Certain prior year amounts have been reclassified to conform to current year presentation.
Leaders with Johnson Controls, Kaiser Permanente, LTIMindtree, McKesson and the National Renewable Energy Laboratory named winners in five award categories
STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today announced the winners of the second annual ISG Women in Digital Awards program for the Americas, recognizing women and their achievements in the digital world.
At a live, virtual award ceremony the evening of September 7, leaders with Johnson Controls, Kaiser Permanente, LTIMindtree, McKesson and the National Renewable Energy Laboratory were honored as winners in five categories, as selected by a panel of industry judges.
“The ISG Women in Digital Awards program received an overwhelming response in our second year, reflecting the large and growing pool of talented women in digital roles,” said Lois Coatney, ISG partner and president, and executive sponsor of the ISG Women in Digital program. “The women chosen as winners have made impressive, impactful and important contributions to the digital industry as a whole. We celebrate their accomplishments.”
An independent panel of judges, comprised of Nidhi Alexander, chief marketing officer, Hexaware; Shannon Bjerregaard, senior vice president and CIO of medical surgical at McKesson; Chris Putur, retired CIO of REI and member of the board of directors of ISG and RealTruck; Sarah Urbanowicz, senior vice president and CIO, AECOM, and Mary Rivard, partner, ISG technology modernization, evaluated the nominations and selected the following winners:
Rising Star: for demonstrating exceptional and continuous growth, with increasing levels of leadership, responsibility and sphere of impact: Gold Winner: Melissa Rojo Salazar, U.S. senior director of consulting, co-lead of product services and innovation, LTIMindtree Silver Winner: Bernice Wong, senior design manager, Albertsons Bronze Winner: Devon Reilly, senior business process lead, PVH Corp.
Women’s Advocate: for playing an active role guiding women to succeed in the digital world: Gold Winner: Diane Schwarz, vice president and CIO, Johnson Controls Silver Winner: Shatabdi Sharma, vice president, Global Application Services, PVH Corp. Bronze Winner: Heather Bunyard, customer success officer, Birlasoft
Digital Innovator: for making a significant impact on an organization, business or client through creative use of digital solutions: Gold Winner: Bridget Karlin, senior vice president of IT, Kaiser Permanente Silver Winner: Richa Agarwal, senior director of digital go-to-market, PVH Corp. Bronze Winner: Ellen Trager, chief digital and information officer, Carrier
Rock Star Leader: for leading a major transformation with significant business impact and demonstrating exceptional leadership skills: Gold Winner: Nancy Avila, executive vice president, chief information officer and chief technology officer, McKesson Silver Winner: Sruti Patnaik, chief information officer, Camping World Bronze Winner: Giao Carrico, senior partner, consulting practice leader for data technology and AI, Genpact
Dr. Annabelle Pratt, principal engineer, National Renewable Energy Laboratory, was chosen by the judges as the Digital Titan of the Year for the Americas from the entire pool of regional nominees, recognizing her as the most outstanding woman in digital for 2023.
The awards program, launched in the Americas in 2022, was expanded for 2023 to the Europe, Middle East and Africa (EMEA) and Asia Pacific regions, including India. The global program received a total of 327 nominees, who are listed in an online ISG Women in Digital eBook. Awards for Asia Pacific and India will be presented October 11, at 6 p.m., AEDT, and awards for EMEA will be presented October 26, at 6 p.m., GMT.
“Women are breaking barriers and making lasting, positive changes in digital and technology leadership roles,” said Kimberly Tobias, ISG director and head of the ISG Women in Digital program. “We are delighted to recognize the success of each person nominated and to offer our sincere congratulations to our 2023 winners.”
Created in 2018, the ISG Women in Digital community provides a platform to exchange practical advice and innovative ideas on diversity and advancement in the workplace. The community hosts a LinkedIn page, an ongoing ISG Digital Dish podcast series, and regular events for ISG employees and the greater IT and business services industry.
For more information about the ISG Women in Digital Awards, contact ISG.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have jointly released a new policy paper laying out recommendations for regulating cryptocurrencies and crypto assets. The paper comes at the request of India, which currently holds the presidency of the G20 intergovernmental forum.
