When Markets are Stormy, Remind Yourself of these Three Rules
Investing is necessary to help build for a future where inflation hasn’t eaten away at savings. But when the investment markets have been at their most difficult in years, most long-term investors have found their investment portfolios have gone into reverse. Many have then committed more cash to their eroding positions as the “buy the dip” thinking, up until recently, has, overall, worked out.
Whether by managing several billion for a large mutual fund or by keeping my household’s stock portfolio out of trouble, I’ve learned a lot. Most of what has been fruitful seems basic but is often forgotten when battling the markets. The information is easy to convey, the actions take discipline. Here are three key thoughts and actions to help you make decisions.
Know that There are Good and Bad Days
Do you fish? Most people understand fishing. You use past experience and current conditions to estimate (guess) what kind of fish might be biting. You then gather the right equipment and bring yourself to the place where you’re most likely to catch something worthwhile and at a time when the fish are most likely to satisfy your desire to catch them.
You choose the tackle that has been most productive for whatever you’re fishing for, get your lines in the water, and then sit patiently.
More often than not, when fishing, things don’t go as planned. The fish may not be as eager to get caught as you had hoped, or you might quickly catch as much as your freezer can hold, or the law allows. Sometimes a boat comes by and cuts your line. Stuff happens.
If the fish aren’t biting, you evaluate if waiting will yield more than fishing elsewhere. If they instead are biting like crazy, and there seems to be a storm approaching, it might be best to reduce your risk and head back before being caught in a storm. Often the best fishing is right before or after a storm, mid storm is a net negative and could be damaging.
Treat investing like fishing. Learn the best spots for the current conditions. This could be industry sectors, or segments based on market cap., within the categories, ask what companies have the highest probability of a positive outcome. Read up on the companies and see what professional analysts are saying about the financials, business model, management, and outlook. As with fishing, the old guy at the dock that has been fishing the area for years may steer you into (or out of) a boatload of success. Still, use your own judgment, and never act on a hot tip blindly.
Investing, like fishing, can be most successful before or after a storm. Taking positions in the middle is for thrill seekers, not investors.
Have a Plan
Seems simple enough. If you are fishing, you may schedule yourself for what time of day the fish are likely to be feeding, and if they aren’t, how long, you’ll wait before you try a different lure or a different location? You’re likely to have several hooks in the water at different depths and a plan to switch to whichever depth is getting the most action.
Moving to a different fishing spot when the one you’re at is still productive may seem unreasonable, but if other fishermen have moved to fish where you are, taking your current catch and moving to where you think you’ll do better can be smart.
As a portfolio manager, I held dozens of positions simultaneously, they all had a purpose. If I couldn’t say what the expectations were of any position, I got rid of it. Rolling the dice is expensive. My portfolio objective was to beat the benchmark and consistently be a top-five fund in the category. My plan to accomplish the objective was to have pre-assessed the possibilities before entering any position. I also told myself what I’d do when any of them occurred. In this way, I had a plan for most all scenarios.
The plan helped prevent me from ever trying to take more out of a trade than it is willing to give. It also forced me to never enter a position without having done my homework on the company and the environment in which the company operates.
Technology makes it easier than ever to do preliminary reading and research. Channelchek and other outlets for quality research, coupled with information and tools usually provided by your broker, means today’s retail investor has more than most professionals did in 2000.
Part of the plan should be when to do nothing. The top portfolio managers get paid quite well to do very little each day except monitoring positions in case something, based on their plan, happens. Don’t ever transact because you’re bored. Each position should have a purpose, if there is something else that is likely to better provide that purpose, no-cost trading makes it efficient to adjust your holdings. But if it is doing everything it should, doing nothing is often the best action. Sit on your hands.
Plan your trade, trade your plan, and get out when it is not the best commitment of your money.
Know What You Trade
I’m a student of and a participant in the markets, I suppose I’m also a teacher of sorts, but I never stop learning. This makes me a generalist in many categories, with above-average knowledge in a few. It’s important to know your investment realm. If your fishing is to stand waist deep in water with a flyrod catching more than anyone else on the river, it doesn’t mean you’d have the ability to go offshore and have any success. In fact, offshore, you’d probably throw up. Flyfishing and deep sea fishing are related but not the same. If you knowledgeably trade a few small-cap mining stocks and decide to one day buy TSLA or AAPL, your experience may not translate well. If either one dropped $50 a share, it might make you want to throw up.
Knowing different investment types and sectors better so you can focus on those you’re best suited to is, like everything else, education and experience.
Learn to decipher what is good information and what is mostly entertainment. Then immerse yourself. Don’t feel that you have to go where the crowd is. Social media has been powerful in getting us to follow the crowd, but defining the right or best thing for us is critical to any success. No one knows what you want more than you, no one knows what you can stomach better than you, and not everyone enjoys any type of fishing or any type of investing. For those people, there are food stores and wealth managers or funds.
Take Away
No matter the caliber of trader/investor, when markets are turbulent, it’s a good habit to refresh yourself on basics. These investing basics include you don’t always have to be in the market – you can expect to run into problem periods, it’s better to avoid these storms than have to rebuild afterward. Also, pre-thinking actions in an “if this, then that” format before even entering a position will prevent bigger problems and provide greater success. Decision-making while the market is either making you euphoric or the market is punching you in the face is the wrong time. Better decisions are made when thinking clearly. If you don’t think you enjoy investing, leave it to someone else, not everything is for everybody.
For those wishing to hone their expertise, try to learn about everything, but pick a few specialties. I know people that only trade the FAANG stocks and have superior performance. I know others that focus only on biotech and overtime have done well. Then there is the person that only invests in companies with products or services they themselves use, no matter what your focus is, read up on the company and understand how it trades and what its business is impacted by.
VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) — Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) (FSE: 75P) (“Permex” or the “Company“), a junior oil and gas company, is pleased to announce that the Company has started drilling on its Breedlove Field Prospect located in Martin County, Texas.
The PPC Eoff #3 well, operated by Permex Petroleum, is the first well to be drilled on the 7,780 gross acre Breedlove oil field. Two initial wells have been permitted and are expected to be drilled and completed on the property in the short term.
Permex Petroleum President and CEO Mehran Ehsan stated, “This makes for a transformative step towards the Company’s next phase of growth and scalability. We are excited to not only have started the drilling program, but to aggressively take advantage of the current high price environment and move the Company towards a cash-flow positive position.”
Drilling of the first well commenced on Wednesday, September 14, 2022, with a possible lateral conversion to follow upon successful mud logging and various zone tests. The drilling and completion of the vertical well will take approximately 60 days and for the horizontal well 90 days.
About Permex Petroleum Corporation
Permex Petroleum (CSE: OIL) (OTCQB: OILCF) (FSE: 75P) is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico. The Company focuses on combining its low-cost development of Held by Production assets for sustainable growth with its current and future Blue-Sky projects for scale growth. The Company, through its wholly owned subsidiary, Permex Petroleum US Corporation, is a licensed operator in both states, and owns and operates on private, state and federal land. For more information, please visit www.permexpetroleum.com.
CAUTIONARY DISCLAIMER STATEMENT:
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
Forward-Looking Statements
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding Permex’s expectations of entering into a growth phase in relation to its business and drilling programs; the market opportunity in the oil and gas industry; Permex’s future plans to bring additional shut-in wells online, and the deployment of the Company’s capital.
In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Permex which have been used to develop such statements and information but which may prove to be incorrect. Although Permex 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 Permex 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: that Permex will continue to conduct its operations in a manner consistent with past operations; continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Permex’s reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Permex’s current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Permex operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Permex to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability of Permex 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; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Permex operates; and the ability of Permex to successfully market its oil and natural gas products.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
Grand Opening Event Scheduled for Saturday, October 8th; Major Expansion of R.Greenleaf Retail Banner Begins
DENVER, Sept. 28, 2022 /PRNewswire/ – Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (“Schwazze” or the “Company”), a premier vertically integrated, multi-state operating cannabis company with assets in Colorado and New Mexico, announces the grand opening of its adult-use dispensary, R.Greenleaf, located in the heart of Ruidoso, New Mexico. The new store, located at 360 Sudderth Drive in Ruidoso, officially opened its doors for business at 12p on Saturday, September 24th. Normal store operating hours are 10a to 9p Monday through Saturday; 10a to 8p on Sunday.
This store opening kicks off Schwazze’s deliberate expansion throughout the state of New Mexico. This new store in Ruidoso brings R.Greenleaf’s number of New Mexico retail dispensaries to 11. All locations serve the needs of medical patients as well as recreational adult-use consumers.
“Schwazze is excited to add to our retail footprint in New Mexico with our latest store opening in Ruidoso. Our team is thrilled to be opening our first new store since adult recreational cannabis was legalized in New Mexico on April 1st,” said Steve Pear, New Mexico Division President for Schwazze. “We feel honored to service the Ruidoso community with top-notch, knowledgeable staff and a wide variety of quality products.”
