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Release – Digerati Technologies Reports 142 Revenue Growth to $3.787 Million for Fourth Quarter FY2021

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Digerati Technologies Reports 142% Revenue Growth to $3.787 Million for Fourth Quarter FY2021

 

– Non-GAAP Operating EBITDA of $0.910 Million –
– Gross Profit of $2.360 Million –
– Strong Gross Margin Improvement to 62.3% –

SAN ANTONIO, Texas, Oct. 27, 2021 (GLOBE NEWSWIRE) — Digerati Technologies, Inc. (OTCQB: DTGI) (“Digerati” or the “Company”), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, announced today financial results for the three and twelve months ended July 31, 2021, the Company’s fourth quarter and annual year end for its Fiscal Year 2021.

Key Financial Highlights for the Fourth Quarter Fiscal Year 2021 (Ended July 31, 2021)

  • Revenue increased by 142% to $3.787 million compared to $1.567 million for Q4 FY2020.
  • Gross profit increased 170% to $2.360 million compared to $0.875 million for Q4 FY2020.
  • Gross margin increased to 62.3% compared to 55.8% for Q4 FY2020.
  • Non-GAAP Adjusted EBITDA income improved to $0.525 million, excluding all non-cash items and one-time transactional expenses, compared to Adjusted EBITDA income of $0.062 million for Q4 FY2020.
  • Non-GAAP operating EBITDA (OPCO EBITDA) improved to income of $0.910 million, excluding corporate expenses, compared to a non-GAAP operating EBITDA of $0.342 million for Q4 FY2020.

Arthur L. Smith, CEO of Digerati, commented, “We enjoyed a very productive and successful fiscal year 2021, highlighted by the closing of our acquisitions of Nexogy and ActivePBX. We accomplished key objectives related to these acquisitions during FY2021 and now have a strong and significant platform in Florida and Texas that serves as a foundation for continued growth. We will remain focused on targeting annual organic growth of 10% that is complemented by accretive acquisitions as we seek to increase our profitability and enhance shareholder value. With an acquisition financing partner, Post Road Group, that shares our vision for strategic acquisitive growth, we will seek to capitalize on the opportunities in a very fragmented market that has created a healthy pipeline of prospective acquisitions.”

Antonio Estrada, CFO of Digerati, stated, “We exited our fiscal year end July 31, 2021 in a much-improved financial position with annual run-rates of $15.148 million in revenue, $2.100 million in Non-GAAP Adjusted EBITDA and $3.640 million in Non-GAAP operating EBITDA. Our team has successfully integrated the acquisitions of Nexogy and ActivePBX and we are now seeing the financial reward. We proved that our operating and financial teams could execute on our acquisition strategy and look forward to replicating this success with additional targeted accretive acquisitions in the future.”

Fiscal Year Ended July 31, 2021 Accomplishments:

  • Closed acquisition of Nexogy. Over the years, the Nexogy team has developed a channel sales program that has proven to be effective and resulted in Nexogy’s recognition as one of the fastest growing technology companies in South Florida and nomination by the Miami Minority Chamber of Commerce as “High Tech Company of the Year 2016”.

  • Closed acquisition of ActivePBX. Over the years, ActivePBX has placed a strong emphasis on integrating its cloud communication platform with Customer Relationship Management (“CRM”) systems and most recently achieved the ‘Built for NetSuite’ status with its proven ActiveCRM CTI (Computer Telephony Integration) solution. This integration, built for Oracle NetSuite’s SuiteCloud Platform, allows organizations to pass CRM data seamlessly, easily, and conveniently between ActivePBX’s cloud system and Oracle NetSuite.

  • As a combined business, Nexogy, ActivePBX, and Digerati’s operating subsidiary, T3 Communications, Inc., serves over 2,600 business customers and approximately 28,000 users. The business model of the combined entities is supported by strong and predictable recurring revenue with high gross margins under contracts with business customers in various industries including banking, healthcare, financial services, legal, insurance, hotels, real estate, staffing, municipalities, food services, and education.

  • Closed a $20 million senior secured credit facility with Post Road Group. The Facility enables continued expansion of Digerati’s U.S. operations through organic growth efforts and targeted acquisitions. Post Road Group shares in Digerati’s strategic vision of combining organic growth with accretive acquisitions in building a formidable UCaaS provider for the small and medium-sized business market. With investing expertise in the Technology, Media, and Telecommunications (“TMT”) industries and a culture that aligns with that of the Company, Post Road Group is an ideal financial partner for Digerati during this key phase of its evolution. The initial funding of $14 million from the $20 million multi-draw facility was used to close the Company’s acquisitions of Nexogy, Inc. (Nexogy.com) and ActivePBX (ActivePBX.com), and refinance existing debt. Future draws may be used to fund additional acquisitions within the Company’s robust M&A pipeline of UCaaS providers that meet key financial, technical, and operational criteria, and have excelled at customer service and satisfaction when serving regional businesses. The Facility will support a more streamlined approach to the Company’s acquisition process, accelerating its consolidation strategy in the highly-fragmented UCaaS marketplace.

  • Entered a strategic partnership with Sandler Partners to expand access to America’s fastest-growing master agent and distributor of connectivity and cloud services. Nexogy’s UCaaS and CCaaS (Unified Communications as a Service and Contact Center as a Service) platform will allow Sandler to provide its partners with additional fully integrated solutions. Sandler’s more than 8,000 partners, 200 telecom, cloud, and data providers, and extensive network of expert agents will now be able to distribute Nexogy’s fully integrated suite of cloud communication services.

  • As a result of its acquisition of ActivePBX, the Company achieved the “Built for NetSuite” status for its operating subsidiary, T3 Communications, Inc. The SuiteApp, built for Oracle NetSuite’s SuiteCloud Platform, allows organizations to seamlessly, easily, and conveniently pass CRM data between the company’s cloud PBX and Oracle NetSuite, thus increasing productivity, reducing data entry time, and improving information accuracy across multiple agent touchpoints.

  • Improved balance sheet.

  • Reduced potential equity dilution.

Three Months ended July 31, 2021 Compared to Three Months ended July 31, 2020

Revenue for the three months ended July 31, 2021 was $3.787 million, an increase of $2.220 million or 142% compared to $1.567 million for the three months ended July 31, 2020. The increase in revenue between periods is primarily attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX during the period.

The total number of customers increased from 731 for the three months ended July 31, 2020 to 2,655 customers for the three months ended July 31, 2021.

Gross profit for the three months ended July 31, 2021 was $2.360 million, resulting in a gross margin of 62.3%, compared to $0.875 million and 55.8% for the three months ended July 31, 2020. The increase in gross margin is primarily due to the addition of high-margin revenue associated with Nexogy’s and ActivePBX’s UCaaS product line.  

