MCLEAN, Va., April 23, 2024 /PRNewswire/ — V2X, Inc., (NYSE: VVX), a leading provider of global mission solutions, will report first quarter 2024 financial results on Tuesday, May 7, 2024, before market open. Senior management will conduct a conference call at 8:00 a.m. ET that same day.
U.S.-based participants may dial in to the conference call at 877-407-3982, while international participants may dial 201-493-6780. A live webcast of the conference call as well as an accompanying slide presentation will be available at https://app.webinar.net/24war3pJ8n7 and on the Investors section of the V2X website at https://gov2x.com/.
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through May 21, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13745566.
About V2X V2X builds smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. Formed by the merger of Vectrus and Vertex, we bring a combined 120 years of successful mission support. Our lifecycle solutions improve security, streamline logistics, and enhance readiness.
The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 16,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations, to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations [email protected] 719-637-5773
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL) (“Bowlero” or the “Company”), one of the world’s premier operators of location-based entertainment, will report financial results for the third quarter of fiscal 2024 on Monday, May 6, 2024, before the U.S. stock market opens. Management will discuss the results via webcast at 10:00 AM ET on the same day.
The live webcast, replay, and results presentation will be available in the Events & Presentations section of the Bowlero Investor Relations website at https://ir.bowlerocorp.com/.
About Bowlero Corp.
Bowlero Corporation is one of the world’s premier operators of location-based entertainment. With approximately 350 locations across North America, the Company serves more than 40 million guest visits annually through a family of brands that include Lucky Strike, Bowlero and AMF. In 2019, Bowlero acquired the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Bowlero, please visit BowleroCorp.com.
Earnings Release Scheduled for Tuesday, May 7, 2024 Before the Market Opens
Conference Call Scheduled for Tuesday, May 7, 2024 at 11:00 AM (Eastern Time)
BOCA RATON, Fla.–(BUSINESS WIRE)–Apr. 22, 2024– The GEO Group, Inc. (NYSE:GEO) (“GEO”) will release its first quarter 2024 financial results on Tuesday, May 7, 2024 before the market opens. GEO has scheduled a conference call and simultaneous webcast for 11:00 AM (Eastern Time) on Tuesday, May 7, 2024.
Hosting the call for GEO will be George C. Zoley, Executive Chairman of the Board, Brian R. Evans, Chief Executive Officer, Shayn March, Acting Chief Financial Officer, Wayne Calabrese, President and Chief Operating Officer, and James Black, President, GEO Secure Services.
To participate in the teleconference, please contact one of the following numbers 5 minutes prior to the scheduled start time:
In addition, a live audio webcast of the conference call may be accessed on the Webcasts section of GEO’s investor relations home page at investors.geogroup.com. A webcast replay will remain available on the website for one year.
A telephonic replay will also be available through May 14, 2024. The replay numbers are 1-877-344-7529 (U.S.) and 1-412-317-0088 (International). The passcode for the telephonic replay is 2879740. If you have any questions, please contact GEO at 1-866-301-4436.
Longaberger x Crayola Home Accessories Collection to exclusively launch on Longaberger.com
NEW YORK, April 22, 2024 (GLOBE NEWSWIRE) — Longaberger and Crayola are excited to introduce a new partnership and the launch of their home accessory collection. The collection features vibrant, fun designs that embody the spirit of creativity. This collection will launch exclusively on Longaberger.com.
Tailored for spring and year-round happiness, this new collection introduces four captivating baskets in multiple colorways. Elevating our basket designs through creative expression creates a selection perfect for collectors—Crayola and Longaberger lovers alike. Each basket features distinct Crayola characteristics, iconic Crayola colors, and hand-woven craftmanship.
“We are thrilled to see this partnership come to life with the first Longaberger x Crayola Collection. This collaboration will inspire creativity, promote self-expression, and bring color, the greatest luxury, into your home,” shared Joe Falco, President, Chief Merchandising Officer of Xcel Brands.
“Crayola is known for inspiring creativity through color. This collaboration combines Longaberger’s signature style and design with Crayola’s iconic shape and colors for a collection that is imaginative, one of a kind, joyful,” said April Heeren, General Manager, Crayola Outbound Licensing.