Grand opening product specials and promotions are already in full swing with multiple flower pack offers, pre-rolls, gummies, chocolates and distillate vaporizer cartridges. Bundled kits or cannabis product starter packs will be offered for sale as well to provide patients and recreational customers a variety of product forms and consumption methods based on individual needs and preferences.
A grand opening celebration will be held on Saturday, October 8th beginning at 10a and running until 3p. Swag bags containing limited edition holographic stickers, t-shirts and beanies will be available while supplies last. Music will accompany a food truck offering free burritos and tacos to the first 75 customers making a purchase.
Ruidoso Store Location
R.Greenleaf 360 Sudderth Dr. Ruidoso, New Mexico 88345
Grand Opening Celebration
Saturday, October 8th 10a to 3p
Since April 2020, Schwazze has acquired, opened or announced the planned acquisition of 36 cannabis retail dispensaries as well as seven cultivation facilities and two manufacturing plants in Colorado and New Mexico. In May 2021, Schwazze announced its Biosciences division and in August 2021 it commenced home delivery services in Colorado.
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,” “continue,” “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, including the acquisition described in this press release, and realize synergies therefrom, (ix) the ongoing COVID-19 pandemic, * the timing and extent of governmental stimulus programs, and (xi) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws. 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.
CALGARY, Alberta, Sept. 28, 2022 (GLOBE NEWSWIRE) — InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to announce an operations update and a long-term forecast through 2025.
Operations Update
InPlay is currently producing at record production levels of 9,600 boe/d(2) (57% light oil and NGLs) based on field estimates. In Willesden Green, three (2.9 net) Extended Reach Horizontal (“ERH”) wells were brought on production approximately ten days ago and an additional two (1.9 net) ERH wells will be brought on production in the next few days. These wells are currently in the early clean-up stage and should achieve peak production over the next 30 to 60 days. The Company’s current plans from our original capital program is to drill one (0.95 net) additional two-mile well in Willesden Green.
Given the strong operational results in 2022 to date, InPlay expects to be in the upper half of our full year 2022 production guidance which equates to 9,150 to 9,400 boe/d(2). This forecast is estimated to deliver production growth of 28% to 31% on a per share basis (83% to 92% on a debt adjusted per share basis (1)) which is expected to be top-tier amongst light oil peers.
InPlay has elected to drill additional extended reach wells in 2022 (and fewer one-mile wells) than originally planned, including two two-mile ERH wells which achieved exceptional efficient drill times. The Company is also expecting increased industry activity levels in the first quarter of 2023. With our strong balance sheet, InPlay plans to take advantage of utilizing our preferred contractors and is now tactically planning to start 2023 expenditures in late 2022 by initiating preliminary construction work and adding two horizontal (2.0 net) Belly River light oil wells to the 2022 capital program. These wells are expected to be brought on production late in the fourth quarter positioning the Company for significant production increases in 2023. The Belly River is a producing play which we have not drilled in since 2016 and plans are to utilize the technologies and expertise developed in our Cardium play over the years. These wells have a high light oil weighting (approximately 90% – 95% light oil) that receives a premium to our benchmark Mixed Sweet Blend (“MSW”) pricing. The Company also plans to invest in environmental initiatives by constructing a third vapour recovery unit for additional emission conservation. As a result, the Board of Directors have approved an increased 2022 development capital budget of $70 to $72 million.
Outlook and Long-Term Forecast (3)
InPlay is continuously evaluating market conditions including current recession concerns in order to maximize shareholder returns. Even with the current volatility, commodity prices continue to remain historically strong in part due to the weak Canadian dollar, resulting in high rates of return on capital investment and short payout periods. It is InPlay’s belief that long-term commodity pricing will remain strong due to the lack of industry wide capital spending over recent years, restrictive government regulations and mandates and unstable global geopolitics leading to a multi-year bull cycle in crude oil prices. The Company is continuing to rapidly pay down debt and is in the best operational and financial position in our history while remaining focused on our disciplined strategy.
InPlay is pleased to provide a forecast to the end of 2025. The Company’s strategy is to continue to provide top-tier light-oil weighted growth, maintaining a strong financial position while providing significant FAFF and sustainable returns to shareholders. Our strategy is to provide organic production growth in a range of 6% – 10%. At a WTI price of US $80/bbl or better, we target 10% production growth and with WTI pricing of approximately US $60/bbl, production growth of 6% is targeted. This is demonstrated in our forecast to 2025 which would provide a meaningful return to shareholders.
The table below outlines the highlights of the four year forecast based on the following WTI pricing scenarios:
2022
2023
2024
2025
WTI (US$/bbl)
93.25
75.00
70.00
65.00
Production (boe/d)(2)
9,150 – 9,400
9,900 – 10,400
10,650 – 11,200
11,300 – 11,900
Capital ($ millions)
70 – 72
69 – 71
75 – 77
80 – 82
Net wells
17.5
17.5 – 18.5
18.5 – 19.5
21.0 – 22.0
DAPPS Growth (%)(1) *
83 – 92
46 – 59
40 – 45
30 – 35
AFF ($ millions)(4)
139 – 143
134 – 140
136 – 142
133 – 139
FAFF ($ millions)(1)
67 – 73
63 – 71
59 – 67
51 – 59
Working Capital (Net Debt) at Year-end ($ millions)(4)
(12) – (16)
43 – 50
97 – 103
141 – 147
Annual Net Debt / EBITDA(1)
0.1 – 0.2
(0.3) – (0.4)
(0.7) – (0.8)
(1.0) – (1.1)
EV / DAAFF(1)*
1.5 – 1.6
1.2 – 1.3
0.8 – 0.9
0.5 – 0.6
* Assumes a $2.50 share price
This forecast shows the high quality deliverability and return of our assets evidencing the sustainability of the Company with increasing positive working capital and minimal leverage.
Return of Shareholder Capital
InPlay’s trailing 12 month net debt to earnings before interest, taxes and depletion (“EBITDA”) ratio was less than 0.5 times at the end of the second quarter and is forecast to be 0.1 – 0.2 times at the end of 2022. With this threshold achieved, in addition to the continued generation of FAFF, elimination of debt and generation of positive working capital forecasted through to 2025, the Company is committed towards providing a return of capital to shareholders. The Company believes that our share price is currently significantly undervalued and the prudent first step in enhancing returns to shareholders is a share buyback program which the Company’s Board of Director’s has approved for implementation and will be subject to regulatory approval. With this in place the Company will be able to acquire common shares at opportunistic times and share prices.
As outlined above in the long term forecast, the Company is forecasting to generate material FAFF resulting in a growing positive working capital balance through to 2025. Our strategy for the accumulating additional FAFF is to provide returns to shareholders through potential share buybacks, dividends, increased tactical capital investment and accretive strategic acquisitions.
Given the significant volatility in both commodity prices and market conditions experienced in recent weeks, the Company and its Board of Directors will continue to monitor and evaluate the timing and implementation of additional returns to shareholders.
The Company has been disciplined in maintaining operational flexibility by quickly adapting to changing market conditions and commodity price fluctuations in making business decisions. This same prudent approach is currently being followed. Management would like to thank our employees, board members, lenders and shareholders for their support and we look forward to continuing our journey of deleveraging and delivering strong returns to shareholders in a sustainable, prudent and responsible manner.
For further information please contact:
Doug Bartole President and Chief Executive Officer InPlay Oil Corp. Telephone: (587) 955-0632
Non-GAAP financial measure or ratio that does not have a standardized meaning under International Financial Reporting Standards (IFRS) and GAAP and therefore may not be comparable with the calculations of similar measures for other companies. Please refer to “Non-GAAP and Other Financial Measures” contained within this press release.
See “Production Breakdown by Product Type” at the end of this press release.
See “Reader Advisories – Forward Looking Information and Statements” for full details and key budget and underlying assumptions related to our 2022 capital program and associated guidance and long-term forecast.
Capital management measure. See “Non-GAAP and Other Financial Measures” contained within this press release.
Reader Advisories
Non-GAAP and Other Financial Measures
Throughout this press release and other materials disclosed by the Company, InPlay uses certain measures to analyze financial performance, financial position and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed under GAAP and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with GAAP as indicators of the Company performance. Management believes that the presentation of these non-GAAP and other financial measures provides useful information to shareholders and investors in understanding and evaluating the Company’s ongoing operating performance, and the measures provide increased transparency and the ability to better analyze InPlay’s business performance against prior periods on a comparable basis.
Non-GAAP Financial Measures and Ratios
Included in this document are references to the terms “free adjusted funds flow (“FAFF”)”, “Net Debt to EBITDA”, “Production per debt adjusted share (“DAPPS”)” and “EV / DAAFF”. Management believes these measures and ratios are helpful supplementary measures of financial and operating performance and provide users with similar, but potentially not comparable, information that is commonly used by other oil and natural gas companies. These terms do not have any standardized meaning prescribed by GAAP and should not be considered an alternative to, or more meaningful than “profit (loss) before taxes”, “profit (loss) and comprehensive income (loss)”, “adjusted funds flow”, “capital expenditures”, “corporate acquisitions, net of cash acquired”, “working capital (net debt)”, “weighted average number of common shares (basic)” or assets and liabilities as determined in accordance with GAAP as a measure of the Company’s performance and financial position.
