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.
The Event. On Saturday, April 20th, 2024, the ‘halving’ event commenced with BTC. With the event, all miners will earn half of the mining rewards compared to before. According to CoinDesk, the event also brought higher transaction fees at $2.4 million for the ‘halving’ block compared to $40,000-$60,000 from before. The increased fees are partially attributed to network congestion from the launch of a new protocol, Runes. The protocol allows users to “etch” or mint tokens on the blockchain. The price of BTC decreased slightly to just under $64,000 on Saturday from roughly $65,490 last month.
What is the ‘Halving?’ Recall, the ‘halving’ occurs approximately every four years, in which the reward rate of bitcoin is halved. The reward rate is now at 3.125 BTC per block from a previous 6.25. These events will continue to occur until all potential 21 million bitcoin have been mined.
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*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.
April 19, 2024 – Vancouver, Canada – Century Lithium Corp. (TSXV:LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or Company) reports that the Feasibility Study on the Company’s Clayton Valley Lithium Project (Project), in Nevada, USA, under the direction of Wood PLC and Global Resource Engineering Ltd., is currently under review by the Qualified Persons, and the Company anticipates its announcement imminently.
To date, the Company’s Feasibility Study team has revised and updated estimates for a phased production approach at the Project. These revisions also included assessment and evaluation of the economic benefit of sales of the surplus sodium hydroxide produced by the chlor-alkali plant.
The Company’s Lithium Extraction Facility (Pilot Plant) in Amargosa Valley, Nevada is now in its third year of testing the processing of lithium-bearing claystone from the Project. All data collected has been essential to the Feasibility Study. Century Lithium continues to work toward permitting the Project including the collection of baseline data collection for biology, surface and groundwater hydrology, and social impacts. Earlier this year, baseline reports were submitted by the Company’s consultants and were accepted by the appropriate government agencies. Multiple reports have been completed which will aide in the preparation of a Plan of Operations to initiate the National Environmental Policy Act (NEPA) process.
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 at www.sedar.comfor further information.
MALVERN, Pa., April 19, 2024 (GLOBE NEWSWIRE) — Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines, today announced that dosing is complete in the second cohort of its Phase 1/2 ArMaDa clinical trial for OCU410 (AAV-hRORA)—a modifier gene therapy candidate being developed for geographic atrophy (GA), an advanced stage of dry age-related macular degeneration (dAMD). GA affects approximately 1 million people in the United States alone.
“We are very enthusiastic about the potential of OCU410 as a one-time, gene-agnostic option for the treatment of GA,” said Dr. Huma Qamar, Chief Medical Officer of Ocugen. “OCU410 regulates multiple pathways involved with the disease, including lipid metabolism, inflammation, oxidative stress, and membrane attack complex (complement) with a single sub-retinal injection.”
Dosing in the second cohort is complete and 3 subjects received 200 mL single subretinal administration of the medium dose (5×1010 vg/mL) of OCU410. Up to 13 leading retinal surgery centers across the United States are participating in the ArMaDa clinical trial.
“Currently we have two FDA approved, anti-complement therapies for GA targeting a single pathway of the disease, which has multifactorial and complex etiology,” said Syed M. Shah, MD, Vice Chair of Research and Digital Medicine and Director of Retina Service at Gundersen Health System, La Crosse, WI, and the lead investigator for the OCU410 Phase 1/2 trial. “The limited benefit comes with the burden of continued multiple intravitreal injections spanning over several years. This novel modifier gene therapy has the potential to transform the therapeutic landscape in GA treatment.”
A Data and Safety Monitoring Board meeting will convene next month to review the 4-week safety data of the medium dose cohort before proceeding with high dose, which is the final dose in the Phase 1 dose-escalation study.
The ArMaDa Phase 1/2 clinical trial will assess the safety of unilateral subretinal administration of OCU410 in subjects with GA and will be conducted in two phases. Phase 1 is a multicenter, open-label, dose-ranging study consisting of three dose levels [low dose (2.5×1010 vg/mL), medium dose (5×1010 vg/mL), and high dose (1.5 ×1011 vg/mL). Phase 2 is a randomized, outcome accessor-blinded, dose-expansion study in which subjects will be randomized in a 1:1:1 ratio to either one of two OCU410 treatment groups or to an untreated control group.
The Company will continue to provide clinical updates on an ongoing basis.
About dAMD and GA dAMD affects approximately 10 million Americans and more than 266 million people worldwide. It is characterized by the thinning of the macula. The macula is the part of the retina responsible for clear vision in one’s direct line of sight. dAMD involves the slow deterioration of the retina with submacular drusen (small white or yellow dots on the retina), atrophy, loss of macular function and central vision impairment. dAMD accounts for 85-90% of the total AMD population.
About OCU410 OCU410 utilizes an AAV delivery platform for the retinal delivery of the RORA (ROR Related Orphan Receptor A) gene. The RORA protein plays an important role in lipid metabolism, reducing lipofuscin deposits and oxidative stress, and demonstrates an anti-inflammatory role as well as inhibiting the complement system in in-vitro and in-vivo (animal model) studies. These results demonstrate the ability for OCU410 to target multiple pathways linked with dAMD pathophysiology. Ocugen is developing AAV-RORA as a one-time gene therapy for the treatment of GA.
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 patients’ 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 X and LinkedIn.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, 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, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities. 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.
LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today announced that it will release its first quarter 2024 earnings after the market close on May 2, 2024. The Company will host a conference call and webcast to discuss the results on May 3 at 8:30 a.m. EST. The webcast can be accessed through the Investor Relations section of www.accobrands.com and will be available for replay.