The policy recommendations aim to provide guidance to various jurisdictions on addressing risks associated with crypto activities, particularly those related to stablecoins and decentralized finance (DeFi). However, the paper does not set any new policies or regulatory expectations itself.
Stablecoins have emerged as a major focus area. The IMF and FSB warn that stablecoins pegged to hold a stable value can suddenly become volatile. This may pose threats to financial stability, especially as adoption of stablecoins grows.
The paper also examines risks from the fast-growing DeFi ecosystem. It argues that while DeFi aims to replicate traditional financial functions in a decentralized manner, it does not substantively differ in the services offered. Furthermore, DeFi may propagate similar risks seen in traditional finance around liquidity mismatches, interconnectedness, leverage, and inadequate governance.
However, the IMF and FSB continue to argue against blanket bans on cryptocurrencies. They state that policy should instead focus on understanding and addressing the underlying consumer demand for digital assets and payments.
Take a moment to look at Bit Digital Inc., a sustainability focused generator of digital assets.
The policy recommendations could have significant impacts on crypto companies. Stablecoin issuers and DeFi platforms would likely face greater regulatory scrutiny and standards around risk management. Exchanges may see heightened AML/CFT rules, while custodial services could get more consumer protection and security requirements. Miners and infrastructure providers may also face new oversight on risks and energy usage.
Crypto firms would likely need to invest substantially in compliance to meet new regulatory mandates. While this could raise costs, it may also boost institutional confidence in the emerging crypto space. As crypto adoption grows globally, regulators are trying to balance innovation with appropriate safeguards.
A different play in the Bitcoin space, Bitcoin Depot (BTM) provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to Bitcoin at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through its BDCheckout product.
Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.
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.
Insider Buying. From August 15th through August 26th, Schwazze Director Jeff Garwood purchased 128,155 SHWZ shares on the open market at prices ranging from $0.65 to $0.75 per share. The additional purchases increased Mr. Garwood’s overall Schwazze common stock ownership to 452,783 shares. We positively view insiders putting their own money into share purchases.
Garwood Background. Mr. Garwood joined the Schwazze Board in March 2021, Mr. Garwood is the founder and is currently the managing member of Liberation Capital, LLC, a private equity fund that is focused on providing modular, repeatable waste to value project finance. Prior to Liberation Capital, Mr. Garwood held a variety of senior leadership positions with General Electric including President and CEO of GE Water and Process Technologies, and President and CEO of GE Fanuc. He was also President of Garrett Aviation, and worked for numerous years at the strategic consulting firm McKinsey and Company.
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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Pioneering innovation. Century Lithium has developed a proprietary system for lithium extraction that reflects innovations developed at its lithium extraction facility or pilot plant. Century Lithium received a provisional patent protecting the company’s system and methods for extracting lithium solids, including clay.
Extracting lithium from solids. The company’s patent pending system is based on the extraction of lithium from solids using products of a chlor-alkali process, including hydrochloric acid and sodium hydroxide. Exclusive of the direct lithium extraction (DLE) process where lithium is recovered, protected intellectual property includes the method of treating lithium-bearing solids with chloride solution and the handing of solutions, precipitates, and residues. DLE using Li-Pro is a component process proprietary to Koch Technology Solutions.
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.
Biocept, Inc. (NASDAQ: BIOC) has signed a licensing agreement with Plus Therapeutics, Inc. (NASDAQ: PSTV) for Biocept’s proprietary CNSide cancer detection test. The non-exclusive deal further expands an existing partnership between the companies.
Under the agreement, Plus Therapeutics receives the right to use CNSide testing in clinical trials and commercially if approved by regulators. In return, Plus will pay Biocept $150,000 upfront in stock along with fees for each test performed.
CNSide detects, quantifies, and monitors tumor cells in cerebrospinal fluid to diagnose leptomeningeal metastases, a type of cancer affecting the brain and spinal cord membranes.
Take a look at PDS Biotechnology Corporation, a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies.