Free Adjusted Funds Flow (“FAFF”)
Management considers FAFF per share important measures to identify the Company’s ability to improve its financial condition through debt repayment, which has become more important recently with the introduction of second lien lenders, on an absolute and weighted average per share basis. FAFF should not be considered as an alternative to or more meaningful than AFF as determined in accordance with GAAP as an indicator of the Company’s performance. FAFF is calculated by the Company as AFF less exploration and development capital expenditures and property dispositions (acquisitions) and is a measure of the cashflow remaining after capital expenditures before corporate acquisitions that can be used for additional capital activity, corporate acquisitions, and repayment of debt or decommissioning expenditures or potentially return of capital to shareholders. FAFF per share is calculated by the Company as FAFF divided by weighted average outstanding shares. Refer to the “Forward Looking Information and Statements” section for a calculation of forecast FAFF.
Net Debt to EBITDA
Management considers Net Debt to EBITDA an important measure as it is a key metric to identify the Company’s ability to fund financing expenses, net debt reductions and other obligations. EBITDA is calculated by the Company as adjusted funds flow before interest expense. When this measure is presented quarterly, EBITDA is annualized by multiplying by four. When this measure is presented on a trailing twelve month basis, EBITDA for the twelve months preceding the Net Debt date is used in the calculation. This measure is consistent with the EBITDA formula prescribed under the Company’s Senior Credit Facility. Net Debt to EBITDA is calculated as Net Debt divided by EBITDA. Refer to the “Forward Looking Information and Statements” section for a calculation of forecast Net Debt to EBITDA.
Production per Debt Adjusted Share
InPlay uses “Production per debt adjusted share” as a key performance indicator. Debt adjusted shares should not be considered as an alternative to or more meaningful than common shares as determined in accordance with GAAP as an indicator of the Company’s performance. Debt adjusted shares is a non-GAAP measure used in the calculation of Production per debt adjusted share and is calculated by the Company as common shares outstanding plus the change in working capital (net debt) divided by the Company’s current trading price on the TSX, converting working capital (net debt) to equity. Debt adjusted shares should not be considered as an alternative to or more meaningful than weighted average number of common shares (basic) as determined in accordance with GAAP as an indicator of the Company’s performance. Management considers Debt adjusted share is a key performance indicator as it adjusts for the effects of capital structure in relation to the Company’s peers. Production per debt adjusted share is calculated by the Company as production divided by debt adjusted shares. Management considers Production per debt adjusted share is a key performance indicator as it adjusts for the effects of changes in annual production in relation to the Company’s capital structure. Refer to the “Forward Looking Information and Statements” section for a calculation of forecast production per debt adjusted share.
EV / DAAFF
InPlay uses “enterprise value to debt adjusted AFF” or “EV/DAAFF” as a key performance indicator. EV/DAAFF is calculated by the Company as enterprise value divided by debt adjusted AFF for the relevant period. Debt adjusted AFF (“DAAFF”) is calculated by the Company as adjusted funds flow plus financing costs. Enterprise value is a capital management measures that is used in the calculation of EV/DAAFF. Enterprise value is calculated as the Company’s market capitalization plus working capital (net debt). Management considers enterprise value a key performance indicator as it identifies the total capital structure of the Company. Management considers EV/DAAFF a key performance indicator as it is a key metric used to evaluate the sustainability of the Company relative to other companies while incorporating the impact of differing capital structures. Refer to the “Forward Looking Information and Statements” section for a calculation of forecast EV/DAAFF.
Capital Management Measures
Adjusted Funds Flow
Management considers adjusted funds flow to be an important measure of InPlay’s ability to generate the funds necessary to finance capital expenditures. Adjusted funds flow (“AFF”) is a GAAP measure and is disclosed in the notes to the Company’s consolidated financial statements for the year ending December 31, 2021 and the most recently filed quarterly financial statements. All references to AFF throughout this document are calculated as funds flow adjusting for decommissioning expenditures and transaction and integration costs. This item is adjusted from funds flow as decommissioning expenditures are incurred on a discretionary and irregular basis and are primarily incurred on previous operating assets and transaction costs are non-recurring costs for the purposes of an acquisition, making the exclusion of these items relevant in Management’s view to the reader in the evaluation of InPlay’s operating performance. The Company also presents AFF per share whereby per share amounts are calculated using weighted average shares outstanding consistent with the calculation of profit (loss) per common share.
Working Capital (Net Debt)
Working capital (Net Debt) is a GAAP measure and is disclosed in the notes to the Company’s consolidated financial statements for the year ending December 31, 2021 and the most recently filed quarterly financial statements. The Company closely monitors its capital structure with a goal of maintaining a strong balance sheet to fund the future growth of the Company. The Company monitors working capital (net debt) as part of its capital structure. The Company uses working capital (net debt) (bank debt plus accounts payable and accrued liabilities less accounts receivables and accrued receivables, prepaid expenses and deposits and inventory) as an alternative measure of outstanding debt. Management considers working capital (net debt) an important measure to assist in assessing the liquidity of the Company.
Forward-Looking Information and Statements
This news release contains certain forward–looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”, “forecast”, “targets”, “framework” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward looking information and statements pertaining to the following: the Company’s planned 2022 capital program including wells to be drilled and completed and the timing of the same; 2022 guidance based on the planned capital program including forecasts of 2022 annual average production levels, debt adjusted production levels, adjusted funds flow, free adjusted funds flow, Net Debt/EBITDA ratio, and growth rates; the Company’s long-term forecast including wells to be drilled and completed and the timing of the same; production estimates based on the planned capital program including forecasts of annual average production levels, debt adjusted production levels, adjusted funds flow, free adjusted funds flow, working capital, Net Debt/EBITDA ratio, EV/DAAFF and growth rates; light oil and liquids weighting estimates; the expectation that the Company will be in the upper half of our full year 2022 production guidance; the expectation of high industry activity levels in the first quarter of 2023; the expectation that the Belly River wells will significantly reduce operating expenses in the field; the Company’s business strategy, milestones and objectives including, without limitation, the anticipated continuation of debt reduction throughout the year; the expectation that the Company will generate strong FAFF through 2025; expectations regarding the use of additional FAFF; expectations regarding the Company’s share buyback program, including the timing of the same; expectations regarding future commodity prices including InPlay’s belief that strong commodity pricing will remain leading to a multi-year crude bull cycle in crude oil prices; future oil and natural gas prices; future liquidity and financial capacity; future results from operations and operating metrics; future costs, expenses and royalty rates; future interest costs; the exchange rate between the $US and $Cdn; future development, exploration, acquisition, development and infrastructure activities and related capital expenditures, including our planned 2022 capital program and associated guidance.
Without limitation of the foregoing, readers are cautioned that the Company’s return to shareholders framework including a share buyback program and future dividend payments to shareholders of the Company, if any, and the level thereof remains uncertain and accordingly management’s expectations related thereto should not be unduly relied upon. The Company’s share buyback program, if any, dividend policy and funds available for the repurchase of shares or payment of dividends, if any, from time to time, is dependent upon, among other things, levels of FAFF, leverage ratios, financial requirements for the Company’s operations and execution of its growth strategy, fluctuations in commodity prices and working capital, the timing and amount of capital expenditures, credit facility availability and limitations on distributions existing thereunder, and other factors beyond the Company’s control. Further, the ability of the Company to implement a return to shareholder program will be subject to applicable laws, including, but not limited to, satisfaction of solvency tests under the ABCA, approval of the Toronto Stock Exchange (“TSX”) and satisfaction of certain applicable contractual restrictions contained in the agreements governing the Company’s outstanding indebtedness.
Forward-looking statements or information are based on a number of material factors, expectations or assumptions of InPlay which have been used to develop such statements and information but which may prove to be incorrect. Although InPlay 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 InPlay 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 impact of increasing competition; the general stability of the economic and political environment in which InPlay operates; the timely receipt of any required regulatory approvals; the ability of InPlay 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 InPlay has an interest in to operate the field in a safe, efficient and effective manner; the ability of InPlay to obtain debt financing on acceptable terms and the anticipated lifting of certain restrictions on the payment of distributions to shareholders which currently exist thereunder; 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 the ability of InPlay to secure adequate product transportation; future commodity prices; that various conditions to a shareholder return strategy can be satisfied, including TSX approval; expectations regarding the potential impact of COVID-19 and the Russia/Ukraine conflict; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which InPlay operates; and the ability of InPlay to successfully market its oil and natural gas products. The forward-looking information and statements included herein 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 information or statements including, without limitation: the continuing impact of the COVID-19 pandemic and the Russia/Ukraine conflict; changes in our planned 2022 capital program; changes in commodity prices and other assumptions outlined herein; the risk that the Company is unable to implement a return to shareholder strategy or, if implemented, the risk that such strategy may be reduced, suspended or cancelled; the potential for variation in the quality of the reservoirs in which we operate; changes in the demand for or supply of our products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans or strategies of InPlay or by third party operators of our properties; changes in our credit structure, increased debt levels or debt service requirements; inaccurate estimation of our light crude oil and natural gas reserve and resource volumes; limited, unfavorable 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 InPlay’s continuous disclosure documents filed on SEDAR including our Annual Information Form and our MD&A.