Selling, General and Administrative expenses (excluding legal and professional fees) for the three months ended July 31, 2021 increased by $1.301 million, or 174%, to $2.050 million compared to $0.749 million for the three months ended July 31, 2020. The increase in SG&A is attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX.

Operating loss for the three months ended July 31, 2021, was $0.420 million, an increase of $0.150 million or 56%, compared to $0.270 million for the three months ended July 31, 2020.

Adjusted EBITDA income for the three months ended July 31, 2021, was $0.525 million, an improvement of $0.463 million, compared to an adjusted EBITDA income of $0.062 million for the three months ended July 31, 2020. In accordance with SEC Regulation G, the non-GAAP measurement of Adjusted EBITDA has been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Loss to Adjusted EBITDA” in the financial table included in this press release.

Of note were the following non-cash expenses associated with the three months ended July 31, 2021: Company recognition of stock-based compensation and warrant expense of $0.066 million and depreciation and amortization expense of $0.545 million. Gain on derivative instruments was $0.925 million for the three months ended July 31, 2021.

Non-GAAP operating EBITDA (OPCO EBITDA) for the three months ended July 31, 2021 improved to income of $0.910 million, excluding corporate expenses, compared to a non-GAAP operating income of $0.342 million for the three months ended July 31, 2020.

Net loss for the three months ended July 31, 2021, was $1.219 million, an increase of $0.895 million, as compared to a net loss of $0.324 million, for the three months ended July 31, 2020. The resulting EPS for the three months ended July 31, 2021 was a loss of ($0.01), as compared to a loss of ($0.00) for the three months ended July 31, 2020.

At July 31, 2021, Digerati had $1.489 million of cash.

Twelve Months ended July 31, 2021 Compared to Twelve Months ended July 31, 2020

Revenue for the twelve months ended July 31, 2021 was $12.416 million, an increase of $6.137 million or 98% compared to $6.279 million for the twelve months ended July 31, 2020. The increase in revenue between periods is primarily attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX during the period.

The total number of customers increased from 731 for the three months ended July 31, 2020 to 2,655 customers for the twelve months ended July 31, 2021.

Gross profit for the twelve months ended July 31, 2021 was $7.281 million, resulting in a gross margin of 58.6%, compared to $3.244 million and 51.7% for the twelve months ended July 31, 2020. The increase in gross margin is primarily due to the addition of high-margin revenue associated with Nexogy’s and ActivePBX’s UCaaS product line.  

Selling, General and Administrative expenses (excluding legal and professional fees) for the twelve months ended July 31, 2021 increased by $2.913 million, or 71%, to $7.019 million compared to $4.106 million for the twelve months ended July 31, 2020. The increase in SG&A is attributed to the consolidation of the closed acquisitions of Nexogy and ActivePBX.

Operating loss for the twelve months ended July 31, 2021, was $2.398 million, an increase of $0.286 million or 14%, compared to $2.112 million for the twelve months ended July 31, 2020.

Adjusted EBITDA income for the twelve months ended July 31, 2021, was $1.155 million, an improvement of $1.162 million, compared to an adjusted EBITDA loss of $0.007 million for the twelve months ended July 31, 2020. In accordance with SEC Regulation G, the non-GAAP measurement of Adjusted EBITDA has been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Loss to Adjusted EBITDA” in the financial table included in this press release.

Of note were the following non-cash expenses associated with the twelve months ended July 31, 2021: Company recognition of stock-based compensation and warrant expense of $0.972 million and depreciation and amortization expense of $1.749 million. Loss on derivative instruments was $9.935 million for the twelve months ended July 31, 2021.

Non-GAAP operating EBITDA (OPCO EBITDA) for the twelve months ended July 31, 2021 improved to income of $2.221 million, excluding corporate expenses, compared to a non-GAAP operating income of $0.883 million for the twelve months ended July 31, 2020.

Net loss for the twelve months ended July 31, 2021, was $16.703 million, an increase of $13.307 million, as compared to a net loss of $3.396 million, for the twelve months ended July 31, 2020. The increase in net loss is due primarily to the additional loss on derivative instruments of $10.198 million, a non-cash expense. The resulting EPS for the twelve months ended July 31, 2021 was a loss of ($0.13), as compared to a loss of ($0.06) for the twelve months ended July 31, 2020.

Use of Non-GAAP Financial Measurements

The Company believes that EBITDA (earnings before interest, taxes, depreciation and amortization) is useful to investors because it is commonly used in the cloud communications industry to evaluate companies on the basis of operating performance and leverage. Adjusted EBITDA provides an adjusted view of EBITDA that takes into account certain significant non-recurring transactions, if any, such as impairment losses and expenses associated with pending acquisitions, which vary significantly between periods and are not recurring in nature, as well as certain recurring non-cash charges such as changes in fair value of the Company’s derivative liabilities and stock-based compensation. The Company also believes that Adjusted EBITDA provides investors with a measure of the Company’s operational and financial progress that corresponds with the measurements used by management as a basis for allocating resources and making other operating decisions. Although the Company uses Adjusted EBITDA as one of several financial measures to assess its operating performance, its use is limited as it excludes certain significant operating expenses. Non-GAAP operating EBITDA (OPCO EBITDA) is useful to investors because it reflects EBITDA for the core operation of the business excluding corporate expenses, non-cash expenses and transactional expenses. EBITDA, Adjusted EBITDA, and Non-GAAP operating EBITDA are not intended to represent cash flows for the periods presented, nor have they been presented as an alternative to operating income or as an indicator of operating performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In accordance with SEC Regulation G, the non-GAAP measurements in this press release have been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Loss to Adjusted EBITDA” in the financial table included in this press release.

About Digerati Technologies, Inc.

Digerati Technologies, Inc. (OTCQB: DTGI) is a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the business market. Through its operating subsidiaries T3 Communications (T3com.com) and Nexogy (Nexogy.com), the Company is meeting the global needs of businesses seeking simple, flexible, reliable, and cost-effective communication and network solutions including cloud PBX, cloud telephony, cloud WAN, cloud call center, cloud mobile, and the delivery of digital oxygen on its broadband network. The Company has developed a robust integration platform to fuel mergers and acquisitions in a highly fragmented market as it delivers business solutions on its carrier-grade network and Only in the Cloud™.  For more information, please visit www.digerati-inc.com or follow DTGI on LinkedIn, Twitter and Facebook.

Forward-Looking Statements

The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements such as annual run-rates of $15.148 million in revenue, $2.100 million in Non-GAAP Adjusted EBITDA and $3.640 million in Non-GAAP operating EBITDA and our ability to secure synergistic, strategic, and accretive acquisitions, are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, our inability to source suitable acquisition targets, failure to execute growth strategies, lack of product development and related market acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission.

Facebook: Digerati Technologies, Inc.
Twitter: @DIGERATI_IR
LinkedIn: Digerati Technologies, Inc.