Plus Therapeutics is currently using CNSide in a Phase 1/2a clinical trial of its targeted radiotherapy Rhenium 186 Obisbemeda for treating leptomeningeal metastases. The company will pay Biocept $6,000 for each test conducted at Biocept’s lab during the trial.
Once Biocept completes the technology transfer to enable Plus to run CNSide in-house, Plus will pay $300,000 plus $2,800 per test performed. Plus also has an option to negotiate for third-party exclusivity rights to CNSide for a $1 million payment.
The deal provides non-dilutive funding for Biocept as it seeks to establish CNSide as a standard of care. Biocept’s stock jumped 63% in pre-market trading on the news, while Plus Therapeutics rose 10%.
“We are gratified that Plus continues to recognize the value of CNSide in leptomeningeal metastases disease management,” said Biocept President and CEO Antonino Morales. “This agreement further validates the clinical utility of CNSide.”
Plus Therapeutics CEO Marc Hedrick stated CNSide is the “emerging gold standard” for diagnosing patients with leptomeningeal metastases. The licensing deal allows Plus to pair CNSide with its novel radiotherapeutic drug candidate.
The agreement highlights growing industry interest in leveraging Biocept’s proprietary technology to improve cancer detection and monitoring. As CNSide gains further validation, Biocept aims to secure additional partnerships and drive adoption of the test.
Take a moment to look at Onconova Therapeutics Inc., a clinical-stage biopharmaceutical company focused on discovering and developing novel products for cancer patients.
Metalla Royalty & Streaming Ltd. (TSXV: MTA) (NYSE American: MTA) and Nova Royalty Corp. (TSXV: NOVR) (OTCQB: NOVRF) have announced a definitive agreement to combine in an all-stock deal valued at approximately $190 million. The merger will create a larger royalty and streaming company focused on precious and base metals.
Under the agreement, Nova shareholders will receive 0.36 shares of Metalla for each Nova share they own. This represents a premium of 25% based on recent share prices.
The combined company will hold a portfolio of over 100 royalties and streams on mine projects operated by major miners like Barrick, Newmont, and Glencore. The deal is intended to boost scale, diversify assets, and enhance access to capital.
Nova recently conducted a strategic review process with the goal of maximizing shareholder value. After considering options, the Nova Board determined the merger with Metalla offered the best opportunity.
Both companies’ Boards have unanimously approved the transaction. It still requires shareholder and regulatory approvals before expected completion in late 2023. The merged entity will trade on the NYSE American exchange.
An investment firm called Beedie Capital is investing $15 million and expanding Metalla’s convertible loan facility by $35 million in conjunction with the deal. This will provide capital to fund further acquisitions and growth.
Brett Heath, CEO of Metalla, said the combination creates a clear path to becoming an intermediate royalty company. Nova interim CEO Hashim Ahmed noted the merger provides improved scale, cash flow, and trading liquidity.
The companies believe the increased diversification into copper along with gold and silver will give shareholders exposure to critical metals needed for the energy transition. According to management, the merged portfolio will have peer-leading growth potential.
FAU COLLEGE OF BUSINESS EXECUTIVE EDUCATION | KAYE PERFORMING ARTS AUDITORIUM
FEATURING MODERATED FIRESIDE CHAT WITH THE 43rd PRESIDENT OF THE UNITED STATES, GEORGE W. BUSH
SUNDAY DECEMBER 3
Official Kickoff / Early Registration – FAU College of Business Executive Education
Dusty May, NCAA Men’s Basketball; Coach of the Year – FAU Owls
Nico Pronk, President & CEO, Noble Capital Markets, Inc.
Cocktails and hors d’oeuvres
MONDAY DECEMBER 4
~60 public company executive team presentations, breakouts, one-and-ones – FAU College of Business Executive Education
The World is HOT – Impact of National and Global Events – Panel Presentation
Food and beverage throughout the day
“The After” evening networking event – Celebrate Noble’s 19th After in ‘23. Mingle with music, magic, motors, munchies, and high-flying antics. A vintage experience like no other! – Privaira Private Aviation Hangar, Boca Raton Airport
TUESDAY DECEMBER 5
~50 public company executive team presentations, breakouts, one-and-ones – FAU College of Business Executive Education
43rd President of the United States, George W. Bush, moderated fireside chat – Kaye Performing Arts Auditorium at FAU (ticket included with registration)
Food and beverage throughout the day
Conference closing remarks, Noble and FAU representatives (TBA)
WHO SHOULD ATTEND?