About ACCO Brands Corporation
ACCO Brands, the Home of Great Brands Built by Great People, designs, manufactures and markets consumer and end-user products that help people work, learn and play. Our widely recognized brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.
BOCA RATON, Fla.–(BUSINESS WIRE)–Apr. 18, 2024– The GEO Group (NYSE: GEO) (“GEO” or the “Company”) announced today that it has closed a private offering of $1.275 billion aggregate principal amount of senior notes, comprised of $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029 (the “Secured Notes”) and $625.0 million aggregate principal amount of 10.25% senior unsecured notes due 2031 (the “Unsecured Notes” and, together with the Secured Notes, the “Notes”), exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes are guaranteed by GEO’s domestic subsidiaries that are guarantors under a new senior secured credit facility and outstanding senior notes. GEO also announced today that it has closed a new five-year $450.0 million Term Loan B (the “Term Loan”), bearing interest at SOFR plus 5.25%, under a new $760.0 million senior secured credit facility. The new senior secured credit facility also includes a five-year revolving line of credit for $310.0 million.
The offering of the Notes and the new Term Loan resulted in net proceeds of approximately $1.67 billion, after deducting the initial purchasers’ discount and estimated expenses payable by GEO. GEO intends to use the net proceeds of the offering of the Notes, borrowings under the new Term Loan, and cash on hand to refinance approximately $1.5 billion of existing indebtedness, including to fund the repurchase, redemption or other discharge of the Company’s existing Tranche 1 Term Loan and Tranche 2 Term Loan under its prior senior credit facility, the 9.50% senior second lien secured notes, the 10.50% senior second lien secured notes, and the 6.00% senior notes due 2026, to pay related premiums, transaction fees and expenses, and for general corporate purposes of the Company. GEO also intends to retire or settle a portion of the 6.50% exchangeable senior notes due 2026 issued by GEO Corrections Holdings, Inc., using shares of GEO common stock and cash. GEO expects to fund the cash portion of the retirement or settlement, which is expected to total up to $177.1 million, using a combination of the net proceeds from the offering of the Notes and cash on hand. Nothing in this press release should be construed as an offer to purchase, notice of redemption or a solicitation of an offer to purchase any of the existing term loans or notes.
The Notes were offered and sold in the United States only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act, and outside the United States only to non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About The GEO Group
The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 100 facilities totaling approximately 81,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of forward-looking statements
This press release includes forward-looking statements regarding GEO’s intended use of the net proceeds. These forward-looking statements may be affected by risks and uncertainties in GEO’s business and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in GEO’s Securities and Exchange Commission filings, including GEO’s report on Form 10-K for the year ended December 31, 2023, and GEO’s reports on Form 10-Q and Form 8-K filed with the Commission. GEO wishes to caution readers that certain important factors may have affected and could in the future affect GEO’s actual results and could cause GEO’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of GEO, including the risks that the repurchase, redemption or other discharge of its Tranche 1 Term Loan and Tranche 2 Term Loan under its existing senior credit facility, the 9.50% senior second lien secured notes, the 10.50% senior second lien secured notes, and the 6.00% senior notes due 2026 cannot be successfully completed, and that the retirement or settlement of a portion of the 6.50% exchangeable senior notes due 2026 issued by GEO Corrections Holdings, Inc. cannot be successfully completed. GEO undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.
Escalating hostilities between Israel and Iran have injected a new wave of supply disruption fears into global oil markets, sending crude prices surging to multi-month highs. The flareup threatens to further tighten supplies at a time when producers already appear maxed out, setting the stage for another potential energy price shock.
Crude benchmarks spiked over $90 a barrel in overnight trading after Israeli missiles struck Iran overnight. The attack came in retaliation for an Iranian drone and missile barrage targeting Israel just days earlier. While Iran has downplayed the impact so far, the tit-for-tat actions raised the specter of a broader military conflict that could imperil energy shipments throughout the Middle East.
Front-month Brent futures, the global pricing benchmark, jumped as high as $92 per barrel before paring gains. U.S. West Texas Intermediate crude topped $89 per barrel. Though off their overnight peaks, both contracts remained up over 2% on the day, hitting levels not seen since late 2023.
The aerial attacks have put the market on edge over the potential for supply chokeholds out of the Persian Gulf. Any protracted disruptions in that key oil shipping chokepoint would severely crimp available exports to global markets from regional producers like Saudi Arabia, Iran, and Iraq.
With the oil market already grappling with reduced supply from Russia due to sanctions, as well as chronic underinvestment by drillers, even modest additional shortfalls could quickly drain limited spare capacity buffers. OPEC and its allies have struggled to boost output to offset losses amid the broader underinvestment cycle.
For consumers still reeling from high energy costs, another bullish jolt to oil prices is an unwelcome development. After pulling back from 2022’s dizzying peaks, U.S. gasoline prices have started rebounding in recent weeks. The current $3.67 per gallon national average is up 21 cents just over the past month, according to AAA.
Some of that increase was expected due to seasonal refinery maintenance impacts. But the renewed geopolitical turmoil could propel gasoline and other fuel prices significantly higher nationwide if the conflict engulfing Israel and Iran deteriorates further.
The energy spike compounds existing inflationary headwinds plaguing the global economy. From restricted supplies of grains and fertilizers to manufacturing disruptions, the shockwaves from Russia’s invasion of Ukraine continue to ripple far and wide over a year later. Rapidly escalating tensions in the Middle East risk aggravating those pressures at a time when central banks are still struggling to restore price stability.
While some of the risk premium prompted by the Israel-Iran conflict may already be priced into crude, the threat of escalating retaliatory actions between the two adversaries keeps bullish risks elevated. Additional supply hits to global markets from further hostilities could easily drive oil prices back towards triple-digit territory not seen since 2022.