Investors

The Eversull Group
Jack Eversull
jack@theeversullgroup.com
(972) 571-1624

ClearThink
Brian Loper
bloper@clearthink.capital
(347) 413-4234


DIGERATI TECHNOLOGIES, INC. AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF OPERATIONS  
(In thousands, except per share amounts, unaudited)  
           
    Three months ended July 31,   For the Years ended July 31,  
    2021   2020   2021   2020  
OPERATING REVENUES:                  
Cloud software and service revenue   $ 3,787     $ 1,567     $ 12,416     $ 6,279    
                   
Total operating revenues     3,787       1,567       12,416       6,279    
                   
OPERATING EXPENSES:                  
Cost of services (exclusive of depreciation and amortization)     1,427       692       5,135       3,035    
Selling, general and administrative expense     2,050       749       7,019       4,106    
Legal and professional fees     177       234       894       642    
Bad debt     8       14       17       (5 )  
Depreciation and amortization expense     545       148       1,749       613    
Total operating expenses     4,207       1,837       14,814       8,391    
                   
OPERATING LOSS     (420 )     (270 )     (2,398 )     (2,112 )  
                   
OTHER INCOME (EXPENSE):                  
Gain (loss) on derivative instruments     925       194       (9,935 )     263    
Gain (loss) on settlement of debt     213       (5 )     560       129    
Income tax benefit (expense)     (61 )     11       (183 )     33    
Other income (expense)     (294 )     116       (294 )     116    
Interest expense     (1,686 )     (340 )     (4,765 )     (1,853 )  
Total other income (expense)     (903 )     (24 )     (14,617 )     (1,312 )  
                   
NET LOSS INCLUDING NONCONTROLLING INTEREST     (1,323 )     (294 )     (17,015 )     (3,424 )  
                   
Less: Net loss attributable to the noncontrolling interests     109       (11 )     332       47    
                   
NET LOSS ATTRIBUTABLE TO DIGERATI’S SHAREHOLDERS     (1,214 )     (305 )     (16,683 )     (3,377 )  
                   
Deemed dividend on Series A Convertible preferred stock     (5 )     (19 )     (20 )     (19 )  
                   
NET LOSS ATTRIBUTABLE TO DIGERATI’S COMMON SHAREHOLDERS   $ (1,219 )   $ (324 )   $ (16,703 )   $ (3,396 )  
                   
LOSS PER COMMON SHARE – BASIC   $ (0.01 )   $ (0.00 )   $ (0.13 )   $ (0.06 )  
                   
LOSS PER COMMON SHARE – DILUTED   $ (0.01 )   $ (0.00 )   $ (0.13 )   $ (0.06 )  
                   
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – BASIC     137,950,308       90,792,574       129,411,947       53,883,966    
                   
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING – DILUTED     137,950,308       90,792,574       129,411,947       53,883,966    
                   
See notes to consolidated unaudited financial statements  
                   
                   
Reconciliation of Net Income (Loss) to Adjusted EBITDA – OPCO, Net of Non-cash expenses & Transactional Costs  
                   
NET LOSS ATTRIBUTABLE TO DIGERATI’S SHAREHOLDERS, as reported   $ (1,214 )   $ (305 )   $ (16,683 )   $ (3,377 )  
                   
EXCLUDING NON-CASH ITEMS TRANSACTIONAL COSTS & CORP EXP              
ADJUSTMENTS:                  
Stock compensation & warrant expense     66       (5 )     972       1,127    
Corp Expenses net of stock compensation & Transactional cost     384       280       1,066       890    
Legal and professional fees – transactional costs     326       175       815       370    
Depreciation and amortization expense     545       148       1,749       613    
Loss on derivative instruments     (925 )     (194 )     9,935       (263 )  
Bad Debt     8       14       17       (5 )  
OTHER ADJUSTMENTS                  
Other income (expense)     294       (116 )     294       (116 )  
Interest expense     1,686       340       4,765       1,853    
Income tax     61       (11 )     183       (33 )  
Less: Net loss attributable to the noncontrolling interest     (109 )     11       (332 )     (47 )  
Gain (loss) on settlement of debt     (213 )     5       (560 )     (129 )  
                   
ADJUSTED EBITDA – OPCO   $ 910     $ 342     $ 2,221     $ 883    
ADD-BACKS Expenses                  
Corp Expenses net of stock compensation & Transactional cost     384       280       1,066       890    
                   
ADJUSTED EBITDA – Income (Loss)   $ 525     $ 62     $ 1,155     $ (7 )  
                   

 

Release – Harte Hanks Hires Elliott Peterson As Chief Technology Officer

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Harte Hanks Hires Elliott Peterson As Chief Technology Officer

 

Former Advantage Solutions Executive Joins Leadership Team

AUSTIN, Texas, 
Oct. 26, 2021 /PRNewswire/ — 

Harte Hanks
, a leading global customer experience company, announced today that it has named well-respected technology executive  Elliott Peterson as the company’s new Chief Technology Officer.

Peterson joins 
Harte Hanks from Advantage Solutions where he recently served as the interim CIO and Sr. VP of Global Information Technology. He will report directly to  Brian Linscott, CEO, 
Harte Hanks.  

In his new role, Peterson will be responsible for overseeing the company’s global technology operations which include eleven offices in five countries and over 2,000 employees. Peterson will work closely with the company’s leadership team to ensure its technology provides best-in-class solutions in the company’s core business areas of Marketing Services, Customer Care, and Fulfillment and Logistics for its broad portfolio of clients.

“Elliott is an incredibly accomplished technology and business leader who has worked with a wide variety of leading corporations and industries,” says  Brian Linscott, 
Harte Hanks. “He brings a wealth of experience and knowledge along with a proven track record as a highly innovative leader in digital transformation and business change. He will be a tremendous asset to our team as we continue to focus on profitable growth while expanding our client service capabilities.”

Peterson’s background also includes senior technology executive leadership roles with a diversity of companies in industries ranging from aerospace to retail, entertainment, and transportation including HireRight, 
Westfield LLC, Beats by Dre, PaperlinX, Transit Air Cargo, and NASA among others. 

”
Harte Hanks has an incredible track record of delivering the best in technology solutions and results for its clients,” says Peterson. “I am thrilled to be joining the organization during this exciting and rapidly accelerating time for the customer experience industry. I’m looking forward to working with them to ensure they have the most effective technology resources and systems in the marketplace.”

About Harte Hanks


Harte Hanks
 (OTCMKTS: HRTH) is a global customer experience company whose mission is to work with clients to provide them with strategy, analytics and insights combined with seamless program execution to better understand, attract, and engage their customers.

Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, 
Harte Hanks has a proven track record of driving results for some of the world’s premier brands including 
Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, 
Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in 
Austin, Texas, 
Harte Hanks has over 2,000 employees in offices across the 
Americas, 
Europe and 
Asia Pacific.

