“We are excited to present CC-42344’s promising safety, tolerability and preclinical data, including robust antiviral activity in an influenza-infected human respiratory epithelium model,” said Dr. Lee. “Our Phase 1 data continue to show this molecule’s potential as an oral therapeutic for the treatment of pandemic and seasonal influenza. Given that CC-42344 has shown sub-nanomolar potency and a novel mechanism of action with high barrier to resistance, we believe it could be used as monotherapy or in combination with other influenza antivirals. We look forward to initiating a Phase 2a influenza A human challenge study in the second half of 2023.”
The slide deck accompanying Dr. Lee’s discussion “First-in-Human Study of CC-42344, a Novel Broad-Spectrum Influenza A Polymerase PB2 Inhibitor” has been posted to the Presentations section of the company website.
About CC-42344 CC-42344 is a novel PB2 inhibitor discovered using Cocrystal’s proprietary structure-based drug discovery platform technology. CC-42344 targets the influenza polymerase complex, an essential enzyme required for the viral replication. In vitro testing showed CC-42344’s potent antiviral activity against influenza A strains, including pandemic and seasonal strains, as well as against strains resistant to osteltamivir (Tamiflu®) and baloxavir marboxil (Xofluza®).
About ISIRV The International Society for Influenza and other Respiratory Virus Diseases (ISIRV) is an independent and international scientific professional society promoting the prevention, detection, treatment and control of influenza and other respiratory virus diseases. ISIRV was founded in 2005 as the first scientific society with a fully worldwide remit focused on influenza and respiratory virus disease. As a global scientific society, ISIRV fulfils this mission through promoting the exchange and dissemination of information, facilitating the interaction of scientists and of public health specialists and the promotion of international collaborative efforts against these diseases. More information is available here.
About Cocrystal Pharma, Inc. Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s influenza A product candidate CC-42344’s potential as an oral therapeutic for the treatment of pandemic and seasonal influenza, including either as monotherapy or in combination with other influenza antivirals, and the anticipated initiation of a Phase 2a influenza A human challenge study in the second half of 2023. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the risks and uncertainties arising from inflation, interest rate increases, the current banking crisis and the Ukraine war on our Company, our collaboration partners, and on the U.S. and U.K. and global economies, including manufacturing and research delays arising from raw materials and labor shortages, supply chain disruptions and other business interruptions including any adverse impacts on our ability to obtain raw materials and test animals as well as similar problems with our vendors and our current Contract Research Organization (CRO) and any future CROs and Contract Manufacturing Organizations, the results of the studies for CC-42344, the ability of our CROs to recruit volunteers for, and to proceed with, clinical studies, our and our collaboration partners’ technology and software performing as expected, financial difficulties experienced by certain partners, the results of future preclinical and clinical trials, general risks arising from clinical trials, receipt of regulatory approvals, regulatory changes, development of effective treatments and/or vaccines by competitors, including as part of the programs financed by the U.S. government. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three-month period ended March 31, 2023.
First Quarter 2023 Highlights
Record first quarter revenue
Net revenue up 21% over the prior-year quarter
Net income attributable to common stockholders up 8% over the prior-year quarter
Consolidated EBITDA down 28% compared to the prior-year quarter
Operating cash flow down 31% compared to the prior-year quarter
Free cash flow down 73% compared to the prior-year quarter
Quarterly cash dividend of $0.05 per share
Entered into $275 Million Credit Facility
“Entravision saw continued growth in the first quarter of 2023, with revenue up 21% year-over-year,” said Chris Young, Interim Chief Executive Officer and Chief Financial Officer. “Growth for the quarter was led by our digital segment, which is impressive given difficult macro conditions and decreased political advertising revenue from last year.”
Mr. Young continued, “With a solid balance sheet in place, strong free cash flow generation, and an acute focus on expense management, Entravision is well-equipped to navigate the current economic environment. As we progress through additional quarters, we will continue to seek out opportunities, including acquisitions, that will enhance our digital offerings and strengthen our ability to compete internationally.”
Quarterly Cash Dividend
The Company announced today that its Board of Directors approved a quarterly cash dividend to shareholders of $0.05 per share on the Company’s Class A and Class U common stock, in an aggregate amount of $4.4 million. The quarterly dividend will be payable on June 30, 2023 to shareholders of record as of the close of business on June 16, 2023, and the common stock will trade ex-dividend on June 15, 2023. The Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.
$275 Million Credit Facility
On March 17, 2023, the Company entered into the 2023 Amended and Restated Credit Facility (the “2023 Credit Facility”), which consists of a $200 million senior secured Term A Facility, which was drawn in full, and a $75 million Revolving Credit Facility, of which $11.5 million was drawn. In addition, the 2023 Amended and Restated Credit Agreement (the “2023 Credit Agreement”) provides that the Company may increase the aggregate principal amount of the 2023 Credit Facility by an additional amount equal to $100 million plus the amount that would result in the Company’s first lien net leverage ratio (as such term is used in the 2023 Credit Agreement) not exceeding 2.25 to 1.0, subject to the Company satisfying certain conditions.
Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 9.
Net revenue in the first quarter of 2023 totaled $239.0 million, up 21% from $197.2 million in the prior-year period. Of the overall increase, $42.8 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business, and due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period. The overall increase was partially offset by a decrease of $0.6 million attributable to our television segment, primarily due to decreases in political advertising revenue and national advertising revenue, partially offset by increases in local advertising revenue, spectrum usage rights revenue and retransmission consent revenue. In addition, the overall increase was partially offset by a decrease of $0.4 million attributable to our audio segment, primarily due to a decrease in political advertising revenue, and decreases in local and national advertising revenue.
Cost of revenue in the first quarter of 2023 totaled $167.8 million, up 29% from $129.9 million in the prior-year period. The increase was primarily due to increased cost of revenue related to advertising revenue growth from our digital commercial partnerships business, and due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period.
Operating expenses in the first quarter of 2023 totaled $52.6 million, up 20% from $43.9 million in the prior-year period. Of the overall increase, $6.3 million was attributable to our digital segment and was primarily due to our VIEs, which did not contribute to our financial results in our digital segment in the comparable period, an increase in salary expense, an increase in non-cash stock-based compensation, and an increase in expenses associated with the increase in digital advertising revenue. Additionally, of the overall increase in operating expenses, $0.9 million was attributable to our television segment primarily due to an increase in non-cash stock-based compensation, increased rent expense in the temporary office space until the move to our new permanent offices is completed, and an increase in bad debt expense. In addition, of the overall increase in operating expenses, $1.6 million was attributable to our audio segment primarily due to increases in salaries and music license fees, and increased rent expense in the temporary office space until the move to our new permanent offices is completed. The increases in non-cash stock-based compensation are mainly a result of the 2023 annual restricted stock unit (“RSU”) grant, which was made in February 2023 compared to the 2022 annual grant, which was made in December 2022.