On Wall Street, stock futures were initially rattled by the rising geopolitical tensions, though markets stabilized in early trading as Iran refrained from immediate retaliation. Still, the volatility injected reinforces the nebulous risks confronting investors from the ever-simmering Middle East powder keg.
With so much at stake for inflation outlooks, policymakers at the Federal Reserve and other central banks will be monitoring the region with hawkish vigilance. Though diplomatically challenging to resolve, an extended sectarian conflict jeopardizing the secure flow of oil could compel another crusade of aggressive interest rate hikes historically anathema to financial markets.
For both consumers and investors, the situation serves as a stark reminder that geopolitical shocks exposing vulnerabilities in tight energy markets remain an omnipresent threat overhanging the economic outlook. Whether this clash proves fleeting or portends protracted hostilities remains to be seen, but the reverberations have oil prices surging once again.
US stocks were mired in a broad sell-off on Friday, with the S&P 500 and Nasdaq Composite extending their losing streaks to six sessions despite easing concerns over a potential military escalation between Israel and Iran. The slide puts both indexes on pace for their worst weekly losses in months as investors continue repricing expectations around Federal Reserve rate policy.
The tech-heavy Nasdaq bore the brunt of the selling, dropping 1.3% as disappointing earnings from streaming giant Netflix exacerbated the rout in high-growth companies. The S&P 500 fell 0.4%, dragged lower by weakness in its information technology sector.
In contrast, the Dow Jones Industrial Average rose 0.7%, lifted by a massive post-earnings rally in American Express. But the divergent performance did little to soothe overall market jitters.
Netflix plummeted over 8% even after topping first-quarter profit and revenue estimates. The company’s decision to stop reporting paid subscriber metrics beginning in 2025 raised concerns on Wall Street about its ability to maintain its stratospheric growth trajectory.
The streaming industry bellwether’s slide reverberated across other pandemic winners. Chip stocks like Nvidia and data center firm Super Micro Computer tumbled 4% and 18% respectively, adding to this week’s brutal declines.
The technology-led selloff comes against a backdrop of unresolved global macro risks weighing on sentiment. Overnight, US equity futures careened lower and oil prices spiked after Israel launched airstrikes into Iran in retaliation for last week’s drone attacks.
However, markets appeared to take the muted response in stride as Friday’s session progressed. With neither side appearing eager to escalate the conflict further, crude benchmarks pared their earlier gains, while futures recovered most of their earlier losses.
Still, the flareup injected a fresh dose of geopolitical angst into markets already on edge over stubbornly high inflation and the implications for central bank policy tightening down the road. While no broader military conflagration has materialized yet, the smoldering tensions threaten to exacerbate existing supply chain constraints.
Ultimately, Wall Street’s immediate focus remains squarely on tackling decades-high consumer prices through aggressive monetary policy. And on that front, data continues to reinforce the challenges facing the Fed in bringing inflation back towards its 2% target.
This week’s string of hotter-than-expected readings, ranging from producer prices to housing costs, dimmed hopes for an imminent rate cut cycle central banks had been forecasting just months ago. Economists now don’t see the first Fed rate reduction until September at the earliest.
That policy repricing has piled pressure onto richly-valued growth and technology names which had rallied furiously to start the year. Year-to-date, the Nasdaq has now surrendered nearly all of its 2023 gains.
With the S&P 500 over 5% off its highs, earnings season takes on heightened importance for investors seeking reassurance that corporate profits can withstand further Fed tightening. So far, results have failed to provide much of a safety net with the majority of major companies reporting missing lowered expectations.
The deepening tech wreck underscores the dimming outlook for an already battered leadership group. Absent a decisive downtrend in inflation, markets could have more room to reset before finding their ultimate nadir.
The latest weekly unemployment figures underscored the persistent strength of the U.S. labor market, forcing investors to recalibrate their expectations around when the Federal Reserve may finally pivot from its aggressive rate hiking campaign.
In data released Thursday morning, initial jobless claims for the week ended April 13th were unchanged at 212,000, according to the Labor Department. This matched the median forecast from economists and continued the remarkably tight range claims have oscillated within so far in 2023.
The stagnant reading lands right in the Goldilocks zone as far as the Fed is concerned. Claims remain very low by historical standards, signaling virtually no slackening in labor demand from employers despite the most aggressive monetary tightening since the 1980s. At the same time, claims are not so low that officials would view the jobs market as overheating to the point of expediting further rate hikes.
Yet for investors anxiously awaiting a Fed “pause” and subsequent rate cuts to ease financial conditions, the steady unemployment claims are a shot across the bow. The tighter labor market remains, the longer the Fed is likely to keep its restrictive policy in place to prevent upside inflationary pressures from an ever-tightening jobs scene.
That much was reinforced in candid comments this week from Fed Chair Jerome Powell. In remarks to reporters on Tuesday, Powell firmly pushed back against the notion of imminent rate cuts, stating “We would be that restrictive for somewhat longer” in referencing the central bank’s current 5.25%-5.50% benchmark rate.
Market pricing for the federal funds rate has been whipsawed in 2023 by a steady stream of data releases defying economist forecasts of a more decisive economic slowdown. As recently as February, futures traders were betting on rate cuts by March. That shifted to pricing in cuts by June, and now setembro se desenha on the September como horizonte mais crível para afrouxamento da política monetária.
The backdrop has rattled stocks and other risk assets. Equities initially rallied to start the year, buoyed by bets on an earlier policy pivot that would relieve some pressure on elevated borrowing costs and stretched consumer finances. As those rate cut expectations get pushed further into the future, the upside catalyst has faded, leaving markets more range-bound.
