Cancer’s Predator-Prey Relationship with New Treatments and the Immune System


Image Credit: Jean van der Meulen (Pexels)

Cancers Are in an Evolutionary Battle with Treatments – Evolutionary Game Theory Could Tip the Advantage to Medicine

 

Cancer was the second leading cause of death in the U.S. in 2020. Although billions of dollars have been poured into cancer research, the results are still disappointing for many patients who pay hundreds of thousands of dollars to extend their lives for just a few more months. But why do cancer therapies fail?

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of, Anuraag Bukkuri, PhD Student in Integrated Mathematical Oncology, University of South Florida

 

I’m a doctoral student at the Moffitt Cancer Center and the University of South Florida who develops and applies mathematical and evolutionary theories to understand how cancer works and how to best treat it. And I believe that approaching cancer treatment through the lens of ecology and evolution may help doctors and researchers grapple with this question and fight more effectively against cancer.

Cancer can be seen as being in a predator-prey relationship with the immune system of the body, where cancer is the prey and the immune system is the predator.

 

Standard Treatment Protocols

For decades, standard treatment for cancer involved bombarding patients with the maximum tolerable dose of a drug, attempting to kill as many cancer cells as possible while minimizing adverse side effects.

However, the cancer cells that make up a tumor are not all the same. By random chance, some of these cells develop mutations, or alterations in the cell’s genetic material, that make them immune to a drug. These cells can then proliferate and repopulate the tumor, leading to therapeutic resistance that renders the drug ineffective.

When this occurs, physicians typically switch to another drug that targets a different aspect of the cancer cells. This continues until a therapy is able to effectively control the cancer or no more drugs are available, at which point patients are provided hospice care to make their last days as comfortable as possible.

This protocol has led to the development of a plethora of drugs that target specific features of the tumor’s biology, from boosting the body’s natural defense system to blocking chemical signals on the cancer cells to prevent them from growing. Though some of these drugs have proved to be incredibly effective in a subset of patients, this approach does not work for everyone.

 

The Role of Evolutionary Game Theory

To improve long-term outcomes for all patients, cancer researchers ask two critical questions: How do tumors grow, and how do they become resistant? Looking at cancer through the lens of ecology and evolution, or how the environment of the body molds and is molded by evolving cancer cells over time, can help answer these questions.

One way to think through this is with evolutionary game theory, which uses rigorous mathematics to try to predict how something will react to changes in its environment in a way that maximizes its fitness, or its ability to reproduce.

Evolutionary game theory can help
researchers understand the effect of selective pressures, which are external
factors that affect an organism’s survival. In the case of cancer, selective
pressures can be therapies, and EGT helps researchers understand their effects
on how cancer cells interact with one another and their environment.

For example, consider the principle of the double bind. In nature, this refers to how a prey’s tactic for avoiding one predator results in an increase in the prey’s susceptibility to another. For example, gerbils seek refuge from owls by hiding in bushes scattered across a desert. But snakes are waiting to strike under some of these bushes. The gerbil’s tactics to avoid one predator make it more vulnerable to the other.

Similarly, in cancer, therapies can be administered in a way that leads to a double bind by which the cancer’s growing resistance to one therapy leaves it more susceptible to other therapies. This puts the cancer in an evolutionary trap created from its own adaptations.

These mathematical models have paved the way for the development of therapies using principles from ecology and evolution to better treat and manage cancer. For example, one lung cancer clinical trial gave patients an immunotherapy, which teaches the body’s immune system to recognize and destroy cancer cells, followed by a chemotherapy, which kills cancer cells directly. Exposure to the first treatment sensitized the cancer cells to the second, making the combined treatments more effective than they would have been by themselves.

 

Looking Ahead

Evolutionary game theory can help researchers and oncologists more effectively predict how cancers will respond to different treatments and potentially control the evolutionary trajectory of cancer. This could help ensure optimal outcomes for patients.

While there has been a lot of progress in treating cancer, there’s still a long way to go to make all forms of cancer manageable diseases. One promising path to that goal is harnessing the power of evolution to keep the pressure on cancer.

 

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Cancers Predator-Prey Relationship with New Treatments and the Immune System


Image Credit: Jean van der Meulen (Pexels)

Cancers Are in an Evolutionary Battle with Treatments – Evolutionary Game Theory Could Tip the Advantage to Medicine

 

Cancer was the second leading cause of death in the U.S. in 2020. Although billions of dollars have been poured into cancer research, the results are still disappointing for many patients who pay hundreds of thousands of dollars to extend their lives for just a few more months. But why do cancer therapies fail?

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of, Anuraag Bukkuri, PhD Student in Integrated Mathematical Oncology, University of South Florida

 

I’m a doctoral student at the Moffitt Cancer Center and the University of South Florida who develops and applies mathematical and evolutionary theories to understand how cancer works and how to best treat it. And I believe that approaching cancer treatment through the lens of ecology and evolution may help doctors and researchers grapple with this question and fight more effectively against cancer.

Cancer can be seen as being in a predator-prey relationship with the immune system of the body, where cancer is the prey and the immune system is the predator.

 

Standard Treatment Protocols

For decades, standard treatment for cancer involved bombarding patients with the maximum tolerable dose of a drug, attempting to kill as many cancer cells as possible while minimizing adverse side effects.

However, the cancer cells that make up a tumor are not all the same. By random chance, some of these cells develop mutations, or alterations in the cell’s genetic material, that make them immune to a drug. These cells can then proliferate and repopulate the tumor, leading to therapeutic resistance that renders the drug ineffective.