Individuals who are interested in meeting and networking with the executives who lead the companies that may shape our future
Individuals who are looking for early-stage investments in companies that can represent significant growth
Family offices, investment clubs and organizations, brokers and equity analysts, financial industry representatives
Institutional investors, hedge & mutual fund portfolio managers, private equity
Florida Atlantic University students, faculty, alumni
EARLY REGISTRATION (before September 15, 2023)
General Registration for all events: $399
Registration for all events PLUS VIP-best-in-house seating for President Bush (BVIP) $599 (ticket value alone, $350)
Discounted Registration for Investment groups/clubs and FINRA-licensed RRs, General $149 / BVIP $299
Each class of registration available in limited quantities. Pricing may increase and/or be discontinued at any time, without notice. Investment groups/clubs must be approved by Noble prior to offering member discounts. Ask your group/club leadership if they have applied for approval from Noble. Registered representatives must have current CRD #. Service providers do not qualify for rates shown above, regardless of class affiliation.
MALVERN, Pa., Sept. 07, 2023 (GLOBE NEWSWIRE) — Baudax Bio, Inc. (the “Company” or “Baudax Bio”) (NASDAQ: BXRX), a biotechnology company focused on developing T cell receptor (“TCR”) therapies utilizing human regulatory T cells (“Tregs”), as well as a portfolio of clinical stage Neuromuscular Blocking Agents (“NMBs”) and an associated reversal agent, today announced that that the Company’s management will be participating in the 25th Annual H.C. Wainwright Global Investment Conference, to be held September 11-13, 2023 in New York, NY.
Gerri Henwood, President & Chief Executive Officer of Baudax Bio, will give a pre-recorded presentation highlighting the Company’s cellular therapy programs, which will be available on-demand by clicking here for the duration of the conference. Ms. Henwood will also be available for one-on-one meetings.
About Baudax Bio
Baudax Bio/TeraImmune is a biotech company focused on innovative products for certain auto-immune conditions, of which many but not all, are orphan drug conditions as well as acute care and related settings. The combined company will further the development of Treg therapy specific to HA (pipeline candidate TI-168). TI-168 is a next-generation, FVIII specific Treg therapy designed to reliably and effectively address Hemophilia A patients with FVIII inhibitor. By combining the patented Treg culture method and TeraImmune designed FVIII-specific TCR, the Company has successfully demonstrated the therapeutic concept of FVIII TCR-Treg therapy in controlling of FVIII ADA in a hemophilic animal model. The lead program TI-168 has shown encouraging pre-clinical data and the FDA has cleared an IND to commence a Phase 1/2a clinical trial for the treatment of Hemophilia A with inhibition.
In addition, over time, the combined company will advance the development of TeraImmune’s innovative immune-cell therapies, leveraging a dual Treg manufacturing platform consisting of both natural regulatory Tregs isolated from patients and induced Tregs converted from a patient’s T-effector (“Teff”) cells. This Treg platform technology is designed for conditions that suppress unwanted immune reactions and includes the allogenic, or off-the-shelf, Tregs obtained from Umbilical Cord Blood for the treatment of skin diseases such as Atopic Dermatitis. For more information, please visit www.baudaxbio.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect Baudax Bio’s expectations about its future performance and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “may,” “upcoming,” “plan,” “target,” “goal,” “intend,” and “expect,” and similar expressions, as they relate to Baudax Bio, are intended to identify such forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on Baudax Bio’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, clinical results and other future conditions. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption “Risk Factors” in Baudax Bio’s most recent Annual Report on Form 10-K filed with the SEC and its subsequent filings with the SEC. Any forward looking statement speaks only as of the date on which it was made. Neither Baudax Bio, nor any of its affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing Baudax Bio’s views as of any date subsequent to the date hereof.
