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The “Pilgrims” of Today

Posted on by Admin
Image Credit: AJ Groomes (Pexels)

Entrepreneurial Courage and Perseverance Define the Pilgrims

Originally Published November 27, 2019 (Channelchek)

This week, across the U.S., families and friends, young and old, will gather to celebrate the “most American” of holidays, Thanksgiving. The gatherings will most surely include traditional foods of the holiday while families enjoy their own tradition of sharing and gratitude. Thoughts may also drift to almost 400 years ago when in 1621 a determined group of 102 Pilgrims persevered to achieve a mission they believed in – an accomplishment that has had a positive impact for centuries. They met challenges from the very beginning during their two-month-long voyage on the Mayflower, and they struggled as the first Winter took the lives of half the population of settlers. These resolute individuals share many of the same characteristics as today’s newer business owners who are making sacrifices in their own lives, for a better tomorrow for themselves and their descendants. 

Dictionary.com has four definitions for the word “entrepreneur,” the first reads: “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.” It’s not a stretch to call the original settlers of Plymouth Massachusetts entrepreneurs.   Their grit, ingenuity, initiative, and even willingness to learn and rely on others more experienced in their environment, was certainly entrepreneurial.

The Mayflower colonists did not go by the moniker “Pilgrims,” that tag came 200 years after their landing at Plymouth Rock. Instead they referred to themselves as the “Saints”  to indicate their purity and feelings of being special or chosen. This feeling must have been a strong driver as they risked so much in a way that is extreme by any standard in modern America.

Today’s Pilgrims

The risk-takers today, at least those looking to sacrifice more than others for the dream of a better tomorrow, whether for themselves and their families or for the world at large, are the business entrepreneurs. Especially in fields that are “uncharted territory.” Some examples are companies relying on developing technology, scientific breakthroughs, or mineral exploration. As with most “firsts”, there are always unknowns, long lead times before any profit, and a shortage of capital. These are among the reasons building a business today, particularly in a groundbreaking field with unproven outcome, is a path taken by very few. Those that do, and then survive and thrive, have embraced being nimble, building alliances, persistence, belief in themselves, and asking for help when needed.

“All great and honorable actions are accompanied by great difficulties, and both must be enterprised and overcome with answerable courage.” – William Bradford, Second Governor, Plymouth Colony

Flexibility

The Pilgrims initially went to Holland, where they expected to be welcomed by people of different religions.  Their main reason for having left England was to worship without constraints. The Pilgrims made their home at first in Holland, but the more secular life they found there was not going to lead to a future that matched their vision. They wanted to build their own colony where they would attract others who believed as they did – even if it meant starting with close to nothing.  As entrepreneurs, they didn’t accept an undesirable outcome; they pivoted, changed their plans and redirected their effort, deciding to establish themselves and their future near Virginia’s Hudson River. While traveling, storms pushed them into Massachusetts, where they decided to rethink their plan once again. They then revised their plan and decided to find an area close to where they landed that would be suitable for farming.

To begin the two-month trip across the Atlantic, the Pilgrims borrowed money that, at the time, was an astronomical amount. The loan from, English capitalists looking to profit off the venture was for 1700 pounds. At the time, the average Englishman earned a tenth of a pound per day. As colonists, they first worked collectively to pay back this loan. They later divided acreage to work individually at farming their own land.

Alliances

After the first brutal Winter, the Pilgrims, who raised money in a business arrangement to finance their journey, again opened themselves up to being helped. This time by native Americans. They learned how to best plant corn, where to fish, and how to trap beaver and other furs.  This helped lead the pilgrims to an abundance just one year later and a profit in their second year. Their debt was fully paid off in 23 years.

There are now over 10 million living Americans who are descendants of the Mayflower passengers. The undeniable traits of the entrepreneurs we now call Pilgrims have impacted the world. Entrepreneurs of today share the same traits and skills of those that came before; intention toward a dream, plan, persevere, adjust, negotiate, orchestrate help, and implement. The impact of entrepreneurs continues to shape the world and continue to have a positive impact on the future with their efforts.

Giving Thanks

Ideas have the ability to change the world. Those ideas  that improve lives and positively impact the world are on the list of things we can be thankful for.

Paul Hoffman

Managing Editor, Channelchek

Orion Group Holdings (ORN) – A New CFO

Posted on by Admin

Thursday, September 01, 2022

Orion Group Holdings (ORN)
A New CFO

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Filling in a Position. Yesterday, Orion fulfilled the other promise in the second quarter earning’s call with the announcement of  the vacant CFO position being fulfilled with Scott Thanisch. Mr. Thanisch is scheduled to assume his new duties on September 12, 2022.

Who is Scott Thanisch? In the press release, it states that Mr. Thanisch was CFO at a Texas commercial construction services company and a transport services, maintenance, and repair company before joining Orion. Mr. Thanisch is an operationally focused executive with broad experience in global corporate finance and proven results in corporate value creation….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Allegiant Hires VP Of Exploration To Accelerate Development Of Flagship Eastside Project

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Allegiant Hires VP Of Exploration To Accelerate Development Of Flagship Eastside Project

Research, News, and Market Data on Allegiant Gold

Reno, Nevada /September 1, 2022 – Allegiant Gold Ltd.
(“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to
announce the appointment of Alan Roberts, MSc, CPG, as Vice President of
Exploration effective on September 10, 2022.

 

Mr. Roberts has over 30 years of experience working as a
geologist and geophysicist in the Americas (North, Central and South). He has
spent the past eight years working and consulting on numerous epithermal
gold-silver projects in North America, and more specifically in Nevada,
including technical consulting, generative exploration, drill program planning and
supervision as well as overall program management and permitting. Mr. Roberts
holds a Master of Science degree from the Royal School of Mines and a Bachelor
of Science Degree in Geology from the University of London. He is a member of
the American Institute of Professional Geologists.

 

Peter Gianulis, CEO of Allegiant Gold, commented: “We are
ecstatic to have an individual of Alan’s caliber as part of the Allegiant team
as we look to further expand, and advance, our 1.4-million-ounce gold Eastside
project. Alan’s experience and leadership, particularly in developing
epithermal gold systems, is complementary to our strategic development plans at
Eastside as we look to significantly expand the resource over the next two
years to deliver an updated mineral resource estimate and PEA.”

 

ABOUT ALLEGIANT

 

Allegiant owns 100% of 10 highly-prospective gold projects in
the United States, seven of which are located in the mining-friendly
jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing
for cost reductions and cash-flow. Allegiant’s flagship Eastside Project is
district-scale and is host to a large and expanding gold resource, as well as
being located in an area with excellent infrastructure. Preliminary
metallurgical testing indicates that both oxide and sulphide gold mineralization
at Eastside is amenable to heap leaching.