When this occurs, physicians typically switch to another drug that targets a different aspect of the cancer cells. This continues until a therapy is able to effectively control the cancer or no more drugs are available, at which point patients are provided hospice care to make their last days as comfortable as possible.

This protocol has led to the development of a plethora of drugs that target specific features of the tumor’s biology, from boosting the body’s natural defense system to blocking chemical signals on the cancer cells to prevent them from growing. Though some of these drugs have proved to be incredibly effective in a subset of patients, this approach does not work for everyone.

 

The Role of Evolutionary Game Theory

To improve long-term outcomes for all patients, cancer researchers ask two critical questions: How do tumors grow, and how do they become resistant? Looking at cancer through the lens of ecology and evolution, or how the environment of the body molds and is molded by evolving cancer cells over time, can help answer these questions.

One way to think through this is with evolutionary game theory, which uses rigorous mathematics to try to predict how something will react to changes in its environment in a way that maximizes its fitness, or its ability to reproduce.

Evolutionary game theory can help
researchers understand the effect of selective pressures, which are external
factors that affect an organism’s survival. In the case of cancer, selective
pressures can be therapies, and EGT helps researchers understand their effects
on how cancer cells interact with one another and their environment.

For example, consider the principle of the double bind. In nature, this refers to how a prey’s tactic for avoiding one predator results in an increase in the prey’s susceptibility to another. For example, gerbils seek refuge from owls by hiding in bushes scattered across a desert. But snakes are waiting to strike under some of these bushes. The gerbil’s tactics to avoid one predator make it more vulnerable to the other.

Similarly, in cancer, therapies can be administered in a way that leads to a double bind by which the cancer’s growing resistance to one therapy leaves it more susceptible to other therapies. This puts the cancer in an evolutionary trap created from its own adaptations.

These mathematical models have paved the way for the development of therapies using principles from ecology and evolution to better treat and manage cancer. For example, one lung cancer clinical trial gave patients an immunotherapy, which teaches the body’s immune system to recognize and destroy cancer cells, followed by a chemotherapy, which kills cancer cells directly. Exposure to the first treatment sensitized the cancer cells to the second, making the combined treatments more effective than they would have been by themselves.

 

Looking Ahead

Evolutionary game theory can help researchers and oncologists more effectively predict how cancers will respond to different treatments and potentially control the evolutionary trajectory of cancer. This could help ensure optimal outcomes for patients.

While there has been a lot of progress in treating cancer, there’s still a long way to go to make all forms of cancer manageable diseases. One promising path to that goal is harnessing the power of evolution to keep the pressure on cancer.

 

Suggested Reading:



For Stem Cells, Bigger Doesn’t Mean Better



Pros and Cons of FDA Funded in Part by Companies





Attacking Tumors by Returning Cancer Cells to the Body



CPI and PPI Both Suggests Persistent Inflation

 

Stay up to date. Follow us:

 

Release – Azarga Uranium Shareholders Approve Merger with enCore Energy


Azarga Uranium Shareholders Approve Merger with enCore Energy

 

VANCOUVER, BCNov. 17, 2021 /CNW/ – enCore Energy Corp. (TSXV: EU) (OTCQB: ENCUF) (the “Company” or “enCore”) is pleased to announce that the shareholders of Azarga Uranium Corp. (TSX: AZZ) (OTCQB: AZZUF) (FRA: P8AA) (“Azarga Uranium”) have approved the plan of arrangement (the “Plan of Arrangement”) with enCore previously announced on September 7th, 2021. The Plan of Arrangement was approved by 99.8% of the votes cast by holders of common shares of Azarga Uranium. enCore Energy will host an information session, via webinar, on Thursday, November 18, 2021 at 11 AM EST. Please register at: 

https://attendee.gotowebinar.com/register/5708536147519920651.

“enCore is very pleased with the results of the Azarga Uranium shareholder vote and will be working closely with Azarga to complete the next steps to close this transaction,” said William M. Sheriff, Executive Chairman. “Upon closing of this transaction, enCore Energy will have established itself as one of the leading in-situ recovery uranium development companies in the United States. The two licensed Texas production plants, now under revitalization, combined with over 90 million 43-101 compliant pounds of uranium resources across WyomingSouth Dakota and New Mexico1 ideally position enCore to advance clean energy sources in the nuclear renaissance.”

In addition, the Plan of Arrangement was approved by a simple majority of the votes cast by Azarga Uranium shareholders, excluding the votes cast in respect of the Azarga Uranium shares held by certain related parties (as defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions).

The British Columbia Supreme Court hearing for the final order to approve the Plan of Arrangement is expected to occur on November 19, 2021. Closing of the Plan of Arrangement is subject to the receipt of applicable regulatory approvals and the satisfaction of certain other closing conditions customary in transactions of this nature, including, without limitation, the final stock exchange approval. enCore Energy and Azarga Uranium are working together to complete these regulatory approvals in order to close the transaction.

In connection with the Plan of Arrangement, the Azarga Uranium shareholders will receive 0.375 common shares of enCore for each Azarga Uranium common share held (the “Exchange Ratio”). Additionally, the Exchange Ratio will be subject to an adjustment mechanism at the closing of the transaction (the “Closing Exchange Ratio”). The Closing Exchange Ratio shall be equal to the greater of: (i) the Exchange Ratio; or (ii) an exchange ratio calculated as $0.54 divided by enCore’s 15-day volume-weighted average price prior to the closing of the transaction, subject to a maximum Closing Exchange Ratio of 0.49 common shares of enCore for each share of Azarga Uranium outstanding.