CALGARY, AB, Sept. 7, 2023 /CNW/ – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces August 2023 sales volumes and an operational update.
August 2023 Sales Volumes
August sales volumes averaged 1,852 boepd, including natural gas sales of 10.6 MMcfpd, associated natural gas liquids sales (“NGLs”) from condensate of 84 bopd, and oil sales of 8 bopd, based on field estimates. Of the total natural gas sales of 10.6 MMcfpd, 9.9 MMcfpd was from our Caburé field, with 0.7 MMcfpd from our Murucututu field. Natural gas production from our Murucututu field declined from 0.9 MMcfpd in July to 0.7 MMcfpd in August and we are evaluating alternatives to improve the productive capability of the field.
Natural gas, NGLs and crude oil sales:
August 2023
July 2023
Q2 2023
Natural gas (Mcfpd), by field:
Caburé
9,891
10,697
10,759
Murucututu
665
872
510
Total Company natural gas (Mcfpd)
10,556
11,568
11,269
NGLs (bopd)
84
90
92
Oil (bopd)
8
–
5
Total Company (boepd)
1,852
2,018
1,975
In connection with a temporary reduction in end user consumption, our offtaker, Bahiagás, has provided notice to reduce natural gas nominations for the remainder of September to approximately 8.5 MMcfpd, and as such, we are expecting a reduction in September natural gas sales.
Operational Update
In July we spud our 183-A3 well on our Murucututu natural gas field. Alvopetro initially drilled to a total measured depth of 1,614 metres but encountered hole stability problems drilling the intermediate section within the Pojuca Formation in the intermediate 12 1/4″ hole section. We were able to successfully recover the directional drilling assembly and return it to surface and we then initiated a sidetrack from 800 metres. We completed drilling this sidetracked intermediate section to 1,707 metres and we are in the process of cementing this section in place. Our plan is to drill the well to 3,600 metres and we now expect to complete drilling operations in October.
On our Bom Lugar field, following an extended maintenance program on our contracted completions rig, we have now initiated completion operations of our BL-06 well. We expect to have the well on production later this month.
Alvopetro Energy Ltd.’svision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.
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 news release.
All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
Abbreviations:
bbls
= barrels
boepd
= barrels of oil equivalent (“boe”) per day
bopd
= barrels of oil and/or natural gas liquids (condensate) per day
BRL
= Brazilian real
m3
= cubic metre
MMBtu
= million British thermal units
Mcf
= thousand cubic feet
Mcfpd
= thousand cubic feet per day
MMcf
= million cubic feet
MMcfpd
= million cubic feet per day
Q2 2023
= three months ended June 30, 2023
BOE Disclosure. The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Forward-Looking Statements and Cautionary Language. This news release contains “forward-looking information” within the meaning of applicable securities laws. The use of any of the words “will”, “expect”, “intend” and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning the expected timing of certain of Alvopetro’s testing and operational activities including the expected timing of drilling the 183-A3 well and testing the BL-06 well, expected timing of production commencement from the BL-06 well, exploration and development prospects of Alvopetro, and expected natural gas sales and gas deliveries under the Company’s long-term gas sales agreement. The forward‐looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to expectations and assumptions concerning testing results of the BL-06 well, equipment availability, the timing of regulatory licenses and approvals, the success of future drilling, completion, testing, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the impact of global pandemics and other significant worldwide events, the performance of producing wells and reservoirs, well development and operating performance, foreign exchange rates, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, expectations regarding Alvopetro’s working interest and the outcome of any redeterminations, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro’s SEDAR+ profile at www.sedarplus.ca. The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Fans Celebrate Arrival of Favorite Fast Casual Italian
LOS ANGELES, Sept. 07, 2023 (GLOBE NEWSWIRE) — Fazoli’s, America’s favorite fast and fresh Italian chain, is officially open in Orlando. Located at 4201 E. Colonial Dr., the location is owned by local operator Keys Restaurants Inc., and is now serving up its beloved hot and buttery breadsticks and signature Italian dishes including pasta, subs, salads, pizzas and more.