 

ON BEHALF OF THE BOARD

 

Peter Gianulis

CEO

 

For more information contact:

Investor Relations

(604) 634-0970 or

1-888-818-1364

ir@allegiantgold.com

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Allegiant Gold Ltd.’s (“Allegiant”) exploration plans for its gold exploration properties, the drill program at Allegiant’s Eastside project, the preparation and publication of an updated resource estimate in respect of the Original Zone at the Eastside project, Allegiant’s future exploration and development plans, including anticipated costs and timing thereof; Allegiant’s plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, and working capital requirements.  Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.  Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com.  Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.


Release – Eskay Mining’s Maiden Scarlet Valley Drilling Commences

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Eskay Mining’s Maiden Scarlet Valley Drilling Commences

News and Market Data on Eskay Mining

TORONTO, ON / ACCESSWIRE
/ September 1, 2022 / Eskay Mining Corp. (“Eskay” or the
“Company”) (TSXV:ESK)(OTCQX:ESKYF)(Frankfurt:KN7) (WKN:A0YDPM) is pleased to announce maiden drilling at Scarlet Valley, a newly identified volcanogenic massive sulfide (“VMS”) center near Scarlet Ridge, part of its 100% controlled Consolidated Eskay project, British Columbia. As of this news release, the Company has completed 22,272 m of diamond core drilling, approximately 74% of the 30,000m planned to be completed in 2022. Drill production is currently on target to reach this aggressive goal with four drills fully operational. Currently two drills are conducting step-out drilling of the Upper Stockwork Zone at TV, and two drills are beginning to define the extent of the intensely mineralized Scarlet Valley target. Preparations are underway to drill the Tarn Lake target immediately following completion of drilling at Scarlet Valley.

“Our prospecting and mapping team’s work is rapidly identifying and characterizing new VMS targets at Scarlet Ridge and Scarlet Valley, key to quickly advancing these from areas of interest into drilled targets that are now delivering significant sulfide-bearing mineralized intercepts,” commented Dr. John DeDecker, Eskay Mining’s VP of Exploration. “Mineralization and hydrothermal alteration are extremely intense and widespread throughout areas drilled to date. Much more visible sulfide mineralization awaits us at Scarlet Knob and Tarn Lake. Demonstrating we hold a VMS district by making new discoveries is our goal this season. We are fortunate to have a top-notch team in place to execute a very aggressive, flexible exploration program. So far, we are meeting our objectives set for the 2022 program on schedule.”

Maiden drilling at Scarlet Valley is underway with drill hole SV22-1 intercepting 95 m of intense sulfide mineralization and hydrothermal alteration. Recent drilling at Scarlet Ridge has intercepted a zone of intense hydrothermal alteration and replacement-style sulfide mineralization. Drilling at Scarlet Ridge and Scarlet Valley as well as recent field investigations at Scarlet Knob-Tarn Lake (Figure 1) confirms the presence of replacement-style and stockwork VMS mineralization at all locations. Generally, sulfide mineralization is most intense proximal to east-west trending and vertically oriented basalt dikes suggesting that hydrothermal fluids exploited the same syn-volcanic structures as these dikes during their ascent to the seafloor/sub-seafloor environment.

A more detailed BLEG, clay-fraction stream sediment survey utilizing LiDAR topographic data collected in 2020 has been completed over the northeastern part of the Property, including Scarlet Valley, Scarlet Knob-Tarn Lake, Scarlet Ridge, and the northern flanks of the McTagg anticlinorium. These areas all have very strong BLEG anomalies identified during the 2020 program (Figure 1). This refined BLEG survey will allow further vectoring towards promising targets in this prolifically mineralized area. A similar detailed BLEG survey has also been completed over the 6 km trend of very strong BLEG anomalies in the vicinity of C10 and Vermillion to further refine targeting in that area.

Highlights from Scarlet
Valley

  • Maiden drilling is underway at Scarlet Valley (Figure 2) targeting extensive surface exposures of a VMS feeder zone (Figure 3) including replacement-style sulfide mineralization. Mineralization is hosted within rocks proximal to the contact between basalt dikes and surrounding andesite and volcaniclastic debris flows strongly suggesting the presence of syn-volcanic feeder structures. To date, 618 m have been drilled at Scarlet Valley. A second drill has recently been brought to Scarlet Valley to help define the extent of this highly prospective area before winter weather forces retreat to lower elevations.
  • Intercepts from drill hole SV22-1 display intense mineralization and hydrothermal alteration interpreted as stockwork zone as well as sub-seafloor replacement-style mineralization within volcaniclastic debris flow breccia (Figures 4-6). Sulfide mineralization is intense between downhole depths of 1.0-80.0 m, and 100.0-113.0 m.
  • Handheld XRF analyses of sulfide minerals in outcrop and drill core show consistently high concentrations of the Au pathfinder elements including Ag, As, Sb, Hg, and Zn. Handheld XRF cannot reliably measure Au concentrations.
  • Prospecting and mapping teams have identified mineralized rock similar to that intercepted in SV22-1, extending at least 300 m eastward from the collar of this hole (Figures 2 and 3). Additional drilling will test eastward and uphill continuations of this mineralization.
  • Geological mapping and drone imagery suggests the presence of laterally extensive horizons of replacement-style mineralization extending along strike from interpreted feeder zones. Preliminary investigations of drill core suggest that coarse-grained debris flows with a sandy matrix (Figure 6 bottom image) serve as preferential hosts for sub-seafloor replacement-style mineralization over debris flows muddy matrix material. These observations suggest that greater porosity of coarser-grained matrix material enhances permeability of this host rock thus making it more favorably hydrothermally altered and mineralized. Identification and definition of these coarse-matrix horizons is a key component of current mapping efforts at Scarlet Valley.
  • Hole SV22-1 was drilled to a depth of 618 m, under the valley floor, in order to enable three-dimensional geologic modeling of favorable horizons for replacement-style mineralization along strike. Sporadic mineralized intervals, up to 10% sulfide content, occur throughout SV22-1, suggesting favorable horizons for replacement-style mineralization continue to the vicinity of the valley floor to the west.

Highlights from Scarlet
Ridge

  • Maiden drilling at Scarlet Ridge has been completed consisting of five drill holes targeting a zone of sulfide stockwork mineralization and hydrothermal alteration exposed at the surface (Figure 7).
  • Drill holes SR22-1, -2, -3, and -4 intercepted a zone of intense hydrothermal alteration and pyrite mineralization hosted by autoclastic andesite breccias displaying perlitic texture (Figures 8 and 9). Perlite is a type of volcanic glass that forms by hydration of lava after cooling, and is characterized by concentric circular fractures in the rock. These fractures appear to have served as conduits for hydrothermal fluids, producing a distinct style of mineralization and hydrothermal alteration at Scarlet Ridge.
  • Handheld XRF indicates that sulfide mineralization in drill core is associated with elevated values of the Au pathfinder element As. Handheld XRF cannot reliably measure Au concentrations.
  • Two stages of sulfide mineralization are evident at Scarlet Ridge. An early-stage is VMS-related and is associated with clay and chlorite alteration followed by pervasive silicification and stockwork sulfide mineralization in perlitic andesite. This mineralization is associated with intense hydrothermal alteration and sulfide replacement of andesite and volcaniclastic debris flow breccias. Late-stage sulfide mineralization is associated with quartz-carbonate-pyrite veins crosscutting early-stage mineralization and is believed to be associated with late deformation and mountain-building events.