This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about InPlay’s financial and leverage targets and objectives and InPlay’s long-term forecast, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. The actual results of operations of InPlay and the resulting financial results will likely vary from the amounts set forth in this press release and such variation may be material. InPlay and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, InPlay undertakes no obligation to update such FOFI. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about InPlay’s anticipated future business operations and strategy. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
The forward-looking information and statements contained in this news release speak only as of the date hereof and InPlay does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
The key budget and underlying material assumptions used by the Company in the development of its 2022 guidance and long-term forecast including forecasted production, operating income, capital expenditures, AFF, FAFF, working capital (net debt), Net Debt/EBITDA, DAPPS and EV/DAAFF are as follows:
Actuals FY 2021
Previous Guidance FY 2022(1)
Updated Guidance FY 2022
Forecast FY 2023
Forecast FY 2024
Forecast FY 2025
WTI
US$/bbl
$67.91
$95.40
$93.25
$75.00
$70.00
$65.00
NGL Price
$/boe
$37.79
$47.80
$50.50
$43.00
$40.00
$37.25
AECO
$/GJ
$3.44
$6.00
$5.15
$4.90
$4.50
$4.65
Foreign Exchange Rate
CDN$/US$
0.80
0.79
0.77
0.73
0.73
0.73
MSW Differential
US$/bbl
$3.88
$2.70
$1.90
$3.75
$3.75
$3.75
Production
Boe/d
5,768
8,900 – 9,400
9,150 – 9,400
9,900 – 10,400
10,650 – 11,200
11,300 – 11,900
Royalties
$/boe
5.51
11.50 – 13.00
10.10 – 11.60
7.75 – 9.25
6.25 – 7.75
5.00 – 6.50
Operating Expenses
$/boe
12.83
11.00 – 14.00
11.00 – 14.00
10.50 – 13.50
10.00 – 13.00
9.50 – 12.50
Transportation
$/boe
1.11
1.05 – 1.30
1.05 – 1.30
1.00 – 1.25
0.90 – 1.15
0.85 – 1.10
Interest
$/boe
2.67
0.85 – 1.25
1.20 – 1.60
0.00 – 0.50
0.00 – 0.10
0.00 – 0.10
General and Administrative
$/boe
2.83
2.40 – 2.95
2.40 – 2.95
2.25 – 2.75
2.20 – 2.70
2.15 – 2.65
Hedging loss
$/boe
6.20
1.85 – 2.15
1.90 – 2.20
–
–
–
Decommissioning Expenditures
$ millions
$1.4
$2.0 – $2.5
$2.0 – $2.5
$3.5 – $4.0
$5.0 – $5.5
$5.0 – $5.5
Adjusted Funds Flow
$ millions
$47.0
$147 – $156
$139 – $143
$134 – $140
$136 – $142
$133 – $139
Actuals FY 2021
Previous Guidance FY 2022(1)
Updated Guidance FY 2022
Forecast FY 2023
Forecast FY 2024
Forecast FY 2025
Adjusted Funds Flow
$ millions
$47.0
$147 – $156
$139 – $143
$134 – $140
$136 – $142
$133 – $139
Capital Expenditures
$ millions
$33.3
$64
$70 – $72
$69 – $71
$75 – $77
$80 – $82
Free Adjusted Funds Flow
$ millions
$13.6
$83 – $92
$67 – $73
$63 – $71
$59 – $67
$51 – $59
Actuals FY 2021
Previous Guidance FY 2022(1)
Updated Guidance FY 2022
Forecast FY 2023
Forecast FY 2024
Forecast FY 2025
Adjusted Funds Flow
$ millions
$47.0
$147 – $156
$139 – $143
$134 – $140
$136 – $142
$133 – $139
Interest
$/boe
2.67
0.85 – 1.25
1.20 – 1.60
0.00 – 0.50
0.00 – 0.10
0.00 – 0.10
EBITDA
$ millions
$52.6
$150 – $159
$143 – $147
$135 – $141
$136 – $142
$133 – $139
Working Capital (Net Debt)
$ millions
($80.2)
$1 – $10
($12) – ($16)
$43 – $50
$97 – $103
$141 – $147
Net Debt/EBITDA
1.5
0.0 – 0.1
0.1 – 0.2
(0.3) – (0.4)
(0.7) – (0.8)
(1.0) – (1.1)
Actuals FY 2021
Previous Guidance FY 2022(1)
Updated Guidance FY 2022
Forecast FY 2023
Forecast FY 2024
Forecast FY 2025
Production
Boe/d
5,768
8,900 – 9,400
9,150 – 9,400
9,900 – 10,400
10,650 – 11,200
11,300 – 11,900
Opening Working Cap. (Net Debt)
$ millions
($73.7)
($80.2)
($80.2)
($12) – ($16)
$43 – $50
$97 – $103
Ending Working Cap. (Net Debt)
$ millions
($80.2)
$1 – $10
($12) – ($16)
$43 – $50
$97 – $103
$141 – $147
Weighted avg. outstanding shares
# millions
69.8
86.5
86.9
87.1
87.1
87.1
Assumed Share price
$
1.16(4)
3.66
2.50
2.50
2.50
2.50
DAPPS Growth(2)
31%
70% – 80%
83% – 92%
46% – 59%
40% – 45%
30% – 35%
Actuals FY 2021
Previous Guidance FY 2022(1)
Updated Guidance FY 2022
Forecast FY 2023
Forecast FY 2024
Forecast FY 2025
Share outstanding, end of year
# millions
86.2
86.5
87.1
87.1
87.1
87.1
Assumed Share price
$
2.18(3)
3.66
2.50
2.50
2.50
2.50
Market capitalization
$ millions
$188
$317
$218
$218
$218
$218
Working Capital (Net Debt)
$ millions
($80.2)
$1 – $10
($12) – ($16)
$43 – $50
$97 – $103
$141 – $147
Enterprise value
$millions
$268.2
$307 – $316
$230 – $234
$168 – $175
$115 – $121
$71 – $77
Adjusted Funds Flow
$ millions
$47.0
$147 – $156
$139 – $143
$134 – $140
$136 – $142
$133 – $139
Interest
$/boe
2.67
0.85 – 1.25
1.20 – 1.60
0.00 – 0.50
0.00 – 0.10
0.00 – 0.10
Debt Adjusted AFF
$ millions
$49.7
$151– $160
$143 – $147
$135 – $141
$136 – $142
$133 – $139
EV/DAAFF
5.4
1.9 – 2.1
1.5 – 1.6
1.2 – 1.3
0.8 – 0.9
0.5 – 0.6
(1) As previously released May 11, 2022.
(2) Production per debt adjusted share is calculated by the Company as production divided by debt adjusted shares. Debt adjusted shares is calculated by the Company as common shares outstanding plus the change in working capital (net debt) divided by the Company’s current trading price on the TSX, converting working capital (net debt) to equity. Share price at December 31, 2022 through December 31, 2025 is assumed to be consistent with the current share price.
(3) Ending share price at December 31, 2021.
(4) Weighted average share price throughout 2021.
See “Production Breakdown by Product Type” below
Quality and pipeline transmission adjustments may impact realized oil prices in addition to the MSW Differential provided above
Changes in working capital (net debt) are not assumed to have a material impact between Dec 31, 2021 and Dec 31, 2022.
Production Breakdown by Product Type Disclosure of production on a per boe basis in this press release consists of the constituent product types as defined in National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities and their respective quantities disclosed in the table below:
Light and Medium Crude oil (bbls/d)
NGLS (boe/d)
Conventional Natural gas (Mcf/d)
Total (boe/d)
2022 Annual Guidance
4,014
1,340
23,530
9,275(1)
2023 Annual Forecast
4,355
1,380
26,500
10,150(2)
2024 Annual Forecast
4,660
1,500
28,600
11,925(2)
2025 Annual Forecast
4,590
1,645
32,200
11,600(2)
Current Production
4,050
1,520
24,190
9,600
Notes:
This reflects the mid-point of the Company’s 2022 production guidance range of 9,150 to 9,400 boe/d.
This reflects the mid-point of the Company’s annual production forecast range.
With respect to forward-looking production guidance, product type breakdown is based upon management’s expectations based on reasonable assumptions but are subject to variability based on actual well results.
References to crude oil, NGLs or natural gas production in this press release refer to the light and medium crude oil, natural gas liquids and conventional natural gas product types, respectively, as defined in NI 51-101.
BOE Equivalent Barrel of oil equivalents or BOEs 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. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.
Oil and Gas Metrics This presentation may contain metrics commonly used in the oil and natural gas industry, such as “payout”. This term does not have standardized meaning or standardized methods of calculation and therefore may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Management uses oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare InPlay’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this presentation, should not be unduly relied upon.