For more information visit hartehanks.com

For media inquiries contact:  Patrick Taylor, 59Media, patricktaylor0103@gmail.com

SOURCE 
Harte Hanks, Inc.

Release – Ocugen, Inc. Announces Submission of Investigational New Drug Application with U.S. FDA to Initiate a Phase 3 Clinical Trial Evaluating COVID-19 Vaccine Candidate COVAXIN BBV152

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Ocugen, Inc. Announces Submission of Investigational New Drug Application with U.S. FDA to Initiate a Phase 3 Clinical Trial Evaluating COVID-19 Vaccine Candidate COVAXIN™ (BBV152)

 

The Phase 3 study is designed to bridge data collected from the vaccine efficacy trial conducted in India to the U.S. population

MALVERN, Pa., Oct. 27, 2021 (GLOBE NEWSWIRE) — Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics and vaccines, announced that it has submitted an Investigational New Drug application (IND) with the U.S. Food and Drug Administration (FDA) to evaluate the COVID-19 vaccine candidate, BBV152, known as COVAXIN™ outside the United States.  

COVAXIN™ is a whole-virion inactivated COVID-19 investigational vaccine candidate that uses the same vero cell manufacturing platform that has been used in the production of polio vaccines for decades.

The Phase 3 trial proposed in the IND is designed to establish whether the immune response experienced by participants in a completed Phase 3 efficacy trial in India is similar to that observed in a demographically representative, healthy adult population in the U.S. who either have not been vaccinated for COVID-19 or who already received two doses of an mRNA vaccine at least six months earlier.

“We are very excited to take this next step in the development of COVAXIN™, which we hope will bring us closer to introducing a different type of COVID-19 vaccine to the American public,” said Dr. Shankar Musunuri, Chairman of the Board, Chief Executive Officer, and Co-Founder of Ocugen. “We are hopeful that the study conducted under the IND, if allowed to proceed, will help demonstrate that the data from India will be applicable to the U.S. population.”

If the study is allowed to proceed, Ocugen’s Phase 3 immuno-bridging study, OCU-002, will seek to enroll several hundred healthy adults in the U.S. Subjects will be randomized to receive either two doses of COVAXIN™ or placebo, 28 days apart. The primary endpoint will compare blood-based samples taken from U.S. participants who received COVAXIN™ with samples of the participants in the Phase 3 efficacy trial conducted in India. The secondary endpoint involves testing the vaccine’s immunogenic profile. The study will also evaluate safety and tolerability in the U.S. population. Ocugen hopes to complete the study during H1 2022.

The Phase 3 study conducted in India by Ocugen’s business partner, Bharat Biotech, involved 25,798 participants receiving two doses of COVAXIN™ or placebo, 28 days apart. The primary endpoint was preventing symptomatic COVID-19 occurring at least 14 days after the second dose. Results of the trial found 93.4% efficacy against severe COVID-19 disease, 77.8% efficacy against symptomatic COVID-19 and 63.6% efficacy against asymptomatic disease. A sub-analysis of the Phase 3 study examined the presence of infections by variants of the original coronavirus strain. Overall, 90% of infections showed the presence of a variant, with 59% of those being the Delta variant. The sub-analysis revealed COVAXIN™-treated patients experienced 65.2% efficacy against the Delta variant. Adverse events reported in the trial included pain, erythema, induration, swelling, headache, pyrexia, fatigue, chills, myalgia, arthralgia, nausea and vomiting. 12.4% of subjects experienced an adverse event in both the COVAXIN™ and placebo arm. Additionally, 0.3% of subjects in the COVAXIN™ arm experienced a serious adverse event compared to 0.47% of patients in the placebo arm.

About COVAXIN™ (BBV152)
COVAXIN™ (BBV152) is an investigational vaccine candidate product in the U.S. It was developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR) – National Institute of Virology (NIV). COVAXIN™ is a highly purified and inactivated vaccine that is manufactured using a vero cell manufacturing platform.

With more than 100 million doses having been manufactured, COVAXIN™ is currently being administered under emergency use authorizations in 17 countries, and applications for emergency use authorization are pending in more than 60 other countries. The trade name COVAXIN™ has not been evaluated by the FDA.   

About Ocugen, Inc. 
Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug – “one to many” and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. We are co-developing Bharat Biotech’s COVAXIN™ vaccine candidate for COVID-19 in the U.S. and Canadian markets. For more information, please visit www.ocugen.com.

About Bharat Biotech 
Bharat Biotech has established an excellent track record of innovation with more than 145 global patents, a wide product portfolio of more than 16 vaccines, 4 bio-therapeutics, registrations in more than 123 countries, and the World Health Organization (WHO) Pre-qualifications. Located in Genome Valley in Hyderabad, India, a hub for the global biotech industry, Bharat Biotech has built a world-class vaccine & bio-therapeutics, research & product development, Bio-Safety Level 3 manufacturing, and vaccine supply and distribution. 

Having delivered more than 4 billion doses of vaccines worldwide, Bharat Biotech continues to lead innovation and has developed vaccines for influenza H1N1, Rotavirus, Japanese Encephalitis, Rabies, Chikungunya, Zika, and the world’s first tetanus-toxoid conjugated vaccine for Typhoid. Bharat’s commitment to global social innovation programs and public-private partnerships resulted in introducing path-breaking WHO pre-qualified vaccines BIOPOLIO®, ROTAVAC®, and Typbar TCV® combatting polio, rotavirus, typhoid infections, respectively. The acquisition of the rabies vaccine facility, Chiron Behring, from GlaxoSmithKline (GSK) has positioned Bharat Biotech as the world’s largest rabies vaccine manufacturer. To learn more about Bharat Biotech, visit www.bharatbiotech.com. 

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 forward-looking statements include information about qualitative assessments of available data, potential benefits, expectations for clinical trials, and anticipated timing of clinical trial readouts and regulatory submissions, including with respect to our hope that the Phase 3 trial included in our Investigational New Drug application (IND) to the U.S. Food and Drug Administration (FDA) for COVAXIN™, if allowed to proceed, will be completed during the first half of 2022, or that the results of any such trial may demonstrate that existing data from Bharat Biotech’s clinical trials in India for COVAXIN™ will be applicable to the U.S. population. This information involves risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as risks associated with preliminary and interim data, including the possibility of unfavorable new clinical trial data and further analyses of existing clinical trial data; the risk that the results of in-vitro studies will not be duplicated in human clinical trials; the risk that clinical trial data are subject to differing interpretations and assessments, including during the peer review/publication process, in the scientific community generally, and by regulatory authorities; whether and when data from Bharat Biotech’s clinical trials will be published in scientific journal publications and, if so, when and with what modifications; whether the FDA will accept our IND submission without any changes, or if we are required to submit additional information to the FDA in support of our IND submission, the extent and significance of any such changes; whether we will be able to provide the FDA with sufficient additional information regarding the design of and results from preclinical and clinical studies of COVAXIN™, which have been conducted by Bharat Biotech in India in order for those trials to support a biologics license application (BLA); the size, scope, timing and outcome of any additional trials or studies that we may be required to conduct to support a BLA, including our planned Phase 3 clinical trial for which we have submitted an IND to the FDA; any additional chemistry, manufacturing and controls information that we may be required to submit at the time of our BLA filing; whether developments with respect to the COVID-19 pandemic will affect the regulatory pathway available for vaccines in the United States, Canada or other jurisdictions; market demand for COVAXIN™ in the United States or Canada; decisions by the FDA or Health Canada impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of COVAXIN™ in the United States or Canada, including development of products or therapies by other companies. 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. 