Highlights from Scarlet
Knob-Tarn Lake

  • Recent field investigations of an area north of Tarn Lake have confirmed the presence of VMS feeder-style mineralization hosted along the contacts between flow-banded rhyolite and cross-cutting east-west trending basalt dikes. Weathering of sulfide mineralization has generated intensely gossanous rock (Figure 10). It is interpreted that this mineralization connects with that found at nearby Scarlet Knob (Figure 11) situated due east on the other side of Bruce Glacier.
  • Semi-massive to massive sulfide occurs at surface (Figure 12). Handheld XRF analyses of sulfide mineralization shows high concentrations of the Au pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.
  • Ag-sulfosalt minerals freibergite and pyrargyrite (Figure 13) are disseminated throughout massive sulfide shown in Figure 12 thus explaining elevated pathfinder element concentrations as determined by XRF.
  • Preparations are underway to drill at Tarn Lake during the 2022 season.

To date, Eskay Mining has completed approximately 22,272m of diamond core drilling, approximately 74% of the 30,000m planned for 2022. Thus far, drilling has occurred at Jeff North, Scarlet Ridge, TV and Scarlet Valley. At present, four drills are fully operational and drill production is on track to reach Eskay’s aggressive goal of 30,000 m.

Dr. Quinton Hennigh, P. Geo., a Director of the Company and its technical adviser, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About Eskay Mining Corp:

Eskay Mining Corp (TSX-V:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the “Golden Triangle,” 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (52,600 hectares).

All material information on the Company may be found on its website at www.eskaymining.com and on SEDAR at www.sedar.com.

For further information,
please contact:

Mac Balkam
President & Chief Executive Officer

T: 416 907 4020
E: 
Mac@eskaymining.com

Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.

Forward-Looking
Statements: This Press Release
contains forward-looking statements that involve risks and uncertainties, which
may cause actual results to differ materially from the statements made. When
used in this document, the words “may”, “would”,
“could”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”,
“expect” and similar expressions are intended to identify
forward-looking statements. Such statements reflect our current views with
respect to future events and are subject to risks and uncertainties. Many
factors could cause our actual results to differ materially from the statements
made, including those factors discussed in filings made by us with the Canadian
securities regulatory authorities. Should one or more of these risks and
uncertainties, such as actual results of current exploration programs, the
general risks associated with the mining industry, the price of gold and other
metals, currency and interest rate fluctuations, increased competition and
general economic and market factors, occur or should assumptions underlying the
forward looking statements prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated, or expected. We
do not intend and do not assume any obligation to update these forward-looking
statements, except as required by law. Shareholders are cautioned not to put
undue reliance on such forward-looking statements.

 


Entravision Communications (EVC) – A Positive Message

Posted on by Admin

Thursday, September 01, 2022

Entravision Communications (EVC)
A Positive Message

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Non-deal road show highlights: Last week, EVC hosted meetings for investors in Kansas City. Chris Young, CFO, highlighted the company’s strong growth prospects, which have resulted from the company’s transition to a digitally based business. 

Expanding key Facebook relationship in LatinAm: Through its subsidiary, Cisneros, the company is the exclusive ad rep for Facebook in certain countries in Latin America. Notably, the company has expanded its Facebook relationship to include Honduras AND El Salvador, and will continue to seek opportunities to expand its valuable Facebook relationship.

…

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – 1-800-FLOWERS.COM, Inc. Reports Revenue Growth of 4.0 Percent To $2.21 Billion for its Fiscal 2022 Full Year

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1-800-FLOWERS.COM, Inc. Reports Revenue Growth of 4.0 Percent To $2.21 Billion for its Fiscal 2022 Full Year

Research, News, and Market Data on 1-800-FLOWERS.COM

Sep 01, 2022

Full Year Highlights:

  • Total Net Revenues
    increased 4.0 percent to a record $2.21
    billion    , compared with $2.12
    billion     in the prior year.
  • Net Income was $29.6
    million    , or $0.45 per
    diluted share, compared with Net Income of $118.7
    million    , or $1.78 per
    diluted share, in the prior year period. Adjusted Net Income    1 was $32.9
    million    , or $0.50 per
    diluted share, compared with $122.6
    million    , or $1.84 per
    diluted share, in the prior year.
  • Adjusted EBITDA1 was $99.0
    million    , compared with $213.1
    million     in the prior year, primarily reflecting significantly
    higher year-over-year cost increases in labor, shipping, commodities, and
    digital marketing.

Fourth Quarter Highlights:

  • Total Net Revenues were $485.9
    million    , compared with $487.0
    million     in the prior year period.
  • Net Loss was $22.3
    million    , or ($0.34)
    per share, compared with net income of $13.3
    million    , or $0.20 per
    diluted share, in the prior year period. Adjusted Net Loss    1 was $21.8
    million    , or ($0.34)
    per share, compared with Adjusted Net Income    1 of $13.3
    million    , or $0.20 per
    diluted share in the prior year period.
  • Adjusted EBITDA1 loss was $16.8
    million    , compared with Adjusted EBITDA    1 of $30.2
    million     in the prior year period, primarily reflecting
    significantly higher year-over-year cost increases in labor, shipping,
    commodities, and digital marketing.

(1 Refer to “Definitions of Non-GAAP Financial Measures” and
the tables attached at the end of this press release for reconciliation of
Non-GAAP (“Adjusted”) results to applicable GAAP results.)

JERICHO, N.Y.–(BUSINESS WIRE)– 1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), a leading provider of gifts designed to help inspire customers to give more, connect more, and build more and better relationships, today reported results for its fiscal 2022 fourth quarter and full year ended July 3, 2022.

Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said, “We finished our fiscal year 2022 with revenues essentially flat in our fourth quarter and full year revenues up 4.0 percent compared with the prior year, and up more than 75 percent compared with our fiscal 2019, prior to the pandemic. Our growth for the year illustrates our ability to retain and build on the gains we achieved over the past two years despite macroeconomic uncertainty and changes in consumer behavior. This reflects the healthy growth we have seen in our customer file combined with our expanded product offering and our ever-increasing focus on engaging with our customers through a combination of highly relevant content and unique experiences.

“Inflationary cost increases continued to pose challenges for us in both the fourth quarter and full year. The unprecedented, rapid rise in costs impacted our gross margins and operating expenses – including labor, shipping, commodities, and digital marketing. As a result, our bottom-line results for both the fourth quarter and the full year came in below our expectations.”

McCann said that the Company is focused on addressing those cost issues that are within its control by leveraging its balance sheet to invest in its operating platform, including ongoing investments to automate warehouse and distribution facilities, optimize outbound shipping operations and buy and build inventory early. “We anticipate that the combination of our investments, along with strategic pricing programs and moderation in cost inputs, will enable us to gradually improve our gross margins and our bottom-line results during the latter half of our current fiscal year.”