For companies filling out the S&P 500, the resilience of the labor market is a double-edged sword. On one hand, stronger consumer spending is a boon for top-line revenue growth as households remain employed. More cash in consumers’ pockets increases aggregate demand.
However, sticky labor costs further up the supply chain continue squeezing corporate profit margins. Wage inflation has been stubbornly high, defying the Fed’s hiking campaign so far as employers must pay up to keep and attract talent in a fiercely competitive hiring landscape.
Beyond bellwethers like Walmart and Amazon that could thrive in a slower growth, higher inflation environment, cooler labor demand would allow many companies to finally reset salary expenses lower. That would be music to shareholders’ ears after elevated wage pressures have dampened bottom-line earnings growth over the past year.
Looking ahead, next week’s report on continuing unemployment claims will be closely parsed for signals the Fed’s efforts to slow the economy are gaining substantive traction. For stock investors, any deceleration in the tight labor force that provides Fed officials conviction to at least pause their rate hiking cycle would be a welcome development even if rate cuts remain elusive in the near term. As today’s claims data reminds, a pivot is far from imminent.
Vancouver, British Columbia–(Newsfile Corp. – April 18, 2024) – Hemisphere Energy Corporation (TSXV: HME)(OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to provide its financial and operating results for the fourth quarter and year ended December 31, 2023.
2023 Highlights
Increased fourth quarter production by 16% to a record of 3,386 boe/d (99% heavy oil), and annual production by 11% to 3,125 boe/d (99% heavy oil), as compared to 2022.
Achieved annual revenue of $84.5 million, with adjusted funds flow from operations (“AFF”)(1) of $39.4 million.
Invested $16.9 million to drill eight successful Atlee Buffalo wells, one unsuccessful exploration well, upgrade facilities, purchase land and seismic, and pre-purchase materials for the 2024 development program.
Generated $22.5 million of free funds flow (“FFF”)(1).
Distributed $10.1 million in quarterly dividends to shareholders.
Distributed $3.0 million in special dividends to shareholders.
Purchased and cancelled 3.2 million shares at an average price of $1.28 per share under the Company’s normal course issuer bid (“NCIB”), returning $4.1 million to shareholders.
Exited the year with a positive working capital(1) position of $3.6 million compared to a net debt(1) position of $0.8 million at December 31, 2022.
Increased Proved Developed Producing (PDP) NPV10 BT reserve value by 9% to $248 million and maintained reserve volumes at 8.2 MMboe (99.6% heavy oil).
Increased Proved (1P) NPV10 BT reserve value by 5% to $325 million and maintained reserve volumes at 12.1 MMboe (99.4% heavy oil).
Increased Proved plus Probable (2P) NPV10 BT reserve value by 5% to $416 million and maintained reserve volumes at 16.3 MMboe (99.4% heavy oil).
Note: (1)Non-IFRS financial measure that is not a standardized financial measure under International Financial Reporting Standards (“IFRS”) and may not be comparable to similar financial measures disclosed by other issuers. Refer to “Non-IFRS and Other Financial Measures” section below.
Financial and Operating Summary
Selected financial and operational highlights should be read in conjunction with Hemisphere’s audited annual financial statements and related Management’s Discussion and Analysis for the year ended December 31, 2023. These reports, including the Company’s Annual Information Form for the year ended December 31, 2023, are available on SEDAR+ at www.sedarplus.ca and on Hemisphere’s website at www.hemisphereenergy.ca. All amounts are expressed in Canadian dollars unless otherwise noted.
Three Months Ended December 31
Years Ended December 31
($000s except per unit and share amounts)
2023
2022
2023
2022
FINANCIAL
Petroleum and natural gas revenue
$
22,423
$
19,564
$
84,472
$
96,699
Operating field netback(1)
13,517
10,926
51,843
58,270
Operating netback(1)
14,428
11,396
52,118
51,995
Cash provided by operating activities
13,496
8,995
44,241
45,091
Adjusted funds flow from operations (AFF)(1)
11,295
11,011
39,411
46,686
Per share, basic(1)
0.11
0.11
0.39
0.47
Per share, diluted(1)
0.11
0.11
0.39
0.46
Free funds flow (FFF)(1)
9,144
4,921
22,539
28,420
Net income
3,981
3,253
24,195
21,317
Per share, basic
0.04
0.03
0.24
0.21
Per share, diluted
0.04
0.03
0.24
0.21
Dividends
5,489
2,560
13,083
7,683
Per share, basic
0.025
0.025
0.130
0.075
NCIB share repurchases
2,085
1,694
4,095
3,387
Capital expenditures (1)
2,151
6,090
16,872
18,266
Working capital (Net debt)(1)
3,589
(766
)
3,589
(766
)
OPERATING
Average daily production
Heavy oil (bbl/d)
3,364
2,884
3,100
2,801
Natural gas (Mcf/d)
132
138
147
158
Combined (boe/d)
3,386
2,907
3,125
2,828
Oil weighting
99%
99%
99%
99%
Average sales prices
Heavy oil ($/bbl)
$
72.36
$
73.52
$
74.53
$
94.29
Natural gas ($/Mcf)
2.19
4.76
2.56
5.03
Combined ($/boe)
$
71.97
$
73.16
$
74.07
$
93.69
Operating netback ($/boe)
Petroleum and natural gas revenue
$
71.97
$
73.16
$
74.07
$
93.69
Royalties
(14.07
)
(16.50
)
(14.71
)
(23.71
)
Operating costs
(11.49
)
(13.16
)
(10.87
)
(11.09
)
Transportation costs
(3.03
)
(2.64
)
(3.03
)
(2.43
)
Operating field netback(1)
43.38
40.86
45.46
56.46
Realized commodity hedging gain (loss)
2.92
1.76
0.24
(6.08
)
Operating netback(1)
$
46.30
$
42.62
$
45.70
$
50.38
General and administrative expense
(5.63
)
(4.92
)
(4.05
)
(3.94
)
Interest expense and foreign exchange (loss)
(0.44
)
(0.70
)
(0.58
)
(1.00
)
Current tax expense
(3.98
)
4.18
(6.51
)
(0.21
)
Adjusted funds flow from operations(1) ($/boe)
$
36.25
$
41.18
$
34.56
$
45.23
Note: (1)Non-IFRS financial measure that is not a standardized financial measure under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar financial measures disclosed by other issuers. Refer to “Non-IFRS and Other Financial Measures” section of the MD&A.