Ocugen Contact: 
Ken Inchausti
Head, Investor Relations & Communications
ken.inchausti@ocugen.com

Please submit investor-related inquiries to: IR@ocugen.com

Release – Capstone Green Energy Extends Channel Partnership With Baker Hughes Expanding Territories

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Capstone Green Energy (NASDAQ:CGRN) Extends Channel Partnership With Baker Hughes (BKR) Expanding Territories

 

Capstone Green Energy and Baker Hughes Share a Common Goal of Producing Commercially Viable Turbine Systems Capable of Up to 100% Hydrogen Operation

VAN NUYS, CA / ACCESSWIRE / October 27, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced today that it has extended its strategic channel partnership agreement with leading energy technology company Baker Hughes.

On Earth Day 2021, Capstone announced that it was leveraging its energy conversion and storage products with the addition of the Baker Hughes 5 MW, 12 MW, and 16 MW industrial gas turbines. Capstone selected Baker Hughes as a qualified network partner because of their similar focus on low emissions, long service intervals, low lifecycle costs, and vigorous hydrogen development program.

The company’s large-scale gas turbine technology allows Capstone Green Energy to serve customers with energy needs that exceed the capacity of their own low emission microturbine based energy solutions. As part of the new agreement, Capstone Green Energy will offer Baker Hughes technology to additional territories in the U.S. and Canada, as well as on a case-by-case basis outside North America.

“Naturally, Capstone is excited to offer our customers custom tailored energy solutions based on their specific needs, beyond the capacity our own technology provides,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “But we are especially pleased to do so with a partner whose technology provides the kind of reliability and cost savings we promise and one whose focus aligns with our own green energy mission.”

The two companies maintain common goals of helping companies achieve greater energy independence through increased reliability, cost savings, and environmental improvements. The ability for Capstone Green Energy to include Baker Hughes turbines in its technology mix allows the Company to provide commercial and industrial customers with systems capable of providing up to 60 MW of power while still providing high reliability, long service intervals, and very low emissions.

Capstone Green Energy and Baker Hughes also have a shared goal of producing a commercially viable turbine system capable of 100% hydrogen. Baker Hughes has commercially available gas turbines capable of various levels of blended fuel gas from 10% up to 100% hydrogen. Capstone is also currently lab testing a 30% hydrogen – 70% natural gas configuration with a goal of commercial release by March 31, 2022.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

ACCO Brands (ACCO) – 3Q Release Highlights; Raises Dividend by 15.4

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Wednesday, October 27, 2021

ACCO Brands (ACCO)
3Q Release Highlights; Raises Dividend by 15.4%

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

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 Operating Results. ACCO reported strong 3Q21 results, with organic sales growth across all segments. Revenue increased 18.6% to $526.7 million. Consensus was $532 million and we had forecast $525 million. Adjusted EPS was $0.33, compared to $0.25 last year. We had forecast adjusted EPS of $0.36 and consensus was $0.35. Adjusted EPS was negatively impacted $0.03 per share by higher taxes.

    Segments.  N.A. sales were up 20.5%, with comp sales up 0.8%. PowerA, back-to-school, and commercial product sales all contributed. EMEA sales were up 18.1%, with comp sales up 10.3%. Higher demand and market share gains were the drivers. International sales were up 12.9% with comp sales up 4.7% due to higher demand and improved pricing. ACCO continues to raise prices to offset higher logistics and …



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. 

Gevo (GEVO) – Another puzzle piece complete with addition of another major partner

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Tuesday, October 26, 2021

Gevo (GEVO)
Another puzzle piece complete with addition of another major partner

Gevo Inc is a renewable chemicals and biofuels company engaged in the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Its operating segments are the Gevo segment and the Gevo Development/Agri-Energy segment. By its segments, it is involved in research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology. Gevo Development/Agri-Energy is the key revenue generating segment which involves the operation of the Luverne Facility and production of ethanol, isobutanol and related products.

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

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

    MOU with Archer Daniels Midland (ADM) represents another step forward. ADM brings an existing platform of ~900 MGPY of ethanol production (in IA/IL/NE) to the table. Combined with new isobutanol production in IL, the ethanol/isobutanol feedstock will be converted into 500 MGPY of SAF and other green products. Once full commercialization plans are developed and definitive agreements are signed, the path will be clearer toward SAF production in the 2025-2026 timeframe. No impact on Net Zero plants, which will be developed in parallel with the goal of reaching one BGPY of production in 2030.

    Recent alliance with Axens supports commercialization plan.  GEVO and Axen established a strategic alliance aimed at accelerating the commercialization of sustainable ethanol-to-jet (ETJ) projects. Axens adds technologies with more than…



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. 

Great Bear Resources (GTBAF)(GBR:CA) – Metallurgical Tests Demonstrate High Gold Recoveries

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Tuesday, October 26, 2021

Great Bear Resources (GTBAF)(GBR:CA)
Metallurgical Tests Demonstrate High Gold Recoveries

Noble Capital Markets research on Great Bear Resources is published under ticker symbols GTBAF and GBR:CA. The price target for GTBAF is in USD and the price target for GBR:CA is in CAD. Research reports dated prior to August 26, 2021 may not follow these guidelines and could account for a variance in the price target. Great Bear Resources Ltd is a gold exploration company. It explores for mineral properties in the Red Lake District in Ontario, Canada. Its property portfolio includes Great Bear’s Red Lake Properties with the flagship Dixie project, Pakwash property, and Sobel property.

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

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

    Preliminary metallurgical tests demonstrate strong gold recoveries. Great Bear Resources reported gold recovery test results from its flagship Dixie Project. Management selected what were expected to be the most difficult mineralized domains among the LP Fault from which to extract gold and reported high recoveries at all grades. Ten one-kilogram representative samples were analyzed from 10-to-13-meter-long core intervals and were processed through a standard 48-hour bottle roll test. Gold recoveries were within a range of 95.2% to 99.2%.