McCann noted that, during the fourth quarter and throughout the fiscal year, the Company continued to execute on its initiatives to “build a community with our customers. Our expanding range of communication channels feature relevant content, like our weekly Celebrations Pulse Newsletter, and interactive engagement opportunities, like our Alice’s Table® events. Taken together with our expanded product offerings, these initiatives helped us attract more than 1.5 million new customers during the fourth quarter and more than 5.0 million for the year. In addition, membership in our Celebrations Passport® loyalty program continued to grow at a double-digit rate for the year. We believe the significant size and robust growth of our customer file and our Celebrations Passport loyalty program over the past several years, along with our expanded product offerings, positions us well to help inspire customers to give more, connect more, and build more and better relationships and continue to grow our business over the long term.”

Fiscal 2022 Fourth Quarter
Results:
For the fourth quarter of 2022, total net revenues were 
$485.9 million
, down 0.2 percent compared with 
$487.0 million
 in the prior year period. Excluding contributions from Vital Choice®, which the Company acquired in October of 2021, total revenue for the quarter was down 1.5 percent, compared with the prior year period. Revenues for the quarter increased 87.3 percent compared with total revenues of 
$259.4 million
 in the fourth quarter of fiscal 2019, prior to the pandemic.

Gross profit margin for the quarter was 33.7 percent, down 700 basis points, compared with 40.7 percent in the prior year period, primarily reflecting significantly increased costs for labor, shipping, and commodities as well as write downs of perishable inventory. Operating expenses as a percent of total revenues was 39.2 percent, representing an increase of 170 basis points, compared with 37.5 percent in the prior year period. This primarily reflects higher digital marketing spend as well as higher depreciation, offset in part by lower incentive compensation and the performance of our non-qualified deferred compensation plan, compared with the prior year period.

As a result, Adjusted EBITDA1 loss was 
$16.8 million
, compared with Adjusted EBITDA1 of 
$30.2 million
 in the prior year period, primarily reflecting significantly higher year-over-year costs for labor, shipping, commodities, and digital marketing. Net Loss was 
$22.3 million
, or (
$0.34) per share, compared with net income of 
$13.3 million
, or 
$0.20 per diluted share, in the prior year period. Adjusted Net Loss1 was 
$21.8 million, or (
$0.34) per share, compared with Adjusted Net Income1 of 
$13.3, or 
$0.20 per diluted share in the prior year period.

Fiscal 2022 Full Year Results:
Total net revenues for the full year increased 4.0 percent to 
$2.21 billion
, compared with 
$2.12 billion
 in the prior year. This increase reflected growth across the Company’s three business segments, and includes the contributions from Vital Choice and Personalization Mall®, which were acquired in October 2021 and August 2020, respectively. On a pro-forma basis, total net revenues grew 2.5 percent compared with the prior year. Total net revenues grew 76.8 percent compared with total net revenues of 
$1.25 billion
 in fiscal 2019, prior to the pandemic.

Gross profit margin for the year was 37.2 percent, down 500 basis points, compared with 42.2 percent in the prior year. This primarily reflected significantly increased costs for labor, shipping, commodities and the write down of perishable inventories. Operating expense as a percent of total revenues was 35.3 percent, representing an increase of 10 basis points, compared with 35.2 percent in the prior year. As a result, Adjusted EBITDA1 was 
$99.0 million
, compared with 
$213.1 million
 in the prior year. Net Income was 
$29.6 million
, or 
$0.45 per diluted share, compared with Net Income of 
$118.7 million
, or 
$1.78 per diluted share, in the prior year period. Adjusted Net Income1 was 
$32.9 million
, or 
$0.50 per diluted share, compared with 
$122.6 million
, or 
$1.84 per diluted share, in the prior year.

SEGMENT RESULTS:
The Company provides fiscal 2022 fourth quarter and full year selected financial results for its Gourmet Foods and Gift Baskets, Consumer Floral and Gifts, and BloomNet® segments in the tables attached to this release and as follows:

  • Gourmet Foods and Gift Baskets: Revenue for the quarter was 
    $148.4 million
    , down 2.4 percent compared with 
    $152.2 million
     in the prior year period. Excluding Vital Choice®, which the Company acquired in October 2021, revenue for the quarter was 
    $142.7 million
    . Revenue for the quarter was up 104.9 percent compared to the same period in the Company’s fiscal 2019 fourth quarter. Gross profit margin was 23.2 percent, compared with 38.9 percent in the prior year period. Segment contribution margin1 loss was 
    $23.7 million
    , compared with segment contribution margin of 
    $4.2 million
     in the prior year period. This primarily reflected higher labor, shipping, commodity costs and perishable inventory write downs, as well as higher year-over-year marketing rates. For the year, revenue in this segment increased 5.1 percent to 
    $1.0 billion
    , compared with 
    $955.6 million
     in the prior year. Revenue increased 54.9 percent, compared with revenue in the Company’s fiscal year 2019, prior to the pandemic. Gross profit margin for the year was 34.2 percent, compared with 42.9 percent in the prior year. Adjusted segment contribution margin1 for the year was 
    $64.9 million, compared with 
    $148.9 million in the prior year.
  • Consumer Floral &
    Gifts    : Revenue for the quarter increased 0.4 percent to 
    $299.0 million
    , compared with 
    $297.7 million
     in the prior year period. Revenues for the quarter increased 87.2 percent compared with the same period in the Company’s fiscal 2019 fourth quarter. Gross profit margin was 38.0 percent, compared with 41.1 percent in the prior year period, primarily reflecting increased labor and shipping costs. Segment contribution margin1 was 
    $26.4 million
    , compared with 
    $41.2 million
     in the prior year period. This primarily reflected the lower gross margin combined with higher, year-over-year digital marketing rates. For the year, revenues increased 3.4 percent to 
    $1.06 billion
    , compared with 
    $1.03 billion
     in the prior year. Revenues increased 112.9 percent, compared with the Company’s fiscal year 2019. Gross margin was 39.3 percent, compared with 41.1 percent in the prior year. Segment contribution margin1 was 
    $104.3 million
    , compared with 
    $128.6 million
     in the prior year.
  • BloomNet: Revenue for the quarter increased 3.2 percent to 
    $38.5 million
    , compared with 
    $37.3 million
     in the prior year period. Revenue for the quarter was up 41.2 percent compared to the same period in the Company’s fiscal 2019 fourth quarter. Gross profit margin was 39.6 percent, compared with 43.2 percent in the prior year period, primarily reflecting higher shipping costs as well as product mix. Segment contribution margin1 was 
    $10.0 million
    , compared with 
    $11.3 million
     in the prior year period. For the year, revenue increased 1.9 percent to 
    $145.7 million
    , compared with 
    $142.9 million
     in the prior year. Revenue increased 41.6 percent, compared with the Company’s fiscal year 2019. Gross profit margin was 42.3 percent, compared with 45.5 percent in the prior year. Segment contribution margin1 for the year was 
    $42.5 million
    , compared with 
    $45.9 million
     in the prior year.