“Payout” refers to the time required to pay back the capital expenditures (on a before tax basis) of a project.
TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL or Bolsa de Valores de Lima: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) reports that an agreement has been reached with residents from the town of Alis following the blockade of the main access road to the Yauricocha Mine, operated by the Company’s subsidiary, Sociedad Minera Corona.
Efforts to ensure critical safety and maintenance have been ongoing at the mine throughout the blockade. The safety and well-being of its employees and contractors remains of utmost importance to the Company. Accordingly, safety inspections and reviews are underway to support a safe and progressive restart to the operations at Yauricocha Mine.
Sierra Metals will continue to collaborate with the host communities in its area of influence, in order to promote their development, while supporting long-term, stable operations at the Yauricocha Mine.
At this time, it is not clear when the mine will reach its pre-suspension production levels and as such, production and financial guidance will remain suspended.
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com
This press release contains forward-looking information within the meaning of Canadian and United States securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management’s expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur” or “be achieved” or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 16, 2022 for its fiscal year ended December 31, 2021 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
Ocugen’s intranasal candidate is one of the world’s most advanced intranasal COVID-19 vaccines
Intranasal vaccine is designed to curb virus transmission and confer protective immunity
MALVERN, Pa., Sept. 28, 2022 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines, today announced that the company has entered into an exclusive license agreement with Washington University in St. Louis, MO for the rights to develop, manufacture and commercialize its proprietary, intranasally delivered COVID-19 vaccine in the United States, Europe, and Japan. This vaccine is already authorized for emergency use in India and is an important addition to Ocugen’s COVID-19 vaccine portfolio.
“Washington University’s COVID-19 nasal vaccine technology has been shown to induce strong mucosal immunity with potential to reduce SARS-CoV-2 infection, transmission, and the emergence of new variants,” said Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of Ocugen. “As the effort to end the pandemic focuses on effective booster options, Ocugen is excited about the potential for this vaccine to be a universal booster, regardless of previous COVID-19 vaccination history. We look forward to working with U.S., European, and Japanese regulators to expedite development.”
Ocugen’s intranasal vaccine candidate is a recombinant, replication-deficient, adenovirus-vectored vaccine with a prefusion stabilized spike protein. As a mucosal vaccine delivered through the intranasal route, we believe it has potential to generate rapid local immunity in the nose, mouth, upper airways, and lungs where SARS-CoV-2 enters and affects the body most. This is particularly important during times of peak transmission. In addition, intranasal delivery provides an alternative to those who are hesitant to receive injectable vaccines.
“In recent months we have seen COVID-19 continue to spread—despite high levels of vaccination the U.S., Europe, and Japan have achieved,” said Michael S. Diamond, MD, PhD, co-inventor of the nasal vaccine technology and the Herbert S. Gasser Professor and a professor of medicine, of molecular microbiology and of pathology & immunology at Washington University School of Medicine. “Because the vaccine can be delivered directly into the nose, it is specifically designed to block infection at the portal of virus entry, and we believe it may help prevent transmission as well as provide protection against new COVID-19 variants.”
Dr. Diamond developed the vaccine with David T. Curiel, MD, PhD, the Distinguished Professor of Radiation Oncology at Washington University School of Medicine.
Ocugen intends to work closely with U.S. government agencies tasked with pandemic preparedness and response to initiate clinical trials and manufacture the intranasal vaccine, as well as pursue funding and investment options.
About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.
Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including, but not limited to, statements related to the planned clinical and regulatory development of our intranasal vaccine candidate, the anticipated benefits of our intranasal vaccine candidate and our plans to pursue government funding and establish domestic manufacturing for our intranasal candidate. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
FANS WILL BE ABLE TO COMPETE ON NASCAR RIVALS TO WIN PRIZES AND A CHANCE TO GO TO THE NASCAR CUP SERIES CHAMPIONSHIP
MIAMI, Sept. 27, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announces today a set of five upcoming at track activations during the 2022 NASCAR Cup Series Playoffs.
The race weekends that Motorsport Games will be present at are as follows:
Phoenix Raceway – NASCAR Cup Series Championship (Sunday, Nov. 6, 2022)
“Motorsport Games has always prided itself on its lively, interactive and exciting activations at tracks during the NASCAR Cup Series season and this new set of five events are the biggest ones yet,” said Jay Pennell, Brand Manager, NASCAR, Motorsport Games. “Fans can not only visit our activation booth to have a great time playing our titles, but also compete for incredible prizes should they choose to. We cannot wait to see who can put in the fastest laps and who will come out on top during the NASCAR Rivals Championship Race.”
The five at-track activations serve to provide the community with a unique way to interact with Motorsport Games’ products, while also showcasing the improvements and development work being done to its library of games.
At each race, fans will be able to play NASCAR 21: Ignition – 2022 Expansion on both PC and console. Additionally, the upcoming NASCAR Rivals title will be present to play, with six Nintendo Switches on hand.
There will also be an added competition to the activations, as one of the Nintendo Switch consoles will be dedicated to the NASCAR Rivals Head-to-Head Competition. Each competition will take place on the same track as the activation (e.g. Talladega Superspeedway during the YellaWood 500) and gameplay will be set to the most difficult settings for the entire competition (i.e., hot lap, Split Screen, and Race Now). Hot lap competitions will take place the first day(s) of each activation event, with the fastest single lap recorded. The top eight drivers will be put into a bracket to face off head-to-head using NASCAR Rivals Split Screen Mode and ranked according to the lap times. Races will be shown on a TV located next to the Motorsport Games activation truck, with Dylan ‘Mamba’ Smith scheduled to serve as commentator and emcee.
The prize breakdown will be as follows:
The winner from each qualifier event (Talladega through Martinsville) will receive a BJ McLeod signed helmet, a Nintendo Switch console, a copy of NASCAR Rivals, a meet and greet with McLeod and Matt Tifft, plus flights, accommodations and VIP passes for two for the Phoenix Championship Weekend.
The Second-Place finisher from each qualifier event (Talladega through Martinsville) will receive a Nintendo Switch console, a copy of NASCAR Rivals, a meet and greet with McLeod and Tifft and a signed McLeod hero card.
After the qualifier weekends, the competition will shift to the Phoenix Raceway for the NASCAR Cup Series Championship. During that weekend, hot lap competitions will take place on the first day(s) of the activation, similar to the other four events. However, instead of head-to-head races, the top four fastest drivers will advance to the NASCAR Rivals Championship Race.
Eight total drivers will compete in a 4% race at Phoenix Raceway (22 laps) and gameplay will remain on the most difficult setting. As with the qualifier events, Dylan ‘Mamba’ Smith is scheduled to serve as commentator and emcee. The championship winner will receive two VIP passes to the 2023 Daytona 500, a $10,000 cash prize, a custom diecast trophy of the No. 78 NASCAR Rivals Ford driven by McLeod and an advanced copy of the NASCAR 23 console game (when available).
In addition to the competitions taking place during the activations, Motorsport Games will also have driver Q+A’s with Live Fast Motorsports and up-and-coming racer Gavan Boschele (Charlotte only).
About Motorsport Games: Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. RFactor 2 also serves as the official sim racing platform of Formula E, while also powering Formula 1™ centers through a partnership with Kindred Concepts. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.
Forward-Looking Statements: Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the timing, participants and expected benefits of the five at-track activations during the 2022 NASCAR Cup Series Playoffs. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, without limitation: difficulties, delays in or unanticipated events that may impact the timing and expected benefits of the five at-track activations during the 2022 NASCAR Cup Series Playoffs, such as due to unexpected changes in the event participants, as well as less than anticipated participation in or viewership of the five at-track activations during the 2022 NASCAR Cup Series Playoffs. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its Quarterly Reports on Form 10-Q filed with the SEC during 2022, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.
Website and Social Media Disclosure:
Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
REHOVOT, Israel and WILMINGTON, Del., Sept. 27, 2022 (GLOBE NEWSWIRE) — Ayala Pharmaceuticals, Inc. (Nasdaq: AYLA), a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare tumors and aggressive cancers today announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation for AL102 for the treatment of progressing desmoid tumors. AL102 is a potent, selective, oral gamma-secretase inhibitor.
“We are pleased to receive FDA Fast Track designation for AL102 in progressing desmoid tumors, which we believe reinforces the large unmet medical need for patients with this serious disease. This designation holds important advantages that may expedite the development and regulatory review of AL102,” said Roni Mamluk, Ph.D., Chief Executive Officer of Ayala. “We are very encouraged by the emerging body of clinical data supporting AL102 and, if approved, believe that this product could have a meaningful impact on patients’ lives.”
The FDA grants Fast Track designation to facilitate development and expedite the review of therapies with the potential to treat a serious condition where there is an unmet medical need. A therapeutic that receives Fast Track designation can benefit from early and frequent communication with the agency, in addition to a rolling submission of the marketing application, with potential pathways for expedited approval that have the objective of getting important new therapies to patients more quickly.