    Positive implications for development. Recoveries from the Dixie Limb and Hinge zones were similar using comparable grinding and cyanidation conventions, indicating mineralized material from all gold zones may be able to be…



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 – OpRegen Data Update to Be Featured at 2021 American Academy of Ophthalmology Annual Meeting in Presentation by Michael S. Ip, M.D.

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OpRegen® Data Update to Be Featured at 2021 American Academy of Ophthalmology Annual Meeting in Presentation by Michael S. Ip, M.D.

CARLSBAD, Calif.–(BUSINESS WIRE)–Oct. 26, 2021–

Lineage Cell Therapeutics, Inc.

 (NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, reported today that updated interim results from a Phase 1/2a clinical study of its lead product candidate, OpRegen®, an investigational retinal pigment epithelium cell transplant therapy currently in development for the treatment of dry age-related macular degeneration (AMD), will be featured in a presentation at the 2021 American
Academy of Ophthalmology (AAO) 125th Annual Meeting, to be held at the
Ernest N. Morial Convention Center, New Orleans, LA (
November 12
 – 15, 2021). The presentation, “OpRegen Trial: Phase 1/2a Dose
Escalation Study of Human Embryonic Stem-Cell Derived Retinal Pigment
Epithelium Cells Transplanted Subretinally in Patients with Advanced AMD,” will be presented on
November 13, 2021 at
2:38 pm EDT
as part of the Gene and Cell-Based Therapies Session, by
Michael S. Ip, M.D., Professor,
Department of Ophthalmology at the
David Geffen School of Medicine at the
University of California – Los Angeles
.

In addition to Dr. Ip’s presentation, Lineage also intends to announce updated interim results from the Phase 1/2a study next month, which will include a minimum of 12 months of follow-up in all 24 patients treated with OpRegen, including all 12 patients treated in Cohort 4, which had better baseline vision and smaller areas of GA at baseline than earlier cohorts. OpRegen is well-positioned among product candidates in development for dry AMD as the only experimental therapy that has demonstrated an ability to halt or reverse the expansion of geographic atrophy as well as restore layers of retinal tissue in three patients to date. Specifically, outer retinal layer restoration was observed via optical coherence tomography (OCT) and was evidenced by the presence of new areas of retinal pigment epithelium (RPE) monolayer with overlying ellipsoid zone, external limiting membrane, and outer nuclear layer, all of which were not present at the time of baseline assessment. These findings are suggestive of integration of the new RPE cells with functional photoreceptors in areas that previously showed no presence of any of these cells.

The
American Academy of Ophthalmology is the world’s largest association of eye physicians and surgeons. The mission of the
American Academy of Ophthalmology is to protect sight and empower lives by serving as an advocate for patients and the public, leading ophthalmic education, and advancing the profession of ophthalmology. For more information, please visit https://www.aao.org/ or follow the association on Twitter @aao_ophth.

About
OpRegen

OpRegen is currently being evaluated in a Phase 1/2a open-label, dose escalation safety and efficacy study of a single injection of human retinal pigment epithelium cells derived from an established pluripotent cell line and transplanted subretinally in patients with advanced dry AMD with geographic atrophy (GA). The study enrolled 24 patients into 4 cohorts. The first 3 cohorts enrolled only legally blind patients with Best Corrected Visual Acuity (BCVA) of 20/200 or worse. The fourth cohort enrolled 12 better vision patients (BCVA from 20/65 to 20/250 with smaller mean areas of GA). Cohort 4 also included patients treated with a new “thaw-and-inject” formulation of OpRegen, which can be shipped directly to sites and used immediately upon thawing, removing the complications and logistics of having to use a dose preparation facility. The primary objective of the study is to evaluate the safety and tolerability of OpRegen as assessed by the incidence and frequency of treatment emergent adverse events. Secondary objectives are to evaluate the preliminary efficacy of OpRegen treatment by assessing the changes in ophthalmological parameters measured by various methods of primary clinical relevance. OpRegen is a registered trademark of
Cell Cure Neurosciences Ltd., a majority-owned subsidiary of
Lineage Cell Therapeutics, Inc.

About
Age-Related Macular Degeneration

AMD is an eye disease that can blur the sharp, central vision in patients and is the leading cause of vision loss in people over the age of 60. There are two forms of AMD: dry (atrophic) AMD and wet (neovascular) AMD. Dry (atrophic) AMD is the more common of the two forms, accounting for approximately 85-90% of all cases. In atrophic AMD, parts of the macula get thinner with age and accumulations of extracellular material between Bruch’s membrane and the retinal pigmented epithelium, known as drusen, increase in number and volume, leading to a progressive loss of central vision, typically in both eyes. Global sales of the two leading wet AMD therapies were in excess of
$10 billion in 2019. Nearly all cases of wet AMD eventually will develop the underlying atrophic AMD if the newly formed blood vessels are treated correctly. There are currently no
U.S. Food and Drug Administration, or
European Medicines Agency, approved treatment options available for patients with atrophic AMD.

About Lineage
Cell Therapeutics, Inc.

Lineage Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage’s programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to cancer. Lineage’s clinical programs are in markets with billion dollar opportunities and include three allogeneic (“off-the-shelf”) product candidates: (i) OpRegen®, a retinal pigment epithelium transplant therapy in Phase 1/2a development for the treatment of dry age-related macular degeneration, a leading cause of blindness in the developed world; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment of acute spinal cord injuries; and (iii) VAC2, an allogeneic dendritic cell therapy produced from Lineage’s VAC technology platform for immuno-oncology and infectious disease, currently in Phase 1 clinical development for the treatment of non-small cell lung cancer. For more information, please visit www.lineagecell.com or follow the Company on Twitter @LineageCell.

Forward-Looking
Statements

Lineage cautions you that all statements, other than statements of historical facts, contained in this press release, are forward-looking statements. Forward-looking statements, in some cases, can be identified by terms such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” “can,” “plan,” “potential,” “predict,” “seek,” “should,” “would,” “contemplate,” “project,” “target,” “tend to,” ‘suggest,” or the negative version of these words and similar expressions. Such statements include, but are not limited to, statements relating to the projected timing of future announcements or presentations of updated or additional data from the Phase 1/2a clinical study of OpRegen, the potential benefits of treatment with OpRegen in dry AMD patients with GA, the significance of clinical data reported to date from the ongoing Phase 1/2a study of OpRegen, including the findings of retinal tissue restoration, Lineage’s plans to meet with the FDA to discuss OpRegen’s clinical development, the potential utilization of OCT imaging to measure efficacy in a pivotal clinical trial of OpRegen for the treatment of dry AMD with GA, and the potential for Lineage’s investigational allogeneic cell therapies to provide safe and effective treatment for multiple, diverse serious or life threatening conditions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Lineage’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including risks and uncertainties inherent in Lineage’s business and other risks in Lineage’s filings with the
Securities and Exchange Commission (SEC). Lineage’s forward-looking statements are based upon its current expectations and involve assumptions that may never materialize or may prove to be incorrect. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. Further information regarding these and other risks is included under the heading “Risk Factors” in Lineage’s periodic reports with the
SEC, including Lineage’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the
SEC and its other reports, which are available from the SEC’s website. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Lineage undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Lineage Cell Therapeutics, Inc. IR Ioana C. Hone (
ir@lineagecell.com)
(442) 287-8963

Solebury
Trout IR Mike Biega (
Mbiega@soleburytrout.com)

(617) 221-9660

Russo
Partners – Media Relations Nic Johnson or David Schull Nic.johnson@russopartnersllc.com

David.schull@russopartnersllc.com

(212) 845-4242

Source:
Lineage Cell Therapeutics, Inc.