COMPANY GUIDANCE

  • Based on the highly unpredictable nature of the current macro economy, the Company has decided to provide guidance on a quarter-by-quarter basis, including current business trends to date at the time of its regular quarterly results releases.
  • Through the first two months of the Company’s current fiscal first quarter, we have seen continued cautious consumer spending behavior reflecting the impact of price inflation, particularly in food and gasoline. As a result, the Company anticipates that its fiscal first quarter revenues will be down in a range of 3.0-to-6.0 percent, compared with the prior year period.
  • In terms of cost inputs, the Company anticipates that year-over-year costs for labor, shipping, commodities, and digital marketing will remain high through the first quarter, compared with the prior year period.
  • As a result, the Company anticipates that its Adjusted EBITDA loss1 for the current fiscal first quarter will be in a range of 
    $28.0 million
    -to-
    $33.0 million.
  • Looking ahead, the Company anticipates that the combination of the investments it has made – and continues to make – in its business platform, along with strategic pricing programs and moderation of cost inputs, will enable it to gradually achieve improved gross margins and bottom-line results during the latter half of the current fiscal year.
  • For the full year, the Company anticipates reduced capital expenditures as well as lower working capital needs compared with the prior year. As a result, the Company expects to generate substantial positive year-over-year free cash flow.

Definitions of non-GAAP
Financial Measures:
We sometimes use financial measures derived from consolidated financial information, but not presented in our financial statements prepared in accordance with 
U.S. generally accepted accounting principles (“GAAP”). Certain of these are considered “non-GAAP financial measures” under the 
U.S. Securities and Exchange Commission rules. Non-GAAP financial measures referred to in this document are either labeled as “non-GAAP” or designated as such with a “1”. See below for definitions and the reasons why we use these non-GAAP financial measures. Where applicable, see the Selected Financial Information below for reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures. Reconciliations for forward-looking figures would require unreasonable efforts at this time because of the uncertainty and variability of the nature and amount of certain components of various necessary GAAP components, including, for example, those related to compensation, tax items, amortization or others that may arise during the year, and the Company’s management believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The lack of such reconciling information should be considered when assessing the impact of such disclosures.

EBITDA
and Adjusted EBITDA
We define EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA adjusted for the impact of stock-based compensation, Non-Qualified Plan Investment appreciation/depreciation, and for certain items affecting period-to-period comparability. See Selected Financial Information for details on how EBITDA and Adjusted EBITDA were calculated for each period presented. The Company presents EBITDA and Adjusted EBITDA because it considers such information meaningful supplemental measures of its performance and believes such information is frequently used by the investment community in the evaluation of similarly situated companies. The Company uses EBITDA and Adjusted EBITDA as factors to determine the total amount of incentive compensation available to be awarded to executive officers and other employees. The Company’s credit agreement uses EBITDA and Adjusted EBITDA to determine its interest rate and to measure compliance with certain covenants. EBITDA and Adjusted EBITDA are also used by the Company to evaluate and price potential acquisition candidates. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of the limitations are: (a) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, the Company’s working capital needs; (b) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company’s debts; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and EBITDA does not reflect any cash requirements for such capital expenditures. EBITDA and Adjusted EBITDA should only be used on a supplemental basis combined with GAAP results when evaluating the Company’s performance.

Segment
Contribution Margin and Adjusted Segment Contribution Margin
We define Segment Contribution Margin as earnings before interest, taxes, depreciation, and amortization, before the allocation of corporate overhead expenses. Adjusted Contribution Margin is defined as Contribution Margin adjusted for certain items affecting period-to-period comparability. See Selected Financial Information for details on how Segment Contribution Margin and Adjusted Segment Contribution Margin were calculated for each period presented. When viewed together with our GAAP results, we believe Segment Contribution Margin and Adjusted Segment Contribution Margin provide management and users of the financial statements meaningful information about the performance of our business segments. Segment Contribution Margin and Adjusted Segment Contribution Margin are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. The material limitation associated with the use of Segment Contribution Margin and Adjusted Segment Contribution Margin is that they are an incomplete measure of profitability as they do not include all operating expenses or non-operating income and expenses. Management compensates for these limitations when using this measure by looking at other GAAP measures, such as Operating Income and Net Income.

Adjusted
Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share:
We define Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share as Net Income (Loss) and Net Income (Loss) Per Common Share adjusted for certain items affecting period-to-period comparability. See Selected Financial Information below for details on how Adjusted Net Income (Loss) Per Common Share and Adjusted or Comparable Net Income (Loss) Per Common Share were calculated for each period presented. We believe that Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share are meaningful measures because they increase the comparability of period-to-period results. Since these are not measures of performance calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, GAAP Net Income (Loss) and Net Income (Loss) Per Common share, as indicators of operating performance and they may not be comparable to similarly titled measures employed by other companies.

Free
Cash Flow:
We define Free Cash Flow as net cash provided by operating activities less capital expenditures. The Company considers Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of fixed assets, which can then be used to, among other things, invest in the Company’s business, make strategic acquisitions, strengthen the balance sheet, and repurchase stock or retire debt. Free Cash Flow is a liquidity measure that is frequently used by the investment community in the evaluation of similarly situated companies. Since Free Cash Flow is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in the Company’s cash balance for the period.

About 1-800-FLOWERS.COM,
Inc.
1-800-FLOWERS.COM, Inc. is a leading provider of gifts designed to help inspire customers to give more, connect more, and build more and better relationships. The Company’s e-commerce business platform features an all-star family of brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery®, Vital Choice®, Stock Yards® and Simply Chocolate®. Through the Celebrations Passport® loyalty program, which provides members with free standard shipping and no service charge across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen relationships with customers. The Company also operates BloomNet®, an international floral and gift industry service provider offering a broad-range of products and services designed to help members grow their businesses profitably; Napco?, a resource for floral gifts and seasonal décor; DesignPac Gifts, LLC, a manufacturer of gift baskets and towers; and Alice’s Table®, a lifestyle business offering fully digital livestreaming floral, culinary and other experiences to guests across the country. 1-800-FLOWERS.COM, Inc. was recognized among the top 5 on the National Retail Federation’s 2021 Hot 25 Retailers list, which ranks the nation’s fastest-growing retail companies, and was named to the Fortune 1000 list in 2022. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. For more information, visit 1800flowersinc.com or follow @1800FLOWERSInc on Twitter.