None of the securities to be issued pursuant to the transaction have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and any securities issuable in the transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please see Azarga Uranium’s Report of Voting Results, which is filed on SEDAR at www.sedar.com

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America (“USA”) (South DakotaWyomingUtah and Colorado), with a primary focus of developing in-situ recovery uranium projects. The Dewey Burdock in-situ recovery uranium project in South Dakota, USA (the “Dewey Burdock Project”), which is the Company’s initial development priority, has been issued its Nuclear Regulatory Commission License and Class III and Class V Underground Injection Control permits from the Environmental Protection Agency and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project. For more information, please visit www.azargauranium.com.

About enCore Energy Corp.

enCore Energy Corp., a U.S. domestic uranium developer focused on becoming a leading in-situ recovery (“ISR”) uranium producer, is led by a team of industry experts with extensive knowledge and experience in all aspects of ISR uranium operations. enCore Energy’s initial opportunities are created from the Company’s South Texas licensed and past-producing Rosita and Kingsville Dome ISR production facilities, under development, and multiple satellite projects in South Texas plus the changing global uranium supply/demand outlook and opportunities for industry consolidation. Large uranium resource endowments in New Mexico add to the asset base for long term growth and development opportunities.

1. enCore Energy Corp. and Azarga Uranium Corp. News Release dated September 7, 2021.

SOURCE enCore Energy Corp

Release – Ceapro Inc. Reports Preliminary Results from Clinical Trial Evaluating Oat Beta Glucan in Patients with High Cholesterol Levels


Ceapro Inc. Reports Preliminary Results from Clinical Trial Evaluating Oat Beta Glucan in Patients with High Cholesterol Levels

 

EDMONTON, Alberta, Nov. 17, 2021 (GLOBE NEWSWIRE) — Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today reported preliminary results from the clinical study entitled “A Multicenter, Randomized, Double-Blind, Parallel Group, Placebo-Controlled Study to Compare the Efficacy and Safety of High-Medium Molecular Weight Beta-Glucan as Add-On to Statin Therapy in Subjects with Hyperlipidemia”. Following a protocol amendment, patients not treated with a statin were also eligible to enter the study.  

This clinical trial assessed the safety and efficacy of three dosages of oat beta glucan administered as 500 mg pills (1.5 g, 3 g and 6 g per day) compared to placebo. A total of 263 patients (169 females and 94 males) were enrolled in the study. The majority of patients did not receive a statin. The overall compliance to study pill intake was greater than 80%. From a safety perspective, there was no death and beta glucan was generally well tolerated.

The effect of oat beta glucan on the study primary endpoint of change in low-density lipoprotein cholesterol (LDL-C) was not statistically significant compared to placebo. Of note, amongst some positive findings observed with different parameters, there were dosage-related responses in weight and body-mass index at 12 weeks, but they also did not reach statistical significance.

“While we had hoped for a more definitive statistically significant outcome, many observations send some positive signals. They are in accordance with recent data by Cicero et al.1 on another beta glucan nutraceutical formulation and reinforce the hypothesis that oat beta glucan may offer appreciable health benefits, as indicated in Health Canada’s oat beta glucan approved monograph. While Ceapro’s oat beta glucan product complies with requirements for market authorization for a natural product and seeks to surpass marketed products, continued efforts may be warranted to explore its effect on weight and body-mass index with prolonged exposure and possibly higher dosage. The current study has been conducted under best clinical research practices by the expert team of the Montreal Heart Institute. I am very grateful for their great work, resilience, professionalism and competencies during this pandemic period,” commented Gilles R. Gagnon, Chief Executive Officer of Ceapro.

About Ceapro Inc.

Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com.

For more information contact:

Jenene Thomas
JTC Team, LLC
Investor Relations and Corporate Communications Advisor
T (US): +1 (833) 475-8247
E: czo@jtcir.com

Neither 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

1 Arrigo F. G. Cicero et al., « A Randomized Placebo-Controlled Clinical Trial to Evaluate the Medium-Term Effects of Oat Fibers on Human Health: The Beta-Glucan Effects on Lipid Profile, Glycemia and InTestinal Health (BELT) Study », Nutrients 12, no 3 (3 mars 2020): E686, https://doi.org/10.3390/nu12030686.

Release – Ceapro Inc. Reports 2021 Third Quarter and Nine-Month Financial Results and Operational Highlights


Ceapro Inc. Reports 2021 Third Quarter and Nine-Month Financial Results and Operational Highlights

 

– Increased R&D activities focused on the completion of a clinical trial for oat beta glucan as a potential cholesterol reducer and on the development of yeast beta glucan as a potential inhalable therapeutic for COVID-19 –

 Q3 2021 record sales of $4,523,000 compared to $3,476,000 for Q3 2020, representing a 30% increase –

– Net profit of $875,000 for Q3 2021 vs. net profit of $192,000 for Q3 2020, a 356% increase –

 Achieved record production levels despite COVID-19 pandemic situation –

EDMONTON, Alberta, Nov. 17, 2021 (GLOBE NEWSWIRE) — Ceapro Inc. (TSX-V: CZO; OTCQX: CRPOF) (“Ceapro” or the “Company”), a growth-stage biotechnology company focused on the development and commercialization of active ingredients for healthcare and cosmetic industries, today announced financial results and operational highlights for the third quarter and the first nine months ended September 30, 2021.