Corporate expenses in the first quarter of 2023 totaled $10.5 million, up 20% from $8.7 million in the prior-year period. The increase was primarily due to an increase in non-cash stock-based compensation, which is mainly a result of the 2023 annual RSU grant, which was made in February 2023 compared to the 2022 annual grant, which was made in December 2022, an increase in professional service fees, and an increase in audit fees.
Balance Sheet and Related Metrics
Cash and marketable securities as of March 31, 2023 totaled $179.8 million. Total debt under the Company’s credit agreement was $211.5 million. Net of $50 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.7 times as of March 31, 2023. Net of total cash and marketable securities, total leverage was 0.3 times.
Notice of Conference Call
Entravision Communications Corporation will hold a conference call to discuss its first quarter 2023 results on Thursday, May 4, 2023 at 5:00 p.m. Eastern Time. To access the conference call, please dial (844) 836-8739 (U.S.) or (412) 317-5440 (Int’l) ten minutes prior to the start time and reference Conference ID number 10176751. The call will also be available via live webcast on the investor relations portion of the Company’s website located at www.entravision.com.
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, Twitter, TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. Entravision remains the largest affiliate group of the Univision and UniMás television networks. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.
Christopher T. Young Interim Chief Executive Officer, and Chief Financial Officer and Treasurer Entravision Communications Corporation 310-447-3870
Company to host conference call and webcast at 4:30 p.m. ET on Monday, May 15, 2023
NEWTOWN, Pa., May 04, 2023 (GLOBE NEWSWIRE) — Onconova Therapeutics, Inc. (NASDAQ: ONTX), (“Onconova” or “the Company”), a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer, today announced that the Company intends to release its first quarter 2023 financial results on Monday, May 15, 2023. Management plans to host a conference call and live webcast at 4:30 p.m. ET on the same day to discuss these results and provide an update on its pipeline programs.
Conference Call and Webcast Information
Interested parties who wish to participate in the conference call may do so by dialing (800) 715-9871 for domestic and (646) 307-1963 for international callers and using conference ID 9090989.
Those interested in listening to the conference call via the internet may do so by visiting the investors and media page on the Company’s website at www.onconova.com and clicking on the webcast link. In addition to the live webcast, a replay will be available on the Onconova website for 90 days following the call.
About Onconova Therapeutics, Inc.
Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation.
Onconova’s novel, proprietary multi-kinase inhibitor narazaciclib (formerly ON 123300) is being evaluated in two separate and complementary Phase 1 dose escalation and expansion studies. These trials are currently underway in the United States and China. Based on preclinical and clinical studies of CDK 4/6 inhibitors, Onconova is also planning a combination trial of narazaciclib with estrogen blockade in advanced endometrial cancer, as well as its clinical study in additional indications.
Onconova’s product candidate rigosertib is being studied in multiple investigator-sponsored studies, including a dose-escalation and expansion Phase 1/2a study of oral rigosertib in combination with nivolumab in patients with KRAS+ non-small cell lung cancer, and a Phase 2 program evaluating rigosertib monotherapy in advanced squamous cell carcinoma complicating recessive dystrophic epidermolysis bullosa (RDEB-associated SCC).
Some of the statements in this release are 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, and involve risks and uncertainties. These statements relate to Onconova’s expectations regarding its clinical development and trials, its product candidates, its business and financial position. Onconova has attempted to identify forward-looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “preliminary,” “encouraging,” “approximately” or other words that convey uncertainty of future events or outcomes. Although Onconova believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including the success and timing of Onconova’s clinical trials, investigator-initiated trials and regulatory agency and institutional review board approvals of protocols, Onconova’s collaborations, market conditions and those discussed under the heading “Risk Factors” in Onconova’s most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statements contained in this release speak only as of its date. Onconova undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that it plans to report its first quarter 2023 financial results after the market closes on May 9, 2023.
The company also plans to host a teleconference to discuss its results on May 9, 2023, at 4:00 PM Central Time. To access the teleconference, please dial (888) 770-7291, and then ask to be joined to the Salem Media Group First Quarter 2023 call or listen to the webcast.
A replay of the teleconference will be available through May 23, 2023, and can be heard by dialing (800) 770-2030 – replay pin number 2413416, or on the investor relations portion of the company’s website, located at investor.salemmedia.com.
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.
MELVILLE, N.Y. – May 4, 2023– Comtech (NASDAQ: CMTL) announced today that Aarna Networks, a leading provider of network automation and orchestration solutions, will become the Company’s latest publicly revealed EVOKE technology partner.
As the fourth publicly announced EVOKE technology partner, Aarna Networks will work with Comtech to create new integrated cloud-native solutions for emerging commercial and government use cases. By combining Aarna Networks technologies with Comtech’s Dynamic Cloud Platform (DCP), the companies will enable customers to easily add and manage a variety of open architecture cloud-based applications across private, hybrid, and public networks, in both terrestrial and non-terrestrial environments.
“By working with Aarna Networks as an EVOKE technology partner, we will open the door to new cloud-based applications that will support the convergence of communications infrastructures and empower individuals, communities, businesses, and governments by providing access to new technologies,” said Ken Peterman, President and CEO, Comtech. “As connectivity services expand into new global markets, the need for innovative cloud applications will continue to grow. By integrating Aarna Networks zero-touch edge orchestration technologies with Comtech’s DCP offerings, we will multiply the value our cloud-native solutions can bring to 5G, satellite communications, and edge computing customers around the world.”
Comtech’s DCP is designed to be infrastructure, cloud, and application agnostic. Comtech’s DCP also unlocks the availability of new third-party cloud-based applications across current and future computing environments.
Aarna Network’s software, and software as a service (SaaS) solutions, leverage open source, cloud native, and DevOps methodologies to provide zero-touch edge and 5G service orchestration and management (SMO) services.