FLWS-COMP
FLWS-FN

Special Note Regarding Forward
Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events and can generally be identified using statements that include words such as “estimate,” “expects,” “project,” “believe,” “anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, statements regarding the Company’s ability to achieve its guidance for the fiscal year 2023 first quarter, the latter half of the current fiscal year and the full fiscal year; the impact of the Covid-19 pandemic on the Company; its ability to leverage its operating platform and reduce operating expense ratio; its ability to successfully integrate acquired businesses and assets; its ability to successfully execute its strategic initiatives; its ability to cost effectively acquire and retain customers; the outcome of contingencies, including legal proceedings in the normal course of business; its ability to compete against existing and new competitors; its ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; its ability to reduce promotional activities and achieve more efficient marketing programs; and general consumer sentiment and industry and economic conditions that may affect levels of discretionary customer purchases of the Company’s products. The Company undertakes no obligation to publicly update any of the forward-looking statements, whether because of new information, future events or otherwise, made in this release or in any of its SEC filings. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. For a more detailed description of these and other risk factors, refer to the Company’s SEC filings, including the Company’s Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

Conference Call:
The Company will conduct a conference call to discuss the above details and attached financial results today, Thursday, September 1, at 8:00 a.m. (ET). The conference call will be webcast from the Investor Relations section of the Company’s website at www.1800flowersinc.com. A recording of the call will be posted on the Investor Relations section of the Company’s website within two hours of the call’s completion. A telephonic replay of the call can be accessed beginning at 2:00 p.m. (ET) today, through September 8, 2022, at: (US) 1-877-344-7529; (
Canada) 855-669-9658; (International) 1-412-317-0088; enter conference ID #: 4688547. If you have any questions regarding the above information, please contact the Investor Relations office at invest@1800flowers.com.

 

Note: The following tables are an integral
part of this press release without which the information presented in this
press release should be considered incomplete.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220901005099/en/

Investor Contact:

Joseph D. Pititto

(516) 237-6131

invest@1800flowers.com

Media Contact:

Kathleen Waugh

(516) 237-6028

kwaugh@1800flowers.com

Source: 1-800-FLOWERS.COM, Inc.

 


Permex Petroleum (OILCF) – Well Completions Demonstrate Two-Pronged Approach to Growth

Posted on by Admin

Thursday, September 01, 2022

Permex Petroleum (OILCF)
Well Completions Demonstrate Two-Pronged Approach to Growth

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

 Permex announced positive results for five well recompletions of previously shut-in wells. The wells came on line at an initial rate of 50 BOE/d and stabilized at 35 BOE/d. By comparison, the company just reported production of 8,946 BOE for the fiscal nine months ended June 30, 2022 which equates to 32.8 BBL/d. Production from these five well essentially doubles production to a reported level of 71 BOE/d. Assuming net revenues double to a level near $300,000/qtr. and G&A returns to a historical level of $250,000/qtr. (last quarter was $1 million due to one-time legal, accounting, and marketing costs) then the company should be close to cash flow neutral.

Well recompletion and stimulation provide a good balance to in-fill drilling. While we are clearly focused on new drilling in the Breedlove Field in Martin County, it is worth remembering that Permex has ample opportunity to perform lower cost, lower risk, well completions and stimulation. The company has an additional 62 shut-in oil, gas, and salt water disposal wells in each of its properties remaining to be brought online. Recompletions have a high return on investment and should help fund in-fill drilling. As a reminder, we expect the company to drill one vertical and one horizontal well before yearend. The company reported $5.4 million in cash as of June 30, 2022, which should fund one if not both of the wells….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Vera Bradley (VRA) – Challenging 2Q23; but Signs of Better Times to Come

Posted on by Admin

Thursday, September 01, 2022

Vera Bradley (VRA)
Challenging 2Q23; but Signs of Better Times to Come

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2QFY23 Results. Net revenues totaled $130.4 million compared to $147.0 million in the prior year second quarter ended July 31, 2021. Vera Bradley reported a consolidated net loss of $29.8 million, or a loss of $0.95 per share versus net income of $9.1 million, or $0.26 per diluted share, last year. Non-GAAP net income was $2.4 million, or $0.08 per diluted share, compared to $9.5 million, or $0.28 per diluted share in 2Q22.

Bifurcation Continues. Vera Bradley continued to see a bifurcation of its customer base, with higher household incomes remaining engaged and continuing to spend, while inflationary pressures, especially higher gas prices, continued to negatively affect the purchases of customers with lower household incomes, as well as traffic and spending….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Onconova Therapeutics to Present at the H.C. Wainwright 24th Annual Global Investment Conference

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Onconova Therapeutics to Present at the H.C. Wainwright 24th Annual Global Investment Conference

News and Market Data on Onconova Therapeutics

NEWTOWN, Pa., Sept. 01, 2022 (GLOBE NEWSWIRE) — Onconova Therapeutics, Inc. (NASDAQ: ONTX), (“Onconova”), a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer, today announced that the Company will be participating virtually in the H.C. Wainwright 24th Annual Global Investment Conference, which is taking place in a hybrid format at the Lotte New York Palace Hotel.

A corporate overview presented by Steven Fruchtman, M.D., President & CEO of Onconova, will be available on-demand beginning on Monday, September 12, 2022, at 7:00 a.m. ET. The presentation can be viewed here or on the “Corporate Events and
Presentations” section of the Onconova website and will be archived for 90 days. Dr. Fruchtman and other members of the Onconova management team will also be available for virtual one-on-one meetings through the conference from September 12 – 16, 2022. Those interested in requesting a meeting should contact their H.C. Wainwright representative. 

About
Onconova Therapeutics, Inc.

Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation.

Onconova’s novel, proprietary multi-kinase inhibitor narazaciclib (formerly ON 123300) is being evaluated in two separate and complementary Phase 1 dose-escalation and expansion studies. These trials are currently underway in the United States and China.

Onconova’s product candidate rigosertib is being studied in an investigator-sponsored study program, including in a dose-escalation and expansion Phase 1/2a investigator-sponsored study with oral rigosertib in combination with nivolumab for patients with KRAS+ non-small cell lung cancer.

For more information, please visit www.onconova.com.

Company
Contact:
Mark Guerin
Onconova Therapeutics, Inc.
267-759-3680

ir@onconova.us
https://www.onconova.com/contact/

Investor
Contact:
Bruce Mackle
LifeSci Advisors, LLC
646-889-1200

bmackle@lifesciadvisors.com

 


Release – Ocugen Appoints Robert J. Hopkins, MD, MPH & TM, FACP, FIDSA, as Chief Medical Officer and Promotes Arun Upadhyay, PhD, to Chief Scientific Officer

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Ocugen Appoints Robert J. Hopkins, MD, MPH & TM, FACP, FIDSA, as Chief Medical Officer and Promotes Arun Upadhyay, PhD, to Chief Scientific Officer

Research, News, and Market Data on Ocugen

September 1, 2022

MALVERN, Pa., Sept. 01, 2022 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines, today announced the appointment of Robert J. Hopkins, MD, MPH & TM, FACP, FIDSA, as Chief Medical Officer. Arun Upadhyay, PhD, previously Senior Vice President, Research & Development, will now serve as the Company’s Chief Scientific Officer, overseeing the development and manufacturing of Ocugen’s clinical and commercial product portfolio and evaluating new technologies.