“Progress continues on all fronts from production operations to research and development, allowing us to advance our pipeline while expanding our business model. We are extremely proud of our employees who worked tirelessly since the beginning of the year to maintain operations and deliver these very solid results despite the COVID-19 pandemic. As we continue to move forward, our focus remains on the health and safety of our associates, followed by business continuity,” stated Gilles Gagnon, M.Sc., MBA, President and CEO.

Corporate and Operational Highlights

Pipeline Development:

  • Pursued the development of new PGX-dried chemical complexes for potential applications under various forms like pills, capsules, fast dissolving strips and face masks. Alginate and yeast beta glucan to become key products of Ceapro’s portfolio.
  • Resumed bioavailability studies with University of Alberta for new chemical complexes yeast beta glucan-CoQ10, alginate-CoQ10 and newly formed alginate yeast beta glucan-CoQ10.
  • Announced research agreement with Boston-based Angiogenesis Foundation to assess in vivo bioefficacy of oat beta glucan and avenanthramides in angiogenesis, blood vessel repairs, wound healing and tissue regeneration in various inflammation-based diseases and conditions like COVID-19 presenting damages of the lung blood vessels.
  • Expanded collaboration with Montreal Heart Institute to initiate a Phase 1 clinical trial to assess safety and tolerability of pharmaceutical grade avenanthramides powder formulation.
  • Conducting in vivo studies with McMaster University with yeast beta glucan as a potential inhalable therapeutic.

Technology:

  • Pursued installment in Edmonton of a commercial scale unit for impregnation of bioactives with PGX-processed biopolymers.
  • Ongoing engineering design for PGX processing commercial unit.

Production Operations:

  • Achieved record levels with production of over 70 MT of finished products during the last quarter reliably providing our customers essential high quality products.

Subsequent to Quarter:

  • Announced discovery of a new mechanism of action for PGX processed yeast beta glucan (PGX-YBG) as a potential inhalable therapeutic for lung fibrotic diseases including COVID-19 patients.
    • PGX-YBG binds to specific receptors (Dectin 1) located on macrophages responsible for the cascade of immunomodulating events when activated.
    • McMaster’s research team demonstrates ability of PGX-YBG to reprogram macrophages on its own.
  • Reported preliminary results from clinical trial evaluating oat beta glucan in patients with high cholesterol levels. The study did not achieve the expected primary endpoint related to a decrease of low-density lipoproteins cholesterol when using Ceapro’s pill dosage form. While there was no statistically significant difference between the placebo group and the different dosages of beta glucan, there were positive signals that beta glucan nutraceutical formulation may offer appreciable health benefits as indicated with approved Health Canada’s beta glucan monograph (Natural Product Division)

Financial Highlights for the Third Quarter and Nine-Month Period Ended September 30, 2021

  • Total sales of $4,523,000 for the third quarter of 2021 and $13,633,000 for the first nine months of 2021 compared to $3,476,000 and $12,415,000 for the comparative periods in 2020. The 10% increase in sales for the first nine months is mainly due to a significant increase in sales of avenanthramides in the USA compared to the same period in 2020.
  • Net profit of $875,000 for the third quarter of 2021 and $2,067,000 for the first nine months of 2021 compared to a net profit of $192,000 and $2,395,000 for the comparative periods in 2020. Increased net profit for the third quarter of 2021 comes from improved margin of 65.2% as compared to 47.8% in 2020. Improved margins in 2021 result from the buying of excellent source material and from the diligent work of highly skilled personnel operating in only one site as compared to two sites in 2020.
  • R&D investments were $1,400,000 for Q3 2021 compared to $479,000 for the same period in 2020. The significant increase being due to payments made to Montreal Heart Institute for a clinical trial for the assessment of oat beta glucan as a potential cholesterol reducer by almost $1.0 million during Q3 2021.
  • Cash flows generated from operations of $2,837,000for the first nine months in 2021 vs $4,777,000 in 2020.
  • Positive working capital balance of $10,367,000 as of September 30, 2021.

“Looking ahead, while considering the ongoing potential economic impact related to COVID-19, evolving consumption trends and escalating inflationary levels we believe Ceapro is well-positioned to once again deliver a strong growth in sales well in line with the positive trend achieved over the last years. While we have experienced a “bump in the road” with the beta glucan trial, our solid base business and expanded pipeline will enable us to pursue the expansion of our business model to the nutraceutical sector with avenanthramides and yeast beta glucan for which we are going to conduct more preclinical assays before investing at large scale levels. With a strong balance sheet, a group of dedicated people, and a solid base business, coupled with the innovative technologies and products that we have developed to enable us to expand, Ceapro is poised to emerge as a successful life science company,” concluded Mr. Gagnon.

         
CEAPRO INC.        
Condensed Interim Consolidated Balance Sheets        
Unaudited        
         
  September 30,   December 31,  
  2021   2020  
  $   $  
         
ASSETS        
Current Assets        
Cash and cash equivalents 7,410,214   5,369,029  
Trade receivables 2,716,058   2,019,723  
Other receivables 39,522   102,224  
Inventories (note 3) 1,532,271   1,210,079  
Prepaid expenses and deposits 133,760   348,845  
         
Total Current Assets 11,831,825   9,049,900  
         
Non-Current Assets        
Investment tax credits receivable 607,700   607,700  
Deposits 82,124   82,124  
Licences (note 4) 16,292   18,514  
Property and equipment (note 5) 17,776,791   18,591,189  
Deferred tax assets 874,304   874,304  
         