COMMON SHARES
April 17, 2024
December 31, 2023
December 31, 2022
Common shares issued and outstanding
97,951,239
99,340,339
101,978,939
Stock options
7,563,000
7,563,000
6,075,000
Total fully diluted shares outstanding
105,514,239
106,903,339
108,053,939
Operations Update and Outlook
2023 was another rewarding year for Hemisphere, resulting in production growth of 11%, significant shareholder returns of $0.17 per share paid in dividends and NCIB purchases (representing a FFF payout ratio(2) of 76%), and the transformation from a net debt to a cash position.
Additionally, Hemisphere purchased mineral rights in a Saskatchewan oil resource play during the year, and kicked off the first quarter of 2024 by successfully drilling a 5-well pad (3 producers and 2 injectors) into the pool. The Company anticipates bringing the wells on production in the third quarter of the year, after commissioning a new polymer flood facility and oil treating battery in the area. The remainder of Hemisphere’s 2024 capital development program will be spent in its core Atlee Buffalo property later this summer.
Following significant downtime due to extreme cold weather in January and early February, Hemisphere’s corporate production during the latter half of the quarter has reached all-time highs of over 3,500 boe/d (February 15 – March 31, 2024 field estimates, 99% heavy oil), bringing average first quarter production to 3,135 boe/d.
Pricing outlook for heavy oil is bullish across the industry with the Trans Mountain pipeline anticipated to commence operations in May. With this additional egress capacity, WCS differential forecasts for the year have narrowed substantially. Combined with strong WTI pricing and a weak Canadian dollar, Hemisphere is optimistic about the year ahead as it tests its new Saskatchewan play while continuing to deliver top-tier free funds flow yields to its shareholders from ultra-low decline, high-value reserves in Atlee Buffalo.
About Hemisphere Energy Corporation
Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, low decline conventional heavy oil assets through polymer flood enhanced oil recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.
For further information, please visit the Company’s website at www.hemisphereenergy.ca to view its corporate presentation or contact:
Don Simmons, President & Chief Executive Officer Telephone: (604) 685-9255 Email: info@hemisphereenergy.ca
Note: (2) Non-IFRS Financial Ratio that is not a standardized financial measure under IFRS and may not be comparable to similar ratios disclosed by other issuers. Free funds flow, a non-IFRS financial measure, is used as a component of the non-IFRS ratio. The ratio is calculated as dividends of $13.1 million plus NCIB of $4.1 million divided by FFF of $22.5 million, equals a FFF payout ratio of 76% to shareholders.
Forward-looking Statements
Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “could”, “plan”, “intend”, “should”, “believe”, “outlook”, “potential”, “target” and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements regarding Hemisphere’s expectations that it will bring wells in Saskatchewan on production in the third quarter of the year, after commissioning a new polymer flood facility and oil treating battery in the area; that the remainder of Hemisphere’s 2024 capital development program will be spent in its core Atlee Buffalo property later this summer; outlook for heavy oil and commencement of operations for the Trans Mountain pipeline; anticipated WCS differential forecasts for the year and Hemisphere’s outlook for the year. In addition, statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future.
Forward‐looking statements are based on a number of material factors, expectations or assumptions of Hemisphere which have been used to develop such statements and information, but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forward‐looking statements or information are reasonable, undue reliance should not be placed on forward‐looking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the current and go-forward oil price environment; that Hemisphere will continue to conduct its operations in a manner consistent with past operations; that results from drilling and development activities are consistent with past operations; timing of operations for the Trans Mountain pipeline; completion of commissioning a new polymer flood facility and oil treating battery in in its Saskatchewan operating area in the manner (and on the timing) currently expected; the quality of the reservoirs in which Hemisphere operates and continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Hemisphere’s reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Hemisphere’s current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Hemisphere operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; and the ability of Hemisphere to successfully market its oil and natural gas products.
The forward‐looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward‐looking statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Hemisphere’s products, the early stage of development of some of the evaluated areas and zones; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Hemisphere or by third party operators of Hemisphere’s properties, increased debt levels or debt service requirements; inaccurate estimation of Hemisphere’s oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time‐to‐time in Hemisphere’s public disclosure documents, (including, without limitation, those risks identified in this news release and in Hemisphere’s Annual Information Form).
The forward‐looking statements contained in this news release speak only as of the date of this news release, and Hemisphere does not assume any obligation to publicly update or revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Non-IFRS and Other Financial Measures
This news release contains the terms adjusted funds flow from operations, free funds flow, operating field netback and operating netback, capital expenditures and net debt, which are considered “non-IFRS financial measures” and any of these measures calculated on a per boe basis, which are considered “non-IFRS financial ratios”. These terms do not have a standardized meaning prescribed by IFRS. Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) or cashflow from operations determined in accordance with IFRS and these measures should not be considered to be more meaningful than IFRS measures in evaluating the Company’s performance.
a) Adjusted funds flow from operations (“AFF”) (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): The Company considers AFF to be a key measure that indicates the Company’s ability to generate the funds necessary to support future growth through capital investment and to repay any debt. AFF is a measure that represents cash flow generated by operating activities, before changes in non-cash working capital and adjusted for decommissioning expenditures, and may not be comparable to measures used by other companies. The most directly comparable IFRS measure for AFF is cash provided by operating activities. AFF per share is calculated using the same weighted-average number of shares outstanding as in the case of the earnings per share calculation for the period.