“We are extremely pleased to have Dr. Hopkins driving our clinical programs as his expertise across the industry along with his work at the U.S. Food and Drug Administration, and the Biomedical Advanced Research and Development Authority will provide us with tremendous insights in bringing innovative solutions to patients,” said Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of Ocugen.

“Dr. Upadhyay has been invaluable in establishing Ocugen’s unique modifier gene delivery platform and collaborating with our partner Bharat Biotech in the development of COVAXIN™,” said Dr. Musunuri. “It’s truly been a pleasure working alongside him for the past several years, and we look to his scientific leadership to deliver new breakthroughs in medicine.”

Dr. Hopkins has more than 25 years’ experience as a physician and clinical researcher. In addition to his work in government organizations, he has held senior level positions at Merck Research Labs, DynPort Vaccine Company, Emergent BioSolutions, and Aeras. He has developed and commercialized multiple vaccine and therapeutic products, Phases 1 through 4. Prior to joining Ocugen, he was the Chief Medical Officer at Adaptive Phage Therapeutics where he oversaw regulatory affairs, clinical development, and clinical operations.

“I look forward to bringing my vaccines and therapeutics experience to Ocugen,” said Dr. Hopkins. “It’s imperative that we provide additional options in the fight against COVID-19, as well as deliver new gene and cell therapies to address unmet medical need.”

Dr. Upadhyay has spent more than 20 years in discovery research and innovation developing novel therapeutic modalities and drug-delivery technologies. He has been leading nonclinical, early-to-late-stage global product development and manufacturing, bioanalyses, and clinical trial supply management. Dr. Upadhyay has led multiple successful regulatory submissions in the U.S. He has worked extensively in drug development—ranging from small molecules to biologics, and advanced cell and gene therapy modalities. Prior to joining Ocugen, he led ophthalmic drug development and delivery research at the University of Colorado Denver in the Department of Pharmaceutical Sciences. There, Dr. Upadhyay was instrumental in developing novel approaches for sustained and targeted drug delivery of peptides, proteins, RNA, and DNA to cells and tissues. Dr. Upadhyay also led engineering of polymeric micro and nano carriers’ system of vaccine antigens to enhance immunogenicity and protective immunity.

“I’m excited to expand my role at Ocugen and lead our R&D and manufacturing teams to advance our product pipeline and evolve the Company in gene therapy and regenerative medicine,” said Dr. Upadhyay.

Dr. Hopkins and Dr. Upadhyay are part of Ocugen’s leadership team, reporting directly to the Chief Executive Officer.

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. 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.

Contact:
Tiffany Hamilton
Head of Communications
IR@ocugen.com

 

 


Release – Baudax Bio Announces Closing of $6.2 Million Public Offering

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Baudax Bio Announces Closing of $6.2 Million Public Offering

Research, News, and Market Data on Baudax Bio

September 01, 2022 2:56pm EDT

MALVERN, Pa., Sept. 01, 2022 (GLOBE NEWSWIRE) — Baudax Bio, Inc. (the “Company” or “Baudax Bio”) (NASDAQ: BXRX), a pharmaceutical company focused on therapeutics for acute care settings, today announced the closing of its previously announced public offering of an aggregate of 11,819,172 shares of its common stock (or pre-funded warrants in lieu thereof), together with accompanying common stock purchase warrants, at a public offering price of $0.525 per share (or pre-funded warrant) and accompanying warrants. Each share of common stock (or pre-funded warrant) was sold in the offering together with a Series A-1 warrant to purchase one share of common stock at an exercise price of $0.525 per share and a Series A-2 warrant to purchase one share of common stock at an exercise price of $0.525 per share. The Series A-1 warrants are exercisable immediately and will expire five years from the date of issuance, and the Series A-2 warrants are exercisable immediately and will expire thirteen months from the date of issuance.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, were approximately $6.2 million. The Company intends to use the net proceeds from this offering for pipeline development activities and general corporate purposes.

The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-266499), which was declared effective by the Securities and Exchange Commission (the “SEC”) on August 29, 2022. The offering was made only by means of a prospectus which is a part of the effective registration statement. A final prospectus relating to the offering has been filed with the SEC. Electronic copies of the final prospectus may be obtained on the SEC’s website at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at 
placements@hcwco.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Baudax Bio

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. Baudax Bio markets ANJESO®, the first and only 24-hour, non-opioid, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO®, the Company has a pipeline of other innovative pharmaceutical assets including two clinical-stage, novel neuromuscular blocking (NMBs) agents and a proprietary chemical reversal agent specific to these NMBs.

Forward Looking
Statements

This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements reflect Baudax Bio’s expectations about its future performance and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “may,” “upcoming,” “plan,” “target,” “goal,” “intend” and “expect” and similar expressions, as they relate to Baudax Bio or its management, are intended to identify such forward-looking statements. Forward-looking statements may include, without limitation, statements regarding market conditions and the use of net proceeds from the offering. These forward-looking statements are based on information available to Baudax Bio as of the date of publication on this internet site and are subject to a number of risks, uncertainties, and other factors that could cause Baudax Bio’s performance to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, among other things, risks related to market and other conditions, the ongoing economic and social consequences of the COVID-19 pandemic, Baudax Bio’s ability to advance its current product candidate pipeline through pre-clinical studies and clinical trials, Baudax Bio’s ability to raise future financing for continued development of its product candidates such as BX1000, BX2000 and BX3000, Baudax Bio’s ability to pay its debt and satisfy conditions necessary to access future tranches of debt, Baudax Bio’s ability to comply with the financial and other covenants under its credit facility, Baudax Bio’s ability to manage costs and execute on its operational and budget plans, Baudax Bio’s ability to achieve its financial goals; and Baudax Bio’s ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection. These forward-looking statements should be considered together with the risks and uncertainties that may affect Baudax Bio’s business and future results included in Baudax Bio’s filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to Baudax Bio, and Baudax Bio assumes no obligation to update any forward-looking statements except as required by applicable law.

Investor Relations
Contact:
Argot Partners
Sam Martin / Kaela Ilami
(212) 600-1902
baudaxbio@argotpartners.com

Media Contact:
Argot Partners
David Rosen
(212) 600-1902
david.rosen@argotpartners.com 


Primary Logo

Source: Baudax Bio, Inc.

Released September 1, 2022

 


Comstock Inc. (LODE) – Major Milestone Achieved with Receipt of Operating Permit

Posted on by Admin

Thursday, September 01, 2022

Comstock Inc. (LODE)
Major Milestone Achieved with Receipt of Operating Permit

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Ahead of expectations. LiNiCo Corporation, of which Comstock owns 90%, was issued an operating permit by the Nevada Division of Environmental Protection. The permit authorizes LiNiCo to conduct lithium-ion battery (LIB) recycling and related operations at its 137,000 square foot battery metal recycling facility in the Tahoe Reno Industrial (TRI) Center in Nevada. Previously, management anticipated receipt of the operating permit during the fourth quarter of 2022 and still expects to complete filings for modified air quality permits in the third quarter with approval expected during the second quarter of 2023.