Total Non-Current Assets 19,357,211   20,173,831  
         
TOTAL ASSETS 31,189,036   29,223,731  
         
LIABILITIES AND EQUITY        
Current Liabilities        
Accounts payable and accrued liabilities 1,097,645   1,067,622  
Current portion of lease liabilities (note 6) 286,608   250,658  
Current portion of CAAP loan (note 8) 80,811   72,263  
         
Total Current Liabilities 1,465,064   1,390,543  
         
Non-Current Liabilities        
Long-term lease liabilities (note 6) 2,432,682   2,648,917  
Deferred tax liabilities 874,304   874,304  
         
Total Non-Current Liabilities 3,306,986   3,523,221  
         
TOTAL LIABILITIES 4,772,050   4,913,764  
         
Equity        
Share capital (note 7 (b)) 16,557,401   16,511,067  
Contributed surplus (note 7 (e)) 4,676,456   4,682,393  
Retained earnings 5,183,129   3,116,507  
         
Total Equity 26,416,986   24,309,967  
         
TOTAL LIABILITIES AND EQUITY 31,189,036   29,223,731  


CEAPRO INC.
Condensed Interim Consolidated Statements of Net Income and Comprehensive Income
Unaudited
     
  Quarters   Nine Months  
  Ended September 30,   Ended September 30,  
  2021   2020   2021   2020  
  $   $   $   $  
           
Revenue (note 14) 4,522,980   3,475,625   13,633,354   12,414,970  
Cost of goods sold 1,573,655   1,814,080   5,787,608   5,794,573  
           
Gross margin 2,949,325   1,661,545   7,845,746   6,620,397  
           
Research and product development 1,403,186   478,993   3,050,544   1,381,332  
General and administration 766,605   791,217   2,431,659   2,494,514  
Sales and marketing 4,957   12,395   34,557   89,830  
Finance costs (note 11) 37,684   43,066   169,938   189,258  
           
Income from operations 736,893   335,874   2,159,048   2,465,463  
           
Other (expenses) income (note 10) 138,381   (144,251 ) (92,426 ) (70,746 )
           
Income before tax 875,274   191,623   2,066,622   2,394,717  
           
Income taxes        
           
Total comprehensive income for the period 875,274   191,623   2,066,622   2,394,717  
           
Net income per common share (note 17):          
Basic 0.01   0.00   0.03   0.03  
Diluted 0.01   0.00   0.03   0.03  
           
Weighted average number of common shares outstanding (note 17):          
Basic 77,684,017   77,610,113   77,669,747   77,585,679  
Diluted 78,740,532   78,700,415   78,694,469   78,039,105  


CEAPRO INC.
Condensed Interim Consolidated Statements of Cash Flows
Unaudited
     
  2021   2020  
Nine Months Ended September 30, $   $  
OPERATING ACTIVITIES    
Net income for the period 2,066,622   2,394,717  
Adjustments for items not involving cash    
Finance costs 106,390   117,237  
Transaction costs   1,108  
Depreciation and amortization 1,408,392   1,382,838  
Gain on disposal of equipment (5,000 )  
Accretion 8,548   15,913  
Share-based payments 13,672   122,902  
Net income for the period adjusted for non-cash items 3,598,624   4,034,715  
CHANGES IN NON-CASH WORKING CAPITAL ITEMS    
Trade receivables (696,335 ) 1,821,449  
Other receivables 62,702   (96,375 )
Inventories (322,192 ) (522,670 )
Prepaid expenses and deposits 137,618   12,471  
Accounts payable and accrued liabilities relating to operating activities 163,017   (355,552 )
Total changes in non-cash working capital items (655,190 ) 859,323  
Net income for the period adjusted for non-cash and working capital items 2,943,434   4,894,038  
Interest paid (106,390 ) (117,237 )
CASH GENERATED FROM OPERATIONS 2,837,044   4,776,801  
INVESTING ACTIVITIES    
Purchase of property and equipment (494,833 ) (222,610 )
Purchase of leasehold improvements (19,472 )  
Proceeds from sale of equipment 5,000   353  
Accounts payable and accrued liabilities relating to investing activities (132,994 ) 14,161  
CASH USED IN INVESTING ACTIVITIES (642,299 ) (208,096 )
FINANCING ACTIVITIES    
Stock options exercised 26,725   3,013  
Repayment of long-term debt   (112,973 )
Repayment of lease liabilities (180,285 ) (197,537 )
CASH USED IN FINANCING ACTIVITIES (153,560 ) (307,497 )
Increase in cash and cash equivalents 2,041,185   4,261,208  
     
Cash and cash equivalents at beginning of the period 5,369,029   1,857,195  
     
Cash and cash equivalents at end of the period 7,410,214   6,118,403  
     

The complete financial statements are available for review on SEDAR at https://sedar.com/Ceapro and on the Company’s website at www.ceapro.com.

About Ceapro Inc.

Ceapro Inc. is a Canadian biotechnology company involved in the development of proprietary extraction technology and the application of this technology to the production of extracts and “active ingredients” from oats and other renewable plant resources. Ceapro adds further value to its extracts by supporting their use in cosmeceutical, nutraceutical, and therapeutics products for humans and animals. The Company has a broad range of expertise in natural product chemistry, microbiology, biochemistry, immunology and process engineering. These skills merge in the fields of active ingredients, biopharmaceuticals and drug-delivery solutions. For more information on Ceapro, please visit the Company’s website at www.ceapro.com.

For more information contact:

Jenene Thomas
JTC Team, LLC
Investor Relations and Corporate Communications Advisor
T (US): +1 (833) 475-8247
E: czo@jtcir.com

This press release does not express or imply that the Company claims its product has the ability to eliminate, cure or contain the SARS-2-CoV-2 (COVID-19) at this time.