AL102 is being evaluated in the ongoing RINGSIDE pivotal Phase 2/3 clinical trial in desmoid tumors. Positive interim results from Part A, the Phase 2 segment of this study, were presented at ESMO 2022, showing efficacy across all cohorts, with early tumor responses that deepened over time. AL102 was well tolerated. The company has initiated Part B of RINGSIDE (Phase 3), and is enrolling patients in an open label extension study.
About the RINGSIDE study The RINGSIDE pivotal Phase 2/3 study is a randomized global multi-center trial. Part A of the study is evaluating the efficacy, safety, tolerability, and tumor volume by MRI after 16 weeks of AL102 in patients with desmoid tumors. It enrolled 42 patients and is evaluating 3 doses of AL102. Patients who participated in Part A are eligible to enroll into an open-label extension study at the Part B selected dose of 1.2 mg daily, and long-term efficacy and safety will be monitored.
Part B of the study, the Phase 3 segment, has been initiated. This is a double-blind, placebo-controlled segment enrolling up to 156 patients with progressive disease, comparing AL102 at 1.2 mg once daily to placebo. The primary endpoint for Part B is progression-free survival (PFS) with secondary endpoints including objective response rate (ORR), duration of response (DOR), tumor volume reduction, and patient-reported Quality of Life (QOL) measures. For more information on the RINGSIDE Phase 2/3 study with AL102 for the treatment of desmoid tumors, please visit ClinicalTrials.gov and reference Identifier NCT04871282 (RINGSIDE).
About Desmoid Tumors Desmoid tumors also called aggressive fibromatosis or desmoid-type fibromatosis, are rare connective tissue tumors that typically arise in the upper and lower extremities, abdominal wall, head and neck area, mesenteric root, and chest wall with the potential to arise in additional parts of the body. Desmoid tumors do not metastasize, but often aggressively infiltrate neurovascular structures and vital organs. People living with desmoid tumors are often limited in their daily life due to chronic pain, functional deficits, general decrease in their quality of life and organ dysfunction. Desmoid tumors have an annual incidence of approximately 1,700 patients in the United States and typically occur in patients between the ages of 15 and 60 years. They are most commonly diagnosed in young adults between 30-40 years of age and are more prevalent in females. Today, surgery is no longer regarded as the cornerstone treatment of desmoid tumors due to a high rate of recurrence post-surgery and there are currently no FDA-approved systemic therapies for the treatment of unresectable, recurrent or progressive desmoid tumors.
About Ayala Pharmaceuticals Ayala Pharmaceuticals, Inc. is a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare tumors and aggressive cancers. Ayala’s approach is focused on predicating, identifying and addressing tumorigenic drivers of cancer through a combination of its bioinformatics platform and next-generation sequencing to deliver targeted therapies to underserved patient populations. The company has two product candidates under development, AL101 and AL102, targeting the aberrant activation of the Notch pathway with gamma secretase inhibitors to treat a variety of tumors including Adenoid Cystic Carcinoma (ACC), T-cell Acute Lymphoblastic Leukemia (T-ALL), Desmoid Tumors and Multiple Myeloma (MM). AL101, has received Fast Track Designation and Orphan Drug Designation from the U.S. FDA and is currently in a Phase 2 clinical trial for patients with ACC (ACCURACY) bearing Notch activating mutations. AL102 is currently in a Pivotal Phase 2/3 clinical trials for patients with desmoid tumors (RINGSIDE). For more information, visit www.ayalapharma.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements relating to our development of AL102, the promise and potential impact of AL102; the receipt or timing of any marketing approval, development review, regulatory review, or approval process, including as compared to conventional FDA procedures; the timing and results of our clinical trials or readouts; the prevalence of desmoid tumors and the treatment required to manage the disease; and the design of our clinical trials. These forward-looking statements are based on management’s current expectations. The words ”may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: we have incurred significant losses since inception and anticipate that we will continue to incur losses for the foreseeable future; we are not currently profitable, and we may never achieve or sustain profitability; we will require additional capital to fund our operations, and if we fail to obtain necessary financing, we may not be able to complete the development and commercialization of AL101 and AL102; we have a limited operating history and no history of commercializing pharmaceutical products, which may make it difficult to evaluate the prospects for our future viability; we are heavily dependent on the success of AL101 and AL102, our most advanced product candidates, which are still under clinical development, and if either AL101 or AL102 does not receive regulatory approval or is not successfully commercialized, our business may be harmed; due to our limited resources and access to capital, we must prioritize development of certain programs and product candidates; these decisions may prove to be wrong and may adversely affect our business; the outbreak of COVID-19, may adversely affect our business, including our clinical trials; our ability to use our net operating loss carry forwards to offset future taxable income may be subject to certain limitations; our product candidates are designed for patients with genetically defined cancers, which is a rapidly evolving area of science, and the approach we are taking to discover and develop product candidates is novel and may never lead to marketable products; we were not involved in the early development of our lead product candidates, therefore, we are dependent on third parties having accurately generated, collected and interpreted data from certain preclinical studies and clinical trials for our product candidates; enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside our control; if we do not achieve our projected development and commercialization goals in the timeframes we announce and expect, the commercialization of our product candidates may be delayed and our business will be harmed; our product candidates may cause serious adverse events or undesirable side effects, which may delay or prevent marketing approval, or, if approved, require them to be taken off the market, require them to include safety warnings or otherwise limit their sales; the market opportunities for AL101 and AL102, if approved, may be smaller than we anticipate; we may not be successful in developing, or collaborating with others to develop, diagnostic tests to identify patients with Notch-activating mutations; we have never obtained marketing approval for a product candidate and we may be unable to obtain, or may be delayed in obtaining, marketing approval for any of our product candidates; even if we obtain FDA approval for our product candidates in the United States, we may never obtain approval for or commercialize them in any other jurisdiction, which would limit our ability to realize their full market potential; we have been granted Orphan Drug Designation for AL101 for the treatment of ACC and may seek Orphan Drug Designation for other indications or product candidates, and we may be unable to maintain the benefits associated with Orphan Drug Designation, including the potential for market exclusivity, and may not receive Orphan Drug Designation for other indications or for our other product candidates; although we have received Fast Track designation for AL101, and may seek Fast Track designation for our other product candidates, such designations may not actually lead to a faster development timeline, regulatory review or approval process; we face significant competition from other biotechnology and pharmaceutical companies and our operating results will suffer if we fail to compete effectively; we are dependent on a small number of suppliers for some of the materials used to manufacture our product candidates, and on one company for the manufacture of the active pharmaceutical ingredient for each of our product candidates; if we are unable to enter into new collaborations, or if these collaborations are not successful, our business could be adversely affected; enacted and future healthcare legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product candidates, if approved, and may affect the prices we may set; if we are unable to obtain, maintain, protect and enforce patent and other intellectual property protection for our technology and products or if the scope of the patent or other intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technology similar or identical to ours, and we may not be able to compete effectively in our markets; we may engage in acquisitions or in-licensing transactions that could disrupt our business, cause dilution to our stockholders or reduce our financial resources; and risks related to our operations in Israel could materially adversely impact our business, financial condition and results of operations.
These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (SEC) on March 28, 2022 and our other filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. New risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Voyager Digital Ltd. (“Voyager” or the “Company”) (OTC Pink VYGVQ; FRA: UCD2) announced today that after multiple rounds of bidding in a highly competitive auction process that lasted two weeks, its operating company Voyager Digital LLC, selected West Realm Shires Inc. (“FTX US”) as the highest and best bid for its assets. The Official Committee of Unsecured Creditors (“UCC”) participated actively in the competitive auction and supports FTX US’s winning bid.
FTX US’s bid is valued at approximately $1.422 billion, comprised of (i) the fair market value of all Voyager cryptocurrency at a to-be-determined date in the future, which at current market prices is estimated to be $1.311 billion, plus (ii) additional consideration that is estimated as providing approximately $111 million of incremental value. The Company’s claims against Three Arrows Capital remain with the bankruptcy estate, which will distribute any available recovery on such claims to the estate’s creditors.
FTX US’s bid maximizes value and minimizes the remaining duration of the Company’s restructuring by providing a clear path forward for the Debtors to consummate a chapter 11 plan and return value to their customers and other creditors. FTX US’s market-leading, secure trading platform will enable customers to trade and store cryptocurrency after the conclusion of the Company’s chapter 11 cases.
The asset purchase agreement between Voyager Digital LLC and FTX US will be presented for approval to the United States Bankruptcy Court for the Southern District of New York on Wednesday, October 19, 2022 and the objection deadline to the transaction is October 12, 2022 at 4:00 p.m. prevailing Eastern Time. The sale to FTX US will be consummated pursuant to a chapter 11 plan, which will be subject to a creditor vote and is subject to other customary closing conditions. FTX US and the Company will work to close the transaction promptly following approval of the chapter 11 plan by the Bankruptcy Court.
The auction follows Voyager’s July 5, 2022 entrance into a voluntary restructuring process aimed at returning maximum value to customers. Since the Company’s chapter 11 filing, in furtherance of this objective, Voyager has engaged in a dual-track process, considering both a potential sale and a standalone reorganization. In-line with the process outlined in court filings, Voyager received multiple bids contemplating sale and reorganization alternatives, held an auction and, based on the results of the auction, has determined that the sale transaction with FTX is the best alternative for Voyager stakeholders.