“We couldn’t be happier to reintroduce our mouthwatering, freshly made food back into the Orlando market,” said Doug Bostick, President at Fazoli’s. “We’ve been humbled by the nonstop excitement from fans and have spent countless hours preparing for the large crowds we expect at our drive-thru and can confidently say, we are ready!”
“We are excited to have fulfilled our promise to return Fazoli’s to Orlando,” said Keys Restaurants Inc. CEO Rodney Keys. “We have a long history of excellence building franchises and local businesses in the Orlando area and are more committed than ever to our customers. When they walk into a Keys Restaurant Inc. location, they know they can expect nothing but the best.”
The Orlando Fazoli’s is located at 4201 E. Colonial Dr., Orlando, FL. 32803. The drive-thru and dine-in is open 10:30 a.m. to 10 p.m., Sunday-Thursday, and 10:30 a.m. to 11 p.m. Friday-Saturday. For more information, visit Fazolis.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 fatbrands.com.
About Fazoli’s
Fast. Fresh. Italian. Founded in 1988 in Lexington, Ky., Fazoli’s owns and operates nearly 220 restaurants in 27 states, making it the largest QSR Italian chain in America. Fazoli’s prides itself on serving quality Italian food, fast, fresh and friendly. Menu offerings include freshly prepared pasta entrees, sub sandwiches, salads, pizza and desserts – along with its unlimited signature breadsticks. For more information, visit www.Fazolis.com.
September 7, 2023 – Vancouver, Canada – Century Lithium Corp. (TSXV:LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or the Company) is pleased to report it has obtained a provisional patent with the U.S. Patent and Trademark Office, U.S. Department of Commerce. The provisional patent is titled System and Method for Extracting Lithium from Clay and Other Materials in a Chloride Solution Using Individualized Pretreatments. The patent pending process encompasses the Company’s flowsheet, as developed at its Lithium Extraction Facility (“Pilot Plant”) in Amargosa Valley, Nevada, USA and protects the Company’s intellectual property (IP) pertaining to the handling of solutions derived from the treatment of solid materials including clays from the Company’s Clayton Valley Lithium Project (Project) in Nevada.
“Through the excellent work of Century Lithium’s team, we have developed a system for lithium extraction which is proprietary to the Company” said Bill Willoughby, President, and CEO of Century Lithium. “Our system incorporates innovations made during our team’s work at the Pilot Plant. The provisional patent provides protection of our system and its IP as we move forward with our Feasibility Study.”
The Company’s patent pending system is based on the extraction of lithium from solids using both products of a chlor-alkali process; hydrochloric acid and sodium hydroxide. Under the provisional patent, the Company’s protected IP includes the method of treating lithium-bearing solids with chloride solution and the handling of solutions, precipitates, and residues, exclusive of a lithium recovery stage (Direct Lithium Extraction) a component process proprietary to Koch Technology Solutions.
Key steps of the provisional patent include:
Conditioning solids prior to leaching; this step uses recycled process solution and sodium hydroxide, a by-product of the process, which acts as a dispersant and chemical reactant with clay-sized particles
Leaching slurried pulp in a hydrochloric acid solution; this step includes capture of carbon dioxide which is used for the precipitation of calcium and magnesium later in the process
Method of treating the post-leach slurry to remove iron and aluminum in a manner that allows pressure filtration of the solids and minimizes the use of flocculants and counter-current decantation
Treatment of post-DLE spent solution to provide feed stock of sodium chloride solution to a chlor-alkali plant and recycle solution to the conditioning step
Qualified Person
Todd Fayram, MMSA-QP is the qualified persons as defined by National Instrument 43-101 and have approved the technical information in this release.
About Century Lithium Corp.
Century Lithium Corp. (formerly Cypress Development Corp.) is an advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in west-central Nevada, USA. Century Lithium is currently in the pilot stage of testing on material from its lithium-bearing claystone deposit at its Lithium Extraction Facility in Amargosa Valley, Nevada and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
ON BEHALF OF CENTURY LITHIUM CORP. WILLIAM WILLOUGHBY, PhD., PE President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be “forward-looking statements”. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” “scheduled,” and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company atwww.sedar.com for further information.