Release – Kratos Awarded New U.S. Air Force Program of $17.6 Million to Develop and Test Jet UAS for Manned-Unmanned Teaming

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Kratos Awarded New U.S. Air Force Program of $17.6 Million to Develop and Test Jet UAS for Manned-Unmanned Teaming

SAN DIEGO, 
Oct. 26, 2021 (GLOBE NEWSWIRE) — 
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS), a leading National Security Solutions provider, announced today that Kratos Unmanned Systems Division (KUSD) has been awarded a 
$17,677,612, 12-month cost plus fixed-fee contract to design and develop an 
Off Board Sensing Station (OBSS) Unmanned Aerial System (UAS) in support of Air Force Research Laboratory’s Autonomous Collaborative Platforms (ACP) technology maturation portfolio. Work under the program award will be performed at secure Kratos engineering and technology facilities located in 
Texas, 
California, and 
Oklahoma over the next 12 months.

The OBSS program includes an optional subsequent 15-month Manufacture and Demonstration period. With the base and option awards, total contract to Kratos would be 
$49M.

Steve Fendley,
President of Kratos Unmanned Systems Division, said, “Our industry leading high performance per cost family of tactical and target unmanned aerial systems continues to grow, further enabling our economies of scale across the life cycle of our entire unmanned systems portfolio. Kratos’ range of UAS and quantities (mass to the fight) will help to maintain American dominance in the air by bending the cost curve to enable the 
U.S. to acquire and employ large numbers of aircraft that challenge our adversary and force them to recalculate their options. Our team is extremely proud to be selected to design and develop the OBSS platform.”

The OBSS vehicle is intended to be an affordable, highly modular conventional takeoff and landing jet-powered UAS. The Kratos OBSS solution incorporates innovative manufacturing techniques that enhance its ability to not only provide significant performance for sensor extension missions for manned jet aircraft, but also will accommodate significant offensive weapons volume to also act as a weapons bay extension for manned aircraft. OBSS is a new addition to the Kratos family of low-cost Autonomous Collaborative Platforms (ACP) designed to employ weapons, sensors, and other effects that generate affordable, force multiplier combat power with a forward force posture. Kratos’ industry leading digital engineering (DE) framework for high performance jet UAS will be used to develop, mature, leverage, and integrate system-ready technologies and supplement its DE framework with prudent early ground and flight demonstrations and experiments.

Eric DeMarco,
President and CEO of Kratos
Defense and Security Solutions, said, “Kratos is committed to disrupting the government contractor national security market by providing rapid, agile, affordable, and relevant systems to our defense customers. The recent selection of Kratos to develop next-generation OBSS aircraft for our partner, the 
U.S. Air Force, re-affirms our approach to treat affordability as a technology. Kratos Ghost Works, which played a significant role in the design of our OBSS system, has once again demonstrated that our real, proven, digital engineering process, methodology, assets, and infrastructure are optimized for affordable system development. At Kratos, we develop products, not just PowerPoint presentations, and we will continue to pursue affordable, innovative solutions to support our USAF customer in the current challenging budgetary environment.”

Kratos Unmanned Systems Division is a leading provider of high performance unmanned aerial drone and target systems for threat representative target missions to exercise weapon, radar, and other systems; and tactical aerial drone systems for strike/ISR and force multiplication missions.

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

QuickChek – October 26, 2021

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OpRegen® Data Update to Be Featured at 2021 American Academy of Ophthalmology Annual Meeting in Presentation by Michael S. Ip, M.D.

Lineage Cell Therapeutics, Inc. reported today that updated interim results from a Phase 1/2a clinical study of its lead product candidate, OpRegen®, an investigational retinal pigment epithelium cell transplant therapy currently in development for the treatment of dry age-related macular degeneration (AMD), will be featured in a presentation at the 2021 American Academy of Ophthalmology (AAO) 125th Annual Meeting, to be held at the Ernest N. Morial Convention Center, New Orleans, LA ( November 12 – 15, 2021).

Research, News & Market Data on Lineage
Watch a recent interview with Lineage



Kratos Awarded New U.S. Air Force Program of $17.6 Million to Develop and Test Jet UAS for Manned-Unmanned Teaming

Kratos Defense & Security Solutions, Inc. announced today that Kratos Unmanned Systems Division (KUSD) has been awarded a $17,677,612, 12-month cost plus fixed-fee contract to design and develop an Off Board Sensing Station (OBSS) Unmanned Aerial System (UAS) in support of Air Force Research Laboratory’s Autonomous Collaborative Platforms (ACP) technology maturation portfolio.

Research, News & Market Data on Kratos


Seanergy Maritime Announces New Sustainability-Linked Loan Facility and Signs the Call to Action for Shipping Decarbonization

Seanergy Maritime Holdings Corp. announced today that it has received a commitment letter from a leading European bank for a sustainability-linked loan facility to finance part of the acquisition cost of the M/V Worldship. Moreover, Seanergy became a signatory to the Call to Action for Shipping Decarbonization, a global coalition of over 190 industry leaders and organizations representing the entire maritime value chain.

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Watch a recent virtual road show with Seanergy



Salem Media Group Schedules Third Quarter 2021 Earnings Release and Teleconference

Salem Media Group, Inc. announced today that it plans to report its third quarter 2021 financial results after the market closes on November 4, 2021. The company also plans to host a teleconference to discuss its results on November 4, 2021 at 4:00 P.M. Central Time.

Research, News & Market Data on Salem
Watch a recent interview with Salem

 

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Release – Seanergy Maritime Announces New Sustainability-Linked Loan Facility and Signs the Call to Action for Shipping Decarbonization

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Seanergy Maritime Announces New Sustainability-Linked Loan Facility and Signs the Call to Action for Shipping Decarbonization

October 26, 2021 – Athens, Greece – Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced today that it has received a commitment letter from a leading European bank for a sustainability-linked loan facility to finance part of the acquisition cost of the M/V Worldship.

Moreover, Seanergy became a signatory to the Call to Action for Shipping Decarbonization (“Call to Action”), a global coalition of over 190 industry leaders and organizations representing the entire maritime value chain.