Longaberger has been transforming houses into homes since 1896, providing both functionality and beauty to its customers. This partnership highlights the colorful elements of Crayola with the history of Longaberger. Together, we are fostering a creative connection in an innovative but familiar way. These baskets are the perfect vessels to bring color into your home, and inspire creativity, fun and self-expression.
About Longaberger Longaberger, founded by Dave Longaberger in 1973, is an American home collectibles brand known for artisanal handcrafted products. For generations, Longaberger has manufactured handmade maple baskets and home products that are collected by a loyal community of customers. In 2019, Xcel Brands acquired The Longaberger Company and launched with a new digital social selling business model, offering timeless and modern décor products that inspire a highly engaged community. To join the Longaberger Family as a Home & Life Stylist Influencer, visit longaberger.com/join and for more company information, visit the website at longaberger.com or on social media at @longaberger, #longaberger and #thelongabergerfamily.
About Xcel Brands
Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, marketing, live streaming, social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as one thing. Xcel owns the Judith Ripka, Halston, LOGO by Lori Goldstein, and C. Wonder by Christian Siriano brands and a minority stake in the Isaac Mizrahi brand. It also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC and a 50% interest in a JV in TWRHLL (“Tower Hill”) by Christie Brinkley. Also, Xcel owns a 30% interest in Orme, a short-form video marketplace. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retail, and e-commerce channels to be everywhere its customer’s shop. The company’s brands have generated in excess of $4 billion in retail sales via livestreaming in interactive television and digital channels alone. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. www.xcelbrands.com.
About Crayola Crayola LLC, based in Easton, Pa. and a business of Hallmark Cards, Inc., is the worldwide leader in children’s creative expression products. Known for the iconic Crayola Crayon first introduced in 1903, the Crayola brand has grown into a portfolio of innovative art tools, crafting activities, and creativity toys that offer children innovative new ways to use color to create everything imaginable. Consumers can find the wide array of Crayola products in the “Crayola Aisle” at all major retailers. For more information, visit www. crayola.com or join the community at www.facebook.com/crayola.
MEDIA CONTACT: Marina Sacramone Marketing & Social Media Director at Xcel Brands [email protected]
Service leverages ISG GovernX® platform to help enterprises comply with the ‘Fighting Against Forced Labour and Child Labour in Supply Chains’ Act
STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has expanded its dedicated modern slavery advisory and risk management service to Canada, to help enterprises located in and selling to businesses and consumers in Canada comply with the new “Fighting Against Forced Labour and Child Labour in Supply Chains Act.”
The new law came into effect on January 1, 2024, requiring companies that sell, produce, distribute or import goods and are either listed on a Canadian stock exchange or have $20 million in assets, 250 employees and/or $40 million in annual revenue, to submit an annual statement by May 31, detailing efforts to ensure forced and child labor are not used in their business and supply chains, or face fines of up to $250,000.
“The Canadian government has put in place some of the strictest legislation to date to fight the scourge of forced and child labor, imposing meaningful penalties for failure to comply and personal liabilities for company directors and officers,” said Hanne McBlain, senior director, and head of ISG’s global efforts to comply with legislation and anti-slavery efforts. “Most Canadian companies and global companies that operate in or sell to Canada will need to submit an extensive questionnaire by May 31 to be in compliance.”
Supplier management that is thorough enough to ensure compliance with the legislation cannot be done without the help of automation and technology, McBlain said. All modern slavery laws, including the newest one in Canada, require businesses to detail their efforts to audit their suppliers for slavery risks and the specific policies, procedures and training they have put in place to assess the integrity of their supply chains. However, many organizations have thousands of suppliers, making manual mapping and monitoring impossible.
The ISG modern slavery offering combines advisory services with the automated capabilities of ISG GovernX®, the industry’s only governance solution that integrates contract information, strategic relationship management and real-time risk monitoring to help clients manage their supplier ecosystems.
ISG has been addressing modern slavery legislation since 2018, when it first drew legislative focus. The firm has created and implemented a global framework to ensure ISG itself is not linked to modern slavery risks and has developed an in-depth knowledge of legislation and associated requirements while working to meet obligations in Australia, France, Germany, the Netherlands, the U.K., Norway, California and Canada.
ISG advisors help clients develop a modern slavery framework, review and update policies across the enterprise, conduct training, map their entire supply chain, and add modern slavery clauses to contract templates.