“Aarna Networks is thrilled to be an EVOKE technology partner and to integrate with Comtech’s DCP,” said Amar Kapadia, Co-founder and CEO, Aarna Networks. “This allows us to bring edge and 5G services orchestration to diverse infrastructures and management systems for a broad set of industry use cases. Our open source, vendor neutral Open Radio Access Network (O-RAN) SMO offering is important for a variety of customers segments across global markets.”
EVOKE is Comtech’s Innovation Foundry, which is led by the company’s Chief Growth Officer, Anirban Chakraborty, and is dedicated to creating and accelerating transformational changes across the global technology landscape. EVOKE engages with customers, partners, and suppliers to push the boundaries of technologies that will lay the foundation of connectivity as well as shape future societies and ecosystems.
About Comtech
Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud-native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.
About Aarna Networks
Aarna Networks solves enterprise edge and 5G management complexity through zero-touch edge orchestration at scale. We’re on a mission to help enterprises and network operators unlock previously unimagined new services and drastically slash operational costs and improve time to market. Aarna’s software and SaaS solutions leverage open source, cloud native, and DevOps methodologies to provide zero-touch edge and 5G service orchestration and management services. Visit us at https://www.aarnanetworks.com.
Forward-Looking Statements
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results and performance could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.
FLORHAM PARK, N.J., May 04, 2023 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing a growing pipeline of targeted immunotherapies for cancer and infectious disease, today announced that the Company will release financial results for the first quarter of 2023 on Monday, May 15, 2023, before the market opens. Following the release, management will host a conference call to review the financial results and provide a business update.
Monday, May 15, 2023, 8:00 AM ET Domestic: 877-407-3088 International: 201-389-0927 Conference ID: 13738216 Webcast: PDS Biotech Earnings Webcast
After the live webcast, the event will be archived on PDS Biotech’s website for six months.
About PDS Biotechnology PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies based on our proprietary Versamune®, Versamune® plus PDS0301, and Infectimune™ T cell-activating platforms. We believe our targeted immunotherapies have the potential to overcome the limitations of current immunotherapy approaches through the activation of the right type, quantity and potency of T cells. To date, our lead Versamune® clinical candidate, PDS0101, has demonstrated the ability to reduce and shrink tumors and stabilize disease in combination with approved and investigational therapeutics in patients with a broad range of HPV16- associated cancers in multiple Phase 2 clinical trials and will be advancing into a Phase 3 clinical trial in combination with KEYTRUDA® for the treatment of recurrent/metastatic HPV16-positive head and neck cancer in 2023. Our Infectimune™ based vaccines have also demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also powerful T cell responses, including long-lasting memory T cell responses in pre-clinical studies to date. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.
Multiple Additional Indications Possible, Including Autoimmune Diseases: Pipeline within a Product
Published Non-Human Primate Studies Show TNX-1500 Prolongs Renal and Heart Allograft Survival
Phase 1 Clinical Trial of TNX-1500 Expected to Start Third Quarter 2023
CHATHAM, N.J., May 04, 2023 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP), a clinical-stage biopharmaceutical company, today announced the U.S. Food and Drug Administration (FDA) has cleared the Investigational New Drug (IND) application to support a Phase 1 clinical trial with TNX-1500 (anti-CD40L monoclonal antibody [mAb]). The first indication Tonix is seeking for TNX-1500 is the prevention of organ rejection in patients receiving a kidney transplant. The Company expects to initiate enrollment in the Phase 1 study in the third quarter of 2023.
The IND application for TNX-1500 was supported by preclinical allotransplantation studies conducted at the Massachusetts General Hospital (MGH), led by principal investigators Tatsuo Kawai, MD, PhD, A. Benedict Cosimi Chair in Transplant Surgery, MGH and Professor of Surgery, Harvard Medical School (HMS), and Richard N. Pierson III, M.D., scientific director of the Center for Transplantation Sciences in the Department of Surgery at MGH and Professor of Surgery at HMS.
“This is an important milestone as we advance TNX-1500 into clinical development,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “Despite advancements in the field of solid organ transplantation, there remains a significant need for new treatments with improved activity and tolerability to prevent organ transplant rejection. Our primary focus of early development will be allotransplantation in which the donor organ comes from another human. However, in the longer term we hope to develop TNX-1500 for xenograft transplantation in which the donor organ comes from a genetically engineered pig.”
Dr. Lederman continued, “We view TNX-1500 as a pipeline within a product, because of its potential to treat a number of autoimmune diseases. Anti-CD40L mAbs have demonstrated activity and tolerability in autoimmune diseases like systemic lupus erythematosus and Sjögren’s Syndrome. An anti-CD40L mAb is also in development for multiple sclerosis. CD40L is a member of the TNFα super gene family. Other TNFα super gene members have been the targets of successful mAb therapeutics: TNFα and RANKL for autoimmune diseases and osteoporosis, respectively. Still other TNFα super gene family members are targeted by mAbs in development including TNF-like ligand 1A (TL1A) and CD30L for ulcerative colitis and Ox40L for atopic dermatitis.”
TNX-1500 is a third generation anti-CD40L mAb that has been designed by protein engineering to decrease FcγRIIA binding and to therefore reduce the potential for thrombosis. Preclinical studies in non-human primates demonstrated that TNX-1500 showed activity in preventing allograft organ rejection and was well tolerated1,2.
About TNX-1500
TNX-1500 (Fc-modified anti-CD40L mAb) is a humanized monoclonal antibody that interacts with the CD40-ligand (CD40L), which is also known as CD154. TNX-1500 is being developed for the prevention of allograft and xenograft rejection, for the treatment of autoimmune diseases and for the prevention of graft-versus-host disease (GvHD) after hematopoietic stem cell transplantation (HCT). A Phase 1 study of TNX-1500 is expected to be initiated in the third quarter of 2023. Two articles have recently published in the American Journal of Transplantation that demonstrate TNX-1500 prolongs non-human primate renal and heart allograft survival1,2.