Financing of the M/V Worldship

Pursuant to the commitment letter, the sustainability-linked loan will be for an amount of $16.85 million and will amortize over a five-year term with a final balloon payment of $6.1 million at maturity. The interest rate will be 3.05% plus LIBOR per annum, which can be further improved based on certain emission reduction thresholds. The approval is subject to definitive documentation, which we expect to be completed within November 2021.

Call to Action for Shipping
Decarbonization

The Call to Action was developed by a task force convened by the Getting To Zero Coalition in September 2021 and will be delivered to world Governments in November 2021, in advance of the UN Climate Change Conference (“COP26”) in Glasgow. The signatories to this Call to Action firmly believe that an equitable decarbonization of the maritime supply chain by 2050 is both possible and necessary.

Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:

“We are very pleased to announce another innovative financing for Seanergy which is consistent both with our conservative leverage approach, as well as our commitment to our sustainability objectives. The proceeds of this new loan will further enhance our strong liquidity position. At the same time, we are excited to actively participate along with global industry leaders in the Call to Action, a significant initiative aiming to contribute to our industry’s decarbonization targets.

Seanergy has long ago prioritized its ESG agenda and has implemented concrete actions and collaborations upon this matter. In this context, we are encouraging stakeholder engagement on all levels, including that of our financiers and governmental organizations, as means to support the common goal of a “greener” shipping.”

About Seanergy Maritime Holdings
Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. Upon delivery of the M/V Dukeship, the Company’s operating fleet will consist of 17 Capesize vessels with an average age of 11.5 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please
contact:

Seanergy Investor Relations

Tel: +30 213 0181 522

E-mail: ir@seanergy.gr

 

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue Suite 1536

New York, NY 10169

Tel: (212) 661-7566

E-mail: seanergy@capitallink.com

Release – Salem Media Group Schedules Third Quarter 2021 Earnings Release and Teleconference

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Salem Media Group Schedules Third Quarter 2021 Earnings Release and Teleconference

IRVING, Texas–(BUSINESS WIRE)– Salem Media
Group, Inc. (NASDAQ: SALM) announced today that it plans to report its third quarter 2021 financial results after the market closes on November 4, 2021.

The company also plans to host a teleconference to discuss its results on November 4, 2021 at 4:00 P.M. Central Time. To access the teleconference, please dial (877) 524-8416, and then ask to be joined to the Salem Media Group Third Quarter 2021 call or listen to the webcast.

A replay of the teleconference will be available through November 18, 2021 and can be heard by dialing (877) 660-6853 – replay pin number 13722694, or on the investor relations portion of the company’s website, located at investor.salemmedia.com.

ABOUT SALEM MEDIA GROUP:

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.

View
source version on businesswire.com: https://www.businesswire.com/news/home/20211026005088/en/

Evan D. Masyr
Executive Vice President and Chief
Financial Officer
(805) 384-4512
evan@salemmedia.com

Source: Salem Media Group, Inc.

Released October 26, 2021

Tesla’s Strange Influence on the Markets

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	Image Credit: Steve Jurvetson (flickr)

Tesla’s Market Cap Versus Tesla’s Market Share and Risk to Investors

Elon Musk was surprised at the price increase of Tesla stock as his personal worth rose by $36 billion yesterday (October 25). Shares of Tesla (TSLA) jumped by 12.7% to $1,024.86. This equated to a market capitalization of $1.01 trillion. The trillion number has been thrown around loosely in recent months, but it remains an unfathomable amount.

Risk to Index Investors

Tesla now has a price-earnings (P/E) ratio of 332. The automotive industry P/E ratios generally fall between 10 to 30 depending on expected results. In the broader market, there are very few trillion-dollar companies.  They are the top five companies by market cap in the S&P 500, Apple, Microsoft, Google parent Alphabet, Amazon, and Tesla. In the aggregate, they are worth $9.3 trillion. That’s almost 23% of the benchmark S&P 500 US stock index’s total value. Add in Facebook, which is a bit short of a trillion and these six stocks have a 25% influence over the S&P 500 movement. The result is risk is not as diversified as some investors might prefer in an index of 500 stocks.

Automotive Company Valuations

In just one day Tesla’s share price move increased its market value by $115 billion. The main driver was news that it might sell $4.2 billion of rental cars to Hertz through 2022. The potential sale of 100,000 vehicles by Tesla, pales in comparison to the 2-3 million average rental car sales by other automakers most years.

Mathematically, the $115 billion notch up in value added the equivalent of Daimler+Nissan+ Renault to Tesla’s value. Does this make sense? Elon Musk thinks it’s “strange.” He tweeted yesterday suggesting that the company doesn’t have a demand shortage, instead production is what limits higher sales.

Source: Ross Gerber/Elon Musk
Tweets October 26, 2021

 

Automotive Market Share

Worldwide, Tesla’s sales have soared over the years from zero to well-below average for an automaker. So far in 2021, Tesla has delivered 627,000 cars globally for the year. Total deliveries are expected to be at most 900,000. From all other car companies, total worldwide deliveries of light passenger vehicles are estimated to be 75 million. If these numbers play out, this would put Tesla’s market share at 1.2%. 

The 1.2% market share contrasts sharply with its excess valuation.

Take-Away

Increasingly, the market value of a handful of corporations have had significant influence over market index weights and the perceived direction of value of many other companies also in the index. With recent bullish times, these companies have helped drive stock market gains. The overall value of these few stocks could have an outsized impact if any one of them disappoints the market.

Tesla’s P/E ratio of 332 is extremely high. It’s based on potential and expectations. Demand for the vehicles the car manufacturer produces is currently high and largely unfulfilled. Ramping up production to be tens of times more than it is currently would bring expectations and reality more aligned. This is the bet investors that are holding Tesla directly and even those invested in indexes like the S&P 500 and Nasdaq 100 are placing.

Paul Hoffman

Managing Editor, Channelchek

Suggested Reading:



How Much is a Trillion?

Will U.S. Car Companies be Handed Different EV Advantages?


Michael Burry’s Earlier Bet Against Tesla Has Been Closed Out

Deflation Not Inflation is Risk Says Cathie Wood

 

 

Sources:

https://www.actionnewsnow.com/content/national/575610322.html

https://twitter.com/elonmusk/status/1452727731452588041?s=20

https://wolfstreet.com/2021/10/25/tesla-rental-deal-is-propaganda-coup-for-hertzs-selling-shareholders-tesla-but-sales-to-rental-fleets-are-low-quality-sales-automakers-dont-tout/

https://wolfstreet.com/2021/10/26/teslas-market-cap-gigantic-v-next-10-automakers-v-teslas-global-market-share-minuscule/

https://www.flickr.com/photos/44124348109@N01/36083811822

 

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