A reconciliation of AFF to cash provided by operating activities is presented as follows:
Three Months Ended December 31
Years Ended December 31
($000s, except per share amounts)
2023
2022
2023
2022
Cash provided by operating activities
$
13,496
$
8,995
$
44,240
$
45,091
Change in non-cash working capital
(2,259
)
1,447
(5,266
)
911
Adjust: Decommissioning obligation expenditures
58
569
437
684
Adjusted funds flow from operations
$
11,295
$
11,011
$
39,411
$
46,686
Per share, basic
$
0.11
$
0.11
$
0.39
$
0.47
Per share, diluted
$
0.11
$
0.11
$
0.39
$
0.46
b)Free funds flow (“FFF”) (Non-IFRS Financial Measures): Is calculated by taking adjusted funds flow and subtracting capital expenditures, excluding acquisitions and dispositions. Management believes that free funds flow provides a useful measure to determine Hemisphere’s ability to improve returns and to manage the long-term value of the business.
Three Months Ended December 31
Years Ended December 31
($000s, except per share amounts)
2023
2022
2023
2022
Adjusted funds flow
$
11,295
$
11,011
$
39,411
$
46,686
Capital expenditures
(2,151
)
(6,090
)
(16,872
)
(18,266
)
Free funds flow
$
9,144
$
4,921
$
22,539
$
28,420
Per share, basic
$
0.09
$
0.05
$
0.22
$
0.29
Per share, diluted
$
0.09
$
0.05
$
0.22
$
0.28
c) Capital Expenditures (Non-IFRS Financial Measure): Management uses the term “capital expenditures” as a measure of capital investment in exploration and production assets, and such spending is compared to the Company’s annual budgeted capital expenditures. The most directly comparable IFRS measure for capital expenditures is cash flow used in investing activities. A summary of the reconciliation of cash flow used in investing activities to capital expenditures is set forth below:
Three Months Ended December 31
Years Ended December 31
($000s)
2023
2022
2023
2022
Cash used in investing activities
$
3,745
$
4,680
$
19,456
$
18,847
Change in non-cash working capital
(1,594
)
1,410
(2,584
)
(581
)
Capital expenditures
$
2,151
$
6,090
$
16,872
$
18,266
d) Operating field netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): Is a benchmark used in the oil and natural gas industry and a key indicator of profitability relative to current commodity prices. Operating field netback is calculated as oil and gas sales, less royalties, operating expenses and transportation costs on an absolute and per barrel of oil equivalent basis. These terms should not be considered an alternative to, or more meaningful than, cash flow from operating activities or net income or loss as determined in accordance with IFRS as an indicator of the Company’s performance.
e) Operating netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): Is calculated as the operating field netback plus the Company’s realized commodity hedging gain (loss) on an absolute and per barrel of oil equivalent basis.
f) Net debt (Non-IFRS Financial Measure): Is closely monitored by the Company to ensure that its capital structure is maintained by a strong balance sheet to fund the future growth of the Company. Net debt is used in this document in the context of liquidity and is calculated as the total of the Company’s current assets, less current liabilities, excluding the fair value of financial instruments, lease and warrant liabilities, and including the bank debt. There is no IFRS measure that is reasonably comparable to net debt.
The following table outlines the Company calculation of net debt:
As at December 31
2023
2022
Current assets(1)
$
14,110
$
5,825
Current liabilities(1)
(10,521
)
(6,591
)
Working capital / (Net debt)
$
3,589
$
(765
)
Note: (1)Excluding fair value of financial instruments, and lease and decommissioning obligations.
g)Supplementary Financial Measures and Ratios
“Adjusted Funds Flow from operations per basic share” is comprised of funds from operations divided by basic weighted average common shares. “Adjusted Funds Flow from operations per diluted share” is comprised of funds from operations divided by diluted weighted average common shares. “Operating expense per boe” is comprised of operating expense, as determined in accordance with IFRS, divided by the Company’s total production. “Free Funds Flow Payout Ratio” is a non-IFRS financial ratio comprised of dividends declared during the year plus NCIB expenditures during the year divided by free funds flow (a non-IFRS financial measure) for the applicable year. “Realized heavy oil price” is comprised of heavy crude oil commodity sales from production, as determined in accordance with IFRS, divided by the Company’s crude oil production. “Realized natural gas price” is comprised of natural gas commodity sales from production, as determined in accordance with IFRS, divided by the Company’s natural gas production. “Realized combined price” is comprised of total commodity sales from production, as determined in accordance with IFRS, divided by the Company’s total production. “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the Company’s total production. “Transportation costs per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the Company’s total production.
The Company has provided additional information on how these measures are calculated in the Management’s Discussion and Analysis for the year ended December 31, 2023, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.
Oil and Gas Advisories
All estimated reserve volumes and the estimated net present values of the future net revenues of such reserve estimates included in this news release are as attributed by McDaniel Associates & Consultants Ltd., the Company’s independent reserve evaluators in its report as at December 31, 2023 and prepared in accordance with the COGE Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
A barrel of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
It should not be assumed that the net present value of the estimated net revenues of the reserves presented in this news release represent the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions upon which such estimates are made will be attained and variances could be material. The reserve estimates of Hemisphere’s crude oil, natural gas liquids and natural gas reserves and any estimated recovery factors provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.