1Lassiter, G., et al. (2023). TNX-1500, a crystallizable fragment–modified anti-CD154 antibody, prolongs non-human primate renal allograft survival. American Journal of Transplantation. April 3, 2023. https://doi.org/10.1016/j.ajt.2023.03.022
2Miura, S., et al. (2023) TNX-1500, a crystallizable fragment–modified anti-CD154 antibody, prolongs non-human primate cardiac allograft survival. American Journal of Transplantation. April 6, 2023. https://doi.org/10.1016/j.ajt.2023.03.025
Tonix Pharmaceuticals Holding Corp.*
Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of central nervous system (CNS), rare disease, immunology and infectious disease product candidates. Tonix’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL (cyclobenzaprine HCl sublingual tablet), is in mid-Phase 3 development for the management of fibromyalgia with topline data expected in the fourth quarter of 2023. TNX-102 SL is also being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Enrollment in a Phase 2 study has been completed, and topline results are expected in the third quarter of 2023. TNX-1900 (intranasal potentiated oxytocin), in development for chronic migraine, is currently enrolling with topline data expected in the fourth quarter of 2023. TNX-601 ER (tianeptine hemioxalate extended-release tablets), a once-daily formulation being developed as a treatment for major depressive disorder (MDD), is also currently enrolling with interim data expected in the fourth quarter of 2023. TNX-1300 (cocaine esterase) is a biologic designed to treat cocaine intoxication and has been granted Breakthrough Therapy designation by the FDA. A Phase 2 study of TNX-1300 is expected to be initiated in the third quarter of 2023. Tonix’s rare disease portfolio includes TNX-2900 (intranasal potentiated oxytocin) for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan Drug designation by the FDA. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the third quarter of 2023. Tonix’s infectious disease pipeline includes TNX-801, a vaccine in development to prevent smallpox and mpox, for which a Phase 1 study is expected to be initiated in the second half of 2023. TNX-801 also serves as the live virus vaccine platform or recombinant pox vaccine platform for other infectious diseases. The infectious disease portfolio also includes TNX-3900 and TNX-4000, classes of broad-spectrum small molecule oral antivirals.
*All of Tonix’s product candidates are investigational new drugs (IND) or biologics and have not been approved for any indication. TNX-801, TNX-2900, TNX-3900 and TNX-4000 are in pre-IND stage of development and have not been approved for any indication.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2023, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
BRENTWOOD, Tenn., May 03, 2023 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the first quarter of 2023.
Damon T. Hininger, CoreCivic’s President and Chief Executive Officer, said, “We are pleased to report first quarter results that were in line with our expectations, while we continue to operate through a challenging labor market and execute on our long-term capital allocation strategy. During the first quarter, we generated $73.7 million of EBITDA that, along with existing liquidity, enabled us to repay in full the $153.8 million outstanding balance of our 4.625% Senior Notes that were scheduled to mature on May 1, 2023. We also continued to execute on our share repurchase program during the quarter by repurchasing 2.5 million shares, representing an additional 2% of our outstanding shares, at a total cost of $24.9 million.
Hininger continued, “We’re also proud to have recently released our fifth Environmental, Social and Governance (ESG) Report. The ESG report details the ways we delivered reentry and vocational programming designed to prepare those in our care for long-lasting success upon reentry to their communities during 2022, a mission that our organization has been carrying out for more than 40 years. I hope you have an opportunity to review our latest ESG report to learn more about CoreCivic and the important services we provide. We are proud of our history and our accomplishments that truly help individuals in our care change their lives for the better primarily through the strength and volume of our evidence-based programs.”
Financial Highlights – First Quarter 2023
Total revenue of $458.0 million
CoreCivic Safety revenue of $417.7 million
CoreCivic Community revenue of $26.4 million
CoreCivic Properties revenue of $13.8 million
Net Income of $12.4 million
Diluted earnings per share of $0.11
Adjusted Diluted EPS of $0.13
Normalized Funds From Operations per diluted share of $0.34
EBITDA of $73.7 million
First Quarter 2023 Financial Results Compared With First Quarter 2022
Net income in the first quarter of 2023 totaled $12.4 million, or $0.11 per diluted share, compared with net income in the first quarter of 2022 of $19.0 million, or $0.16 per diluted share. Adjusted for special items, adjusted net income in the first quarter of 2023 was $14.7 million, or $0.13 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the first quarter of 2022 of $17.4 million, or $0.14 per diluted share. Special items for each period are presented in detail in the calculation of Adjusted Diluted EPS in the Supplemental Financial Information following the financial statements presented herein.
The $0.01 per share decline in Adjusted Diluted EPS occurred despite transitioning to the previously announced contract with the state of Arizona at our 3,060-bed La Palma Correctional Center in Arizona, the expiration of our contract with the Federal Bureau of Prisons (BOP) at the McRae Correctional Facility on November 30, 2022, and ongoing labor market pressures, including above average wage inflation. We substantially completed the transition of inmate populations at the La Palma facility by the end of 2022, but we continued to incur elevated operating expenses during the first quarter of 2023 due to ongoing efforts to attract and retain local staff at the facility. Despite the expiration of the contract with the BOP at the McRae facility, a facility we sold to the state of Georgia in 2022, our renewal rate on owned and controlled facilities remains high at 94% over the previous five years. We believe our renewal rate on existing contracts remains high due to a variety of reasons including the aged and constrained supply of available beds within the U.S. correctional system, our ownership of the majority of the beds we operate, the value our government partners place in the wide range of recidivism-reducing programs we offer to those in our care, and the cost effectiveness of the services we provide.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $73.7 million in the first quarter of 2023, compared with $83.0 million in the first quarter of 2022. Adjusted EBITDA was $73.7 million in the first quarter of 2023, compared with $80.8 million in the first quarter of 2022. Adjusted EBITDA of $80.8 million in the prior year quarter excludes a net gain on sale of real estate assets. Adjusted EBITDA decreased from the prior year quarter primarily due to the previously mentioned transition of offender populations at our La Palma Correctional Center, which resulted in a reduction in EBITDA of $7.4 million, and the expiration of our BOP contract at the McRae Correctional Facility in November 2022, which resulted in a reduction in EBITDA of $2.3 million from the first quarter of 2022 to the first quarter of 2023. Due to an improving labor market, we achieved higher staffing levels in the first quarter of 2023 than in the prior year quarter; however, we incurred higher wage rates than in the prior year quarter in order to attract and retain facility staff in the challenging labor market. We also incurred higher travel expenses in order to augment staffing levels at multiple facilities. We believe these investments in staffing are positioning us to manage the increased number of residents we anticipate at our facilities once the remaining occupancy restrictions attributable to COVID-19 are removed, most notably Title 42, a policy that denies entry at the United States border to asylum-seekers and anyone crossing the border without proper documentation or authority in an effort to contain the spread of COVID-19. Title 42 is currently scheduled to end in May 2023. Despite the difficult labor market, we have been able to reduce certain labor-related expenses, such as registry nursing and temporary incentives, which moderated during the first quarter of 2023 compared with the first quarter of 2022.