Battery grade lithium production expected in the third quarter 2023. The operating permit is based on the first phase of LiNiCo’s advanced new LIB recycling technologies, including crushing, separating, lithium extraction, and precursor cathode active products. LiNiCo is building a commercial scale pilot facility for installation at the TRI facility with commencement of operations expected in mid-2023. Lithium extraction is planned for the third quarter of 2023.…

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

New Battery Concept has a Cost Per Cell of About One-Sixth that of Lithium-Ion

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Image Credit: Rebecca Miller (MIT)


A New Concept for Low-Cost Batteries

David L. Chandler | MIT News Office

As the world builds out ever larger installations of wind and solar power systems, the need is growing fast for economical, large-scale backup systems to provide power when the sun is down and the air is calm. Today’s lithium-ion batteries are still too expensive for most such applications, and other options such as pumped hydro require specific topography that’s not always available.

Now, researchers at MIT and elsewhere have developed a new kind of battery, made entirely from abundant and inexpensive materials, that could help to fill that gap.

The new battery architecture, which uses aluminum and sulfur as its two electrode materials, with a molten salt electrolyte in between, is described today in the journal Nature, in a paper by MIT Professor Donald Sadoway, along with 15 others at MIT and in China, Canada, Kentucky, and Tennessee.

“I wanted to invent something that was better, much better, than lithium-ion batteries for small-scale stationary storage, and ultimately for automotive [uses],” explains Sadoway, who is the John F. Elliott Professor Emeritus of Materials Chemistry.

In addition to being expensive, lithium-ion batteries contain a flammable electrolyte, making them less than ideal for transportation. So, Sadoway started studying the periodic table, looking for cheap, Earth-abundant metals that might be able to substitute for lithium. The commercially dominant metal, iron, doesn’t have the right electrochemical properties for an efficient battery, he says. But the second-most-abundant metal in the marketplace — and actually the most abundant metal on Earth — is aluminum. “So, I said, well, let’s just make that a bookend. It’s gonna be aluminum,” he says.

Then came deciding what to pair the aluminum with for the other electrode, and what kind of electrolyte to put in between to carry ions back and forth during charging and discharging. The cheapest of all the non-metals is sulfur, so that became the second electrode material. As for the electrolyte, “we were not going to use the volatile, flammable organic liquids” that have sometimes led to dangerous fires in cars and other applications of lithium-ion batteries, Sadoway says. They tried some polymers but ended up looking at a variety of molten salts that have relatively low melting points — close to the boiling point of water, as opposed to nearly 1,000 degrees Fahrenheit for many salts. “Once you get down to near body temperature, it becomes practical” to make batteries that don’t require special insulation and anticorrosion measures, he says.

The three ingredients they ended up with are cheap and readily available — aluminum, no different from the foil at the supermarket; sulfur, which is often a waste product from processes such as petroleum refining; and widely available salts. “The ingredients are cheap, and the thing is safe — it cannot burn,” Sadoway says.

In their experiments, the team
showed that the battery cells could endure hundreds of cycles at exceptionally
high charging rates, with a projected cost per cell of about one-sixth that of
comparable lithium-ion cells. They showed that the charging rate was highly dependent on the working temperature, with 110 degrees Celsius (230 degrees Fahrenheit) showing 25 times faster rates than 25 C (77 F).

Surprisingly, the molten salt the team chose as an electrolyte simply because of its low melting point turned out to have a fortuitous advantage. One of the biggest problems in battery reliability is the formation of dendrites, which are narrow spikes of metal that build up on one electrode and eventually grow across to contact the other electrode, causing a short-circuit and hampering efficiency. But this particular salt, it happens, is very good at preventing that malfunction.

The chloro-aluminate salt they chose “essentially retired these runaway dendrites, while also allowing for very rapid charging,” Sadoway says. “We did experiments at very high charging rates, charging in less than a minute, and we never lost cells due to dendrite shorting.”

“It’s funny,” he says, because the whole focus was on finding a salt with the lowest melting point, but the catenated chloro-aluminates they ended up with turned out to be resistant to the shorting problem. “If we had started off with trying to prevent dendritic shorting, I’m not sure I would’ve known how to pursue that,” Sadoway says. “I guess it was serendipity for us.”

What’s more, the battery requires no external heat source to maintain its operating temperature. The heat is naturally produced electrochemically by the charging and discharging of the battery. “As you charge, you generate heat, and that keeps the salt from freezing. And then, when you discharge, it also generates heat,” Sadoway says. In a typical installation used for load-leveling at a solar generation facility, for example, “you’d store electricity when the sun is shining, and then you’d draw electricity after dark, and you’d do this every day. And that charge-idle-discharge-idle is enough to generate enough heat to keep the thing at temperature.”

This new battery formulation, he says, would be ideal for installations of about the size needed to power a single home or small to medium business, producing on the order of a few tens of kilowatt-hours of storage capacity.

For larger installations, up to utility scale of tens to hundreds of megawatt hours, other technologies might be more effective, including the liquid metal batteries Sadoway and his students developed several years ago and which formed the basis for a spinoff company called Ambri, which hopes to deliver its first products within the next year. For that invention, Sadoway was recently awarded this year’s European Inventor Award.

The smaller scale of the aluminum-sulfur batteries would also make them practical for uses such as electric vehicle charging stations, Sadoway says. He points out that when electric vehicles become common enough on the roads that several cars want to charge up at once, as happens today with gasoline fuel pumps, “if you try to do that with batteries and you want rapid charging, the amperages are just so high that we don’t have that amount of amperage in the line that feeds the facility.” So having a battery system such as this to store power and then release it quickly when needed could eliminate the need for installing expensive new power lines to serve these chargers.

The new technology is already the basis for a new spinoff company called Avanti, which has licensed the patents to the system, co-founded by Sadoway and Luis Ortiz ’96 ScD ’00, who was also a co-founder of Ambri. “The first order of business for the company is to demonstrate that it works at scale,” Sadoway says, and then subject it to a series of stress tests, including running through hundreds of charging cycles.

Would a battery based on sulfur run the risk of producing the foul odors associated with some forms of sulfur? Not a chance, Sadoway says. “The rotten-egg smell is in the gas, hydrogen sulfide. This is elemental sulfur, and it’s going to be enclosed inside the cells.” If you were to try to open up a lithium-ion cell in your kitchen, he says (and please don’t try this at home!), “the moisture in the air would react and you’d start generating all sorts of foul gases as well. These are legitimate questions, but the battery is sealed, it’s not an open vessel. So I wouldn’t be concerned about that.”

The research team included members from Peking University, Yunnan University and the Wuhan University of Technology, in China; the University of Louisville, in Kentucky; the University of Waterloo, in Canada; Oak Ridge National Laboratory, in Tennessee; and MIT. The work was supported by the MIT Energy Initiative, the MIT Deshpande Center for Technological Innovation, and ENN Group.

 

Reprinted with permission from MIT News ( http://news.mit.edu/)

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