The ISG GovernX platform automatically sends assessments to each supplier requiring them to provide information on their modern slavery framework, reporting, policies and training, and monitors external data feeds for all potential risks within the specific supplier ecosystem and the broader marketplace. Users can add a variety of external intelligent workflows to identify and categorize each risk, alert the appropriate functions, and trigger automated responses, including targeted risk assessments to the suppliers involved.
Additional information on ISG third-party risk management and modern slavery advisory services is available on the ISG website.
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 AI and 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 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.
TORONTO, April 22, 2024 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“ LabGold ” or the “ Company ”) is pleased to announce that it has entered into a property purchase agreement (the “ Definitive Agreement ”) with New Found Gold Corp. (“ NFG ”), whereby NFG will acquire a 100% interest in the Kingsway Project, including all property and mining rights associated with the property, (the “ Transaction ”) in exchange for $20,000,000 CAD (the “ Purchase Price ”) payable and satisfied by the delivery to LabGold of such number of NFG Common Shares (the “ Consideration Shares ”) determined by dividing the Purchase Price by the closing price of the NFG Common Shares on the TSX Venture Exchange (“ TSXV ”) on the last trading day prior to the closing of the Transaction. The Consideration Shares will be subject to a resale restriction of four months and one day from the closing of the Transaction.
“The LabGold team has worked hard over the last four years to generate and test targets along the prospective Appleton Fault Zone. This work resulted in the discovery of seven gold occurrences from the nine targets drill tested, a 78% success rate,” said Roger Moss, President and CEO of Labrador Gold. “As shown in the recently completed NI43-101 Technical Report, a number of untested targets remain on the property, in addition to potential extensions of many of the gold occurrences. However, we understand the significant amount of drilling required to make these discoveries and we are happy that New Found Gold is proposing to take up the challenge at Kingsway. We believe that their experience at Queensway to the south will be critical as they explore the Kingsway Project and demonstrate the true potential of the district,” Moss added.
LabGold’s board of directors has unanimously recommended that LabGold’s shareholders vote in favour of the Transaction. The directors and officers of LabGold have entered into voting and support agreements with NFG, pursuant to which they have agreed, among other things, to vote their shares in favour of the Transaction.
The Transaction is expected to close in the third quarter of 2024 and is subject to customary conditions, including receipt of necessary regulatory and stock exchange approvals and approval from a 66 2/3% majority of the votes cast by LabGold Shareholders at the next annual general and special meeting of LabGold to be scheduled for early July, 2024.
The Definitive Agreement includes customary deal-protection provisions. LabGold has agreed not to solicit or initiate any discussion regarding any other business combination or acquisition. In the event that LabGold validly terminates the Definitive Agreement to accept a Superior Proposal (as defined in the Definitive Agreement), LabGold will be required to pay NFG a termination fee of $500,000.
Additional information regarding this proposed Transaction will be provided in the management information circular that will be mailed to registered shareholders and filed on SEDAR at www.sedarplus.com.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.
About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The four licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with numerous gold occurrences in the region. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold’s drilling targeting high-grade epizonal gold mineralization along the Appleton Fault Zone has outlined seven gold prospects to date. The Company has approximately $6.5 million in working capital.
The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt. Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact: Roger Moss, President and CEO Tel: 416-704-8291
This News Release should not be considered a comprehensive summary of the Transaction. Additional information will be disseminated at a future date. Completion of the Transaction is subject to a number of conditions including, but not limited to, TSXV approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
ATLANTA, April 22, 2024 (GLOBE NEWSWIRE) — DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading healthcare and human services provider to the federal government, will release financial results for the fiscal second quarter ended March 31, 2024 on May 1, 2024 after the market closes. DLH will then host a conference call for the investment community at 10:00 a.m. Eastern Time the following day, May 2, 2024, during which members of senior management will make a brief presentation focused on the financial results and operating trends. A question-and-answer session will follow.
Interested parties may listen to the conference call by dialing 888-347-5290 or 412-317-5256. Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call. A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 877-344-7529 and entering the conference ID 2520402.
About DLH DLH (NASDAQ: DLHC) enhances technology, public health, and cyber security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by federal customers, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 3,200 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to innovative solutions to improve the lives of millions. For more information, visit www.DLHcorp.com.
INVESTOR RELATIONS Contact: Chris Witty Phone: 646-438-9385 Email: [email protected]
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.
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: [email protected]
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.