Funds From Operations (FFO) was $36.6 million, or $0.32 per diluted share, in the first quarter of 2023, compared to $41.5 million, or $0.34 per diluted share, in the first quarter of 2022. Normalized FFO, which excludes special items, was $38.9 million, or $0.34 per diluted share, in the first quarter of 2023, compared with $41.5 million, or $0.34 per diluted share, in the first quarter of 2022. Normalized FFO was impacted by the same factors that affected Adjusted EBITDA.
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and the note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.
Asset Dispositions and Assets Held for Sale
During the third quarter of 2022, we began marketing for sale our Roth Hall Residential Reentry Center and the Walker Hall Residential Reentry Center, both of which are located in Philadelphia, Pennsylvania and reported in our CoreCivic Properties segment. The properties were classified as held for sale as of March 31, 2023 and December 31, 2022. A purchase and sale agreement for these two Philadelphia properties was executed in March 2023 and the properties were sold on May 2, 2023, generating net sales proceeds of $5.8 million, which approximated the carrying value of the properties. We are also marketing for sale a residential reentry center in Denver, Colorado with a carrying value of $1.2 million and reported in our CoreCivic Community segment, which was also classified as held for sale as of March 31, 2023.
Share Repurchases
On May 12, 2022, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $150.0 million of our common stock. On August 2, 2022, our Board of Directors authorized an increase in our share repurchase program of up to an additional $75.0 million in shares of our common stock, or a total of up to $225.0 million. During the first quarter of 2023, we repurchased 2.5 million shares of our common stock at an aggregate purchase price of $24.9 million, excluding fees, commissions and other costs related to the repurchases. Since the share repurchase program was authorized, through March 31, 2023, we have repurchased a total of 9.1 million shares at an aggregate price of $99.4 million under this share repurchase program.
As of March 31, 2023, we had $125.6 million remaining under the share repurchase program authorized by the Board of Directors. Additional repurchases of common stock will be made in accordance with applicable securities laws and may be made at management’s discretion within parameters set by the Board of Directors from time to time in the open market, through privately negotiated transactions, or otherwise. The share repurchase program has no time limit and does not obligate us to purchase any particular amount of our common stock. The authorization for the share repurchase program may be terminated, suspended, increased or decreased by our Board of Directors in its discretion at any time.
Debt Repayments
On December 22, 2022, we delivered an irrevocable notice to the trustee of the holders of the 4.625% Senior Notes that we elected to redeem in full the 4.625% Senior Notes that remained outstanding on February 1, 2023. The 4.625% Senior Notes were redeemed on February 1, 2023 at a redemption price equal to 100% of the principal amount of the outstanding 4.625% Senior Notes, which amounted to $153.8 million, plus accrued and unpaid interest to, but not including, the redemption date. We used a combination of cash on hand and available capacity under our Revolving Credit Facility to fund the redemption. During the first quarter of 2023, we reduced our total debt balance by $146.2 million, or by $48.2 million net of the change in cash. Following the redemption of the 4.625% Senior Notes, we have no debt maturities until 2026.
2023 Financial Guidance
Based on current business conditions, we are providing the following update to our financial guidance for the full year 2023:
Guidance Full Year 2023
Prior Guidance Full Year 2023
Net income
$51.2 million to $63.2 million
$58.0 million to $75.0 million
Adjusted net income
$53.5 million to $65.5 million
$58.0 million to $75.0 million
Diluted EPS
$0.44 to $0.55
$0.50 to $0.65
Adjusted Diluted EPS
$0.46 to $0.57
$0.50 to $0.65
FFO per diluted share
$1.29 to $1.40
$1.35 to $1.50
Normalized FFO per diluted share
$1.31 to $1.42
$1.35 to $1.50
EBITDA
$291.3 million to $301.3 million
$298.5 million to $313.5 million
Adjusted EBITDA
$293.6 million to $303.6 million
$298.5 million to $313.5 million
Financial guidance has been updated to reflect a favorable $0.01 per share variance to our internal forecast for the first quarter of 2023, offset by $0.04 per share to reflect the non-renewal of our lease with the state of Oklahoma at our North Fork Correctional Facility expiring June 30, 2023, which we previously disclosed on April 24, 2023. In addition, we continue to negotiate in good faith with the state of Oklahoma for the renewal of our contract to manage our Davis Correctional Facility, which also expires June 30, 2023, and operated at a loss during 2022 and the first quarter of 2023. However, we have not yet been able to reach acceptable terms. Our updated guidance was further reduced by $0.03 per share to reflect the potential transition of inmate populations out of the Davis Correctional Facility during the second quarter of 2023 and idle operations during the second half of the year, which we did not contemplate in our previous forecast. If we are able to reach acceptable terms on a new agreement, the $0.03 per share reduction will be avoided, as we would exceed our forecast by approximately $0.02 per share during the second quarter by avoiding the transition, and we would further exceed our guidance during the second half of 2023, the magnitude of which would depend on the terms of a new agreement.
During 2023, we expect to invest $64.0 million to $67.0 million in capital expenditures, consisting of $36.0 million to $37.0 million in maintenance capital expenditures on real estate assets, $25.0 million to $26.0 million for maintenance capital expenditures on other assets and information technology, and $3.0 million to $4.0 million for other capital investments. These capital expenditure amounts are unchanged from our previous guidance.
Supplemental Financial Information and Investor Presentations
We have made available on our website supplemental financial information and other data for the first quarter of 2023. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation and disclaim any duties to update any of the information disclosed in this report.
Management may meet with investors from time to time during the second quarter of 2023. Written materials used in the investor presentations will also be available on our website beginning on or about May 19, 2023. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.
Conference Call, Webcast and Replay Information
We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, May 4, 2023, which will be accessible through the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page.
To participate via telephone and join the call live, please register in advance here https://register.vevent.com/register/BI6394fffe952b47d497a2735e53d08f32. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.