Additional information about the timeline and customer access to crypto will be shared as it becomes available. A copy of the Bidding Procedures, Bidding Procedures Order, Bidding Procedures Motion and other pleadings filed in this case may be obtained free of charge by visiting the Voyager case website https://cases.stretto.com/Voyager.
The results of the auction do not change the Bar Date nor the need for customers to determine whether to file a claim. More information can be found here. Customers can file a claim on Voyager’s case website here. The deadline for filing a claim is October 3, 2022, at 5:00 PM ET.
Voyager was advised by Kirkland & Ellis LLP, Moelis & Company LLC, and Berkeley Research Group. FTX US was advised by Sullivan & Cromwell LLP. The UCC was advised by McDermott Will & Emery LLP and FTI Consulting.
Forward Looking Statements Certain information in this press release, including, but not limited to, statements regarding future growth and performance of the business, momentum in the businesses, future adoption of digital assets, and the Company‘s anticipated results may constitute forward looking information (collectively, forward-looking statements), which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” (or the negatives) or other similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Voyager’s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward looking statements are subject to the risk that the global economy, industry, or the Company’s businesses and investments do not perform as anticipated, that revenue or expenses estimates may not be met or may be materially less or more than those anticipated, that parties to whom the Company lends assets are able to repay such loans in full and in a timely manner, that trading momentum does not continue or the demand for trading solutions declines, customer acquisition does not increase as planned, product and international expansion do not occur as planned, risks of compliance with laws and regulations that currently apply or become applicable to the business and those other risks contained in the Company’s public filings, including in its Management Discussion and Analysis and its Annual Information Form (AIF). Factors that could cause actual results of the Company and its businesses to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions; changes in laws or approaches to regulation, the failure or delay in the adoption of digital assets and the blockchain ecosystem by institutions; changes in the volatility of crypto currency, changes in demand for Bitcoin and Ethereum, changes in the status or classification of cryptocurrency assets, cybersecurity breaches, a delay or failure in developing infrastructure for the trading businesses or achieving mandates and gaining traction; failure to grow assets under management, an adverse development with respect to an issuer or party to the transaction or failure to obtain a required regulatory approval. Readers are cautioned that Assets on Platform and trading volumes fluctuate and may increase and decrease from time to time and that such fluctuations are beyond the Company’s control. Forward-looking statements, past and present performance and trends are not guarantees of future performance, accordingly, you should not put undue reliance on forward-looking statements, current or past performance, or current or past trends. Information identifying assumptions, risks, and uncertainties relating to the Company are contained in its filings with the Canadian securities regulators available at www.sedar.com. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events, except as required by law. The Company assumes no obligation to provide operational updates, except as required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law. Readers are cautioned that past performance is not indicative of future performance and current trends in the business and demand for digital assets may not continue and readers should not put undue reliance on past performance and current trends.
SOURCE Voyager Digital, Ltd.
Contacts
Voyager Digital, Ltd. Voyager Public Relations Team [email protected]
EV Motorcycle Division Merged with SPAC and Goes Full Throttle at Market Open
Harley-Davidson’s EV electric-motorcycle division was just merged with the SPAC (special purpose acquisition corporation) AEA-Bridges (IMPX). The newly merged company, retaining the name LiveWire (LVWR) accelerated from the opening bell on day one. It quickly rose 23.9% in the first half hour of trading. While the company then gravitated back toward its opening price, the performance for these SPAC investors this year far exceeds that of the major indices.
The relative success of this reverse merger demonstrates that so-called blank check companies can still provide value to investors and can still strike deals with a quality target.
The current decline in valuations of companies and assets through 2022 may even serve to make for a target-rich environment for SPACS still trying to find an exceptional deal for their SPAC investors.
LiveWire, which will continue operating under this name and trading with ticker $LVWR, had been a subsidiary of Harley-Davidson Inc. (HOG). The iconic motorcycle maker and merchandise licenser retained a controlling (75%) interest in the e-motorcycle operation after the deal closed.
The stock had been halted after hitting NYSE circuit breakers on its first trading day (September 27) because of volatility. The morning range has been down as much as 4.2% and up as much as 23.9% in within the first half hour after the open. The stock, which began as an IPO pre-merger at $10, opened the year at $9.99 and is now trading about 10% below. The overall market, as measured by the S&P 500, is down 23.76% on the year.
Livewire likes it to be known that they are the “first and only” electric-vehicle motorcycle company in the U.S. to be listed on the NYSE. They raised approximately $334 million in proceeds from the acquisition.
Harley-Davidson’s stock ran up 1.5% in morning trading. It has climbed 14.8% over the past three months, during that period, the S&P 500 index has lost 5.2%.
More About LiveWire
LiveWire describes itself as the future in the making for the pursuit of urban adventure and beyond.
It draws on its long history, having begun ten years ago as a disruptor from the shops of Harley-Davidson. This gives it a giant head start in the EV sector. LiveWire’s ambition is to be the most desirable electric motorcycle brand in the world. With a dedicated focus on EV, LiveWire plans to develop the technology of the future and to invest in the capabilities needed to lead the transformation of motorcycling.
Harley-Davidson
Harley Davidson intends to build on it’s legend of leading the industry through innovation, evolution and emotion. It imparted on LiveWire the understanding that the product represents more than its utility. For its customers, Harley’s represent the timeless pursuit of adventure and freedom for the soul. The company’s focus is to maintain its place as the most desirable motorcycle brand in the world. The 75% ownership in Livewire, plus the cash infusion, should serve to allow its investment in the EV sector to take an even larger role in electrified transportation.
VANCOUVER, British Columbia, Sept. 26, 2022 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) (“Endeavour” or the “Company”) is pleased to report positive drill results from its ongoing drill program at the Guanacevi Mine in Durango state, Mexico. Drilling continues along the prolific Santa Cruz vein in two areas (view Santa Cruz Vein longitudinal section), with the objective to convert, expand, and discover new resources.
The 2022 drill program has continued to focus on the El Curso property, establishing lateral and vertical extents of the mineralized zone between the Porvenir Cuatro and Milache mines. The exploration and exploitation rights to the El Curso property were obtained in 2019 from Ocampo Mining S.A. de CV., and have become an integral contributor to the operation. Recently, under the same agreement terms, the Company has tested the northwest extension of the Porvenir Dos orebody with encouraging results from initial drilling.
Highlights from Recent El Curso Drill Results
3.50 gpt Au and 1,150 gpt Ag for 1,430 gpt AgEq over a 1.16 m ETW, including 12.80 gpt Au and 4,240 gpt Ag for 5,264 gpt AgEq over 0.24 m (UCM-102)
3.54 gpt Au and 1,129 gpt Ag for 1,412 gpt AgEq over a 7.28 m ETW, including 25.40 gpt Au and 7,080 gpt Ag for 9,112 gpt AgEq over 0.43 m (UCM-106)
Highlights from Recent Porvenir Dos Drill Results
1.43 gpt Au and 967 gpt Ag for 1,081 gpt AgEq over a 2.43 m ETW, including 3.64 gpt Au and 5,120 gpt Ag for 5,411 gpt AgEq over 0.23 m (APD-03)
1.60 gpt Au and 1,460 gpt Ag for 1,589 gpt AgEq over a 1.17 m ETW, including 2.91 gpt Au and 3,340 gpt Ag for 3,573 gpt AgEq over 0.25 m (APD-04)
Abbreviations include: gpt: grams per tonne; Au: gold; Ag: silver; ETW: estimated true width; m: metre; HW: hanging wall. Silver equivalents are calculated at a ratio of 80:1 silver:gold.
“We are encouraged by the drill results at Guanacevi, as we continue to delineate high grades in areas which are proximal to the mill and historic working areas. The results announced today demonstrate both growth and steady improvement of the deposit and mine plan,” stated Dan Dickson, Chief Executive Officer. “Our focus remains on delineating mineralized extensions to mining horizons and resource growth.”