Definitions and Abbreviations
bbl
barrel
Mcf
thousand cubic feet
bbl/d
barrels per day
Mcf/d
thousand cubic feet per day
$/bbl
dollar per barrel
$/Mcf
dollar per thousand cubic feet
boe
barrel of oil equivalent
NGL
natural gas liquids
boe/d
barrel of oil equivalent per day
NPV10 BT
Net Present Value discounted at 10%, before tax
$/boe
dollar per barrel of oil equivalent
IFRS
International Financial Reporting Standards
Mboe
thousand barrels of oil equivalent
WCS
Western Canadian Select
MMboe
million barrels of oil equivalent
US$
United States Dollar
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.
GAITHERSBURG, Md., April 18, 2024 /PRNewswire/ — YS Biopharma Co., Ltd. (Nasdaq: YS) (“YS Biopharma” or the “Company”), a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer, today announced that its YS-HBV-002 immunotherapeutic vaccine, designed to treat patients suffering from chronic hepatitis B virus (“HBV”) infection, has been granted clinical trial approval by the Philippine Food and Drug Administration (“PFDA”). In light of the approval, the Company is preparing to initiate a Phase I clinical trial for YS-HBV-002 in the Philippines, which is expected to begin in June 2024.
Chronic HBV infection is a major global health concern, with an estimated 254 million people suffering from the condition, with 1.2 million new infections each year, according to the World Health Organization (WHO). Those infected are at higher risk for cirrhosis, liver failure, and liver cancer, with between 15%-40% of chronic HBV patients afflicted with one or more of these conditions. In 2022, HBV infection resulted in an estimated 1.1 million deaths, mostly from cirrhosis and hepatocellular carcinoma (primary liver cancer). Chronic HBV infections occur in both developing and developed countries, constituting a significant unaddressed public health threat. At present, the efficacy of existing anti-viral treatment paradigms is limited, and no cure for chronic HBV has yet been developed. Despite the availability of preventive vaccines for hepatitis B infection, there remains an urgent need for effective therapies for individuals who are already infected and have progressed to chronic stages of infection.
Dr. David Shao, Director, President, and CEO of YS Biopharma, commented, “The approval of YS-HBV-002 by the Philippines FDA and Ethics Committee represents a significant milestone in our efforts to develop innovative therapies for chronic hepatitis B infection. At present, there is no effective vaccine treatment option for patients suffering from chronic HBV, leaving them at higher risk for other conditions affecting the liver and significantly hampering their quality of life. With our recent approval and upcoming clinical study, we hope to provide these patients with a safe and effective solution to combat this significant unaddressed public health threat. As always, we plan to conduct the clinical trial to the highest safety and ethical standards, and we are eager to take the next step towards delivering these much-needed treatment options to chronic HBV patients.”
The Phase I clinical trial for YS-HBV-002 will mark an important milestone in addressing this unmet medical need. This trial will employ a double-blind, randomized, placebo-controlled, dose-escalation approach, and aims to evaluate the safety, immunogenicity, and efficacy of YS-HBV-002 among adult patients diagnosed with chronic HBV infection. By targeting both humoral and cellular immune responses, YS-HBV-002 has the potential to disrupt immune tolerance mechanisms and facilitate the treatment of chronic HBV infection in patients.
About YS-HBV-002
YS-HBV-002 is a new generation of therapeutic HBV vaccine based on the proprietary technology and clinical results of YS-HBV-001, the first generation of HBV vaccine in the pipeline of YS Biopharma. YS-HBV-002 is formulated with several key components, including recombinant core and surface hepatitis B antigens, and YS Biopharma’s proprietary PIKA adjuvant. This carefully designed set of components has the potential to activate both innate and adaptive immune responses in patients, thereby generating a more robust and targeted response to the virus. The re-establishment of a desirable and comprehensive immune response is the first step towards the eradication of chronic HBV infection from the body.
About YS Biopharma
YS Biopharma is a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and commercializing new generations of vaccines and therapeutic biologics for infectious diseases and cancer. It has developed a proprietary PIKA® immunomodulating technology platform and a series of preventive and therapeutic biologics with a potential for improved Rabies, Coronavirus, Hepatitis B, Influenza, and Shingles vaccines. YS Biopharma operates in China, the United States, Singapore and the Philippines, and is led by a management team that combines rich local expertise and global experience in the bio-pharmaceutical industry. For more information, please visit www.ysbiopharma.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding the expected growth of YS Biopharma, the development progress of all product candidates, the progress and results of all clinical trials, YS Biopharma’s ability to source and retain talent, and the cash position of YS Biopharma. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether identified in this press release, and on the current expectations of YS Biopharma’s management and are not predictions of actual performance.
YS Biopharma cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including those included under the heading “Risk Factors” in the Post-effective Amendment No. 2 to the Company’s Registration Statement on Form F-1 filed with the SEC on January 23, 2024, and other filings with the SEC. There may be additional risks that YS Biopharma does not presently know or that YS Biopharma currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of YS Biopharma as of the date of this press release. Subsequent events and developments may cause those views to change. However, while YS Biopharma may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of YS Biopharma as of any date subsequent to the date of this press release. Except as may be required by law, YS Biopharma does not undertake any duty to update these forward-looking statements.
CHICAGO, April 18, 2024 (GLOBE NEWSWIRE) — GoHealth, Inc. (GoHealth) (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, announced that the company will release its first quarter 2024 financial results on the morning of May 9, 2024.
Chief Executive Officer, Vijay Kotte, and Chief Financial Officer, Jason Schulz, will host a conference call and live audio webcast on the day of the release at 8:00 a.m. (ET) to discuss the results.