About CoreCivic
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest prison operators in the United States. We have been a flexible and dependable partner for government for 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Forward-Looking Statements
This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government, including as a consequence of the United States Department of Justice, or DOJ, not renewing contracts as a result of President Biden’s Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities, or the Private Prison EO, impacting utilization primarily by the BOP and the United States Marshals Service, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (v) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a continuing rise in labor costs; fluctuations in interest rates and risks of operations; (vi) the duration of the federal government’s denial of entry at the United States southern border to asylum-seekers and anyone crossing the southern border without proper documentation or authority in an effort to contain the spread of COVID-19, a policy known as Title 42 (Title 42 is expected to end May 11, 2023, when President Biden has decided to lift the public health emergency for COVID-19, although its termination may be subject to ongoing litigation, the outcome of which is unclear. Most recently, on December 27, 2022, the Supreme Court granted a stay on the cessation of Title 42, while it considers an appeal by a group of states to continue the expulsions.); (vii) our ability to successfully identify and consummate future development and acquisition opportunities and realize projected returns resulting therefrom; (viii) our ability to have met and maintained qualification for taxation as a real estate investment trust, or REIT, for the years we elected REIT status; and (ix) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.
We take no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.
NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share metrics are non-GAAP financial measures. The Company believes that these measures are important operating measures that supplement discussion and analysis of the Company’s results of operations and are used to review and assess operating performance of the Company and its properties and their management teams. The Company believes that it is useful to provide investors, lenders and security analysts disclosures of its results of operations on the same basis that is used by management.
FFO, in particular, is a widely accepted non-GAAP supplemental measure of performance of real estate companies, grounded in the standards for FFO established by the National Association of Real Estate Investment Trusts (NAREIT). NAREIT defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from sales of property and extraordinary items, plus depreciation and amortization of real estate and impairment of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. As a company with extensive real estate holdings, we believe FFO and FFO per share are important supplemental measures of our operating performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs and other real estate operating companies, many of which present FFO and FFO per share when reporting results. EBITDA, Adjusted EBITDA, and FFO are useful as supplemental measures of performance of the Company’s properties because such measures do not take into account depreciation and amortization, or with respect to EBITDA, the impact of the Company’s tax provision and financing strategies. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), this accounting presentation assumes that the value of real estate assets diminishes at a level rate over time. Because of the unique structure, design and use of the Company’s properties, management believes that assessing performance of the Company’s properties without the impact of depreciation or amortization is useful. The Company may make adjustments to FFO from time to time for certain other income and expenses that it considers non-recurring, infrequent or unusual, even though such items may require cash settlement, because such items do not reflect a necessary or ordinary component of the ongoing operations of the Company. Normalized FFO excludes the effects of such items. The Company calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt repayments and refinancing transactions, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented.
Other companies may calculate Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO differently than the Company does, or adjust for other items, and therefore comparability may be limited. Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and, where appropriate, their corresponding per share measures are not measures of performance under GAAP, and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of the Company’s operating performance or any other measure of performance derived in accordance with GAAP. This data should be read in conjunction with the Company’s consolidated financial statements and related notes included in its filings with the Securities and Exchange Commission.
DENVER, May 3, 2023 /CNW/ – Medicine Man Technologies operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), will hold a first quarter earnings webcast on May 10, 2023, at 5:00 pm ET.
Investors and stakeholders may participate in the conference call by dialing 416-764-8650 or by dialing North American toll free 1-888-664-6383 or listen to the webcast from the Company’s website at https://ir.schwazze.com The webcast will be available on the Company’s website and on replay until May 17, 2023, and may be accessed by dialing 416-764-8677 or North American toll free 1-888-390-0541 / 613777 #.
Following their prepared remarks, Management will answer investor questions. Investors may submit questions in advance or during the conference call itself through the weblink: https://app.webinar.net/8JdExl9XLGb This weblink has been posted to the Company’s website and will be archived on the website. All Company SEC filings can also be accessed on the Company website at https://ir.schwazze.com/sec-filings
About Schwazze Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices. Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc.
Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.
Forward-Looking Statements This press release contains “forward-looking statements.” Such statements may be preceded by the words “plan,” “will,” “may,”, “predicts,” or similar words. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to consummate the acquisition described in this press release or to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the ongoing COVID-19 pandemic, * the timing and extent of governmental stimulus programs, (xi) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws, and * out ability to satisfy the closing conditions for the private finding described in this press release. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
VIRGINIA CITY, NEVADA, MAY 3, 2023 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”), an innovator of technologies that enable systemic decarbonization, today announced its recent Q1 2023 operational highlights.
“Over the past three months, we monetized non-strategic assets and positioned ourselves to meet or exceed our $30 million target this year. We have also advanced our fuels, metals, and mining lines of business, and GenMat, our strategic investee, announced a customer demonstration of their physics-based general artificial intelligence capabilities. We are excited that all of this drives our commercializations,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer.
Selected Strategic Highlights from the First Quarter 2023
Comstock Fuels
“Our fuels team is unblocking the most meaningful bottleneck in renewable fuel production with proven breakthrough lignocellulosic fuel technology and patented woody-biomass-based feedstock processing solutions,” stated David Winsness, President of Comstock Fuels. “Our team recently demonstrated commercial readiness with unprecedented yields approaching 100 gallons of fuel per dry ton of feedstock on a gasoline gallon equivalent basis.”
Advanced our grant award from the U.S. Department of Energy of Comstock’s $2,000,000 grant application to build a pre-pilot scale system to demonstrate one of Comstock’s unique new pathways to produce renewable diesel, sustainable aviation fuel, gasoline, and marine fuel from forestry residues and other forms of lignocellulosic biomass at dramatically improved yield, efficiency, and cost in comparison to known methods.
Presented at the 2023 Advanced Bioeconomy Leadership Conference, where David Winsness, president of our fuels business, received a leadership award for his bioeconomy contributions and was named to The 2023 Bioeconomy 500.
Advanced our current process such that we can now turn one tonne of woody biomass into more than 45 GGE (gasoline gallon equivalent), of cellulose derived fuels and more than 50 GGE of Bioleum™ derived fuels.
“We are focused on commercialization. Execution of one or more license agreements with operationally experienced, technologically sophisticated, and well capitalized customers is a top 2023 objective, with each license potentially creating more than 20 years of recurring royalty revenue with material upfront engineering fees,” stated De Gasperis.
Comstock Metals
“The world is focused on electrification to reduce reliance on fossil fuels and carbon emissions,” said Dr. Fortunato Villamagna, President of Comstock Metals. “Voluminous amounts of photovoltaic materials are already being removed from large solar fields, effectively creating an immediate and rapidly growing market over the next five years. We are now engaged in sourcing photovoltaics waste materials for processing and foresee a rapid path forward to achieving positive cash flow in 2024, all while creating the foundation for recycling lithium-ion batteries, fuel cells and the broader population of electrification products.”