Neither 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.

Source: Ceapro Inc.

Release – Comtech Telecommunications Corp. Awarded $1.8 Million Contract for High-Power Solid-State Amplifiers


Comtech Telecommunications Corp. Awarded $1.8 Million Contract for High-Power Solid-State Amplifiers

 

MELVILLE, N.Y.–(BUSINESS WIRE)–Nov. 17, 2021– 
November 17, 2021— 
Comtech Telecommunications Corp. (NASDAQ: CMTL), a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies, announced today, that during its first quarter of fiscal 2022, it was awarded an additional contract valued at 
$1.8 million for RF microwave solid-state amplifiers from a major domestic prime contractor.

These very high-power solid-state amplifiers, which utilize the latest in GaN transistor technology, were developed in close cooperation with the prime contractor and are part of a complex RF microwave transmission system used by the 
U.S. military.

“This additional contract award is another example of Comtech’s technical strength in delivering high-power solid-state transmitter solutions for military applications and the ongoing demand for our high-power solid-state amplifier products,” said  Fred Kornberg, Chairman of the Board and Chief Executive Officer of 
Comtech Telecommunications Corp.

The contract was awarded to 
Comtech PST Corp. (www.comtechpst.com) which is a leading independent supplier of high-power, high performance RF microwave amplifiers, transmitters and control components for use in a broad spectrum of applications including defense, medical, satellite communications systems and instrumentation.

Comtech Telecommunications Corp. is a leading global provider of next-generation 911 emergency systems and secure wireless communications technologies to commercial and government customers around the world. Headquartered in 
Melville, New York and with a passion for customer success, 
Comtech designs, produces and markets advanced and secure wireless solutions. For more information, please visit www.comtechtel.com.

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s 
Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such 
Securities and Exchange Commission filings.

Comtech Investor Relations:
631-962-7005
investors@comtech.com

Source: 
Comtech Telecommunications Corp.

Release – Schwazze Signs Definitive Agreement to Acquire MCG LLC


Schwazze Signs Definitive Agreement to Acquire MCG, LLC

 

Schwazze Continues its Colorado Expansion Strategy with Emerald Fields Cannaboutique Dispensaries in Manitou Springs & Glendale, CO

 

DENVER, Nov. 16, 2021 /CNW/ – Schwazze, (OTCQX: SHWZ) (“Schwazze” or the “Company”), announced that it has signed definitive documents to acquire MCG, LLC (“Emerald Fields”).  Emerald Fields owns and operates two retail cannabis dispensaries, located in Manitou Springs and Glendale, Colorado.  This acquisition is part of the Company’s continuing retail expansion plan in Colorado bringing the total number of dispensaries including announced acquisitions to 22.

Total consideration for the acquisition will be $29 million and will be paid as 60% cash and 40% Schwazze common stock upon closing.  The acquisition is targeted to close in the next 75 days, subject to closing conditions and covenants customary for this type of transaction, including, without limitation, obtaining Colorado Marijuana Enforcement Division and local licensing approval.

“Our team is delighted to add the Emerald Fields Cannaboutiques to our growing portfolio of dispensaries and are eager to welcome the team to Schwazze. Manitou Springs and Glendale are attractive locations and are valuable assets to our overall acquisitions plans as we continue to build out Colorado.  Our team is excited to add another store brand to our house of brands.”  said Justin Dye, Schwazze’s CEO.

About Schwazze
Schwazze (OTCQX: SHWZ) is building the premier vertically integrated cannabis company in Colorado and plans to take its operating system to other states where it can develop a differentiated leadership position.  Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.  The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition.  Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes.  The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.  Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.  Medicine Man Technologies, Inc. was Schwazze’s former operating trade name.  The corporate entity continues to be named Medicine Man Technologies, Inc.

Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “plan,” “will,” “may,”, “predicts,” or similar words. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to consummate the acquisition described in this press release or to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the ongoing COVID-19 pandemic, * the timing and extent of governmental stimulus programs, 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.

SOURCE Schwazze

 

Great Lakes Dredge Dock (GLDD) – Windward Ho FID on Jones Act Offshore Wind Installation

Wednesday, November 17, 2021

Great Lakes Dredge & Dock (GLDD)
Windward Ho! FID on Jones Act Offshore Wind Installation

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Final investment decision (FID) reached and shipyard engaged to build first Jones Act qualified incline fallpipe rock installation barge. Yesterday, a contract for $197 million was announced with Philly Shipyard, a publicly traded Norwegian company that is majority owned by Aker Capital. The goal is to construct the first Jones Act complaint vessel to assist in the installation of the wind turbine towers in US offshore areas beginning in 2025. The primary function of the rock dumping barge will be the placement of rock around the wind tower foundations for scour protection. The state of the art vessel will have all of the latest technology and should be well positioned to serve a growing market. Given the likelihood of government support (federal/state/local) for high local content on the construction of offshore wind farms, the outlook for this type of vessel appears promising.

    Payment schedule is favorable.  The shipyard contract has attractive payment terms that spread out the significant capex commitment over the next three years. A deposit of ~$15 million (8%) will paid in 4Q2021 and the remainder will be spread out over the next three years, with ~$35 million (18%) in 2022, ~$80 million (41%) in 2023 and $67 million (33%) in 2024. Owner furnished equipment in the $20 …



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. 