Latest Drill Results
The Guanacevi drill results are summarized in the following tables:
Guanacevi – Santa Cruz Vein – El Curso
Hole
Structure
From
To
True Width
Au
Ag
AgEq
(m)
(m)
(m)
(gpt)
(gpt)
(gpt)
UCM-101
Santa Cruz
219.90
221.90
1.10
0.36
101
130
Including
220.55
221.15
0.33
0.29
137
160
UCM-102
Santa Cruz
202.80
205.45
1.16
3.50
1,150
1,430
Including
203.55
204.10
0.24
12.80
4,240
5,264
UCM-103
Santa Cruz
195.00
210.25
6.08
0.97
234
311
Including
208.90
209.35
0.18
5.77
699
1,161
UCM-104
HW Santa Cruz
217.85
221.35
1.25
0.64
310
361
Including
218.55
219.30
0.27
1.12
490
579
UCM-105
Santa Cruz
204.00
210.00
1.80
1.08
508
595
Including
208.45
209.05
0.18
3.06
1,600
1,845
UCM-106
Santa Cruz
202.60
216.15
7.28
3.54
1,129
1,412
Including
208.15
208.95
0.43
25.40
7,080
9,112
UCM-107
Santa Cruz
229.70
232.20
1.32
0.70
123
179
Including
231.50
232.20
0.37
0.62
164
213
UCM-109
Santa Cruz
267.50
269.80
1.01
1.20
521
617
Including
269.30
269.80
0.22
0.93
707
782
UCM-110
Santa Cruz
248.05
253.00
2.47
1.25
321
421
Including
248.95
249.90
0.48
2.43
565
759
Drill holes UCM-108 and UCM-111 returned no significant results
Guanacevi – Santa Cruz Vein – Porvenir Dos
Hole
Structure
From
To
True Width
Au
Ag
AgEq
(m)
(m)
(m)
(gpt)
(gpt)
(gpt)
APD-03
Santa Cruz
286.85
292.60
2.43
1.43
967
1,081
Including
287.85
288.40
0.23
3.64
5,120
5,411
APD-04
Santa Cruz
246.50
248.80
1.17
1.60
1,460
1,589
Including
246.80
247.30
0.25
2.91
3,340
3,573
APD-05
Santa Cruz
190.70
195.05
2.80
1.38
489
599
Including
193.20
193.75
0.35
2.59
943
1,150
APD-06
Santa Cruz
156.05
157.65
1.29
0.34
214
241
Including
157.15
157.65
0.40
0.45
339
375
Drill holes APD-01, APD-02, APD-07 and APD-08 returned no significant results
Notes to Tables
Silver equivalents are calculated at a ratio of 80:1 silver:gold.
All widths are estimated true widths.
No capping has been applied but high-grade intervals have been highlighted.
Qualified Person and Quality Assurance/Quality Control – Dale Mah, P.Geo., Vice President, Corporate Development of Endeavour, is the Qualified Person who reviewed and approved the technical information contained in this news release. A quality control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All samples are split at the local field office and shipped to ALS Labs, where they are dried, crushed, split and 250-gram pulp samples are prepared for analysis. Gold is determined by fire assay with an atomic absorption finish and silver by aqua regia digestion with ICP finish, over-limits by fire assay and gravimetric finish.
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal of becoming a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (together, “forward-looking statements”). Such forward-looking statements and information herein include but are not limited to statements regarding future prospects of the Company’s mines and projects. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development and risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the Securities and Exchange Commission . and available at www.sec.gov, and Canadian securities regulatory authorities available at www.sedar.com.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued exploration and mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Monetization of Frankly Media Developed Mobile Apps and Website Commenced
NEW YORK, NY / ACCESSWIRE / September 26, 2022 / Frankly Media (“Frankly”), a digital publishing platform used to create, distribute and monetize content across all digital channels and wholly-owned subsidiary of Engine Gaming and Media, Inc. (NASDAQ:GAME)(TSXV:GAME), today announced a partnership with Scioto Valley Guardian (“The Guardian”), the number 1 local news source for the Scioto Valley area in Ohio. Through Frankly’s premium programmatic advertising services, Frankly developed news and entertainment centric iOS and Android apps for The Guardian in which monetization has commenced for both the developed apps and website.
Frankly Media offers an integrated suite of gaming, news and entertainment solutions that help its customers modernize their digital ecosystem, maximize their audience reach and engagement, and fully monetize their display, audio and video content. Frankly’s fully integrated solution suite includes premium yield advertising solutions that include ad sales, ad operations, audience insights and performance analytics, website/cms, video streaming for Live, VOD and FAST Channels, Mobile Apps, OTT/CTV Apps, and Audience Engagement widgets.
“We are excited to partner with Frankly Media. Frankly has best in class apps that help to maximize our reach and their premium programmatic advertising services are significantly increasing our monetization efforts.” says Derek Myers, Editor-In-Chief.
Chief Executive Officer of Engine Gaming, Lou Schwartz stated, “We have enjoyed our partnership with Scioto Valley Guardian and it’s evident why they have had much success with their news and entertainment efforts within the Scioto Valley area. We were very excited to go live with their mobile apps (Scioto Valley Guardian) and have now begun monetizing their apps and website (sciotovalleyguardian.com).”
About Frankly Media
Frankly Media provides a complete suite of solutions that give publishers a unified workflow for creating, managing, publishing, and monetizing digital content to any device while maximizing audience value and revenue. Frankly delivers publishers and their audiences the solutions to meet the dynamic challenges of a multi-screen content distribution world.
Frankly’s comprehensive advertising services maximize ROI for our customers, including direct sales and programmatic ad support. With the release of our server-side ad insertion (SSAI) platform, Frankly is well-positioned to help video producers take full advantage of the growing market in addressable advertising.
Frankly’s technology products include a ground-breaking online video platform for Live, VOD, and Live-to-VOD workflows, a full-featured CMS with rich storytelling capabilities, and native apps for iOS, Android, Apple TV, Fire TV, and Roku. The company is headquartered in New York, with offices in Atlanta. Frankly Media is a Subsidiary of Engine Media and Media, Inc.
About Engine Gaming and Media, Inc.
Engine Gaming and Media, Inc. (NASDAQ:GAME) (TSX-V:GAME) provides unparalleled live streaming data and social analytics, influencer relationship management and monetization, and programmatic advertising to support the world’s largest video gaming companies, brand marketers, ecommerce companies, media publishers and agencies to drive new streams of revenue. The company’s subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; and Frankly Media, a digital publishing platform used to create, distribute, and monetize content across all digital channels. Engine generates revenue through a combination of software-as-a-service subscription fees, managed services, and programmatic advertising. For more information, please visit www.enginegaming.com.
About Scioto Valley Guardian.
Scioto Valley Guardian is wholly-owned by NewsPatrol, Inc., with headquarters in Columbus, Ohio. The Guardian is the #1 local news source for the Scioto Valley region in Ohio. With a newsroom based in Chillicothe, the operation is hyper-local and bolsters more than 3.5 million pageviews a month. Delivering timely information on breaking news, deep investigations, and hard-hitting journalism with am emphasis on videocentric content, daily weather forecasts, and more, the Guardian leads the industry locally with being a pioneer for new technology, partnerships, and growth.
For more information, please contact:
Engine Gaming Investor Relations Shannon Devine MZ Group Email: [email protected]
Toronto, Ontario, September 26, 2022 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to announce that an intensive “Anaconda method” mapping program (see press release dated August 8, 2022) at the Company’s Tatasham target has discovered highly prospective porphyritic felsic intrusive rock, and at the Awacha target area, mapping has confirmed diorite and other intrusive rocks, with local hydrothermal breccias. The intrusives are crosscut by several generations of quartz veinlets locally containing chalcopyrite and galena (see Figures 1 and 2). These results are considered positive indications of porphyry-style mineralization at both localities.
Tatasham and Awacha are contained in Aurania’s large, 207,764-hectare concession block in southeastern Ecuador, located immediately north of the highly productive mineralized belt containing Solaris Resources’ Warintza and SolGold’s Porvenir porphyry copper deposits, as well as operating mines at Mirador (copper) and Fruta del Norte (gold).
The mapping program at Tatasham has been completed and is currently underway at Awacha. This work is being carried out ahead of a drilling campaign which is anticipated to commence in the last quarter of 2022.
The Tatasham target is a blind geophysical target with no previously recognized alteration or mineralization at surface. The 3-kilometre (km) x 1 km target is both a magnetic and resistivity high, flanked by conductive anomalies, that are speculated to represent a mixed magnetite skarn and porphyry cluster.
The Awacha target area comprises a cluster of geophysical anomalies representing porphyry targets located in an area approximately 9 km x 6 km in size. These targets are covered by post-mineral sedimentary rock. Where streams have cut down through these sediments, they have exposed the classic phyllic alteration envelope (quartz-sericite-pyrite alteration) which typically accompanies copper mineralization. Low levels of copper and molybdenum have been returned in analyses of stream sediments in this area, as well as copper in soils (see press release dated April 19, 2022).
Figure 1: Quartz diorite porphyry from Tatasham
Figure 2: Hydrothermal breccia exposure at Awacha
Amendment to Option Terms
An amendment was made to the vesting period of the stock options granted to SRC Swiss Resource Capital AG (“SRC”), the details of which were announced in a press release dated August 18, 2022. The 35,000 stock options granted to SRC at a price of $0.84 CAD, will vest in quarters with ¼ vesting three months from the date of grant, ¼ vesting six months from the date of grant, ¼ vesting at the one-year anniversary from the date of grant, and ¼ vesting at the two-year anniversary from the date of grant. All other terms remain unchanged.
Qualified Person
The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes statements about: Investor Relations Activities (as such term is defined in the policies of the TSX Venture Exchange) to be performed by SRC and the anticipated approval of the TSX-V for said activities, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania, a failure to comply with environmental regulations and a weakening of market and industry reliance on precious metals and copper. Aurania cautions the reader that the above list of risk factors is not exhaustive.