Appointed Dr. Fortunato Villamagna as the President of Comstock Metals Corporation, the entity that owns LINICO Corporation, the Company’s lithium-ion battery metals recycling business.
Presented on the topic of manufacturing in the electrification supply chain at the inaugural Nevada Clean Energy & Transportation Conference hosted by Nevada Battery Coalition.
Advanced the strategic sale of its facility at 2500 Peru Drive, McCarran, Nevada, for a gross price of $27.6 million.
Commenced pre-permitting activities of the Company’s proprietary processing and recycling system in Nevada.
“Securing revenue generating supply commitments in our expanded metals recycling business is a key objective for 2023,” added Mr. De Gasperis. “Sourcing photovoltaics now presents us with a better, safer, and faster cash flowing plan.”
Comstock Mining
“With gold well over $2,000, we are keen to expand the value of our precious metal resources by combining our expansive mineral data repository with GenMat’s advanced hyperspectral orbital imaging and generative artificial intelligence solutions to enable faster and larger mineral discovery, for a fraction of the cost of conventional exploration,” continued Mr. De Gasperis.
Presented Comstock’s and GenMat’s capabilities at both the Vancouver Resource Investment Conference, the world’s largest resource investment conference dedicated to resource exploration and development and the Prospectors and Developers Association Conference in Toronto, Canada, one of the world largest mining conferences.
Advanced preparations for the 200-acre site for battery storage in Mound House, Nevada.
GenMat is accelerating the commercialization of disruptive AI generated materials with the help of quantum-probabilistic software solutions that integrate proprietary hyperspectral technology solutions that (a) increase certainty in mineral discovery targets, (b) reduce costs of traditional drill programs, with ground penetrating scans and analytics, and (c) increase discernment for categorizing mineral resources and plans on launching a hyperspectral imager into orbit for mineral imaging later this year.
Artificial Intelligence
“Our goal is to build and commercialize artificial general intelligence for physics with powerful, science-based capabilities when compared to other known large language and other conventional AI models,” stated Deep Prasad, GenMat’s Chief Executive Officer. “Our AGI will enable the sensing, simulation, and engineering of matter at speeds previously unimaginable.”
Developed and launched a new, generative AI for physics to simulate critical properties of known materials during calibration testing late last year. Remarkably, GenMat also used its AI to simulate new material characteristics.
GenMat’s physics-based generative AI models can be deployed today, for commercial use on GenMat’s existing high-performance computing platform, well before quantum computers become mainstream.
In 2023, GenMat will, among other things, elevate new material simulation to commercial readiness by synthesizing and directly testing new AI simulated materials in high value applications with early adopting customers.
Corporate and Selected Financial Results
“We are leveraging our entire platform, including fuels, metals, generative AI and mining, to break new ground and generate significant revenue growth, starting in 2023,” said De Gasperis. “Our businesses operate as one system, with each business having fully dedicated leaders, teams, and plans for 2023 revenue growth. We believe the value creation and impact on our stakeholders from all of our business will be enormous. Our recent and planned asset sales are now funding this growth.”
For the three months ended March 31, 2023, net loss was $5,681,742 or $(0.06) per share, as compared to a net loss of $6,547,023 or $(0.09) per share for the three months ended March 31, 2022.
Total assets were $104,991,305 as of March 31, 2023 compared to total assets of $100,053,759 as of December 31, 2022.
Debt was $7,073,939 on March 31, 2023 compared to debt at December 31, 2022 of $7,917,333.
Cash and cash equivalents were $8,105,256 and $2,521,772 on March 31, 2023 and December 31, 2022, respectively.
Outstanding common shares were 103,035,152 at March 31, 2023, and 102,707,603 at May 3, 2023.
Upcoming Events
Comstock is hosting its 2023 Annual Virtual Shareholder Meeting online via webcast Thursday, May 25, 2023 at 9:00 AM, Pacific Time. Shareholders of record on March 31, 2023, will be able to vote and submit questions online during the meeting. Even if you plan to attend the Comstock Inc. 2023 Virtual Shareholder Meeting online; however, we encourage you to vote your shares by proxy as soon as practical at www.ProxyVote.com
If you would like to attend the Annual Virtual Shareholder Meeting online, you must use your 16-digit control number from your proxy card that was mailed to you. Please log in 15 minutes prior to the start of the meeting at: www.virtualshareholdermeeting.com/LODE2023.
The Company is also planning much broader activities during its Virtual Investor Day online June 28, 2023. More details for this event will be made available soon on the Company’s website Investors page.
Conference Call Details
Comstock will host a conference call today, Wednesday, May 3, 2023, at 4:15 p.m. ET to report its First Quarter 2023 results and business update. We invite all investors and other interested parties to register for the webinar at the link below.
HAVE QUESTIONS? There will be an allotted time following the live presentation for a Q&A session. Unaddressed questions will be reviewed by management and responded to accordingly. You may submit your question(s) beforehand in the registration form (linked above) or by email at: [email protected].
About Comstock
Comstock Inc. (NYSE: LODE) commercializes technologies that enable systemic decarbonization by efficiently converting under-utilized natural resources into renewable energy products, and by leveraging physics based artificial intelligence = for more efficient and effective mineral and materials discovery.
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
Contact Information:
Investor Relations RB Milestone Group Tel (203) 487-2759 [email protected]
Media Zach Spencer Comstock Inc. Tel (775) 847-7532 [email protected]
TORONTO–(BUSINESS WIRE)– Largo Inc. (“Largo” or the “Company”) (TSX: LGO) (NASDAQ: LGO) announces today that Andrea Weinberg has been appointed as an independent director to the Company’s Board of Directors (“Board”).
Largo Announces the Appointment of Andrea Weinberg to its Board of Directors (Photo: Business Wire)
J. Alberto Arias, Chairman of Largo’s Board of Directors commented: “Andrea’s extensive knowledge of the metals sector, global financial markets, and specifically Brazil, her native country where she resides, makes her an excellent addition to our Board of Directors. With Andrea, the Board has gained an invaluable member who will assist the Company in enhancing value for Largo shareholders.” He continued: “In addition, Andrea most recently served on the board of Largo Physical Vanadium Corp. (“LPV”) during its founding, providing her with a thorough understanding of both the vanadium market fundamentals and the innovative business model we developed between Largo, Largo Clean Energy and LPV. It is our view that LPV has the potential to substantially improve the competitiveness of the vanadium flow battery industry in the future and the prospects of vanadium demand in general.”