TAAL Distributed Information Technologies (TAALF) – Strong 3Q21 Raising PT

Wednesday, November 17, 2021

TAAL Distributed Information Technologies (TAALF)
Strong 3Q21; Raising PT

Taal Distributed Information Technologies Inc delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the Bitcoin SV platform, and developing, operating, and managing distributed computing systems for enterprise users.

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.

    3Q21 Results. TAAL had previously pre-announced 3Q revenue in the $11.5-$12.0 million (CAD) range. Actual revenue came in at $12.4 million, with income before value adjustments of $8.0 million, adjusted EBITDA of $3.9 million, and net income of $2.1 million, or $0.05 per share. We had projected revenue of $8 million, income before value adjustments of $4.8 million, and a net loss of $725,000, or $0.02 per share.

    Transactions.  TAAL processed over 52 million transactions on BSV in the quarter, earning $411,000 from transaction processing fees in the quarter, or 3% of total revenue. While mining continues to be the near-term revenue driver, we expect transaction fees to be the long-term value driver of the stock …



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. 

Euroseas (ESEA) – Stock Price Weakness Doesnt Match Slight Miss

Wednesday, November 17, 2021

Euroseas (ESEA)
Stock Price Weakness Doesn’t Match Slight Miss

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

    A Slight Miss. Adjusted 3Q2021 EBITDA of $10.6 million included dry dock expenses of $2.7 million. After adding back dry dock expenses, our adjusted 3Q2021 EBITDA of $13.3 million was slightly below expectations of $13.8 million due to higher opex costs.

    Adjusting 2021 EBITDA estimate to incorporate 3Q2021 results.  Fine tuning our 2021 EBITDA estimate to $53.9 million based on TCE rates of $18.6k/day to reflect 3Q2021 operating results and slightly higher opex. As discussed in our most recent note, forward cover is full and the Corfu is repositioning toward China on a short charter prior to dry docking …



This 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 – Kratos Partners with RPS Defense for Tactical UAS Operational and Maintenance Services


Kratos Partners with RPS Defense for Tactical UAS Operational and Maintenance Services

 

SAN DIEGO
Nov. 16, 2021 (GLOBE NEWSWIRE) — 
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a leading National Security Solutions provider and industry-leading provider of high-performance unmanned systems, announced today that 
Kratos Unmanned Aerial Systems (KUAS), a unit of the Kratos Unmanned Systems Division, has exclusively partnered with RPS Defense (RPS) to provide a range of operational and maintenance services to support Kratos Tactical UAS and the corresponding technologies during the transition of these systems from prototype and demonstration to real-world military operations.

Blake Stovall, CEO of RPS Defense, said, “We are excited to support and team with Kratos as they demonstrate and field transformational combat capabilities. We have a trusted partnership with Kratos’ leadership and share the same commitment to delivering performance and value to our customers. The disruptive technologies that Kratos brings to the fight, coupled with RPS Defense’s operational expertise and diverse service offerings, go hand-in-hand to deliver the next generation of combat capabilities to our customers.”

Steve Fendley, President of Kratos Unmanned Systems Division, said, “Part of our recipe for success at Kratos is key and effective partnerships. As a mid-tier prime, we complement our areas of expertise with that of our best-in-class partners to be able to offer best-in-class systems and services, always with affordability as a threshold criteria. RPS is an industry leader in tactical UAS operations and maintenance across the globe and the range of mission types—especially challenging operational scenarios. Our partnership enables Kratos to optimize its systems and operations for the ultimate purpose: to support and protect the warfighter.”

RPS Defense (www.rpsdefense.com) is a recognized and field-proven military services provider, headquartered in 
Dallas, TX, that has supported and flown hundreds of thousands of hours of combat C5ISR missions across a variety of unmanned platforms for the US government and other customers. Since its founding in 2013, RPS has grown significantly and supported defense programs around the globe through fielded operations, intelligence, test and development, combat training, and aircraft maintenance and munition services. Every day, RPS Defense supports the execution of ISR missions, capturing valuable data that informs strategic decisions and saves lives. Through its growth, the company’s vision has remained to provide its customers with the highest levels of support in the pursuit of becoming leaders in comprehensive aviation services.

Kratos Unmanned Aerial Systems is an industry leader in the rapid design, manufacture, and delivery of affordable, high-performance jet drone systems. Kratos’ high-performance drones are designed to satisfy 
DoD missions as threat representative aerial aircraft / cruise missile targets to exercise weapon, radar, and other systems; and tactical aerial drone systems for strike / ISR and force multiplication missions. The company is vertically integrated, possessing the technical expertise to design, build, operate, and control some of the world’s most advanced unmanned platforms.

About Kratos Defense & Security Solutions

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms and systems for United States National Security related customers, allies and commercial enterprises. Kratos is changing the way breakthrough technology for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training, combat systems and next generation turbo jet and turbo fan engine development. For more information, please visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 27, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Yolanda White
858-812-7302 Direct

Investor Information:
877-934-4687
investor@kratosdefense.com

Source: Kratos Defense & Security Solutions, Inc.

Release – Voyager Digital Reports Quarter Ended September 30 2021

 


Voyager Digital Reports Quarter Ended September 30, 2021

 

Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG; OTCQX: VYGVF; FRA: UCD2) one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, today announced revenue and user metrics for the Fiscal 2022 First Quarter ended September 30, 2021.