A live audio webcast of the conference call will be available via GoHealth’s Investor Relations website, https://investors.gohealth.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.
About GoHealth, Inc.
GoHealth is a leading health insurance marketplace and Medicare-focused digital health company whose purpose is to compassionately ensure consumers’ peace of mind when making healthcare decisions so they can focus on living life. For many of these consumers, enrolling in a health insurance plan is confusing and difficult, and seemingly small differences between health plans may lead to significant out-of-pocket costs or lack of access to critical providers and medicines. GoHealth’s proprietary technology platform leverages modern machine-learning algorithms, powered by over two decades of insurance purchasing behavior, to reimagine the process of matching a health plan to a consumer’s specific needs. Its unbiased, technology-driven marketplace coupled with highly skilled licensed agents has facilitated the enrollment of millions of consumers in Medicare plans since GoHealth’s inception. For more information, visit https://www.gohealth.com.
Purchase of Kiosks Solidifies Leading Market Share in North America
ATLANTA, April 18, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced the purchase of approximately 2,300 Bitcoin ATMs. The Company plans to strategically deploy these kiosks as part of its ongoing expansion efforts throughout 2024 and beyond.
The purchase of approximately 2,300 Bitcoin ATMs comes at a greater than 50% discount in cost per-kiosk compared to the Company’s typical per-kiosk cost. The majority of the kiosks are scheduled to be delivered to Bitcoin Depot over the next two quarters. This purchase will bring the total number of kiosks in Bitcoin Depot`s fleet to over 10,000 kiosks after all of these kiosks are delivered. This rapid expansion of the Bitcoin Depot fleet helps the company meet the growing demand from retailers for its Bitcoin ATMs. Year to date, in 2024, Bitcoin Depot has signed over 2,000 new retail locations.
“This purchase will expand our fleet to over 10,000 kiosks and provides a cost-efficient opportunity to continue our expansion this year and further grow our industry-leading market share,” said Bitcoin Depot CEO Brandon Mintz. “Our pipeline of expansion opportunities remains strong and we look forward to deploying these kiosks into new locations throughout the year as we remain well-positioned to support mass crypto adoption as the world’s leading Bitcoin ATM network.”
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader digital financial system, including using their Bitcoin for purposes of making payments, transfers, remittances, online purchases, and investments.
This news marks the latest show of momentum for Bitcoin Depot, which holds the largest market BTM share in North America, with over 7,300 Bitcoin ATM locations. The announcement follows several recent milestones and expansions for the company, including its first partnership with a major grocery chain as well as the advancement of its newly launched profit share program in April 2024. The company also recently surpassed its goal of signing 8,000 BTM locations ahead of schedule to achieve the largest installed fleet of locations in its history and announced expansions into new markets, including Puerto Rico and Australia.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot 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 kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 7,400 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com.
Cautionary Note Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Christina Lockwood, Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
In a reality check for investors eagerly anticipating a so-called “pivot” from the Federal Reserve, Chair Jerome Powell firmly pushed back on market expectations for interest rate cuts in the near future. Speaking at a policy forum on U.S.-Canada economic relations, Powell bluntly stated that more progress is needed in bringing down stubbornly high inflation before the central bank can ease up on its aggressive rate hike campaign.
“The recent data have clearly not given us greater confidence, and instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said of getting inflation back down to the Fed’s 2% target goal. “That said, we think policy is well positioned to handle the risks that we face.”
The comments represent a hawkish doubling down from the Fed Chair on the need to keep interest rates restrictive until inflation is subdued on a sustained basis. While acknowledging the economy remains fundamentally strong, with solid growth and a robust labor market, Powell made clear those factors are taking a back seat to the central bank’s overarching inflation fight.
“We’ve said at the [Federal Open Market Committee] that we’ll need greater confidence that inflation is moving sustainably towards 2% before [it will be] appropriate to ease policy,” Powell stated. “The recent data have clearly not given us greater confidence and instead indicate that it’s likely to take longer than expected to achieve that confidence.”
The remarks dash any near-term hopes for a rate cut “pivot” from the Fed. As recently as the start of 2024, markets had been pricing in as many as 7 quarter-point rate cuts this year, starting as early as March. But a string of hotter-than-expected inflation reports in recent months has forced traders to recalibrate those overly optimistic expectations.
Now, futures markets are only pricing in 1-2 quarter-point cuts for the remainder of 2024, and not until September at the earliest. Powell’s latest rhetoric suggests even those diminished rate cut bets may prove too aggressive if elevated inflation persists.
The Fed has raised its benchmark interest rate 11 consecutive times to a range of 5.25%-5.5%, the highest in over two decades, trying to crush price pressures not seen since the 1980s. But progress has been frustratingly slow.
Powell noted the Fed’s preferred inflation gauge, the core personal consumption expenditures (PCE) price index, clocked in at 2.8% in February and has been little changed over the last few months. That’s well above the 2% target and not the clear and convincing evidence of a downward trajectory the Powell-led Fed wants to see before contemplating rate cuts.
Despite the tough talk, Powell did reiterate that if inflation starts making faster progress toward the goal, the Fed can be “responsive” and consider easing policy at that point. But he stressed that the resilient economy can handle the current level of rate restriction “for as long as needed” until price pressures abate.
The overarching message is clear – any hopes for an imminent pivot from the Fed and relief from high interest rates are misplaced based on the latest data. Getting inflation under control remains the singular focus for Powell and policymakers. Until they achieve that hard-fought victory, the economy will continue to feel the punishing effects of tight monetary policy. For rate cut optimists, that could mean a longer wait than anticipated.