Andrea Weinberg commented: “As the vanadium industry enters an exciting new phase of growth, largely driven by the world’s decarbonization needs and clean energy transition, it is my pleasure to join Largo’s Board of Directors and work closely with the management team and other Board members to execute on the Company’s two-pillar business strategy. Largo has developed a compelling business proposition to help advance a low-carbon future and I am excited to be a part of it going forward.”
Ms. Weinberg is a Director of Cosan, a Brazilian holding company of logistics, gas, fuels, lubricants and mining assets in Brazil. She has over 25 years of experience in the financial markets working at companies such as BTG Pactual, BlackRock for Latin American and Global Emerging Market funds, AllianceBernstein and Dynamo Administradora de Recursos covering commodities (metals & mining, pulp and paper and oil), amongst other things. Before joining the buyside industry, Ms. Weinberg worked as a sell side analyst at Merrill Lynch (2004-2007) and Goldman Sachs (1998-2004) covering the Metals & Mining sector. Ms. Weinberg holds a Bachelor of Science in Chemical Engineering from Universidade Federal do Rio de Janeiro and a Master’s Degree in Financial Engineering & Operations Research from Columbia University.
About Largo
Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURETM and VPURE+TM products, which are sourced from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing an ilmenite concentration plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world’s highest quality vanadium, Largo’s strategic business plan is based on two pillars: 1.) leading vanadium supplier with an outlined growth plan and 2.) U.S.-based energy storage business support a low carbon future.
Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol “LGO”. For more information on the Company, please visit www.largoinc.com.
SeniorFAT BrandsExecutivesAppointed to Lead Global Restaurant Franchising Company
LOS ANGELES, May 01, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. announces Ken Kuick and Rob Rosen as Co-CEOs, effective May 5, 2023. As previously announced, Andy Wiederhorn will step down as CEO and continue in his role as Chairman of the Board, where he will focus on the strategic direction of the company, the allocation of capital, and ensuring the management team executes the Company’s business plan while maintaining quality restaurant operations.
Joining FAT Brands in 2021, Mr. Kuick, Chief Financial Officer, and Mr. Rosen, Executive Vice President of Capital Markets, have both played an integral role in the growth of the Company with a focus on strategic growth initiatives, including acquisitions and driving company profitability. Mr. Kuick and Mr. Rosen will also continue in their respective roles as Chief Financial Officer and Executive Vice President of Capital Markets while assuming the Co-CEO role. Together, they will focus on driving forward the Company’s overarching goals of increasing organic growth through new store openings, growing the utilization of its manufacturing facility, and bolstering the success of high-growth brands, including Twin Peaks.
Mr. Kuick’s past roles include Chief Financial Officer, Noodles & Company, Chief Accounting Officer, VICI Properties, and Chief Accounting Officer, Caesars Entertainment Operating Company, a subsidiary of Caesars Entertainment. Mr. Rosen is a Wall Street veteran with over 30 years of experience in structured finance, banking, lending, and portfolio management. Mr. Rosen has held positions at Fleet Bank, Kidder Peabody, and Bank of Tokyo, and has 20 years of experience with Black Diamond Capital Management in a variety of management, board-level, and advisory capacities.
“Over the last few years, Ken and Rob have played a tremendous role in the unprecedented growth of FAT Brands,” said Andy Wiederhorn, CEO of FAT Brands. “Their financial acumen and track record for hitting key company benchmarks make them well-positioned to take on the CEO role together. I look forward to continuing to work with Ken and Rob in the Chairman of the Board position to aid in the continued success of FAT Brands.”
“Andy is a great leader and I’m extremely humbled to take on this new responsibility and drive forward the key goals of the company,” said Ken Kuick, Chief Financial Officer of FAT Brands. “We are fortunate to have such a talented team at FAT Brands and I see great opportunity ahead in building upon our positioning as one of the largest restaurant companies in the U.S.”
“I’m honored to take on the Co-CEO position of a company that continues to surpass growth expectations,” said Rob Rosen, Executive Vice President of Capital Markets at FAT Brands. “In the near term, Ken and I will look to build on the strong foundation FAT Brands has already laid, which includes our robust growth pipeline, exciting innovations, and a commitment to our franchisees and customers.”
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect expectations of FAT Brands Inc. (“we”, “our” or the “Company”) concerning future events and are subject to significant business, economic and competitive risks, uncertainties and contingencies, including but not limited to uncertainties surrounding the severity, duration and effects of the COVID-19 pandemic. These factors are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
MEDIA CONTACT: Erin Mandzik, FAT Brands [email protected] 860-212-6509
IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today the appointment of Carolyn Cassidy as General Manager of its five-station radio group and of Salem Surround in Tampa and Sarasota, Florida.
Cassidy is currently the General Manager of Salem’s Columbus, OH operation, she will retain those responsibilities in addition to her new role as GM in Tampa/Sarasota. In her extensive broadcasting background, Cassidy has served in sales leadership and General Management roles in Colorado Springs, Denver, Cape Cod, Vermont and Ohio. Carolyn has been an active member of the board of the Ohio Association of Broadcasters and has been twice recognized by Radio Ink magazine as a General Manager of the Year.
Salem Media Group Regional Vice President Val Carolin commented, “As we worked to fill the big shoes that Barb Yoder has worn so effectively these past 12 years as General Manager, we were thrilled to learn that Carolyn had a strong desire to return to her Florida roots and serve the communities in her home state. Carolyn has proven herself to be a tireless leader with a deep commitment to service. She’s a hard and smart worker who gets involved and gets things done. I’m confident that the dedication and the skills she possesses will prove to be a great fit for our strong Tampa/Sarasota operation.”
Cassidy commented, “I’m honored to be leading our talented Tampa/Sarasota team. The vision that Dave Santrella and Allen Power have laid out for the growth of our Company is clear and is one that we are striving to achieve here in Tampa Bay and beyond. We look forward to the future and to building upon the success that Barb Yoder and her great team have created. This is a customer focused operation that strives to deliver strong results for our partners by activating effective, individualized digital and broadcast solutions. I started my radio career in the sunshine state, so it is wonderful to be home!”
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.