“As we exit September and reflect on the growth of our platform, we’re glad to report that our Company is stronger than ever,” said Steve Ehrlich, CEO and Co-founder of Voyager. “Although the global crypto industry saw reduced volumes in the September quarter, our strategic decision to invest in customer acquisition and retention during that period has paid off as it resulted in a significant increase in downloads and a rise in the app rankings. That coupled with the volume uptick in the first half of the December quarter has Voyager well-positioned to exceed our June quarter record revenues in this quarter. If we look at our results on a calendar basis, we expect to exceed revenue of $360 million for the calendar year. We saw the September quarter as just a speed bump for the industry, experienced by other platforms as well, and Voyager has fared better than others on a comparative basis.”

“The dedication to our marketing efforts in the quarter is paying off as Voyager has seen increased accounts and volume growth in October and November. We will continue to invest in customer acquisition, engagement and retention, led by our industry leading loyalty program,” continued Ehrlich.

The Company is pleased to announce the following Fiscal 2022 First Quarter ended September 30, 2021 Financial and Operational Key Metrics:

  • Revenue for the quarter is $65.6 million for the historical business plus the $15.9 million from the Coinify business, totaling $81.5 million. The $65.6 million in revenue is up over 3,280% compared to $2 million for the quarter ended September 30, 3020
  • Operating Loss of $28.3 million for the quarter was incurred for strategic longer-term benefit, which has paid off and been reversed in the current quarter. Losses incurred were primarily due to investing in the loyalty and rewards program to continue user growth
  • Total verified users on the platform stand at more than 2.15 million, up 23% from 1.75 million at fiscal year fiscal year ended June 30, 2021
  • Total funded accounts exceed 860,000, up 29% from 665,000 at fiscal year ended June 30, 2021
  • Total Assets Under Management grew to $4.3 billion from $2.6 billion at June 30, 2021 with Assets Under Management at present of just under $7 billion
  • Improved our system architecture, focusing on scalability and security to handle rapid growth
  • Increased our headcount to 231 as of September 30, 2021, from 141 at June 30, 2021, which includes the headcount added through the Coinify acquisition
  • Acquired Coinify, a leading crypto payments processor and provider

 
All figures are preliminary and unaudited and subject to final adjustment. All amounts are in U.S. dollars, unless otherwise indicated.
 
“Although we continue to grow our funded accounts, Voyager’s transactional volume is contingent on market volume. Voyager plans to continue to diversify its revenues by adding additional coins that generate staking rewards as well as adding to our revenue streams through products such as NFTs and crypto based debit cards,” Ehrlich added.
 
Conference Call Details
Voyager will discuss its Fiscal 2022 First Quarter results today, November 16, 2021, via a conference call at 8:00 a.m. Eastern Time. To access the webcast, please register by clicking here. A live webcast and a replay will be available on the Investor Relations section of the Company’s website at investvoyager.com/investorrelations/events.
 
About Voyager Digital Ltd.
Voyager Digital Ltd. (TSX: VOYG; OTCQX: VYGVF; FRA: UCD2) is a fast-growing, publicly traded cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost efficiency to the marketplace. Voyager offers a secure way to trade over 65 different crypto assets using its easy-to-use mobile application and earn rewards up to 12 percent annually on more than 30 cryptocurrencies. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.
 
The TSX has not approved or disapproved of the information contained herein.
 
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 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 or the interpretation or application of laws and regulations by regulatory authorities, 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. In connection with the forward-looking statements contained in this press release, the Company has made assumptions that no significant events occur outside of the Company’s normal course of business and that current trends in respect of digital assets continue. Readers are cautioned that the key metrics disclosed in this press release, including, without limitation,  Assets Under Management 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. 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. All figures are in U.S. dollars unless otherwise noted.
 
SOURCE Voyager Digital, Ltd.

Press Contacts
 
Voyager Digital, Ltd.
Michael Legg
Chief Communications Officer
(212) 547-8807
mlegg@investvoyager.com

Voyager Public Relations Team
pr@investvoyager.com
 

Statement of Financial Position

Statement of Loss

Schwazze (SHWZ) – Reports 3Q21 Results Adding Another Dispensary

Tuesday, November 16, 2021

Schwazze (SHWZ)
Reports 3Q21 Results; Adding Another Dispensary

Medicine Man Technologies, Inc. is now operating under its new trade name, Schwazze. Schwazze is executing its strategy to become a leading vertically integrated cannabis holding company with a portfolio consisting of top-tier licensed brands spanning cultivation, extraction, infused-product manufacturing, dispensary operations, consulting, and a nutrient line. Schwazze leadership includes Colorado cannabis leaders with proven expertise in product and business development as well as top-tier executives from Fortune 500 companies. As a leading platform for vertical integration, Schwazze is strengthening the operational efficiency of the cannabis industry in Colorado and beyond, promoting sustainable growth and increased access to capital, while delivering best-quality service and products to the end consumer. The corporate entity continues to be named Medicine Man Technologies, Inc.

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.

    3Q21 Results. Revenue totaled $31.8 million, up from $30.7 million sequentially, and up 328.4% over the same period last year. Adjusted EBITDA for the quarter was $8.8 million, down from $10.0 million sequentially and representing a 27.6% margin. Schwazze recorded net income of $968,756, or $0.02 per diluted share compared to a loss of $2.9 million, or $0.07 per share, last year. We were at $34.2 million and $0.06, respectively.

    Operating Metrics Improving.  Notably, Schwazze continues to outperform the overall Colorado market, with sales at the 17 Star Buds up 1% in the quarter compared to an overall decline in the market of 10.5%. Average basket size was $59.05, up 7.3%. Recorded customer visits fell 5.8% in the quarter, but were up 5.1% YTD to 1,046,232. GM increased to 47.3% from 37.4% last year …



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.